NFTY Labs
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NFTY Labs

NFT Journal: Chapter Forty

It is with great delight that we welcome you to the NFT Journal’s fortieth edition.

Book A Ticket To The Metaverse 🖼️

As the NFT industry gains traction, exciting strategies to make digital assets more widely adopted and accessible are springing up everywhere.

On January 14, 2022, the world’s first NFT museum was launched in Seattle to exhibit amazing NFT artworks while educating the public on digital assets. To achieve this, the museum occasionally organizes NFT workshop sessions aimed at helping people pull back the curtain so they can comprehend what Blockchain entails.

Similarly, Sensorium collaborates with Humanity 2.0 to create a virtual reality and NFT gallery that will house antique Vatican art, artifacts, and manuscripts. This project aims to democratize art by making it widely accessible to individuals worldwide.

Incredible Moves in the NFT industry 🎨

HomeStart, a non-profit organization seeking to eradicate homelessness in Greater Boston, has announced a partnership with Cornerstone. The project, Inverse, introduces an interesting solution by using a portion of generated proceeds from virtual apartment sales in the Metaverse to fund real-life living spaces for the homeless. Additionally, a part of the proceeds represents investment opportunities for participating investors.

In addition, Kraken, a cryptocurrency trading company, is preparing to launch an NFT marketplace with unique features like no gas fees, interoperability for several blockchains, and rewards for creators and artists. Interested users can join the waiting list.

A Cloud Hanging Over ☁️

This quarter, the NFT industry has been plagued with many security issues ranging from NFT scams, hijacked accounts, and service outages. Last week was no different, with the largest marketplace, OpenSea, and the second-largest Blockchain, Solana, suffering severe service interruptions.

OpenSea alerted users on Twitter of an ongoing scam on its Discord server. Investigations revealed that the hacker was sharing phishing links that made false claims that OpenSea had partnered with YouTube to unsuspecting users who clicked the link.

Additionally, the Solana Blockchain experienced a seven-hour outage due to a plethora of NFT bots flooding the network. This is, however, nothing compared to the January crash, which lasted 17 hours. As usual, investors and users are dissatisfied with the constant service disruption.

Market Round-up 🚀

Last week, the most expensive NFT sold was the Bored Ape Yacht Club NFT #17, which went for $1.12 million. Unsurprisingly, the rest on the top 5 list were from the Otherside NFTs collection, with the least expensive selling for $806.57k. It’s a Yugalabs world, and we live in it :)

As usual, OpenSea maintains the top NFT marketplace spot with a $1.37billion sales volume. LooksRare follows them with $457.3million in revenue. Magic Eden and CryptoPunk are ranked third and fourth, respectively, with sales volumes of $79.49million and $7.98million. Axie Infinity comes in last, with $6.24million in revenue.

Yuga Labs continues to make bank, with Otherdeed, BAYC, and MAYC dominating the top 5 NFT collection rank list. Projectpxn and Beanz are the other list members with $83 million and $70 million in sales volume.

On the investment front, Zora, an NFT marketplace, secured $50million in funds from investors including Haun Ventures, Coinbase Ventures, and Kindred Ventures to expand its services to satisfy its customers.

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