NFTY Labs
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NFTY Labs

NFT Journal: Chapter Forty-Six

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

It’s Not All Rainbows and Sunshine ☀️🌈

Last week, the cryptocurrency industry’s market valuation fell below $1 trillion, hurting NFT holders, investors, and firms.

After the crypto slump, the luxurious NFT collection, Bored Ape Yacht Club, declined by 25% in valuation. Before then, the floor value of a BAYC NFT was 152ETH, equivalent to $430,000, but it has since dropped to $170,000 depicting how the severe drawback has affected even celebrity-favored NFTs.

Another example of this massive industry-wide loss is the story of a CrypToadz collection owner. Originally purchased for 300 ETH, worth $1,050,000 at that time, the recent downturns forced him to sell this NFT for 6.9ETH, worth $8.4K.

CrypToadz NFT. Source: Opensea

Furthermore, the fear of a recession and a crypto winter has prompted companies to lay off many employees and cancel job offers to minimize expenses and mitigate the impact of the crypto decline. Coinbase, for example, cut its personnel by 18%, many of whom were on the NFT team, claiming that it had over-hired and needed to limit its employees to only those who contributed to the firm’s core long-term goals.

Similarly, Gemini Trust Co. will lay off 10% of its employees with the promise of severance compensation and healthcare benefits. In addition, Blockfi plans to lay off 10% of its workforce. To maintain its business and manage the present market downturn, Crypto.com will also lay off 5% of its personnel, including the head of its NFT department, and Buenbit will lay off 45% of its workforce.

Silver Linings 🌈

Binance Labs, a division of Binance that makes significant investments into promising NFT startups, continues to operate despite the decline. Its Most Valuable Builder (MVB), an accelerator and project incubation program targeted at supporting Web3.0-related projects and startups, begins its fifth season. According to the director, the current bear market will benefit the accelerator program in identifying distinctive and purposeful startups.

Source: BNBChain

In addition, a Bank of America Global Research report reveals that interest in cryptocurrency remains stable despite the ongoing Bear market. The survey found that 91% of participants intend to purchase cryptos in the next six months, proving that the industry’s decline hasn’t dampened interest.

Market Round-up 🚀

With a volume of $12.9 million, Mathcastle’s Terrafoams remains the top NFT collection. The Bored Ape Yacht Club comes in second with a volume of $12.79 million. With $8.22 million and $6.25 million, CryptoPunks and Mutant Ape Yacht Club are third and fourth, respectively. With a volume of $6.17 million, Otherdeed is at the bottom of the list.

Also, The Bored Ape Yacht Club and CryptoPunk continue to dominate the top five most expensive NFTs list, with CryptoPunk coming in second and third.

OpenSea and LooksRare, unsurprisingly, remain the top NFT marketplaces. With $22.76 million and $8.3 million in volume, Magic Eden and CryptoPunk are ranked third and fourth, respectively. With a $1.55 million volume, NBA Top Shot is the last on the list.

Despite the market downturn, Anotherblock, a music-based NFT platform, secured $2.5 million from investors. The fund will help empower artists in the music industry, allowing them to take better control of their career earnings.

About NFTY Labs

NFTY Labs is a Web3 Incubation Studio focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.

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