NFT Journal: Chapter Fourteen

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

NFTY Labs
NFTY Labs
Oct 19 · 5 min read

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Old Vs New — Incumbents Fight Back 🤼‍♂️

Crypto and NFT, in extension, empower upstarts to battle and eventually take over control from traditional incumbents. The revolution is not always smooth, so it isn’t surprising that the two biggest news of the week were about incumbents battling back to reclaim power.

Firstly, an NFT game developer broke the news that Steam has banned crypto or NFT-related applications. Owned by Valve, the electronic distribution service for PC video games changed its rules and guidelines on what application developers cannot distribute on the platform.

Why Steam has not released an official reason for banning crypto transactions and NFT-based Games from its platform, many are positing the move is to protect Steam’s $10bn gaming economy from unclear crypto law issues. Others, however, believe that the announcement is a strategic move to prevent NFTs from taking over its market share.

That’s happening already. Take Axie Infinity, for example. The virtual game ecosystem operates a fast-growing multi-billion dollar marketplace for virtual skins — a huge revenue source for Steam. Axie Infinity has also grown by almost 500% this year, with 1.5 million daily active users. While that’s a far cry from Steam’s approximately 60 million monthly users, we can comfortably say that the NFT Gaming industry led by Axie Infinity(currently valued at $3bn) will catch up and even surpass Steam eventually.

The second incumbent story is Coinbase’s announcement of their NFT platform- a move many believe is targeted at another upstart, OpenSea.

Founded in 2012, the American cryptocurrency exchange platform has always been criticized for slowly adopting innovative crypto products. Already, Binance, founded in 2017, has overtaken Coinbase as the largest exchange by volume and is currently valued at $200bn — 4x multiples higher than Coinbase’s. Although Binance and FTX, another fast-growing exchange upstart, didn’t release their NFT marketplaces on time, they’ve enjoyed considerable acceptance from the community due to the expansive line of DeFi products they have.

However, Coinbase currently has over 1 million users on their waitlist, and it will be interesting to see how the battle between them vs. OpenSea plays out.

As usual, we’re rooting for the underdog. 😊

Market RoundUp 📈

NBA Top Shot, the Flow-based NBA and WNBA digital collectibles marketplace, is up 78.27% in trading volume getting back into the top 5 most marketplaceslist. Although they’ve recently battled with much negative news, OpenSea keeps leading the list as usual, with Axie Infinity, AtomicMarket, and CryptoPunks completing the seven-day ranking.

Just like old times, the OGs are back in the top 5 most expensive sales of the week list, with Bored Ape Yacht Club, CryptoPunks, and ArtBlocks dominating the list. Bored Ape Yacht Club #5199 is the most expensive trade of the week at $1.58M. However, it would have been a different story if the $9.5m offer for CryptoPunk #6046 had been accepted.

For the first time in a while, three of the past week’s top 5 most traded NFTscollections were all new projects. Jungle Freaks is no 2 in the list with $11.86M in volume. Impact Theory Founder’s Key is 3rd with $6.71m in volume, and Mekaverse is at no 5 with $3.82m in volume. Others on the list are Axie Infinity and NBA Top Shot.

Over the last week, there have also been a number of other noteworthy developments. Visa announced they were introducing a program allowing artists to sell their works via NFTs.

Visa is launching a program to support artists who want to use non-fungible tokens (NFTs) to sell their work. ViacomCBS, the media conglomerate behind iconic shows like Star Trek and SouthPark, announced an upcoming launch of an NFT platform where fans can buy and trade collectibles from their favorite brands. Interestingly, Fox, the American TV network that Viacom also owns, will be attempting to release the first major Broadcast NFT TV show called the Masked Singer. Sotheby’s, the traditional auction house which has achieved considerable success auctioning NFTs, has announced the launch of an NFT platform called the Metaverse. Lastly, in an interesting turn of events, the Texas Democratic party will use NFTs to generate political donations for its candidates.

On the investment front, Arcana Network secured $2.3m in funding to provide a developer-friendly environment for GameFi and NFT developers that prioritizes privacy. Highstreet also closed its second seed round funded by Binance Labs and Animoca Brands. They’re developing a metaverse marketplace where real-world goods are exchanged for NFTs. Acknowledger, a web3.0 assets mapping platform, also raised $1.53m to expand its operations. Lastly, Lucid Sight raised $2.5m for their cloud management solution, Colyseus Arena, which helps GameFi, NFT, and VR developers deploy and scale cloud-native games.

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About NFTY Labs

NFTY Labs is a foundation 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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NFTY Labs

Revolutionizing the Utility of NFTs

NFTY Labs

NFTY Labs is a foundation focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs.

NFTY Labs

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NFTY Labs

Cross-Chain Infrastructure for NFT Utility and authentication.

NFTY Labs

NFTY Labs is a foundation focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs.