NFT Journal: Chapter Seven
It is with great delight that we welcome you to the seventh edition of the NFT Journal. In every edition, we highlight amazing NFT-related events that happened last week and some exciting events to look forward to.
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NFTY Labs x ConservatioNFT
Last week, we announced an interesting partnership with ConservatioNFT. It’s been in the works for a while now and we were thrilled to finally share the news with you. Read article here
More Than Pixels 🎨
At NFT Journal, the news got us thinking about the infinite possibilities with NFTs and we would like to share some of the innovative projects that came up over the last 7 days with you.
On August 18th, a Biopharma partnership announced the first-of-its-kind IP ownership to NFT transfer. The partnership involved the University of Copenhagen, Molecule, VitaDAO, and Nevermined. The goal of this amazing feat is to empower early-stage research teams to pursue medical advancements without the fear of underfunding or other complex issues like illiquid IP assets. We hope the Morten Scheibye-Knudsen DNA Lab will be the first of many life-changing IPNFT beneficiaries as the partnership progress.
Medical research is not the only field NFTs are being used to make a positive impact though. The Charity sector has also attracted a lot of attention from cool NFT projects. Last week, NYC-based Orangutan Outreach received 66.45 ETH ($208,000) in donations from the Bored Ape Yacht Club. The NGO protects orangutans in two southeast Asian islands — Borneo and Sumatra. This brings the total donations received by the non-profit organization from NFT holders to $800k. They’re also not the only charity group that has benefited immensely from NFT projects. Two weeks ago, music producer, Tony Hollingsworth, launched the Listen campaign. His goal is to raise $100m every year to help 1 billion malnourished children around the world. To achieve this, he plans to sell NFTs of over 200 artists he has enlisted. There were also other notable NFT for Social Good projects last week. This includes that of Bacardi, Fortune Magazine, The Drum, and Visualize Value’s Care Package.
This and many more events help reinforce the belief that NFTs are truly beyond pixelated arts.
Market Roundup 💸
The market roundup is fast becoming a regular feature on NFT Journal and we love it! As usual, OpenSea is killing it with trading volume standing at over $1.1billion in August. Last week, blockchain tokens also benefitted from the surge in NFT trading as Ethereum and Solana both saw a price increase. This is most likely caused by the massive demand from oversubscribed NFT projects on their respective blockchains. CyberKongz VX NFT project even burned over 1, 200 ETH. The sold-out launch catapulted them into last week’s top 5 NFT projects with a $24M trading volume. The other top 4 are however the usual suspects — Axie Infinity, ArtBlocks, CryptoPunks, and Bored Ape Yacht Club. Interestingly, the most expensive NFT sale of the week was a new project — Chromie Squiggle #3784 which was sold for $2.44M.
What is even more exciting about the current NFT market boom is the fact that according to Google Trends, public interest in NFTs is not even as high as the March peak.
Marketplaces are Winning Too
It’s a well-known fact that the true winners in a gold rush are the tool providers. NFT is proving this old assumption wrong as everyone is winning. NFT creators are handsomely paid for their talents, Traders are making boatloads of money and marketplaces are thriving.
Other marketplaces apart from OpenSea are making huge strides too. Rarible, NBA Top Shot, and SuperRare.co have all processed millions of dollars in NFT trades in the past 7 days. There were also other great marketplace-related announcements. SuperRare.co is releasing a curation token, $RARE that will help govern their DAO. This is an attempt to decentralize their marketplace. Chinese eCommerce giant, Alibaba, is launching an NFT marketplace that will help trademark and copyright owners tokenize their holdings. NFTYLabs partner, AFEN Marketplace launched an NFT collection called AfroXNFT. NFTfi.com, a marketplace for NFT-backed loans, also had a record loan of 60ETH.
It’s amazing to see a niche grow into a multibillion-dollar industry with very successful players.
Celebrities are in Love with NFTs 💕
It’s no longer news that celebrities are embracing NFTs en masse. Popular artists and sportsmen have been raking in cash by taking advantage of the NFT boom. DappRadar even has a list of celebrities who have made millions selling NFTs. Last week was no different with Mike Tyson, Tom Brady, Wayne Gretzky, and John Cena all in the news for selling NFTs. However, we don’t think this is a bad thing as more celebrities equal more publicity for the growing NFT niche.
What’s exciting about the adoption are celebrities that actually buy NFTs and engage with the community. Last week, American football player, Odell Beckham Jr. got into the NFT game with the purchase of CryptoPunk #3365. He even used the rare NFT as his Twitter profile pic. Popular Youtuber, Adam ‘Adam22’ Grandmaison, also joined the fast-growing list of celebrities with CryptoPunk NFT when he purchased one last week for $160k. Looks like celebrities have a special love for punks.
Whether they’re buyers or sellers of NFTs, it’s nice to see well-known celebrities act as advocates for the mainstream adoption of NFTs.
The future is exciting!
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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.