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NFTY Labs

NFT Journal: Chapter Twenty Three

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

The Race to Embrace Innovation in 2022 🏁

Last week, Electronics giant Samsung introduced a virtual store called Samsung837X in the Decentraland Metaverse. This digital store is modeled after their physical store in New York City, US. The announcement comes shortly after Samsung stated that fans would soon explore and purchase NFTs via an NFT marketplace integration in its Smart TVs. Already, Samsung Next has actively been championing innovation and technical advancement in the NFT space through direct investment in NFT start-ups.

Right after Samsung’s announcement, another Smart TV giant LG also announced their plan to release a smart TV that supports NFT transactions. Exciting to see two of the world’s largest television producers locked in a battle to win the NFT adoption race. Many traditional companies increasingly realize the impact of NFT’s adoption on their market shares. Take Gamestop, for example. Rumors that the American retailer was working on an NFT marketplace release boosted its listed shares by 22.3 percent last week. Japanese game maker Konami also plans on commemorating the 35th Castlevania anniversary with an NFT collection.

One of the four largest accounting firms, PWC Hong Kong was another multinational to jump on the Metaverse bandwagon, purchasing virtual land from Sandbox’s Metaverse to hold consultation services for its remote clients.

Last week, word broke that Melania Trump, the former first lady of the United States, was auctioning off her possessions at the White House as part of an NFT collection dubbed “Head of State of Collection.” The initial bid is $250,000, and Solana’s SOL is accepted as payment. She isn’t the only public figure who has embraced NFT in the recent week.Lee Jae-Myung, South Korea’s Democratic Party candidate, has embraced NFTs as an innovative way to connect with the young population and raise funds for his political ambition.

Four NFT Trends to keep an eye on in 2022 ✨

This year, Bitcoin and other digital currencies are experiencing declining public interest, especially after the recent price downturns. The NFTs sector, on the other hand, has been swamped with increased public interest since the start of the year. Some experts believe that key trends like play-to-earn gaming, social subscription models, Asset tokenization, and fundraising opportunities for charities will sustain these skyrocketing queries in 2022.

Market Roundup 🚀

The top 5 NFT collection ranking list is led by Mutant Ape Yacht Club, which has a sales volume of $84.23 million, followed by Bored Ape Yacht Club, which has a sales volume of $68.73 million. Prime Ape Planet PAP and Doodles V4 are the third and fourth collections, with $51.45 million and $48.29 million, respectively. Lastly, Axie Infinity with $38.51million.

With $1.11 billion in sales volume, OpenSea topped the top 5 marketplace ranking as usual. Magic Eden comes in second with $73.34 million, while Axie Infinity comes in third with $38.49 million. Mobox comes in fourth with a sales volume of $21.27 million. CryptoPunks is at the bottom of the list, with a sales volume of $18.25 million.

The first place in the top NFT sales list goes to All-Time High in the City sold for $6.19 million. In second place is Mega Mutant Serum, which sold for $5.79 million. Dragon’s Blue Vox #2050 and CryptoPunk #2681, ranked third and fourth on the list, respectively, sold for $5.02 million and $3.9 million. Doodle #6914, which sold for $1.12 million, is last.

On the investment front, Opensea raised an additional $300 million in funding from Paradigm, Coatue, and other investors to fund product development, customer service, staff expansion, and NFT investments. In addition, Metaversal, a venture capital business, has also raised $50 million from investors, including CoinFunds and Foxhaven Asset Management. The funds raised will be utilized to grow the company’s operations and increase the NFT start-ups’ investment.

Lastly, CryptoSlam, an NFT analytical platform, received a $9 million seed round lead by Animoca Brand. It will utilize this money to expand its team and improve operational efficiency.

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 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.

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