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NFT Journal: Chapter Twenty Two

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

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Five Times NFTs Received Criticism Last Week 😬

This year, NFTs have been widely accepted by people all over the world, embraced by traditional businesses, and freed artists from the shackles of traditional income limitations. Skeptics, on the other hand, have harshly condemned it.

First, Stalker 2’s developers have reversed their decision to offer in-game NFTs after receiving negative feedback from fans of the game. They criticized the developers for not considering Blockchain’s alleged negative environmental impacts.

Secondly, a French trade union has fiercely condemned Ubisoft’s decision to create an NFT program for their games. This initiative has also previously faced hostility from fans.

Thirdly, Crazy Frog creator Erik Wernquist planned to release the NFT version of the cartoon character’s viral song, Axel F. This attempt, however, was met with heavy criticism and even death threats from fans. Despite the controversy, Crazy Frog music is forging ahead and will release its NFTs collection on Metabeats by December 23, 2021.

Furthermore, Bored Ape #3, 547, was mistakenly sold for $3000. The original owner made the unfortunate mistake of the Bored Ape NFT, who entered 0.75ETH instead of 75ETH and was quickly purchased by an automated account for the lower price. News sites were quick to blame the Blockchain’s irreversible nature, unlike traditional cases where banks could rectify such mistakes.

Lastly, Tik Tok entered the NFT sector by launching “Tik Tok Top Moments,” a collection of NFTs that featured viral music videos from well-known artists. Unfortunately, this initiative has failed to thrive, with industry insiders criticizing the social networking platform’s efforts to expand into the NFT market.

A Breakthrough Year for NFTs 💥

Despite the efforts to drag NFTs, they have risen like oil above water. Last week, Melania Trump, the former First Lady of the United States, has released her “Melania’s Vision” NFT collection on the Solana Blockchain. The proceeds from the sale will go to her “Be Best Initiative” charitable endeavor. This is not the first time NFT collections have donated proceeds to charity; in fact, NFTs have been utilized as a charity vehicle on multiple occasions this year.

NFTs were also named one of the year’s top five Blockchain trends. The entire NFT ecosystem has truly had a breakthrough year — The Guardian reported that the NFT market reached $22 billion this year — an incredible feat for such a nascent industry.

Last week, Adidas, in collaboration with @gmoneyNFT, @punkscomic, and @BoredApeYC, dropped their first NFT collection. Despite capping sales at a max of 2 items per person, it sold out in less than a second. Minting also took down two popular sites: Etherscan and OpenSea.

Global eCommerce giant Shopify also announced a beta program that would allow merchants to mint and sell their unique NFTs via Shopify Payments. Pretty massive news for the whole ecosystem

Lastly, Nike also announced they’d acquired a virtual sneakers’ NFT company, RTFKT studios.

Market Roundup 🚀

Cryptopunk #9953 and #2964, which sold for $1.57 million and $1.5 million respectively, are the top two NFTs on the top 5 most expensive list, while Bored Ape Yacht Club, which sold for $1.42 million, is third. CloneX #15920 and #13692 are fourth and fifth, with $1.12 million and $1.08 million, respectively.

For the first time in a long while, a new entrant, CloneX RTFKT x Murakami has displaced Axie Infinity to second place on the top 5 NFT collection list, with $148.44 million in sales volume versus $83.72 million for Axie Infinity. A significant disparity, to be sure; let’s see how next week goes. RTFKT CloneX Milivial is ranked third, with $49.36 million in revenue. Addidas Original into Metaverse and Neo Tokyo Outer Identities are the last two, with sales of $36.27 million and $31.18 million, respectively. Surprisingly, neither Bored Ape Yacht Club nor CryptoPunks made the top five list of NFT collectors.

As usual, the Opensea occupies the top spot on the top 5 marketplace ranking list with $689.17million, followed by Axie Infinity and Magic Eden with $64.8million and $41.19million respectively. CryptoPunk and NBA Top Shot earned $27.99million and $7.2million each.

Other notable market mentions: Vodaphone plans to auction the NFT form of the world’s first SMS, “MERRY CHRISTMAS,” sent to an employee on December 3, 1992. This sale will take place in France at Aguttes Auction House.

On the investment front, Hold GalaxE has raised $5 million in funding from VC Network, LLC and other investors, which will aid them in exploring the Metaverse. Also, a group of investors has contributed $3.5 million to Game Developer Moonray PBS. The funds will be used to fund Moonray’s initiative, built on the Bitcoin network and allows for exchanging Metaverse and gaming NFTs via the Stacks chain. Additionally, Reddit co-founder Alexis Ohanian teamed up with Polygon to launch a $200M initiative to back projects at the intersection of social media and Web3.

Lastly, Bridegspilt has secured $4.5 million in funding from Coin Fund and Jump Capital to help with the financialization of NFTs.

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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Cross-Chain Infrastructure for NFT Utility and authentication.