Meta-Hebdo: will NFTs follow the crypto market?

Always higher? – Mens the cryptocurrency market has a likely historical weeksector of NFT and Metaverse seems to continue its crazy streak. In fact, non-fungible tokens and the virtual world offered by so-called web3 technologies are attracting more and more investors. In this race, your Meta-Weekly Letter is there to help you gain some height over the daily flow of information. Let’s zoom in on this meta-week.

In order not to get lost in Meta-Hebdo:

NFT market: the tax on the network 3

Chainalysis: an NFT market worth billions

that The NFT market seems prosperous. Data from the latest report from web3 data analyst Chainalysis supports this. This report explains that NFT holders sent $ 37 billion in the market in 2022. This sum is almost equal to what the market reached in 2021, ie. $ 40 billion.

Chainalysis also points out that the NFT phenomenon continues to evolve by detecting 950,000 active addresses on the market in the first half of 2022. NFTs are thus invading the four corners of the world. The main markets are in Central and South Asia, North America and Western Europe.

Active NFT Sellers and Buyers 2020 – 2022 – Source: Chainalysis Report NFT transaction activity will stabilize in 2022 following explosive growth in 2021 »

CoinGecko: the meta-verse should record $ 800 billion in transactions

At the same time, CoinGecko conducted a study on the NFT market with investors from Asia and the Pacific. The results and projections of this study then show that metavers should register $ 800 billion in transactions over the next two years.

This survey also gives us information about investors’ profile and interests:

  • 72% of participants say they own at least one NFT
  • 50% of the investors have 5 or more NFTs
  • 43.6% of the respondents are 18 to 30 years old
  • 45.2% is 30 to 50 years old.
  • 35.8% of the panel is interested in playing to earn and metavers NFTs
  • 25% of investors show interest in artistic NFTs

NFTs: a sector that attracts investors and development

This increase in the number of NFT users goes hand in hand with its democratization and the development of the use that can be made of it. Avatars in the metaverse or on social networks, NFTs are designed to belong to a sometimes governing society within a protocol.

Twitteraware hypehad already opened the ball a few months ago by allowinguse of NFTs on their social networks. Meta through its network instagramtherefore follows the rhythm and confirms this week that work is underway on the adoption of Ethereum and Solana NFTs.

Blockchain companies are also continuing to evolve. Over (OVR) virtual world based on the real world, wants to improve the interoperability of metaverses . The open source platform hosted on blockchain Ethereum and Polygon (MATIC) therefore now allows to use NFT Sandboxes.

OVR is an augmented reality crypto company
OVR is a crypto company specializing in augmented reality and the creation of metavers

In this crazy race for development, the sports sector is doing well by multiplying the partnerships that are already successful and popular.

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With the NFTs there will be sports!

Socios: of NFTs

Socios is an example of a company that follows the wind direction and continues its development on NFTs. Strong of one recent collaboration with UEFA the company also reached an agreement with this week Major League Football (MLS), the largest professional football league in the United States.

The Socios recipe is simple. The holders of a club’s cryptocurrency may claim management decisions, voting regarding the club. In collaboration with 8 international leagues and supported by the Chilliz platform, Socios promises the development of NFT in connection with this league.

    Chiliz (CHZ)

Crypto exchanges go into the race

On his side, Crypto.com continues its sponsorship campaigns thus confirms the complementarity between the world of sports and the NFT. The crypto platform therefore confirms the attempt and decides to sponsor Miami Formula 1 Grand Prix.

Crypto.com is renewing itself, however. Grand Prix non-fungible tokens are generated in real time during the race. They represent speed, sound and contain data recorded live during the race. One of the 57 NFTs created during the race will be offered by lottery. To register, you must have a Crypto.com account and be registered before the start date of the Grand Prix.

“Offering unique and innovative ways to engage with Web 3 technology is at the heart of what we do at Crypto.com. (…) We are excited to give NFT fans and enthusiasts the opportunity to win a very unique piece of art, sports and technology history. ”

Crypto.com co-founder and CEO Kris Marszalek

In addition to this almost banal partnership, the duration of the agreement is surprising: 9 years. The long-term vision is crucial.

What if the NFT market hung in a thread?

Sale of NFT boards

In this context of growing interest, several record sales have recently underlined our point. Watch the purchase of French player Kyllian MBappé’s football card on the NFT Sorare platform. The unique NFT is traded for 153 ETH or € 416,000 at the time of sale.

In addition, after unveiling the Bored Ape Yatch Club (BAYC) metaverse, Yuga Labs managed to sell a NFT Otherdeed $ 1.5 million. The lucky owner of NFT, INGEN.ethso bought Otherdeed 59906 for 625 ether on the x2y2 platform.

Our crazy buyer does it again a few hours later. Then he offers himself Other 66813 for 303 ether is $ 720,000 at the time of sale.

NFT Otherdeed 59906

During the race, some sizes are running out of steam

Despite the farm, this NFT sold for 625 ethere, the average price of Otherdeeds is only declining. The floor price is constantly falling despite some sales going well.

NFT Otherdeeds sales records – Source: TheBlock

that chain analysis report as we mentioned at the beginning of this article, emphasizes this aspect of the market. NFT trading volume continues to grow boosted by successes such as Otherside Metaverse Project, Bored Ape Yatch and more Moonbirds.

But despite the fact that these sales are draining large transactions, the report points it out the market is still down since mid-February with a slight recovery in April. Based on institutional NFT purchases, in the heels of individuals, the report highlights:

“Institutional NFT activity fell sharply (…) , falling to just 473 transactions in the week of February 20th. Pr. April 17, 2022, institutional activity has not yet reached the levels it reached in the winter of 2021. This period of reduced institutional activity also roughly coincides with what appears to be a general decline in interest in NFTs in general. »

Although interest in non-fungible tokens seems to be waning, the NFT community’s approaches, initiatives and values ​​confirm its presence already rooted in the digital landscapes of the future. However, it seems that like some cryptocurrencies, the current context makes growth more choppy. However, there are many phenomena left. From Axie Infinity to Step N through the phenomenon laugit is still certain that the NFT sector has not finished going higher, driven by the interest it arouses.

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