In this week’s newsletter, we bring you the latest news in the world of non-fungible tokens (NFTs). Japanese game company Konami has joined forces with Avalanche blockchain to create a new NFT platform called “Resella.” This innovative solution aims to simplify Web3 services, making it more accessible for businesses to adopt blockchain technology. Resella eliminates the need for external Web3 wallets and allows transactions to be conducted in Japanese yen, catering to the Japanese market. It also seeks to bridge the gap between traditional gaming and Web3, offering new social experiences and streamlined NFT transactions.
In other news, Bitwise has released an advertisement for its new Ether (ETH) exchange-traded fund (ETF) that can be minted as an NFT. NFT enthusiasts can now own a piece of history by minting the 39-second clip on the Ethereum blockchain. The proceeds of the NFT sales will go to the actors involved, and Ethereum core contributors will create a collective funding mechanism. The ad features a young man symbolizing Ethereum and an older man representing “Big Finance,” highlighting the contrast between Ethereum’s constant operation and traditional finance’s limited hours.
Furthermore, billionaire Mark Cuban’s crypto wallet, “markcuban.eth,” has recently become active again after nearly two years of dormancy. The wallet has been selling various NFTs, including EulerBeats Genesis, DeepBlack, Pudgy Penguins, and Wrapped MoonCats. Interestingly, Cuban’s NFT sales coincided with a security breach involving his Gmail account, which was compromised following a fraudulent call.
On a less positive note, the digital collectibles market has experienced a significant decline in the second quarter of 2024. NFT sales dropped by 45%, reflecting Bitcoin’s bearish trend. According to CryptoSlam data, NFT sales reached a low of $2.24 billion, the lowest since the third quarter of 2023. This sharp decline contrasts with the $4.1 billion volume in the first quarter of 2024 and the continued growth from the $2.9 billion in the fourth quarter of 2023. Additionally, June 2024 saw a significant drop in the average NFT sale value, which fell by 59% compared to March. Furthermore, it is expected to record the lowest number of NFT transactions since March 2021.
Thank you for reading this summary of the week’s most notable developments in the NFT space. Join us again next Wednesday for more reports and insights into this rapidly evolving industry.