Meta-Hebdo: Will NFTs Follow the Crypto Market?

Always higher? – While the cryptocurrency market is likely to have a historic weekthe sector of NFT and the Metaverse seems to be continuing his crazy dash. Non-functioning tokens and the virtual world provided by so-called web3 technologies are indeed attracting more and more investors. In this race, your Meta-Weekly is there to help you gain some height in the face of the daily flow of information. Zoom in on this metaweek.

In order not to get lost in the Meta-Hebdo:

The NFT Market: The Treasure of Web 3

Chainalysis: An NFT Market Worth Billions

the NFT market seems prosperous. Data from the latest report from web3 data analyst Chainalysis backs this up. This report explains that NFT holders sent $37 billion on the market in 2022. This amount is almost equal to what the market brought in 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 thus penetrate the four corners of the world. The main markets are Central and South Asia, North America and Western Europe.

Active NFT sellers and buyers 2020 – 2022 – Source: Chainalysis Report NFT transaction activity stabilizes in 2022 after explosive growth in 2021

CoinGecko: The Metaverse Should Record $800 Billion in Transactions

At the same time, CoinGecko Conducted an Investigation of the NFT Market with investors from Asia and the Pacific. The results and projections of this study then show that metaverses should include $800 billion in transactions the next two years.

This research also provides us with information about the profile and interests of investors:

  • 72% of participants say at least one NFT . to possess
  • 50% of investors have 5 or more NFTs
  • 43.6% of respondents are 18 to 30 years old
  • 45.2% are 30 to 50 years old.
  • 35.8% of the panel are interested in playing to earn and metaverse 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 its uses. Avatars in the metaverse or on social networks, NFTs are the sign of belonging to a sometimes ruling community within a protocol.

Twitteraware of the hypehad already opened the ball a few months ago by theuse of NFTs on their social network† Meta, through her network instagramtherefore follows the rhythm and Confirms Work on Adoption of Ethereum and Solana NFTs This Week

Blockchain companies also continue to develop. About (OVR) virtual world modeled after the real world, wants to improve the interoperability of metaverses † The open source platform hosted on the blockchain Ethereum and Polygon (MATIC) therefore now offers the possibility to NFT The sandbox

OVR is an augmented reality crypto company
OVR is a crypto company specializing in augmented reality and metaverse creation

In this frenzied race for development, the sports sector is doing well, multiplying already successful and popular partnerships.

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With the NFTs there is sports!

Socios: fan NFTs

Socios is an example of a company that is following the wind and continuing its development on NFTs. strong of a recent partnership with UEFA the company also reached an agreement this week with the Major League Soccer (MLS), the largest professional soccer league in the United States.

The Socios recipe is simple. The cryptocurrency holders of a club can claim board decisions, vote on the club. In collaboration with 8 international competitions and supported by the Chilliz platform, Socios promises the development of NFT related to this competition.

    Chiliz (CHZ)

Crypto Exchanges Join the Race

on his side, crypto.com to be continued sponsor campaigns thereby confirming the complementarity between the sports world and NFT. The crypto platform therefore confirms the trial and concludes the . to sponsor Miami Formula 1 Grand Prix

However, Crypto.com innovates. Non-functioning Grand Prix 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 through a lottery. To register, you then had to have a Crypto.com account and be registered before the Grand Prix start date.

“Providing unique and innovative ways to interact with Web 3 technology is at the heart of what we do at Crypto.com. (…) We are delighted 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

Aside from this almost banal partnership, what’s surprising here is the length of the agreement: 9 years† The long-term vision is essential.

What if the NFT market hung by a thread?

Sales of NFT records

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

Additionally, after revealing the Bored Ape Yatch Club (BAYC) metaverse, Yuga Labs managed to NFT Other $1.5 million† The lucky holder of the NFT, nObOdy.ethso bought the Otherdeed 59906 for 625 ether on the x2y2 platform.

Our crazy buyer does it again a few hours later. He then offers himself the Otherdeed 66813 for: 303 ether is $720,000 at the time of sale.

The NFT Otherdeed 59906

In the race some sizes get exhausted

Despite the exploit of this NFT sold for 625 eththere, the average price of Otherdeeds is only going down. The floor price continues to fall, despite some sales that are doing well.

NFT Otherdeeds Sales Records – Source: TheBlock

the chain analysis report that we mentioned at the beginning of this article underlines this aspect of the market. NFT trading volumes continue to grow, fueled by successes such as the Otherside Metaverse Project, Bored Ape Yatch and more moonbirds

While these sales cost large transactions, the report points out that: the market remains low since mid-February with a slight recovery in April. Based on institutional NFT purchases, on the heels of those of individuals, the report highlights:

“Institutional NFT activity fell sharply , falling to just 473 trades in the week of February 20. On April 17, 2022, institutional activity has yet to reach the level 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. †

Even as interest in non-replaceable tokens wanes, the approaches, initiatives and values ​​of the NFT community confirm its presence already rooted in the digital landscapes of the future† However, it seems that, like some cryptocurrencies, the current context growth is more faltering. However, many phenomena remain. From Axie Infinity to StepN by the phenomenon of guildsit remains certain that the NFT sector, driven by the interest it arouses, has not ended up going higher and higher.

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