Rethinking NFT 🤒 🤔
Rethinking NFT 🤒 🤔
NFTs were once all the rage, but now it needs a rethink. Apple to join the generative AI race. Ferrari worth $2.5 million is now a Polygon NFT. BitMEX backs Italian soccer club AC Milan
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Remember the golden days of 2021, when NFTs ruled the headlines, and Bored Ape Yacht Club stole our hearts? Remember the days when over 181,000 unique ETH wallets were buzzing with NFT trades?
But as the crypto winter of 2022 rolled in, the NFT sales volumes took a nosedive » Read it here
A CoinGecko report [spilled the tea], revealing a 35% drop in NFT trading volume during the second quarter of 2023. Even the mighty Bored Ape Yacht Club and Azuki NFTs felt the chill, with their floor prices taking a dip.
From the report
Ethereum dominated NFT trading in Q2 with an 83.0% volume share.
In May 2023, its dominance slipped to 73.3%.
Bitcoin Ordinals rose in popularity, accounting for 20.3% of NFT trading volume in May.
Solana suffered a significant decline in Q2, with trading volume dropping by 78.6%.
Major collections like DeGods and y00ts migrated to Ethereum and Polygon, contributing to Solana's decline.
The Comeback Strategy
NFT heroes have a plan to reignite the passion for these digital collectibles.OpenSea's Chief Business Officer, Shiva Rajaraman, believes that understanding the full potential of NFT use cases is the key to winning over the next 100 million users.
Lowering barriers to entry is also a top priority. NFT marketplaces are sprucing up their platforms, making them more user-friendly and opening the doors to new utility-based use cases.
“We’re constantly looking to partner with innovative brands and creators who are pushing the boundaries of the tech and bringing new, tangible use cases to life,” Rajaraman said.
Gaming is also taking a starring role in the NFT show. Parallel Avatars hit the stage, minting in just 20 minutes and earning a whopping $1.3 million in sales.
Shaping a Brighter Future
To shake off the shadows of scams and financial losses, NFTs are getting some impressive endorsements. Starbucks and the NFL are leading the way, showcasing unique NFT experiences that drive engagement.
Also,
Nike partners with Fortnite, introducing Airphoria for shared experiences.
Puma enters NFT space with GutterMelo MB.03 sneakers collaboration.
FC Barcelona and World of Women release NFT honoring Alexia Putellas and club's history.
Ticketmaster has dipped its toes into the NFT pool, and NFT ticketing alternatives are raking in the funding.
NFTs are stepping into the real world as tickets, airline perks, and even within the real estate market! MakersPlace is rocking the game with their Phygitals category, where buyers unlock and redeem physical components after purchase.
Here's an example:
The NFT project Doodles is expanding its real-world integrations by partnering with a new Camp theme park in Chicago. The park will feature a Doodles-themed NFT experience where visitors can customise characters, explore themed locations, and purchase merchandise.
This partnership is part of Doodles' $54 million venture to bring their NFTs into mainstream media. The pop-up experience at the theme park will offer families a one-hour Doodles experience, including games, crafts, and the opportunity to buy Doodles-themed clothing and accessories. Doodles has also raised funding and enlisted Pharrell Williams as its Chief Brand Officer.
“Right now, a large chunk of NFTs are primarily used for speculation. It’s unlikely that many will endure. However, I envision a future where practical crypto applications encouraging on-chain interactions could significantly amplify their value,” - Modeo Cheng, lead game designer for Curio Research.
Industry executives see potential in NFTs with practical applications. Gaming and digital identity are also on the radar for NFT applications, providing unique opportunities for on-chain interactions.
“What will likely happen is that as the fungible coins continue to go up, people will take profits and then recycle that fresh capital further along the risk curve. And this will likely mean more money flowing to new and solid PFP projects down the line,” - Brian D. Evans, the CEO and founder of BDE Ventures.
The NFT world is evolving, and with practical applications and innovative ideas, it might just come back stronger than ever. A phoenix-like rise from the ashes, perhaps?
TTD Apple 🍎
Apple is stepping into the generative AI arena to compete with OpenAI's famous ChatGPT, reports Bloomberg.
Cooking up its own version of the AI superstar, code-named "Ajax." 🕵️♂️
Big bucks, big competition, but still a challenge.
Apple might seem unstoppable with a worth of over $3 trillion, but taking on ChatGPT won't be a walk in the Apple Park. ChatGPT, with its first-mover advantage, took the digital world by storm and became everyone's favourite AI buddy.
Here's the deal: Apple's Ajax seems like a Chipotle burrito - delicious but not super innovative. It's similar to other generative AIs like Google's Bard and ChatGPT itself. Ajax is Developed on Google Jax, a machine learning framework, and is running on Google Cloud.
As of now, Apple is keeping Ajax away from the public eye. No release plans just yet!
Apple's CEO, Tim Cook is treading carefully with AI. During a recent earnings call, Cook urged caution and thoughtful approaches when dealing with this tech marvel.
"I do think it's very important to be deliberate and thoughtful on how you approach these things," he said. "There's a number of issues that need to be sorted … in a number of different places, but the potential is certainly very interesting."
The AI Summit: The AI frenzy has the world buzzing like bees around honey! The UK is gearing up for an AI summit, where President Joe Biden and other leaders will tackle ethical considerations of AI's power. Will they unlock the secrets to responsible AI use?
TTD Whale 🐳
Another Ethereum ICO participant has risen from the depths of dormancy.
A wallet address containing $116 million worth of Ethereum tokens transferred its entire 61,216 ETH balance to Kraken, the renowned crypto exchange.
Remained dormant for 8 years before deciding to make a grand entrance on July 18, at 11:30 pm UTC.
Wallet owner's identity and motives unknown; potential reasons could be investment strategy or cashing in on ETH's price surge.
Before taking the plunge, the sender carefully dipped their toes into the waters with a small test transaction.
The wallet was part of Ethereum's public crowdsale in 2014, with the owner securing their tokens at an ICO price of approximately $0.31 per ETH. Ethereum's Initial Coin Offering (ICO) was a monumental event that rocked the crypto world back in 2014. As it was fondly called, the Genesis event saw the Ethereum Foundation issuing 60 million ETH tokens to early backers, raising $18.3 million.
Not the first time
February: a Satoshi-era Bitcoin address that was inactive since 2012 moved 412 BTC worth $9.6 million.
May: 139 BTC obtained back in 2011, worth $3.75 million, were sent to a newly-created address.
Price Roller Coaster
This kind of a major sale could send bearish waves across the price, possibly causing a breakdown from the current short-term pattern.
The Ethereum price has fallen since reaching a new yearly high on July 14.
The Ethereum price broke out from a descending resistance line on June 21, soaring to a peak of $2,029 on July 14. A bullish trend reversal seemed in the cards, but the excitement was short-lived as Ethereum took a plunge back to the $1,900 area.
The future ETH prediction is unclear: will it break down or bounce? A breakdown could lead to a drop to $1,790, while a bounce might propel it to new yearly highs, reaching the $2,500 resistance.
TTD Ferrari 🏎️
A Ferrari goes NFT.
A swanky Ferrari F40, worth a whopping $2.5 million, now transformed into an exclusive Polygon NFT.
Altr, the new hub for buying and selling authenticated luxury items on the blockchain, has made this possible. Altr doesn't just hand you the NFT keys; it offers to store and care for your luxurious possession until you're ready to claim it.
When you acquire it via Altr's platform, they mint an NFT on the Polygon blockchain, granting you the coveted digital proof of ownership. Altr takes care of the actual physical asset too! The car, the watch, whatever your heart desires, all tucked away safely in storage facilities under Altr's watchful eye.
The sale of the Ferrari F40 through Altr's governance app, Lucidao, was a record-breaker! Zooming off the shelves in less than 48 hours.
Fractionalised ownership is another exciting aspect offered by Altr. Fancy owning a piece of a $195,000 Rolex Daytona? You can. They've introduced a share-based system where buyers become proud NFT holders for their portion of the item.
TTD AC Milan ⚽
AC Milan, the iconic Italian soccer club, has decided to stick with BitMEX, the cryptocurrency exchange that stole their hearts as their official cryptocurrency trading partner two years ago.
This time, BitMEX has been promoted to AC Milan's premium partner.
When BitMEX first entered the scene, they wasted no time making their presence felt. BitMEX's logo has been proudly displayed on the gameday sleeves of both the men's and women's team kits, providing the cryptocurrency exchange with valuable exposure to millions of soccer fans worldwide. The partnership has also extended to the digital realm, with AC Milan releasing its first-ever NFT collection in collaboration with design studio Fansea, featuring a 3D image of the team's jersey.
Fans had the opportunity to purchase these unique NFTs for €45 (about $50), and the proceeds went to support Fondazione Milan, the charitable arm of AC Milan, which is dedicated to humanitarian causes like aiding the crisis in Ukraine and supporting UNICEF in South Sudan.
The financial details of the new deal have not been disclosed, but the extension of the collaboration underlines the increasing popularity of cryptocurrency sponsorships in the sports industry.
Not alone
AC Milan isn't the only Italian soccer club swept off its feet by the charms of the crypto world. Juventus, another top Serie A club, also found their match in Bitget, signing a deal in 2021. Crypto exchange OKX expanded its sponsorship with English club Manchester City, while FC Barcelona launched a limited-edition NFT art auction in partnership with World of Women. Additionally, the fan token platform Socios has forged partnerships with multiple teams in top leagues like England's Premier League, Spain's LaLiga, and Italy's Serie A.
TTD Surfer 🏄
North Korea reportedly stole $700 million in crypto in 2022, which accounts for about 30% of its foreign currency earnings.
Gary Gensler has requested an additional $109 million in funding to help the agency regulate the "Wild West" of the crypto markets.
Nasdaq has announced that it is delaying the launch of its digital assets custodian service due to regulatory concerns.
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