Weekly NFT Report: Minecraft Says No to NFTs

The crypto market rallied up as Ethereum’s Merge heads to its final stage in the coming months. Bitcoin surged to $23.5k, and Ethereum traded at $1.5k after its 50% rise over the last seven days. Despite the ridiculous CPI (9.1%) released last week, the market tended to 75bps rather than a full percentage after the interest rate hike. Moreover, the recently strong price actions confirmed the local bottoms for digital assets. The FOMC meeting next week will be crucial.

In the last 7 days:

Outperformers in Top 100: LDO (+170%), ETC (+84%), MATIC (+74%), AVAX (+52%), ETH (+51%), APE (+50%), FTM (+49%), CVX (+47%), CRV (+44%)

Underperformers in the Top 100: XCN (-10%), PAXG (-1%)

In the NFT space, OpenSea volume (Chart 1,2) continued to plateau at low levels. The number of NFTs sold in July is now (1.1m), 75% of June’s number (1.5m), after only 19 days. Therefore, it is expected to reach even higher, near 1.8m, by the end of the month. In terms of the pricing, most blue-chip NFTs continued its strong price rally, following the successful launch of Yuga Lab’s “First Trip” metaverse and the industry’s positive expectation of the Ethereum’s Merge.

Chart 1: OpenSea Daily Volume ($USD)
Chart 2: OpenSea Monthly Volume ($USD)
Chart 3: OpenSea Monthly NFT Sold (transaction count)

Minecraft banned NFTs’ integration

  • More in details: The Minecraft developer, Mojang Studio, which is also owned by Microsoft, announced a ban of NFT integration within the game on July 20th. Not only have they banned NFTs, but also rejected any blockchain integration. Mojang claimed that Minecraft would like to ensure everyone within its community enjoys the same in-game content and accessibility.
  • NFTs affected: ‘The NFT Worlds’ collection, which was created to be a Minecraft-structured game with NFT features, plummeted after the announcement. The floor price slumped from 3.4 ETH to as low as 0.5 ETH on the same day, now hovering around 1 ETH.

‘Moonbirds Oddities’ revealed

  • More in details: The ‘Moonbirds’ collection, created by the PROOF was one of the hottest NFTs in 2022. Now, the sideline NFT — ‘Moonbirds Oddities’, also called the ‘nests’ — has finally been revealed. Although the reveal also included a bundle of gifts, including socks, a fanny pack and two enamel pins, the community seemed to be upset about its quality and artistic style. The price declined continuously from 3.6 ETH to 1.2 ETH over the last 10 days.

RTFKT x NIKE hooded up

  • More in details: Last Thursday, Nike and RTFKT released their new AR hoodie NFT which may only be minted by the holders of ‘Clone X’ or ‘Dunk Genesis Cryptokicks’. The Clone X community was disappointed with the status as the floor price of Clone X (9 ETH) was eight times higher than the Cryptokick’s (1.1 ETH). They also encountered failure in the minting process, and the team has since made an apology on Twitter for the ‘unacceptable experience’.
  • ‘RTFKT x NIKE AR HOODIE PRE FORGED’ — 0.2 ETH mint price | 8888 mint cap | 0.21 ETH floor | physical hoodie shipping in September.

Pudgy Penguins launched ‘soulbound’ token for 1st anniversary

  • More in details: The team released a non-tradable token, ‘TruePengu’, for early contributors of the Pudgy community. The token was regarded as a ‘soulbound’ token which acts as an identification purpose.

Big Money Raises, and Entrants

  • ReNFT, a Web3 digital asset rentals, raised $5M in the new strategic investment round, co- led by Mechanism and Gumi Cryptos Capital. The team will spend the funding on hiring Web3 talents, partnerships with multiple blockchains.
  • Cardinal, a Solana NFT utility protocol, raised $4.4M in seed funding, co-led by Protagonist and Solana Ventures. Other investors include Animoca Brands, Alameda Research, Delphi Digital and CMS Holdings. The protocol provides rental, staking and ticketing services for NFT use case. With the $750k raised in pre-seed funding round from Neo Ventures, Cardinal now has a total funding of about $5.2M.

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