This NFTs Weekly Recap is provided solely for informational purposes and does not constitute investment advice. Last week was so good for the market in general and the NFTs market in particular. Let’s take a look at on-chain data and some important news with Coincu.
Trading volume is trending downwards once again. Total volume was at or below 106,000 ETH ($124,000,000). On a weekly basis, volume is down 29.53% with 44,420 ETH ($51,963,000) from last week. In fact, it has been down every week in June. This month will very likely experience the NFTs market’s lowest transaction volume since July 2021.
This week, The total transactions of NFTs are 416,728 transactions with an average daily transaction of 59,532 transactions, accounting for 11.41% of the growth from last week. Trading volume decreases but the number of transactions still increases significantly demonstrating that there are numerous projects with low floor pricing and the NFTs market continues to draw significant interest.
From June 20th to 26th, there were about 204,106 users, a decrease of about 9.26% from the number of unique users last week. This index is low and tends to decrease further. And the number of active wallets decreased by more than 4.81% with 299,960 users.
Uniswap Labs Acquired Genie
Uniswap Labs announced on June 21 that they had acquired Genie, the first NFT marketplace aggregator. Genie spearheaded the effort to allow NFT flippers to batch buy NFTs to save gas fees. Gem built a similar product and was acquired by OpenSea earlier this year. According to Uniswap’s announcement, they will integrate Genie into its existing platform. Users will be able to purchase and sell NFTs from various marketplaces on the Uniswap web app directly this fall. NFTs will also be integrated into Uniswap developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3, including both ERC-20 tokens and NFTs.
Uniswap also plans to reward anyone who used Genie before April 15 or holds a Genie: Gem NFT. This time, Uniswap prepares to airdrop $USDC. This is the first time that a major protocol conducts airdrops in stablecoins instead of its native token. It has become common sense that it is best to sell airdrops as soon as you receive them, because their price tends to decrease over time. But with a stablecoin airdrop, there is no need to sell anymore. It avoids unnecessary problems associated with a decreasing token price. This is good practice that should be followed by others who plan airdrops in the future.
Doodles announced its secondary collection
Doodles 2 will be a dynamic NFT where its look can be changed at will. It could either be a full body or just a profile picture, and animated with original music. The idea of a dynamic NFT is very innovative, as most PFPs in the market today are still images that will never change their appearances.
Doodles also announced that it has raised its first round of funding led by Seven Seven Six, although the funding amount was not disclosed. In addition, Doodles announced that musician and producer Pharrell Williams will join the project as Chief Brand Officer.
Doodles states that its vision is “to be one of the world’s leading producers of media and entertainment.” It seems that Doodles is trying to become the Disney in web3. However, Disney characters are shaped by powerful stories. Doodles only have characters at the moment and need to develop strong narratives to fit its characters in, which is not an easy task by any means. It will be exciting to watch how Doodles’ journey unfolds.
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Binance announced a partnership with Cristiano Ronaldo to release NFT collections
The five-time Ballon D’or winner is joining forces with Binance to provide a one-of-a-kind experience for football fans worldwide, with a series of NFT collections that will launch exclusively on Binance’s official NFT platform. Registered Binance users in select countries will also be able to purchase the collections using Binance Pay.
The first collection, slated to launch later this year, will feature iconic designs created in collaboration with Ronaldo. “My relationship with the fans is very important to me, so the idea of bringing unprecedented experiences and access through this NFT platform is something that I wanted to be a part of,” said Ronaldo. “I know the fans are going to enjoy the collection as much as I do.”
Through this partnership, Binance is taking the sports fandom experience to unprecedented levels. Moreover, it will build on existing partnerships with the Argentine Football Association, the Brazilian Football Confederation, and professional sports clubs S.S. Lazio (IT) and FC Porto (PT).
For more information: click here
Above is the important information in the past week on the NFTs Market. Crypto winter has arrived, it’s also time to purge projects. Good projects stay and bad projects go. Everything is just beginning.
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DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.