In this week’s newsletter, read about Japanese game company Konami partnering with Avalanche on a new non-fungible token (NFT) platform. Check out how Bitwise’s advertisement can be minted as an NFT, and get the latest on the wallet owned by billionaire Marc Cuban’s selling NFTs. In other news, digital collectibles market volume dropped by 45% in the second quarter of 2024.
Konami partners with Avalanche for Resella NFT platform launch
Konami Digital Entertainment has partnered with the Avalanche blockchain to launch “Resella,” a new NFT platform. This new solution aims to simplify Web3 services, making it easier for companies to adopt blockchain technology.
Resella eliminates the need for external Web3 wallets, allowing transactions in Japanese yen, which caters to Japan’s market. It also aims to bridge traditional gaming and Web3, offering new social experiences and streamlined NFT transactions.
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Bitwise’s latest Ethereum ad can be minted as an NFT
Bitwise launched its first spot Ether (ETH) exchange-traded fund (ETF) commercial with a Web3 twist. NFT enthusiasts can mint the 39-second clip on Ethereum. The proceeds will go to the actors, and a collective funding mechanism will be created by Ethereum core contributors.
Bitwise called the ad “a piece of history” and featured a young man representing Ethereum and an older man symbolizing “Big Finance.” The ad, themed around Ethereum’s constant operation, contrasts it with traditional finance’s limited hours.
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Marc Cuban wallet seen dumping NFTs after two years of inactivity
Billionaire Marc Cuban’s crypto wallet resumed activity on June 23, selling NFTs after nearly two years of dormancy. The wallet, with the Ethereum Name Service domain “markcuban.eth,” offloaded various NFTs, including EulerBeats Genesis, DeepBlack, Pudgy Penguins and Wrapped MoonCats.
Cuban’s NFT sales coincide with a security breach involving his Gmail account on June 23. The investor revealed in a social media post that his account was compromised following a fraudulent call.
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Digital collectibles market sees 45% decline in Q2
NFT sales plummeted by 45% in the second quarter of 2024, aligning with Bitcoin’s bearish trend. CryptoSlam data revealed that NFT sales hit $2.24 billion, the lowest since Q3 of 2023. This sharp decline contrasts with Q1 2024’s $4.1 billion volume, which had continued the growth from Q4 2023’s $2.9 billion.
June 2024 also saw a significant drop, with the average NFT sale value falling by 59% compared to March. The month is also on its way to record the lowest number of NFT transactions since March 2021.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
