While on one hand, the NFT market appears to be the hottest segment of the blockchain realm, there are also some early signs of the market potentially losing its glamour. Content creators, gamers, and artists have been overloaded with NFT and metaverse-based solutions with increasing reports of the high risks associated with the novel technology.
Gaming studios have toned down their approach towards NFTs. However, Ubisoft continues with its blockchain policy aggressively which has also garnered criticism. There are increasing tensions between the higher management and employees as the management fails to make a case for non-fungible tokens.
Another blow to the NFT market came as Cent – a major NFT marketplace and the seller of Jack Dorsey’s first tweet – has suspended NFT transactions amidst concerns regarding authenticity. The United Kingdom’s tax watchdog has seized three non-fungible tokens in a suspected case of tax fraud. This marks the first seizure of NFTs amidst regulatory concerns.
On the other hand, there are also positive developments in the segment. L’Oreal – the major cosmetics brand – is indicating to enter the NFT realm as it filed for 17 virtual goods-related trademarks. The music festival Coachella has also partnered up with FTX exchange to launch three NFT series.
NFTs to watch
Your crypto portfolio might not be complete without an NFT or two. Here are some of the top collections of the world to look into if you want true diversification for your crypto portfolio:
Azuki is a new NFT collection that was launched last month. The collection got sold out in just three minutes and has been trending ever since as it raked more than $300 million in transactions – beating the famous Bored Ape Yacht Club. Azuki is a collection of 8,700 non-fungible tokens based on an anime theme. The founders plan on further developing an animated series as well.
Cool Cats NFT has launched one of the first crowdsourced NFT collections by the name of Cool Pets. Holders of the NFTs conduct missions to earn MILK tokens in order to improvise their Pets. Cool Pets is one of the top-ranking collections in terms of daily trading volume on OpenSea.
Tasty Bones XYZ is a collection of 5,000 skeletons that are tasked with delivering food from the land of the living to the land of the dead. Each skeleton NFT is algorithmically generated with more than 240 unique traits. The twenty-four hours volume of the collection has surged by more than 240% – indicating a growing interest in the collection.
Mfers is an NFT collection created by Sartoshi – a popular artist and meme creator. The collection is inspired by the meme culture. It is a collection of 10,000 NFTs and no additional non-fungible tokens will be released in the collection. The daily trading volume of the collection has increased by 80% while the increase is 200% in the weekly timeframe.
Bored Ape Yacht Club is a collection of 10,000 bored apes and it is hands down one of the most popular collections in the market. Over the past week, the collection was able to maintain its dominance in the market as the 7-day sales volume stood at a staggering $57.5 million with the highest sale price at $504,859.
