NFT trading is icy, but developers love Web3

NFT trading is icy, but developers love Web3

The most recent information reveals that there has been a considerable drop in the amount of NFT trading activity. Despite this, developers continue to be enthusiastic about exploring various applications for blockchain tokens while simultaneously deploying a large number of smart contracts on EVM-compatible chains.

In related news, Etihad Airways is making exciting preparations to launch a Web3 loyalty program, which will provide frequent fliers with the opportunity to earn miles through the use of NFTs. 

In addition, the Ordinals protocol team is taking a commendable step by establishing a non-profit organization to ensure that the development of the project will continue to be unaffected by the influence of corporations.

Due to new reports highlighting significant difficulties in the market, the month of NFT trading has not been particularly successful.

NFT Tradings

According to a report from Alchemy, a Web3 developer platform, the volume of NFT trading has experienced a significant decrease over the past few quarters, falling by 41% in the second quarter of 2023. 

Blake Tandowsky, a growth analyst at Alchemy, pointed out that although whale NFT trading volumes reached their all-time high in the second quarter of 2022, the interest from new participants has since significantly decreased. 

Beyond their initial JPEG format, NFTs need to investigate new use cases in order to breathe new life into the market.

In addition to a decrease in the volume of trading, the sales of NFTs have also slowed down significantly. 

According to a report by the analytics company DappRadar, sales of NFTs dropped by nearly half between January and July. The floor prices of highly regarded collections such as Bored Ape Yacht Club and Azuki have fallen to their lowest levels in the past two years as a direct result of this downward trend. 

This suggests that traders are becoming less willing to pay top prices for these collections, which reflects a general decline in interest in the market.

Is there a way to make money despite all of the challenges with NFT trading? 

Yes, polygon non-fungible tokens are still doing exceptionally well, and they have been responsible for a sizable portion of all trades in the month of July. 

In spite of the gloomy numbers, Web3 developers are undeterred and are actively deploying millions of smart contracts on EVM-compatible chains. This indicates a steady interest in decentralized apps and wider applications of Web3 technology.

Etihad Airways, which is well-known for its EY-ZERO1 NFT collection, is expanding its offerings by launching a brand-new Web3 loyalty program with the name “Horizon Club.” Those who hold NFTs in this collection already have access to a variety of benefits, including Etihad Guest Silver Tier Status, priority check-in, and lounge access. 

Collectors of EY-ZERO1 will be able to participate in a loyalty program beginning in September that will allow them to exchange their NFTs for miles that can be redeemed for flights, upgrades, and other benefits.

A growing number of companies, including Starbucks, are integrating blockchain technology and non-fungible token (NFT) rewards into their customer loyalty programs, contributing to the rise in popularity of Web3 loyalty programs. 

Despite the fact that the aviation industry as a whole has been somewhat slow to adopt these programs, a number of airlines have begun to embrace non-traditional ticketing and metaverse travel experiences.

Ordinals, the protocol that enables NFTs to be added to the Bitcoin blockchain, is taking steps to secure its future development without compromising its impartiality. These steps were taken earlier today. They are establishing a non-profit organization that will be known as the Open Ordinals Institute in order to make certain that software developers are paid fairly. 

This registered 501(c)(3) organization will accept donations in bitcoin and provide transparent updates on the progress of the protocol.

In the month of January, the programmer Casey Rodarmor presented the concept of inscriptions on Bitcoin’s mainnet, which paved the way for Bitcoin non-fungible tokens (Bitcoin NFTs). In the beginning, the majority of the funding for the development of the technology came from private sources provided by Rodarmor as well as contributions made by core developers.

The Open Ordinals Institute is of the opinion that, as a result of the rapid adoption of Ordinals and the significant real-world impact it has had on a variety of crypto-economies, it is absolutely necessary to have a powerful team of developers who are not influenced by the interests of corporate entities. They plan to maintain the protocol’s security and neutrality by providing financial support to developers who are not employed by a corporation.

Open Ordinals Institute board member Erin Redwin expressed the organization’s interest in exploring and promoting the newly discovered utility of Bitcoin-based NFTs. Redwin is also a member of the organization’s executive committee. 

Even though they had previously believed that NFT functionality on native Bitcoin was not possible, they have found that numerous companies across the Web3 ecosystems, including Ethereum, Solana, Stacks, and others, are actively building Ordinals infrastructure. They have made this discovery despite the fact that they believed it was impossible.

Who: Yuga Labs now owns CryptoPunks, which used to be owned by Larva Labs.

Exciting new developments in the field of NFTs! This week saw a number of remarkable high-profile trades, which captured the attention of the NFT community. CryptoPunks is one of the earliest and most popular NFT projects built on Ethereum. 

Notable NFT artist Beeple made his first profile-picture (PFP) NFT purchase by purchasing the whimsical Punk #4953; this acquisition paved the way for other important purchases. Punks #6634 sold for 235 ETH, which is approximately $432,000, and Punks #3307 fetched an impressive 500 ETH, which is approximately $915,000 at the time of the sale.

The recent surge in CryptoPunks trades is being taken as a positive sign, possibly indicating a renaissance in the non-fungible token (NFT) space. This comes at a time when the overall NFT market may have experienced a slowdown. Even though deals of this magnitude are happening less frequently these days, the community still benefits from the boost they provide. 

Notably, the participation of well-known figures such as Beeple adds to the excitement, and he has even announced plans to host a Punks meetup at his Charleston studio in September, which will foster even further excitement within the NFT community.

In Related  News

The owners of Gucci’s 2,896 Gucci Vault Material NFTs, which were made available for purchase in March, are in for a special surprise from the fashion house. 

These fortunate NFT holders will soon have the opportunity to trade in their digital assets for a posh Gucci wallet or bag in exchange for the digital assets they currently possess.

The golfing community known as LinksDAO on the Web 3 platform has some exciting news to share. They have introduced a number of new membership options and are currently in the process of renovating their recently acquired golf course in Scotland, which is located in Spey Bay, with the intention of providing their members with an improved overall golfing experience.

Yuga Labs, the company that is responsible for the immensely popular Bored Ape NFTs, is increasing its footprint in the metaverse. 

As part of their ambitious plan to create a thriving digital realm known as Otherside, they have made public the acquisition of Roar Studios, an organization whose primary focus is the metaverse.

Publication of the NFT Now or Never NFT Now has reduced its workforce due to “over-hiring.”

The cryptocurrency exchange known as Kraken is looking for assistance from the community in the creation of NFTs that will be displayed on the back of a British F1 race car during the month of October’s U.S. Grand Prix.

Bitget has launched an unusual new campaign that features comedian and actor Adam DeVine as their spokesperson. This is reminiscent of previous celebrity advertisements, such as those featuring Matt Damon, which did not fare well with consumers.

What exactly does it mean to tokenize assets that exist in the real world?

Imagine that you have the desire to add an Andy Warhol masterpiece to your collection. However, most people do not have the financial means to purchase items with such eye-popping prices, such as $195 million for a painting of Marilyn Monroe or $850,000 for a print of Queen Elizabeth. 

There are a lot of people who want to own art for their own personal enjoyment or as an investment, but they can’t afford it because the market is so expensive. Tokenizing real-world assets is an intriguing concept that offers a potential solution to the problem. Tokens are digital representations of physical assets. This concept enables individuals to acquire “shares” of an artwork, making art ownership more accessible and inclusive. 

Purchasing fractions of a publicly traded company is a good analogy for this concept.


About Ylleza Jashari

Senior student pursuing a degree in Security Studies at Rochester Institute of Technology. In my role as a Content Writer at Walletor, my primary objective is to develop informative content that effectively educates all Walletor users on the most up-to-date insights pertaining to financial transactions, digital wallets, and the broader cryptocurrency industry.

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