The latest edition of the Nifty Newsletter, covering July 5-11, brings attention to several significant developments in the world of cryptocurrencies and blockchain technology.
Ethereum NFT Royalties Hit a 2-Year Low as Bored Ape Floor Price Declines
The report from blockchain analytics firm Nansen reveals that Ethereum non-fungible token (NFT) royalties have reached a two-year low. This decline can be attributed to the decreasing floor prices of popular collections like the Bored Ape Yacht Club and the Azuki Elementals launch controversy. OpenSea and Blur, two leading NFT marketplaces, are competing with each other in terms of royalties paid, with Blur often taking the lead during periods of high trading volume.
Bitcoin Ordinals Volume Hits $210 Million in Q2 — DappRadar
DappRadar’s data highlights the surging popularity of Bitcoin Ordinals, a protocol on the Bitcoin blockchain, with a remarkable trading volume of over $210 million in the second quarter of 2023. This represents a staggering 2834% quarterly growth. Over 550,000 Ordinals trades involving approximately 150,000 unique traders contributed to this impressive surge in trading volume.
DeFi Borrower Uses Luxury Watch-Backed NFT as Collateral for a Loan
In a unique use case of Web3 technology in lending, a borrower collateralized a $35,000 loan using a luxury watch-backed NFT. The borrower sent a Patek Phillipe luxury watch to an escrow firm specializing in NFTs backed by physical assets. In return, they received an NFT representing ownership of the watch, which was then listed as collateral at the DeFi protocol Arcade. This innovative approach has garnered mixed opinions, with some praising its potential while others question the necessity of incorporating NFTs in this context.
Animoca Still Bullish on Blockchain Games, Awaits License for Metaverse Fund
Despite the declining interest in NFTs and blockchain gaming, Animoca Brands co-founder Yat Siu remains optimistic about the sector. In an interview with Cointelegraph, Siu expressed expectations for AAA-rated blockchain games to enter the market by 2023. Additionally, Animoca Brands is eagerly awaiting a license before launching their highly anticipated metaverse fund.
Nifty News: Sega Exec Calls P2E Games ‘Boring,’ Tom Brady’s NFT Firm Switches It Up, and More
Shuji Utsumi, an executive from Sega, stated that play-to-earn games are ‘boring’ and revealed that the company is discontinuing its plans to develop blockchain games. Meanwhile, Tom Brady’s NFT-focused startup reportedly shifted its focus away from NFTs, quietly removing crypto-related language from its materials.
This edition of the Nifty Newsletter provides valuable insights into the current state of Ethereum NFT royalties, Bitcoin Ordinals’ trading volume, innovative use cases of NFTs in DeFi lending, and the contrasting outlooks on blockchain gaming from industry leaders.