NFT Market Update: Red Returns after Brief Surge in Sales Volume
In the latest NFT news, the market has reverted to a downward trend following a temporary increase in non-fungible token (NFT) sales volume over the past couple of days. According to CryptoSlam, the sales volume has declined by nearly 13% in the last 24 hours, totaling $42,137,944.
This downturn is reflected across various metrics, with buyers, sellers, and transactions all experiencing a decrease of just above 30%. Examining the top ten collections by sales volume reveals a mixed picture. Pudgy Penguins witnessed the most significant surge, rising by 242% to $1.5 million, while Nobody’s collection saw the steepest drop, falling by 75% to $719,751. Pandora maintained its lead with $14.98 million, surpassing second-placed CryptoPunks at $1.8 million.
Turning to the top ten blockchains, Ethereum remains in the lead with a daily volume of $28.6 million, a figure higher than usual. Solana, despite an 80% drop, re-entered the top five, securing the fourth spot with $1.13 million.
In other NFT developments, Yuga Labs introduced its Punk In Residence program, Magic Eden unveiled the Creator’s Alliance, and Supervillain Labs partnered with Aptos Labs to enhance Web3 gaming experiences.
Punk In Residence Incubator Program by Yuga Labs:
Yuga Labs, the team behind major NFT collections like CryptoPunks and Bored Ape Yacht Club, introduced its Punk In Residence incubator program. The program aims to collaborate with two artists annually, offering mentorship, technical guidance, and production support. Artists, regardless of their Web3 background, can work from anywhere and interpret the concept of Punk through their chosen medium. The inaugural artist, Nina Chanel Abney, will showcase the joint collection later this year, available for sale on Magic Eden.
Magic Eden's Creator’s Alliance:
Magic Eden announced the Creator’s Alliance, a coalition comprising top NFT projects in Web3. The alliance focuses on promoting a sustainable royalty framework to empower creators and foster NFT ecosystem growth. Members include Yuga Labs, RTFKT, Pudgy Penguins, and others, advocating for marketplaces that allow creators to set and earn royalties at their desired rates. The alliance invites other projects to join its cause.
Supervillain Labs and Aptos Labs Partnership:
Aptos Labs, the team behind the Aptos Network, partnered with game studio Supervillain Labs. This collaboration aims to develop original games, starting with "Supervillain: Idle RPG." The game features characters from Aptos-native NFT projects and offers participants NFT rewards based on personality types. The demo will be available on Aptos in late February, utilizing the blockchain's unique features for enhanced gaming experiences. Supervillain Labs and Aptos Labs will also collaborate with Intella X, a web3 arm of gaming giant Neowiz.