In early October 2022, market analytics platform Cryptounfolded released data showing that Q3 non-fungible token (NFT) sales on OpenSea, the largest marketplace for digital collectibles, fell by 60% from Q2.
Despite the continued weakness of the crypto bear market, investors can still find opportunities in NFTs. The following is a highlight of some of the movers and shakers in the NFT world over the past seven days.
Key Takeaways
- YuGiYn brings popular Japanese manga and anime art phenomena to the NFT world.
- DeGod has become the latest collection to switch to a royalty-free strategy.
- Iconic Moments is leveraging its curation skills to present iconic art, events, pop culture, and art on the blockchain for the first time.
YuGiYn
YuGiYn is a collection of 8,888 characters that takes the popular Japanese manga and anime art phenomena and applies them to NFTs and the metaverse. There are four districts in YuGiYn’s virtual world and players can move between them and interact.
With $1.68 million in sales volume and a floor price of 0.2 ETH ($260), YuGiYn was one of the top 10 for weekly sales in the latest week. (By Oct. 19, 2022, it had dropped a few notches in that ranking.) The reason behind the surge is that the project recently minted or published a unique digital asset on a blockchain so that it can be bought, sold, and traded. The idea was to build a “digital economic zone through Tokyo Culture” so that users around the world can explore an urban Japanese theme.
CryptoNinja Partners
CryptoNinja Partners (CNP) is a 22,222-piece collection featuring ninja-themed cartoon animals. The base collection of 20,000 tokens comprises four different characters: pandas, snakes, ghosts, and hawks, each with unique traits. It has only been five months since the project began; nevertheless, the average price of a CNP NFT has risen to a price of $1,850 from $400. It is a project from NinjaDAO, one of the largest NFT communities in Japan with more than 40,000 participants. The popularity of the project perhaps derives from its upcoming marketplace, a CNP Friends smartphone app in beta testing, and collaboration with various regional governments in Japan.
OpenSea is the official sales portal for CryptoNinja, and it has a current floor price of about 1.40 ETH ($1,850). The NFT collection surged 129% in the past week in sales volume.
DeGods
DeGods, a collection of 10,000 Solana-based NFTs, gained popularity earlier this year when it bought a basketball team in actor Ice Cube’s BIG3 league for $625,000. Now, it is riding high in the weekly NFT sales charts and is poised to make it into the top 10 collections.
It has become the latest collection to switch to a royalty-free strategy. This approach aims to protect the collection from future legal action. The owner of NFTs usually sets the royalties during minting. Every time an NFT creation is sold on a marketplace, the original owner receives a percentage of the sale price. NFT royalty rates typically range from 5 to 10%. DeGods has decided to remove royalties, citing the move as the right thing to do for its business. Popular Ethereum NFT collection CryptoPunks also has a 0% royalty structure.
DeGods has racked up $1.3 million in sales over the last week on the Solana blockchain with a big floor price of 500 Solana ($15,000).
The Art Pass by Iconic Moments
Iconic Moments has brought The Art Pass to the world of NFTs, and this will give holders VIP access to limited, rare, and never-before-seen digital art. The project is working with 300 iconic museums and cultural brands to put historical events, pop culture, and art on the blockchain for the
first time. The collection wants to provide membership and access to a real-world art community with access to airdrops, tickets to cultural events, and other collaborations.
More than $440,000 in sales volume and a floor price of 0.5 ETH ($650) are promising statistics for the Art Pass’ first week of sales.
Investing in cryptocurrencies and other initial coin offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date when this article was written, the author does not own the cryptocurrencies or NFTs mentioned above.