Konami and Avalanche Debut NFT Platform, Bitwise's Ad Turns into NFT, Cuban’s Wallet Sells NFTs amid Market Slump
Summary:
This news covers four major developments in the non-fungible token (NFT) space. Firstly, Japanese gaming giant Konami has teamed up with Avalanche to launch an NFT platform, Resella. Secondly, Bitwise has released an Ethereum-themed advert that can be minted as an NFT. Thirdly, billionaire Marc Cuban's cryptocurrency wallet has resumed selling NFTs after two years of inactivity, coinciding with a security breach. Lastly, the digital collectibles market has reportedly slumped by 45% in Q2 2024 amidst Bitcoin's bearish trend.
In our weekly dispatch, discover how Japanese gaming corporation Konami has joined forces with Avalanche to create an innovative non-fungible token (NFT) platform. Find out how an advert by Bitwise can be converted into an NFT and catch up on the news about billionaire Marc Cuban's digital wallet offloading NFTs. Meanwhile, the market for digital collectibles witnessed a 45% slump in trading volume in the second quarter of 2024.
Konami Digital Entertainment and Avalanche blockchain have collaborated to launch "Resella," a cutting-edge NFT platform aiming to streamline Web3 services for businesses, thus encouraging blockchain technology adoption. Resella does away with the necessity for external Web3 wallets, enabling transactions in Japanese yen and ultimately enhancing accessibility for Japan's market. It seeks to forge a connection between conventional gaming and Web3 by offering novel social experiences and more efficient NFT transactions.
Bitwise has unveiled its maiden spot Ether (ETH) exchange-traded fund (ETF) commercial with a unique Web3 flavor. NFT enthusiasts are given the option to mint the 39-second clip on Ethereum. All profits will benefit the actors, and Ethereum's key contributors will establish a communal funding mechanism. The advertisement, labeled as "a piece of history" by Bitwise, features a young man embodying Ethereum contrasted with an older man symbolizing traditional finance. Ethereum's uninterrupted functioning is highlighted in contrast to the restricted operational hours of conventional finance.
The cryptocurrency wallet of billionaire Marc Cuban sprang back to life on June 23, selling off NFTs after almost two years of inactivity. The wallet, linked to the Ethereum Name Service domain "markcuban.eth," disposed of a variety of NFTs, including entities like EulerBeats Genesis, DeepBlack, Pudgy Penguins, and Wrapped MoonCats. The offloading of Cuban's NFTs coincides with a security breach of his Gmail account on the same day. Cuban divulged in a social media post that his account was compromised following a deceptive phone call.
In the second quarter of 2024, the sale of NFTs took a sharp downturn, declining by 45%, mirroring Bitcoin's bearish trend. According to data from CryptoSlam, NFT sales sank to $2.24 billion, marking the lowest point since the third quarter of 2023. This significant decline stood in stark contrast to the $4.1 billion figure of the first quarter in 2024, which had carried forward the growth seen in the last quarter of 2023 which amassed $2.9 billion. June 2024 also experienced a significant turndown, with the mean NFT sale value decreasing by 59% as compared to March. The month could also potentially register the fewest NFT transactions since March 2021.
We appreciate your dedication to this week's digest on the most noteworthy developments in the NFT landscape. Be sure to revisit us next Wednesday for more updates and insights into this rapidly changing domain.
Published At
6/26/2024 10:00:00 PM
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