Magic Eden Surpasses Blur; Yuga Labs Sells NFT Games; Man City & Ex-Disney Exec Dive into NFTs; PayPal Revokes NFT Protections
Summary:
This week's digest covers the surge in Magic Eden's trading volume, surpassing Blur's in March, and Yuga Labs' decision to sell off two NFT games. Furthermore, Manchester City football fans can now acquire limited edition jerseys via NFTs. In another development, a former Disney executive has launched a UAE-based Web3 game publisher, Galactic Entertainment Publishing. Lastly, PayPal has decided to revoke protections for NFT-based transactions from May 20.
This week's news breakdown includes a surge in trade activity on the nonfungible token (NFT) platform Magic Eden, thereby surpassing Blur in the month of March. On another note, Yuga Labs has decided to sell off two NFT games. Manchester City's followers can now get their hands on exclusive jerseys via NFTs. Adding to this, a previous Disney executive took a bold leap into creating a Web3 gaming firm. Lastly, PayPal has opted to withdraw buyer and seller security for NFTs in our latest Nifty News section.
In the competitive NFT marketplace, Magic Eden took the lead by recording a 194.4% monthly increase in trade volume, outperforming Blur in March. Magic Eden transacted $756.5 million, in contrast to Blur’s $530.4 million. Factors contributing to Magic Eden's success were the recent introduction of their Diamond rewards scheme and their ongoing collaboration with Yuga Labs, an NFT firm. Magic Eden's trade volume growth in March marked its sixth month in a row of growth.
Pertaining to Yuga Labs, they have recently offloaded two of their NFT games, HV-MTL and Legends of Mara, selling their intellectual property rights. The rights have been acquired by Faraway, a Web3 games studio. The strategy is part of Yuga Labs' ambition to free up their team, enabling crystal-clear vision execution and aligning with CEO, Greg Solano’s prior communications.
Football enthusiasts of Manchester City can now have access to unique, limited edition jerseys and match experiences through a novel NFT collection, thanks to the club's alliance with crypto exchange OKX. NFT minting on OKX might lead to winning jerseys based on the rarity of the NFT. The jerseys bear an aesthetically pleasing combination of the Lancashire rose and the Manchester worker bee, all hand-painted by artist Christian Jeffrey.
In other interesting news, an ex-Disney executive has launched a UAE-based Web3 game publisher, Galactic Entertainment Publishing. This marks the first venture of the Galactic Group, which houses a team of Hollywood and gaming specialists. Their maiden project, PlanetQuest, since its inception in 2022, has already garnered 200,000 NFT holders, according to Loren Roosendaal, the CEO of Galactic Entertainment and founder of PlanetQuest.
Concluding with PayPal's decision to revoke protections for NFT-based transactions, effective from May 20, as part of changes to their Purchase Protection Program. In the meantime, Adidas collaborated with Stepn to introduce limited edition NFT sneakers on the Solana network.
Stay tuned for next Wednesday’s digest of substantial NFT news and developments in this dynamic field.
Published At
4/24/2024 10:00:00 PM
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