Trading volume from NFT marketplace OpenSea has gone from $405 million on May 1 to $5 million in Aug. 28.
In this week’s newsletter, read about Meta’s newest update on the integration of nonfungible tokens (NFTs) on Facebook and Instagram. Check out how the NFT trading volume on OpenSea has plummeted by 99% and how despite the downturns, digital artists still firmly believe in the future of NFTs.
In other news, learn about the changes in participation in GameFi. And, don’t forget about this week’s Nifty News roundup featuring Taco Bell’s Metaverse wedding competition in collaboration with Decentraland.
Social media giant Meta has introduced NFTs on Facebook and Instagram. In an update, Meta highlighted that users can now post NFTs on both social platforms by connecting their digital wallets from either of the apps.
While the new update shows progress, the digital wallet connection looks limited to apps and doesn’t include third-party browsers. Despite this, integrating NFTs into smartphones with Meta apps may spark the broader adoption of digital collectibles.
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The NFT trading volume of OpenSea, the largest NFT trading platform, has shown a decrease of almost 99% from its record high of $405 million on May 1 to $5 million in NFT transactions on Aug. 28, according to the NFT data tracker DappRadar.
The lower volume and decline in the number of users suggest that the overall interest in NFTs has started to go down. Apart from these, floor prices of prominent collections like Bored Ape Yacht Club (BAYC) have also plummeted. Because of these things, some believe the NFT bubble may be bursting.
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Despite the downturns in prices for most NFT collections amid the bear market, self-taught NFT artist Gal Yosef believes that NFTs will still grow in the future because it’s a natural fit for digital artists.
In a Cointelegraph interview, Yosef explained that NFTs give “massive exposure” to artists. Additionally, the 3D artist said that apart from NFTs, he thinks that the Metaverse can be the next big thing while also hinting that he might dive into that space next.
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While most of the GameFi community joined the space looking for profit, the crypto winter has forced them to focus on other things, such as entertainment. According to a survey conducted by blockchain gaming tracking site Chainplay, 89% of investors are currently in a deficit, and 62% of them have lost more than 50%.
The decrease in profitability has also had an effect on participation. The survey results showed that in 2022, investors only spent 2.5 hours per day in GameFi. The numbers are down 44% when compared to 2021 when participants spent up to 4.4 hours per day.
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Fast-food restaurant chain Taco Bell collaborated with metaverse project Decentraland to offer couples based in the United States a chance to tie the knot in the Metaverse. Couples who are engaged are eligible to join a competition that runs from Aug. 25 to Sept. 6. The winner will get Taco Bell’s metaverse wedding package that includes streaming the event and a marriage certificate NFT.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
