Nonfungible axie 3.5b nft nba shot

nonfungible axie 3.5b nft nba shot

The NFT market has been growing steadily for several weeks, starting to stabilize after an erratic few months spurred by an explosion in sales.

An analysis of NFT market data by Crypto Investor shows that the NFT bubble may have burst almost immediately after it started in the first quarter of 2021 — teeing up an erratic few months that only now appears to be stabilizing and growing.

Crypto Investor used data from Cryptoslam.io and NonFungible.com for its analysis, creating an index of the top 15 NFT projects to analyze historical market movements dating back to 2018.

Here’s our findings: the top 15 NFT projects have grossed more than $1.3 billion in sales so far this year, more than $200 million in the last 30 days.


Environmental concerns over energy usage on the Ethereum Mainnet have pushed many projects to sidechains, cloaking them for periods to data tracking sites like NonFungible.com or CryptoSlam.Io.

In an interview, Cryptoslam’s founders said the breadth and variability of art NFTs make it difficult to capture with data. NonFungible.com makes an attempt at this, but it is incomplete at best.

Tezos-based NFT platform Hic Et Nunc, for example, boasts that it has more active users than OpenSea — the largest Ethereum-based art NFT platform.

The overall NFT market is comparably tiny even to other crypto markets and remains diminished pitted against its frantic boom.
In March and April, there were several days when more than $25 million in NFTs were sold among the top projects.

March at a $2.6-billion valuation. The company has since hired dozens of employees, including senior vice president of marketing David Feldman, who joins from the National Football League, and Senior Vice President of Communications Jackie Rubin, joined in May from Hasbro-owned Entertainment One. After months of decline, sales on NBA Top Shot’s marketplace have grown steadily in recent weeks with the advent of more utility and rewards released for their platform.

Axie Infinity, an NFT game built on battling and trading cuddly creatures called Axies, has seen a growth explosion of its own after raising $8.75 million from investors ranging from Mark Cuban to Blocktower Capital.

While the game has been around since 2018, Axie Infinity’s developers attribute the spike to the migration of its platform from the Ethereum Mainnet to its own sidechain, Ronin.

Nonfungible axie 3.5b nft nba shota

Collaterals – Both NFT and DeFi (Decentralized Finance) share the same infrastructure. DeFi applications let you borrow money by using collateral.

NFT and DeFi both work together to explore using NFTs as collateral instead.

  • Domain Names – NFTs provide your domain with an easier-to-remember name. This works like a website domain name, making its IP address more memorable and valuable, usually based on length and relevance.

Even celebrities like Snoop Dogg, Shawn Mendes, and Jack Dorsey are taking an interest in the NFT by releasing unique memories and artwork and selling them as securitized NFTs.

NBA Top Shot Is a Hot NFT Use Case

One of the most popular non-fungible tokens in recent days is NBA Top Shot, a partnership between Dapper Labs (makers of the CryptoKitties game) and the National Basketball Association (NBA).

Nonfungible axie 3.5b nft nba shotaro

Based on a recent report by NonFungible, gamers of the monster-battle nonfungible tokens (NFTs) game Axie Infinity transacted almost $3.5 billion worth of NFTs in the past year. That figure accounts for nearly two-thirds of all the NFTs transacted in the whole blockchain gaming sector in 2021.

In second and third places were sports highlights marketplace NBA Top Shot with $827 million and community gaming platform Loot with around $242 million, respectively.

Developed by Vietnamese video game developer Sky Mavis in 2018, this game has creatures known as Axies that players normally collect and use to complete their daily quests, duel other players, and much more.

Each Axie is an NFT that is minted on the Ethereum blockchain.

Nonfungible axie 3.5b nft nba shotgun

A non-fungible token (NFT) of a video clip of LeBron James dunking recently sold for more than $200,000 on NBA Top Shot, a website that allows users to buy and sell NBA video clips. An NFT is a digital certificate, kind of like a digital barcode, which certifies that a person owns that specific video clip on NBA Top Shot.
But the clip can still be watched for free by anyone on NBA Top Shot itself. And the same play can be seen — also for free — on YouTube.
So why are the hundreds of thousands of collectors on NBA Top Shot willing to spend money on these NFTs?

On The Indicator, we explain the sudden and extraordinary popularity of the market for a new kind of digital good: NFTs. We explore what they are, the psychology behind owning them and the risks of trading them.

Music byDrop Electric.

By the end of 2021, NFTs reached the mainstream: ‘NFT’ was named as the Collins Dictionary’s Word of The Year, and NFT artist Beeple appeared as a guest on The Tonight Show and Joe Rogan Experience.

“2021 was a breakthrough year for NFTs in terms of the volume and value of transactions, the interest of mainstream brands, the emergence of new digital communities, and the tens of billions of dollars of funding that went into projects,” said Nadya Ivanova chief operating officer at L’Atelier BNP Paribas. We are, however, yet to see how much of that translates into real products and tangible value for users.”

Ivanova added, “In 2022, I expect that while the NFT market will continue to be volatile, the better projects will also start to mature technologically, socially and commercially.

NBA Top Shot, Axie Infinity and Sorare all provide things users can do with their collection, like leveraging them for access or using them in a game.

Projects like Topps’ Major League Baseball NFT set or more strictly artistic NFTs have, currently, less built-in utility and sales are suffering.

The NFT art market is far more fractured than other categories of NFTs. It’s a story of extremes.

Sotheby’s hauled in $17.1 million its first NFT auction last week, which included a mix of digital collectibles and art. But sales have declined precipitously on sites like SuperRare and MakersPlace, both of which support the independent creation of NFTs.

Artists also have myriad more options for minting and releasing NFTs, making them harder to track.

Nonfungible tokens (NFTs) took off in 2021, and Nonfungible.com is reporting that NFT game sales hit $5.17 billion during the year.

L’Atelier BNP Paribas and NonFungible.com released a report about the entire NFT market, and they said the larger NFT sales for all markets hit $17.6 billion in 2021, up 200 times from $82 million in 2020.

That means a lot of people believed that NFTs, which use the transparency and security of the digital ledger of blockchain to authenticate unique digital items, are the next big thing. But perhaps an equal number believe that NFTs are full of scams, pump-and-dump schemes, money laundering, and other things that are bad for consumers.

The thing about blockchain is that it’s transparent, and so it’s not hard to do this kind of accounting.

The NBA licenses individual highlight video reels, among other content, to Dapper Labs, and they digitize the footage and make it available for sale to consumers. Each reel shows a video clip, such as a famous player’s basketball dunk, some featuring different angles and digital artwork to make them unique.

Even if someone made a perfect copy of the video, it can be instantly recognizable as a counterfeit. The venture has already generated $230 million in sales, and the company just also received $305 million in funding from a group that includes Michael Jordan and Kevin Durant.

These video reels are selling at high prices.

NBA Top Shot, which captured basketball game highlights in a collaboration of Dapper Labs and the NBA.

Games were next at $5,17 in sales, mostly due to the performance of the blockchain game Axie Infinity, which let players earn money on NFT item sales. There is an impressive volume of active wallets in this segment, likely due to the “scholarship” system in Axie Infinity, which allows people to give other players access to their game accounts and share the income generated, Nonfungible.com said.

NFT art sales topped $2.79 billion.

While this category looks small compared to collectibles and gaming, it remains a core feature of the NFT asset class; and as digital artists like Beeple and Pak become recognized names, the category continues to be one of the most stable parts of the ecosystem.

The metaverse category also saw $513.8 million in sales.

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