NFT Weekly Update: Reddit teams with the NFL to bring Super Bowl Polygon-based NFTs, while the Ethereum NFT ecosystem experiences a volume increase
With a recent increase in on-chain NFT activity on the Ethereum and Polygon blockchains, mainstream companies continue to onboard users to web3.
NFT On-Chain Activity ⛓️
Reddit adds 4 Million newly minted Polygon-based NFTs in 2 months:
The social news aggregator platform has been one of the biggest success stories among mainstream brands that have forayed into the ‘wild west’ of NFTs.
Reddit’s massive NFT mint over the past two months comes ahead of the company’s upcoming NFT offer in collaboration with the National Football League (NFL). The company announced Super Bowl-themed NFTs for the two finalists competing for the trophy.
Ethereum NFTs reach over $197 million in 7-day trading volume:
The Otherdeed NFT collection was the most traded collection on the Ethereum blockchain, with $17.2 million in sales from 5,189 transactions. Doodles came in second with $14.4 million in sales from 1,428 transactions, followed by the Mutant Ape Yacht Club (MAYC) with $13.4 million from 567 transactions.
Doodles, the second most traded NFT collection on the Ethereum blockchain over the past week, has made headlines with its recent acquisition of animation studio Golden Wolf. The acquisition will allow Doodles to develop original narrative content and expand its reach in the NFT market.
Blur was the leading NFT marketplace in terms of volume, with $89 million in 7-day volume, followed by OpenSea with $76 million in volume, but with a higher number of traders (279K vs. 105K).
Mainstream Adoption 😮
The tortilla chips producer has launched a metaverse experience on Decentraland. The company said Dorito Triangle Metaverse Studio welcomes crypto native and non-crypto users. The event found on February 8th and will run through the 10th.
The experience allows users to create their own NFT avatar representing them in the game. Players can change the colour of their skin, hairstyle, clothing and shoes and also try out different accessories.
Kweichow Moutai has launched liquor bottles linked NFTs:
Kweichow Moutai has launched a digital collectibles collection of 113,960 non-fungible tokens (NFTs). The Chinese liquor giant said the collectibles will give holders an exclusive opportunity to purchase limited-edition liquor in the real world.
The partially state-owned company is joining a growing list of Chinese companies that have strategically targeted the burgeoning NFT industry with “digital collectibles”, a moniker that seems more acceptable in China that NFTs.
NFT Marketplaces 🏛️
Coinbase NFT is halted new NFT drops for creators:
The crypto exchange platform’s NFT unit announced via Twitter that it will instead be focusing on other tools and features that creators have asked for.
After experiencing a significant surge in the NFT transaction volume in September 2022, trading activity on Coinbase NFT has since plummeted, with some days experiencing zero sales.
X2Y2 has issued an update saying their team will not be selling any unlocked tokens:
“That said, we are proud to announce that the X2Y2 team will NOT sell any token from this upcoming unlock or any tokens unlocked thus far for the foreseeable future.”
The highly incentivised NFT marketplace went live in February last year, momentarily becoming the biggest NFT platform in terms of transaction volume amid a high rate of wash trading.
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