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KIA is the newest automaker to study NFTs, while Snapchat has joined the expanding list of social media sites looking to integrate NFTs in some way. GameStop’s new NFT marketplace has outperformed Coinbase’s NFT marketplace in less than a week.
We evaluate articles like these that have dominated NFT conversation throughout the previous week every weekend. Let’s go through everything that happened in mid-July and look at the NFT news from the previous week.
NFT Marketplace From GameStop Launches In Beta
This week, GameStop released the beta edition of their new non-fungible token marketplace. Despite a noisy and competitive industry, GameStop has established a firm footing in its early stages.
Nearly $4M in sales were made on the market in the first two days of active trading, which is dwarfed by rivals like OpenSea but approximately twice as many as were made on Coinbase’s NFT marketplace up to that point.
KIA Releases NFTs
Automobile companies haven’t been the most international participants in the market so far, although a few names like Porsche and Lamborghini have entered. With the launch of a new brand campaign in the U.S. last week, KIA joined the fray.
Users will be able to purchase NFTs by scanning a QR code that may be shown in a 30-second commercial on broadcast TV, with the manufacturer’s Soul model at the center. There will be about 10,000 of the tokens produced.
Non-fungible tokens for automobile companies have had a range of outcomes, from last year’s 30 ETH Porsche sketch sale to Chevrolet’s recently unveiled, wildly unsuccessful Corvette campaign. The launching of the customized Corvette Z06 was a complete failure, and a Chevy representative called the experience “extremely instructional.”
Snapchat Participates in NFT Space Gaming With Social Media Giants
Lions, tigers and bears… Reddit, Twitter, Instagram and Snapchat? Oh my. Social media platforms are another major set of firms to get engaged with non-fungible tokens and crypto at large. It’s the latter of the bunch, Snapchat, that is making the latest waves, testing a new feature that would integrate user NFTs into AR ‘Snap Lenses’. The feature is currently in development and could be released as early as next month.
Twitter has previously released hexagonal profile pictures, Instagram is working on active integration, and Reddit has been working on profile pic-esque features for non-fungible tokens, too.
OpenSea Lays Off 20% Of Workforce
Layoffs have been a significant problem in the cryptocurrency business throughout this year’s weak market, as several exchanges have reduced staff and numerous projects have had significant setbacks. Look no farther than industry leader OpenSea, which recently disclosed that one in every five of its employees will be let go. Macroeconomic issues and international turmoil have been identified as the primary causes of the layoffs, and the corporation has pledged to make a number of steps to help former employees.
In the “Buy Now, Pay Later” NFT platform, Ripple invests
The Nutshell only sometimes mentions Ripple, but this week with the purchase of NFT funding provider Supermojo, it does so.
For the upcoming user generation, the platform seeks to create a “seamless, straightforward, and accessible NFT purchase, financing, and custody experience.”
Continued Strong Performance from CryptoPunks, $2.5M+ Sale This Week
Numerous blue-chip enterprises have managed to hold onto their status and financial position relative to the rest of the market despite a generally slow market. Powerhouse project CryptoPunks is a prime example. This week, it experienced a sale of almost $2.6 million (2,500 ETH), making it the seventh-largest sale in the project’s five-year history.
Major blue chip companies have weathered the bear market while smaller, tier 2 and below ventures have borne the brunt of the destruction.
Can NFTs Develop Into Media Companies? – Rarible Co-Founder
Are high-profile initiatives like Bored Ape Yacht Club and CryptoPunks the world’s equivalent of Disney? According to co-founder of rarible Alex Salnikov, “NFT collections will grow like media firms [into something] like Disney.”
