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CryptoPunks Price Floor Falls below 80 ETH after NFT Trade Volume Feflates by 50%

In recent sessions, the dip has been consistent with the decrease in the entire cryptomarket.

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On 14th September the minimal costs for the purchase of the secondary CryptoPunks NFT fell to 80 ETH.

The pixelated avatar of one of the 3,840 female digitals Matt Hall and John Watkinson, Larva Labs, said that the so-called “CryptoPok 1417” is listed at 79,99 ETH (nearly $266,168 for sale).

A short overview of the history of #1417 transactions reveals that its owner sold it in January 2020 for just 0.9 ETH (~$159). In the ensuing months, the new owners continued to raise their NFT demand price. By 31 August, the floor rates amounted to close to 118.99 ETH.

But there was no bid for #1417, which forced the auctioneer to lower the floor price of the NFT till September 7th to ETH 93.99 ($368,539). Later, a host of bargaining events, the owner advertised the 79.99 ETH digital item and got a 70 ETH bid ($230,089).

However, the offeror withdrew later and raised the chances that the #1417 owner could further decrease its floor price.

As part of a recent fall in floor rates in the digital collectible area, the price trajectory in one of the 10,000 NFT pieces from CryptoPunks came about. On one occasion this week, the ETH ecosystem tracker Dune Analytics showed that the average price floor for all NFT was lower to 0.37 ETH from the maximum of 1.02 ETH.

Nonetheless, a fresh record high of 1.10 ETH was the average price shot on Sept. 14. It must be noted that new NFT projects starting with higher demand rates could increase price levels. However, the price floor remained lower for top players in the field, such as CryptoPunks.

In the past seven days, too, there have been many high-priced sales of the CryptoPonks NFT. Zombie “CryptoPunk 8857” was offered a total of $6.62 million, for example, on September 12th. Similarly, the “CryptoPunk 5169” Clown-nose was auctioned for 205 ETH last week (about $755.935).

Giant Visa also purchased CryptoPunk in Ether for almost $150,000.

The number of NFTs sold is decreasing

At the same time, the high-priced CryptoPunk purchases haven’t helped the company sustain its August sales records.

After peaking near the end of August, the NFT marketplaces saw $86.55 million in transactions, all involving the sale of CryptoPunks avatars. The trend continued through the first two days of September before plummeting in the following sessions.

CryptoSlam reported a 53.3 percent drop in CryptoPunks sales volumes in the last seven days, with only 66 transactions involving 55 customers. In addition, Axie Infinity, Art Blocks, and Bored Ape Yacht Club, among other top NFT projects, recorded double-digit percentage declines.

Following August 29, Nonfungible noticed a similar decline in trading volumes across prominent NFT marketplaces. The NFT projects had brought in $1.02 billion on that day. However, as of September 14, revenues had fallen to $151.31 million.

During the same time span, the number of active NFT wallets dropped from 59,255 to 21,908. In addition, total NFT sales fell to 36,014 from 138,109, indicating waning interest in the digital collectibles market.

The dip was mainly in line with adverse price movements across the cryptocurrency market last week when leading coins Bitcoin, and Ethereum experienced significant price drops. After peaking near $2.43 trillion on Sept. 7, the crypto market cap has dropped by 15.52 percent.

ART & COLLECTABLES

Salvatore Ferragamo, an Italian luxury brand, has an NFT booth in SoHo

Customers can create and mint their own Ethereum-backed non-fungible tokens (NFTs) on OpenSea at a booth set up by Salvatore Ferragamo, an upscale clothing company with its headquarters in Florence, New York.

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The Salvatore Ferragamo concept store in the city’s SoHo neighborhood opened its doors on Friday, and the booth is a part of a bigger debut of the business. All visitors are eligible to receive free NFTs, which are limited to 256 in total. The brand will pay all associated costs up front to mint an NFT.

For the launch, the company is collaborating with artist Shxpir, who has previously created holographic handbags for businesses like Coach. Shxpir has produced 3D digital graphic elements for the NFTs for Salvatore Ferragamo.

Just one day after NFT, there will be a launch.

After a week of discussions about how fashion businesses may tap into the Web3 and NFT arena, NYC, a conference about non-fungible tokens in Times Square, comes to an end. Famous companies have lately debuted their own NFT collections, including Gucci, Prada, Bulgari, and many others.

Salvatore Ferragamo has previously entered the online space.

The company collaborated with Obsess, a virtual and augmented reality software platform that aids businesses in the establishment of interactive online storefronts and virtual experiences, last year. Customers could explore a virtual mansion that featured Ferragamo goods at the online store dubbed “House of Gifts.”

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ART & COLLECTABLES

The crypto decline may be used by Binance to increase its market share in NFT

Football fans will soon have the opportunity to buy “an iconic piece of sports history” thanks to a collaboration between Cristiano Ronaldo and Binance.

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CR7 is starting to participate in NFTs.

The football phenom revealed his exclusive collaboration with Binance today. The multi-year contract, according to Ronaldo, will provide fans the chance to “own an iconic piece of sports history” and take part in his Web3 community.

In a video, Ronaldo stated, “Today we are going to transform the NFT game and move football to the next level.”

The Binance-controlled exchange and the Binance Smart Chain are two of the largest elements of one of cryptocurrency’s largest ecosystems (BSC). With 407 different protocols built atop it and $5.92 billion in value locked, BSC is the second-most used blockchain (after Ethereum).

Binance has had trouble creating a thriving native NFT ecosystem despite these great figures. With only $79 million in total trade volume, PancakeSwap, the decentralized exchange and flagship protocol of Binance, ranks twenty out of the NFT markets (OpenSea and LooksRare, two Ethereum marketplaces, had respective trading volumes of $31.24 billion and $23.23 billion).

Therefore, the alliance with Ronaldo might be interpreted as an effort by Binance to add value to BSC and start growing the NFT market share of the blockchain. On this retweet of the formal announcement, Binance CEO Changpeng Zhao “CZ” may have hinted as much: “Now, we start.”

This week saw the announcement of several noteworthy NFT partnerships, such as Pharell Williams’ recent appointment as Chief Brand Officer for the Doodles line.

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ART & COLLECTABLES

NHL Opens Hockey Collectibles NFT Marketplace

The NHL, along with its Alumni Association and Players’ Association, said on Thursday that it has joined with NFT platform Sweet to build a distinctive NFT marketplace and libraries of NFTs—individual blockchain tokens that denote ownership.

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The NHL’s market will fall between a full-fledged NFT trading platform and a website that enables momentary NFT drops, according to David Lehanski, the league’s executive vice president of business development and innovation.

By creating an NFT marketplace with exclusive releases, the NHL hopes to give fans a little bit of both. In preparation for the commencement of the 2022–2023 season, the NHL’s Sweet marketplace is anticipated to launch in October.

The NHL aims to gamify NFTs with “questing and collecting” components so that fans will interact and can be rewarded with benefits like other NFTs, according to Lehanski, who spoke to Decrypt.

Depending on a player’s performance, some of the NFTs will also be dynamic and alter over time. According to a statement, NFTs will also include “cinematic game highlights from past and present NHL seasons” or surprise packs of NFTs that may be seen in “3D interactive trophy rooms.”

Lehanski claimed that the NHL wasn’t yet ready to reveal which blockchain it would be constructing on. Though it might be on Polygon or Tezos if Sweet’s offerings are any indicator.

Lehanski stated, “We’re looking at everything,” and that the NHL’s top priorities in its search for a blockchain include “cheap gas expenses” and “environmental sustainability.”

The NHL is one of the most recent major professional sports leagues to enter the NFT market, following the NBA’s Top Shot NFTs, the NFL’s “play and own” NFT game, and MLB’s impending NFT contest.

Lehanski commented on the NHL’s approach to NFTs, saying, “There was clearly a lot of temptation to potentially moving very rapidly […] but we thought that was a little shortsighted.” He added that, in his opinion, spending the time to investigate indicators like fan behavior was worthwhile. Especially in relation to digital collectibles and gaming, NFTs have a long-term future as relevant and meaningful items for enthusiasts.

But according to Sweet CEO Tom Mizzone, the NHL’s NFTs won’t simply be targeted at hockey fans who are unfamiliar with cryptocurrencies; seasoned NFT collectors will also be able to participate in a way that feels natural to them.

It will undoubtedly appeal to that degen culture, he continued, but not to the extent that it excludes fancier consumer bases.

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