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NFT Weekly Review

Space Jam used NFTs as part of their marketing strategy, Budweiser is toasting a new collaboration, and Rolling Stone Magazine appears to be the newest media outlet to embrace NFTs. Another busy week in the world of NFTs is in the books. Let’s take a look at what’s new in the world of non-fungible tokens over the last seven days.

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A Slam Dunk NFT for Space Jam?

“Space Jam: A New Legacy” went all-out in marketing, collaborating with video games like Fortnite and launching massive campaign awareness via digital billboards and other means. It didn’t end there, though. Because Warner Bros. and Niftys recently joined, Space Jam NFTs were bound to come. So this week, 91,000 free NFTs were distributed, and they were gone faster than a game-winning jump shot.

The newest Gary Vee venture, VaynerNFT, has locked in Budweiser.

VaynerNFT was launched this week by VaynerX, led by crypto and NFT supporter and long-time entrepreneur Gary Vaynerchuk. In addition, the VaynerNFT team announced Budweiser as their first large “NFT agency of record” client. After previously minting tokens for sub-brand Stella Artois and cooperating with NFT horse-racing platform ZED.RUN, Budweiser parent company AB InBev is reaffirming its commitment to NFTs. Budweiser has been a VaynerMedia partner for nearly a decade, and their connection will now be strengthened through NFT participation.

Copa America Mints Trophy NFT

The South American Football Federation teamed up with Ethernity, an NFT platform, to create a trophy NFT. As a result, Argentina successfully conquered its title for the first time in 28 years.

Damien Hirst: It’s Your Call: Physical or Digital

Damien Hirst, a well-known modern artist, will release 10,000 hand-painted works of art with accompanying NFTs later this month. NFT holders have one year to determine whether or not they wish to trade their NFT for a physical piece of Hirst’s work; if they do, the NFTs will be destroyed. Hirst plans to make the NFTs available on the HENI platform. Hirst is said to be the wealthiest living artist in the United Kingdom.

Polygon is Not Just DeFi

Polygon has made significant progress in the DeFi world, but why stop there? The site has teamed with Community Gaming, an esports tournament organizer. It will begin conducting tournaments in August that will include purchasing, holding, and selling NFTs as trading cards.

The platform is also collaborating with Dolce & Gabbana to present NFT’s “Collezione Genesi” (“Dress from a Dream”) line. In addition, three D&G events will feature the NFTs next month.

Rolling Stone

When it comes to media firms and NFTs, the list is endless: CNN, TIME Magazine, and so on. As of this week, feel free to add Rolling Stone Magazine to the list. The publication is launching a magazine cover campaign for Rolling Stone Australia.

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Snoop Dogg Gives Advice to Reese Witherspoon on Ethereum NFTs

Snoop Dogg, a celebrity NFT collector, shares his thoughts on who to watch in the space.

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Reese Witherspoon is dabbling in the crypto realm, starting with an Ethereum (ETH) purchase and now her first NFTs. On the latter front, she’s getting help from Snoop Dogg, a rapper and entertainer who just claimed that he’s very involved in the NFT movement.

“Just bought my first NFTs!” tweeted Witherspoon on Monday. “I’m gaining a lot of knowledge. I’d love to hear about inspiring women who are developing #NFTs. Chat with me on #cryptotwitter.” She didn’t specify which NFTs she bought. In early September, Witherspoon tweeted about purchasing her first ETH, and she sought guidance from Crypto Twitter in both situations.

Snoop has identified himself as a dedicated NFT collector under the moniker Cozomo de’ Medici, with a collection valued at more than $17 million as of this writing (per DappRadar). As his Cozomo Twitter account shows, he’s well-versed in the scene and was ready with a recommendation for Witherspoon.

Snoop advised Witherspoon contact Priyanka Desai, the chief of operations at OpenLaw and an NFT-collecting DAO Flamingo DAO member, in a quote-tweet.

Snoop’s Cozomo de’ Medici pseudonym tweeted, “May I kindly recommend a conversation with @PriDesai, one of the most influential women in NFT, who can then connect you with the most incredible female artists, collectors, and innovators in our world,”

Snoop’s tweet has elicited no response from Witherspoon. Still, she did enjoy several other responses from the Crypto Twitter community, including a couple about the World of Women NFT initiative. She also liked tweets from Stoner Cats, the NFT-funded animated project co-created by actress Mila Kunis, and one from someone who said if she bought a Deadfellaz NFT, they would get a “Reese” tattoo.

In late September, Snoop Dogg unveiled his Cozomo de’ Medici NFT-collecting identity, as well as cooperation with The Sandbox, an upcoming NFT-based metaverse game.

He also uses a CryptoPunks NFT as his Twitter avatar, and he’s just purchased more high-value Ethereum NFTs, including a $3.9 million piece from XCOPY and an undisclosed stake (a “large portion,” according to the broker) of an Art Blocks “Fidenza” NFT valued at 2,500 ETH ($8.7 million).

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Sales of NFT Frenzy Surpass $10 Billion in the Third Quarter, while AXS Sets a New High

In the third quarter of 2021, a record number of nonfungible tokens (NFT) were sold, and the frenzy shows no signs of slowing down.

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According to data from analytics websites, more than $10.7 billion worth of NFTs were sold between July and September.

Over the last three months, digital art, memes, gaming products, and collectibles have sold like hotcakes, garnering attention from Reuters.

According to the report, which cited DappRadar data, the massive third-quarter amount was up from $1.3 billion in Q2 and $1.2 billion in Q1. However, the estimates could be substantially higher because off-chain transactions, such as those conducted by auction houses are not included.

NonFungible, which only tracks NFTs on the Ethereum blockchain, estimates that the total volume in 2021 will be $7 billion.

Axies and OpenSea are leading the way

In terms of trade volume, the NFT marketplace OpenSea has dominated. Because most NFTs follow the Ethereum ERC-721 standard, they’ve been responsible for some of the highest transaction costs in recent months.

According to Etherscan, the platform is the top gas generator on Ethereum, accounting for 22.5 percent of the total share in the last 24 hours. Since yesterday, it has generated 2,189 ETH ($7.3 million) in network fees. OpenSea consumes more gas than Uniswap and Tether combined.

According to DappRadar, OpenSea has handled $2.75 billion in NFT sales in the last 30 days.

According to NonFungible, more than half of the NFTs sold during the period were between $101 and $1,000, with roughly 20% in the $1,001 to $10,000 range.

Art Blocks, an NFT project based in the United States that sells algorithmically generated digital artworks, had a strong quarter. According to CryptoSlam, the Axie Infinity “play-to-earn” metaverse has been the greatest seller of NFTs to far, with over $2.2 billion sold.

According to the NFT ranking website, there are currently roughly 2 million Axie owners. According to DappRadar, Axie Infinity made $776 million in Q3 revenue.

AXS is pushed to ATH by NFT Fever

Last week, the gambling platform introduced staking incentives for its native AXS tokens, causing the price to skyrocket to an all-time high of $156 on Oct. 4.

According to CoinGecko, AXS was trading at $137 at the time of writing, up 115 percent in the last seven days and 825 percent in the previous three months.

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The Granddaughter of Warren Buffett Is Interested in Ethereum and NFTs

Nicole Buffett has become a supporter of the NFT, despite her grandfather’s skepticism.

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Nicole Buffett, Warren Buffett’s granddaughter, recently told Institutional Investor that her collection of non-fungible tokens had nearly sold out in just a few months.

While competitors like Cardano and Solana aim to threaten Ethereum’s dominance in the NFT market, the progeny of the great business magnate claims that Ether is the currency of the NFT field.

Buffett claims that she only accepts the dollar for physical art:

“I’ll assist folks in getting set up so they can buy paintings on the blockchain, but the NFT space’s currency is Ethereum. Physicals are still paid in dollars.”

Warren Buffett is regarded as one of the most outspoken cryptocurrency skeptics, referring to Bitcoin as “rat poison squared.”

His granddaughter says that investing in art is similar to stock or bond investing:

“When my grandfather examines something, he asks, ‘Does it have integrity? Does it have a long-term value? Can you tell me what the components are and how you’d break them down?’ … Art is a lot like that.”

Buffett says she wants her NFTs to remain inexpensive in terms of price.

Before the deal, most of Buffett’s customers are unaware of her ties to one of America’s wealthiest families.

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