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The number of people buying NFTs has dropped for the second month in a row

NFT sales have dropped dramatically in March, in contrast to the booming crypto market, but one industry expert thinks there’s no need to panic just yet.



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In March, the number of unique monthly non-fungible tokens (NFTs) buyers fell by more than 30%, marking the second straight monthly dip since the January high.

According to NFT data aggregator CryptoSlam, NFT sales fell below US$2.2 billion in March. According to records, the last time this happened was in July 2021, when sales totaled US$1.20 billion.

The dip comes as the cryptocurrency market has recovered to conclude the month with a market capitalization of more than $2 trillion dollars. For the majority of March, the larger market was trading below that level.

CryptoSlam strategist Yehuda Petscher has come to feel that the two asset classes have an opposite relationship. Investors are more likely to buy NFTs when the absolute value of crypto is lower, he believes, because NFTs are frequently denominated in cryptocurrencies.

“The purchasers are still there,” Petscher told Forkast, “I think they’re just being a little more cautious with what they put their money into.” “People are basically waiting and holding their breath to see whether the scene changes a little.”

The NFT community was still making waves in March, as Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), previewed its own metaverse Otherside featuring popular NFT avatars. In the virtual world, NFT avatars represent their owners.

BAYC, one of the most popular NFT avatar collections in the world, outperformed overall trading activity in March, more than doubling sales and transactions.

The Galaxy collection by World of Women was released on March 26 and sold for more than US$70 million in less than a week.

Up-and-coming blockchains are due to shake up the pecking order in April, thus NFT trading activity may not remain inactive for long. OpenSea, the world’s largest NFT marketplace, has confirmed the long-rumored integration of the Solana blockchain, the world’s third-largest in terms of sales volume. The date for the integration has now been set for April.

“It’s fantastic for Solana,” said Petscher, who expects OpenSea’s acceptance to unleash a torrent of previously isolated NFT collections in Solana’s decentralized environment.

Ronin, the world’s second-largest blockchain, was hacked for more over US$600 million, making it one of the most valuable hacks in the industry’s history. The Ethereum sidechain has postponed a much-anticipated update for the blockchain game Axie Infinity, which is the world’s most popular NFT collection in terms of sales volume.

Sky Mavis, the creator of Axies, has stated that its Origin upgrade would be delayed until April, with the goal of attracting more players to its GameFi economy by providing free starter Axies, which presently cost up to $300 in crypto.

“I’m pretty enthusiastic about what the bull will look like if this is a bear market,” Petscher added. “Even in the quiet moments, it’s fairly exciting.”


According to Music Ally, Spotify has begun testing NFTs on its platform

If a trial deployment goes well, artists may soon be allowed to market their non-fungible tokens (NFTs) on Spotify, according to Music Ally.



Spotify, the most recent tech business to join the NFT bandwagon, entered the web3 world earlier this month with the introduction of “Spotify Island” on Roblox on May 3. Spotify will now test NFTs on the platform to specifically selected US consumers, starting with a single trial selection of artists, including Steve Aoki and The Wombats.

Users will have to purchase NFTs through an external marketplace, thus they won’t be able to sell them directly. As part of the trial, Spotify has stated that it will not take a portion of the sales.

Simultaneously, customers have stated that Spotify is sending out surveys and even paying some people to talk to team members about their feelings regarding NFTs and web3. Questions concerning sentiment, cryptocurrency purchases, and why people acquired NFTs have been circulated on Twitter. Some poster responded with mockery to the queries.

Since March, when Spotify placed two job offers for working on early-stage web3 projects, rumors have circulated that the firm was interested in entering the web3. The announcement comes only days after Meta revealed that it would begin testing digital collectibles and NFTs on Instagram as well.

By the time of publication, Spotify had not responded to a request for comment from The Block.

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Square Enix intends to issue tokens and make a significant investment in Web3 gaming

By investing in blockchain gaming infrastructure, the big game producer is altering its business strategy to include a stronger NFT environment.



Square Enix announced in its first-quarter results report that as part of its medium-term business strategy in 2022, it will include nonfungible tokens (NFTs) into more game goods.

According to Square Enix’s most recent earnings report, the company manages $3 billion in assets. The company controls the Final Fantasy franchise, which it sold for $300 million on May 3rd.

According to the report, the company began testing NFTs in February this year on the Shi-San-Sei Million Arthur game. If the pilot program is a success, the game’s NFTs will be renewed for a second season, and the company will expand its NFT and blockchain activities.

SE wants to provide regulatory clarity and norms for blockchain gaming, address scalability in NFT economies, and consider forming a corporate capital venture unit, among the top priorities of its blockchain domain projects.

The company also announced that it intends to create an overseas organization that will be responsible for “issue, administering, and investing our own tokens,” implying that the company will begin to build a large gaming-token economy.

SE has been exploring its options in the blockchain gaming market with the help of Web3 gaming and metaverse venture capital firm Animoca Brands. As SE digs deeper into the ecosystem, collaboration between the two companies is expected to deepen.

Square Enix’s gaming clout, according to Animoca’s executive chairman Yat Siu, will only help the company establish a blockchain gaming presence. On Monday, he said to Cointelegraph,

“Square Enix has long talked about the possibilities of blockchain games, so it understands it better than most of the traditional gaming titans.”

The third objective of the report’s medium-term business strategy is to invest in and monetize blockchain, artificial intelligence (AI), and cloud computing. This aligns with CEO Yosuke Matsuda’s stated desire in January to increase his company’s involvement in such technologies.

Despite a broad cryptocurrency market dip in 2022, the appeal of Web3 and NFT gaming has remained strong. On Saturday, according to market tracker DappRader, there were roughly one million daily active gamers, nearly the same as on January 1.

Gamers, on the other hand, aren’t spending as much as they used to, with total sales volume for NFT game items falling 88 percent from $70 on January 1 to $8.7 million on Saturday.

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Ukraine’s Ministry of Digital Transformation has approved a charity NFT initiative to aid military operations

On Thursday, Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, tweeted his support for Avatars for Ukraine, a non-fungible token (NFT) project that benefits Ukraine’s humanitarian and defense efforts.



The project includes 70 digital artworks based on Ukrainian imagery and resistance to Russian forces that evolved as a result of the Russia-Ukraine war. All earnings from the sale of digital art go to support Ukrainian war efforts. The Ukrainian Ministry of Digital Transformation has approved Avatars for Ukraine, and the first NFT will be released on May 19.

This isn’t the first time Ukrainian officials have used blockchain technology to help fund war activities. The Ukrainian government opened a website in April this year where people could purchase and trade NFTs to support Ukraine’s military efforts, as well as raise over $100 million in crypto donations.

Avatars for Ukraine also joins a growing trend of NFT projects assisting in the donation of monies to charity, with some or all of the proceeds of NFT art going directly to the charity.

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