According to a Chainalysis analysis, that sum has been invested in the ERC-721 and ERC-1155 contracts, which are used to underlie most NFT collections and marketplaces. The data reveals that NFTs as an asset category are growing value as more people invest because the total money sent and average transaction size is notably increasing.
OpenSea NFT market leading the pack
The majority of NFTs were purchased on dedicated marketplaces, similar to how users tend to remain with specific crypto exchanges. OpenSea is the most popular of these, having received over $16 billion in crypto so far this year.
The paper revealed how OpenSea, as the largest marketplace, provides insight into the expansion of NFTs in general, with over 6,000 NFT collections reporting at least one transaction. In addition, active NFT collections, defined as those with at least one transaction per week, have increased consistently since March, accelerated in July, and then continued to rise steadily through October.
The number of active NFT collections increased from 193 at the beginning of March to over 2,300 the week of October 24. According to online traffic monitoring, the majority of OpenSea users are from the United States.
Whitelist is a must
According to the article, only individuals who obtain an NFT through a “whitelist” can resale it for a significant profit. NFT producers reward those who support and promote the project by adding them to a whitelist, which allows them to buy fresh NFTs at a far lower price than other users during minting events.
This procedure, according to Chainalysis, is not insignificant. Whitelisted users have sold their newly-minted NFT for a profit 75.7 percent of the time. More retail investors who were not whitelisted, on the other hand, only benefited 20.8 percent of the time from the sale of an NFT. “Not only that, but the data implies that getting outsized returns on minting transactions without being whitelisted is nearly difficult,” the paper adds.
In June, the volume of Ethereum NFT trading decreased by 70%, although sales remained stable
Although there is less money in NFTs, sales haven’t really slowed down.
Despite the negative market, there is some good news regarding NFTs.
According to Nansen data, the overall amount of Ethereum NFT trades has decreased by 55% over the past month, falling from 1.3 million ETH to roughly 584,000 ETH. In terms of US dollars, that represents a decline of about 70% from just under $2.6 billion to about $672 million.
Over the past month, Ethereum’s price has decreased by around 43%. But because “blue chip” NFT prices haven’t increased to make up for it, fewer transactions are taking place.
Bored Ape Yacht Club NFT prices are still circling about 100 ETH among the top five listed NFT collections on OpenSea, with average ETH prices having essentially remained unchanged. The exception is CryptoPunks, whose buy-in floor pricing increased by 48 percent in part as a result of Christie’s head of digital sales taking over as the Punks’ new brand lead this month.
The unique blockchain tokens that represent ownership over digital art are still being bought and sold by NFT traders; they’re just purchasing less expensive tokens and “aping” into free mints like Goblintown, which launched a wave of free-to-mint NFT collections centered around bodily waste, nihilism, and memes.
According to data from CryptoSlam, the typical sale price for an Ethereum NFT dropped from $2,463 in May to barely $703, a 71% reduction. While a result, NFTs are often more expensive to buy as the crypto bear market persists.
OpenSea reported 1.478 million NFTs were sold on its platform in May. As of Wednesday, 1.476 million NFTs have been sold in June, thus it’s entirely probable that this month will see an increase in NFT sales over May. The Otherside NFTs from Yuga Labs, which saw $561 million traded in just one day, also significantly helped May’s results.
According to Dune data, the total number of registered users who have completed at least one transaction on OpenSea’s marketplace increased by a modest 6.5 percent. With a 16 percent drop from roughly 422,000 to 354,000, the number of active traders for Ethereum NFTs has only marginally decreased.
Nansen data show that there hasn’t been much of a reduction in the number of weekly active NFT projects that are seeing revenues. Three NFT collections—the same number as last month—have seen more than 10,000 sales. Only 30% fewer collections this month—from 109 to 76—saw more than a thousand sales in a given period. Therefore, NFT designers are still making sales, especially in collections with the biggest market caps.
Consequently, traders are still making trades even though overall volume may be down 55 to 70 percent in ETH and USD, respectively. Despite the fact that they are currently buying and selling for less, it appears that NFT aficionados still have hope.
GIVENCHY PARFUMS, AMAR STUDIO, REWIND COLLECTIVE & VEVE REUNITE FOR THE CREATION OF AN NFT IN SUPPORT OF THE LGBTQIA+ CAUSE FOR PRIDE 2022￼
Fashion House, Artists and NFT Platform Team Up Once Again for Pride Month
PARIS, June 23, 2022 – To mark Pride Month this year, Givenchy Parfums states its support for the LGBTQIA+ cause by reuniting with LGBTQIA activist Amar Singh, artists Rewind Collective & NFT platform VeVe, the largest mobile-first digital collectibles platform, for the release of a new digital collectible to be sold for charity releasing on Wednesday, June 29 at 12 p.m. PT. The release of the digital artwork, Pride II by Rewind Collective, will be sold for the benefit of the Le MAG Jeunes association, on VeVe’s digital collectible platform, available to download on the App Store and Google Play.
Drawing inspiration from the House’s Prisme Libre, combining four shades of colors, as well as the Rewind Collective’s Pixelated Heroes series, this original virtual artwork is being sold on VeVe in a limited series of 1952 editions. After the sale, the proceeds will be entirely donated to the Le MAG Jeunes association.
Titled “Pride II”, the artwork created by Rewind Collective for Givenchy Parfums is a series of animated portraits symbolizing diversity, the assertion of identity, and the fight for equal rights. Innovative photos, which the collective reinterpreted digitally in the colors of the Rainbow Flag, expres Givenchy’s commitment to a more diverse, more inclusive, more universal kind of beauty.
Through this initiative, Givenchy Parfums, Amar Studio & VeVe are proud to support Le MAG Jeunes (Movement for the Assertion of Young Gay, Lesbian, Bi & Trans people), a French association founded in Paris in 1985. Amar Singh continues to lead India’s national effort at the supreme court to abolish LGBT+ conversion therapy. Aimed at the LGBTQIA+ young population (15 to 30), Le MAG Jeunes focuses on support and accompanying: it carries out awareness-raising missions in schools, offers cultural and educational activities, and provides psychological support to all those who need it. It also lobbies international institutions, so as to promote the implementation of more inclusive public policies, for today and tomorrow.
“Art remains one of the most powerful forms of self-expression, we’re honored to further the LGBTQIA+ cause so that everyone can present their authentic self,” said David Yu, Co-Founder of VeVe. “We are proud to support the LGBTQIA+ community and help fund the fight against LGBT phobias and sexism through the sales of this unique digital collectible.”
Last year the companies came together to sell the digital artwork, “Pride”, as a sign of support for the LGBTQIA+ cause and MAG. The $128,000 raised led to the organization:
- Moving to a bigger space in Paris and opening of two new local centers for LGBT+ youth inclusion, to overcome isolation and that offers support and multiple activities. The Paris local group is now in the heart of the capital Quincampoix Street, Paris 4th, with a great space to welcome LGBT+ youth. And the two new branches are in Lyon and Clermont Ferrand.
- An increase of LGBT+ youth supported by the organization to 529. The foundation aims to support 1,600 youths thanks to the new spaces and new members of staff.
- Building and recruitment a team of professionals to accompany youth and fight LGBT phobias and sexism.
- An increase of interventions in school from 3,000 students in 2021 to 11,360 in 2022, to prevent LGBT phobia and sexism in the education sector.
Founded in 2018, VeVe was created by collectors, for collectors to bring premium licensed NFT digital collectibles to the mass market. With millions of active users and over 6 million NFTs sold, VeVe is the largest mobile-first digital collectibles platform and one of the top-grossing Entertainment Apps in the Google Play and Apple stores.
Utilizing both blockchain and augmented reality technologies, VeVe offers premium licensed collectibles from leading brands including DC Comics and Warner Bros, Cartoon Network, tokidoki, Ghostbusters, Back to the Future, and more. For the first time, these brands can provide customization to collectibles after their initial sale, creating endless revenue possibilities for products both new and previously offered. In addition, VeVe’s 3D augmented reality photo mode allows collectors to interact with every digital collectible, as well as share their collectibles through VeVe’s in-app social feed, or on external social platforms including Twitter, Instagram, TikTok, and more.
In March 2021, VeVe committed to 100% carbon neutral NFTs and provided $7+ million in grants to environmental nonprofits to raise money for causes through NFT promotions. In addition, VeVe uses Ethereum’s layer 2 scaling protocol, Immutable X, which provides instant trade confirmation, scalability (over 9,000 trades per second), zero gas fees, and a 99.9% reduction in environmental footprint.
The VeVe Digital Collectible app is available on both iOS and Android.
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.
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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