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OpenSea is once again handling over half of all Ethereum NFT trades, processing around 10,400 Ethereum trades per day over the past week. However, Blur still dominates in total weekly volume with over $100 million and a 60% share of the Ethereum NFT market, compared to OpenSea's 18.6%. Blur, which offers zero-fee trades and limits royalty payments to NFT creators, encourages more trades and better price discovery amid a hard time for the NFT space. In the meantime, Solana-based marketplace Tensor shows roughly $1.6 million in volume over the past 24 hours, on par with OpenSea Pro – formerly known as Gem. The increasing competition in the NFT market highlights the demand for alternative models and pricing structures. This is a positive sign for the industry's growth and development and emphasizes the need for platforms to innovate and improve to stay relevant and cater to users' evolving needs.
Sotheby's, the renowned auction house, has announced the launch of a new on-chain peer-to-peer secondary marketplace for NFTs. The platform will now allow collectors to buy and sell NFTs directly on the blockchain via the Ethereum and Polygon networks, enabling greater transparency and security in transactions. Sotheby's is the first major auction house to enter the NFT market, which has exploded in popularity over the past year. The move signals a growing recognition of the potential of blockchain technology and the metaverse as a new frontier for art and collectibles. Sotheby's new marketplace will initially focus on digital art and collectibles, but the company plans to expand into other areas in the future.
Blur has introduced Blend, a new NFT lending protocol that allows borrowers to use non-fungible tokens as collateral indefinitely. Unlike other lending protocols, Blend matches loans individually, allowing it to support long-tail collateral and let lenders use their own capital. With no term limits, borrowers can service their debt at their convenience. Lenders can auction the debt or liquidate the borrower to redeem their position. The platform allows infinite rollovers, while on-chain transactions only occur if there's a change in interest rates or when a party exits the position. Blend's introduction highlights the NFT market's growth and potential for innovation.
NFT Game Storybook Brawl has announced its shutdown due to financial issues caused by the fallout from FTX's bankruptcy. The game, which allows players to collect and trade digital cards, will cease operations, leading to job losses for its employees and disappointment for its players. FTX's bankruptcy has once again raised concerns about the stability and regulation of the cryptocurrency industry, and has highlighted the risks of relying on centralized platforms. The shutdown of Storybook Brawl underscores the need for more sustainable and decentralized models in the gaming industry and Web3 ecosystem. This event shows how the NFT market is still susceptible to financial turmoil and regulatory issues, and that these risks need to be taken seriously.
Musician and entrepreneur Pharrell Williams has teamed up with Adidas, Human Made, Billionaire Boys Club, and Ice Cream to launch a limited-edition fashion airdrop for Doodles NFT collectors. The "Pharrell Pack" will feature exclusive clothing items from these brands, and will be distributed to Doodles NFT holders on a random basis. Winners of the airdrop will receive digital NFTs that can be redeemed for physical items. The collaboration highlights the growing intersection between the music, fashion, and NFT industries, and offers a new form of luxury asset class for collectors. The Pharrell Pack also represents a new way for brands to engage with fans and explore new revenue streams through the NFT market.
Michelin, the well-known tire manufacturer, has unveiled a new loyalty program through the launch of an exclusive NFT collection called the Michelin 3Xplorer Club. The collection consists of 5,000 unique NFTs, which act as virtual passports, offering a range of exclusive rewards and benefits to its customers. The Michelin 3Xplorer Club aims to foster a community of loyal customers by providing personalized offers, discounts, and experiences using blockchain technology. Michelin's adoption of NFTs for loyalty programs is a significant milestone for the blockchain industry, indicating increased adoption and acceptance of web3 technologies in traditional sectors.
