The market for non-fungible tokens (NFTs) is not having the best of days, with significant drops across the board making the NFT news rounds today.
Over the past 24 hours, the sales volume has dropped by nearly 20%. At the time of writing, it’s standing at $29,981,386.
As we’ll see below, the weekly numbers are not much better.
Meanwhile, buyers and sellers have dropped 17% and 6%, respectively, over the past day. Transactions are down over 15%, according to CryptoSlam.
It’s not difficult to spot the day’s top performers among the ten largest collections per sales volume. Pudgy Penguins saw the highest increase in a day, of 60%, sitting at $626,018. DMarket is up 48% to $617,815.
While taking the first spot overall with a volume of $1.55 million, Crypto Punks also saw the largest drop in a day. It fell nearly 60%. It’s followed by Ordinals and CryptoUndeads, both dropping around 45%.
In today’s NFT news: Magic Eden unveils its new rewards program and a retroactive drop, weekly sales volume drops, with Solana wedged firmly between Ethereum and Bitcoin, and Endless Clouds is set to launch two titles on Immutable zkEVM.
Magic Eden Reveals Rewards and Retroactive Drop for Solana OGs
NFT marketplace Magic Eden has made NFT news rounds today by revealing a new incentivization scheme for collectors and creators.
Per the post, the team spent the last year “designing a long-term, cross-chain NFT rewards program built for everyone,” they said.
They claim it isn’t “just another points campaign.” Instead, the program is “a meticulously crafted plan” to give back to Magic Eden’s OGs, collectors, creators, and degens.
Introducing Magic Eden Rewards
We’ve spent the last year designing a long term, cross-chain NFT rewards program built for everyone. This isn’t just another points campaign. It’s a meticulously crafted plan to give back to Magic Eden’s OGs, collectors, creators, and degens alike.… pic.twitter.com/RQkJpoZEvi
— Magic Eden (@MagicEden) January 23, 2024
The rewards program is starting on Solana. They plan to expand it to collectors and creators across different chains.
For the Solana OGs, the team has prepared a special event. There will be a Retroactive Diamond Drop on February 2.
Magic Tickets owners will be included in the program soon.
“Great news is we’ll honor past, present and future activity on our marketplaces across Solana, Bitcoin, Ethereum, and Polygon,” the team said.
They added that the Magic Wallet would be out soon as well. They plan to integrate the rewards into the wallet.
Magic Eden CEO Jack Lu stated that a rewards program shouldn’t be about points, but should tell what the company is. “Our mission at Magic Eden is to make digital ownership universal,” the CEO said.
A Rewards Program should not be abt Points. It should be about telling the world Who We Are as a Company. Only when ppl know who u are & what u stand for, can they become true believers & be truly loyal.
So Who Are We At @MagicEden?
We are a team that bets long term & are… https://t.co/v6uoRV4VFb
— Jack Lu (@0xLeoInRio) January 24, 2024
Weekly NFT Sales Drop, Solana Ahead of Bitcoin
NFT sales for the past week have dropped. Falling 13%, they currently sit at $268,396,450.
The number of transactions is down, too. It has dropped 19% to 2.3 million.
Not everything is red, though. Buyers are up 51% in seven days. Meanwhile, the number of sellers increased 57%.
Notably, Solana has kept its position ahead of Bitcoin in this period despite the latter’s recent rise. Solana is in the second place of the top 10 blockchains by NFT sales volume.
Ethereum, in the first spot, has dropped over 30% but maintained its position with $9.8 million. Solana is relatively close now (even with a 6% drop) with $7.88 million.
Bitcoin, ranking third, fell 22% in a week to $6.19 million. The four-ranked Polygon is quite far behind with $1.6 million in volume (down 32%).
Source: cryptoslam.io
Endless Clouds Partners with Immutable to Launch Treeverse and Capsule Heroes
Game studio Endless Clouds has partnered with Web3 gaming platform Immutable to launch two titles on the Immutable zkEVM blockchain.
The titles are Treeverse, an MMORPG set in the mystical city of Lorwick, and Capsule Heroes, a PvP brawler.
“As our team focuses on production to onboard millions of gamers: Immutable brings their infrastructure,” the post said.
Both games will eventually integrate Immutable Passport as well. This will simplify managing gamer’s identities and digital assets across games.
Endless Clouds Is Partnering With Immutable
Bringing Treeverse & Capsule Heroes to Immutable zkEVM (powered by Polygon) for our eventual seamless Web3 integration. pic.twitter.com/z7cdm3f6PM
— Treeverse (@TheTreeverse) January 23, 2024
Per the announcement, this partnership is meant to make future Web3 game integration seamless as an add-on. It is for the eventual NFTs that will be tradeable in both games “when the time is right.”
Future assets users earn in-game, buy from the store, or get in additional collections ”will most likely” reside on the Immutable zkEVM chain.
Immutable zkEVM Testnet went live in August last year. Powered by Polygon, the Mainnet is expected to launch soon.
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