NFT Journal: Chapter Ten

It is with great delight that we welcome you to the tenth edition of the NFT Journal. How time flies! We hope you enjoy reading our weekly series just as much as we have fun writing them. Remember, in every edition, we share highlights of amazing NFT events that happened over the past week and some exciting events to look forward to.

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A Week Of Many Firsts: Celebrating Our Converts 🍷

Remember the first time you heard of crypto? Of NFT? Your first coin? First NFT? Your First 10x? That’s right. We always remember our firsts.

Now, remember the first bitcoin Pizza? The first time your favorite celebrity/team embraced NFT? The first billionaire to embrace Bitcoin? The first time NFT became mainstream news? The first country to make Bitcoin a legal tender?

We’re always excited to see more people embrace what we believe in. It gives us more conviction that we’re not crazy 🤪 and were right all along. We’ve spent the past decade welcoming millions of new believers into crypto. This year has been for NFTs.

Last week, Sotheby’s announced the most significant Bored Ape Yacht Club NFTs sale of all time — the first time a traditional auction house sold such a massive number of NFTs at once. It wasn’t so far away that traditional auction houses embraced NFTs sealing NFTs’ entrance into the mainstream.

To celebrate NFTs’ mainstream converts, we decided to throw a party for the past week’s firsts. Let the roll call begin.

Hermitage Museum Sells Out its First NFT Auction

The largest art museum in the world — Hermitage Museum, sold out its first NFT auction. The auction, which the Russian Museum conducted on the Binance NFT marketplace, raised $400k+.

Dak Prescott Partners with EthernityChain

Dak Prescott, a famous American football quarterback with millions of followers on social media, announced his partnership with EthernityChain to release the first-ever interactive NFT.

Utah Jazz’s Virtual Locker Room NFT

Utah Jazz also announced something many fans would die for — access to the team’s locker room, along with the opportunity to interact with their legendary players. It’s the first time a sports team uses NFTs for such a purpose, and it wasn’t surprising that the NFT launch on rarible sold out in 90 minutes!

Sporting Firsts — Motorsports & Taiwan Basketball

Gig Labs announced they are working with Speedway Motorsports to launch The first-ever NFT marketplace for motorsports. Spanish La Liga became the first sports team to offer NFTs of all players for the 2021–2022 season. The feat was in conjunction with Sorare.

In other sporting firsts, Taiwan basketball fans will secure their first-ever Taiwanese NFT collection released on Opensea thanks to ACE exchange.

Dolce & Gabbana’s First NFT Collection

Dolce & Gabbana joined the luxury brands’ converts train when they announced their first-ever NFT collection personally designed by the co-founders — Domenico Dolce and Stefano Gabbana. Joining the luxury train is Karl Lagerfeld, who also released their first NFT collectible.

Star Trek Day NFT Collection

Legendary movie franchise Star Trek will be releasing their debut NFT collection on Star Trek Day! OD Hotels released their first NFT art collection — the first hotel group’s NFT Art Collection, they claim. The fantastic Dream Hotel also launched its first NFT gallery.

Pakistan also had its first-ever NFT collection launch for charity, which raised over PKR2mn ($10k+).

The First-Ever NFT-Centric Art & Music Festival

On the music scene, Metapurse Fund- the biggest NFT fund in the world announced the launch of the first-ever NFT-centric art and music festival, which will hold in New York. In addition, the famous American rap star, Doja cat, announced her first exclusive NFT collection — Planet Doja. Popular Indian rock band also announced they would be releasing their first invite-only NFT collection, which will include their next album.

Lastly, Bitkub is partnering with Miss Universe Thailand 2021 to run the first NFT-themed pageant.

Whoops! That was such a long run! It’s awe-inspiring to see this worldwide adoption. A few years from now, we will look back fondly at 2021 — Renaissance art.

Market RoundUp 🚀

Market-wide correction led to dwindling NFT sales last week. The Chinese state media, in their usual style, even released an NFT bubble warning. The waning momentum, however, didn’t stop the mindblowing valuations from happening.

An EtherRock was sold for 790 Ether ($2,607,584.60). Millions are being spent on Loot projects that technically don’t exist, and FTX’s CEO sold a “Test” NFT to commemorate their NFT Marketplace launch for $270k. Wow! It’s tough to describe what stage of the market cycle we are.

The Bored Ape Yacht Club returned to The top 5 clubs after MAYC displaced it a couple of weeks ago. As usual, the top 5 are the regular dominant collections — Axie Infinity, CryptoPunks, and the Loot project. There’s a new entrant called The Sevens (Official). The top 5 most expensive sales had just one change — Autoglyphs #380 sold for $1.48m. The rest came from the CryptoPunks, BAYC, and Fidenza NFT collections, as usual.

Although the OpenSea platform still topped the rankings, it experienced a bug that made tens of NFTs worth over $100k disappear forever. Popular Defi swap, PancakeSwap announced it would be launching its NFT Marketplace last week while top crypto exchange, OKEx, also launched its first NFT flash sale.

10 in 10 🏆

Here are our ten personal favorites from our past editions. Be sure to let us know which NFT Journal edition you’ve enjoyed most. We can’t wait to celebrate our next ten editions! The future is exciting!

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About NFTY Labs

NFTY Labs is a foundation focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.

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