7-Day Market Moves

Last 7 days the NFT market saw a 6.76% increase in total sales volume with the total number of NFT transactions tanking by 3.6%. Ethereum's NFT sales, however, soared 8.57% to a cool $16.6 million in the last 24 hours.

The Bored Ape Yacht Club, Ethereum's biggest collection, saw sales climb 2.72% to $1.9 million. Other hot collections include Milady Maker (up 86.64% to $994,991) and DeGods (strengthening 45.25% to $703,000).

On the Bitcoin front, NFT sales lost steam, dropping 37.11% to $1.8 million. Bitcoin Fros felt the chill, with 24-hour sales plunging 40.32% to $188,735, according to CryptoSlam.

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Bitcoin Ordinals Inscriptions Just Hit a New Milestone

TL: DR

• Bitcoin-based NFTs and meme tokens are booming, with Ordinals inscriptions tripling since May 1st and reaching 9 million on Thursday.

Bitcoin-based NFTs and meme tokens are taking off! Ordinals inscriptions have tripled since May 1st, hitting 9 million on Thursday, according to public blockchain data from Dune.

Ordinals is a protocol that lets you "inscribe" all sorts of things on the Bitcoin blockchain, like artwork, profile pics, apps, and even playable games. While some naysayers call it a misuse of the Bitcoin blockchain, others see it as the perfect catalyst for adoption.

MicroStrategy, the company with the biggest Bitcoin stash on its balance sheet, is even exploring how to use Ordinals for launching blockchain apps.  NFT marketplaces are taking notice, too. Magic Eden added support for Ordinals in April, and Binance hopped on the bandwagon in May. The cherry on top? Ordinals has been ported to Litecoin and Dogecoin, causing transaction surges across those chains as well.

Despite the Delays, Nike's NFT Sneakers Are Here

TL: DR

• Nike's .SWOOSH Web3 platform launches its first NFT sneaker collection, selling over 66,000 NFTs for $1.3 million.
• Despite initial delays and technical issues, the sale's popularity leads to an extension until June 1st.
• This venture is part of Nike's broader Web3 strategy

Nike's .SWOOSH Web3 platform has launched its debut NFT sneaker collection, with over 66,000 NFTs snapped up at $19.82 each, amassing a cool $1.3 million in sales. The sale, initially plagued by delays and technical hiccups, has been extended to June 1st to accommodate the overwhelming demand.

This latest venture is part of Nike's broader Web3 strategy, which includes the acquisition of digital fashion startup RTFKT Studios and collaborations with brands like Rimowa and artist Takashi Murakami for limited-edition releases. .SWOOSH has big plans for the future, with a .SWOOSH marketplace in the works and ambitions to delve into virtual and real-life experiences, gaming, mint passes, and 3D files.

In other news,

• Ubisoft's Rabbids invade Reddit as free NFTs. Read more.
• Polygon Co-founder hails Reddit as the only tech firm to successfully "crack the NFT code". Read more.

Magic Eden Will Pay You to Buy and Sell Solana NFTs

TL: DR

• Magic Eden is implementing "Chapter II" changes to address platform criticisms.
• The changes include aggregating listings from competing marketplaces, opening its smart contract, and removing the "co-sign" feature.

Magic Eden, the leading Solana NFT marketplace, is making some big changes known as the "Chapter II" initiative.

These changes are aimed at addressing long-standing criticisms of the platform, including its use of closed-source code and limited composability opportunities across platforms. The startup is now aggregating listings from competing marketplaces, giving traders a single destination to manage listings across platforms and see prices and listings across the entire Solana NFT market. It will also open-source its marketplace smart contract in the coming days, and remove a "co-sign" feature that prevented its own marketplace listings from being easily aggregated by other NFT marketplaces.

As part of the relaunch, Magic Eden will temporarily change its "maker fee" to -0.25% for certain types of transactions, effectively paying users to buy and sell NFTs. This move is expected to attract more traders to the platform and increase liquidity.

Magic Eden's primary focus will now return to Solana after expanding to other chains. The company's decision to focus on Solana is driven by the rising competition from Tensor, a surging rival that has taken a leading share of Solana NFT market share at certain points over the last few weeks. However, market data from Tiexo shows that Magic Eden still leads the Solana NFT market with nearly 44% of trading volume over the last week, compared to about 40% for Tensor.

In other news,

• Binance launches a new NFT lending platform. Read more.
• Blend dominates NFT lending market with 82% market share. Read more.

Gods Unchained is Coming to Apple and Android Mobile Devices

TL: DR

• Gods Unchained is set to join the ranks of Axie Infinity and NFL Rivals with the upcoming launch of its mobile game on Android and Apple devices before the year's end.

Blockchain-based trading card game, Gods Unchained, is gearing up for a mobile release on Apple and Android devices later this year. The game's creators aim to make buying and selling in-app digital assets a mainstream consumer habit, a feat yet to be achieved in the blockchain gaming industry.

Executive Producer Daniel Paez believes that the competitive mobile gaming market offers a vast pool of potential players. As developers strive to reach billions of mobile gamers worldwide, the main challenge lies in reducing friction, such as the need for digital wallets or accessing a game's marketplace.

Game Director Chris Clay envisions a new era in crypto gaming where players effortlessly trade NFTs and engage with blockchain-based titles. Clay hopes that 2023 will see the elimination of obstacles preventing blockchain gaming from going mainstream, allowing gamers to focus on gameplay without friction.

Despite the larger number of Android users, Apple's affluent customer base remains a lucrative segment for developers. Recent news indicates that Apple is easing restrictions, with web3 apps like Axie Infinity and Stepn gaining approval for the App Store.

Clay is optimistic that Gods Unchained will successfully overcome friction and make in-app digital asset trading a mainstream habit. The mobile release could be the key to unlocking the potential of blockchain gaming, propelling it into the mainstream industry.

In other news,

• Azra Game’s CEO shares insights on their unique approach to Web 3 gaming. Read more.
• Opinion: Why Gaming is the future of the new player economy. Read more.

Streetwear Brand, The Hundreds, Launches New Store in the Metaverse

TL: DR

• The Hundreds celebrates its 20th anniversary with a 3D store launch in the Metaverse.
• The virtual storefront replicates The Hundreds' physical store in LA, offering an immersive and social shopping experience.

Popular streetwear brand, The Hundreds, marks its 20th anniversary by launching an immersive 3D store on Some.place, an emerging metaverse platform. The virtual storefront, a replica of The Hundreds' real-life store in LA's Fairfax neighbourhood, offers fans an interactive and social shopping experience, thanks to Unreal Engine 5's realistic rendering capabilities.

The Hundreds plans to utilize its Some.place location for exclusive apparel drops, with select items reserved for Adam Bomb Squad NFT holders. Users can also earn rewards through both digital and real-world interactions, bridging the gap between the brand's online and offline presence.

In other news,

• Tokenized Real Estate company joins the Fortnite metaverse. Read more.