7-Day Market Moves

📉 The week saw a downturn in NFT market activity with the primary Forkast 500 NFT index falling by 2.95%. The slide affected the Ethereum, Solana, and Polygon indexes, all registering losses, but the Cardano index bucked the trend and gained slightly.

📉The total NFT trading volume experienced a decrease of 16.28% over the past day, with the figure dropping to $16.84 million. This decrease was seen across several networks, including Ethereum, BNB Chain, Bitcoin, and Polygon, while Solana, Mythos Chain, Immutable X, and Cardano recorded growth. The Bored Ape Yacht Club on Ethereum recorded the highest 24-hour trading volume, with a modest rise of 2.92% to $931,750. However, the collection's 30-day volume declined by 82%, and the floor price fell by 15%.

Top Blockchain Games (7 Days)

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Top NFT Marketplaces By Sales Volume (7 Days)

Top  NFT Collections By Sales Volume

Animoca Take a $30 Million Chance on Hi

TL: DR

• Animoca Brands plans a $30 million investment in hi, a web3 super app startup.
• Hi offers crypto/fiat services to 3.5 million users.
• The partnership will create a unique-human authentication mechanism.

Animoca Brands has announced a strategic partnership with hi, a web3 super app startup. Animoca plans to invest $30 million in hi, with final terms still under discussion.

Licensed in Lithuania and Italy, hi currently provides exchange and digital banking services for both crypto and fiat currencies. With close to 3.5 million users, hi also plans to issue a debit card that can be customized with avatars in NFT form. Animoca sees potential benefits for its portfolio companies from this feature.  

In addition to the financial commitment, Animoca and hi will collaborate to provide developers with a unique human authentication mechanism using hi’s proof-of-human identity tools. The initiative follows closely on the heels of Worldcoin's proof-of-personhood project. Animoca Brands' co-founder and executive chairman, Yat Siu, emphasized the partnership's aim to drive a positive impact on the broader web3 ecosystem.

In other news,

• Delabs Games—the developer behind Rumble Racing Star has announced the completion of a $4.7 million seed investment round.
• Watch out, gamers, there’s a new malware targeting Apple macOS systems aimed at stealing crypto assets.

Binance Unveils AI-Powered NFT Generator Amid Controversy

TL: DR

• Binance launches AI-powered NFT generator, "Bixel".
• Users can create 10 free daily artworks post KYC; minting NFTs costs 0.008 BNB.

Binance has announced the launch of its AI-based NFT generator, "Bixel". This tool allows users to craft custom digital art, marking their entry into the NFT space. Users now have permanent access to Bixel, with the ability to produce up to 10 pieces of art daily for free, after completing identity verification as per the platform's KYC rules.

However, to mint NFTs, users must pay a fee of 0.008 BNB (around $1.9), which Binance asserts ensures an efficient NFT creation process on the BNB Smart Chain. The company launched a beta version of the AI NFT generator, dubbed "Bicasso," in March, which reached maximum capacity and minted 10,000 NFTs within two and a half hours.

Despite this success, Binance was accused of stealing the AI NFT generator idea from BNB Chain hackathon winners. A member, Ggoma, claimed Bicasso was a copy of "Chatcasso," his team's project which won the BNB Chain hackathon.  Binance countered, stating that Bicasso was independently developed two weeks before the hackathon.

Reddit's 'Retro Reimagined' NFT Drop Sparks a Buying Frenzy

TL: DR

• Reddit releases a new NFT collection, "Retro Reimagined," with many avatars already sold out.
• Purchase limits were introduced to prevent bulk buying for reselling.
• Reddit's NFT initiative on Polygon has minted 18.2 million NFTs to date.
• Total trade volume reached $33.6 million on secondary markets.

Reddit has expanded its NFT collection with the "Collectible Avatars Gen 4 drop," named "Retro Reimagined". The new collection includes artistic variations of Reddit's "Snoo" alien mascot and features works from various creators, including those inspired by the Cool Cats PFP project and Micah Johnson's Aku NFT character. These limited edition NFT avatars range in price from $2.49 to $199.99 and many have already sold out.

For this release, Reddit introduced purchase limits based on "account age and other metrics," during the first day to prevent new accounts from buying NFTs in bulk for reselling. A CAPTCHA verification system has also been implemented to prevent bot activities. The avatars released in this collection are all limited editions, with several hundreds or thousands of each tokenized avatar available.

Since launching Collectible Avatars last summer on Polygon, Reddit has given away millions of avatars, representing the majority of NFTs minted by Reddit. With nearly 18.2 million Polygon NFTs minted to date, held in about 14.25 million unique wallets, the total trade volume has reached $33.6 million on secondary markets. Reddit's initiative is seen as a model for how brands can engage users with NFTs and blockchain through accessible platforms and giveaways.

In other news,

• The British Museum enters into the metaverse with its partnership with SandBox.
• Azuki’s prices fall by 65% in a month after the Elementals drop.

Crypto Gaming Startup Ultra Launches Esports Platform

TL: DR

• Ultra is launching an esports platform, Ultra Arena, with blockchain-based rewards.
• Co-created with CLD Distribution, it will support popular PC games and direct prize transfer.
• Players can build a digital reputation on the platform, leading to potential benefits.
• The platform aims to be a talent pool for developers and esports teams.

Crypto gaming startup Ultra is launching an esports tournament platform, Ultra Arena, on its blockchain network. Starting August 8, users, brands, and organizations can set up tournaments, offering rewards in UOS tokens, NFTs, or physical products. The platform supports popular PC games such as League of Legends, Overwatch 2, Counter-Strike: Global Offensive, and PUBG. Winners will receive their prizes directly into their connected wallets, and these can be traded on Ultra's Uniq Marketplace.

Co-founded with Belgian video game distributor, CLD Distribution, Ultra Arena will manage the shipping of physical prizes and add more games to the platform. A unique feature of Ultra Arena is the building of a digital reputation for participants on the Ultra blockchain. Increased participation and victories can lead to benefits like early access to games.

According to Ultra co-CEO, Nicolas Gilot, the platform will serve as a pool for developers to find targeted game testers and for esports teams to scout talent. The platform will offer opportunities for competition in both established and new or unreleased games, promoting a diverse competitive environment.

In other news,

• EF Defense, a mobile tower defense strategy game on iOS and Android, will be expanded and relaunched on the Ethereum scaling network Immutable zkEVM.
• 'Legends at War' mobile game launching on Avalanche subnet.
• Star Atlas plans to unveil a browser and mobile game in the hopes of generating revenue and extending runway.