NFT Market Slumps While Relatively New Projects Remain in the Green

2023/07/28 14:00:14

Date: July28

In this NFT recap, we'll delve into all the essential developments in the NFT space over the past week, ensuring you stay informed and up-to-date on the latest happenings. NFT is all about attention, and attention shifts quickly! There are tons of updates and excitement to share with you all on this week’s NFT Market Recap. We hope you enjoy :) 👇

📈 Market Overview

🔑 Key Takeaways

  • The NFT market saw mixed results in the past week. The top gainers were all relatively new collections, while the bottom losers were all more established projects. The metaverse sector was the only sector to see positive growth, while the game, blue-chip, PFP, and art sectors all saw declines.
  • The top gainers in the NFT market in the past week were:
    • Fluf: Floor price of 1.15 ETH, up 22% in the past week.
    • Moonbirds: Floor price of 1.86 ETH, up 17% in the past week.
    • Fidenza: Floor price of 0.59 ETH, up 13% in the past week
  • The bottom losers in the NFT market in the past week were:
    • Mfers: Floor price of 0.50 ETH, down 10% in the past week.
    • Genuine Undead: Floor price of 0.12 ETH, down 14% in the past week.
    • 4 Digit ENS: Floor price of 0.37 ETH, down 16% in the past week.

🗞️ Major NFT Headlines

  • Haas F1 Team and RENGA Unveil Exciting Details of Upcoming Collaboration
  • ApeFest Hong Kong Ticket Claim Begins Wednesday, July 26
  • Bored Ape Yacht Club (BAYC) Launches Revolutionary On-Chain Licensing Platform 'Made By Apes' in Collaboration with SaaSy Labs
  • VeeFriends Joins Forces with Toy Giant Jazwares for Exclusive Squishmallows Release Featuring Beloved Characters
  • 0n1 Force Welcomes NFL Star JuJu Smith-Schuster as Newest Ambassador

🚨 Physical Collectibles Are Coming to the Blockchain

The concept of Real World Assets (RWA) has recently caught the attention of the NFT community. It all started a few months ago when the NFT lending protocol made headlines by accepting luxury goods such as Rolex watches as collateral for loans. This was the first time many in the crypto world had seen the tokenization of luxury goods within an NFT native process.

However, this might be just the tip of the iceberg when it comes to the potential of RWA within the NFT realm.

Enter Americana and Concierge Vaulting

Americana, a tokenized collectibles platform backed by Alexis Ohanian and OpenSea, has pioneered a unique service called "concierge vaulting". The service combines the physical management of luxury collectibles with blockchain technology. The result is a seamless process for the storage, management, and tokenization of RWAs, ranging from vintage cars to fine art.

The process starts with an initial consultation with the interested collectible owner. The items then go through a thorough authentication and intake process before being stored in a climate-controlled facility. Every tokenized collectible is then provided with a unique digital certificate of authenticity, and the owners have the flexibility to showcase their tokenized RWAs on Americana's platform, and trade them as they wish.

Americana has also recently announced partnerships with several renowned contemporary artists, such as Danny Cole, Dustin Yellin, and Tom Sachs, thereby enabling a direct sale function for the artists' fanbase facilitated by its platform.

The Bigger Picture

The growth of infrastructure to bring RWAs to the blockchain and incorporate them into the NFT space marks a significant moment for the sector. NFTs provide several advantages over physical collectibles. Owners don't need to worry about safe storage or potential decay of their assets, they can avoid traveling to trade shows and instead list their items on 24/7 global marketplaces, and most importantly, authenticity is easier to prove with blockchain technology.

Tokenization now gives RWAs the same advantages, opening up a whole new avenue for the sector. It provides a way for owners to digitize their assets and manage them on the blockchain while still preserving their real-world uniqueness and value.

The tokenization of RWAs is increasingly seen as the next big trend to impact the NFT market. By integrating physical assets into the digital world, it broadens the scope of what's possible within the NFT space. As we witness the convergence of real-world collectibles and the digital blockchain, we are indeed on the cusp of a new era of fractionalization.

Indeed, we'll have to watch closely as this new development unfolds, and how it will impact the landscape of digitally-native collectibles. The introduction of RWAs to the NFT market is indeed a 'game changer', unlocking huge potential for innovation and diversification within the sector.