Bright spots in the NFT market
There’s never a dull moment on the blockchain. Here’s what you need to know this week:
How the NFT market is navigating broader declines. From Meta’s latest non-fungible feature to the momentum of Solana NFTs.
Noteworthy numbers. The price Elon Musk is now offering to purchase Twitter, and other key stats to know this week.
Around Coinbase. A new Coinbase documentary and more of the latest updates from us.
I WANT MY NFT
Corners of the NFT market are quietly defying the crypto market slump
Around this time last year, NFTs were rocketing toward peak pop-culture , having notched a record $10.7 billion in sales in Q3 of 2021. This year, of course, has been a different story. Pressured by the same macroeconomic factors — inflation, the Fed’s rate hikes, the war in Ukraine — that have pummeled stocks and crypto, the NFT market has seen big declines too. Since January, NFT trading volume has dropped about 82% from $5.4 billion to $947 million in September. But it’s not all bad news! Let’s take a closer look at the latest developments.
Meta announced NFT functionality for Facebook and Instagram users in more than 100 countries, including the U.S.
After enabling select artists and collectors to post their NFTs in May, Meta now allows users to connect supported digital wallets (including ) to their social media accounts, so they can share and crosspost NFTs on Facebook and IG feeds without any fees.
Disney, Starbucks, and Ticketmaster have also recently signaled investments in NFT tech.
On Friday, Disney posted a for a lawyer focusing on “NFTs, blockchain, metaverse, and decentralized finance” — the media giant’s latest web3 development since a July announcement that its would focus on “the future of immersive experiences,” and select as a participant.
Over the summer, Starbucks announced a customer-loyalty NFT platform, and Ticketmaster partnered with Dapper Labs to experiment with NFT tickets, offering some fans collectible digital memorabilia that serve as “.”
SOL-based NFT sales jumped to $135 million last month, boosted by projects like and . Per DappRadar, Magic Eden, the top Solana marketplace, saw $127 million of volume in September, compared to top NFT platform OpenSea’s $350 million — a potential sign that the NFT market is diversifying.
In July, Magic Eden launched a , betting that NFTs will eventually become crucial infrastructure for video games, despite from some gamers. (Post-, the energy usage for the mainly ETH-based market has been drastically reduced, addressing a common concern.)
Some NFT art collections are still garnering serious buzz and hefty bids, though the frenetic speculation has calmed significantly in 2022.
Why it matters… Although the NFT market has declined alongside, well, virtually every other market in 2022; investors, creators, and brands are still eyeing the potential of the technology now that the mania has subsided. From digital sports to that automatically pay artists royalties when their work is resold, the promise of NFT tech reaches across industries — even if some use cases are still a ways off. Describing the promise of NFTs in gaming, Magic Eden CEO Jack Lu his platform is “waiting for the most promising game studios to have time to build … and then work out what is the secret sauce of how to use NFTs.”
NUMBERS TO KNOW
Amount that Kim Kardashian agreed to in penalties to the U.S. Securities and Exchange Commision to settle allegations that she violated disclosure rules in her promotion of the EthereumMax cryptocurrency (which has no connection to Ethereum) on social media. Kardashian, who neither confirmed nor denied the accusations in her settlement, was said to have touted the coin without disclosing that she had been paid to do so.
Price per share that Elon Musk is offering this week to purchase Twitter. If that amount sounds familiar, that’s because it’s the original offer price that Musk agreed to acquire the company for back in April. Since then, the Tesla CEO has engaged in a highly public effort to exit the deal — including accusations that he was misled about how many of Twitter’s users are actually bots — that was due to go to trial later this month.
Amount that Dogecoin jumped on Tuesday following the that Elon Musk had made a new offer to buy Twitter. What’s the connection between these two events? Basically just that Musk has for years hyped the memecoin on Twitter — maybe ironically, maybe not — with his tweets tending to send the price of DOGE to the moon. But as Decrypt notes, a Musk acquisition of Twitter could have real upside for Dogecoin, given that the Tesla CEO has previously suggested DOGE could be added as a payment method on the social media platform.
Percentage of total crypto transactions in Sub-Saharan Africa that are on peer-to-peer (P2P) exchanges, the highest share of any region in the world. A recent from Chainalysis on how crypto is serving residents’ everyday needs in Africa highlighted the “deep penetration and integration of cryptocurrency into everyday financial activity for many users” across the region.
Coinbase documentary debuts, Cybersecurity awareness month, and the latest from Around the Block
Nearly three years ago, Coinbase began working with Emmy®-winning documentary filmmaker Greg Kohs on a movie about the company's story. The resulting film, COIN, will be released on October 7 and chronicles, as CEO Brian Armstrong , "the crazy ups and downs of building a tech startup all the way to us becoming a public company," while also helping to demystify crypto technology. You can watch the trailer , as well as pre-purchase through platforms including and .
As mentioned in Bytes a few weeks ago, Coinbase is supporting a challenge by six individuals (including two Coinbase employees) against the Treasury Department’s sanctions of open source software associated with Tornado Cash. On the latest of our Around the Block podcast, we speak with four of them about why they got involved in this legal challenge, and what they hope to accomplish.
As part of Cybersecurity Awareness Month, Coinbase’s Chief Information Security Officer, Jeff Lunglhofer, has published a about our commitment to user safety. The piece includes information on Coinbase’s approach to continuous security innovation and providing a safe and secure platform for our users to participate in the crypto economy, as well as resources to learn more about how to stay safe.
What is Uniswap?
A centralized exchange
A decentralized exchange
A decentralized autonomous organization
Ethereum’s next upgrade
Find the answer below.
A decentralized exchange