Hubbub around NFT: Week in review 8-14 March

15.03.2022

Published by Appelink

Hubbub around NFT: Although Google trends show that the number of searches for the keyword NFT has decreased since March, we still see that investments are increasing in various industries. It seems that the unclear future of NFTs has caused this decline and it is said that NFTs cannot be trusted for individuals to invest on. But if we dive into the world of business, things start to look a little different. Join us to see what’s new in the market!

Back to market

#1. Welcome back to LimeWire

LimeWire was a discontinued free software client for peer-to-peer (P2P) file sharing for Windows, OS X, Linux and Solaris. The last version appeared almost 11 years ago. As a result of the copyright injunction, LimeWire stopped distributing LimeWire software.

According to Cnet, LimeWire will be revived as an NFT marketplace focused on music, art and other entertainment-related content.

So let us wish them good luck!

Gaming

#2. Game Axie Infinity accounted for two-thirds of NFT transacted across the blockchain in 2021

According to a recent report by Cointelegraph, players of the monster fighting game Axie Infinity turned over nearly $3.5 billion worth of NFTs in 2021. That’s nearly two-thirds of all NFTs transacted across the blockchain gaming industry in 2021. In second and third place are sports highlights marketplace NBA Top Shot, with $827 million, and community gaming platform Loot, with $242 million.

Axie Infinity is a blockchain-based game in which players earn NFTs from cute monsters and then pit them against each other in battles.

Market

#3. Ethereum gas fees drop to lowest levels since August 2021

We always hear users complain about high gas fees and rates in the Ethereum network, stats also shows that the average gas price on Ethereum has been dropping rapidly since the start of 2022, but we still do not consider it to be cheap. Decreasing from 218 Gwei on Jan.10 to 40.82 Gwei, as of March 10.

Industry 

#4. The development of NFT Fashion Platform Space Runners 

Metaverse fashion brand Space Runners has announced that it has raised $10 million in a recent round of funding. The funds serve to expand the business with fashion items for the start of the official Metaverse game.

The funding round was led by Polychain, Pantera Capital, Accel, Jump Capital and other participants.

Essentially, the funding will help further develop Space Runners’ core goal of creating a revolutionary space in the metaverse where branded fashion items can be showcased, celebrated, and most importantly, gamified.

Beverage 

#5. Red Bull is entering the metaverse

The latest company to announce plans to enter the metaverse is Austrian energy drink giant Red Bull, which has indicated that it plans to expand into the metaverse and offer branded NFTs. Licensed Metaverse trademark attorney Michael Kondoudis posted on Twitter that the company plans to offer multimedia with NFTs, virtual and cryptocurrencies, apparel, beverages and sports equipment, and financial exchange services, among a range of other products in the virtual environment.

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