- Crypto Pragmatist by M6 Labs
- Posts
- M6 Labs NFT Weekly
The crypto market has entered a new era following the approval of multiple spot Bitcoin ETFs. This development is set to expose large-cap coins, starting with BTC, to an entirely new market segment that might have previously been apprehensive about investing in crypto.
As for NFTs, they are likely to find themselves in an advantageous position. It's anticipated that NFTs will develop new use cases that were previously unimagined. We are living in an exciting time where the future of finance and crypto is just beginning to unfold, and it's probable that NFTs will play a significant role in this new paradigm. The focus over the last few weeks has primarily been on the ETF, but that doesn't mean NFT projects and games haven't seen movement. Let's dive in and see how things are looking!
Project Updates
Futureverse, a metaverse and AI company, has partnered with the creators of "Ready Player One" to develop The Readyverse, an interoperable metaverse inspired by the novel and film. The project, set to launch in 2024, has secured rights from Warner Bros.
Gateway Miami exhibition, in partnership with Christie's, has significantly impacted the world of digital art. The event showcased diverse artworks in Christie's "Next Wave: The Miami Edit" auction, realizing over 104 ETH ($231,357) in sales.
The digital art market, particularly on the Ethereum blockchain, showed signs of recovery in 2023, closing the year with a market value of $5B, according to a report by Grail Capital. This figure marks a significant rebound from its low point in August 2023, despite still being lower than its peak in spring 2022. The influx of institutional capital, with investments from private banks, venture capitalists, and family offices, has been a key driver of this growth.
Mickey Mouse Tokens gained popularity as “Steamboat Willie” becomes part of the public domain.
X to phase out support for NFTs.
Logan Paul announces he will buy back NFTs from CryptoZoo.
Xai, a layer-3 gaming network on Arbitrum, launched its initial airdrop, distributing around $70M worth of XAI tokens to eligible users who own certain Xai NFTs and operate Sentry Nodes.
An artificial tweet that caused a drop in Bitcoin's value has been forever memorialized in the form of digital art by Degens, commemorating the SEC chair's reaction to the incident.
Reply