Web3 Weekly Review: eBay Trims NFT Unit Amid Growth, Autoglyphs Record Sale, and Reddit's Crypto IPO Strategy...
NFT Weekly News #39 19th Feb- 25th Feb
NFT News Weekly Update #39
(19/02/2024-25/02/2024)
GM
Welcome to NFT Weekly News by Threekeyslab🗝️🗝️🗝️. Here you can find the latest curated news📰in the NFT world. Every week, we aim to provide a selection of the most interesting news and events that are fostering the development of the NFT world.
The NFT field is constantly evolving, and this article will review last week's Top🔝NFT news. Let's take a look👀together!
(Please don't forget to subscribe below and follow Threekeyslab on Twitter for more! )
Top News 🔝
📌NFT |eBay Reduces Staff at NFT Platform Despite Market Growth (Feb 20)
eBay has cut 30% of its workforce at KnownOrigin, an NFT exchange it acquired in 2022, including key personnel, amidst a surprising backdrop of market optimism and the platform's success in selling over 75,000 NFTs. These layoffs raise questions about eBay's dedication to the digital collectibles market, despite its previous expansions and partnerships in the NFT and digital collectible sectors.
📌NFT|Autoglyphs NFTs Fetch Record $14.6M in Historic Sale (Feb 20)
A set of 10 Autoglyphs NFTs was sold for $14.6 million, the biggest NFT sale since 2022, through Fountain.xyz to a private collector. Created by Larva Labs, these on-chain, algorithm-generated artworks have solidified their status in the digital art market, highlighting the increasing interest in generative art and blockchain's impact on art collection and valuation.
Fountain.xyz, a gem within Three Keys' portfolio, receives our hearty congratulations on this landmark achievement.
📌Web3|Reddit Dives into Crypto with Bitcoin and Ether Investments for IPO (Feb 23)
Reddit announces investments in Bitcoin and Ether, signaling a major shift towards cryptocurrency and blockchain technology in its IPO filing. This strategic move underlines the platform's innovative approach to financial growth and digital commerce. Despite regulatory hurdles, Reddit's push into crypto, including a successful NFT venture, showcases its commitment to community engagement and market leadership as it prepares to list on the NYSE under "RDDT."
Market Update 📣
Last week, the primary NFT PFP projects that saw significant sales included Bayc , Nakamigo, and Crypto Punks. These projects are renowned for their adorable characters and unique designs, making them highly sought after in the digital art market.
Chromie Squiggle, Wind Of Yawanawa, and Archetype stood out as the main NFT Art projects sold last week. These artworks are celebrated for their distinctive visual styles and the creativity of the artists involved, showcasing the diversity and innovation present in the digital art realm.
To find out more about the notable NFT sales for the week, please click on the link below.
Other News 👀
NFT|Yuga Labs Welcomes Back CEO Greg Solano with New Goal (Feb 22)
Greg Solano returns as CEO of Yuga Labs, setting sights on Bored Ape Yacht Club (BAYC) empowerment and Otherside Metaverse expansion. Plans include a BAYC subsidiary "BAYC LLC" for greater creativity, enhancing the Otherside as a Web3 hub, and diversifying gaming offerings to attract a wider audience, with Moonbirds joining soon.
NFT|Pudgy Penguins Toy Line Expansion at Walmart (Feb 21)
Pudgy Penguins is expanding its toy line, "Pudgy Toys", to 1,100 additional Walmart stores in the US, adding thirty new collectibles and engaging the community with unique online game traits linked to purchases. The expansion, celebrated with an unboxing video campaign, builds on the brand's success and its NFT collection's notable market performance.
NFT|Pizza Ninja #1's Historic Auction at Sotheby's (Feb 23)
Pizza Ninja #1’s inclusion in a special Bitcoin Ordinals auction at Sotheby’s marks a historic moment, bridging traditional and Web3 art worlds. “The Angel,” a piece with deep cultural and historical significance, not only elevates the reputation of the Pizza Ninjas project but also underscores the rarity and innovation within the digital art space. As a no-reserve auction, this event opens up an unprecedented opportunity for collectors and enthusiasts, solidifying the piece’s status as a coveted digital artifact.
Weekly NFT Marketplace Volume 📣
Over the past 7 days, the NFT marketplace saw a total trading volume of $488.13M, dominated by Blur with a 39.52% market share ($192.89M), followed by Magic Eden at 20.57% ($100.43M). Other notable marketplaces include OKX with 13.21% ($64.5M), OpenSea at 9.22% ($45M), and Tensor at 8.88% ($43.37M).