Web3 Weekly Review: Elon Musk's potential role under Trump, Sotheby themed Banana Meme $BAN...
NFT Weekly News #70 21th October - 27th October
NFT News Weekly Update #70
(21/10/2024-27/10/2024)
GM
Welcome to NFT Weekly News by Threekeyslab🗝️🗝️🗝️. Subscribe and follow to stay up-to-date with key market digests.
Top News 🔝
📌 US Politics | Elon Musk says he’ll fix the government under Trump’s future administration (Oct 22)
Musk and Trump have publicly discussed a government role for Musk if Trump wins the presidency. Musk has jokingly referred to his potential job as leading a Department of Government Efficiency, or DOGE, the name of Musk’s favorite meme and cryptocurrency.
Trump on Fox News last week said Musk may serve as the “Secretary of Cost-Cutting,” a government agency that doesn’t currently exist.
📌 Meme | Sotheby’s Vice President “Marketing” Meme: A Banana Picture Brought a Million-Dollar Market Cap (Oct 28)
On the 25th Oct Friday, a Meme $Ban had a market value of nearly 20 million US dollars within 24 hours of its launch.
One of the front row holders was Michael Bouhanna (@michaelbouhanna), vice president of Sotheby's, who held 3.78% of the total.
Later, Michael Bouhanna deleted the tweet that announced his wallet address at the most lively stage of the hype. $Ban immediately began to fall in a stampede, with its market value falling from $7M to around $400,000 that day.
Market Update 📣
Last week, the primary NFT PFP projects that saw significant sales included BAYC, Crypto Punks, and Azuki. These collections are famous for their charming characters and distinctive designs, which make them very popular in NFT market.
Winds of Yawanawa, Gazer and Chromie Squiggles stood out as the main NFT Art projects sold last week. Winds of Yawanawa has experienced in the past week an increase in trading volume, reclaiming public attention through its distinct aesthetic senses and creative ingenuity.
Credit to: @Deepnftvalue
Other News 👀
Meme | Pump.fun Introduces Video Tokenization Feature (Oct 23)
Pump.fun introduces video tokenization, enabling users to create tokens linked to videos with viral potential.
Concerns include unclear distinctions between meme coins and NFTs, plus lack of video copyright guidelines.
Platform's financial success includes $70 million in Solana sales, with plans for a new token and anticipated airdrop.
Art | 6 Botto pieces sell for $351k (Oct 25)
Botto's solo auction with @Sothebysverse – a first of its kind for an autonomous AI artist at the auction house – has concluded $351,600 total sale value, 40+ bids total and 5 Botto collectors.
Prediction Market | Robinhood rolls out contracts to bet on US presidential election (Oct 28)
Robinhood (HOOD.O) said on Monday it will allow trading in U.S. presidential election event contracts, as it seeks to capitalize on growing retail demand for betting products. This will offer users a chance to profit from speculation on the close contest between Vice President Kamala Harris and former President Donald Trump, with polls showing a narrow lead for Harris, but within the margin of error.
NFT Chain Volume 💎
Over the past week, NFT marketplace volume went down to $68.49 million. Ethereum claimed the top spot with a 42.4% market share while with $29.06M chain volume, surpassing both Polygon and Base.
Credit to : @NFTpulse
Memecoin Market Cap and Volume 🔑
Last week, the daily market cap for memecoin category fluctuated between $53.42 billion and $58.55 billion, settling at $57 billion on October 28th.
Weekly trading volume reached $45.15 billion, marking an 11.6% decrease from the previous week.
The top 3 weekly gainers on CoinmarketCap are $Moodeng, $MSTR, and $GOAT.
Credit to : @CoinMarketCap