Web3 Weekly Review: RTFKT's shutdown and Pudgy Penguins' official token $Pengu...
NFT Weekly News #75 2nd November - 8th December
NFT News Weekly Update #75
(02/12/2024-08/12/2024)
GM
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Top News 🔝
📌 NFT | Nike-Owned Virtual Sneaker Brand RTFKT Shutting Down Three Years After Acquisition (06 Dec)
RTFKT, a virtual sneaker brand acquired by Nike three years ago, is closing down. During its operation under Nike, the brand launched both digital and physical sneakers featuring the Nike swoosh.
📌 NFT | Pudgy Penguins to Launch Solana-Based Official Token Pengu This Month (06 Dec)
Pudgy Penguins, a prominent NFT collection, is set to launch its cryptocurrency, Pengu, by the end of this year. Approximately 25.9% of the token supply will be distributed to the Pudgy Penguins community.
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, Fidenza 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 👀
NFT | NFT Trading Volume Approaches Year-to-Date High (02 Dec)
On December 1st, NFT trading volume reached $42.1 million while the highest volume was recorded on March 4th, with $53.3 million. Blur led the activity with $25.1 million in trades, followed by OpenSea with $10.93 million.
Over the past week, prominent collections saw notable growth: BAYC increased by over 75%, MAYC rose by 94%, and Pudgy Penguins grew by 29%.
Art | Fidenza Drives Rally in Art NFTs (03 Dec)
The floor price of Fidenza remained around 30 ETH for several months before doubling to 60 ETH (approximately $216,000) within two days.
Meme | Hawk Tuah Meme Coin Plummets Shortly After Launch (04 Dec)
The meme coin Hawk Tuah initially surged to a market capitalization of $500 million following its launch but crashed to $60 million within 20 minutes. Allegations of centralization emerged as 96% of the tokens were reportedly held by top wallets.
AI | ai16z Releases Significant Update to Eliza Codebase (02 Dec)
ai16z released a major update to its Eliza codebase. The update includes enhanced capabilities for Twitter content generation, improvements to embeddings, and support for additional AI models.
US Politics | Trump Appoints David Sacks as ‘AI and Crypto Czar’ (06 Dec)
Donald Trump announced the appointment of venture capitalist and ex-PayPal COO David Sacks as the White House AI and Crypto Czar. Following the announcement, some cryptocurrencies associated with Sacks saw a 30% surge in value. Sacks will oversee the development of a legal framework for the crypto industry, according to Trump.
NFT Chain Volume 💎
Over the past week, NFT marketplace volume went up to $244.68 million. Ethereum claimed the top spot with a 79.3% market share while with $194M chain volume, surpassing both Solana and Bitcoin.
The top 3 NFT PFP projects by 7-day trading volume are Pudgy Penguins with 17.3K ETH, Lil Pudgys with 6.8K ETH, and Bored Ape Yacht Club (BAYC) with 3.6K ETH.
Credit to : @NFTpulse
Memecoin Market Cap and Volume 🔑
Last week, the daily market cap for memecoins fluctuated between $126.78billion and $118.56 billion, settling at $134.48 billion on 8th December.
Weekly trading volume came to $196.35 billion, marking a 35% increase from the previous week.
Credit to : @CoinMarketCap