Market Update: November 15, 2022

  /  3 minutes read

The CryptoPunks and Meebits NFT project IP was acquired by Yuga Labs from Larva Labs in March. The owner of WENEW, which artist Mike “Beeple” Winkelmann co-founded, has acquired it. Additionally, the startup is well-known for 10KTF, a fictitious tailor that produces digital clothing for numerous high-value profile picture (PFP) projects, such as Bored Apes. Wagmi-san has previously been referred to in some way in Yuga Labs’ future Otherside metaverse game, which is focused on the Bored Apes. An NFT is a token that denotes ownership of a one-of-a-kind object, frequently for digital products like avatars, works of art, and collectibles.

Kunji - crypto market update

A harder beating than usual, reportedly made worse by connections to FTX, has been dealt to Solana (SOL). The Solana Foundation owns 3.24 million shares of FTX Trading LTD common stock. Furthermore, it currently has 134.54 million SRM tokens from Project Serum and 3.43 million FTT tokens. Currently trading for just under $14, Solana (SOL) has fallen 57% in the last week. SOL’s price dropped to $12.28 last night, the lowest level since February 2021, according to trading data. Exposure to FTX’s collapse has an effect on Sollet assets, that is, wrapped Solana versions of major cryptocurrencies like Bitcoin and Ethereum valued at about $40 million. 

Nike to launch a new web3 platform with Polygon.

Nike launched a new platform, the Swoosh, with the aim of stepping up its efforts. Through RTFKT, the NFT, and the digital apparel startup it purchased in late 2021, Nike has been one of the most significant players in the fashion sector in Web3. The platform is designed to shed light on the brand’s NFTs and new virtual apparel initiatives that can be used within the Web3 games. It will also provide users with real-world benefits such as exclusive physical apparel and chats with professional athletes. While the previous Nike and RTFKT drops have all been launched via the Ethereum mainnet, the NFT apparel will mint on Polygon, an Ethereum sidechain network. Nike will sell digital sneakers for less than $50, suggests Fast Company’s article. An NFT is a blockchain token that can represent ownership of a unique digital item, such as a profile picture (PFP) or avatar, collectibles, or digital clothing. RTFKT is known for the CloneX pep project, which was a collaboration with noted artist Takashi Murakami and launched in November 2021. Nike has made $93 million in core NFT sales and another $92 million in NFT trading royalties, according to public blockchain statistics compiled by Dune. CloneX and other RTFKT releases with non-Nike brands accounted for the majority of that money.

That’s it for today, see you tomorrow


Leave a Reply

Your email address will not be published. Required fields are marked *