NFT collections to see massive price premium in 2023: Nifty Newsletter, 24-30 May
In this week’s newsletter, read about some of the most popular collections of non-fungible tokens (NFTs) and the best metaverse properties that took massive price hits in 2023. Check out how the Hong Kong Police Force launched its own metaverse platform, and how Reddit’s digital collectibles have managed to onboard nearly 10 million users in the crypto and NFT space. In other news, notorious crypto hater Peter Schiff has launched his own NFT collection on Bitcoin Ordinals.
Popular NFT collections will receive a massive price premium in 2023
The value of popular 2022 NFTs has plummeted over the past year. NFTs such as Doodles, Invisible Friends, Moonbirds and Goblintown have seen their Ether (ETH) value drop by as much as 95%, while even blue-chip NFT collections have experienced an average decline of over 40%.
Despite these losses, NFT investors remain undeterred. The number of blue-chip NFT holders has increased by over 90% in the past year, although there has been a 30% decrease in buyers along with a 32% increase in sellers.
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Reddit collectible avatars aboard nearly 10 million in the crypto, NFT space
After initially increasing and reaching around 3 million holders in November 2022, the number of Reddit avatar holders experienced significant growth in 2023.
Since the beginning of the year, the number of Reddit avatars has increased by 80%, resulting in a market cap of $38.4 million and a collection of 13.7 million NFT avatars. Notably, there have been 303,033 sales, generating a cumulative sales volume of $32.6 million.
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Hong Kong Police Force Launches New Metaverse Platform, ‘CyberDefender’
The Hong Kong Police Force’s cyber security unit has launched CyberDefender, a metaverse platform to educate the public about the risks associated with Web3 and the metaverse.
The platform was introduced to prepare citizens for the challenges of the digital age, especially to prevent technology-related crime. An event called “Exploring the Metaverse” was held on the platform, emphasizing the need for caution in the metaverse and addressing crime prevention strategies.
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Crypto hater Peter Schiff drops Bitcoin Ordinal’s NFT art collection
Prominent economist and crypto-skeptic Peter Schiff, known for his criticism of Bitcoin (BTC) and cryptocurrencies, has surprisingly unveiled a collaborative NFT art collection on the Bitcoin network.
The “Golden Triumph” collection includes physical paintings, prints and digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain. The announcement has received mixed reactions from the crypto community, with some finding it confusing or amusing, while others see it as hypocritical given Schiff’s previous negative stance on crypto.
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Top Metaverse Real Estate Investments Suffer Big Losses: Report
While tech giants and major economies continue to explore the potential of the metaverse through investments and initiatives, the market for virtual lands has faced significant weakening.
Virtual land prices in top metaverses have experienced a significant decline, with most properties losing around 90% of their value since their peak in 2022. Metaverse properties such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels have all weakened, according to a study by CoinGecko.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
