In this week’s newsletter, read about how nonfungible token (NFT) trading volume neared $1 billion in November, and check out new NFT releases from former United States President Donald Trump, FIFA and heavy metal band Megadeth. In other news, find out why NFT platform Enjin transferred 200 million NFTs from Ethereum to its own blockchain. And don’t forget this week’s Nifty News featuring Funko and Disney’s NFTs.
NFT trading volume nears $1 billion as markets turn bullish: Report
NFTs might be making a comeback as their trading volume almost reached $1 billion in November. According to data tracking site DappRadar, NFT trading volume shifted last month, surging by 125%. This shows that there’s been a shift in user behavior around NFTs.
In addition, last month also showed a 114% increase in the average value of NFT transactions. The metric showed the average value of NFT transactions went up from $126 to $270.
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Former U.S. President Donald Trump launches “MugShot”-themed NFT drop
Former U.S. President Donald Trump is launching another NFT drop called MugShot. The collection will have a theme focusing on the former president’s ongoing criminal indictments.
Users who want to acquire the NFTs can use their credit cards or Wrapped Ether (wETH). However, even if collectors purchase using crypto, they are required to provide their Know Your Customer information.
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Thrash-metal band Megadeth launches NFT collection and metaverse community
American thrash-metal band Megadeth recently announced that it is releasing an NFT collection that would give fans exclusive access to various experiences with the legendary band, both physical and in the metaverse.
The band announced the drop on X (formerly Twitter) and said it would feature its digital mascot, Vic Rattlehead. Megadeth also revealed that the collection will have 5,000 pieces.
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FIFA launches NFT collection amid 2023 Club World Cup
The governing body of international football tournaments, Fédération Internationale de Football Association (FIFA), will launch an NFT collection ahead of the 2023 Club World Cup in the Kingdom of Saudi Arabia.
According to FIFA, the collection will feature 100 NFTs, allowing holders to secure their FIFA World Cup 2026 final tickets. In December, 900 other digital collectibles will be issued on the Polygon blockchain and OpenSea.
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Enjin migrates over 200 million NFTs from Ethereum to its blockchain
Enjin has migrated 200 million NFTs from Ethereum to its mainnet, the Enjin Blockchain. The platform sent over 118 million NFTs in Ethereum and 101 NFTs hosted in an Ethereum sidechain to the Enjin Blockchain.
Avoiding large amounts of gas fees on Ethereum, the platform took a snapshot and allowed its users to claim their NFTs within their wallets instead of requiring them to burn the ETH-based NFTs.
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Nifty News: Funko’s Disney NFTs, Sotheby’s auction Bitcoin Ordinals project, and more
Toy manufacturer Funko collaborated with Disney to release NFTs that turn its popular Funko Pop! figurines into digital tokens within the WAX blockchain. Meanwhile, Solana and Bitcoin have been making strides in terms of sales volume, bringing competition to the industry dominated solely by the Ethereum network.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
