In this week’s newsletter, read how the metaverse is a catalyst for the adoption of non-fungible tokens (NFTs). Check out how GameStop’s NFT market revenue dropped and how MTV added a metaverse award at the VMAs. In other news, find out how Telegram’s founder has been floating the idea of integrating NFT-like smart contracts for Telegram usernames. And don’t forget about this week’s Nifty News roundup, featuring Decentraland’s Metaverse Art Week.
The metaverse is a key factor in the long-term success of NFTs, according to a new study
A report published by the consulting firm Juniper Research highlights that in the next five years the NFT market may go from 24 million to about 40 million. According to the report, developments in the metaverse will be one of the main catalysts for further adoption of NFTs.
The study also indicates thatMetaverse-related NFTs will be the fastest growing niche in the next five years, with transactions projected to increase from 600,000 to 9.8 million. Despite the predictions, the researchers noted that the values in the report are based only on an average scenario and urged the community to do their due diligence before investing.
GameStop NFT Daily Revenue Falls Below $4,000 As Pessimism Infects Markets
GameStop’s NFT market has seen daily share revenue decline to below $4,000 as its 24-hour sales volume has dropped to around $166,800, suggesting that interest in the platform of NFT has started to decline since its launch.
The drop in profits follows a decline in the overall NFT market, as popular collections such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) dropped large percentages off their floor prices.
MTV introduces the award category for “Best Metaverse Performance”
Web3 continues its foray into the music scene, as the 2022 MTV Video Music Awards (VMAs) added “Best Metaverse Performance” to its award categories, giving the veteran awards show a touch of the future.
In the first year, there are six artists who opt for the nomination. This includes Ariana Grande for The Rift Tour in Fortnite, Blackpink for The Virtual in PUBG Mobile, BTS for a performance on YouTube, Charli XCX for a performance on Roblox, Justin Bieber for An Interactive Virtual Experience on Wave, and Twenty One Pilots for their show on Roblox.
Telegram founder suggests “NFT-like smart contracts” to auction off usernames
The founder of Telegram, Pavel Durov has suggested the idea of implementing NFT-like smart contracts to auction off the most in-demand usernames, group and channel links within his messaging platform.
According to Durov, this may lead to a new platform that allows username holders to sell their accounts to blockchain-secured stakeholders. The founder of Telegram said that the idea was inspired by the success of The Open Network.
Breaking news: NFL All Day opens to the public, Boss Beauties goes to Hollywood and more
The Decentraland metaverse platform will host its third Metaverse Art Week on August 24-28. The event will feature various NFT artworks curated by Sotheby’s, OpenSea and Artnet, and will feature panel discussions. Meanwhile, the Australian Football League (AFL) has put its first NFTs up for sale, which sold out in less than 12 hours.
Thanks for reading this roundup of the week’s top NFT news. Check back next Wednesday for more reports and insights into this ever-evolving space.
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Nifty Newsletter, August 17-23: MTV Adds “Metaverse” Awards Category