NFT Market Experiences a Dip, Yet Web3 Remains a Hotspot for Developers
In the latest turn of events, the NFT market has seen a slump, but the enthusiasm for Web3 among developers remains unabated. In a noteworthy development, Etihad Airways is gearing up to reward its loyal customers by allowing them to use NFTs in exchange for miles.
- NFT Market Insights: The NFT trading arena has been through a rough patch, with two reports shedding light on its decline. As per data from Alchemy, a Web3 developer platform, there was a 41% drop in NFT trading during Q2 2023. Blake Tandowsky from Alchemy opined that the golden period of NFT trading, especially among big players, peaked in Q2 2022 and has since been on a downslide. The need for NFTs to evolve beyond their original scope is evident. Another report by DappRadar reveals that NFT sales decreased by nearly half from January to July, and high-end collections like Bored Ape Yacht Club have seen a dip in their base prices.
- Web3’s Silver Lining: Despite the challenging times for NFT, Polygon NFTs have managed to hold their ground. The unwavering commitment of Web3 developers is evident as they relentlessly roll out smart contracts on EVM-compatible chains, signaling their faith in decentralized applications and the vast potential of Web3.
- Etihad’s Web3 Initiative: As a part of its EY-ZERO1 collection, Etihad Airways has unveiled plans for a new Web3 loyalty program named “Horizon Club.” NFT holders will soon enjoy added benefits, including the ability to convert their NFTs into miles for availing flight-related services.
- Emergence of Web3 Loyalty Programs: Major brands, Starbucks being a notable example, are increasingly integrating blockchain and NFT rewards into their loyalty programs. While the aviation industry was initially slow in its adoption, the tide is turning with more airlines exploring NFT-based ticketing and virtual travel experiences.
- Ordinals’ Future Vision: Ordinals, recognized for introducing NFTs to the Bitcoin blockchain, is taking a novel approach. They are launching a non-profit to ensure unbiased compensation for its developers. The newly formed Open Ordinals Institute aims to source donations in bitcoin and will keep stakeholders updated on the protocol’s advancements. Erin Redwin, a board member, emphasized the importance of keeping the protocol free from corporate biases.
- Spotlight on CryptoPunks: Despite the general market downtrend, Larva Labs’ CryptoPunks has seen some high-value trades, with renowned NFT artist Beeple making a notable purchase.
Additional Updates:
- Gucci is offering tangible goods in exchange for its NFTs.
- LinksDAO is introducing new membership tiers amidst renovations of the Spey Bay Golf Course in Scotland.
- Bored Ape’s parent company, Yuga Labs, is set to acquire Roar Studios.
- NFT publication, NFT Now, takes cost-cutting measures amidst organizational challenges.
- For the U.S. Grand Prix in October, crypto exchange Kraken is looking to source NFTs to feature on a British F1 race car.
- Celebrity endorsements in the crypto world see a revival with comedian Adam DeVine joining hands with Bitget.
Optimize your knowledge about the evolving digital world with these latest insights. The landscape may shift, but the potential of blockchain and Web3 remains promising.
