In this week's newsletter, read about how non-fungible token (NFT) Trading volume approached $1 billion in November, and check out new NFT releases from former US 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 about Funko and Disney NFTs.
NFT Trading Volume Nears $1 Billion as Markets Turn Bullish: Report
NFTs could be making a comeback, as their trading volume almost reached $1 billion in November. According to data tracking site DappRadar, NFT trading volume changed last month, increasing by 125%. This shows that there has been a change in user behavior around NFTs.
Furthermore, last month also showed a 114% increase in the average value of NFT transactions. The metric showed that the average value of NFT transactions increased from $126 to $270.
Former US President Donald Trump launches โMugShotโ-themed NFT drop
Former US President Donald Trump is launching another NFT drop called MugShot. The collection will have a theme centered on the ongoing criminal accusations against the former president.
Users who want to purchase NFTs can use their credit cards or Wrapped Ether (wETH). However, even if collectors purchase using cryptocurrency, they must provide their Know Your Customer information.
Thrash-metal band Megadeth launches NFT collection and metaverse community
American thrash-metal band Megadeth recently announced that they will be 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 release on X (formerly Twitter) and said it would feature their digital mascot, Vic Rattlehead. Megadeth also revealed that the collection will have 5,000 pieces.
FIFA launches an NFT collection in the middle of the 2023 Club World Cup
The governing body of international football tournaments, the Fรฉdรฉration 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 tickets to the 2026 FIFA World Cup final. In December, another 900 digital collectibles will be issued on the Polygon blockchain and OpenSea.
Enjin migrates over 200 million NFTs from Ethereum to its blockchain
Enjin has migrated 200 million NFTs from Ethereum to its mainnet, Enjin Blockchain. The platform sent over 118 million NFTs on Ethereum and 101 NFTs hosted on an Ethereum sidechain to Enjin Blockchain.
To avoid 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 ETH-based NFTs.
Nifty News: Funko's Disney NFT, Sotheby's Auction Bitcoin Ordinals Project, and More
Toy maker Funko collaborated with Disney to launch NFTs that convert its popular Funko Pop figures into digital tokens within the WAX โโblockchain. Meanwhile, Solana and Bitcoin have advanced in terms of sales volume, bringing competition to the industry dominated solely by the Ethereum network.
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Thanks for reading this roundup of the week's most notable developments in the NFT space. Check back next Wednesday for more reports and information on this ever-evolving space.
