In this week’s newsletter, read about how non-fungible tokens (NFTs) recorded $562 million in monthly sales volumes and how popular NFT project RTFKT, acquired by Nike in 2021, is winding down its operations. In other news, Yuga Labs has acquired Tokenproof’s tech team to work under its research and development division.
NFTs hit $562 million in monthly sales volumes, reaching six-month high
Non-fungible tokens surged by 57% in November, recording monthly sales of $562 million. The November volume was the highest NFT sales recorded in six months. Even though volumes surged, it’s still far from its yearly high. In March 2024, NFT sales volumes reached $1.6 billion before heading downward.
As the NFT markets swelled, the popular NFT collection CryptoPunks saw its floor price rise. CryptoPunks’ floor price went from about 26 Ether (ETH) at the start of November to almost 40 ETH on Nov. 30.
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Nike-owned NFT wearables RTFKT to sunset in January
As NFT markets struggled to make a comeback, a popular NFT project acquired by shoe manufacturer Nike in 2021 announced that it’s ending its operations in January 2025. On Dec. 2, RTFKT, the project that created NFT sneakers, announced that it would halt its operations early next year.
The project launched in 2020, raising about $8 million from several investors, including Andreessen Horowitz. Nike acquired it in December 2021, at the peak of the NFT craze. While the project is winding down its operations, it will release one more collection before closing.
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Yuga Labs acquires Tokenproof tech team for NFT R&D
NFT company Yuga Labs acquired the tech team of the Web3 tokenization service Tokenproof. On Dec. 3, Tokenproof founder and CEO Fonz O said that Yuga acquired the company and onboarded some of its staff. Tokenproof’s tech team will work under Yuga Labs’ research and development division.
The Tokenproof founder said they built infrastructure to verify NFT ownership in the real world. The founder also said they’ve collaborated with Yuga Labs several times since 2022. Yuga Labs co-founder Greg Solano said they’ve “tackled a bunch of thorny problems” with the company.
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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.
