In this week’s newsletter, find out what Web3 professionals think about the potential comeback of non-fungible tokens (NFTs), and read about Pixelverse launching its native tokens and sending a percentage to NFT holders. In other news, find out the challenges to broader mainstream adoption for NFTs and how an ApeCoin DAO member plans to renovate a hotel in Bangkok.
NFTs poised for comeback despite sales drop, say execs
Web3 professionals remain optimistic that NFTs may peak once again, similar to how they did in their early days. While data shows a 45% downward trend in sales volume during the second quarter of 2024, experts remain positive about a potential comeback for NFTs.
Senet CEO Mohsin Waqar believes NFTs can be revived as different industries discover how to integrate the technology. “Yes, I believe interest in NFTs can peak again, particularly as the technology and its applications continue to evolve,” Waqar explained.
Continue reading
Pixelverse PIXFI token rises nearly 50% in first hours after airdrop
The Open Network-based NFT and gaming platform Pixelverse launched its native token through an airdrop on July 18. The project sent 10% of its tokens to holders of its Rare, Epic and Legendary NFT collections. Over time, the project will also distribute 20% of its tokens to Pixelchain and Pixelverse users.
Pixelverse is the platform behind the popular Telegram mini game PixelTap. The game rewards users with tokens for playing and engaging with its ecosystem. During its initial launch, the game attracted 50 million users.
Continue reading
Web3 experts cite innovation and PR as key challenges for NFT adoption
Web3 professionals believe that the lack of new narratives, crypto’s reputational problems and complex user experience are the key challenges the NFT space must overcome to reach mainstream adoption. Dave Catudal, the co-founder of the social monetization platform Lyvely, believes that NFTs do not have a tech problem but have a public relations problem.
Tyler Adams, CEO and co-founder of Web3 company COZ, said the reputation of the broader Web3 space also affects NFTs. “Unfortunately, the actions of a few end up affecting the image of the community as a whole,” Adams said.
Continue reading
ApeCoin holders mull proposal for Bored Ape-themed hotel in Bangkok
A member of the ApeCoin DAO proposed to launch a hotel in Bangkok using the popular Bored Ape Yacht Club collection as its theme. DeSmart, a member of the decentralized autonomous organization, submitted the proposal to renovate an existing hotel with BAYC-themed rooms, an ApeCoin bar and a swimming pool.
The DAO member requested $356,000 in ApeCoin to complete the work, saying that they already reached an agreement with the hotel. DeSmart also noted that apart from the design, ApeCoin holders will be given 50 nights of free accommodation, capped at one night per holder.
Continue reading
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.
