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Despite a decline in NFT sales, brands continue to recognize the potential of NFTs.

Amidst a dip in NFT sales this year compared to the highs of summer 2021, brands like Casio and celebrities such as Caitlyn Jenner are demonstrating continued faith in the potential of digital collectibles.

Statistics show that NFT transactions are significantly lower this year. In addition, once valuable NFTs are now being sold for much less than what they were purchased for a few years ago.
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For example, CryptoPunk #5822, which holds the record for the most expensive CryptoPunk sale, sold for 8,000 Ether in 2022, valued at around $23 million at the time.

On August 19, the NFT was transferred to an anonymous crypto wallet for an undisclosed amount. However, this downward trend hasn’t deterred everyone from engaging with NFTs.
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Brands Embrace NFTs Despite Market Fluctuations #nftfuture

Despite declining interest in digital collectibles, brands continue to launch NFT collections.

The Japanese multinational electronics company Casio recently announced a collection of NFT sneakers. Casio teamed up with STEPN GO, the Web3 lifestyle app, to launch the sneakers as part of the “virtual g-shock” project.

A limited number of 800 sneakers were made available through a raffle mint event held during August 26 to 29 on the Mooar gamified marketplace. #sneakers

Yawn Rong, Co-Founder of FSL – the Web3 product platform that launched STEPN GO on the Apple app store – told Cryptonews that the “G-SHOCK x STEPN GO” NFT sneakers are unique. Rong noted this is because they are the first-ever tradable Genesis Sneakers within the STEPN GO ecosystem. #ecosystemgrowth

“This gives them intrinsic value and rarity, making them highly sought-after by both collectors and players,” Rong said. “These NFTs also integrate utility within the STEPN GO app, allowing owners to earn rewards.” #NFTRewards

#NFLCollectibles NFL Players Association sues DraftKings for $65M over Reignmakers NFT dispute
The National Football League Players Association (NFLPA) has filed a lawsuit against DraftKings Inc., seeking approximately $65 million in damages after the sports betting company abruptly shut down its NFT-based fantasy sports platform, Reignmakers.

The lawsuit, filed in the US District Court for the Southern District of New York, alleges that DraftKings breached its licensing agreement with the NFLPA by terminating payments owed under the contract.
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The agreement allowed DraftKings to use the likenesses of NFL players in Reignmakers, which enabled users to purchase, trade, and use non-fungible tokens (NFTs) linked to professional athletes in fantasy sports contests.

DraftKings closed Reignmakers in July, citing “recent legal developments” as the reason for its decision. This action followed a ruling in Massachusetts federal court that denied DraftKings’ motion to dismiss a class-action lawsuit alleging that the NFTs sold on the platform constituted unregistered securities
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The NFLPA argues that the $65 million owed is based on minimum guarantees specified in the contract, which DraftKings allegedly failed to meet


According to the complaint, the company has not made any payments since August 1, 2024, despite previous obligations. The NFLPA claims that DraftKings’ decision to halt payments is driven by the downturn in the NFT market, which has significantly cooled since the heights of its popularity

DraftKings justified its decision by referencing a clause in the contract that allows termination if a “government, regulatory, or adjudicatory body” determines that the NFTs are securities. However, the NFLPA contends that the court ruling in Massachusetts did not definitively categorize the NFTs as securities, and therefore, the contract remains valid

The lawsuit also highlights the substantial compensation received by DraftKings executives over $261 million collectively since 2021

📊 Top 5 NFT Marketplaces by 24hr Volume: Blur Takes the Lead! 🔥

👀 Curious about the top NFT marketplaces by 24hr volume? Let's dive into the latest rankings! 📊

The Top 5

1️⃣ Blur: $15.7M 💸
2️⃣ Magic Eden: $7.2M ✨
3️⃣ OKX NFT Marketplace: $3.5M 🚀
4️⃣ MOOAR: $2.6M 🐮
5️⃣ OpenSea: $2.1M 🌊

Analysis

🤔 Blur takes the top spot with a significant lead, followed by Magic Eden and OKX NFT Marketplace. MOOAR and OpenSea round out the top 5.

📈 The NFT marketplace landscape is constantly evolving. Keep an eye on these top 5 marketplaces and their volumes to stay ahead in the game! 👀

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NFT sales dropped in April, with a 31.26% decline from March ¹. ⬇️⬇️⬇️
Here are some details about the decline in NFT sales in April:

- The total NFT sales volume in April was $1.15 billion.

- The number of NFT buyers fell by 51.88%, and sellers decreased by 45.72%.⬇️⬇️

- Bitcoin was the leading blockchain in NFT sales, generating $597.62 million.

- Ethereum NFT sales dropped by 56.8% to $247.32 million.

- Solana's NFT sales declined by 39.4% to $159 million.

- Polygon and Mythos Chain experienced losses, with sales of $54.13 million and $28.68 million, respectively.

- Immutable X and Avalanche recorded an increase in NFT sales.🚀

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Non-Fungible Tokens (NFTs) have revolutionized the way digital content is bought, sold, and owned. As unique digital assets, NFTs offer creators an unprecedented opportunity to tokenize their work and reach a global audience of collectors and enthusiasts. This guide will walk you through the process of selling NFTs, from understanding the basics to navigating the marketplaces and engaging with the community.

𝟏. 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐍𝐅𝐓𝐬: Learn what NFTs are and how they work.

𝟐. 𝐂𝐫𝐞𝐚𝐭𝐞 𝐘𝐨𝐮𝐫 𝐍𝐅𝐓: Mint your digital content into an NFT using a marketplace or platform.

𝟑. 𝐂𝐡𝐨𝐨𝐬𝐞 𝐚 𝐌𝐚𝐫𝐤𝐞𝐭𝐩𝐥𝐚𝐜𝐞: Select a suitable platform like OpenSea, Rarible, or Foundation.

𝟒. 𝐒𝐞𝐭 𝐔𝐩 𝐘𝐨𝐮𝐫 𝐀𝐜𝐜𝐨𝐮𝐧𝐭: Sign up, complete your profile, and connect a digital wallet.

𝟓. 𝐋𝐢𝐬𝐭 𝐘𝐨𝐮𝐫 𝐍𝐅𝐓: Provide details, upload images, and set a price and royalties.

𝟔. 𝐌𝐚𝐫𝐤𝐞𝐭 𝐘𝐨𝐮𝐫 𝐍𝐅𝐓: Promote your NFT on social media and engage with potential buyers.

𝟕. 𝐄𝐧𝐠𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲: Participate in discussions and collaborate with other creators.

𝟖. 𝐌𝐚𝐧𝐚𝐠𝐞 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬: Handle sales professionally and ensure secure delivery to buyers.

𝟗. 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐨𝐮𝐬𝐥𝐲 𝐄𝐯𝐨𝐥𝐯𝐞: Stay updated on trends, experiment with new ideas, and adapt to changes in the market.

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ANALYSIS: The NFT market rebounded in October with an 18% sales increase to $356 million, led by Mythos and Solana-based collections, signaling potential recovery, per CryptoSlam data.

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