Trump’s NFT tank, NBA star’s collection gone in 77 seconds and more…
#Trumps #NFT #tank #NBA #stars #collection #seconds #more.. Welcome to InNewCL, here is the new story we have for you today:
Click Me To View Restricted Videos
After a sell-out launch that grossed approximately $4.45 million from primary sales, former US President Donald Trump’s NFT collection is already on a crash course towards Earth.
Trump launched his idiosyncratic trading card collection on Dec. 16, featuring 45,000 NFT trading cards for $99 each. The NFTs were all gobbled up within hours of launch, and within the next two days the reserve price shot up to an all-time high of around 0.83 Ether (ETH), or $1,006 on OpenSea.
Since then, however, the reserve price has been volatile, while some in the community have suggested that the NFT artwork may have been plagiarized from other sources.
According to OpenSea data at the time of writing, the floor price is 0.2 ETH ($242), which represents a hefty retracement of around 75%.
Tank Trump NFTs as hype dies, reserve price down 70% https://t.co/gFAQLguJbl
— Commom’sen (@SenCommom) December 21, 2022
24-hour trading volume has also decreased significantly, from around 1,541 ETH ($1.8 million) on December 18 to just 14.37 ETH ($17,402) on December 21.
Over in 77 seconds
Another big celebrity name jumped on the NFT train this week. NBA and Chicago Bulls Hall of Famer Scottie Pippen launched an NF project that sold out in just 77 seconds.
Dubbed “Scottie Pippen SP33,” the drop consists of 1,000 unique NFT Metaverse Wearable Sneakers sold for a mint price of 0.2 ETH ($241). The NFTs are based on Ethereum and are said to be compatible with “almost every ecosystem”.
The floor price has since increased to 0.42 ETH ($507), according to OpenSea data, and the project has generated trading volume of 211 ETH ($255,000) since December 21.
A limited number of randomly selected Hodlers will also receive bonus benefits, with 33 receiving a physical pair of sneakers, two getting a chance to play golf with Pippen, and one lucky person receiving a tour of Pippen’s hometown followed by dinner.
The NFTs were developed in partnership with Web3 entertainment company Orange Comet, who seem to be in a solid format as they also produced a collection for Sir Anthony Hopkins that sold out in just seven minutes.
SP33 SOLD OUT IN 77 SECONDS
ORANGE COMET MAKES HISTORY AGAIN
Thank you everyone for attending the @ScottiePippen SP33 mint on @open sea.
It only gets better from here, stay tuned for more utility reveal announcements… https://t.co/cRXVOidCtV
— Orange Comet (@OrangeCometNFT) December 20, 2022
NFT games that resemble the early days of mobile gaming
Chris Akhavan, the chief gaming officer at Solana-based NFT marketplace Magic Eden, believes that NFT/blockchain gaming is at a similar stage to the early days of mobile gaming.
“I was in the very early days of mobile gaming, right after the iPhone came out, the App Store came out,” he told InNewCL on Dec. 21, adding, “I remember the attitude at the time among traditional gaming companies that’s how mobile games were dumb.”
Despite a lot of skepticism in the beginning, mobile gaming has developed into the world’s most popular gaming method. In particular, a June 2020 report by New Zoo highlighted that there were 2.5 billion mobile gamers that year, compared to 1.3 billion PC gamers and 800,000 million console gamers.
As such, Akhavan is not deterred by the criticism of the web3gaming sector and lets it boom over the next few years.
“We believe the same journey will happen in Web3,” he said, noting that billions of dollars have already been invested in Web3 gaming studios to create a new path for gaming.
NFT wash trading on Ethereum
The impressive trading volumes of Ethereum NFTs could be a “fantasy” according to a recent Dune Analytics blog post by pseudonymous NFT market analyst Hildobby.
This is because NFT trading volume on Ethereum may have been distorted by a significant NFT wash trade, which Hildobby says accounted for around 80% of total trading activity in January this year
Taking a broader view of 2022 as a whole, Hildobby’s data puts that figure at around 58%, underscoring that the issue is still widespread and that trading volume is not necessarily the best indicator of NFT marketplace usage.
“In short, the most common method is to trade your own NFTs between two wallets you control in order to get the highest amount of ETH possible. The goal is to collect token rewards with a value that exceeds the gas fees you pay,” Hildobby wrote, adding:
“The wash trading boom has made life really difficult for us data analysts as it distorts fundamental statistics that we use to track market usage.”
Limit Break CEO and Web3 game designer Gabriel Leydon tweeted on Dec. 20 that the abolition of royalties by a number of NFT marketplaces may have significantly contributed to this problem.
“Incentive wash trading will destroy NFTs. It’s amazing the many different ways royalties have been important to the space,” he wrote, suggesting that royalties had previously “tamed exchanges and prevented wash trading to the extent that we’re seeing now.”
The wash trading stimulated on the stock exchange will destroy NFTs. It’s amazing the many different ways royalties were important to the space.
— Gabriel Leydon (FREE, OWN) (@gabrielleleydon) December 19, 2022
Various data platforms like CryptoSlam have since developed their own methods to filter out potential wash trades and in her post, Hildobby outlined how they filter such trades out of their analyzes going forward.
Related: What is the relationship between Blockchain and Web3?
Specifically, Hildobby now flags trades where buyers and sellers have the same wallet address, NFTs being sent back and forth between two wallets, addresses buying three or more of the same NFT, and wallets where buyers and sellers were initially funded by the same initial wallet.
“When we apply all of these filters, the results are revealing. On Ethereum, wash trades only account for 1.5% of all trades, but…… Over $30 billion of NFT trading volume – almost 45% of the total volume – comes from wash trading.”
Other nice news:
Independent game developer Metaverse Game Studios, which boasts a roster of developers who have worked on various AAA titles including Far Cry and Diablo Immortal, has announced a partnership with Web3 development platform ImmutableX to further develop the upcoming RPG Angelic.
Blockchain entertainment company Coda Labs commissioned a survey aimed at game developers to get a glimpse of their thoughts on Web3. Researchers found that a majority of respondents believe Web3 gaming is on the way to their companies, with 75% expecting to work on Web3 projects in the future.
