A consulting firm predicted that the NFT market could be worth $231 billion in 2030, noting that the market will grow at a rate of over 33.7% in the years to come.
In this week’s newsletter, read about the most expensive CryptoPunk sale in 30 days. Check out the report that predicts the growth of the NFT market in 2030 and actor Bill Murray’s biographical NFT project.
Additionally, you can learn about the successful tech demo of the Otherside Metaverse. And don’t forget about this week’s Nifty News roundup featuring a Bored Ape Yacht Club (BAYC) NFT at clothing retailer Old Navy and a whisky bottle being auctioned as an NFT.
CryptoPunk sells for $2.6M as big NFT brands’ floor prices increase
A CryptoPunk NFT has been bought for 2,500 Ether (ETH), worth $2.6 million during the time of purchase. Despite a downward move in the overall NFT market, the transaction involving CryptoPunk4464 — an ape-themed CryptoPunk has become the biggest NFT sale in 30 days.
The sale is also the CryptoPunk collections’ fourth biggest sale of all time in ETH, but only the 15th biggest transaction in United States dollar due to the recent fall in ETH price.
NFT market worth $231B by 2030? Report projects big growth for sector
A report by the consulting company Verified Market Research predicted that the NFT market could grow into a $230 billion industry by 2030. As the researchers dove into the space, the team valued the NFT space at $11.3 billion in 2021 and noted that the market will grow at a rate of 33.7% in the next few years.
Looking at the key drivers in the space, the researchers identified the gaming sector as one of the areas that pushed the adoption of NFTs. Noting projects like Enjin and Axie Infinity, the research recognized that gaming contributed significantly to NFT adoption.
Bill Murray’s biographical NFT project set to be premiered by Coinbase
American actor and comedian Bill Murray partnered with the NFT platform of crypto exchange Coinbase to release an NFT collection with 1000 pieces and highlighted that it shows advice, memories and “Murray-isms.”
According to Coinbase, the actor and his son carefully checked, edited and approved each story within the collection. The duo worked with the author John Resig to create context with the stories.
Otherside Metaverse demo kicks off with 4,500 participants: Highlights
The Otherside Metaverse demo on July 16 opened for Otherdeed NFT land owners dubbed “Voyagers”. The event was reportedly a success as many participants went on Twitter to express their happiness with the experience.
During the demo, the Voyagers went into a virtual lobby, then followed a huge Bored Ape into a colorful portal into the Otherside Metaverse. Once the Voyagers reached the Biogenic Swamp, they moved towards a central stadium, enabling participants to explore their avatars’ functionality.
Nifty News: Old Navy’s BAYC shirts, expensive whisky NFTs, Sandbox publishing
Clothing company Old Navy has released a new t-shirt featuring BAYC #7285, which is selling for $19.95. While some questioned the move, others were happy to see their favorite NFT collection get more popular. Meanwhile, a 52-year-old whisky bottle made in Japan is being auctioned as an NFT, with a starting price of 62 ETH, or $75,000.
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.