Are Cardano NFT's The Next Big Thing?

Cardano NFTs see a 50% increase in May/June, buy why?

Author

BuckyGang đź’«
June 30, 2022

Welcome back readers, thanks for joining us on this edition. In this round-up we have yet again the latest in the NFT space, let's jump into it.

Cardano NFTs 50% Increase in May/June

Cardano's biggest marketplace jpg.store has reported a 50% increase in the number of unique wallets in May and June, right on the back of NFT enthusiast Snoop Dogg entering into a partnership with Cardano NFT collection ClayMates. So what's going on with Cardano NFTs? If you're not familiar with Cardano, it's currently the 7th largest cryptocurrency as of writing with a $17 billion market cap (even bigger than Solana's $11 billion market cap), and now it's starting to climb ranks in the NFT world since it released smart contracts 9 months ago. Cardano tries to set itself apart from competing blockchains like Ethereum through faster transactions, cheaper gas fees, and to be more eco-friendly by consuming less electricity with its Proof of Stake mechanism. Cardano is currently ranked third in terms of total NFT trading volume according to zycrypto.com, just behind Ethereum and Solana. Zooming out to the big picture, NFTs as a technology is what we see Web3.0 being built upon, and more competition from more blockchains is an exciting prospect for the continued innovation within this NFT space. 

Australian Rugby League Metaverse

As we watch NFTs become embraced in more and more industries, the Queensland Rugby League team is dropping a 10k collection based on their most iconic athletes, with offerings of exclusive musical and sporting experiences. This story may not be news breaking, but it's the perfect example of NFTs beginning to be embraced in ways that break through the face-front value of digital art. The managing director Ken Lee has stated “The Ultimate Queenslander NFT’ provides a fantastic way for Queenslanders to own an asset that represents them and the community in which they live. Our aim is to build a strong community around this project”, with experiences including meet and greets, memorabilia, and VIP experiences in sport, music, and TV. The Queensland Rugby CEO Rohan Sawyer says “Our fan base is continuing to connect with us digitally and this NFT connection is the perfect pathway to reward and engage the Queensland community,”. Here we are seeing NFTs foster stronger communities within the sporting world with more intimate connections and rewards, in a previously unseen way only occurring now through the possibilities that NFTs bring.

OpenSea Is Briefly Dethroned

At Morning NFTea we have talked about the rise in NFT blockchain competitors, like Solana flipping Ethereum in 24hr NFT sales back in May, but for more apples-to-apples comparison we are even seeing this competition within the Ethereum ecosystem, as OpenSea has just been dethroned by X2Y2. X2Y2 is an emerging Ethereum NFT marketplace that launched in Feb 2022, its main call to action has been to lower trading fees at 0.5% compared to OpenSeas's 2.5%, and X2Y2 profit shares its revenue of the platform through staking of its X2Y2 token. Now according to cointelegraph.com, over the last seven days ending Jun 26, X2Y2 has generated $144.16 million worth of NFT sales compared to OpenSeas $117.64 million. To be fair, it's not quite apple-to-apple as X2Y2 has hosted a promo for the month of June with zero trading fees, but this shows the popularity of the marketplace as it continues to grow. In such a new space as NFTs, it is natural to see different marketplaces try to increase their market share, so OpenSea getting real competition through lower fees is nothing but good news for everyone.

Eminem x Snoop Doggs Bored Apes

Off the back of our NFT.NYC coverage on ApeFest, the Bored Ape Yaught Club side event saw a live performance of the new Eminem x Snoop Dogg music collaboration: From The D 2 The LBC. What does this have to do with NFTs? Well, the two rap legends have fully embraced their Bored Ape NFT IP rights with the music video jam-packed with animations of Bored Ape #6723 & #9055. On June 24th, Eminem posted the Bored Ape Themed music video to his 52 million subscribers, with already 10 million views as of writing. This is beginning to become a theme as we have seen Bored Apes IP be used in the Bored & Hungry restaurant and even more recently in Seth Greens TV show. Not only can we see this music video as further publicity for NFTs in mainstream eyes, but as Eminem and Snoop utilise some of their NFTs utility through full provable ownership over the ape's IP, it shows the public that NFTs can be used in more ways than just a profile picture.

Thanks for clocking in, hope you have a great next couple days and we will see you next time on Morning NFTea!

Connect with us on socials for a more personal experience! 👇

Recent Articles

DISCLAIMER: 

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.