Wyatt Alvarez
The biggest NFT market is experiencing competition challenges as it watches OpenSea’s market share fall and its rivals gain considerable market share.
The power of OpenSea starts to wane.
According to a recent assessment, the market has changed from a “monopoly” to a “oligopole” as a result of competitors trampling on OpenSea’s market share this year.
20, Binance Market Pulse reported a gradual shift in market leadership, saying that while Ethereum-based exchanges X2Y2 and Lookrare are gaining industry share, OpenSea is still the market leader in terms of users and volume.
The most popular local market, Magic Eden, comes in a “close second” to the multi-chain OpenSea exchange when it comes to Solana-based NFTs, according to the research.
It occurs at a time when the NFT markets may be undergoing a major shift.
Following X2Y2, an Ethereum-based marketplace, Solana’s native NFT marketplace Magic Eden has chosen to implement optional royalties on its platform on October 14.
He stated that “for some time, the market has been changing toward on-demand creator royalties.”
At the end of the third quarter, Ethereum held 65% of the market share for NFT volume, according to Binance’s third-quarter report. However, NFT buyers can transfer their blockchains in quest of gains or to keep up with current trends.
The data also reveals that whereas Ethereum’s NFT sales volume has decreased 16% since the end of the second quarter, Solana’s NFT sales volume climbed 13% in the third quarter.
First wave of “Physically Backed Tokens” offers broke records.
As the top bidder for a limited edition 24-karat gold-plated skateboard, Project Azuki NFT shattered the record for the most expensive skateboard ever auctioned by offering 309 ETH ($400,000).
Through the innovative Physically Backed Token (PBT) system, a total of eight skateboards were sold, bringing in $2.5 million in ETH for the initiative.
The highest bid was far higher than the previous record-holder, the “Blowin’ in the Wind Skateboard” by skateboarder Jamie Thomas, which sold for over $38,000 and had handwritten lyrics by musician Bob Dylan.
The project was the first to use the Physically Backed Token (PBT) technical standard.
PBT is a project-generated token standard that uses a cryptographic chip to verify ownership of a physical item and generates an NFT in the user’s crypto wallet after scanning it with a mobile phone.
Association of MLB players looking for NFT license manager
The organization that represents all Major League Baseball (MLB) players appears to be considering growing the Web3 presence of its members as it looks to extend its portfolio across NFT, the metaverse, digital games, and augmented and virtual reality technology.
Building “strong ties” with “crypto initiatives” is a requirement of the position, according to the MLB Players Association’s job ad, which also notes that “NFTs, Metaverse, wearable technologies, and AR/VR are all part of our evolving business strategy.”
Assisting sponsors who wish to link their brand or product with players is one of the MLBPA’s key responsibilities. The right to utilize MLB players’ names, nicknames, likenesses, and other identifying information for this purpose is reserved by the Association.
NFT gated specials are being released by Warner Bros.
Warner Bros., an entertainment corporation, stated on October 20 that it has teamed with Web3 company Eluvio to develop the NFT-powered “WB Movieverse” and is planning to leverage NFTs to distribute unique content and movies.
Warner Bros. movies are essentially available online through “Movieverse,” with viewers needing to authenticate with NFTs in order to view the movie and any connected, private content, like behind-the-scenes videos and footage.
An enhanced 4K resolution version of one of the Lord of the Rings games and supplementary content are given via two NFT layers in the first entry in the cinematic universe.
The bottom tier of 10,000 NFTs is priced at $30, while the depleted top tier of 999 NFTs, which was originally listed at $100, now has an average list price of $2,500.
In order to offer exclusive NFTs to Walmart, Warner Bros. recently licensed characters from properties owned by DC Comics to the pop culture firm Funko.