Reddit's NFT Avatar Marketplace on Ethereum Polygon Approaching 10 Million Owners
The number of avatar holders on Reddit's NFT marketplace on Ethereum layer 2, Polygon, has grown by 80% in 2021, nearing 10 million. These avatars are unique digital assets stored on the blockchain, allowing users to showcase their identity within Reddit's communities. The market capitalization of these collectible avatars has reached $38.4 million, indicating their increasing value and importance in the NFT ecosystem. As more users join the community, the future prospects for this emerging market are promising, and Reddit's influential position could lead to further growth and innovation through collaborations and partnerships in the NFT space.
Upcoming NFT Drops to Watch Out For: May 29 - June 4
The NFT space is constantly evolving, making it difficult to keep up with all the news and launches. To help, a weekly list of upcoming NFT drops has been compiled, including projects such as Railaite's "Behind the Veil" banner project, Mera Takeru's "Shari 2" PFPs, CS Lim's "The mountAIns" limited edition collection, Nate Hill's "The Grey Area" exhibition, and Mike Kerrigan x Dirtybird's "Liquid Dreams" EP. These drops offer a range of unique and innovative NFT projects that are not to be missed.
Formula 1 Races into the Game-Changing Realm of NFT Ticketing
Platinum Group, the Formula 1 ticket merchant, has introduced NFT ticketing at the Monaco Grand Prix in collaboration with blockchain infrastructure specialist Elemint and Web3 pioneer Bary Agency. The new ticketing scheme will provide buyers with traceability, customization and transparency, and offer additional rewards and experiences to foster loyalty in the brand. The NFT tickets will be minted on the Polygon blockchain and will be available throughout the latest racing season. The move marks a growing trend in the wider sporting industry, where NFT adoption is increasing rapidly.
MEXC has launched Apes go bananas (AGB) and opened the AGB/USDT trading pair.
Cointime News, May 29th, AGB (Apes go bananas) has been listed on MEXC with AGB/USDT trading pair. It is reported that AGB was created by Bored Ape Yacht Club (BAYC) and the HAPE community, aiming to address the liquidity issue of NFTs.
Cheelee Unveils Feature Allowing Users to Purchase NFTs with Fiat Currency
Cheelee, a popular short video platform, has introduced a new feature that allows users to purchase NFTs using traditional fiat currency. This move is aimed at making the NFT market accessible to a wider audience, including those who may not be familiar with cryptocurrencies. Users can acquire NFTs through debit or credit card payments or through peer-to-peer transactions on the Cheelee Marketplace. This innovative approach is part of Cheelee's mission to drive mass adoption of cryptocurrencies and empower individuals to turn their creativity and engagement into tangible rewards.
Avalanche Sees Spike in Activity Due to NFT Demand and dApp Usage, AVAX Price Declines and Volatility Rises
Avalanche has experienced a surge in activity due to increased demand for NFTs and usage of dApps, but the price of AVAX has declined and volatility has risen. The network has been steadily progressing towards one million monthly active users, and the rising activity suggests a growing user base. The demand for NFTs on the Avalanche network has increased, but interest in certain blue-chip NFTs has declined. The expansion of DeFi decentralized applications on Avalanche has also contributed to the increased activity. Despite the heightened activity, Avalanche has experienced a decline in revenue over the past month. However, new collaborations with Circle could improve the state of the token and attract new users to the protocol.
Split in NFT Community: ETH-Based vs Newly Birthed BTC/Ordinal Crew
Over the weekend, two major cryptocurrency and non-fungible token events took place: Veecon Indianapolis 2023 and BTC Miami/Ordinals Conference 2023.
BNB Chain Launches New DeFi and GameFi Projects, Sees Significant Growth in NFT Ecosystem, Onboards Cyber Titans and Bidao, Poised to Overtake Tron
BNB Chain has expanded its projects in DeFi and GameFi, with a growing NFT ecosystem and new project onboarding. While currently second to Tron in daily active addresses, this may change in the future. Despite a slight price decline, BNB's MVRV Ratio and velocity suggest potential for growth.
My Neighbor Alice Collaborates with ELLE for Unique Gaming Experience and Limited NFT Collections
My Neighbor Alice (MNA) has partnered with ELLE to create a unique gaming experience that blends fashion, lifestyle, and gaming. ELLE will be included in the game as a neighbor with plots in each active region, and players can receive exclusive ELLE-branded items customized with Alice twists. The partnership will introduce two limited ELLE Non-Fungible Token (NFTs) collections, which will be rewarded in NFTs, making them a valuable addition to any player’s in-game inventory. My Neighbor Alice represents the future of gaming, combining virtual reality, blockchain, and decentralized finance to redefine how we interact with the virtual world.
Polygon Co-Founder Says Reddit Has "Cracked the Code" on NFT Adoption
During a recent Reddit AMA session, the co-founder of Polygon praised the social media platform for successfully introducing NFTs to its community through free airdrops and early sales of digital collectibles. He stated that Reddit is the only well-known Big Tech company that has "cracked the NFT code" and has been able to drive a lot of engagement with Reddit NFTs, resulting in the onboarding of 9.7 million users to Reddit's NFT platform. The co-founder also positioned Polygon as a business layer and stated that their long-term vision is to become the "value layer of the Internet" and act as a "business or application layer for crypto." Polygon has also partnered with brands such as Nike, Starbucks, and Sotheby's for NFT collections.
