Despite the rising momentum in the crypto market making many crypto investors happy, this momentum has not yet reflected in the NFT market, and investor interest has not shifted to this area. However, following developments in the crypto field led by Bitcoin, notable developments in the NFT market have also started to emerge. Let’s examine the significant developments that marked the week.
Starknet Takes a Notable Step
The Starknet Foundation, behind the Ethereum Layer-2 blockchain network Starknet, has formed a committee to encourage gaming on its network and allocated tokens worth $125.5 million for funding the institution.
In a blog post published on March 11th, Starknet announced that the Gaming Committee would analyze programs to expand Starknet’s gaming ecosystem, develop strategies, make recommendations, and that 50 million Starknet (STRK) tokens were set aside to finance these recommendations. The team commented on the matter:
“The committee is tasked with designing and proposing programs to encourage developers to develop games on Starknet and to incentivize players to use them. Its success will be measured by usage metrics such as daily active users, retention rates, and revenue.”
What’s Happening in the NFT Market?
Although Ethereum reached its highest levels in two years, NFT prices continued to fall on March 12th. On the NFT marketplace Blur, the floor prices of seven out of the top ten most traded collections dropped in ETH terms in the last 24 hours, while the price of Ethereum increased by about 5% during the same period, surpassing $4,000 for the first time since late 2021.
Yuga Labs’ Bored Ape and Mutant Ape Yacht Club collections showed a drop of 13% and 14% respectively, while Azuki and DeGods dropped by approximately 9% and 10% respectively. Looking at the seven-day change of the collection, the statistics worsen; DeGods showed a drop of over 40% in a week, and Mutant Ape Yacht Club over 30%.
CryptoSlam! sales volume data shows a drop of about 22% within a week, and the number of NFT buyers and sellers also fell by approximately 75%.
Famous Personality Sells $1.3 Million Worth of NFTs
Kevin Rose, one of the co-creators of the Moonbirds NFT collection now owned by Yuga Labs, stated that he sold NFTs worth $1.3 million because he believed cryptocurrencies would perform better.
NFTScan data shows that up to March 10th, over approximately three weeks, one of Rose’s wallets sold about 330 ETH worth of NFTs, including two sales over 140 ETH. Rose also transferred a high-priced CryptoPunk NFT to another wallet.
