CoinMarketCap and Nansen look at the most exciting events in the NFT space — from Instagram testing out NFT features with a select group, to Beeple and Madonna's new exclusive NFT launch.
From Coinbase’s struggle to attract users to its NFT platform to Instagram’s move to test NFT features this week, here’s a rundown of some of the top stories in the space.
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Instagram To Start Testing NFT Features This Week
The selected testers will be able to share digital collectibles on their NFT feed, stories and messages. And although only a limited number of people have access to the NFT test, the company plans to roll out the functionality to more users after receiving feedback from the initial testing phase.
Mosseri was quick to talk about the decentralized nature of NFTs and Instagram’s place as a centralized platform in the whole ecosystem.
“I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” Mosseri said in his announcement. He added:
“But Instagram is fundamentally a centralized platform, so there’s a tension there. So one of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform. We do think that one of the unique opportunities we have is to make web3 technology accessible to a much broader range of people. And NFTs specifically we think will be interesting not only to creators who create NFT art, but also to people who want to collect it.”
NFT Prices Plummet as General Crypto Market Slumps
Crypto prices fell sharply over the past week, with Bitcoin plunging below $30,000 for the first time in ten months. The NFT market was not spared from the onslaught as the floor price of several top NFT projects recorded double-digit losses.
Bored Ape Yacht Club (BAYC), for instance, has seen volatile price movements in the past weeks. The lowest-priced piece in the collection hit an all-time high of 152 ETH (about $429,000 at that time) on April 29. A few days later, it lost almost 30% of its value, dropping to 105 ETH, or about $292,000. As of press time, this figure had dropped to 100 ETH on the OpenSea marketplace, just over $192,100 with Ethereum sitting at its lowest point since July 2021. The drop in prices represents a nearly 55% dip in just ten days.
The losses also extended to top Solana collections as well. Okay Bears, DeGods and Cets on Creck are all down in prices from their all-time highs.
Beeple and Madonna Launch New Exclusive NFT Collection
Popular NFT artist Beeple has teamed up with the queen of pop Madonna on an exclusive NFT project. Dubbed “Mother of Creation,” the NFT collection showcases the singer giving birth to different aspects of life.
Interestingly, the duo have been working on the project for about a year. Mother of Creation features just three single-edition NFTs, all digital renders of a naked Madonna with animations of objects coming out of her private parts.
The first item from the collection is called “Mother of Nature.” It focuses on plant life and depicts Madonna giving birth to a tree that blossoms as it comes out of her body.
The second NFT, titled “Mother of Evolution,” highlights animal life. Again, the singer is depicted naked and seated in a modified vehicle in the middle of a crumbling city. Several butterflies come out from her.
In the third piece, the creators try to highlight technological advances. Titled “Mother of Technology,” several biomechanical centipedes come out of the vagina of Madonna, who is lying in the middle of a forest.
The auction will be open until May 14 after which proceeds from the sale will be donated to three different charities.
“I never want to be provocative just for the sake of provocation. They stand for hope. They stand for technology.”
Yuga Labs’ Otherdeed NFT Sells For a Whopping $1.5 Million
NFT market prices may be dwindling but that is not enough to stop a collector from spending a premium on a piece of virtual land on Otherside.
An avid NFT collector known as n0b0dy.eth has spent a record $1.5 million on Otherdeed #59906, a parcel of land on Yuga Labs’ upcoming Otherside metaverse project. The said plot is one of the rarest virtual lands from the collection, being ranked the eighth-rarest on Rarity Sniper.
To put things in perspective, the seller had earlier minted the NFT for 305 Apecoin (or about $6,000) a week earlier. On Sunday, n0b0dy.eth paid 625 ETH or $1.5 million for the piece on NFT marketplace X2Y2. The cheapest Otherdeed NFT is currently around 3 ETH ($7,200), meaning the collector paid a premium of over 20,000%.
Speaking of the land’s rarity, Otherdeed #59906 contains a 1 of 1 artifact that was shown in the official Otherside trailer.
n0b0dy.eth’s NFT portfolio is estimated to be worth 3.5K ETH by Nansen’s wallet profiler, with the large majority of its value being derived from the Yuga Labs owned collections. Note that the estimated value likely underestimates the true value if the collector has extremely rare 1/1 NFTs or traits.
Snoop Dogg and Gary Vee Take Stakes in Ice Cube’s BIG3 League NFTs
"The league’s embrace of NFTs as ownership rights is both visionary and practical; key features of every smart investment."
Coinbase NFT Platform Records Low Turnout
Being a leading crypto exchange is no guarantee that every product will be a smash hit. Coinbase’s recently launched NFT marketplace appears to be failing to attract the needed buzz. The once highly-anticipated platform has seen less than 1,500 users, according to data.
The said figure does not consider those that may have signed up for the platform via email and are yet to make a trade. So far, these details are yet to be shared by the company.
On its first day of going public, the platform traded a meager $75,000 worth of Ethereum. Comparatively, a Bored Ape costs more than that amount.
The low patronage may not be unconnected with the stiff competition within the space. Dedicated marketplaces like OpenSea, LooksRare, Rarible and SuperRare also dominate the space, with more competitors springing up.
“I haven't sold a share of Coinbase but will sell all my shares if the company doesn't make a strong move in NFTs in the next year. The current NFT product is not it...”
“Coinbase NFT is pretty underwhelming but keep in mind that this was always about attracting newbies who have no exposure to the space at all power users complaining about missing features is pretty irrelevant to whether this has an impact on the market or not.”