CoinMarketCap, along with Nansen, looks at the most exciting happenings in the NFT and P2E space — from BAYC's $1M donation, to The Sandbox and World of Women partnering for women in Web3.
Find out some of the most exciting NFT news over the past week.
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NFT Market Cools Down as General Crypto Market Dips
First, a look at the general NFT market. Following a record-breaking month in January, it appears the NFT market is finally cooling down.
Meanwhile, separate data from CryptoSlam revealed that the number of unique NFT buyers dropped from over 900,000 in January to 796,009 in February. This is the first time that this parameter has dipped below 800,000 since October 2021.
Bored Ape Yacht Club (BAYC) Donates $1 Million to Ukraine
Confirming the donation on Twitter, BAYC said:
The Sandbox and World of Women NFT Form Alliance for WoW Foundation
Two prominent players in the NFT space are teaming up on a project to create educational and mentorship opportunities for women.
The funds will be injected into the foundation over the course of five years, with many of the initiative’s goals tied into The Sandbox’s ecosystem. For instance, the WoW Foundation will create 3D avatars based on all the NFTs in its collection. Holders will be able to use their avatars within The Sandbox. Furthermore, the foundation will also build a WoW Museum in the virtual world, in addition to a university that offers Web3 lessons.
LimeWire Makes a Comeback as an NFT Marketplace
Popular peer-to-peer music sharing platform, LimeWire, is making a comeback as an NFT marketplace for music, art and entertainment.
The long-dormant platform from the early 2000s announced on Wednesday that it would relaunch as an NFT marketplace. Its initial focus will be on music-based NFTs — including pre-release songs, limited editions, unreleased demos, exclusive live versions, backstage content and graphical artwork.
Users can access the new marketplace credit card, bank transfer, or other forms of fiat gateways. Items on the platform will also be priced in US dollars.
It is worth mentioning that the platform, which was served a legal injunction blocking "the searching, downloading, uploading, file trading and/or file distribution functionality, and/or all functionality" in 2010, will be run by a completely new team.
A waiting list has already been opened, with LimeWire hoping to onboard 1 million users within its first year.
Dolphin Entertainment Teams Up With NFT Project on TV Shows, Music and Games
As the NFT frenzy continues to spread like wildfire, children’s film and television company Dolphin Entertainment has sealed a deal with The Flower Girls to produce TV series, games, books, merchandise and other events based on the NFT collection.
Commenting on the partnership, Alay said in a statement:
“Dolphins’ [sic] storied history of working with children and their ongoing support of children’s charities across the globe align flawlessly with our mission.”
NFT of Ukrainian Flag Sells for $6.75 Million
An auction of an NFT of the Ukrainian flag ended last Wednesday. Led by Ukraine DAO, a pool of donors raised $6.75 million to purchase a digital collectible depicting the Ukrainian flag.
Launched last month, Ukraine DAO is the brainchild of Ukrainian activist Alona Shevchenko. The plan for the DAO came together after she connected with members from the Russian art collective Pussy Riot and the influential PleasrDAO.
Proceeds from the auction will be used to fund the “Come Back Alive” campaign, which will distribute medical supplies, food, and other necessary aid to civilians and the Ukrainian military.
As of March 2, over $54.7 million in cryptocurrencies have been donated to the Ukrainian government.
Michael Jordan’s Athlete App HEIR Releases First NFTs
The NFT space has grown to become a hotspot for many athletes and celebrities. NBA legend Michael Jordon is jumping deeper into the space.
Back in December, the legendary basketballer announced the launch of HEIR, a Solana-based app aimed at connecting professional athletes with their fans. Last week, HEIR released its first collection of NFTs dubbed 6 Rings.
The 6 Rings collection is inspired by Jordan’s storied career in the NBA. Jordan won six NBA championships with the Chicago Bulls in the 1990s.
Although the company initially planned to sell 10,010 NFTs priced at 2.3 SOL ($221) apiece, it was forced to cut the supply to 5,005 following a supply crunch. Soon after, the reduced supply sold out. And as of press time, the floor price of 6 Rings was sitting at around 7.9 SOL.
Speaking of the utility of the tokens, holders will receive a “founding fan” role that grants them access to the upcoming platform. They’ll be able to access exclusive content from athletes, as well as engage in AMA sessions.
For now, the first is yet to reveal the athletes that will be featured on the platform. However, a Twitter Space held last week hints at the possibility of having some NBA legends and current players on the HEIR app. Furthermore, the official HEIR Discord channels noted that players from high school to professional levels would be included.
Michael Jordan is not the brain behind the project. Instead, he has been named as an adviser and strategic partner. The project is, however, co-founded by his son Jeffrey Jordan, alongside Jeron Smith and marketing consultant Daniel George.
HEIR appears to be a huge NFT play, having raised $10 million in a seed funding lead by Thrive Capital, with participation from Solana Ventures, Reddit co-founder and Seven Seven Six founder Alexis Ohanian, and Bulls star Lonzo Ball.
Commenting on their decision to build the platform on Solana, Smith said:
“Ultimately, lower gas fees and transaction costs were super critical to us […] We had a chance to work with their executive team and understand their vision for Solana and ultimately, we had alignment on ethos and shared sensibilities. They believe a lot of the same things we believe when it comes to the Web3 space.”
OpenSea Clampdowns on Iranian Users Amid US Sanctions
Iran-based users of NFT marketplace OpenSea will no longer be able to use the platform.
Citing US sanctions, the NFT trading platform began blocking users based in Iran last week. Several users took to Twitter to air their disappointment, raising questions about the decentralized message of cryptocurrencies and NFTs. One user tweeted:
“Today, I’ve been notified that many accounts for residence of countries under economic sanctions by the US are now terminated. While I understand the obligations of a US entity to adhere to regulations, this raises a more important issue in the space.”
Responding to the issue, OpenSea explained:
“OpenSea blocks users and territories on the U.S. sanctions list from using our services—including buying, selling, or transferring NFTs on OpenSea—and our Terms of Service explicitly prohibit sanctioned users or users in sanctioned territories from using our services. We have a zero tolerance policy for the use of our services by sanctioned individuals or entities and people located in sanctioned countries. If we find individuals to be in violation of our sanctions policy, we take swift action to ban the associated accounts.”
SEC Targets NFT Creators and Marketplace Over Possible Securities Violation
The United States Securities and Exchange Commission (SEC) has started probing NFT marketplaces and creators for securities violations.
“A focus of the probe is on whether certain non-fungible tokens, digital assets that can be used to denote ownership of things like a painting or sports memorabilia, are being utilized to raise money like traditional securities, said the people.”