7-Day Market Moves

It's a bit of a roller-coaster in the market this week. The Forkast 500 NFT Index is down 1.79%. Meanwhile, the crypto platforms are seeing a divergence in trading volumes. Ethereum's NFT trading volume has dropped nearly 20% to $20.87 million in the last 24 hours, while the Bitcoin network is up by 357.82% rise to reach $13.38 million, according to the latest CryptoSlam data.

Turning to the collections, 'Uncategorized Ordinals,' a subset of Bitcoin Ordinals on CryptoSlam, rose 7.22%. This placed it as the most-sold collection for the day. Next is the newcomer SMB Barrel Raffle. The Solana-based offering, which only began public minting on Thursday, recorded the second-highest daily volume of $5.1 million.

On the flip side, the trading volume of Azuki Elementals dropped 46.5% to $2.95 million, and the original Azuki collection mirrored a similar trend with a 7.76% drop to $2.79 million. To add to the woes, the new Azuki Elementals collection drew criticism for its striking similarity to the original Azuki collection, despite selling out its 20,000 NFTs within 15 minutes of minting. Nansen, a data analytics firm, noted that long-term Azuki and Beanz collectors have begun offloading their NFTs post-Elementals mint. Stay tuned as we continue to monitor these developments.

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It’s Sunset On Solana’s Cardinal Protocol

TL: DR

• Solana's NFT infrastructure provider, Cardinal protocol, is halting operations due to economic challenges.
• Despite raising $5.2M from major investors, Cardinal couldn't overcome financial difficulties.
• Cardinal cited slower-than-expected blockchain adoption as a key issue.
• Users must manually withdraw their assets by August 26, or they will be automatically returned.

Solana's Cardinal protocol, notable for pioneering the "conditional ownership" in NFTs, has announced its intention to wind down operations. Despite a challenging macroeconomic climate, the project raised an impressive $4.4 million in seed funding, supported by high-profile firms including Protagonist, Solana Ventures, Animoca Brands, Delphi Digital, CMS Holdings, and Alameda Research, among others. This was further bolstered by a $750,000 pre-seed boost from Neo Ventures in 2021.

Cardinal, a critical pillar supporting NFT growth on the Solana network, had carved out a niche for itself by offering diverse protocols and software development kits (SDKs). These tools encompassed a range of functionalities, from staking and rentals to subscriptions, royalties, and trading. Despite accumulating over 65,000 staked NFTs on their platform by July 2022, Cardinal faced hurdles in the broader adoption of their blockchain technology. The protocol acknowledged "some real usage" of their products, but largely confined within the crypto maximalist community, further exacerbating their struggle to achieve product-market fit.

Cardinal has advised users to manually withdraw their assets within a two-month notice period starting June 28. Come July 19, the platform will stop accepting new deposits, halt staking activities, and disable all functionalities related to NFT rentals. Users failing to withdraw their assets by August 26 will see their remaining assets automatically returned to their addresses.

In other news,

• Candy Digital downsizing, merging with Palm NFT studio. Read more.

Vodafone Chooses Cardano For Its NFT Collection

TL: DR

• Vodafone Deutschland plans to launch an NFT collection on Cardano blockchain with NMKR's help.
• Cardano was chosen for its active community, sustainability, and interoperability.
• This partnership could enhance Cardano's profile, potentially benefiting its native crypto, ADA.

Vodafone, one of the biggest telecom companies in the world, is officially coming to Cardano (ADA).  Notably, Vodafone’s German arm, Vodafone Deutschland, is preparing to launch a non-fungible token (NFT) collection on the Cardano blockchain, according to NFT infrastructure provider NMKR, which will facilitate the minting process.

Word of the partnership emerged just a day earlier following a tweet by Vodafone Service, an official service Twitter account of Vodafone Deutschland.

Vodafone’s plan to use Cardano for its upcoming NFT collection is significant in several ways.

• Firstly, the move brings mainstream attention and adoption to the Cardano network, showcasing its capabilities and potential for hosting large-scale projects.
• Secondly, it demonstrates confidence from a major global company in Cardano’s technology, which could attract more businesses and developers to build on the platform, further strengthening its ecosystem.

If such a scenario becomes a reality, it could ultimately bode well for Cardano’s native cryptocurrency, ADA, which currently trades at $0.28. ADA is primarily used for transactions, staking, and participating in the governance of the Cardano blockchain.

Vodafone is the seventh-largest telecommunications company in the world, with more than 353 million worldwide users, 30.81 million of which are served by Vodafone Deutschland in particular.

Finally, Cardano’s adoption numbers were on the rise before Vodafone’s announcement, with the blockchain adding an average of 2,446 new crypto wallets between June 1 and June 2.

In other news,

• Melania Trump releases $50 NFTs ahead of Independence Day. Read more.

Sony Injects $3.5 Million into Startale Labs

TL: DR

• Sony invests $3.5M in Startale Labs for global Web3 expansion.
• This follows Sony's patent for NFT transfers and Theta Labs partnership for VR NFTs.
• Startale's CEO signals more collaborations with Sony ahead.
• The announcement comes post a successful Web3 startup incubation program.

Sony is upping its stakes in Web3 through a new investment in Japan's Startale Labs. Sony Network Communications, a division of the gaming behemoth Sony Group, will be injecting $3.5 million into Startale Labs, as announced by CEO Sota Watanabe at the IVC Crypto conference in Kyoto.

Already in Sony's Web3 playbook, a patent filed back in March is making NFTs movable across different games and consoles. Plus, a collaboration with California's blockchain whiz Theta Labs, working towards NFTs for virtual reality headsets. "This alliance with Sony Network Communications? It's only the start," teased Startale's Watanabe. "We're lining up an array of collaborations and business link-ups, so keep your eyes peeled."

Sony Network Communications' President Jun Watanabe shared that they anticipate the partnership will "spawn new killer Web3 use cases and deliver unprecedented value." The news bubbled up at the end of a successful Web3 startup incubation project. Co-hosted by Sony, Startale Labs, and smart contract platform Astar Network (also led by Sota Watanabe), the three-month initiative offered mentorship and resources to startups brewing NFTs and DAOs-focused solutions.

In other news,

• Sotheby's to launch on-chain generative art program powered by Art Blocks engine. Read more.

Gaming Studio, Pixion Games Bags $5.5 Million in Seed Funding

TL: DR

• Pixion Games raises $5.5M for developing Fableborne with investors like Blizzard Fund and Shima Capital.
• Funding will enhance the tech stack and leadership team, aiming for a public launch next year.

Web3 gaming studio Pixion Games has just secured $5.5 million in a seed funding round to level up Fableborne, their flagship title.

This round welcomed a group of high-profile investors. Among them were the Avalanche Foundation’s Blizzard Fund, investment firm Shima Capital, and gaming decentralized autonomous organization, ReadyPlayerDAO.

The funds will be pumped into the action-packed role-playing game Fableborne. Think on-chain assets interactive gaming, built on the Avalanche network. Pixion's Kam Punia shared his game plan. It involves powering up the tech stack and recruiting talents across the leadership team. "Our goal? Mobile-first platform experiences, competitive multiplayer games, tournaments, and player-owned economies at the game's core," said Punia.

The game is currently inviting players for playtests and eyeing a public launch within the next year. Despite a bearish crypto market, investor confidence in Web3 gaming remains strong. This follows seed funding boosts for other Web3 studios, like Argus ($10 million for a gaming software developer kit) and Anichess ($1.5 million led by Animoca Brands for a decentralized chess game).

In other news,

• SuperDuper, teams up with Immutable for Web3 Gaming. Read more.