Data shows that there was about $119 million in NFT sales volume during the last seven days, an encouraging sign given the market’s woes. While the sales volume was 4.20% lower than that of last week, there was a 2.69% increase in NFT transactions! 

Most of the sales volume stemmed from Ethereum NFTs, as there was $86.59 million in ETH-based NFT sales during the last seven days. Solana NFT sales saw a 29.57% increase and recorded $16.11 million in NFT sales, while Algorand saw a much steeper increase at 55.15% higher than last week’s ALGO-based NFT sales.

Three Yuga Labs projects lead NFT sales in the last seven days - Otherdeed, Mutant Ape Yacht Club (MAYC), and Bored Ape Yacht Club (BAYC). ApeCoin, the BAYC ecosystem's token, has seen a significant price bump in recent weeks ahead of the staking launch, with a 21.8% price increase over the past 14 days.

Warner Music Group’s artists such as Ed Sheeran and Madonna will be able release music NFTs through the upcoming Polygon-based marketplace LGND Music. 

Set to launch in January, LGND Music is an online marketplace that will offer songs as NFTs which fans can purchase and listen to through the platform, along with other digital collectibles from musicians. LGND will offer both desktop and mobile apps for interacting with the NFTs, akin to an iTunes-like experience for Web3, and the company says it will support music NFTs from other platforms, as well.

The WMG group, on the other hand, will play the crucial role of onboarding the LGND Music platform’s community with both artists and fans. LGND is set to leverage its expertise and experience in developing e-commerce and interactive platforms to deliver an easy-to-use platform for consumers.

In other headlines,

• Animoca Brands Grabs Majority Stake in PIXELYNX. Read More
• Ledger Just Launched a New Hardware Wallet for Your NFTs. Read More
• DJs Steve Aoki and 3LAU Form CryptoPunks Supergroup. Read More
• Nike’s RTFKT Joins the Move to Earn Race with “Cryptokicks iRL” NFT Collection. Read More

A court in Hangzhou, the capital of the eastern Chinese province of Zhejiang, has concluded that NFT collections belong to the category of virtual property. The court reviewed a dispute between a client and a local digital art platform which cancelled a sale of NFTs on his behalf. The user sued the company claiming the operation was terminated without his consent.

The Hangzhou Internet Court said that NFT collections bear the characteristics of property rights such as value, scarcity, controllability, and tradability while the digital collectibles are virtual properties. In a statement by Chinese crypto journalist Colin Wu, the judicial authority also emphasized; “The contract involved in the case does not violate the laws and regulations of our country, nor does it violate the actual policy and regulatory guidance to prevent economic and financial risks, and should be protected by the law.”

It also expressed its position that the transaction in the case represents the business activity of selling digital goods through the internet, hence it belongs to e-commerce activities and should be regulated as such under China’s “E-commerce Law.”

In other news,

• TIMEX Launches $2,500 Bored Ape Watches and Matching NFTs. Read More
• O.G. Audio App Winamp Adds Ethereum and Polygon Music NFT Support. Read More
• Malta Seeks Lifting Crypto Rules for NFT Marketplaces. Read More

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Crypto exchange Crypto.com and beverage giant Coca-Cola have partnered up to launch a unique set of NFTs depicting player heat maps from matches at the 2022 FIFA World Cup.

The artwork for the collection of 10,000 NFTs is being designed by digital artist GMUNK, who worked on popular sci-fi films Tron: Legacy and Oblivion. However, a specific launch date was not detailed.

According to Steven Kalifowitz, the CMO of Crypto.com, "This year's FIFA World Cup will be the first to leverage Web3 technology. It's a privilege to partner with Coca-Cola and GMUNK to memorialize these historical matches that will forever be captured on the blockchain. Together we are creating a completely new form of memorabilia." 

In other news,

• OpenSea: NFT creators earned over US$1 billion in fees this year. Read more

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