The Metaverse Daily for July 5, 2022


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Here’s an overview of the Metaverse daily news.

  • First, some DeFi data. The Metaverse Index is slightly on the rise, trading now at $38.72, while the Bluechip NFT Index has seen a minuscule drop overnight—from $32.82 to $32.66. The Metaverse Land has seen an even smaller price drop.
  • Prices of cryptocurrencies continue to fluctuate, with frequent daily ups and downs. The bear market is affecting many coins. Bitcoin is in the red, and in June, it experienced one of the worst months since its inception, with prices down by 37.9%. Even with a slight uptick in prices, the fear of recession keeps markets firmly in its grasp.
  • Things aren’t looking great for NFTs, either. NFT sales have fallen below the $1 billion mark, marking the worst period in 12 months. This shows that even the relatively strong NFT market has finally been affected by the crypto winter’s economic uncertainty; non-fungible token sales have decreased by  90% over eight months. 
  • It turns out the nearly bankrupt Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) allegedly owns more than $7.5 million in NFT holdings, including Artblocks, CryptoPunks, and MYAC and BYAC tokens.
  • Prada is doing another NFT drop on July 7, 2022. The announcement was made after TimeCapsule, a collection issued in June, was met with enthusiasm. The new drop includes gifted NFTs and two limited-edition physical products. 
  • Bored Apes are in a new music video following the June Eminem and Snoop Dogg collab. Grammy-winning producer Timbaland released a Metaverse music clip featuring one of these super recognizable NFT characters—Timbaland’s BAYC alter ego, Bored Ape Congo (#590).

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Disclaimer

Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

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