In the latest NFT updates, the market has taken a downturn after a recent surge in non-fungible token (NFT) sales activity.
According to data from CryptoSlam, the overall sales volume has dipped by nearly 13% in the past day, totaling $42,137,944.
All aspects of the market—buyers, sellers, and transactions—have decreased by slightly over 30%.
Analyzing the top ten collections based on sales volume, there’s a varied landscape. Pudgy Penguins witnessed the most significant surge in the last 24 hours, soaring by 242% to reach $1.5 million.
Conversely, Nobody’s experienced the largest decline, dropping by 75% to $719,751.
Pandora maintains its leading position on the list with a substantial $14.98 million, significantly surpassing CryptoPunks, which holds second place with $1.8 million.
Regarding the top ten blockchains in the past day, notable changes are observed with Ethereum and Solana. Ethereum continues to hold the first position, albeit with a higher-than-usual daily volume of $28.6 million.
Solana, after nearly dropping out of the top ten list due to an outage, has reclaimed its position and now sits in fourth place with $1.13 million, despite experiencing an 80% drop.
In other NFT-related news today, Yuga Labs shares insights into its Punk In Residence program, Magic Eden introduces the Creator’s Alliance, and Supervillain Labs collaborates with Aptos Labs to develop UX-rich Web3 gaming experiences.
CryptoPunks Reveals Details for its Punk In Residence Incubator Program
Yuga Labs, known for prominent collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), Otherside, Meebits, and 10KTF, has unveiled details about its latest initiative called Punk in Residence.
As outlined in the press release, Punk in Residence will engage with two artists annually, without requiring a background in Web3.
Participating artists will have the flexibility to live and work from any location. They will benefit from ongoing mentorship, technical guidance, and production support while collaborating with Yuga Labs and the CryptoPunks team to create new pieces.
Artists are encouraged to interpret the concept of Punk from their unique perspectives through their chosen mediums. “Yuga Labs will offer the technical know-how to bring these creations onto the blockchain, further exploring the intersection of culture and code,” the announcement stated.
The inaugural artist for Punk in Residence will be Nina Chanel Abney, whose work is prominently featured in collections worldwide, including esteemed institutions such as the Whitney Museum of American Art, the Brooklyn Museum, The Rubell Family Collection, the Bronx Museum, the Dallas Museum of Art, and the Museum of Modern Art, New York.
Abney and CryptoPunks are set to showcase their collaborative collection later this year, followed by its public release for sale on Magic Eden, the exclusive marketplace that respects creator royalties.
“Abney and subsequent participating artists will share equally with Yuga Labs in the financial success of their digital releases to the public,” the announcement emphasized.
On another note, regarding Magic Eden and Yuga Labs…
Magic Eden Announces the Creator’s Alliance
In additional NFT developments today, Magic Eden has unveiled a significant collaboration among leading projects within the NFT sphere.
Named the Creator’s Alliance, it’s described as “a coalition of top NFT projects in Web3, dedicated to advancing a sustainable royalty framework to empower creators and foster growth within the NFT ecosystem.”
Collectively, members of the alliance aim to champion an improved industry that protects creators and fosters innovation.
The alliance will endorse marketplaces that facilitate creators in earning royalties at rates they determine.
The members of the alliance include a diverse array of projects: Yuga Labs, RTFKT, Pudgy Penguins, Azuki, 0N1 Force, Sugartown (Zynga), DeGods/y00ts, Doodles, Neo Tokyo, Animoca Brands, Creepz, Pixelmon, Wildcard, San FranTokyo, Forgotten Runes, Frame, Adidas, Hytopia, Rekt Guys, ThankYouX, Okay Bears, World of Women, Valeria Games, DeadFellaz, Cyber Kongz, Crypto Ninja Partners, A Kid Called Beast, Army Of Fortune, RENGA, Quirkies, Random Character Collective (Invisible Friends), Degen Toonz, Killabears, Cryptoon Goonz, Steady Stack, Alien Frens, Rug Radio, The Doge Pound, and Truth Labs.
Furthermore, Yuga and Magic Eden have extended invitations to other projects to join the alliance. “It starts with the Creator’s Alliance and grows with the launch of the ME marketplace with Yuga Labs,” they emphasized.
This initiative primarily focuses on Ethereum but aligns with the forthcoming marketplace launch. Magic Eden’s team expressed their support for pNFTs on Solana as a sustainable means for creators to earn royalties.
Supervillain Labs and Aptos Labs Partner on UX-Rich Web3 Gaming Experiences