NFT Review 83 - NFT marketplace shuts down 😳

New chapter for RMRK, OpenSea patches vulnerability, Dogecoin pilgrimage to Japan, and more.

NFT Review is a weekly newsletter covering NFTs in the Web3 ecosystem on Polkadot’s side of the woods. The newsletter is put together by Bruno Škvorc and gbaci.

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Looking for a primer on NFTs? This should be the last introduction you’ll ever need.

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Dear NFT enthusiast,

Recently, the Solana-based NFT marketplace, Formfunction, announced its closure. Despite achieving $5 million in sales and raising a $4.7 million seed round during its 13-month tenure, the platform decided to shut down due to a slump in Solana NFT prices and trading volumes.

The closure of Formfunction serves as a reminder of the volatile nature of the NFT market. Although rapid growth and impressive numbers can be alluring, market conditions can change just as quickly, impacting even the most promising ventures.

With the Formfunction team pivoting to a new direction, likely outside the crypto and SOL space, the Solana NFT ecosystem faces challenges as trading volumes and floor prices continue to decline. This situation emphasizes the importance of staying agile, informed, and prepared for the unexpected for all players in the market.

Read the rest of the news below for more updates and insights on the ever-evolving NFT landscape. Thank you for reading and have a great week.

— NFT Review

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📬 NFT News from Kusama & Polkadot

• RMRK published a new and more detailed video recap of its first day at ETHDenver. 

• Curious about the secondary sales of Skybreach land? Read this article. 

• Yuri Petusko (RMRK co-founder) published A New Chapter for RMRK: Embracing EVM Support and Expanding the NFT Ecosystem. In it, he announces and explains why RMRK will be moving away from the Kusama implementation of its advanced NFT protocol.

• Singular (RMRK’s advanced NFT marketplace) announced new changes to bug reporting and feature requests. It also published a recap of trading activity in february.

• There are only 2 days left in the first Veil of Time (RPG built on RMRK) NFT sale.

• Evrloot announced a brand new game mechanic that is currently in internal testing.

• Efinity published an educational article highlighting Efinity Beam and its exclusive features.

• Bit.Country announced that staking booster rewards are now available to be claimed by eligible users. It also hosted a Twitter Space titled Artificial Intelligence: Life on Autopilot. 

• Raresama announced the launch of Raresama Ignite, a new way to bootstrap NFT collections on its marketplace.

• Public Pressure (music NFT marketplace) hosted a Twitter Space with its founders and DonnieBigBags.

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🗞 NFT News from Ethereum and Beyond

• First NFT real-world stores are setting a phygital trend.

• MetaMask addresses privacy concerns with new features for enhanced control.

• Polygon Labs partners with Unstoppable Domains to launch top-level domains.

• Nissan files 4 new Web3 trademarks, trials sales in the metaverse.

• OpenSea patches vulnerability that potentially exposed users’ identities.

• NFT wash trading increases by 126% in February: Data.

• Scam alert: $300K stolen by fake Blur airdrop websites.

• DAO organizes holy pilgrimage to meet the Dogecoin dog in Japan.

• Doodles ‘no longer an NFT project’ and won’t cater to speculators, co-founder says.

• Gwyneth Paltrow-backed NFT art platform Wild reveals latest artists in residence.

• Moonpay CEO: ‘we really want to pass the mom test’ for mass NFT adoption.

• Salesforce rolls out platform for big brands to create NFT loyalty programs.

• Sotheby’s to auction ‘oddly satisfying’ Reddit-inspired NFTs in the metaverse.

• Context will be discontinued effective April 15th. 

• Meta decided to abandon support for NFTs across Facebook and Instagram.

• NFT.Storage launched the NFT Forever Project.

• OpenSea intro’d proxy contracts for self-serve drops. 

• Zora launched a new frontpage feed system.

• Manifold introduced a Paid Burns feature and ERC1155<>ERC721 burns.

• Robbie Barrat’s AI Generated Nude Portrait #7 Frame #110, a cryptoart classic, resold for 260 ETH.

• Axie Origins kicked off its Epic Era. 

• DEADDROP, an in-progress extraction shooter by Dr. Disrespect’s Midnight Society studio, held its Snapshot V play reveal today. 

• Epic Games, the creator of Fortnite, is adding 20 NFT games to its online marketplace.

• Decentraland is working on new Social Features.

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That’s all for this week, see you in the next edition! Got some links to share with us, artists to feature, NFTs to sell, jobs to promote, or events to popularize? Get in touch with Bruno or gbaci!