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Apcoin, the widely popular Ethereum-based token and almost certainly not linked to the 4Chan-related Bored App Yacht Club NFT project, saw its market cap drop by 67.2%, or $4.3 billion, during May and has since The decline continues.
May was a particularly difficult month for crypto in particular (thanks Terra!), despite the coming macro factors of bearishness in both the crypto and stock markets during 2022.
According to data from CoinGecko, Apecoin, like many other assets, was unable to escape the brunt of this recession, and its market cap fell by $4.3 billion to nearly $2.1 billion as of May 31, as the price fell from $21.27 to $6.97. Went.
APE/USD: CoinGecko
Trading volume at the beginning of May was around $5.7 billion, but fell to $498 million by the end of the month.
The market cap has since continued to drop to $1.3 billion, with a price per token of $4.40 at the time of writing, while 24-hour trading volume currently stands at approximately $264 million. This is the lowest it has been since its launch in March.
Overall, Apecoin is down 83.5% since its all-time high market cap of $6.81 billion at a price of $26.70 per token on April 28.
Pharrell Williams signs Doodles NFT
Doodle, one of the top NFT projects in the space founded by respected artist Bernt Tost, has signed iconic musician Pharrell Williams as its Chief Brand Officer.
To date, the Doodles NFT project has generated approximately $503 million worth of secondary sales since its launch in October 2021, and the team is currently gearing up for its second NFT drop of 10,000 token avatars, which has yet to be revealed. Is. year.
Doodle 2… Coming soon. pic.twitter.com/c33BB0GLqP
— doodles (@doodles) 22 June 2022
Williams is the man behind the much-loved, heart-wrenching, headache-causing song “Happy”, which has over 1 billion plays on YouTube, and is a project related to artwork, music, product lines, animation, and more. to guide the strategy. virtual/public events. The musicians will also produce a Doodle-inspired music album titled “Doodles Records: Volume 1”.
Announced at the NYC NFT event on June 22, the project also revealed that it had closed a funding round led by Reddit co-founder Alexis Ohanian’s VC firm, Seven Seven Six. However, the amount of capital was not disclosed.
“I’m a big fan of the brand,” Williams said in a video message, “we’re going to build out of the core community and take Doodle to new heights, new levels.”
NFT Art helping the overall art market: Experts
Art expert Magnus Reich believes that mainstream adoption of NFT technology is helping to remove barriers to art collection and is attracting new buyers to a field that is often characterized by its elitist nature. Struggling for numbers because of
Resh is an art market economist and holds a Ph.D. in Economics from Harvard University. He has also written two books on the art business, which have been dubbed.Management of art galleries And “how to be a successful artist,
Speaking with Art News on June 23, Resh highlighted an interesting point on token art, as he argued that price transparency and relative ease of purchase make it much less of a threat for new collectors to enter the market. :
,The biggest problem with the art market is that we have too many visitors and too few buyers, the number of buyers is decreasing. and why is that? Because buyers are afraid to enter the art world. It is very elite class, it is not open to first time buyers. If you don’t manage to convince the cheaters [to join] In the art world, we will all fail.
“But NFTs can help solve this issue. Suddenly people are buying because they had complete transparency and automatic access to prices,” he said.
related, Irreplaceable Airdrop: Could NFA Be the Next Big Acronym in the Crypto Space?
Solana is making a smartphone, tell jokes
Solana Blockchain / Solana Labs co-founder and CEO Anatoly Yakovenko has announced that Team Saga will launch an Android Web 3-centric smartphone in Q1 2023.
The phone will feature a 6.67-inch 120Hz OLED display, 512GB of storage, 12GB of RAM, and will be powered by Qualcomm’s latest Snapdragon 8 Plus Gen 1 chip. There will also be a 50-megapixel primary camera and a 12-megapixel ultra-wide shooter. It will cost $1,000 and pre-orders are now open with a deposit of $100.
There’s no word yet on whether the phone will go offline every other month and will require a manual reboot.
Solana Phone is Bullish to Humanity
Forced downtime will free many minds and lives
— mewn (@mewn21) 23 June 2022
Other Nifty News:
Instagram’s parent company, Meta, announced on June 22 that it would begin testing NFTs on Instagram Stories using its augmented reality platform, Spark AR.
E-commerce giant eBay on June 22 announced the acquisition of NoneOrigin – an NFT marketplace that will help the firm move forward in the world of blockchain technology and digital collectibles.
