Magic Eden Overtakes Blur, Yuga Labs Offloads NFT Games

In the latest newsletter, Magic Eden, a nonfungible token (NFT) platform, has surpassed Blur in trading volume for the month of March. CoinGecko reports that Magic Eden recorded a 194.4% increase in monthly trading volume, reaching $756.5 million. This significant rise can be attributed to its recently implemented Diamond reward program and its ongoing partnership with NFT company Yuga Labs. Yuga Labs, the creators of popular NFT collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), have sold the intellectual property (IP) rights for two of their games, HV-MTL and Legends of Mara, to the Web3 gaming studio Faraway. This move aims to give the team more freedom to execute their vision.

In the world of football, Manchester City football club has launched a new NFT collection in partnership with crypto exchange OKX. Fans have the opportunity to win limited-edition jerseys and matchday experiences by minting NFTs on OKX. The jerseys feature unique designs by artist Christian Jeffrey, incorporating symbols such as the Lancashire rose and the Manchester worker bee. In other news, a former Disney executive has joined forces with a team of Hollywood and gaming professionals to establish a Web3 game publishing company called Galactic Entertainment Publishing, based in the United Arab Emirates. Their first project, PlanetQuest, has already garnered 200,000 NFT holders even before its launch.

In terms of industry developments, PayPal has announced that it will be removing buyer and seller protections for NFT transactions starting from May 20. This change will affect the eligibility of NFT-related purchases under PayPal’s Purchase Protection Program. Adidas has collaborated with Stepn to release limited edition NFT sneakers on the Solana network.

The NFT market continues to experience growth and innovation, with Magic Eden leading the trading volume race, Yuga Labs making strategic moves in the gaming industry, Manchester City introducing NFT jerseys, a former Disney executive entering the Web3 game publishing space, and major players like PayPal and Adidas making significant changes in their NFT-related policies and partnerships.