NFT collections take massive price hit in 2023: Nifty Newsletter, May 24–30

In this weeks newsletter, checked out some of the most popular nonfungible token (NFT) collections and leading metaverse homes taking enormous price hits in 2023. Inspect out how the Hong Kong Police Force released its own metaverse platform, and how Reddits digital collectibles have handled to onboard almost 10 million users to the crypto and NFT space. In other news, infamous crypto hater Peter Schiff has actually introduced his own NFT collection on Bitcoin Ordinals. Popular NFT collections take enormous rate hit in 2023The worth of popular NFTs from 2022 has actually dropped over the past year. NFTs like Doodles, Invisible Friends, Moonbirds and Goblintown have seen their Ether (ETH) worth stop by as much as 95%, while even blue-chip NFT collections have actually experienced a typical reduction of over 40%. Despite these losses, NFT financiers remain undeterred. The variety of blue-chip NFT holders has actually increased by over 90% in the previous year, although there has been a 30% decline in purchasers alongside a 32% boost in sellers.Continue readingReddit collectible avatars onboard almost 10 million into the crypto, NFT spaceAfter at first reaching and rising around 3 million holders in November 2022, the number of Reddit avatar holders experienced considerable development in 2023. Since the beginning of the year, the number of Reddit avatar holders has increased by 80%, resulting in a market capitalization of $38.4 million and a collection of 13.7 million NFT avatars. Significantly, there have been 303,033 sales, generating a cumulative sales volume of $32.6 million.Continue readingHong Kong Police Force launches new metaverse platform, CyberDefenderThe Hong Kong Police Forces cybersecurity unit has released CyberDefender, a metaverse platform to inform the public about the threats related to Web3 and the metaverse. The platform was introduced to prepare citizens for the difficulties of the digital age, especially in avoiding technology-related criminal offenses. An occasion called “Exploring the Metaverse” was hung on the platform, emphasizing the requirement for caution in the metaverse and addressing criminal activity prevention strategies.Continue readingCrypto hater Peter Schiff to drop Bitcoin Ordinals NFT art collectionProminent financial expert and crypto skeptic Peter Schiff, understood for his criticism of Bitcoin (BTC) and cryptocurrencies, has surprisingly unveiled a collective NFT art collection on the Bitcoin network. The “Golden Triumph” collection includes physical paintings, prints and digital variations engraved as Ordinal NFTs on the Bitcoin blockchain. The announcement has gathered mixed responses from the crypto neighborhood, with some finding it entertaining or confusing, while others see it as hypocritical offered Schiffs previous negative stance on crypto.Continue readingTop metaverse property investments suffer huge losses: ReportWhile tech giants and significant economies continue to check out the potential of the metaverse through investments and efforts, the marketplace for virtual lands has actually dealt with substantial depreciation.The costs of virtual lands in leading metaverses have experienced a considerable decrease, with many properties losing around 90% of their worth because their peak in 2022. Metaverse properties like Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels have actually all depreciated, according to a study by CoinGecko.Continue readingCHECK OUT COINTELEGRAPHS NFT STEEZ PODCASTThanks for reading this absorb of the weeks most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively developing area.