Crypto News: This week’s Nifty Newsletter: NFT collections take massive price hit in 2023


	View in browser

NFT collections take massive price hit in 2023

May 24–30, 2023
Written by Ezra Reguerra

Welcome to the latest edition of Cointelegraph's Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

In this week's newsletter, read about some of the most popular nonfungible token (NFT) collections and top metaverse properties taking massive price hits in 2023. Check out how the Hong Kong Police Force launched its own metaverse platform, and how Reddit's digital collectibles have managed to onboard almost 10 million users to the crypto and NFT space. In other news, infamous crypto hater Peter Schiff has launched his own NFT collection on Bitcoin Ordinals.

The value of popular NFTs from 2022 has plummeted over the past year. NFTs like Doodles, Invisible Friends, Moonbirds and Goblintown have seen their Ether (ETH) value drop by as much as 95%, while even blue-chip NFT collections have experienced an average decrease of over 40%.

Despite these losses, NFT investors remain undeterred. The number of blue-chip NFT holders has increased by over 90% in the past year, although there has been a 30% decrease in buyers alongside a 32% increase in sellers.

Collect

Reddit collectible avatars onboard nearly 10 million into the crypto, NFT space

After initially surging and reaching around 3 million holders in November 2022, the number of Reddit avatar holders experienced significant growth in 2023.

Since the beginning of the year, the number of Reddit avatar holders has risen by 80%, resulting in a market capitalization of $38.4 million and a collection of 13.7 million NFT avatars. Notably, there have been 303,033 sales, generating a cumulative sales volume of $32.6 million.

Collect

Hong Kong Police Force launches new metaverse platform, 'CyberDefender'

The Hong Kong Police Force's cybersecurity unit has launched CyberDefender, a metaverse platform to educate the public about the risks associated with Web3 and the metaverse.

The platform was introduced to prepare citizens for the challenges of the digital age, particularly in preventing technology-related crimes. An event called "Exploring the Metaverse" was held on the platform, emphasizing the need for caution in the metaverse and addressing crime prevention strategies.

Collect

Crypto hater Peter Schiff to drop Bitcoin Ordinals NFT art collection

Prominent economist and crypto skeptic Peter Schiff, known for his criticism of Bitcoin (BTC) and cryptocurrencies, has surprisingly unveiled a collaborative NFT art collection on the Bitcoin network.

The "Golden Triumph" collection includes physical paintings, prints and digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain. The announcement has garnered mixed reactions from the crypto community, with some finding it baffling or amusing, while others see it as hypocritical given Schiff's previous negative stance on crypto.

Collect

Top metaverse property investments suffer massive losses: Report

While tech giants and major economies continue to explore the potential of the metaverse through investments and initiatives, the market for virtual lands has faced significant depreciation.

The prices of virtual lands in top metaverses have experienced a significant decline, with most properties losing around 90% of their value since their peak in 2022. Metaverse properties like Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels have all depreciated, according to a study by CoinGecko.

Collect

Join the Cause with Cointelegraph Top100 NFTs

Own a one-of-a-kind animated artwork and connect with the Top 100 crypto heroes and villains in the industry. By purchasing these exclusive NFTs, you'll also be supporting those in crisis, as all proceeds will be donated to help the victims of the earthquake in Syria and Turkey. Don't miss your chance to make a positive impact while adding a valuable piece to your collection.