Magic Eden overtakes Blur, Yuga Labs offloads NFT games: Nifty Newsletter

NFT platform Magic Eden recorded an NFT trading volume of $756.5 million in March, surpassing its rival Blur.

In this week’s newsletter, nonfungible token (NFT) platform Magic Eden surpassed Blur in trading volume in March, and Yuga Labs is offloading two NFT games. In other news, find out how Manchester City football fans could get limited edition jerseys through NFTs and how a former Disney executive launched a Web3 game publishing company. And don’t forget this week’s Nifty News, featuring PayPal removing buyer and seller protections for NFTs. 

Magic Eden passed Blur as leading NFT marketplace in March: CoinGecko

Solana-based NFT marketplace Magic Eden recorded a 194.4% increase in monthly trading volume, surpassing the leading platform Blur in March. The NFT trading platform recorded $756.5 million in trading volume last month, while Blur recorded $530.4 million.

According to a CoinGecko report, Magic Eden’s rise was partly due to its newly implemented Diamond reward program and its continued partnership with NFT company Yuga Labs. Magic Eden’s rise in March marked its sixth consecutive month when its trading volume increased.

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Yuga Labs offloads two NFT games amid effort to “unshackle” BAYC team

Yuga Labs, the creators of popular NFT collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), sold the intellectual property (IP) rights for two of its games: HV-MTL and Legends of Mara. According to Yuga Labs, the Web3 gaming studio Faraway acquired the IP.

The move was seen as part of the company’s efforts to “unshackle” the team, giving it the ability to execute its vision, and is in line with previous statements from its CEO, Greg Solano.

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Man City and OKX release limited-edition jerseys tied to rare NFTs

Football club Manchester City launched a new NFT collection that allows fans to win limited-edition jerseys and matchday experiences.

Through its partnership with crypto exchange OKX, Manchester City allows users to mint NFTs on OKX, which gives them a chance to win the jerseys depending on the NFT’s rarity.

The jerseys feature hand-painted designs by artist Christian Jeffrey, incorporating the Lancashire rose and the Manchester worker bee.

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Former Disney boss launches Web3 game publisher with Marvel, Star Wars talent

A former Disney executive joined forces with a team of Hollywood and gaming professionals to launch a Web3 game publisher based in the United Arab Emirates. The company is called Galactic Entertainment Publishing, which represents the first arm of the Galactic Group.

The company’s first project, PlanetQuest, has been in development since 2022. Loren Roosendaal, CEO of Galactic Entertainment and founder of PlanetQuest, said the game had already amassed 200,000 NFT holders before its launch.

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Nifty News: PayPal removes NFT protections, Adidas NFT sneakers and more

Payment services company PayPal will take down protections for NFT-related purchases starting May 20. The fintech firm published amendments to its Purchase Protection Program to remove the eligibility of NFT transactions.

Meanwhile, Adidas partnered with Stepn to release limited edition NFT sneakers on the Solana network.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.