The Metaverse Daily for July 5, 2022

Here's the latest round-up of daily news from the Metaverse.

• First, some DeFi data The Metaverse Index is showing a slight increase, trading at $38.72 now, whereas the Bluechip NFT Index has experienced a minor dip overnight, sliding from $32.82 to $32.66. Similarly, the prices for Metaverse land have also seen a negligible decrease.
• Cryptocurrency prices continue to experience volatility, with daily fluctuations becoming quite common. The market remains in a bearish trend, affecting many coins with Bitcoin showing a downturn; June marked one of its toughest months on record, plummeting by 37.9%. Although there's been a slight recovery in prices, persistent recession fears are tightening their grip on the market.
• The situation for NFTs isn't particularly bright either, as NFT transactions have fallen below the $1 billion mark reached their lowest point in a year. This illustrates that even the NFT sector, which had remained robust, is now feeling the impacts of the broader economic concerns stemming from the crypto winter; NFT sales have dwindled by an alarming 90% over the past eight months.
• Interestingly, the near-bankrupt cryptocurrency hedge fund, Three Arrows Capital (3AC), based in Singapore, reportedly owns over $7.5 million worth of NFT assets, including collections like Artblocks, CryptoPunks, along with MYAC and BYAC tokens.
• Prada is doing another NFT drop On July 7, 2022, an announcement was made regarding a new drop after the launch of TimeCapsule, which had been well-received in June. This latest release features exclusive NFTs along with two physical limited-edition items.
• Bored Apes have made their appearance in a new music video released in June, Eminem and Snoop Dogg collab created by the Grammy-winning producer Timbaland, showcasing one of these iconic NFT figures—Timbaland’s BAYC character, Bored Ape Congo (#590). Metaverse music clip To celebrate the 15th anniversary of Beeple’s ‘Everydays’, the NFT artist crafted a digital artwork live on television.

Read related posts:

• JPEX has launched a CryptoPunks and Red Hare NFT index contract.
• Cryptocurrencylistings Markets: Cardano’s ADA sees a significant price increase; Bitcoin is also gaining traction.
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