This Week in Crypto 5-1-23

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This week in crypto news, we’re looking at the NFL entering the world of Web3 gaming with a mobile game, Yuga Labs dominating the NFT trading market, and the newest decentralized social media platform, Bluesky.  Enjoy this week’s top stories!

NFT Mobile Game NFL Rivals Launches in Early Access
Game developer Mythical Games released an officially licensed NFL game powered by NFTs, allowing players to manage their favorite teams, as well as trade their favorite players on an open marketplace. The game is fully licensed by the NFL, meaning players can build teams with their favorite NFL players from all NFL teams. Each player is assigned a rarity level, ranging from common to legendary, as well as performance statistics like strength and speed. At the time of writing, the highest-price player is Bills defensive end Greg Rousseau, whose NFT is going for around $12,000 USD. According to Mythical CEO John Linden, NFL Rivals was designed for younger generations in mind, saying “The game has a really fast-paced art style and fast-paced gameplay, but really fun and having these principles of Web3 core to the experience”. NFL Rivals’ beta, which launched earlier this year, had around 150,000 players and Mythical thinks that the game will see over 10 million players by the end of the year. Will you be jumping into the Web3 version of NFL football?

Yuga Labs Collections Account for 35% of NFT Sales, According to Report
According to a recent report from DAppRadar, Web3 Studio Yuga Labs’ collections account for a whopping 35% of all NFT trading volume. The studio owns some of the most famous NFT collections like Bored Ape Yacht Club, CryptoPunks, and the Otherside metaverse. In the report, it’s said that Yuga Labs’ collections accounted for over $2 billion in trading volume and 34.6% of total market volume over the last two quarters. So what’s the secret to their success (and $4 billion evaluation)? DAppRadar credits them with a “commitment to integrating art, identity, ownership, utility, interoperability, and culture in order to advance the crypto/NFT space”. The studio has not “rug-pulled” its community, and has maintained a commitment to giving the NFT art space a good reputation. And with collaborations with iconic brands like Gucci and Puma, its name grows in popularity and trust. It’s exciting to see a brand like Yuga Labs lead the Web3/NFT industry! 

Decentralized Twitter Alternative Bluesky Launches, Celebrities Join
Decentralized Twitter alternative Bluesky recently launched on the App Store and Google Play and is quickly becoming one of the most popular decentralized social platforms. Former Twitter CEO Jack Dorsey started the initiative back in 2019 and became a board member in 2021 after leaving his position at Twitter. As of now, the platform is invite-only, and people looking to get an exclusive invite to the platform can join the waitlist on Bluesky’s website. Developers of the platform can give out codes to others they know, and each Bluesky user gets one invite to give out every week to grow the network. Celebrities like Chrissy Teigen and “Guardians of the Galaxy” Director James Gunn have been invited and active on the platform, with more joining every week. Bluesky is yet another great example of real-world uses for decentralization, the concept that Bitcoin is based on. Will you be joining the waitlist, or were you already lucky enough to get an invite?

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