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The non-fungible token (NFT) market demonstrated resilience with a recorded weekly sales volume of $158 million, reflecting continued investor interest.
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Despite a slight decrease of 12.7% from the previous week, NFT sales highlight a persistent recovery trajectory, underscoring the market’s evolution.
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In a statement to Cointelegraph, Sky Mavis co-founder Trung Nguyen emphasized, “Our workforce reduction is a strategic pivot rather than a reflection of NFT market trends.”
NFT sales rebound to $158 million amid market shifts, while Sky Mavis undergoes layoffs and Kraken announces closure of its NFT marketplace.
NFTs Record $158 Million Weekly Sales Volume, Led by Ethereum and Bitcoin
The NFT sector showcased a vibrant performance with a total sales volume of $158 million during the week of November 18–24. This figure, while representing a 12.7% decline compared to the prior week, exceeds the merely $93 million recorded in the first week of November, indicating a **net positive** trend despite prevalent market fluctuations.
Moreover, NFTs are poised to conclude November on a commendable note, with an expectation to surpass last month’s total of $356 million. To date, November’s cumulative sales have already exceeded $400 million, marking a significant achievement for the digital asset space, particularly within the Ethereum and Bitcoin ecosystems.
Sky Mavis Lays Off 21% of Workforce, Plans New Axie Infinity Game
In a strategic maneuver, Sky Mavis, the pioneering publisher behind Axie Infinity, has decided to reduce its workforce by 21%. This decision aligns with the company’s intent to focus resources on upcoming projects, particularly the development of a new iteration of the popular Axie Infinity game. CEO Trung Nguyen articulated that the layoffs reflect a transition in the company’s strategic priorities rather than the company’s performance.
The value of Axie Infinity NFTs has faced significant downturns, plummeting from a November 2022 floor price of over $700 to merely $0.33 as of November 25, illustrating a broader trend of diminishing interest in NFTs. Nguyen further clarified that the layoffs were not directly associated with the NFT market fluctuations, indicating a particular focus on long-term strategic goals.
Kraken Winds Down NFT Marketplace
In a notable shift within the exchange landscape, Kraken has announced its plans to deactivate its NFT marketplace, initiating a three-month withdrawal period for customers. Starting November 27, the platform will transition to a withdrawal-only mode, allowing users time to transfer their digital assets.
A Kraken spokesperson conveyed that the decision stems from the company’s desire to reallocate resources towards developing new products instead. Customers have been informed of these changes, which the team supports to ensure a seamless transition for users migrating their NFTs to personal wallets.
FIFA and Mythical Games Collaborate to Launch Blockchain Game FIFA Rivals
In an exciting development for the gaming community, Web3 studio Mythical Games partnered with FIFA to create a new free-to-play soccer game, “FIFA Rivals,” for iOS and Android platforms. The game will allow players to take on the role of soccer club managers, adding a competitive edge to the gameplay.
As part of this collaboration, the Mythos Foundation will be responsible for establishing the game’s cross-chain infrastructure, which is critical to implementing an **NFT economy** and supporting gaming guilds. This partnership follows Mythical’s successful launch of the NFT game Blankos Block Party, which emphasizes user-generated content and customization.
Conclusion
This week’s developments in the NFT sector highlight both challenges and opportunities within the space. As NFT sales reach impressive volumes amid corporate restructuring and marketplace closures, the market continues to adapt and evolve. Industry observers will be keenly watching these shifts as players like Sky Mavis and Kraken redefine their strategies to align with changing market dynamics.
