Apecoin no longer goes bananas, Pharrell praises Doodles and more…

Apecoin, the Ethereum-based token linked to the widely popular and almost certainly not 4Chan-related Bored Ape Yacht Club NFT project, saw its market cap drop by 67.2% or $4.3 billion in May and has continued ever since. valleys.

Despite bearish macro factors looming across both crypto and stock markets in 2022, May in particular was a tough month for crypto (thanks Terra!)

Like many other assets, Apecoin could not escape the brunt of this downturn, and its market cap fell $4.3 billion to about $2.1 billion by May 31, while its price fell from $21.27 to $6. .97, according to CoinGecko data.

APE/USD: CoinGecko

Trading volumes were about $5.7 billion in early May, but fell to $498 million by the end of the month.

Since then, the market cap has continued to fall to $1.3 billion, with a price of $4.40 per token at the time of writing, while the 24-hour trading volume currently totals about $264 million. That is the lowest since its launch in March.

Overall, Apecoin is down 83.5% since its all-time high of $6.81 billion, at a price of $26.70 per token on April 28.

Pharrell Williams signs for Doodles NFTs

One of the top NFT projects in the space founded by respected recording artist Burnt Toast, Doodles has appointed iconic musician Pharrell Williams as Chief Brand Officer.

To date, the Doodles NFT project has generated approximately $503 million in secondary sales since its launch in October 2021, and the team is currently gearing up for the second NFT drop of 10,000 tokenized avatars at a time yet to be revealed later this year. . year.

Williams is the man behind the much-loved, heartbreaking, headache-inducing song “Happy,” which has been played over 1 billion times on YouTube, and will work on the project’s strategy regarding artwork, music, product lines, animation, and virtual/public events. The musician will also produce a Doodles-inspired music album titled “Doodles Records: Volume 1”.

The announcement was made during the NYC NFT event on June 22, with the project also revealing that it had closed a funding round led by Reddit co-founder Alexis Ohanian’s VC firm, Seven Seven Six. However, the amount of capital was not disclosed.

“I’m a huge fan of the brand,” Williams said in a video message, adding, “We’re going to build outward from the core community and take Doodles to new heights, new levels.”

NFT art helps the overall art market: Expert

Art expert Magnus Resch thinks mainstream adoption of NFT technology will help break down barriers to art collections and attract new buyers to a field that often struggles with numbers due to its elite nature.

Resch is an art market economist and holds a Ph.D. in economics from Harvard University. He has also written two books on the art trade called “Art Galleries Management” and “How do you become a successful artist?

Speaking to Art News on June 23, Resch highlighted an interesting point about tokenized art, arguing that price transparency and relative ease of purchase make it much less threatening for new collectors to enter the market:

The biggest problem in the art market is that we have too many visitors and too few buyers, the number of buyers is falling. And why is that? Because buyers are afraid to enter the art world. It’s too elitist, it’s not open to new buyers. If you can’t convince rookies [to join] in the art world, we will all fail.

“But NFTs can help solve this problem. Suddenly there are people buying because they had full transparency of prices and automatic access,” he added.

RelatedNonfungible airdrops: could NFA become the next big acronym in the crypto space?

Solana builds a smartphone, cue jokes

Solana blockchain/Solana Labs co-founder and CEO Anatoly Yakovenko has announced that the team will roll out an Android web3-focused smartphone called Saga in Q1 2023.

The phone has a 6.67-inch 120Hz OLED display, 512GB of storage, 12GB of RAM and is powered by Qualcomm’s latest Snapdragon 8 Plus Gen 1 chip. It will also have a 50-megapixel primary camera and a 12-megapixel ultra-wide angle lens. It costs $1,000 and pre-orders with a $100 deposit are now open.

It is not yet known whether the phone will go offline every other month and require a manual reboot.

Other useful news:

Instagram’s parent company, Meta, announced on June 22 that it will be testing NFTs on Instagram Stories using its augmented reality platform Spark AR.

eBay, an e-commerce giant, announced on June 22 the acquisition of KnownOrigin – an NFT marketplace that will help the company advance in the world of blockchain technology and digital collectibles.