In this week’s newsletter, read about how non-fungible token (NFT) sales have continued their upward momentum, and find out why Sky Mavis, the company behind Axie Infinity, laid off 21% of its workforce. In other news, crypto exchange Kraken is winding down its NFT marketplace and FIFA and Mythical Games will collaborate on a blockchain game.
NFTs record $158 million weekly sales volume, led by Ethereum, Bitcoin
NFTs continued to show strong weekly sales, recording $158 million in Nov. 18–24. While the data shows a 12.7% decrease compared to the previous week, the volume remained above its levels at the beginning of November. From Nov. 4–10, the weekly sales volume was only $93 million.
NFTs are also on track to end November on a strong note. In October, NFTs recorded $356 million in sales. Meanwhile, November had already recorded a volume of more than $400 million.
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Sky Mavis lays off 21% of workforce, plans new Axie Infinity game
Axie Infinity creator Sky Mavis laid off 21% of its staff as it plans to allocate its resources to a new Axie Infinity game and other projects. Sky Mavis co-founder and CEO Trung Nguyen said that the decision to lay off employees was a shift in priorities.
Axie Infinity NFTs, which had a floor price above $700 in 2022, decreased in value to a floor price of $0.33 on Nov. 25, reflecting declining interest in NFTs. Still, Nguyen told Cointelegraph that reducing the workforce was not tied to NFT market trends.
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Kraken winds down NFT marketplace
Crypto exchange Kraken will initiate a three-month withdrawal period for its NFT marketplace before entirely shutting it down. An email seen by Cointelegraph suggests that the marketplace will start a withdrawal-only mode on Nov. 27.
In a statement, a Kraken spokesperson said that the decision to close their NFT platform was to shift resources into new products. The spokesperson added that they’ve informed their customers of the changes and that the team will support users as they move their NFTs to their…
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