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NFTs continue to recover as weekly sales volumes hit $181 million, surging 94% week-on-week.
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In this week’s newsletter, read about non-fungible token (NFT) sales volume’s continued recovery with a 94% surge week-on-week, check out McDonald’s new partnership with NFT project Doodles for its online promotion called “GM Spread Joy,” and, in other news, former professional basketball player Shaquille O’Neal settled an Astral NFTs lawsuit for $11 million.
NFT weekly sales surge 94% as crypto market continues bullish run
NFT sales volumes rebounded as Bitcoin and other crypto markets rallied. In the week to Nov. 17, digital collectibles surged by 94%, recording a sales volume of $181 million across different blockchains.
Ethereum, Bitcoin and Solana led the surge. Ethereum recorded an NFT sales volume of $67 million for the week, while Bitcoin had $60 million and Solana had $26 million.
Within the week, NFT transactions’ average value increased to $133.08 from $71.11.
McDonald’s partners with Doodles for collector cups, online promotion
Mcdonald’s partnered with NFT project turned media franchise Doodles in a promotion called McCafé x Doodles Holiday cups. The campaign is called “GM Spread Joy” and features limited-edition cups with Doodles-inspired art.
Those who purchase the cups can win animated content and digital wearables on the McDonald’s app. McDonald’s said it chose Doodles because it is an “agent of change” in the cultural landscape.
McDonald’s chief marketing officer, Tariq Hassan, said Doodles reaches beyond digital assets and described the projects as an “entertainment brand in itself with a fearless community.”
NBA legend Shaquille O’Neal signs $11 million Astrals NFT settlement
Former NBA player and commentator Shaquille O’Neal signed an $11 million settlement over promoting the Astrals NFT project. He will pay $11 million in exchange for the dismissal of a lawsuit.
The NFT collection comprised 10,000 artworks created by Damien Guimoneau. However, buyers of the digital collectibles claimed to have suffered financial losses when the NFTs dropped in value.
The basketball legend said while he had not abandoned the project, he had decided to settle the lawsuit by paying the settlement.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
This article first appeared at Cointelegraph.com News
