Nifty News: Apecoin no longer becomes bananas, Pharrell touts Doodles and more…

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

Despite bearish macro factors threatening both crypto and equity markets throughout 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 capitalization shrunk by $4.3 billion to around $2.1 billion as of May 31, with the price dropping from $21.27 to $6.97, according to data from CoinGecko.

APE/USD: CoinGecko

Trading volumes were around $5.7 billion at the start of May, but fell to $498 million by the end of the month.

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

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

Pharrell Williams signs on the NFT Doodles

Doodles, one of the top NFT projects in the space founded by respected artist Burnt Toast, has signed iconic musician Pharrell Williams as brand manager.

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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 its second NFT drop of 10,000 tokenized avatars at a time yet to be revealed later. this year.

Williams is the man behind the much-loved, heartbreaking and headache-inducing song “Happy,” which has over a billion plays on YouTube, and will work to guide 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 at 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 venture capital firm Seven Seven Six. However, the amount of the capital was not disclosed.

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

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NFT art helps the entire art market: Expert

Art expert Magnus Resch believes the widespread adoption of NFT technology is helping break down barriers to art collecting and attracting new buyers to a field that has often struggled with numbers due to its elitist nature.

Resch is an art market economist and holds a doctorate. in Economics from Harvard University. He is also the author of two books on the art business titled “Management of art galleries » and “How to become a successful artist.”

Speaking to Art News on June 23, Resch made an interesting point about tokenized art, as he argued that price transparency and relative ease of purchase makes entering the market much less threatening for new collectors:

The biggest problem in the art market is that we have too many visitors and too few buyers, the number of buyers is declining. And why is that? Because buyers are afraid to enter the art world. It’s too elitist, it’s not open to first-time buyers. If you can’t convince recruits [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 price transparency and automatic access,” he added.

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Related: Non-fungible airdrops: Could NFA become the next big acronym in the crypto space?

Solana builds a smartphone, landmark jokes

Solana blockchain/Solana Labs co-founder and CEO Anatoly Yakovenko announced that the team will be rolling out a web3-focused Android smartphone in Q1 2023 named Saga.

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

It is not yet known if the phone will be disconnected every two months and will require a manual restart.

Other interesting news:

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

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