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Adidas, the sportswear company known for its sneakers, started making waves in the crypto space when it announced its partnership with Coinbase in November. The company is also collaborating with the metaverse company, The Sandbox. Today, the company launched “Into the Metaverse” NFTs collection in collaboration with BAYC, Gmoney and Punks Comics. The NFT drop, which had a few bumps today, sold out immediately and had a gas spike of almost 2,000 GWEI. For reference, gas is typically 100-150 GWEI.
This the company’s first jump into the exciting Web 3.0 space. The CTO believes this new medium will allow traditional companies, creatives and the community to connect on a whole new level. The first NFT drop will likely be users gateway into whatever Adidas may be building in Web 3.0.
On-chain volume for Bitcoin and Ethereum grew 5.6% to $904B, with Bitcoin growing 5.6% and Ethereum growing 5.8% (Bitcoin on-chain volumes 1.9x Ethereum). The London-Fork continues to burn ETH with a total 361K ETH, or $1.6B being burned. Miners continue to rake in revenue, with Bitcoin miners earning $1.69B in November and Ethereum miners earning $1.99B - one reason why GPUs remain short across the globe.
NFTs saw transaction volume of $1.94B, representing a MoM decline of 18.6%. However, the large numbers continue to highlight a strengthening and growing segment within crypto that can’t be avoided. OpenSea continues to own the lion’s share of the market at 96.4% but continues to lose share as competitors develop and grow. The largest threat to OpenSea will be Coinbase who have 2M+ unique users for their NFT marketplace that is expected to go live in Q1 '22.
Thank you for reading!
Investment Associate | Ember Fund
Ember Nuggets are a weekly update with commentary from the investment team on what’s happening within the crypto market - news, developments, market trends, and more.
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