- NFT sales record $158 million in weekly volume, maintaining growth despite a slight decrease from prior week.
- Sky Mavis cuts 21% of its workforce, focusing on a new Axie Infinity game.
- Kraken announces plans to shut down its NFT marketplace, reallocating resources to new initiatives.
Non-fungible token (NFT) sales recorded $158 million in volume during the week of November 18–24. While this figure represents a 12.7% decline compared to the prior week, it remains significantly higher than early November levels, where weekly sales reached just $93 million.
NFTs are on track for a robust November, surpassing October’s $356 million total with over $400 million in recorded volume so far. Ethereum and Bitcoin continue to lead the market in NFT sales, indicating sustained interest from collectors and investors.
Sky Mavis Restructures, Focuses on New Axie Infinity Game
Sky Mavis, the developer behind Axie Infinity, announced it has laid off 21% of its workforce. CEO Trung Nguyen explained the move as a realignment of priorities rather than a reaction to NFT market challenges. The company plans to redirect resources toward a new Axie Infinity game and other projects.
The floor price for Axie Infinity NFTs has dropped dramatically over the past year, from over $700 in 2022 to $0.33 as of November 25. However, Nguyen emphasized that the layoffs were unrelated to market trends, describing the decision as a step toward long-term growth.
Kraken Ends NFT Marketplace Operations
Kraken, a cryptocurrency exchange, has announced plans to shut down its NFT marketplace. Starting November 27, the platform will enter a withdrawal-only phase, with a full closure expected after a three-month period.
The decision was attributed to a strategic shift in resource allocation, with a Kraken spokesperson stating that the company aims to focus on developing new products. Customers are being guided to transfer their NFTs to external wallets before the marketplace closes entirely.
FIFA Partners with Mythical Games for Blockchain-Based Soccer Game
Mythical Games, a Web3 gaming studio, is collaborating with FIFA to develop a blockchain-based soccer game called “FIFA Rivals.” This free-to-play game will be available on iOS and Android, allowing users to manage soccer teams and compete with others.
The Mythos Foundation will oversee the game’s cross-chain infrastructure and NFT economy. Mythical Games has a history of developing Web3 games, including Blankos Block Party, known for its customizable open-world gameplay. The partnership reflects growing interest in integrating blockchain technology into gaming.
