The world of Web3 projects has seen some major changes in the past few weeks. Anime-inspired NFT brand Azuki launched a new collection of 20,000 NFT characters, bringing in a huge $38 million with the mint. While the project was initially successful, it quickly became marred by mistakes that led to Azuki’s floor price tanking. At the same time, digital collectibles company Candy Digital merged with Palm NFT studio, while Warner Music Group (WMG) partnered with Polygon Labs to launch a blockchain music accelerator program.
Excitement and Controversy Surrounding Azuki’s Elementals Collection
The new Azuki collection, Elementals, was met with excitement across the digital art community. Azuki had promised to drop 10,000 NFTs to attendees at a Las Vegas event, with the other 10,000 being sold via a Dutch auction with specific mint mechanics. Controversy arose around the originality of the artwork as collectors noticed the new NFTs closely resembled the original Azuki collection. Limited information led to frustrations among collectors, resulting in a sharp decline in the floor price.
Despite the mistakes, the Elementals mint was a success in terms of garnering attention from the NFT market. NFT trading volume surged to a new all-time high of $1 billion, surpassing the usual $700 million mark. Attention grew for Candy Digital and Palm NFT Studio’s merger, as well as Warner Music Group‘s partnership with Polygon Labs.
Candy Digital and Palm Studio Merger Strengthens Licensed NFT Projects
Candy Digital and Palm Studio merged to create a powerhouse studio for licensed NFT projects in various industries. Similarly, the WMG-Polygon Labs partnership focuses specifically on helping onboard the next generation of musicians into Web3. AI tools like Warpsound and Riffusion are changing the music industry, creating and spreading new songs in Web3.
The changing Web3 market has also seen a huge influx of artists and other generative artwork. Vera Molnar, the first female digital artist, is releasing her first and only on-chain generative art project with Sotheby’s. The 500-edition collection reflects her career and the changes in generative art practice with NFTs.
Web3 projects are transforming music creation with AI, evident from Azuki’s mistakes and Candy Digital merging. The music industry’s shift to generative art will bring more exciting NFT projects and developments.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.