NFT Market News: Week of January 10th to January 16th 2022

It’s not wrong that many people are predicting that NFT will continue to grow in 2022. It’s only week 2, but news about the NFT market has already grabbed the digital market headlines.

Take a look at the panorama of last week’s NFT action as 2022 kicks off at full speed.

NFT Market News: OpenSea trading volume increases sharply

The number of OpenSea continues to grow, the platform surpasses 1 million wallets exploding at the beginning of the year

Even now, with just over two weeks until the Lunar New Year, OpenSea recorded more daily ETH volume every day in 2022 than any other day in the fourth quarter of 2021. OpenSea breaks the previous cap and now has over 1 million active user wallets . January is on track to be the biggest month for OpenSea.

NFT Market News: Many new brands are entering NFT – Gap, Crocs, Hennessy and Mercedes-Benz

More and more new brands are dipping their feet in the sand every week. Casual footwear company Crocs filed a trademark application this week that alluded to its first foray into NFTs — though the company is yet to comment.

Meanwhile, cognac company Hennessy is partnering with BlockBar to launch “Hennessy 8,” an exclusive and NFT-compatible cognac priced at nearly a quarter million dollars. Mercedes-Benz is also working on a premium project, co-curating custom G-Class NFTs with five different international artists, which will debut later this month on the Nifty Gateway.

NFT Market News: Wikipedia solves the problem – identifying NFTs is not an art

Wikipedia’s editors sat down in a roundtable discussion this week to consider whether some of the largest NFT art sales qualify for the “most expensive artworks by artists” criteria — leading them to end the debate over whether NFT is art.

NFT Market News: LookingRare is growing fast

According to some reports, LookingRare’s daily volume has quickly reached $500 million.

LookRare offers a native platform token, LOOKS, which can be staked on the platform and is also charged at OpenSea by offering a 2% fee on standard sales (vs. 2.5% of sales) (OpenSea) and none separate sales fee.

Some outlets have reported that there is some suspicious activity affecting the volume due to suspicion of manipulation that Meebits holders appear to be repeating buy and sell transactions to get LOOKS tokens.

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