NFTs Reach $158M in Weekly Sales, Sky Mavis Lays Off 21% of Staff: Nifty Newsletter

This week’s NFT market saw a healthy performance, with weekly sales volume hitting $158 million. While this marks a slight 12.7% decrease from the previous week, the volume still remains above earlier November levels. Notably, the previous week’s sales were significantly lower, reaching only $93 million from November 4–10. With more than $400 million in sales so far, November is set to finish strong, surpassing the total sales of October, which recorded $356 million.

Sky Mavis Lays Off 21% of Workforce Amid Plans for New Axie Infinity Game

Sky Mavis, the company behind the popular game Axie Infinity, made headlines this week with the announcement of a 21% workforce reduction. The company’s CEO and co-founder, Trung Nguyen, explained that the layoffs were part of a strategic shift in priorities as they focus on a new Axie Infinity game and other future projects.

This move follows a significant drop in the value of Axie Infinity NFTs. After peaking at a floor price of over $700 in 2022, the floor price of Axie Infinity NFTs has plummeted to just $0.33 as of November 25, reflecting waning interest in the NFT market. Nguyen emphasized that the layoffs were not directly tied to NFT market trends, but were instead a necessary realignment of resources to ensure the success of upcoming projects.

Kraken to Shut Down NFT Marketplace, Shifts Focus to New Products

In another blow to the NFT space, cryptocurrency exchange Kraken announced it would be winding down its NFT marketplace. Starting November 27, the platform will enter a three-month withdrawal-only period, giving users time to transfer their NFTs to external wallets before the service is completely shut down. Kraken cited the decision as part of a broader strategy to redirect resources toward new products. The company reassured users that customer support would assist with the transition during this period.

FIFA Partners with Mythical Games to Launch Blockchain Game ‘FIFA Rivals’

In more positive news for the Web3 and gaming space, FIFA has partnered with Mythical Games to launch a new free-to-play blockchain-based soccer game called FIFA Rivals. Set to be available on iOS and Android, the game will allow players to manage soccer clubs and compete against others in virtual tournaments.

The Mythos Foundation will be responsible for developing the game’s cross-chain infrastructure, building an NFT-based economy, and supporting gaming guilds. Mythical Games is well known for its earlier title, Blankos Block Party, an NFT game that lets players create and customize characters in an open-world environment.

Conclusion

As the NFT space continues to evolve, we are seeing both challenges and growth. While some companies, like Sky Mavis and Kraken, are adjusting to the changing market dynamics, new collaborations like FIFA and Mythical Games’ blockchain partnership are helping to keep the industry innovative and forward-looking. With the continued rise of blockchain gaming and the strong performance of NFT sales in November, the future of the NFT market looks poised for further development, albeit with some industry shifts and realignments.