Nike's NFTs Launched Last Week Earn More Than All NFT Revenue of Other Big Brands

🌅 Welcome!

Last month, the Houston Texans became the first NFL team to sell a game suite with crypto. As the NFL season kicks off tonight, let’s hope those fans enjoy their crypto-fueled experience!

A major exchange has partnered with GameStop, Voyager Digital is selling its digital assets, Nike raised another $10M by selling NFTs and our Research team provides some insight into the largest gaming platform on Arbitrum.

This is the Delphi Daily. Let’s dive in.

🚨 In Case You Missed It

• GameStop partners with crypto exchange FTX.US to boost digital asset adoption. Some GameStop stores will also carry FTX gift cards.
• Chainalysis says it helped the US government recover $30 million from North Korean hackers who targeted Axie Infinity and stole over $600 million.
• SEC Chairman Gary Gensler says he supports giving additional powers to the CFTC, the US commodities regulator, for overseeing “non-security tokens” such as Bitcoin.
• Frax Finance launches Fraxlend, over-collateralized borrowing and lending market. Currently, users can borrow against WBTC and WETH collateral.
• Voyager Digital, bankrupt crypto lender, will hold an auction on September 13th to sell its digital assets.

📊 Nike’s NFTs Launched Last Week Earn More Than All NFT Revenue of Other Big Brands

• Minting for RTFKT Clone X Forging SZN 1 ended yesterday. With this single collection, Nike/RTFKT raised over $10 million in 7 days, nearly earning as much revenue as Time Magazine, Adidas, and Gucci had earned from all of their NFT collection lifetimes.
• Minting for the collection was exclusive to Clone X holders. 36% of Clone X holders or 3,496 wallets holding Clone X NFTs participated in the event and paid an average of $2,852 (~1.747E) worth of NFTs.
• Each NFT represents apparel that is designed exclusively for Clone X holders based on their DNA, including T-shirts, sneakers, socks, caps, and more. Buyers can forge the NFT and receive a physical version of the item (excluding the sneakers, which are digital only), marking a new era of Phygital goods.
• Each physical item will be integrated with a proprietary NFC chip that links to the forged NFT that represents the physical item in a digital format.
• In order to incentivize holders to redeem their NFTs, Nike has also hinted at future in-person events and potential airdrops, such as customizable items for Clone X avatars.

⚡ Ripe for the Harvest? TreasureDAO and Bridgeworld Developments

• There is growing interest and curiosity about TreasureDAO, the largest gaming platform on Arbitrum today. It is benefitting from a surge of attention on Arbitrum ecosystem projects, with the recent completion of the Arbitrum Nitro upgrade and speculation of a token launch similar to Optimism in the coming months.
• TreasureDAO is expected to be part of the upcoming Arbitrum Odyssey event. We covered TreasureDAO in several Delphi reports previously:
  • A deep dive report on TreasureDAO as a decentralized game studio
  • Bridgeworld mechanics & Treausre NFTs
• How has TreasureDAO fared since then?

• Weekly active users across the entire TreasureDAO ecosystem hit a peak of 16,000+ in March. Since then, it has fallen and stabilized at 2,000 – 3,000 users per week.
• This suggests a fledgling core group of players that could provide a strong foundation for the next leg up in TreasureDAO’s growth.
• We observe a correlation between $MAGIC price and active users, likely a symbiotic relationship. More active users lead to greater demand for $MAGIC, the reserve currency of TreasureDAO, which in turn draws more people as the token price rises.

• The most played game on TreasureDAO is Bridgeworld. This flagship game in the TreasureDAO ecosystem has received the most attention from the core team.
• It is a game of strategic commerce, trading, and domination. Bridgeworld launched its highly-anticipated Harvesters game mechanic two weeks ago.
• Harvesters are high potential $MAGIC reward pools that players and guilds must compete over through coordination and strategy.
• For more on TreasureDAO and Bridgeworld, Delphi members can read our latest NFT Insights report here.

🐣 Notable Tweets

Aligning Interests for NFT and Fungible Token Holders

When NFT projects have a fungible token, the communities holding the NFT and the token often diverge over time.

@FrankieIsLost, @transmissions11 and I built a mechanism for @artgobblers to disincentivize this divergence and fix it when it happens anyway.

https://paradigm.xyz/2022/09/goo

— Dave White (@_Dave__White_) Sep 6, 2022

What is Adventure ERC-721?

1/ For those who did some searching through our new AdventureERC721 token we released with
@DigiDaigaku Spirits we thought we would give a more in depth explanation of what where we’re going with the new Adventure Quest system! 🚀

— Gabriel Leydon (@gabrielleydon) Sep 7, 2022