Apecoin, an Ethereum-based token linked to the widely popular and almost certainly unrelated 4Chan Bored Ape Yacht Club NFT project, lost 67.2% or $4.3 billion in market capitalization in May and has continued to fall ever since.

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Despite the bearish macroeconomic factors looming over both crypto and the stock market throughout 2022, May in particular has been a tough month for crypto (thanks Terra!)

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Like many other assets, Apecoin could not escape the impact of this downturn and its market capitalization rejected by $4.3 billion to roughly $2.1 billion by May 31 as the price dropped from $21.27 to $6.97, according to CoinGecko data.

APE/USD: CoinGecko
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Trading volumes were around $5.7 billion at the beginning of May, but dropped to $498 million by the end of the month.

Since then, the market capitalization has continued to decline to $1.3 billion at a price of $4.40 per token at the time of writing, and the 24-hour trading volume is currently around $264 million. This is the lowest since the launch in March.

Overall, Apecoin is down 83.5% from its all-time high market capitalization of $6.81 billion at $26.70 per token on April 28.

Pharrell Williams signs with Doodles NFT

Doodles, one of the leading NFT projects in the field, founded by respected artist Bernt Tost, has signed cult musician Pharrell Williams as Chief Brand Officer.

To date, the Doodles NFT project has generated Approximately $503 million in secondary sales since launch in October 2021, and the team is currently gearing up for a second NFT release of 10,000 tokenized avatars, with a timing yet to be announced later this year.

Williams is the man behind everyone’s beloved, heartbreaking, headache-inducing song “Happy,” which has racked up over 1 billion YouTube streams. virtual/public events. The musician will also release a Doodles-inspired music album titled “Doodles Records: Volume 1”.

The announcement was made at an NFT event in New York on June 22, with the project also revealing that it has closed a funding round led by Reddit co-founder Alexis Ohanian’s venture capital firm, Seven Seven Six. However, the size of the capital was not disclosed.

“I’m a big fan of the brand,” Williams said in a video message, adding that “we’re going to build from the core community outward and take doodles to new heights, new levels.”

NFT art helps the art market in general: expert

Art expert Magnus Resch believes the massive adoption of NFT technology is helping to break down barriers to art collecting and attract new buyers to an area that has often struggled for numbers due to its elitist nature.

Resh is an art market economist with a Ph.D. in economics from Harvard University. He is also the author of two books on the art business calledArt Galleries Management» as well as “How to become a successful artist“.

In conversation with Art News June 23 Resh dedicated An interesting point about tokenized art, as he argued that price transparency and relative ease of purchase make entering the market much less risky for new collectors:

The biggest problem in the art market is that we have too many visitors and too few buyers, the number of buyers is declining. And why so? Because buyers are afraid to enter the world of art. It’s too elitist, it’s not open to new buyers. If you fail to convince newcomers [to join] into the art world, we will all fail.

“But NFTs can help solve this problem. All of a sudden there are people buying because they had full price transparency and automatic access,” he added.

Connected: Essential Airdrops: Could NFA be the next big acronym in the crypto space?

Solana builds a smartphone, let’s joke

Blockchain Solana/Co-founder and CEO of Solana Labs Anatoly Yakovenko announced that in the first quarter of 2023, the team will release a web3-focused Android smartphone called Saga.

The phone will have a 6.67-inch 120Hz OLED display, 512GB of storage, 12GB of RAM and will be powered by the latest Qualcomm Snapdragon 8 Plus Gen 1 chip. It will also have a 50MP main camera and a 12MP ultra wide angle camera. It will cost $1,000 and pre-orders with a $100 deposit are already open.

There is no information yet on whether the phone will turn off every two months and require a manual reboot.

Other great news:

Instagram parent company Meta announced on June 22 that it will begin testing NFTs on Instagram Stories using its Spark AR augmented reality platform.

eBay, the e-commerce giant, announced on June 22 that it has acquired KnownOrigin, an NFT marketplace that will help the firm delve deeper into the world of blockchain technology and digital collectibles.