2MR Labs Newsletter - July

Investors & Community Update

Investments and Partnerships

| Our Investments

2MR Labs kicked off its Seed Investment Round and aims to secure USD$6million in funding. Within the first week, we have secured our first lead strategic investor, Nathaniel Kwek, CEO of Sushi Express and board member of Gourmet Food Holdings.

This partnership provides 2MR Labs access to the wide networks within the F&B industry, enabling us to onboard F&B companies into the Web3 space. We will continue to look for more strategic investors and venture capitals during this Seed Round to partner and grow with us in this fast-paced Web3 space. To date, 2MR Labs have secured 30% of our targeted USD$6million in commitment for our Seed Investment Round.

| Strategic Partnerships

Purveyors of street culture, Culture Cartel is set to launch its series of exclusive NFT collections in partnership with 2MR Labs, to engage and provide exclusive utilities to their community. The brand is dedicated to illuminating the different subcultures across South-East Asia and the world, and this series of NFTs empowers its artists to showcase their talents in this new digital frontier. The first of this series, a collaboration with tattoo artists Frankie Sexton and Augustine Nezumi from the famed local tattoo studio Singapore Electric, will feature utilities such as VIP passes, priority to upcoming limited edition drops and exclusive invites to Culture Cartel events.

Limited Edt will also be launching an exclusive artwork NFT collectible tied to real-world utilities in partnership with 2MR Labs, allowing holders and fans to acquire a one-of-a-kind sneaker package. Since its inception, Limited Edt has been at the forefront of the local sneaker scene as the first-ever retailer dedicated to lifestyle sneakers in Singapore. Over the years, the brand has secured its position as the premier retailer of sneakers in Singapore and a hub for sneaker

culture. With this foray into the Web3 space, Limited Edt aims to offer its fans a new experience and connection with the brand.

In the following months, 2MR Labs will be looking to launch USD 6.8M worth of utility-driven digital assets with our partners at XM Studios, Culture Cartel, and Limited Edt, transforming the way businesses and brands connect with their fans.

| Project Future ― Culture Cartel x 2MR Labs

As the premier hub for street culture, Culture Cartel will be launching an all-encompassing NFT expo jointly with 2MR Labs. Kicking off in August, “Project Future ― Culture Cartel x 2MR Labs” will take over the upscale 313@somerset mall and showcase street culture with a Web3 twist. With planned activities such as exclusive NFTs showcases, workshops, and collaborations, popular streetwear brands and artists will be looking to integrate Web3 elements into their brands at the expo.

2MR Labs will also be featuring popular NFT collections from its partners. The 1st series of NFTs by Culture Cartel, from tattoo artists Frankie Sexton and Augustine Nezumi, will be launched at the event. It will be showcased alongside Limited Edt’s exclusive NFT series, as well as popular native NFTs from 2MR Labs such as Mutant Ape Kids Club (MAKC), Bored Ape Teen Club (BATC), and the premier NFT series Zombie MAX (ZMAX).

| NFT Bootcamp

A key building block of Web3 is the knowledge economy, where skills and ideas build on each other through knowledge sharing to propel the ecosystem forward. This knowledge economy has created a tightly knit community of Web3 enthusiasts and creators. Being a part of this community, 2MR Labs hosted its first in-house NFT Bootcamp for aspiring NFT creators and experienced developers, to learn more about how 2MR Labs is deploying Web3 technology.

By bringing creative minds and experienced developers together through our NFT Bootcamp, 2MR Labs will be able to bring true value to the community, further building on this knowledge economy. Do keep an eye out for future Bootcamps as we aim to empower more individuals with Web3 knowledge!

| ThaddyBear

A CSR project sponsored by 2MR Labs, the ThaddyBear campaign is set out to support Thaddeus, an 8-year-old child battling Neuroblastoma, a rare form of childhood cancer that affects less than 10 children in Singapore each year. The campaign kicked off in June and has successfully raised over SGD $1million in a week. Donations are still ongoing and 100% of the funds raised will go towards covering the medical bills and costs related to Thaddeus’ treatment. Donors of the ThaddyBear campaign will also be airdropped a hand-drawn collectible NFT created by Thaddeus. (Click here to support the ThaddyBear campaign)

💭 Industry Insights

| NFT Trading Volume Remains Steady in July

The Average Daily Trading Volume of NFTs across the top 3 marketplaces fell by 19.87% from June to July, from an average Daily Volume of USD $40M in June to an average of USD $31M in July. Compared to the market peak in January 2022, the Average Daily Trading Volume of NFTs across the top 3 marketplaces in the current climate is -85.5% lower.

Despite the fall in Daily Trading Volumes on OpenSea, x2y2, and LooksRare, the Total NFT Trading Volume across all marketplaces continues to remain steady and surpassed 1.2M ETH (≈USD $1.6B) for the month of June and July, with x2y2 overtaking OpenSea as the largest market player.

| OpenSea Losing Market Dominance

OpenSea has been the undisputed leader over the past few years, having the largest market share of NFT trading volume. However, as of late x2y2 has overtaken OpenSea as the market leader in trading volume. Evaluating only the Top 3 NFT Marketplaces, x2y2 has a market share of 42.9% beating OpenSea with a market share of 34.7%.

| Crypto Institutions Are Building During This Crypto Winter

Despite the chilling effects of the crypto winter, crypto natives and institutions are building to increase Web3 awareness and adoption. Recent trends have pointed towards the continued attraction of mainstream influencers into the Web3 space, as seen from the partnership between Binance and mainstream celebrities such as footballing icon Cristiano Ronaldo and Tiktok star Khaby Lame. Both have partnered with Binance as brand ambassadors and will look to launch a series of exclusive NFT collections in the coming months. The continued expansion of outreach into mainstream audiences reinforces the belief that key opinion leaders and institutions have in the long-term growth potential of Web3.


In August, do look forward to,

  • Launch of Upstairs Marketplace Beta Version
  • Launch of NFT collections from our partners at XM Studios, Culture Cartel, and Limited Edt
  • Project Future ― Culture Cartel x 2MR Labs

Visit our website and keep up to speed with us.


Signing off,

Arthur Lin & Rex Teo

Co-founders of 2MR Labs

Ask US Anything