Billions in value wiped off crypto markets. Bitcoin and Ethereum trading at 30-month lows. Massive algorithmic loopholes exploited with dire consequences. Lay-offs and hiring freezes abound. Such are the headlines of late predicating a crypto winter.
The NFT market has particularly taken a hard-hit, with total trading volume across all marketplaces falling by 75% in less than 4 months. Floor prices also bottom out, leading to a sharper decline in total value. Understandably, it is only prudent for market players to consolidate and reduce spending in times of uncertainty.
Nonetheless, Web3 companies with strong fundamentals stick out amidst all the gloom. They hunker down and take advantage of the slower-paced market to build and polish their products. Notably, experienced VCs understand the importance of grasping opportunities in a recession and look for high value companies with high growth potential in a sanitized market. Two exemplary cases are Uber and Airbnb. Born out of the financial crisis of 2008 into a less competitive market, they were strategically funded and positioned to take advantage of the exponential growing demands for new and efficient services.
Brands are also taking advantage of the winter to enter the Web3 NFT market at a discount. Starbucks, CapitaLand, and Love, Bonito are just some of the big players looking for launchpads to guide them through launching their NFT collections and connecting with their consumers in new and exciting ways. Investments and interests in the NFT space are still strong and active, with more brands realizing the real-world value in its applications.
2MR Labs has uniquely positioned ourselves in Southeast Asia as the first launchpad in this space. We aim to bridge knowledge and expertise gaps for brands to launch their NFT collections and maximize their potential to connect with their communities. Brands such as XM Studios (with their popular franchise properties from Disney, Transformers, DC Comics, and more), The Assembly Place, and Culture Cartel are leveraging on our expertise to launch their NFT collections, with many more exciting projects lined up in the coming months with various brands.
We live in extraordinary times, and despite the slowdown in the NFT market, one thing is certain: The pace of innovation driving Web2 towards Web3 is not slowing down. 2MR Labs, with our institutional backing, has commenced seed funding rounds to take advantage of the sanitized market, furthering our capabilities and taking the lead in driving the mass adoption of digital assets and utilities in the physical world for brands and creators alike.
Stay tuned to this space for more exciting news as we announce upcoming projects and collaborations!