Apecoin is no longer a banana, Pharrell touts Doodles and more…

Apecoin, an Ethereum-based token with It almost certainly has nothing to do with 4Chan The market value of the Bored Ape Yacht Club NFT project fell 67.2% or $4.3 billion in May and has been sliding since.

While bearish macro factors hang over cryptocurrencies and stock markets throughout 2022, May in particular has been a tough month for cryptocurrencies (thanks Terra!)

Like many other assets, Apecoin could not escape the shock of this downturn, its market capitalization reject As the price fell from $21.27 to $6.97, by May 31, the price had dropped by $4.3 billion, or about $2.1 billion, according to CoinGecko.

Ape/USD: CoinGecko

Trading volume at the beginning of May was around $5.7 billion, but dropped to $498 million by the end of the month.

Since then, the market cap has continued to slide to $1.3 billion, at $4.40 per token at the time of writing, while 24-hour trading volume currently totals around $264 million. This is the lowest level since its launch in March.

Overall, Apecoin is down 83.5% since hitting an all-time high market cap of $6.81 billion at $26.70 per token on April 28.

Pharrell Williams signs Doodles NFT

Doodles, one of the top NFT projects founded by respected artist Burnt Toast, has signed iconic musician Pharrell Williams as its chief brand officer.

So far, the Doodles NFT project has generate The secondary sale is worth approximately $503 million since its launch in October 2021, and the team is currently gearing up for a second NFT drop of 10,000 token incarnations later this year at an undisclosed date.

Williams is the man behind the beloved, heart-wrenching and head-scratching song “Happy”, which has more than 1 billion views on YouTube, and will be dedicated to directing the project with artwork, music, Product lines, animations and virtual/public events. The musician will also produce a Doodles-inspired music album titled “Doodles Records: Volume 1”.

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

“I’m a huge fan of this brand,” Williams said in the video message, adding, “We’ll build from the core community outwards and take Doodles to new heights, new levels.”

NFT art is helping the whole art market: experts

Art expert Magnus Resch believes that mainstream adoption of NFT technology is helping to break down barriers to art collecting and is attracting new buyers into a field that often struggles with volume due to its elitist nature.

Resch is an art market economist with a Ph.D. PhD in Economics from Harvard University. He also authored two books on the business of art called “Gallery Management” and”How to be a successful artist. “

Resch was interviewed by Art News on June 23 highlight An interesting point about tokenized art, as he argues that price transparency and relative ease of purchase make it far less threatening for new collectors to enter the market:

The biggest problem with the art market is that there are too many visitors and too few buyers, and the number of buyers is declining. why is it like this? Because buyers are afraid to enter the art world. It’s too elitist to be open to first-time buyers.If you can’t convince a rookie [to join] Entering the art world, we all fail.

“But NFTs can help with that. Suddenly someone buys because they have completely transparent pricing and automatic access,” he added.

related: Irreplaceable Airdrop: Will NFA be the next big acronym in crypto?

Solana is making smartphones, prompting jokes

Anatoly Yakovenko, Solana Blockchain/Solana Labs Co-founder and CEO Announce The team will launch an Android web3 smartphone called Saga in the first quarter of 2023.

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

There’s no word yet on whether the phone will go offline every other month and require a manual restart.

Other good news:

Meta, the parent company of Instagram, announced on June 22 that it would start Testing NFTs on Instagram Stories Use Spark AR, its augmented reality platform.

On June 22, e-commerce giant eBay Announced the acquisition of KnownOrigin — An NFT marketplace that will help the company further into the world of blockchain technology and digital collectibles.