for a private placement of common shares to raise approximately US$75 million. This funding will support the company’s continued growth and development within the NFT space.
Another noteworthy funding announcement in September came from TRLab, a web3 arts startup. The company raised $5 million in a funding round led by Hivemind Capital and OKX Ventures. TRLab aims to empower artists by providing them with the necessary tools and resources to create and monetize their digital art through NFTs.
In addition to funding rounds, the NFT market saw some interesting collaborations and partnerships. Casio, the renowned watchmaker, partnered with Polygon to launch the G-SHOCK NFT Project. This collaboration aims to combine the worlds of physical and digital collectibles by creating limited-edition NFTs inspired by iconic G-SHOCK watches.
Google also made a significant move in the NFT space by enabling NFT game ads starting September 15. This initiative allows game developers to promote their NFT-based games through Google ads, excluding any content related to gambling. This change in policy reflects the growing acceptance and mainstream recognition of NFTs as a legitimate form of digital asset.
While some prominent crypto ventures, such as a16z, have shown signs of engaging in bottom-fishing strategies, they have yet to invest significantly in the NFT market. This cautious approach may be influenced by the recent volatility and uncertainty surrounding the NFT space. However, as the market continues to evolve and mature, it is likely that more institutional investors will enter the space, bringing with them greater stability and liquidity.
Despite the challenges and negative sentiment surrounding the NFT market, there are reasons for optimism. The overall trading volume may have decreased in September, but it still amounted to $370.9 million, highlighting the continued interest and activity within the space. Additionally, marketplaces like LooksRare have seen an upward trend, suggesting that new players are emerging and gaining traction.
Furthermore, the decline in user activity and engagement may be temporary, as evidenced by the modest uptick in user engagement during certain periods, driven by specific events such as airdrops. The NFT market is known for its vibrant and enthusiastic community, and it is likely that new opportunities and developments will reinvigorate interest and participation in the future.
In conclusion, while the NFT market faced a challenging month in September, characterized by a significant downturn in trading volume, the reality is more nuanced than the bearish narrative portrayed by some media outlets. The NFT market continues to evolve and adapt, with new collaborations, funding rounds, and partnerships contributing to its growth and development. As the market matures, it is expected that greater stability and mainstream adoption will drive its long-term success.
