This Week in Crypto 5-8-23

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In this week’s overview of crypto news, we’re looking at the latest memecoin craze, Sotheby’s entering the metaverse & NFT space, and a brand-new Star Wars NFT collection set to release later this month. Enjoy reading this week’s stories!

PEPE Coin and Other Memecoins See Major Rally
The memecoin market experienced a major rally over the last week as PEPE, the newest popular memecoin, reached a market capitalization of over $1 billion. The frog-themed coin launched in April of 2023, meaning it’s only been around for a few weeks. Despite its relatively young age, the coin rose over 1400% last week and currently has a market capitalization of over $823 million at the time of writing. According to the coin’s website, “the coin is completely useless and for entertainment purposes only”, so it’s the community built around the coin that is driving its value. Cryptocurrency exchange Binance recently listed the coin, opening up access to many more people. However, the coin saw a few sharp drops on Friday of last week and is currently valued at $0.00000224 per coin. PEPE serves as a good reminder to always do your own research and invest carefully.

Auction House Sotheby’s Launches NFT Art Marketplace
Globally-known auction house Sotheby’s entered the metaverse by launching their own digital art marketplace, which curates the “best of digital art” and allows people to bid on NFT artworks. Sotheby’s, which was established in 1744, is one of the world’s largest auctions for art and luxury items. The online auction will feature a “rotating, curated selection of leading artists hand-picked by Sotheby’s specialists”. Sotheby’s has previously sold NFTs for tens of millions of dollars, including a rare “Alien” CryptoPunk for $11.8 million in 2021. It’s interesting to see an organization like Sotheby’s evolve and adapt to the newest technology!

Cryptoys Announces Release of Exclusive Star Wars NFT Collection
NFT Studio Cryptoys announced the release of its first volume of Star Wars character NFTs on May 4th, known as “Star Wars Day” to many. The collection will contain digital collectable versions of Star Wars movie characters. However, there’s a twist – each NFT is a mystery box, meaning that you have a chance to get characters ranging from common to the highly-coveted “Ultra Grail” rarity. You can purchase an NFT for $39.99 when the collection releases May 24th! 

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