Key Takeaways:
- Dubai's Museum of the Future has partnered with Binance NFT to release a new NFT collection
- The NFT collection is called The Most Beautiful NFTs in the Metaverse
- Floor prices of popular NFT projects have tanked in the recent bear market
YEREVAN (CoinChapter.com) – Dubai’s Museum of the Future, which opened its doors in February 2022, has joined hands with Binance for a new nonfungible token (NFT) launch. According to reports, the museum will launch ‘The Most Beautiful NFTs in the Metaverse’ collection with the world’s largest cryptocurrency exchange.
According to Lath Carlson, Executive Director of Museum of the Future, the museum plans to enhance its digital collection further. It also plans to launch a Metaverse soon. The official Twitter handle of the museum broke the news on Wednesday.
Omar bin Sultan Al Olama, Dubai’s Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications, has high expectations from the collaboration. According to the Minister, the partnership with Binance will help bolster the growth of the digital economy in the country.
“Museum of the Future’s partnership with the world’s largest cryptocurrency and blockchain ecosystem player makes a significant contribution towards Dubai’s plans to establish a new international digital asset ecosystem… It, in turn, will generate long-term economic growth within the digital economy,”
Omar bin Sultan Al Olama said.
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NFT floor prices tank as Dubai’s Museum of the Future makes entry
Amid the ongoing bear market, fueled by the crash of Terra (LUNA) and its stable coin UST, NFT prices have taken a hit.
NFT price floors have declined 50% on average in 30 days, according to NFT Price Floor. Blue-chip NFTs are most affected, with Bored Ape Yacht Club (BAYC) falling below the 100 ETH. Crypto Punks, another popular NFT collection, also saw its floor price fall to 50 ETH.
Mutant Ape Yacht Club (MAYC), one of the projects of Yuga Labs, is among the hardest to be hit. As NFT Price Floor reveals, the MAYC floor price has fallen below 20 ETH. Less than three weeks ago, the cheapest Mutant fetched over 41 ETH.
As CoinChapter previously reported, a majority of the top 20 projects saw their prices fall by nearly 80% in some cases. A report by Chainanlysis suggests that there are not as many takers for NFTs compared to when the year started.
Out of the nearly 1 million active accounts from the first quarter (Q1) of 2022, the number declined to about 491,000 in Q2. The steep fall marks a nearly 50% decline from Q1.
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Will the increase in cash holdings affect NFTs?
A recent report by Bank of America revealed investors are pulling their cash out of the market. As earlier reported, cash holdings of global fund managers went up from 5.5% to 6.1 on average. This is the highest level in over two decades, echoing extremely bearish sentiments in the market.
This could result in investors refusing to spend their cash on nonfungible tokens (NFT), sending floor prices further down. However, according to Gabriella Kusz, CEO of the Global DCA, the NFT industry is not correlated to stocks like cryptocurrencies. So while the price of Bitcoin (BTC) and cryptos will take a hit, NFTs will not be as badly impacted.
“As the Bank of America Report highlights, increasing cash holdings will likely have a negative impact on global equities. In regards to the broader NFT market, this appears to be operating in a lesser-correlated fashion so performance may not be as greatly affected,”
Kusz told CoinChapter.
Nonetheless, Helen Hai, Head of Binance NFT is very optimistic about the partnership with Dubai’s Museum of the Future. According to her, the collaboration will help “develop industry-leading digital products that enhance the industry’s growth and promote adoption of blockchain within the region.”
Despite launching just weeks ago, Dubai’s Museum of the Future has already in high demand. With Metaverse and NFT plans ahead, the partnership is sure to give a boost to the industry.
