Casio Joins NFT Market Resurgence with Virtual G-Shock NFTs on Polygon
In Brief
Casio, the popular watch company, has launched Virtual G-Shock NFTs on the Polygon blockchain.
Casio also opens doors to virtual co-creative projects and events.
Despite early 2023 NFT market recovery, Polygon experienced a notable market share decline from 4.1% to 1% and a 60.5% drop in trading volume from Q1 to Q2.
Renowned watch company Casio has entered the metaverse by introducing the Virtual G-Shock project. The interactive user community connects fans of the G-Shock shock-resistant watches, which were established in 1983 and have sold over 100 million units.
The initiative includes 15,000 G-Shock Creator Pass NFTs, granting access to co-creative projects and events within the virtual space. With the new project, Casio commits to expanding its global user base through innovative technologies and collaborative experiences. The Polygon-based NFTs are dropping on September 23.
One of the exciting co-creative projects includes the G-Shock Creator Pass Color Design Contest, allowing community members to determine the pass’ design through voting. Such an approach aims to redefine how G-Shock enthusiasts engage with the brand, using NFTs and the metaverse as catalysts for fresh experiences.
The project’s initial launch on Discord marks just the beginning of Casio’s venture into virtual experiences for G-Shock users. With a global distribution plan spanning multiple countries, Casio aims to unite fans across the globe in this exciting digital frontier.
Well-Known Brands Launch Projects on Polygon
Last week, LimeWire, a music NFT marketplace, launched its AI Creator Studio on the Polygon blockchain. Formerly known for peer-to-peer file sharing, LimeWire has transformed into a music-focused NFT marketplace. The AI Studio, built on Polygon’s Proof-of-Stake network for its speed and efficiency, aims to democratize access to AI tools, including image creation, video production, and music tracks.
Moreover, Sports Illustrated’s fan ticketing platform, SI Tickets, introduced “Box Office by SI Tickets,” a self-service event management and primary ticketing solution powered by Polygon.
Last year, Starbucks partnered with Polygon to launch “Odyssey,” a web3 project introducing an NFT rewards program. This loyalty program is the first to integrate NFT technology, utilizing Polygon’s PoS network for cost-effective and speedy transactions. Pepsi also released an NFT collection named “Pepsi Black Zero Sugar,” which comprises 20 digital collectibles, and they have been minted on the Polygon blockchain.
NFT Market Awaits Recovery
In early 2023, NFT sales showed signs of recovery, reaching nearly $2 billion in February. Trading volumes in Q1 2023 surged 137% from the previous quarter. However, March saw a dip in trading volumes and sales, possibly influenced by Bitcoin’s stagnant price. Despite April’s sluggishness, the overall outlook for 2023 appears cautiously optimistic, with Ethereum and Polygon gaining prominence in the NFT space while the broader crypto market continues to impact NFT performance.
According to data by CoinGecko, Polygon’s market experienced a fall from 4.1% in February 2023 to 1% in June 2023. The decline was mirrored in its NFT trading volume, which plummeted significantly from $11 million in Q1 2023 to just $4 million in Q2 2023, marking a substantial 60.5% decrease.
In February, Polygon achieved trading volume of $80 million. However, this positive trend took a downturn in March 2023, hitting an annual low with a market share of only 0.09%, with a decrease in trading volume to $20 billion. In April, Polygon NFTs had a trading volume of $20.8 million, followed by $12.6 million in May and $10.3 million in June.
While Polygon saw a slight resurgence in April 2023, capturing 1.8% of the market, the platform’s trajectory has since been on a downward slope. This decline can be attributed, in part, to the diminishing excitement following y00ts’ migration, a sister project of DeGods, from Solana to Polygon in late March 2023. y00ts has become one of Polygon’s top 10 traded NFT collections in all-time sales volume.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
