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OpenSea getting ready to take back the #1 spot?

Let’s digest:

1. OpenSea is Gaining Market Share on Blur

2. Kraken Lands Sponsorship in Premiere League

3. Is XRP Gearing Up for a Historic Breakout?

📈 MARKETS

NFT Market Flash

📰 TODAY’S TOP STORY

OpenSea's Market Share Rebounds as NFT Marketplace Competition Intensifies

As the NFT marketplace undergoes shifts amidst broader crypto market fluctuations, OpenSea and Blur are neck-and-neck in the race for dominance.

• After seeing a low of 13.19% in market share, OpenSea has made a a huge comeback, capturing 37.34% of the market as of June 2024.

• OpenSea’s seems to be attracting major trading activity due to its brand recognition and large user base.

• In contrast, Blur has maintained a substantial lead in terms of volume, consistently securing between 60% to 80% of market share this year.

• The introduction of the $BLUR token incentivized trading and deepened user engagement.

The current landscape highlights a clear preference among NFT traders for platforms that offer advanced trading tools and functionalities, mirroring the sophistication seen in traditional asset trading.

Despite not launching its own token, OpenSea's comeback could be signaling market anticipation of new strategic moves, possibly including a native token launch.

As the battle for NFT marketplace dominance heats up, both Blur and OpenSea continue to innovate, seeking to meet the evolving demands of a discerning trader base.

🖼️ Crypto

Kraken Lands Sponsorship Deals in Premier League

Crypto exchange Kraken is making strategic moves in the sports world, securing sleeve sponsorship deals with prominent soccer teams in both England's Premier League and Spain's La Liga.

The latest announcement sees Kraken partnering with Tottenham Hotspur, commonly known as Spurs, in a multi-season agreement.

• This deal comes on the heels of a similar sponsorship with Spanish soccer giant Atlético Madrid, underscoring Kraken's ambitious push into sports marketing.

• The financial specifics of the Spurs deal remain undisclosed, much like the terms of the Atlético Madrid agreement.

• However, industry comparisons suggest significant investment; for example, OKX’s three-year partnership with Manchester City cost the exchange $70 million, highlighting the substantial financial commitments involved in such high-profile sports sponsorships.

These deals are part of Kraken's broader strategy to enhance its global visibility and brand recognition.

As the company eyes an initial public offering (IPO), with talks to raise $100 million in funding by year-end, these sports partnerships could play a crucial role in bolstering its public profile.

The visibility gained through these sponsorships is invaluable, as both the Premier League and La Liga boast extensive global audiences.

🟠 Crypto

XRP's Price Surge Fuels Speculation of Historic Breakout

XRP has ignited the crypto community this week with an impressive surge of 35%, sparking discussions of a potential breakout on the horizon.

• Trading at $0.60, up from $0.43 just a week earlier, XRP's momentum aligns with a broader rally in the crypto market.

• Analysts and traders are buzzing about the potential for XRP to experience one of the most significant breakouts in its history.

• According to a July 16 post by crypto analysis firm Santiment, this sentiment is shared widely across social platforms, with traders pointing to a long-term bullish pattern on XRP's price chart.

Crypto Michael highlighted a "bullish pennant" pattern that has been forming over the past seven years—a technical formation often associated with a strong upward price movement following consolidation.

• Since the beginning of the year, XRP has fluctuated within a 75% price range, trading between highs of $0.71 and lows of $0.41.

• The current all-time high of $3.40 was set back in January 2018, but enthusiasts like Amonyx are optimistic: "XRP is going to new ATH this cycle, and there’s nothing you can do about it."

Adding to the technical excitement, Dark Defender noted that XRP is nearing a "master fundamental level" at $0.6649. Crossing this threshold could trigger "multiple God Candles," signaling substantial price increases and potentially setting the stage for a climb to new heights.

As market excitement builds, so does the trading activity…

Open Interest (OI) for Bitcoin, often a bellwether for the broader market, has increased by 58% in the past five days, hitting a three-month high.

This surge indicates a growing trader confidence, possibly heralding an even broader market rally led by major tokens like XRP.

Non-fungible News

• Gaming: Is Telegram the Future of Crypto Gaming?

• NFTs: Trump Says He’ll Release Fourth NFT Collection

• Crypto: Does SocialFi Have a Future in Crypto?

💡 INSIGHT

YOLO Games is Buying Back Their $YOLO Tokens

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