This week’s newsletter brings you news about Axie Infinity’s latest trailer for its upcoming Web3 game, Atia’s Legacy, as well as some significant updates in the NFT landscape. In other updates, luxury brand LVMH faces a lawsuit regarding NFT patent infringement, while NFT sales have plummeted by 63% since December 2024.
Axie Infinity unveils new Web3 title as NFT sentiment shifts positively
The blockchain gaming initiative Axie Infinity has rolled out a trailer for its new Web3 game, Atia’s Legacy. This massively multiplayer online (MMO) game expands the Axie universe, with developer Sky Mavis providing a sneak preview of the project’s latest chapter, emphasizing their commitment to offering genuine asset ownership to players.
This announcement coincides with news that the US Securities and Exchange Commission (SEC) has concluded its investigations into prominent NFT projects. Moreover, a company affiliated with Trump has registered trademarks for an NFT marketplace.
Sky Mavis co-founder Jeffrey Zirlin expressed optimism about these developments, suggesting that they hold the potential to further unleash the capabilities of tokens.
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LVMH embroiled in lawsuit over NFT technology related to watches
Designer smartwatch face company Watch Skins has filed a lawsuit against LVMH, alleging patent infringement. The firm claims it created a system that enables users to showcase verified NFTs on their smartwatches.
Specifically, Watch Skins accused TAG Heuer, a watch brand under LVMH’s umbrella, of improperly utilizing its patented NFT display technology in a smartwatch. The lawsuit further states that TAG Heuer encouraged customers to violate these patents by providing guidance on how to use the NFT display features.
Watch Skins is seeking a trial, financial restitution for lost royalties and profits, and an injunction to prevent LVMH from using the patented NFT technology in the future.
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NFT trading volume declines by 63% since December
In spite of some encouraging regulatory changes and renewed interest in the US, momentum for NFT trading volume has seen a slowdown in the first quarter of 2025.
Since December 2024, NFT trading volumes have fallen by over 60%. In December, the total trading volumes for blockchain-based digital collectibles reached $1.36 billion but then dipped by 26% in January, as noted by DappRadar analyst Sara Gherghelas.
This downward trend continued into February, with a 50% decline month-over-month. Gherghelas linked the decrease in NFT values to their dependence on crypto market prices, stating, “While NFTs had been showing signs of a rebound in recent months, their momentum has diminished since the year began.”
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Thank you for joining us for this recap of the week’s key happenings in the NFT arena. Be sure to come back next Wednesday for more reports and insights as this dynamic sector continues to evolve.