NFT Innovation Digest #15

Most innovative (author's pick)

Fractal, the gaming-focused NFT marketplace founded by Twitch co-founder Justin Kan, officially launched. Fractal is a primary and secondary market for NFTs that have in-game utilities.

More:

• The platform initially launched on Solana but intends to add multi-chain operability in the future. 2% of the sales will go to the platform;
• Fractal initially partnered with Solana-based games such as the RPG Genopets, the shooter-stye game Nyan Heroes and the multiplayer online battle arena (MOBA) Solchicks;
• In addition to the marketplace, Fractal plans to help companies to include NFTs in their games to have a more impactful launch and build bigger communities.

Most discussed

OpenDAO (with no relation to OpenSea) launched its $SOS token airdrop. Users who have made a transaction on OpenSea before 23rd December were eligible to claim the airdrop.

More:

• According to the OpenDAO website, the goal of the project is "to pay tribute, to protect, to promote" the NFT community;
• 20% of the $SOS token will be used to compensate scam victims on OpenSea, supports artists and NFT communities and provide grants to developers;
• The total number of transactions has 30% weight, and the transaction volume has 70% weight for the token distribution, meaning that users with higher transaction volumes will receive more tokens.

Ethereum co-founder Taylor Gerring purchased a Mega Mutant Serum for 888 ETH ($3.6 million) and live-streamed the Mega Mutant Ape reveal. The Mega Mutant Serum is part of the Bored Ape Chemistry Club and comes in 3 tiers: M1, M2, and M3; with M3 being the rarest of them all.

Mainstream Adoption

Ferrari partnered with Swiss blockchain startup Velas to issue exclusive digital content for its fans. Velas will also be the main sponsor for Ferrari Esports Series, the online series competing in the F1 Esports Series.

More:

• Vela is an open-source blockchain that mixes features of centralized and decentralized tools;
• “Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport” according to Vela's CEO, Farkhad Shagulyamov.

GameStop created an NFT website soliciting applications from NFT creators. The application form asks for the applicant whether they have created any NFTs in the past and whether they have plans for NFTs to be created in collaboration with GameStop.

More:

• GameStop's NFT marketplace has been under development for several months, with a job post in April 2021 and another batch in October 2021;
• A launch date for the marketplace has not been yet announced, but this week's update revealed that GameStop will “open up [NFT] minting access on a rolling basis”.

New products and ideas

According to Kraken CEO, the forthcoming platform will enable NFT-collateralized loans. The company has plans to offer custody services for NFTs and the possibility to use the assets as collateral for loans.

More:

• The company would take the NFT activity "off-chain", to minimize minting and transaction fees at the cost of decentralization;
• Other big exchanges are heading into NFTs, such as Coinbase, FTX and Binance, all with plans for launching an NFT marketplace.

ProShares, a popular issuer of exchange-traded funds (ETFs) is seeking to launch a Metaverse-themed fund including Apple, Nvidia, and ​​Meta stocks.

More:

• On 29th November, two Canadian companies, Evolve Funds Group and Horizons ETFs Management started trading their Metaverse ETFs on the Toronto Stock Exchange.

The cross-game avatar platform Ready Player Me has raised a $13 million funding round led by venture capital firm Taavet+Sten. The company creates tools for developers to sell in-game items as NFTs, adding a layer of interoperability to the emerging virtual fashion space.

More:

• Ready Player Me has the goal for users to maintain the same consistent avatar and identity across different virtual worlds, serving as a “connective passport for the Metaverse”;
• Already 1,000 companies are using its items on their platform, including names like Warner Brothers, Dior and New Balance;
• “Building a good avatar system takes six months, 12 months of time, so we take that pain away from developers by doing the work for them. We want to unify the outer layers of virtual worlds to make for a smoother user experience” said Ready Player Me CEO, Timmu Tõke.

Recommended Readings/Watchings

• Trends to Watch: NFT Collectibles: This inside.com issue explores the trends in NFT collectibles in 2021 and what to expect for 2022;
• GameFi apps revived interest in blockchain gaming: Huobi Research: This research by Huobi dives into the rising interest on blockchain gaming.

New podcasts and shows

• NFT NOW Podcast: In this episode, the NFT NOW funding team reviews the year of 2021 for NFTs and what’s in store for 2022 and beyond;
• Unchained Podcast: In this episode, the NFT OG Mitchell F. Chan explains why he has released only one NFT project this year and how NFTs are transforming the traditional art world.

NFT space in numbers

The values below are from 24th - 30th December 2021. Source: DappRadar.

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