NFT Innovation Digest #19

Most innovative (author's pick)

Web3-native NFT order book protocol Reservoir provides a modular marketplace architecture as a new primitive that enables interoperable consumer apps, the Reservoir's order book, and different liquidity sources.

More:

• Reservoir allows different consumer apps to access different liquidity sources through its base NFT order book structure, solving fragmented liquidity issues;
• With the protocol, new forms of liquidity (AMMs, collection-wide offers, etc) can find adoption by feeding into all the marketplaces and interfaces leveraging the shared order book.

Most discussed

OpenSea launches new listing manager after discount bug. On Jan 24, three attackers bought $1 million worth of NFTs for a fraction of their market value. OpenSea then launched a new listing manager, adding a dashboard that shows all of one user's inactive listings where they can cancel each listing with one click.

More:

• OpenSea also updated its default listing duration from six months to one month and started notifying users if they have an active higher price listing when they reduce the price for the same item.
  

YouTube is exploring the idea of helping its content creators to capitalize on NFTs according to its CEO Susan Wojcicki in an annual letter to content creators.

More:

• “We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” said Wojcicki.

Mainstream Adoption

Adidas Originals and Prada announced an NFT collaboration featuring user-generated content and creator-owned art. The project will feature people across fashion, design, and crypto to create a mass digital artwork inspired by the physical Re-Nylon collection.

More:

• The companies will invite their collective audiences to contribute anonymized photographs to the NFT project on the Polygon Network;
• Digital artist Zach Lieberman will compile 3000 community-sourced NFT artworks and combine them as a single NFT design;
• “Owners of each individual NFT will receive a percentage of the auction sale of Adidas for Prada re-source by Zach Lieberman each time it is sold, in perpetuity,” according to the statement.

John Lennon's son Julian is auctioning a collection of Beatles memorabilia as a set of NFTs. The most important piece of the "Lennon Collection" is notes jotted by Paul Paul McCartney while writing "Hey Jude". The auction will take place on the NFT marketplace YellowHeart on Feb 7.

More:

• The collection also includes clothing worn by ohn Lennon in the Beatles' films and various guitars given to Julian Lennon by his father;
• The NFTs will take the form of audio-visual collectibles and will come with narration by Julian.

New products and ideas

Syndicate launched "Web3 Investment Clubs", a crypto-native social investing tool build on Syndicate Protocol. The tool provides everything necessary to create DAOs with built-in compliance tools.

More:

• According to the protocol, it is possible to transform any Ethereum wallet into a power investing DAO "in seconds for just the cost of gas";
• Syndicate is also partnering with Doola, a platform that helps incorporate businesses in the U.S. and which can help DAOs become legal entities, create bank accounts, and file taxes.

Twitter started enabling the NFT Profile Picture function via its Blue subscription offering. Twitter Blue subscribers based on selected countries and using the iOS Twitter mobile app will be able to use an owned NFT as their profile picture, the NFT appears as a hexagon on the profile picture.

More:

• The Twitter Blue subscription costs $2.99 a month and provides premium features such as the ability to undo tweets and remove ads besides the NFT profile picture verification;
• Users must connect their crypto wallet to verify their NFT ownership. The feature currently supports Coinbase, Rainbow, MetaMask, Trust, Argent, or Ledger Live wallet.

Recommended Readings

• Constant Rate Issuance Sales Protocol: This article by Paradigm introduces a pricing mechanism aimed to sell a target rate of NFTs over time by algorithmically setting the selling price based on past sales rates;
• Minting Your First NFT: This CoinDesk article provides a step-by-step guide to mint your first NFT. The guide doesn't require previous code experience and covers topics such as selecting the platform, building a community, minting and sharing, and more;
• Zora V3 explained: This Metaversal article explores the new features of the NFT hyperstructure Zora V3.

New podcasts and shows

• CoinGecko Podcast: In this episode, Ben interviews Stephen Young, co-founder, and CEO of NFTfi, a marketplace for NFT collateralized loans. In the podcast, Stephen talks about the challenges faced by NFTs low liquidity, NFT vs. DeFi type loans and shares details about NFTfi V2;
• The Delphi Podcast: In this episode, Aron Beierschmitt, CEO of the team behind the blockchain game Crypto Unicorns, discusses building sustainable play-to-earn economies and integrating social gameplay through neighborhoods;
• Unchained Podcast: In this episode, Laura interviews Will Papper and Ian Lee, co-founders of Syndicate. Will and Ian announce in the podcast the release of Syndicate's "Web3 Investment Clubs", a set of tools capable of turning an Ethereum wallet address into an investing DAO with just a few clicks.

Save the date

• 17th - 20th February: ETH Denver is the largest and longest-running ETH event in the world, with several panels, workshops, and hackathons, it's a no-brainer.

NFT space in numbers

The values below are from 21st - 27th January 2022. Source: DappRadar.

Top Marketplaces

Top Sales*

*The sales occurred on the LooksRare marketplace and may be subject to wash trading.

Top Collections

*Most of the sales in the collection occurred on the LooksRare marketplace and may be a subject of wash trading.

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