6 min read

NFT Innovation Digest #28

Ronin $625M exploit / OpenSea adding support to Solana / World's priciest living artist launching NFTs
NFT Innovation Digest #28

Cover Art: Krahhin by Sotuland Dreams

Most innovative (author's pick)

Image: Phi

Phi is a new Metaverse created from ENS domains and on-chain activity built on Starknet. The platform enables the visualization of on-chain identity and activities, enabling the creation of an open and inclusive Metaverse land system.

More:

  • The project has the potential to aggregate the Metaverse land concept to various on-chain activities, enabling the creation of custom profiles and making it easy to onboard casual crypto users.

Most discussed

Image: Axie Infinity

Roughly $625M has been stolen from the Ronin network, the blockchain underlying the popular game Axie Infinity. The exploiters used hacked private keys and then shorted $AXS and $RON tokens knowing that the hack news would cause the token to plummet.

More:

  • The Ronin chain consists of nine validator nodes. In order to execute the $625M withdrawal in ETH and USDC, the attacker had to control over five of the nodes;
  • The exploiters were able to steal the private keys of Sky Mavis' four Ronin Validators as well as a third-party validator from Axie DAO. Sky Mavis plans to reimburse the stolen funds.

Image: OpenSea/Solana

OpenSea tweeted a teaser video suggesting that it will begin supporting Solana blockchain NFTs on its platform. However, no official announcements have been made yet.

More:

  • The current lead NFT Marketplace on Solana is Magic Eden, with over 90% of Solana NFT market volume.

Mainstream adoption

Image: Deutsche Bank

In a research report, Deutsche Bank stated that it believes Instagram will help NFTs reach a wider audience. The bank predicts that Instagram will simplify the process of buying and selling NFTs, lowering its entry barrier.

More:

  • The bank also stated that Instagram's strong global brand recognition will “lend itself to legitimatize NFTs, which could serve to erode buying hesitancy across the company’s broader audience.” ;
  • According to the report, the launch of an NFT marketplace on Instagram is highly likely to gain traction. Based on typical NFT marketplace fees and conservative assumptions, the bank estimates that an NFT marketplace on the social media platform could lead up to $8 billion in net annual revenue.

Image: Visa

Visa has launched the "Creator Program": a program to help entrepreneurs incorporate NFTs into their business models. Visa's product and strategy team will train creators across art, music, fashion, and film on a variety of NFT-related topics, such as the tradeoffs between different blockchains, smart contracts, and NFT marketplaces.

More:

  • One of the first Creator Program participants is former Major League Baseball second baseman Micah Johnson, who launched his NFT character, Aku, last year.

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New products and ideas

Image: Ross Ulbricht's blog

Silk Road Founder Ross Ulbricht is going to release a collection of Bitcoin NFTs at the Bitcoin 2022 conference in Miami. The collection will feature four physical oil paintings, one hand-drawn physical animation, and five corresponding Bitcoin NFTs.

More:

  • The NFTs will be minted on April 5 to commemorate Satoshi Nakamoto’s birthday, and the collection will be auctioned off at the Bitcoin 2022 conference in Miami on April 6;
  • The proceeds from the auction will be used to help children visit their parents in prison.

Image: Jeff Koons

The world's priciest living artist, Jeff Koons, will launch his first NFT. Koons, who is famous for his iconic giant steel balloon dogs, will debut in NFTs with a new collection of physical sculptures with a corresponding digital version.

More:

  • The project is a collaboration between Koons, Pace Gallery's dedicated crypto arm, 4Space, NFMoon, and Intuitive Machines;
  • The NFT collection is planned to launch later this year, and proceeds from one of the first NFT sales will be donated to Doctors Without Borders.

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New podcasts and shows

  • The Crypto Conversation: In this episode, Andy interviews Eliherf, Head of Community of several NFT projects in the Stacks ecosystem. Eliherf gives valuable tips on how to grow and sustain crypto communities;
  • Overpriced JPEGs: In this episode, Carly chats with the NFT OG Carlini8 on ENS subdomains, NFT Dutch auctions, NFT roadmaps, and the APECoin airdrop;
  • Zima Red: In this episode, Andrew talks to Conor and David from Metastreet, a liquidity routing and scaling protocol for NFT lending markets. This episode explores the types of credit markets, how Metastreet works, and much more.

Save the date

  • 20th - 23rd June: NFT NYC is the leading annual NFT event, don't miss it!

NFT space in numbers

The values below are from 26th March - 1st April 2022. Source: DappRadar.

Top Marketplaces

Marketplace Blockchain Volume Traders
LooksRare ETH $673.92M
+34.7%
4,653
+8.78%
OpenSea ETH, Polygon $582.46M
+18.72%
182,702
+1.96%
CryptoPunks ETH $12.21M
-53.46%
62
-56.64%
BloctoBay FLOW $8.15M
+234.23%
17,296
-3.18%
NBA Top Shot FLOW $7.52M
+0.26%
38,148
-13.24%

Top Sales

NFT Collection Price
Azuki #9605 Azuki $1.42M
420.7 ETH
Fidenza #692 Art Blocks $993.47k
320 ETH
CryptoPunk #7971 CryptoPunksCryptoPunks $733.45k
235 ETH
CryptoPunk #4985 CryptoPunksCryptoPunks $731.94k
217 ETH
Bored Ape Yacht Club #4740 Bored Ape Yacht Club $657.93k
200 WETH

Top Collections

Collection Volume Traders Sales
Terraforms* $216.22M
-19.5%
205
-65.31%
380
-56.72%
Meebits* $100.96M
+28.01%
1,670
+943.75%
1,865
+631.37%
3Landers $36.29M
+265.13%
6,037
+47.6%
6,869
+75.72%
Bored Ape Yacht Club $33.88M
+191.48%
238
+190.24%
154
+250%
CryptoPunks $29.89M
+236.16%
185
+236.36%
144
+234.88%
Mutant Ape Yacht Club $15.18M
+64.12%
543
+97.45%
339
+92.61%
Azuki $12.93M
-55.79%
634
-27.87%
397
-31.2%
CLONE X - X TAKASHI MURAKAMI $11.66M
-3.85%
451
+15.05%
275
+7.84%
NFT Worlds V2 $10.52M
-57.55%
383
-49.74%
267
-54.28%
Axie Infinity $8.65M
-29.3%
80,820
-7.95%
170,316
-15.37%

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


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