7 min read

NFT Innovation Digest #33

OtherSide breaking Ethereum / ApeCoin integrating with Polygon / Kraken's new NFT marketplace
NFT Innovation Digest #33

Cover Art: Apollo Vs Dionysus Scarves by Jasmine Mansbridge

Most innovative (author's pick)

Image: Pastel

Pastel Network announced the beta version of SmartMint, a no-code free NFT minting service for the Ethereum, Solana, Polygon and Pastel networks. SmartMint seeks to streamline NFT minting while leveraging decentralization by giving NFT creators ownership over their infrastructure.

More:

  • With SmartMint, users will be able to upload an image, add metadata properties and select the chain to mint on, similar to the OpenSea NFT creation experience. The major improvement is that SmartMint deploys a smart contract owned by the user;
  • The beta version of the platform will last three weeks. After that period, the product will be available to the public.

Most discussed

Image: Yuga Labs

Yuga Labs launched its new NFT project "Otherside”, selling over $310M in the mint and congesting the Ethereum network. Yuga minted its first round of Otherdeed NFTs, creating 55,000 items for pre-approved wallets. Each NFT cost 350 ApeCoins to mint, which traded for around $20 at the mint time.

More:

  • Only users who pre-registered before April 1, which included KYC requirements, were eligible to participate in the mint. The NFTs could only be purchased with ApeCoin;
  • Due to the high demand, the mint caused a severe gas war on Ethereum, with many users spending over 1 ETH in gas fees for a single transaction and not being able to mint the NFT. Yuga Labs promised to refund the users who experienced failed transactions.

Image: APECoin

After several issues with Yuga Labs' Otherdeed NFT minting, ApeCoin is being integrated with Polygon. According to Yuga “it seems abundantly clear, that Apecoin will need to migrate to its own chain in order to properly scale.”

More:


Image: Dune

An article by The Wall Street Journal has claimed sales of NFTs are "flatlining" in the same week that the top five collections made more than $1 billion in primary and secondary sales. However, on-chain data from Dune suggests that the NFT market is still strong, with NFT users and transactions much higher than what's reported in the article.


Mainstream adoption

Image: VanEck Community NFT

Asset management firm VanEck has launched its first NFT collection. The collection is a set of 1,000 items divided into several rarity levels with benefits such as early access to the company's digital asset research, and invitations to in-person events.

More:

  • The collection is based on Ethereum and its art was inspired by a series of memes featuring "Hammy", a character modeled after Alexander Hamilton, the first U.S. Treasury secretary;
  • The purchasers will receive the pre-reveal NFT via airdrop the week of May 2, 2022. At the end of May, the NFT will transform into an avatar with unique traits that will grant exclusive access to VanEck content.

Image: Starbucks

Starbucks plans to launch a series of NFT collections, according to a company blog post. The company aims to offer unique experiences, build communities, and increase customer engagement with the brand.

More:

  • The NFT collection will drive the "Starbucks Digital Community Web3 platform" that might include mobile payments in-store;
  • The Web3 platform will likely be multi-chain or chain agnostic, to remain consistent with the brand's commitment to sustainability.

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New products and ideas

Image: Kraken NFT

Kraken announced the launch of an NFT marketplace with subsidized Ethereum transaction fees for its users. The marketplace will allow users to trade NFTs custodied with Kraken with no gas fees, and use NFTs as collateral for loans.

More:

  • Users can already join the waitlist in order to have early access to the platform;
  • The marketplace will also feature a rarity score system based on the traits and attributes of each NFT, and also reward creators.

Image: Blur

Blur announced that it will open beta access to its trader-focused NFT marketplace. The marketplace will allow users to perform real-time listings and activities, and will feature instant metadata reveals.

More:

  • The beta waitlist is currently invite-only and the company is promising to reward early adopters.
  • "Reveals are one of the most critical periods of the NFT lifecycle. You no longer need to wait hours for metadata to refresh. Blur indexes reveals faster than anywhere else, automatically." The company said on Twitter.

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New podcasts and shows

  • The Matthew and Rizzle Show: In this episode, Matthew and Rizzle interview Patricio, the founder of Proof of Attendance Protocol (POAP). The interview covers the genesis story of the POAP protocol, Patricio's background, and his vision for where POAP may head next;
  • Unchained Podcast: In this episode, Laura Shin sits with the crypto-friendly artist RAC, and David Greenstein, co-founder of Sound.xyz, a Web3 music platform, to analyze the current state of the Web3 music scene and discuss how artists can leverage Web3 tools to get paid at fair market value for their art;
  • The Delphi Podcast: In this episode, Piers Kicks talks to Jin, Avaer, and Ahad from Webaverse, a fully open-source and open license web Metaverse. The podcast covers the ethos behind building on open standards, Upstreet, the MMO built on Webaverse, the NFT drop, 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 30th April - 6th May. Source: DappRadar.

Top Marketplaces

Marketplace Blockchain Volume Traders
OpenSea ETH, POL $1.32B
+87.38%
197,035
-11.14%
LooksRare ETH $515.04M
-4.53%
8,575
-2.85%
Magic Eden SOL $45.4M
+513.11%
66,216
+305.83%
CryptoPunks ETH $12.43M
-27.54%
76
-26.92%
NFTrade ETH, AVA, BSC, POL $9.21M
+1,720.32%
2,958
+81.36%

Top Sales

NFT Collection Price
Otherdeed for Otherside #24 Otherdeed for Otherside $954.33k
333 ETH
Otherdeed for Otherside #1890 Otherdeed for Otherside $796.44k
280 ETH
Bored Ape Yacht Club #9921 Bored Ape Yacht Club $739.72k
265 ETH
Otherdeed for Otherside #10 Otherdeed for Otherside $710.9k
250 ETH
Bored Ape Yacht Club #241 Bored Ape Yacht Club $667.37k
241.69 ETH

Top Collections

Collection Volume Traders Sales
Otherdeed for Otherside [NEW] $44.62M
-21.92%
2,812
-14.16%
2,073
-21.39%
Terraforms* $39.59M
-3.87%
13
-27.78%
39
+5.41%
Bored Ape Yacht Club $28.86M
+243.63%
144
+206.38%
85
+240%
Mutant Ape Yacht Club $18.09M
+50.08%
371
+36.9%
233
+42.07%
Meebits* $4.68M
+146.24%
102
-24.44%
64
-30.43%
Azuki $4.39M
-15.39%
74
-22.92%
51
-10.53%
Ethereum Name Service (ENS) $3.09M
-58.88%
11,281
-35.9%
29,825
-53.4%
Axie Infinity $2.72M
+378.92%
11,564
-1.13%
16,078
-2.31%
BEANZ Official $2.53M
-6.66%
222
+12.69%
148
+5.71%
CLONE X - X TAKASHI MURAKAMI $1.75M
-72.59%
52
-67.3%
29
-68.48%

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


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