6 min read

NFT Innovation Digest #57

Cardano battles Solana / Reddit NFTs reach 3 million wallets / Ozzy Osbourne headlines Decentraland / Blur airdrop to reward early adopters
NFT Innovation Digest #57

Cover Art: Moon Travellers #01 by Stefan Große Halbuer

INNOVATION OF THE WEEK

Blur Makes Waves

This week, the hyped NFT marketplace Blur officially launched with news of multiple upcoming airdrops. These airdrops will reward early traders with $BLUR tokens which will become usable in January 2023 as governance tokens. Blur claims to be the fastest marketplace to date, designed by and for pro traders. It is also an aggregator, meaning users can sweep and list across marketplaces 10x faster than its rivals such as Gem.

In a topical move, Blur is also trialling a new mechanism: incentivized royalties where three tiers of as-yet unspecified rewards await traders depending on whether they choose to 1) forgo 2) pay partial or 3) pay full royalties. Meanwhile, marketplace fees remain off until 2023.

Sources: Blur, Twitter, Decrypt


NEW PRODUCTS & IDEAS

#1 Scan-to-Own!

Prominent NFT collection Azuki announced the release of Physical Backed Tokens (PBTs) this week: an open source token standard tying a physical item to a digital token on the Ethereum blockchain. The aim is to enable decentralized authentication and on-chain provenance tracking, with Azuki simultaneously releasing a BEAN chip that when scanned will generate the PBT.

How does it work? According to the Azuki team, “Scanning the chip with your phone allows for the PBT to be minted or digitally transferred to the owner’s wallet. This allows the current owner of a physical item to also own the PBT, which verifiably authenticates the item and ties the item to a digital token in the wallet of their choosing.”

This release caused a huge bump in Azuki’s trading volume, temporarily becoming the #1 collection on OpenSea in terms of 24-hour trading volume. In spite of this positive market reception, some have argued that this is not groundbreaking technology but a combination of existing products with impressive marketing.

Sources: Coin Telegraph, NFT Evening, The Crypto Times


#2 Stacking (BAYC Cards) High

In June 2021, historic playing card manufacturer Bicycle (operational for 137 years) purchased BAYC #1227 for 103 ETH. This week, they announced that a BAYC-themed playing card deck based on their Ape will launch next year. This news is being celebrated with a launch event at LA-based NFT gallery Artcade and the release of co-branded merch. According to Global VP Masha Ievseieva, “It's communities like the Bored Ape Yacht Club that are shaping the future of the internet and the future of Web3.”

The firm is also continuing to build on its own Genesis Collection with a second physical deck based on artist Adrian Valenzuela’s futuristic designs that will also be distributed to NFT holders.

Sources: bitcoin.com, Decrypt, Bitcoinist


MAINSTREAM ADOPTION

#1 Ozzy Osbourne Rocks the Metaverse

Decentraland is going all in on their second annual Metaverse Music Festival, securing over 100 artists and headliners including Ozzy Osbourne, Dillon Francis and Soulja Boy. Last year’s festival saw over 50,000 attendees, and with much talk of low user numbers plaguing metaverses at the moment, this will be an interesting barometer for the industry.

The event takes place between November 10-13. It will be free to attend and also used as a showcase for new features Decentraland has been developing, such as Emotes (dance moves that can be sold bought and sold as NFTs). According to Producer Lara Dias, “The metaverse music festival is not attempting to replace a real-world experience, but rather just give another opportunity for people to enjoy the art of music.”

Sources: CoinDesk, Metaverse Music Festival, Global Newswire


#2 Tezos hits Shopify

Tezos NFTs are now supported on Shopify, thanks to an integration with the Taco app. Produced by software developer Taco Labs, the app offers loyalty schemes for brands to reward consumers with tokens and NFTs. This new Shopify plugin will also enable users to token gate products and offer exclusive discounts with Tezos NFTs.

Tezos has been increasingly praised lately for its energy efficiency and speed, with a significant uptick in the adoption of its NFTs this year on both the creator and buyer sides, particularly via the popular objkt marketplace.

Sources: Coin Journal, Finance Feeds


#3 Champagne Utility

Notable French champagne house Maison Perrier-Jouët announced it would release its last limited-edition Belle Epoque Jeroboam vintage from 2007 as an NFT in partnership with BlockBar and Hong Kong Digital Art Fair.

This 1/1 NFT (release date: October 21st) also comes with an invitation to a once-in-a-lifetime experience at the Maison Belle Epoque in Epernay, France. This UNESCO World Heritage Site’s highlights include the largest private collection of French Art Nouveau in Europe and historic cellars.

Sources: The Drinks Business, Block Bar


HOT TOPICS

#1: A Cardano Tsunami?!

The NFT space was overrun with references to Cardano NFTs this week as the blockchain jumped into the third spot (after Ethereum and Solana) and recorded a 132% jump in 24-hour NFT volume. There was even talk of Cardano supplanting Solana in a week that saw significant drops in Solana trading volume and floor prices, alongside a move to allow for zero-royalties trading from the main Solana marketplace Magic Eden.

Certain Cardano collections, including The Ape Society, have also been linked to the rise, and the top projects saw floor price increases of between 40 and 140%. To date, more than 6 million NFTs have been minted on Cardano, although its DeFi space lags behind other chains.

Sources: Cryptoslate, U Today, Cryptonews, Coinmarketcap


#2: Clash of the .coins

Industry giant Unstoppable Domains has stopped the sale of .coin domain names after it was made aware that Emercoin had been issuing them since 2014. In a statement, Unstoppable released an apology, stating that “The Emercoin team are pioneers in our industry and we regret that we weren’t aware of this naming collision earlier.”

Not only are they ceasing further sales, but they have discontinued services so that any of their existing .coin domains will not function. The potential dangers of having both companies operating in the same domain space are significant for users, as they could easily send funds to the wrong wallet or connect to the wrong site. For those who have purchased .coin domains from Unstoppable as an NFT still own that NFT but for all intents and purposes it has been rendered “functionally useless”. As compensation, buyers will be offered 3x the purchase price in credits.

Sources: Decrypt, Unstoppable Domains


#3: Rush for Reddit NFTs

In July 2022, Reddit launched a profile picture NFT collection to minimal fanfare, but the project’s impact is now being hitting headlines as it was announced that more than 3 million Reddit Vault wallets have been created so far. All the NFTs made available directly sold out (while some users with a history of high-value contributions were airdropped them for free) and are now only available on the secondary market.

Reddit’s success and mechanism of community rewards will no doubt be of interest to other more NFT-native players in the scene with vast user bases, such as Discord.

Sources: NFT Gators, Decrypt


WORDS

  • Ekin Genç breaks down the most profitable brands that have entered the NFT space and considers the secrets of their success. [Read it here]
  • Coin Telegraph interviews Hussein Hallak, founder of Momentable, about the future of IRL museums and how NFTs can be increasingly integrated. [Read it here]

PODCASTS

  • Overpriced JPEGs' Carly Reilly talks to insurance expert Sophia Zaller about when crypto companies go wrong. [Listen here]
  • A lively debate on the The Right Click Save podcast: is profile picture art dead?! [Watch and listen here]

EVENTS

  • 3-4 November 2022: NFT.LONDON (brought to you by NFT.NYC) takes place in London, UK.

TOP 5 MARKETPLACES

TOP 10 COLLECTIONS

TOP 5 SALES


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