7 min read

NFT Innovation Digest #61

FTX shakes up the Decentraland DAO / Pharrell's GODA Controversy / Nike's new web3 hub / Introducing... Zapper!
NFT Innovation Digest #61

Your weekly guide to the latest innovative developments, hot topics and recommendations across the NFT space. Join our new Telegram here!

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At Last... The Royal Arrival!

The much-anticipated NFT music platform Royal has officially launched, seeking to disrupt the traditional music industry by transforming and tokenizing revenue models. Underlying this is the idea of collective ownership between artists and fans, enabling listeners to become active investors who then personally earn royalties from every stream.

Founder and musician Justin Blau (aka 3LAU) cited the fact that at present artists receive  on average as little as 12% of revenue as the inspiration behind the new platform, as well as the need for more user-friendly interfaces to spread web3. Prior to this launch, Royal worked with notable artists such as Nas, The Chainsmokers and Diplo and claims to have already paid out more than $100k in royalties to the buyers of those NFTs.

Sources: Musically, Decrypt


#1 Nike Launches Major web3 Hub

Nike has regularly been in the headlines for its highly profitable entry into NFTs, particularly in comparison to its sporting rivals Adidas and Puma. Now, it is betting big on the future of digital products by launching its new platform .SWOOSH.

The platform is currently in beta, with the first collection not set to drop until 2023. It is also meant to serve as a centre for education with potential perks that include the opportunity to co-create virtual products with Nike and earn royalties from them in future, as well as virtual meetings with athletes and designers. In an attempt to 'level the playing field' and attract diverse users outside of web3 natives, Nike's launch strategy includes hosting events in the cities of Atlanta, Los Angeles, Charlotte, Tallahassee, Louisville and New York to distribute access codes.

Sources: Nike, Decrypt, Vogue, Wired


#2 FTX Collapse Prompts Decentraland DAO Re-think

One of the least high-profile but significant effects of FTX's collapse was a proposal last week submitted to the Decentraland DAO to pause their grants program until Q1 2023 to allow for the diversification of the DAO's funds (currently 99% of assets are MANA, the platform's native currency).

The proposal warns that "One of the largest lessons we can learn from FTX’s collapse is that overexposing one’s treasuries and assets to a single type of asset as your primary source of funding and liquidity, is a major risk" and points out that "Currently, our grants programs are distributed in USD Value; meaning for each grant we approve, we usually sell the USD-Dollar Equivalent of MANA from our treasury to fund the said grants, which means the more grants we approve, the more sell pressure we are placing on MANA, as an asset."

The vote reached the required threshold of votes and has been approved.

Sources: CoinDesk, Decentraland, Twitter


#1 Punks Hit IRL Museums

Yuga Labs are escalating a campaign for CryptoPunks to be acknowledged as contemporary art, by donating Punks to important IRL museums around the world. The first donation will be unveiled at Miami's Institute of Contemporary Art during Art Basel on December 2nd and is in fact a Punk with local links - Punk #305 (one of Miami's phone area codes). The city is also the hometown of the Yuga co-founders.

Punk #305. Image: Yuga Labs (Decrypt)

This move sits within the new Punks Legacy Project, which will also entail sharing web3 education and resources with museums, to encourage their broader adoption of NFTs. Noah Davis, Punks' official brand lead, commented: “It’s not about a certain number of Punks, but rather about finding museums and legacy art organizations that want to enter into Web3 for the right reasons,” said Davis. “Quality over quantity.”

Sources: Decrypt, Fortune, Yahoo


#2 GODA's NFT Controversy

The Gallery of Digital Assets (GODA), an organisation co-founded by Pharrell Williams, hit controversy last week after the family of the deceased Swedish artist Hilma af Klint accused GODA of infringing her work and wishes. A set of 193 NFTs recreating the artist's "Paintings for the Temple" series was put up for auction, in partnership with Stolpe Publishing, Acute Art, and The Hilma af Klint Foundation.

Hilma af Klint was a spiritual artist who considered this series part of her mystical journey. Her family therefore publicly objected to the NFT auction, stating that it wrongly monetized and commercialized her artworks. GODA responded that the family were falsely representing the Hilma af Klint Foundation, that "all necessary contracts and agreements are in place to validate the project’s authenticity”, and the auction went ahead regardless.

Sources: Decrypt, ARTnews, Hyperallergic


#3 X2Y2 Follows Suit

In a surprising reversal of the royalties tides, after OpenSea publicly announced that they would continue honouring royalties, they were followed by a change in policy by rival marketplace x2y2 BACK to enforcing royalties too. In an official statement x2y2 wrote "With OpenSea risking its market share and taking a brave move to defend royalties, they have our respect!"

x2y2 detailed their thinking fully in the Twitter thread below ⬇️

While many welcomed the re-prioritization of creators, OpenSea also instituted a controversial 'marketplace filter' that enables creators to block royalty-evading transactions, somewhat forcing the hand of other marketplaces.

Sources: Twitter, CoinDesk


Introducing... Zapper!

Zapper is a social web3 explorer that allows users to follow the blockchain journey of other people in NFTs, DeFi, and DAOs, while keeping track of their own, all in one place. What once began as a portfolio tracker, has since developed into a full-fledged canvas for web3 discovery and exploration.

In this guide, we'll walk you through all the essential features and offer an exclusive look into what's coming next 👀

#1 Get Started with Zapper's NFT Dashboard

The NFT dashboard on Zapper enables you to explore NFTs across Ethereum, Arbitrum, and Optimism down to the very last detail, designed to suit NFT traders and enthusiasts alike.

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#2 Dig Deep into Blue Chip Collections

You can explore blue chip collections through important data found simply with the “Explore” tab. This displays NFTs in a particular collection, top sales within specific timeframes, and floor price.

One of the coolest features provided by Zapper is the “rarity score.” When visiting a collection page, the NFTs will be ranked according to their rarity by individual traits. This makes it super easy to determine which NFTs are extremely rare, and which aren’t.

For narrowing items down, the app lets you navigate NFTs by their traits. This allows you to filter results to find exactly the combination/makeup you’re looking for when purchasing or learning more about a collection.

#3 Get Estimated NFT Valuations

Zapper provides an estimated value for each NFT. It does this with a unique algorithm measuring the most valuable trait of each token, and then adjusting it based on recent market movements.

For more information on how the estimated value is calculated, check out Zapper's Twitter post:

#4 Find the Next Blue Chip Project

Zapper is also an essential tool for scouting out new projects, with a neat following feature. This means that, on the app, users can follow notable wallets, influencers, and their friends, and when visiting a collection, you can see which people you follow are holders of that project. You can also explore their wallets and bundle wallets into groups by category, displaying their recent activity, holdings, and more!

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#5 What's Next?

It's no surprise that Zapper, the OG web3 explorer, has more than 1M active users and is the #no1 tool to research and track blue chip NFT collections in-depth. Next, the Zapper team is working on a “feed” where notifications and updates on the latest movements from wallets you follow will be displayed in a timely manner. With this development, we can look forward to a more interconnected web3 than ever. Watch this space!


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