For the Love of the Game (Market Commentary) |
This past weekend, two major crypto/NFT events happened, Veecon Indianapolis 2023 and the BTC Miami / Ordinals Conference 2023. I chose to go to Indianapolis to meet my colleagues whom I’ve worked with for almost 3 years without meeting them IRL. At one point as I was walking back to the hotel on the streets of Indianapolis, it became apparent to me that there was a split in the NFT community. One was the "status quo" ETH-based community that’s in the pre-teen stage meeting up at Veecon,, and the other
was a newly birthed baby in Miami at BTC Miami/Ordinals 2023.
At Forkast Labs we work on CryptoSlam.io to “unite the NFT community”. Ever since our Co-Founder Randy Wasinger added Loom (Sorare), Flow, and WAX chains, alongside Ethereum in early 2021, we have always strived to include all NEW and relevant chains that we
can. I also met loads of NFT industry celebs, including Richerd from Manifold.xyz, who has created some of the most used Ethereum smart contracts in
the NFT industry. He had actually reached out to me in 2020 through a client at the time and we had only talked online, but never met in person, and now he had so many folks around him that I could only briefly speak with him. As an epic ETH NFT celebrity and developer, I decided to ask him a very telling question: "Are you developing for Bitcoin?" His response made it clear that he wasn't and had no intention of doing so at
the moment. He posed a great question in return, "Is the BTC community even supporting Ordinals?" It’s a great question to be honest. In Miami, it seemed that the main theme revolved around the "Laser-eyed maxis" who view BTC as a single-use case: "Better money" and a store of value that shouldn't be tampered with.
On the other hand, the new Ordinal crew, represented by individuals like @rodarmor, @TO, @LeonidasNFT, and @udiwertheimer, are leading the charge on alternative use cases such as digital artifacts (NFTs) and BRC-20s, which are the bitcoin equivalent of fungible
tokens like $ETH and $BTC. The latest rankings on CryptoSlam.io show that $OXBT and $ORDI are in the top 10, indicating the rapid rise of Bitcoin in the scene. Personally, I have never seen an ecosystem boot up this fast, except for NFTs in 2020-2021, and I would argue that it's even moving faster this time around. The Bitcoin currency market cap is more than double the Ethereum currency market cap ($500B+ vs $200B+) and the BTC protocol may be better suited to certain types of NFTs, ones that see immutability
and scarcity as features instead of weaknesses. Fundamentally, there is a big difference forming between what we are seeing on ETH and what we are seeing on BTC. The community is splitting into people who value UX, and corporate partners and one who values ultimate security/scarcity and immutability. While I think there are strengths to each, there IS a place for both. Net new people are coming into the "NFT" ecosystem, even if they will only trade Ordinals on BTC or BRC-20s, and they are really small in numbers, they are net new people. What will happen when the Michael Saylor’s of the world see the value in Ordinal theory, and it’s burgeoning use cases on BTC…well here he is:
The NFT ecosystem, while can be seen as splitting, is actually growing and innovating, and while Taylor Swift fans are not coming in en masse, the core set of people who see the future of this technology are more excited about the growth of this
industry than ever before. Follow me on Twitter, to keep up with the latest. Although the ETH Composite is up, the week’s lone green index
can’t drive the Forkast 500 NFT Index into positive territory this week. As a whole, the NFT markets are down nearly 1.5% in the past 7 days, reflecting traders focusing their efforts on the Bitcoin and Ethereum
ecosystems. Cryptoys - Star Wars
Date - May 26
Blockchain - Flow
Price - $39.99 USD People’s Art Museum - Yuanyuan
Date - May 26
Blockchain - Polygon
Price - .1 ETH Sesame Street - Oscar the Grouch
Date - May 27
Blockchain - Immutable X
Price - $60.00 USD Assassins Creed - Smart Collectibles
Date - May 30
Blockchain - Polygon
Price - $200 USD Lisa Orth - Speak To Me
Date - June 1
Blockchain - Ethereum
Price - Dutch Auction Funko - Adventure Time
Date - June 6
Blockchain - Wax
Price - $9.99 - $29.99 USD
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In
real life, or IRL for short, is a phrase used often in Web3. The NFT movement values digital items with IRL benefits and has driven that idea to become a key feature of nonfungible tokens. NFTs acting as tickets, an access pass, or maybe tied to clothing will populate everyday life, as NFTs continue to expand out of their digital borders. Dive in deeper to learn about the many IRL use cases for NFTs today. Happy Researching! Received this from a friend? Sign
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CryptoSlam Clubhouse
Podcast Yohann chats with John Linden, CEO of Mythical Games on several items
including: • Mythical Games was founded in 2018 to explore the potential of Web 3 gaming economies.
• The company launched Blankos Block Party and NFL Rivals, which are free-to-play games featuring Web 3 elements, like user generated content, and digital ownership.
• To facilitate these experiences, Mythos
Foundation created Mythos chain, a permissioned EVM compatible blockchain that enables players to have ownership of assets and access wallet features instantaneously.
• In 6 months, the goal is to rival Ethereum in terms of transaction volume while keeping an average transaction price point of $18 - providing gamers with affordable access to game assets. Watch the full interview now Missed an Episode? Watch all of our previous episodes on Youtube. Don't have time to watch? Listen to all of our episodes, available now on: |
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