For the Love of the Game (Market Commentary) |
A portal to the Metaverse has opened, and its point of origin was Apple’s official reveal of their new Vision Pro VR headset at WWDC 2023 yesterday. My thoughts? Apple’s new Mixed Reality headset is the most significant thing to happen to NFTs since CryptoPunks. Digital property is still an unrelatable concept to some, and for those same people, the idea that digital items can have financial value seems artificial at best, and nefarious at worst. But when they get to experience these assets through Augmented or Mixed Reality, a great awaking will occur,
and they’ll finally understand how tangible digital assets really are. CryptoPunks aren't noteworthy because they’re the first NFT. CryptoPunks are important because their existence inspired most of what we see in the NFT space today, including the ERC-721 token standard, 10k collection sizes, and iconic traits. Just like
CryptoPunks, Apple’s VR headset isn’t the first to market, but it is likely to inspire the future of NFTs and usher the masses into the Metaverse. - The SEC has filed a lawsuit against Binance and Coinbase for
alleged securities related to the sale of unregistered securities. These alleged securities include tokens that power many NFT projects like The Sandbox, Decentraland, Axie Infinity, and even blockchain’s main transacting tokens like Polygon’s $MATIC, Solana’s $SOL, Cardano’s $ADA, and Binance’s $BNB.
- Azuki is rocking and Twitter is abuzz, talking about Azuki’s rise to a 1-year highpoint in floor price. We’ve seen some massive sales for rare Azukis including this Rank 420 that sold for over 161 ETH.
- Frank DeGods announced a new Dust Labs product called De[id] that features wallet delegation for wallet security, and Twitter connectivity that allows holders to be auto-followed/unfollowed by official DeGods and Y00ts accounts.
- Opepen founder Jack Butcher celebrated Apple’s new product announcement with an announcement of his own, revealing his own entry into the Openen ecosystem. Opepen holders can now opt-in to redeem their NFTs for the chance to win a new Opepen designed by Butcher
himself.
- A Polygon collection called Weee Did It Palz blitzed its way to the top of the Polygon Collection Rankings. This feat was accomplished without using official Twitter and Discord accounts, and with no sales taking place on OpenSea or Magic Eden. Instead, these sales are ripping on the Element marketplace.
- NFC, or Non Fungible Conference is the latest ‘cant-miss’ NFT conference that NFT collectors are flocking to. Taking place in Lisbon Portugal beginning today, NFC is heavily focused on art and is co-sponsored by Cult Crypto Art, and The
Sandbox
- Azuki’s 1-year ATH floor price has helped
push the top 10 all-time NFT project to #2 on the 7-day rankings.
- DMarket and Gods Unchained still won’t let go of the middle of the chart.
- DeGods has had a big week and landed at the 8 spot, possibly from speculation leading up to the De[id] reveal.
- Ben.eth’s FF6000 drop which features an orange square made waves at launch last week as the latest hyped drop in his ecosystem of meme coins. This one however can be bridged to Bitcoin with the new BRC-721E bridge mechanic.
- Ethereum as a whole continues to reflect the change in traders’ sentiment to bullish and is up over 92% from the previous 7-day period.
- Bitcoin stabilized after coming back down from the high of the $OXBT frenzy.
- Polygon is having a big week and has been lifted to the #3 spot on the Blockchain Rankings thanks to newcomers called Weee Did It Palz, The Zumba Warriors, and The Flower Powerz collections.
NFT Forkast NFTs have seemingly had a great 7 days after rounding a corner in the bear market. In fact, 67% of new projects launched in the past 30 days have been profitable for traders. But as we’ve come to expect, the hot trading action today usually comes at the expense of established collections losing value. The Forkast 500 NFT Index reflects this behavior as the NFT market is down nearly 4%. We are now in a critical time for the blockchain, crypto, and NFTs and the impact of both Apple’s Vision Pro and the SEC’s lawsuit against Binance and Coinbase cannot be overstated. Yesterday’s two major developments will shape the foundation of Web3, and we’ll be here to show you, through data, how these forces change the NFT landscape. Have a MEGA GM, Slamfam, and we’ll see you again later this week. |
Mixed
reality is an experience similar to virtual reality, but instead of your vision being completely overtaken by the digital realm, you’ll now see your IRL surroundings with some useful overlays on top of them. Maybe you want to place a large virtual screen on a wall in your living room, or perhaps when you’re cooking you want a recipe to hover over your stove. This is exactly the type of utility that Mixed Reality will bring us, not in the future, but today. There’s plenty to learn about this
exciting tech, so I encourage you to go explore the MR/AR/VR worlds. Happy Researching! Received this from a friend? Sign
up for this twice-a-week CryptoSlam VIP newsletter. |
Coming up Next on CryptoSlam Clubhouse
Podcast Yohann chats with Edward Lee, a leading legal expert on NFTs and intellectual property.
He is a professor of law and co-director of Illinois Institute of Technology Chicago-Kent College of Law’s Center for Design, Law, and Technology, the first U.S. institution devoted to research of creativity, technology, design, and the law.
In his latest book “Creator take control” Edward offers a compelling new theory to explain the meteoric rise of non-fungible tokens
(NFTs) and their impact on art, business, entertainment, and society, and explains how they are revolutionizing our understanding of ownership.
In this interview they discuss:
- Recommendations for collections owners to legally protect their brands.
- How NFT technology and Web3 is
related to the birth of modern art in the 20th century and what lesson it provides for the 21st century.
- The explosion of AI and ChatGPT and how they are complimentary to NFTs.
- The theory of decentralized IP, or De-IP.
- Smart contracts on Ethereum, and lack of smart contracts on Bitcoin.
- How commercial rights for NFTs
and Bitcoin Ordinals compare to each other.
- What Edward’s favourite brand-able NFT IP is.
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: |
|
