NFT Review 59 - NFT Bubble?
NFT Review 59 - NFT Bubble?
OpenSea sales plunge 99%, A16z's NFT licenses, Solana influences Twitter?, and more
NFT Review is a weekly newsletter covering NFTs in the Web3 ecosystem on Polkadot’s side of the woods. The newsletter is put together by Bruno Škvorc and gbaci.
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Looking for a primer on NFTs? This should be the last introduction you’ll ever need.
Dear NFT enthusiast,
OpenSea NFT sales volume plunged 99% in 90 days, raising concerns around the NFT bubble bursting. Ignoring the obvious fact that the world economy is in a precarious situation, what does this slump in NFT sales mean for the industry?
For a long time, the NFT market has been driven by an investment mentality, wherein someone buys an NFT and hopes to flip it in a few days/months when the narrative wind blows in favor of the project. All the wild growth, to a large degree, was driven by this get-rich-quick investment behavior. With much fewer people being manipulated into buying narratives due to the dire macroeconomic reality, is it any wonder that the market is as it is now?
What does it mean to buy an NFT? When treated in a healthy manner, NFTs are a means to create a more economically, trustworthy, and meaningful relationship between creators/builders and their fans/supporters. In our honest opinion, this is one of the purest versions of the NFT relationship, uncorrupted by the disease of the get-rich-quick investment mentality.
While the recent loss of market value may seem like a massive disaster, we argue that it is, in some sense, healthy. People are having to reconsider what it means to be in NFTs. Artists are still selling NFTs to collectors who want to support them. It is these relationships that ignite life into technology.
Thank you for reading and have a great week.
— NFT Review
📬 NFT News from Kusama & Polkadot
Evrloot will host the DotSama Gaming Roundtable with speakers from other NFT gaming projects Exiled Racers, Damned Pirates Society, and PhalaWorld.
Subsocial began migrating all its NFT collections to Singular v2.
NFT gaming project Neon Crisis released a project update hinting at a new revenue generation mechanism.
InvArch, a decentralized & censorship-resistant alternative to GitHub, is storing code using RMRK NFTs.
GameFi platform DeQuest announced a partnership with RMRK.
RMRK hosted a Twitter Space with smart contract blockchain to discuss WASM and NFTs.
Bit.Country partners with Gate.io and KuCoin partners with to launch in the metaverse.
🗞 NFT News from Ethereum and Beyond
An opera-centric DAO is using NFTs to open up new funding avenues to classical musicians.
OpenSea says marketplace won’t support forked NFTs post-Merge.
Hackers try to sell NFT of Belarusian leader’s supposed stolen passport.
Hermès reveals plans for Metaverse fashion shows, crypto and NFTs.
Meta announced that Facebook and Instagram users can post NFTs from digital wallets. Following the announcement, Crypto Twitter shared security concerns regarding the news.
Solved! Mystery owner of the huge Axie Infinity SLP wallet is revealed.
Ticketmaster selects Flow blockchain for minting NFT event tickets.
A16z proposes a set of licenses especially for NFTs, based on the Creative Commons model.
Twitter brings back suspended NFTs accounts as Solana threatens to pause ad spend.
NFT Gaming CEO apologizes for losing 12% of startup capital through crypto trading.
NFT analyst OKhotshot published 18 uncomfortable truths about NFTs.
nameless introduced StealthTest, a private cloud-based testnet for QA testing NFT projects.
Nouns DAO started the ninth round of its Launchpad program for Nounish builders.
Paradigm researchers unveiled Variable Rate Gradual Dutch Auctions (VRGDAs), a new token issuance mechanism built for Art Gobblers that lets projects release NFTs flexibly along a custom schedule.
jokedao is innovating a new community-driven NFT governance system.
Lil Nouns DAO is trying out a new idea board system.
Nouns Builder is almost here. With it, other projects can easily customize their own Nouns DAO forks.
Juicebox is now able to field NFT mint proceeds directly from Zora sales into a decentralized treasury.
Yuga Labs said it will only recognize the PoS Ethereum chain post-Merge.
BLVKHVND became the first esports DAO to win a world title by topping the first-ever Pokémon UNITE Championship event.
Axie Infinity released its latest balancing patch.
Aavegotchi announced FAKE Gotchis, a community-driven art collection.
TreasureDAO kicked off Bridgeworld Games by rolling out Harvesters, which are a new tool for farming MAGIC.
Coopahtroopa published This Week in Music NFTs - August 22nd.
Chain Runners released interoperable metaverse avatars, which Nifty Island has already integrated.
Decentraland kicked off its Metaverse Art Week festivities.
MOCA launched its first Webaverse world.
Gem integrated sudoswap listings.
Hook, a new NFT call options protocol, launched on Ethereum.
SudoRare, a low-effort fork combo of LooksRare and sudoswap, rug pulled within hours of launching.
Uniswap is in talks with seven NFT lending protocols in an effort to unify liquidity in the NFTfi sector.
UNI holders approved the creation of the Uniswap Foundation.
That’s all for this week, see you in the next edition! Got some links to share with us, artists to feature, NFTs to sell, jobs to promote, or events to popularize? Get in touch with Bruno or gbaci!