Parsec NFT Weekly July 29-5 August
gm parsec enjoyoors, welcome to the parsec weekly's second edition
TLDR:
Web2 x web3 - NFTtiff
Treeverse combat trailer
gmDAO, Factura
Based Ghouls, Sudoswap
CC0 summer?
Market overview -
The market has been relatively flat again this week with only one new drop (Potatoz) in the top 10 by weekly volume, Potatoz have doubled in price since last week and are still sitting very strong at #3. A return to mean with mostly bluechips leading the volume charts but bluechip floors still flat and down across the board sans Punks. Punks out in front on news that Tiffany and Co is releasing 250 diamond pendants exclusively to punk holders. The biggest news this week has been the flurry of web2 brand integrations, more below.
The
institutionsbrands are coming for your jpegs” - anon
Big brands enter the space - Luxury jeweller giant Tiffany and Co announced they are releasing 250 Punk pendant NFT’s limited to holders at a whopping 30 ETH mint price. Each NFT represents and is redeemable for the physical pendant. At the time of writing, 100 have already been minted in an exclusive presale to the likes of @kevwuzy and @seedphrase, with the other 150 dropping in 11 hours, 30 ETH may seem like a hefty price tag but with such a limited supply and the calibre of punk holders average net worth I’m expecting a fast sellout. Check out this excellent dashboard made by @0x_catherine all about the drop.
Edit: NFTiff public sale sold out in 20 minutes 🙃
A flurry of other notable web2 brands have also made headlines this week:
Blackrock to let users gain Bitcoin exposure through Coinbase
City of Miami to release 5k NFT’s in collaboration with Salesforce, Mastercard and TIME magazine
Treeverse - One year on from their launch Treeverse has released their first combat trailer and it looks epic
“A reimagined Runescape or WoW” - Loopify, founder
A top down MMORPG for mobile with Zelda style graphics and an emphasis on cooperative multiplayer, any pre-online gamer will remember the glory days of co-op story games and I’m definitely here for it. Treeverse will incorporate NFT’s and web3 connectivity though Loop has been vocally hesitant on labelling it as a ‘p2e’ or ‘blockchain game’ and instead emphasising it as a game first and foremost. Treeverse has been great at curbing expectations which is very important in the hyperspace that is NFT’s and he mentioned this is a multi-year venture, though since launch they have scaled from 2-45 employees. Sink your teeth into Loop’s extensive thread here which includes much more info, the full trailer and a link to their monthly update.
gmDAO, Factura - gmDAO is a “community of NFT collectors, artists & investors” formed in September 2021 using an interesting fair distribution technique - Over 100 days they let members of the discord try their hand at 10 different challenges per day, winners were granted a gmDAO token which left them with an excellent distribution ratio and a totally decentralised generative art platform, think Artblocks curated. They also have a unique ‘blind’ curation process where the identity of the artist is not known until after being judged and each judge delivers their feedback separately before entering into a discussion with the other panelists.
Holders of the token gain governance rights, allocations to their drops and 10% of every sale goes to treasury. The token had brief spike to 3 ETH in February and then a slow grind back to around 0.5 until a couple of announcements teleported the floor to where it sits now at 6 ETH - First that holders would have access to every drop (size permitting) and news/snapshot of their very first curated collection Factura which itself had brief rise to 4 ETH and now sits at 1.7 ETH.
Up until now Artblocks has had almost complete reign over the curated art NFT market, I am excited to see if the decentralised alternative that is gmDAO can give them a run for their money. Read more about them on their Medium.
Based ghouls - Three days ago the @BASEDghouls set up a double sided liquidity pool on @sudoswap for their own collection, a first for POC (project owned liquidity) on sudo. They initiated the pool with a:
2.69% fee
0.269 start price
1.69% delta on an exponential curve
They deposited 10.34 ETH alongside 42 ghouls and in 2.5hrs all ghouls had been bought and the pool was left with 26.94 ETH. Ghouls sudo floor price increased from 0.269 > 0.54. Since then price action has levelled the pool back out to 19.64 ETH and 23 ghouls but the floor price has retained most of its rise, now sitting at 0.35 ETH.
24 hours after creating the pool the team had facilitated 223 trades and earned 3 ETH in fee’s, all while providing deeper liquidity for their project. Here and here are the original tweet updates from the team.
Aggressive liquidity bootstrapping == a tighter spread, more volume and more fees for the project. NFT AMM's are a novel new concept and what the ghouls did was definitely based, would like to see more projects follow suit.
XCOPY & Moonbirds go CC0 - The legendary NFT artist XCOPY recently announced that he has applied the creative commons licence to all of his artwork, existing and new. Since then many people have flocked to twitter to show off some really cool new derivatives.
Releasing work under the cc0 licence means that it can be used freely by anyone, replicated, tweaked and commercialised. You can read more about cc0 here.
Kevin Rose yesterday announced that Moonbirds are also switching to a cc0 licence. Lots of different opinions flying around on twitter, their motivation for the change comes from wanting to align themselves with web3 values which I can appreciate. Though some aren’t taking it as well, pre-release the prospective buyers were told they would have full commercial rights to the birds they were to own. An edge case as I don’t believe this has happened to the extent it has for BAYC yet, but it basically means that holders won’t be able to licence out their birds anymore as anyone is now free to use the IP. Here’s an example of someone who lost a 6-figure licensing deal as a result
Regardless of whether you think it’s net positive or negative for the space, it’s happening more and more. Aside from the two above, other notable CC0 artists and projects are Deca, Grant Yun, Cryptoadz, Nouns and Goblins.
In other news:
That’s it for now, make sure to use parsec to stay on top of the markets and we’ll see you next week
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