The Comeback Kid
It’s safe to say that NFTs are not going to explode in the same way as they did last time.
This is not to suggest that NFTs cannot make any kind of comeback. CryptoPunk #5822 is unlikely to fetch the same $23,000,000 (8,000 ETH) as it did in previous years.
For reference, CryptoPunk #18135, sold in the last 24 hours for 29 ETH or $71,000 per CryptoSlam.
OpenSea’s CEO Devin Finzer said to me during Permissionless, that things will be different this time. He said that the NFTs’ utility is a big part of it.
“The technology has just been getting better and better,” He said that the boom has been over for a while.
Even with demand, the previous cycle was not without its problems. The gas fees were a major issue for those who just wanted to buy an NFT. Finzer stated that Finzer has been able to achieve this. “solved” Many of these problems have been around since 2021.
“Now you can build all of the cool stuff that we’ve always dreamed of building because…scaling is here on Ethereum, for example,” He said. OpenSea will continue to improve onboarding and the user experience.
While it is still early, the idea of a NFT return in 2021 seems to be far removed. It is not possible for anyone to successfully create an NFT and sell it.
Finzer stated that in order to measure momentum, he looks at the number of users and transactions. Transaction volume is put to one side. Finzer stated that the overall space has shown a lot. “momentum.”
Three use cases, for example, are now becoming more apparent: games, collectibles that tie into a digital collectible and tokenizing objects in real life (like Galaxy tokenizing a violin)
“Gaming’s probably the [use case] I’m most bullish on,” Finzer said to the Permissionless crowd. Finzer, in a follow-up interview, said that he was keeping an eye out for physical assets. These include tokenized, real-life objects and the digitization of certain items such as ticket.
Ubisoft’s announcement of a crypto game — Champions Tactics — that’ll launch later this month shows that perhaps gaming, a segment that didn’t flourish when Bored Apes were selling for millions, shows how demand has shifted. On the page of the game, it is noted that there are 75,000 Champions or playable characters.
Off the Grid was another cryptocurrency game that topped the charts at the Epic Games store.
There’s another storm cloud looming over NFTs, and it’s that of the Securities and Exchange Commission. They sent OpenSea an OpenSea Wells Notice a few month ago. However, no lawsuit has been filed.
Finzer wants to make sure that momentum doesn’t get stymied because of any possible regulatory action. OpenSea and others are among the companies that Finzer fears. “ready to go and fight if push comes to shove.”
“No news on that,” Finzer replied when I inquired if the regulator had contacted them since receiving the warning.
Finzer stated that, as for the direction we will take in the medium-term, he anticipates a “wild” Few years. “In five years, I think we’ll all be living in the metaverse potentially,” He said.
If so, I’m hoping my mortgage would be lower.
Data Center
- BTC and ETH both broke upwards in the morning. The monthly average is now up over 3% 60,800 dollars and 2,530 dollars each.
- SUI sets a price record It was $2.35 Sunday night, after gaining 15% over the last week. Since then, it has retraced a little to $2.24. (mcap $6.19 billion).
- Blockworks Research has reported that base transaction numbers have reached new heights: 40.82 Million in the week prior, an increase of 17% over the period before. Banana Gun and other trading bots AMM Aerodrome is the leading consumer of gas in the network.
- Base’s TVL is at a new level Recordings The amount of $2,455 billion is up by 54% over the last month.
- Bitcoin has been the most traded NFT in the past one month. $67.2 million volume vs. $107.8 million.
On the Chain, Off the Grid
The Works
- Avalanche Foundation The deal is to purchase nearly 2 million tokens previously sold by Terra’s Luna Foundation Guard.
- Arkham Intelligence has reportedly been plotting the launch of a new game. derivatives exchange.
- Samara Asset Holdings Plans to release a $30-million bond in order to acquire some bitcoin
- Copper hires former Goldman Sachs, SEC and SEC employees Amar Kuchinad The company has appointed a new CEO.
- Horst JichaA German man accused of running a crypto fraud worth $150 million went on the run from his New York City house while he was under $5 million bail.
The Riff
You can do with it what you want.
The future is still too far away.
It’s not that gamers are against crypto. (Although I can understand why some game developers may have had a bad experience with previous versions, but this is another issue).
Over-monetization can lead to burnout. You may remember that lootboxes became popularized in 2017-2018 and thus, more controversial. People just don’t want that.
Since I am an avid Sims gamer, I know how bad it is to keep dumping money into the same game. It’s an issue that I believe is valid for all games featuring NFT. We’ve hopefully finally reached a good balance.
Everyone doesn’t care about the crypto games as long it is good and you don’t need to empty your wallet to enjoy yourself.
The gameplay, let’s face it, is really what counts.
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