NFTY #41: standardized markets
Enjin announces integration with Unity, NIFTYgateway LAND Case Study, DestroyerDAO, and more
The NFTY News tracks the ever-evolving narrative of how the mainstream will adopt crypto through user applications. In each edition I explore non-fungible tokens, dApps, and the ecosystem affecting consumer crypto applications.
This week, the standards war heats up on Ethereum, Veil starts to let users create their own markets, and a new EOS game studio appears. Sit down with some coffee and listen to Devin Finzer from OpenSea talk to Thomas about digital collectibles, or take a read of Niftygateway’s report from the Axie Land Sale with USD integration.
There’s been a ton of hype around this event, and I’m intrigued.
The positive — this means growing support for ERC-1155 “Multiverse” pushing for interoperability of items and less so “Collectible Maximalism”.
The negative — a platform moat forcing a token to mint new items for non-blockchain developers, introducing more complexity and friction.
The other issue is forcing a specific standard when an ecosystem has been already been built around ERC721.
Standards are just like markets. When a new market is created, we create tribes and pick sides. Standards are no different. We build around a certain standard, and once we have that standard in place, it’s difficult to change due to the nature of contracts.
OpenSea published their guide on their affiliate program so anyone can open a Lemonade stand and sell other players’ NFTs. Earn up to 2.5% on any digital asset sold on the platform.
In Veil’s weekly update, they announced that anyone will be able to create their own market starting on March 13th. This marks the second easiest to create a market on the blockchain, next to creating your own NFT through a user-generated platform like Mokens.
It seems like Veil will slowly be replacing the role that DEXs played in the ICO boom, giving traders the edge (and hedge) to invest in brand new projects before they hit exchanges.
While some developers are focused on adoption for their own Ethereum standards, some are moving to new protocols entirely to solve for Ethereum’s scalability challenges. ITAM Games is building a suite of games focusing on “Play-to-earn”.
Listen of the week
One of my favorite podcasts, with none other than the Devin Finzer. Highly recommend checking this one out — great perspective on why digital collectibles are now finance.
Read of the week
Niftygateway reported that through the course of the Axie Land Sale, Niftygateway customers spent $32,991 on Land which approximated for 8% of the total money spent. It’s been reported in the case study that users spend more when they have fiat available, because they can “run out” of crypto to spend.
I’d love to see a deeper case study on spending habits between crypto spent & fiat spent when the user has the money readily available and on-ramps drastically improve.
Release of the week
Here’s one of the more interesting projects since the birth of FOMO3D. Users are incentivized to collaborate and target coins to be burned. If a user burns the target token, they receive their own token in return, similar to how many gambling dApp tokens work today (ponzi). The premise of the idea is super interesting, because it takes the existing tribalism of communities and creates a war in the form of gameplay.
Taking this one step further — Imagine having a castle siege game, where users can buy NFTs (weapons) and attack other castles which execute a contract to buy up token supply and burn them. The revenues from the NFT are split between anyone who bought a NFT before the purchase.
ETHParis Top NFT Submissions
Another hackathon, more nifty projects. Here are a few worth highlighting:
Disclaimer: I work at Dapper Labs. All opinions are my own and don’t represent the opinions of Dapper Labs.
Interested in talking NFTs? Reach out to me on twitter @flynnjamm, my DMs are always open.