NFTY News #14: Check My Cryptogoods Out
Showcasing, Proof-of-Fandom, and Business NFTs
Tons of news this week regarding showcasing and video games (again). Seems only natural with NIFTY being next week. I’ll be there, so hit me up on twitter if you’re going!
This week’s hot topics on NFTs:
Big deal in nifty-land this week. Todd Goldberg released his showcase platform for NFTs. Finally, a way to show off your unique assets directly inside a platform. Will this bring nifties over the chasm to more crypto adoption?
I have a few ideas on how it might:
- Showcasing and Arranging Unique Assets — We like collecting. We like showing off collections even more.
2. Combining unique assets into groups — We can combine various unique assets into a group of similar objects. Previously, this wasn’t possible. Checkout my ethmoji movie cast made up of three ethmojis!
3. Creating rewards for collecting groups of tokens — Game Developers, Influencers, and Brands can make digital scarcity quests by indicating which tokens are needed to complete the collection to obtain the reward.
Maybe if you collect all 8 Boot Cryptokitties and make a collection of it on NIFTY Gallery, you’ll be able to win a non-fungible ticket to the world-cup.
It’s already starting to happen.
Fortnite announced they’re launching their own collectibles this week. Yeah, it’s just toys. But what if you could have a non-fungible token representing a victory in Fortnite at a specific timestamp? Or maybe they’re fungible — like cheers on Twitch?
Influencers and gamer personalities are going to embrace non-fungible tokens if they help enhance their own personal brand and use donations in more engaging ways.
Goldman Sachs published a report on the tipping market recently.
If non-fungible tokens get tied up with tips and donations, how would that affect the donations market? If tipping any amount rewards you a NFT, tips can now become investments rather than just a tip tying even more loyalty.
This week, I helped cowrite the latest edition of 0x’s blog, The Relayer Report. The biggest takeaway in regards to decentralized exchanges and relayers is the role of user-generated tokens.
In a decentralized exchange, users will be able to swap ERC20 tokens with ERC721s, in the same way fungible tokens have their own trading pairs. New demand for an NFT can be created by simply accepting it as payment — even when there is no official market price, NFTs will still have some value. — Relayer Report #6
I could artificially create value for any existing fungible or non-fungible token by accepting that token as payment.
When there is *extreme scarcity* in the case of non-fungible tokens, we could create rapid demand for any token. What if I were to one day offer 5 ETH for any of my old newsletter tokens? This might cause rapid demand for the tokens.
Any user can accept their own user-generated currency as payment and create artificial value by paying for users to play into the user’s ecosystem.
Here’s a new topic in my blog. NFTs in the context of business! We can now decentralize the financing of invoices:
One of the first use-cases of turning invoices into NFTs on Ethereum will be the assignment of payment obligations as well as lending against those assets in a decentralized way. Any existing lending platform on Ethereum that support NFTs as assets can be used to gain liquidity for unpaid invoices (in the form of Invoice NFTs). The payment obligations can easily turn into tradable assets on exchanges that support the ERC-721 standard. This allows Centrifuge OS users to access liquidity for previously illiquid assets in a completely decentralized way. — Business NFTs — Financial Business Documents As Tokens On Decentralized Networks by Philip Stehlik
This week, we saw Marble launch a way to tokenize any URL and CryptoDate launch a way to tokenize any existing date from the year 3000 BC to 3000 AD.
What else will we turn into nifties?
ERC721 data is now showing up on ethercsan. Check it out!
6. New Experiment ❓
I’m thinking of starting a new experiment as part of the newsletter. Each week, I’ll make a recipe for a token on Crafty. I’ll set five buy orders for the token so that for anyone who manages to craft the token, I’ll buy it for them for a specific amount of ETH.
What do you think of this experiment? Let me know on Twitter @flynnjamm
As always, I’m super stoked about talking to others about the possibilities of NFTs. If you want to talk about NFTs, or anything crypto related, drop me a line on twitter @flynnjamm, my DMs are always open.