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L2 NFTs Please 🙏
Weekly Roundup: Axie Origins Season 4, Musk tweets a Milady meme, Tessera closing, and more!
Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles
Dear Bankless Nation,
Right now the average number of daily NFT mints is way down while the average price of gas costs are way up.
That said, while most NFT activity still takes place on the Ethereum L1 these days, the current gas pains are pricing out many users from using mainnet.
If there was ever a time for NFT projects to start doubling down on or integrating with layer-two (L2) scaling solutions, it’s now. Buying and minting NFTs should cost cents more often than not!
Anyways, let’s hope we see a big L2 migration in the months head. For the time being, though, let’s cover the intrigues from the past week in NFTs. Have a great weekend everyone ✌️
🦊 Thanks to MetaMask Portfolio 🦊
📊 The big picture
This week the market cap of NFTs dropped from 7.86 million ETH to 7.68 million ETH, or $13.64B USD, for a decline of 2.3%. It was another week where memecoins dominated the cryptoeconomy’s trading action, so the slight shrinkage here is no surprise.
🔝 7D top collections by volume
📰 General news
Bonfire added token gating and rewards functionalities.
Limit Break introduced ERC-721C, a new standard for NFT royalties.
Nouns DAO minted 5,000 of Coinbase’s “Stand With Crypto” NFTs.
OpenSea Pro added support for PEPE payments.
🏆 Digital collectibles
Cool Cats teamed with Ledger on a bespoke Ledger Nano S Plus series.
Elon Musk tweeted out a Milady meme, leading to a temporary floor price surge for the collection.
Pudgy Penguins raised a new $9M seed round.
🎨 Cryptoart & music
Alpha Centauri Kid raised 631 ETH in auctions via his latest The Broken Keys series.
Escher, a digital art editions platform, is shuttering its operations.
Holograph released a free multichain open edition by the artist spacebrat.
Prohibition, a new generative art platform powered by Art Blocks Engine, is preparing to launch.
🎮 Decentralized gaming
Axie Infinity launched Origins Season 4.
🌐 Virtual worlds
Webaverse introduced moemate, an AI-powered companion.
Baton released its NFT Yield Farming product on testnet.
Ronin released new ronanchain.com analytics features.
🎆 Mint spotlight: Reflect and Ponder
Zora, the hyperstructure NFT protocol that’s helping to “bring imagination onchain,” just released a silverish-chrome open edition of one of its signature Zorbs to commemorate web3 publishing platform Mirror’s new feature that supports embedding Zora mints directly into Mirror posts. There’s now 5 days left on the drop, and minting from it will subscribe you to Zora’s Mirror account. This “mint to subscribe” playbook is one all web3 creatives should be considering right now, in my opinion.
🙇 New insightful threads to level up your web3 knowledge!
1. ChainLinkGod.eth on the weirdness of BRC-20s.
2. Lamboland on Disney’s new Star Wars NFT collection.
3. Nick White on the difference between data availability and data storage.
4. S4mmy.eth on NFT Worlds’s rebrand to TOPIA.
5. Sound on preparing to open to all musicians.
✨ My NFT tool of the week: Flashbots Protect
Are you surfing the current crypto meta, trading shitcoins to try and increase your ETH and NFT stacks? Then one resource you should know about is Flashbots Protect, which offers you an RPC you can connect to so that your memecoin transactions don’t get frontrun by sandwich attackers. Such an attack can cost you a decent chunk of change, so don’t sleep on Flashbots if you want to stay vigilant here.
Llihwerd has a 17x return on investment in this bear market 🚀 How? Ask him in the Bankless Discord 🏴
😜 The meta dilemma…
🙇 Catch up on my other NFT write-ups from this week:
William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!
A Bankless Citizen ⚑ turned $264 into $6,077 last year. A 22x ROI 🚀 in a bear market!
🙏 Together with 🦊 MetaMask Portfolio 🦊
You can now stake your ETH through MetaMask with liquid staking providers, Lido and Rocket Pool. Head over to MetaMask Portfolio to get started! You can also view your assets in one place and discover other features such as Buy, Swap, and Bridge.
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.