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NFT marketplace wars 🪖

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NFT marketplace wars 🪖

Llamalend is live, LooksRare nixes default royalties, X2Y2 blocks Blur, & more!

William M. Peaster
Oct 28, 2022
24
Share this post

NFT marketplace wars 🪖

metaversal.banklesshq.com

Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles


Dear Bankless Nation, 

LooksRare no longer supports NFT creator royalties by default. 

The move comes as a bid to keep up with other exchanges, like X2Y2 and sudoswap, that have already moved to opt-in royalties. 

This race to the bottom is one symptom of how NFT marketplaces are starting to feel the pressure from market saturation via increased competition. 

Indeed, speaking of X2Y2, this week the exchange blocked new NFT aggregator Blur from using its API in what boiled down to competitive shielding.

Twitter avatar for @LeonidasNFT
Leonidas.og @LeonidasNFT
The NFT Marketplace War has begun. It's going to get uglier before it gets better. Strap in.
10:04 PM ∙ Oct 27, 2022
110Likes8Retweets

Blur sidestepped the block by using the API of Gem, another NFT marketplace aggregator owned by OpenSea, to pull in X2Y2 trades. 

All that said, everyone is competing with OpenSea, including DeFi giant Uniswap, which acquired its own NFT aggregator in Genie earlier this year to enter and get competitive in this sector. 

Long story short? The NFT marketplace wars have heated up considerably this year, and right now there’s no slowing down in sight. Look for more struggles for positioning accordingly!

In the meantime, thanks for reading everyone. Time to get you caught up on the other big headlines from this week ✌️

-WMP


🙏 Sponsor: Upgrade to Bankless Premium to receive the new Monthly Token Report! ✨


📣 General NFT News

  • Lens Protocol temporarily stalled due to issues with Polygon gas limits + relaying, though the issue is now resolved. 

  • LooksRare became the latest NFT marketplace to no longer support creator royalties by default. 

  • ORB, a social media network built on Lens, added mobile notifications. 

  • Quix launched an NFT Bridging Quest in collaboration with Layer3.

  • Twitter is testing out NFT Tweet Tiles:

Twitter avatar for @TwitterDev
Twitter Dev @TwitterDev
Now testing: NFT Tweet Tiles 🚀 Some links to NFTs on @rarible, @MagicEden, @dapperlabs and @Jumptradenft will now show you a larger picture of the NFT alongside details like the title and creator. One more step in our journey to let developers impact the Tweet experience.
Image
7:00 PM ∙ Oct 27, 2022
4,753Likes1,613Retweets
  • TokenTerminal indicates that 5 of the top 10 most profitable protocols over the last year have been NFT projects OpenSea, Ethereum Name Service, Decentral Games, and Foundation.

  • X2Y2, an NFT marketplace, blocked NFT aggregator Blur from directly accessing its API. 

🏆 Digital Collectibles

  • Genesis Mooncat #1103 resold for 35Ξ.

  • RTFKT endured a loopable transaction exploit during its RIMOWA Cabin Luggage mint event:

Twitter avatar for @RTFKT
RTFKT @RTFKT
Mint for RTFKT x @RIMOWA Cabin Luggage and WorkerBot LIVE IN 10 minutes 🚀💎 Enter the Draw via the Base Station here: oncyber.io/rift-mark-2 Dope experience powered by @oncyber, pushing boundaries and merging worlds.
3:22 PM ∙ Oct 27, 2022
827Likes212Retweets

🎨 Cryptoart

  • Art Blocks launched its new and improved website. 

  • Jimmy Edgar unveiled PLASTICS, a series created using the new Drops tool by Foundation:

Twitter avatar for @JIMMYEDGAR
JIMMY @JIMMYEDGAR
PLASTICS utilizing @foundation new Drop tool💧 a thread on the creation process
5:39 PM ∙ Oct 27, 2022
113Likes21Retweets
  • Matt Kane, a cryptoart OG, saw his Gazers series hit a new ATH of 18Ξ:

Twitter avatar for @punk9059
NFTstatistics.eth @punk9059
Gazers by @MattKaneArtist floor price hit 18 ETH, an all-time high
Image
2:43 PM ∙ Oct 27, 2022
115Likes18Retweets
  • objkt, the most popular NFT marketplace on Tezos, added support for collections from fx(hash), a popular generative art platform.

🎮 Decentralized Gaming

  • Axie Infinity rolled out a patch that introduced various bugfixes and seasonal Axieween UI updates:

Twitter avatar for @AxieInfinity
Axie Infinity | #AxieOrigins @AxieInfinity
Origins is now in maintenance for a spooky patch 🎃 What’s New: ✨ - Added new backgrounds - It's #Axieween! Various Axies inside Origins have special “ghosts” following them around! - Added new Halloween-themed background for battles during the Halloween season
Image
4:14 AM ∙ Oct 26, 2022
235Likes83Retweets
  • Aavegotchi announced 10k in $GHOST prizes for its Gotchiverse Halloween Contest festivities. 

  • web3 gaming as a sector has fielded $6.9B worth of investments over the last year. 

💽 Music NFTs

  • Catalog announced its second cycle of curators. 

  • Showtime, a platform for free digital collectibles, introduced Music Drops. 

  • sound.xyz unveiled the Sound Market:

Twitter avatar for @soundxyz_
sound.xyz (🎧,🎧) @soundxyz_
Introducing the Sound Market. 🔎Browse Sound Releases 🪧0% listing fee 📈Aggregated liquidity across Opensea, LooksRare, and X2Y2 🧹Floor sweeping and collection offers Built alongside @usefirstmatexyz 🤝 Start collecting Music NFTs today ⬇️ sound.xyz/market
Image
3:00 PM ∙ Oct 24, 2022
365Likes151Retweets

🌐 Virtual Worlds

  • DAPPCRAFT is hosting a 5-day Halloween Treasure Hunt event in Decentraland.

💎 DeFi x NFTs

  • DeFiLlama rolled out llamalend, a straightforward protocol for borrowing and lending NFTs.


Action steps

  • 💌 Read Crypto privacy is humanitarian in Bankless (newsletter)

  • ⚽ Watch Scaling Sorare’s NFT platform on Bankless (YouTube)

  • 🌱 Watch Li Jin and Matthew Frehlich talk investable impact on Green Pill (YouTube)

  • 🙇 Catch up on my other Metaversal posts from this week: 

    • ✧ Optimistic on OPCraft

    • ✧ NFT game design is hard

    • ✧ 5 tips to maintain your crypto privacy


Author Bio

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!


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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.

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