Rocking the NFT Royalties Boat 🌊
Weekly Roundup: OpenSea’s royalties kerfuffle, Galverse x ERC6551, Yuga to sunset Seaport, & more!
Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & more!
Dear Bankless Nation,
The big news in NFT land right now? OpenSea just announced new changes to its creator fees policy.
In short, OpenSea is doubling down on optional NFT royalties.
Many NFT creatives have blasted the move, while others have said this kind of pivoting is inevitable.
The situation is rather confusing though, so next week I’ll be doing a full write-up that’ll cover all the basics here and the main critical and contrarian takes in play.
Be on the lookout for that post, but in the meantime thanks for reading this weekly recap and as always have a great weekend ✌️
-WMP
🦊 Thanks to MetaMask Portfolio 🦊
👉 Your web3 assets in one place, and much more ✨
📊 The big picture
Over the past week, the floor-based market cap of the NFT space declined from 8.59 million ETH to 7.54 million ETH for a 12.22% drop 📉
🔝 7D top collections by volume
🔒 You're a free user and don't have access to Airdrop Hunter
If you needed a reason to upgrade to a paid membership, this is it. A single airdrop can pay for an annual membership's cost many times over!
📰 General news
Mirror added support for the Linea L2.
OpenSea announced plans to remove its Operator Filter, paving the way to more uncertainty around NFT royalties.
Party introduced Operators.
Warpcast added support for Base and Zora Network NFTs.
🏆 Digital collectibles
Cool Cats announced Clon, the collection’s creator, is stepping up into the project’s CEO position.
Galverse embraced ERC6551, i.e. Token Bound Accounts.
Yuga Labs said it will sunset support for OpenSea’s Seaport protocol.
🎨 Cryptoart & music
Snowfro is teaming up with Prohibition to release heart+craft, an inclusive edition.
Sound introduced a Collect on Playlists feature.
🎮 Decentralized gaming
Axie Infinity unveiled Project T, an early prototype of a new Axie game that will center around digital meetups and mini-games.
Pirate Nation is preparing to launch free-to-play (F2P) support.
🌐 Virtual worlds
Decentraland introduced a new in-world camera system.
🪙 NFTfi
Hook Protocol unveiled a new NFT price oracle system.
🎆 Mint spotlight: Jan Robert Leegte’s Coin
Jan Robert Leegte has been a pioneer in internet art for over two decades. In the context of NFTs, you may recall his Art Blocks release Windows, but his works have also been featured in major institutions like Centre Pompidou. He makes art about software, exploring its magic and nuances, and one of his latest creations is Coin. This “exploration of interface culture” is a series of onchain SVGs available in five materials, from Bronze to Void, and freely mintable starting today via mint.fun across Ethereum, Base, Optimism, or Zora Network!
🙇 New insightful reads to level up your web3 knowledge!
1. Fangting on onchain storytelling 📝
2. S4mmy.eth on trading Pokemon cards on Polygon 🔄
3. Rainy Reece on Draft Kings’ NFT sales 📈
✨ My NFT tool of the week: Cygaar’s Royalty Rate Cheatsheet
This isn’t so much a tool as it is a timely and helpful resource. But with OpenSea’s axing of its unilateral Operator Filter system, many NFTers are as confused as ever about the NFT royalties landscape. Toward this end, software engineer Cygaar just put together an awesome, concise cheatsheet that shows you exactly where the top NFT marketplaces currently stand here. Use this to help wrap your head around the current situation.
😜 Works like a charm…
Weekly action steps
🆕 Read A Hitchhiker’s Guide to Riding a MEV Bot, Welcome to Airdrop Hunter, and 10 Airdrops We’re Waiting For in Bankless
🙇 Catch up on my other write-ups from this week:
🫂 NFTs x friend.tech (Got another invite code up for grabs: ft-e4gfl59y)
A Bankless Citizen ⚑ turned $264 into $6,077 last year. A 22x ROI 🚀 in a bear market!
🙏 Together with 🦊 MetaMask Portfolio 🦊
The web3 ecosystem is an expansive world, full of endless opportunities for those curious enough to explore them! Head over to MetaMask Portfolio to get started, where you can view your assets in one place and discover other features such as Buy, Swap, Bridge, and Stake.
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.
