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NFTs down, ETH up 🔄

The Merge trade, GOO, ENS volume booms, & more!

William M. Peaster's avatar
William M. Peaster
Sep 09, 2022
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NFTs down, ETH up 🔄
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Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & digital collectibles


Dear Bankless Nation, 

Next week, Ethereum migrates to Proof of Stake via the Merge, but at that time a group of miners are going to fork off a Proof of Work version they can dominate. 

This fork, informally known as ETHPoW, will lead to ETH holders being given ETHPoW tokens on a 1:1 basis with their ETH holdings. 

Many people already see the writing on the wall: this spinoff doesn’t have a serious future. As such, these ETHPoW tokens will likely face major sell pressure starting on September 15th as most everyone who can heads for the exits at once. 

The idea? Grow your real ETH stack by selling as much ETHPoW as you can. But this is an ETH-on-Ethereum play. 

You won’t receive ETHPoW for any ETH you have on L2s, nor for your DeFi tokens or NFTs, which will only have value on the new Ethereum PoS chain. This is why over the past week a lot of NFT collections have seen strong sell pressure, as people have been selling what they can to temporarily load up on as much ETH as possible pre-Merge. 

All that said, I just wanted to put this market activity into perspective! The tl;dr is ETH’s in the limelight and more than a few people are going long. I’ll have a Tactic Tuesday out next week on the risks and basics of trying to navigate the ETHPoW fork, but for now let’s talk this past week in NFTs — have a great weekend everyone ✌️

-WMP


🙏 Sponsor: Nexo - Buy BTC, ETH, and 40+ cryptocurrencies and keep your assets safe.✨


📣 General NFT News

  • ENS domains were the most traded NFT collection on Ethereum this week:

Image via OpenSea
  • GOO: Paradigm researchers unveiled Gradual Ownership Optimization, a system designed to incentivize harmony between a community’s fungible token and NFTs. 

Twitter avatar for @_Dave__White_
Dave White @_Dave__White_
When NFT projects have a fungible token, the communities holding the NFT and the token often diverge over time. @FrankieIsLost, @transmissions11 and I built a mechanism for @artgobblers to disincentivize this divergence and fix it when it happens anyway. paradigm.xyz/2022/09/goo https://t.co/p7tJSrLXmT
paradigm.xyzGOO (Gradual Ownership Optimization) - ParadigmGOO aligns fungible and non-fungible token incentives.
3:45 PM ∙ Sep 6, 2022
722Likes162Retweets
  • Syndicate released Collectives, a new way to launch on-chain social networks via NFTs. 

🏆 Digital Collectibles

  • MoonCats announced plans for an IP sale:

Twitter avatar for @jakegallen_
jake.bit @jakegallen_
Earlier today @ponderware announced that they will be selling to @mooncatrescue IP to.......... @ponderware. That's not a typo. Here are my thoughts on the situation 🧵
10:30 PM ∙ Sep 6, 2022
67Likes23Retweets

🎨 Cryptoart

  • SeerLight sold Night Market District for 100 ETH on SuperRare:

Twitter avatar for @SuperRareBot
SuperRare Bot 💎 @SuperRareBot
💎 Night Market District 💎 ✨ Artwork by @seerlight 💰 Sold to curatedxyz_2 for 100.0 ETH ($162,434.00) superrare.com/0xb7245b453bc4… $RARE #CryptoArt #NFT
Image
1:03 AM ∙ Sep 8, 2022
692Likes94Retweets

🎮 Decentralized Gaming

  • Axie Infinity kicked off AxieCon in Barcelona. 

  • Sorare partnered with the NBA in an effort to launch the first NFT-based fantasy basketball game. 

  • Tessera released a new smart contract for its Parallel Parasets Binder system:

Twitter avatar for @andy8052
andy @andy8052
Today we are releasing an updated contract for our Parallel integration based on feedback from users 1. Now you can deposit by just sending the cards 2. We dropped fees and increased rewards to choke cards 3. We made it cheaper to do use
parallel.tessera.coTessera & Parallel ParasetsThere’s a battle for PRIME... We need you!
4:00 PM ∙ Sep 2, 2022
66Likes11Retweets
  • TreasureDAO launched the Magic Arcade. 

💽 Music NFTs

  • Jonathan Mann released Song a Day #5000. See this explainer thread by the artist:

Twitter avatar for @songadaymann
Jonathan Mann @songadaymann
We’re now 3 days away from Song A Day 5000. For reasons obvious to anyone who’s been here since April of ‘21, 5000 is an ✨auspicious✨ number. Most folks point to @beeple’s Christie’s sale as the catalyst for ‘21’s NFT mania. So, how will #SAD5000 be different from B’s? 👇
Image
5:17 PM ∙ Sep 6, 2022
68Likes13Retweets
  • Jonathan Mann published “On the Value of Music NFTs.”

  • Sound released Shelves, which lets collectors customize how they showcase their collected sounds. 

🌐 Virtual Worlds

  • The Sandbox Instagram account was compromised. 

  • Voxels open-sourced the Foxus mixed reality headset:

Twitter avatar for @cryptovoxels
Voxels @cryptovoxels
Boop boop static site generator.
Image
10:22 PM ∙ Sep 4, 2022
10Likes1Retweet

💎 DeFi x NFTs

  • sudoswap founder 0xmons published a thread on the sudoAMM’s design:

Twitter avatar for @0xmons
0̵̹̯̮͔̘͆̏̒̀̎̀̍͗̄͆̽̎̎̾̽x̸͕̞͇̱͙̭͆̊̽͐̆̚͝ͅṁ̶̒͑̉̾̏̀͐̈̚ @0xmons
why sudo? this is going to be a bit long-winded, so bear with me. gonna start from first principles. let's dive in 🫡🌊👉✨🧵🔥🆎🤯🫃
10:11 PM ∙ Sep 7, 2022
693Likes155Retweets
  • Uniswap Labs said it won’t support any PoW Ethereum forks in the main Uniswap web app.


Action steps

  • 🔥 Read The Sovereign Crypto-Native on Bankless

  • 📸 Watch the interview with Ledger’s Ian Rogers on Overpriced JPEGs

  • 🌳 Watch the Gitcoin Grants Rd. 15 episode on Green Pill

  • 🧐 Catch up on my other write-ups from this week: 

    • How to use DeFi privately

    • Celebrating the Merge with NFTs

    • Potential airdrop opportunities in NFTs


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!


Subscribe to Bankless. $22 per mo. Includes archive access, Inner Circle & Badge.


🙏Thanks to our sponsor

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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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NFTs down, ETH up 🔄
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Zora V3 is 🔥
Zora’s new protocol infra is a step forward for the NFT space!
Jan 25, 2022 • 
William M. Peaster
47

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Metaversal moved to bankless.com/metaversal
Zora V3 is 🔥
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Bored Ape Mutation Madness! ⚗️
BAYC introduces Mutant Apes, leading to a fun NFT mutation frenzy!
Aug 31, 2021 • 
William M. Peaster
25

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Metaversal moved to bankless.com/metaversal
Bored Ape Mutation Madness! ⚗️
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Why Right-Click Savers Flunk NFTs ❌
French philosopher Jean Baudrillard would tell right-click savers they have NFTs all wrong!
Sep 8, 2021 • 
William M. Peaster
24

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Metaversal moved to bankless.com/metaversal
Why Right-Click Savers Flunk NFTs ❌
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