Rebuilding with NFTs 🔧

Blitmap Logos preview, Drift’s Instagram drop, MetaMask Bridges, & more!

William M. Peaster

Nov 11, 2022

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

Dear Bankless Nation,

The FTX blowup has been a stark reminder that people who can abuse a tremendous amount of power often will.

Amid the ugliness of this episode, we’re also reminded why decentralized finance is so important.

RYAN SΞAN ADAMS - rsa.eth 🏴🦇🔊 @RyanSAdams

People say crypto is dead but the collapse of FTX proves the value of Ethereum and DeFi more than ever. We can't build the future of crypto on centralized exchanges. We never could. DeFi.

Through disintermediating and opening up finance, DeFi can help prevent the sorts of abuses of power that have shocked the cryptoeconomy this week.

foobar @0xfoobar

defi works better than ever. first, we have the immutable primitives like uniswap which cannot be affected. second, even onchain protocols with centralized elements show clear token balances so people can notice shady business early and often. resounding success

That said, there’s still a ton of work to do to help rebuild sentiments and advance DeFi further. DeFi 1.0 has been a great start, but new experiments and innovations are needed to usher in a second DeFi golden era.

Toward that end, NFTs are a way forward. From underpinning decentralized credit scores to prediction markets, NFTs will play an increasingly pivotal role in reenvisioning and actualizing DeFi’s full potential.

Why’s that, you ask? Because NFTs unlock new possibilities around identity and sociality that DeFi simply didn’t have in its initial push. These new possibilities will make for new evolutions.

In other words, DeFi will rise out of the FTX fallout stronger than ever, and the DeFi x NFT crossroads is going to be a big part of that. In the meantime thanks for reading everyone, hold in there, and let’s get you up to speed on the biggest NFT headlines of the week for now.

-WMP

🙏 Sponsor: Sorare - Collect, Play, Win. Own Your Game.✨

📣 General NFT News

Daylight, a wallet discovery tool I recently covered, is moving out of closed beta next week.
JPG, an NFT curation protocol I contribute to, published A Case for Crowdsourced Information in Web3.
MetaMask launched a bridge aggregator — fyi in case you’re trading NFTs on other EVM chains like Arbitrum or Optimism.
OpenSea unveiled an onchain enforcement tool for NFT royalties and, after some deliberation, confirmed it will continue supporting royalties for all NFT collections.
OpenZeppelin added support for ERC721Consecutive, which allows for efficient batch minting of NFTs.

🏆 Digital Collectibles

Blitmap provided a preliminary overview of its upcoming Logos “villains” collection, each of which will come in three versions like so:

Deepak Thapliyal, the CEO of Chain, is considering auctioning or fractionalizing his considerable NFT collection:

Deepak.eth ⛓ @dt_chain

My NFT Collection is now available. It will either be sold to the highest bidder or be placed in a fractional DAO where I will be selling 80% ownership for 8k ETH to the community. DMs open. Check them out👇

LooksRare is launching an NFT marketplace aggregator service.
Yuga Labs rolled out news.yuga.com, the updated home for all things BAYC, MAYC, CryptoPunks, and Meebits.

🎨 Cryptoart

Drift became the first artist to sell out an NFT drop on Instagram with the 50-edition release of Learning to Handle Change:

Drift @DrifterShoots

I’m excited to be the first creator to mint and sell on Instagram! Today at 5pm PT / 8pm ET I will be listing an edition of (50) Digital Collectibles on Instagram for $999.99 each, titled ‘Learning to Handle Change’. All collectors are eligible to receive a signed print

Manifold will give artists the ability to track their royalty histories across different collectors and platforms.
Nifty Gateway introduced the Creator Royalty Standard system and the Creator Royalty Coalition.
SuperRare reconfirmed its commitment to artist and collector royalties.

🎮 Decentralized Gaming

Axie Infinity published its Esports Grant 3 schedule and associated AXS allocations.
Pirate Nation, an upcoming NFT adventure game, saw its Founder’s Pirates sell out in minutes.
Sorare kicked off its Global Cup ‘22 event.

💽 Music NFTs

Catalog introduced its latest artist arrivals.

🌐 Virtual Worlds

Decentraland published its Ultimate Guide to the Metaverse Music Festival 2022.
OPCraft, which I also recently covered, introduced View Mode:

Pillhead(💊,💊) @pillheadddd

OPCraft View Mode just dropped: opcraft.mud.dev > Scroll around the world in the 2D Map > Double click anywhere to spawn in 3D and explore the game world and discover player's creations 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥

💎 DeFi x NFTs

Hook Protocol, a system for NFT call options, introduced royalties on option sales:

Hook Protocol @HookProtocol

Active NFT traders have historically generated a high percentage of creator royalties. We want derivates to help - not destroy - a creator’s business model.

blog.hook.xyzHook *adds* support for creator royaltiesWe’ve added creator royalties onto Hook.

Weekly action steps

🆕 Read Insights from the FTX implosion in Bankless
🗣️ Watch the Bankless x UpOnly therapy stream
🌱 Watch Ethereum is Punk on Green Pill
🙇 Catch up on my other write-ups from this week:
- ✧ WETH trades rise
- ✧ The future of NFT royalties
- ✧ How to collect content 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!

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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.