- The top 10 collections are at the Premier NFT Summit in New York, up about 25% from last week.
- The future of open metaverse and crypto-based games was a topic of debate
Members of leading communities such as the Bored Ape Yacht Club and Doodles have fully participated in one of the largest non-fungible token (NFT) events.
The Bored Ape Yacht Club (BAYC) hosted the members-only ApeFest Jamboree at Pier 17, starring comedian Amy Schumer and performing with rappers Eminem and Snoop Dogg. Premiere A music video featuring BAYC avatars.
Founder of BAYC-Creator of Yuga Labs on Friday Release A letter about medium in response to a backlash from a recent YouTube research video called the Boring Ape Nazis Club, which alleged conspiracy and accused the team of having a JSCPR.
Doodle has become even more pervasive in pop culture. Actual setup Including the world of Doodles and many announcements Doodle 2, Animation Profile Image NFT’s upcoming collection. Pharrell Williams has also been announced as the company’s new chief brand officer. The Doodles Dooplicator project, which was airdropped in May, became OpenSea’s most traded project within 48 hours of the news.
NFT.NYC 2022 title sponsors include blockchain network Polygon and crypto payment provider MoonPay, making their own debut NFT minting service called HyperMint..
Throughout the event, Blockworks interviewed developers, collectors, founders and analysts. Here are some of the notable themes of the week.
Promise of Open Metaverse
Various companies are working to realize a metaverse, specifically an open metaverse that is 3D interoperable. This means bridging the virtual world, which acts as a gamified social network, and integrating physical and digital identities.
“The future we’re fighting for is breaking virtual walls and connecting the world,” said ReadyPlayerMe, CEO of ReadyPlayerMe, a platform for creating metaverse-enabled avatars with selfies that are compatible between apps and games. Timmu Toke says.
Metaverse interoperability is comparable to an open free trade market that is “uncontrolled”, Toke said. And open systems are simply a “better business.”
According to Toke, avatars are the most important factor in an open and scalable Metaverse, and interoperable avatars are digital asset sales “to value avatars that can be used anywhere, not just in one game.” Can be increased.
When it comes to digital identity, Danny Green, general manager of Meebits DAO, believes that identity is “not monolithic” and fluid. “Expressing yourself in the Metaverse is clearly different from experience. [in real life] Where deep-seated prejudice has a direct impact on human perception, “he said.
“The avatar you choose, the wearable you wear, the space you occupy is a signal of what is important to you and what it represents,” Green added.
Over 30 tech giants including Meta, Microsoft and Epic Games last week Been formed A standards body called the Metaverse Standards Forum (MSF) defines the priorities and principles behind technologies created for the Metaverse, such as virtual reality and augmented reality.
Gamers continue the game
When it comes to Play-to-Earn games, Grant Haseley, founder of the Play-to-Earn crypto game Undead Blocks, said that the future of Play-to-Earn games will be “Can the paradigm shift from pointing and clicking? It depends somehow. ” To acquire decentralized harvest agriculture. “
He said esports tournaments and NFTs may give players great opportunities to win, but rewards should be given to those who really want to be members of the community.
“If you are a top player and you are committed to, driving and regaining value in those games and their ecosystem, you need to acquire some unusual assets.”
Dylan Bushnell, vice president of game design at publisher Atmos Labs, talked about the need for horizontal integration and the value of customizing blockchain games.
Blockchain games are doing well when it comes to replicating collectors’ mechanics, but according to Bushnell, gamers want to play in space that reflects who they want to be, adding that only niche viewers. Continues to attract.
“Your identity in the game only makes sense depending on the amount of variation, from performance to skin, and how much power you can customize,” Bushnell said.
He added that publishers need to give people the option of creating characters and avatars that have spent their time building and competing as part of their identity without limiting performance.
NFT lending remains strong
There are multiple motivations for using a secured NFT loan, from gaining leverage to allow you to buy more NFTs to gaining the liquidity you need for other purposes.
According to Gabe Frank, CEO of the peer-to-peer NFT lending platform Arcade, a major use case in the current bear market is for NFT borrowers to hedge their exposure to NFT.
Comparing taking a loan with an NFT and buying a put option, Gabe says that if the collateral value is below the market value, “the borrower does not have to repay the loan, so basically sell it. You have the right to do this. This is a way to hedge downside risk. “
He also said he hopes to see more defaults in the coming months and that lenders avoid artwork NFTs as opposed to PFPs and collectibles due to their low liquidity. .. But Frank is bullish on CryptoPunks: “The floor will be 10 million in 10 years.”
The CryptoPunks floor has risen to 66 ETH at the time of issuance from Ethereum’s early 50s during the TerraUSD crash week, but has fallen by about $ 10,000 in US dollars as Ethereum’s price has fallen from $ 1,700. To $ 1,100 in the same period.
Meanwhile, Stephen Young, CEO of rival peer-to-peer lending platform NFTfi, sees CryptoPunks as artwork.
“All 10 million PFP projects launched at the same time are all like falling off the floor, and people are rushing to assets that show true value and sustainability.”
Young could appeal to more traditional art collectors than ever, given the unfavorable market conditions, not only CryptoPunks, but also on-chain generative art such as Autoglyphs and Art Blocks collections such as Squiggles, Fidenza and Ringers. I think there is. According to Young, punk’s $ 60,000 is “suddenly really affordable” for fine art collectors.
“The first price is [ether] Until it hits the bottom, and then you’ll see quality projects start rising again in terms of ether prices, “he added. “At some point, they are cheap.”
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