NFT
This week, Bitcoin NFTs are having their moment, placing them just behind Ethereum NFTs in terms of sales. Meanwhile, NFT lending platforms and lending services are also gaining momentum. Blur’s Blend dominates with 82% of the NFT lending market share, while Binance has released its own NFT lending service that allows holders to use their blue-chip NFTs as collateral to secure ETH loans.
Also, Nike’s .SWOOSH platform released its first collection of digital sneakers, which has racked up more than $1 million in sales to date, though the coining process has been no mean feat for avid buyers who faced numerous delays and technical issues.
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This week’s alpha
Go away, Bitcoin NFTs: NFTs on Bitcoin have continued to grow in popularity, jumping to the number two spot in terms of sales per blockchain, just behind Ethereum, according to data from CryptoSlam. Bitcoin NFTs are a relatively new phenomenon, as they did not really exist before subscriptions to the Bitcoin mainnet were made possible in January 2023.
Space Pepes to the Moon: The Bitcoin-based “Space Pepes” NFTs jumped to the top of the NFT leaderboard on Thursday, becoming the most traded NFTs over a seven-day period, data from Cryptoslam shows, valued at more than $7.3 million. collection traded.
Inscriptions boom: The number of Ordinals inscriptions peaked above 3 million earlier this month after the introduction of the BRC-20 token standard…but the vast majority are just text.
Nike’s erratic path to $1 million: .SWOOSH, Nike’s Web3 collection platform, released its first NFT sneaker collection, called Our Force 1, and has surpassed $1 million in sales despite a bumpy coin. The sale, which began “First Access” on May 15 after numerous delays, faced multiple technical issues that hampered the user experience. The “General Access” sale began on May 24 — two weeks after the date initially proposed — and also experienced traffic and technology issues that prevented many from hitting. The sale is ongoing, but Nike has already declared it a success on Twitter, despite the fact that many NFTs have not sold.
Dropmaster or drop-saster?: Some users were frustrated that Nike, who are experts at releasing exclusive sneaker drops that sell out in seconds, had so many technical issues with the .SWOOSH drop.
NFT Loans Are Trending: NFT lending platforms and loan services are having a moment as buyers seek new ways to enter the NFT market without spending thousands of dollars:
Blend: Earlier this month, NFT marketplace Blur launched its lending platform Blend, which already holds 82% of the NFT lending market share, according to a report by DappRadar.
Binance NFT Loan: Top crypto exchange Binance has launched a new feature integrated into its NFT marketplace that allows digital asset holders to secure ETH loans by using their NFTs as collateral.
Astaria: Co-founded by the former CTO of the DeFi protocol SushiSwap, Astaria allows NFT holders to lease their assets to traders who may not want to pay for a blue-chip NFT in a single transaction.
Emerging projects
RSTLSS x Claire Silver: PixelgeistWho: AI artist Claire Silver and digital fashion platform RSTLSSWhat: A 2,136 edition NFT collection, Pixelgeist combines fashion, art and technology through vibrant and colorful artworks created using artificial intelligence. The collection consists of new artwork by Silver that varies in edition sizes, with each piece depicting a “Pixelgeist,” described as “a digital entity that embodies the essence of an AI soul captured in a portrait.” Each purchase came with an NFT, a digital and physical wearable featuring the artwork and a digital avatar wearing the specialized garment.How: During the coining process, collectors were asked two questions that dictated what combination of artwork and clothing they received together. The collection was sold out, although there are many for sale on the secondary marketplace OpenSea.
Want to know more about the art of Claire Silver? I spoke to her about her upcoming sola exhibition at 0x.17 gallery last week.
In other news
Doge umentary: Columnist Jeff Wilser contacts TriDog, a member of the Own the Doge DAO, who is working on a wild documentary to tell the story of the memecoin.The Divine Path: Gods Unchained, Ethereum’s highest-grossing trading card game, has refreshed the project’s roadmap and plans to launch a mobile version for both Android and Apple devices by the end of 2023.Metaverse master: China’s Web3-friendly city of Nanjing, which previously launched a $1 billion blockchain fund, has launched a state-backed organization aimed at promoting metaverse research across the country.Virtual Killing: Decentraland hosts a three-day Pride event with virtual art installations and live music performances.
Non-fungible toolkit
What is NFT Loans anyway?
The NFT loan market has seen a huge resurgence of interest following the launch of Blend by NFT marketplace Blur, which is already generating hundreds of millions in trading volume. This week, two more companies entered the market, Binance and Astaria, with unique offerings of their own and they won’t be the last.
But before you place your NFT in any of these lending protocols, you should understand how they work and the full range of options available for making money from your NFT without selling it. We’ve got you covered in this guide.
