NFTs are dead. Long live NFTs.
This week the Twitterverse became excited with a single tweet depicting a meme of NFTs being buried alongside the caption “It’s a good day”.
In the minutes/hours/days that followed was an entertaining series of tweets throwing out a very similar theme of tweets including:
- NFTs are dead
- NFTs are bad for the environment
- NFTs are just JPGs that you can right click and save
The clear message in all this is that we are early, and the fact that the top 5 NFT projects did a little over $20M in sales over the past 7 days means there’s still plenty of action in the market.
Perhaps the most positive news is that we’ve seen the claim that xyz is dead in the past with the Internet, the World Wide Web, Bitcoin, Ethereum… and the last time we checked they’re all still doing pretty okay for themselves.
Adding to the proof the NFTs aren’t going anywhere and that NFTX is going to play a role in the ongoing future of the industry there has been a continued increase in the activity through the NFTX app. Taking a look at the front-end UI interface this week we’ve seen
- 2,085 unique wallets connected
- 198 mint events
- 114 redeem events
Here are the movements on our existing vault holdings over the past 7days:
- Punk Basic +2 (2.50%)
- Punk Attr4 +1 (4.17%)
- Axie-Origin -1 (-2.33%) *note, this vault is now redeem only
- Kitty-0 -7 (-1.77%)
- Kitty-0-Fast -23 (-10.85%)
- Avastar Basic +6 (2.16%)
- Avastar Rank 30 -40 (-16.88%)
- Avastar Rank 60 -2 (-5.88%)
- 0xmons +12 (20.00%)
- Mask -1 (-0.228%)
- Waifus +11 (-6.63%)
- BganPunks +7 (13.46%)
- Pixl-Basic +24 (19.5%)
- Solos -7 (-25.00%)
- BAYC -6 (-31.58%)
- ZENFT +65 (new vault)
The V2 product development is complete and is going through UAT fixes in anticipation for a soft launch. As with all good user testing we’ve found some areas of the user experience that can be improved as well as some missing functionality that only makes sense when you start using a product. These updates are now our final focus before going for a soft launch.
Along with a small refactor around the layouts and user flows you’re getting some brand new screens and access to the new functionality including
- Targeted Redeems — choose the exact NFT you want to pull out of the vault and pay a small premium
- Create Vault — along with options to define the fee structure
- Staking — add liquidity and stake your LP tokens to earn rewards
- Vaults — view the vaults that you own and details on their ongoing performance
You can find out a bit more about the types of functionality that V2 will bring by checking out the Governance section later in this blog post.
For those of you that prefer a ‘lighter’ experience when browsing the NFTX Gallery we have included a light/dark mode switch in the header so you can toggle to your liking. This is also moving across to the main NFTX App as part of the V2, and while we unanimously prefer the dark interface you can decide how you want to use the product.
Our first monthly Governance call was held last week which saw Founder, Alex Gausman, talk through the NFTX history and short to mid-term future plans. While he didn’t share any demos or screenshots of the V2 product, Alex went through the mechanics of V2 and how you can begin to earn rewards by providing liquidity and staking against the new V2 vaults.
You can watch the presentation back below, and if you have any questions on the new version feel free to drop them into Discord.
Tree based NFTs seem to be the next in-vogue thing and the sale of the ZENFTs. There were 8,888 NFTs Bonsai Trees generated and sold on a flat rate for 0.08 ETH. The team were directing 8% of all sales towards https://viacampesina.org/en, an organisation fighting against capitalism and patriarchy, and for the agricultural business.
A vault was set up to help find a floor price and we now have roughly 60 Bonsai NFTs in the vault.
Fishing for Joy
Over the weekend Pranksy queried in the Discord as to why the Joy Vault wasn’t showing up within the Gallery. An hour later the problem was fixed and the Joy’s were there for everyone to see.
Later that night we realised why Pranksy was looking after he tweeted a short story. Finding a floor priced Joy (Fuzzy Daisy) on Nifty, Pranksy was then able to mint and redeem a few times to pull out his favourite joy from the vault — “Salivating Salvation”.
This then inspired RedLion to do the same thing on the Joy vault, however this time it took 31 redeems to get the exact one they were after.
When V2 rolls out the door you won’t have to keep spinning the wheel to get the NFT you want as targeted redeems will be available.
The 7d price for NFTX is up by 15.6%, sitting at $66.05 mark as of Monday morning.
That's all for this week. If you have any questions, come and join in on the Discord channel.