Welcome to the weekly update of all things NFTX, along with a sprinkling of NFT news as well.
More excitement this week! The music industry continues to be involved with NFTs as the Kings of Leon release their next album through OpenSea via Yellow Heart, but more on that later.
Create Vault available again
After weeks of requests to create new funds the contract has now been unpaused and the Create Vault function is available and permission-less again.
The interaction with the contract through the current front end can be a little confusing so we are creating a tutorial that uses both the current NFTX.org site and Etherscan directly.
As part of the tutorial we will show off how to create a new fund for an ERC1155. That’s right, support for ERC1155 tokens was added over the weekend. Exciting times!
NFTX Gallery Squad - the new focus
The team that brought the Gallery is now moving focus to rebuild the main NFTX app as well. This will be divided into two deliverables - a marketing homepage to better explain NFTX to the range of visitors, and a revamped App page that allows you to Mint and Redeem from existing funds Create funds yourself.
We can’t share too much with you just yet, but there will lots to share very soon!
This week’s Governance meeting discussed the DAO’s position on Single vs Combined funds (a collection of Single funds), and where the liquidity for the soon-to-be-released funds would be placed for maximum benefit.
Some other areas discussed include
- Ether Cards NFTX Fund (18th March)
- Proposal to acquire a consumer product squad for the DAO (squad responsible for the Gallery)
- Bug Bounties (covered below)
If you have opinions on the Single and Combined funds (mainly around how liquidity is supplied), please read up on and comment on our forums.
NFTX supporting ETH Globals' NFT Hack
We’ve signed up to be one of the sponsors at this year’s NFT Hackathon, running from the 19th - 21st March.
This is an opportunity for us to support both grassroots and well-established developers in the community, and hopefully help connect them with our growing community.
If you’re interested in taking part, you can find out more information on https://nft.ethglobal.co/, and if you want to hack something together linked with NFTX then drop your details in #things-I-can-do discord channel.
Retroactive Bug Bounty
The Create Vault function was re-enabled last week after fixes to the contract were made to plug a loophole.
Samczsun found this loophole and a bounty of $50k is active on Snapshot until 21:00 CET today. This is the first bug bounty that the DAO has paid and we are committed to rewarding those that offer/disclose this kind of information.
Moving forwards the DAO is working on a bug bounty program to keep the entire process transparent.
Million Dollar Punk Draw Complete
This week the tickets were locked and everyone had their Punks drawn in the random draw for 100 CryptoPunks organized by Pranksy. Congratulations to everyone that had a ticket and received their first or newest Punk.
If you’re not sure what to do with it now, you have some options to add them to funds.
Christie’s Auction Beeple 5000 days
The auction will be wrapping up in three more days with the current bid sitting at $3.75m.
Given the groundswell that NFTs are receiving at the moment, and the legendary status of Beeple, this will have a fast paced/high stakes end to the bids and will surely set new records for the industry.
The sound of crypto music
RollingStone caught the beat of Kings of Leon who are set to release their 2021 album, When You See Yourself, as an NFT.
This is the first band to drop an album as an NFT.
The big winner here is YellowHeart. The company which started out in ticketing operations, is now minting NFTs on behalf of major music groups. They will be producing the tokens used in the Kings of Leon drop.
This drop is broken down into three main categories.
- Gold tickets that allow you to attend any concert by KoL for life, front row
- Album NFT (Band Art + digital download + physical LP)
- Band Art
This could set the stage for future artists releasing this year.
Not to be out-sung, Deadmau5, who has been dropping NFTs since December, announced his ‘Slickmau5’ collection releasing on Nifty Gateway. With previous successful drops cashing in at over half-a-million USD, this could be the largest sale yet.
Jack Dorsey made news this week when he put his first ever tweet for sale on the Valuables marketplace.
At the time of this writing the highest bid was $2.5M USD. NFTX might need a fund just to hold celebrity gossip in the coming years.
The past 7 days has seen NFTX push back up from last week’s low of $229 heading back past $350 by the early hours of Sunday morning, before settling around $315 by the evening.
That's all for this week. If you have any questions, come and join in on the discord channel.