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Market
Crypto research firm Nansen released a report on NFT market trends gathered using their six new indexes. A lot of great insights came out of the report but the most notable was that NFT sales are inversely correlated with the crypto market.
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Nansenâs NFT-500 Index of the top 500 NFT projects by volume (and a few other factors) shows that NFTs have a -0.46 correlation coefficient with Bitcoin and a -0.60 correlation with Ethereum.
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This correlation is only when the NFTs are denominated in ETH
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FYI â1â means the two variables are moving together and â-1â means they are moving in opposite directions.
More insights:
More market:
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7-Day Volume for everything in the Yuga Labs universe (BAYC, MAYC, BAKC) is up >200%
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7-Day Volume for CrypToadz, Cool Cats, and World of Women is also up triple digits probably tied to their inclusion in the Yuga Labs Metaverse teaser (more on that later..)
Get to know CC0
When you own a jpeg worth millions, youâd think you could do whatever you want with it, right? Well, CryptoPunks creator Larva Labs certainly didnât think so. For a while, Larva Labs didnât have any guidance related to the commercialization or copyright of CryptoPunks; then in 2019, they adopted the NFT License created by Dapper Labs.
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Holders can display the art and only use it for commercial purposes if it results in no more than $100,000 in revenue per year.
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The holder cannot modify the artwork or use it to market third-party products.
This irked a lot of Punk holders, who in turn, launched a slew of CyptoPunk derivatives.
Larva Labs fired back with DMCA takedown requests against multiple derivative NFT projects and even got some of them taken off OpenSea.
In 2021, the discontent and frustration over holder IP rights came to a head when the pseudonymous NFT collector Punk4156 sold his CryptoPunk and launched NounsDAO.
NounsDAO essentially created the anti-thesis to Larva Labâs restrictive IP practices using CC0 – the most liberal of the many types of copyright licensing.
This graphic lays it all out.
Other than community, the critical value of NounsDAO and different CC0 projects like CrypToadz, and Mfers is that anyone can use their art for commercial or other purposes and do not need to give attribution to the original artist, team, or creators.
Allowing creators and entrepreneurs to use the projectâs IP can bring immense value back to the original NFT project through network effects.
BAYC airdrops APECoin
Minting a Bored Ape Yacht Club NFT for 0.07ETH (around $270) was one hell of an investment for a few reasons. First, a floor ape will now set you back about 100ETH (~$300K).
Next, BAYC holders were airdropped about 30ETH worth of free NFTs (MAYC & BAKC).
And finally, Yuga Labs, the company behind BAYC, MAYC, and BAKC, just airdropped holders a bunch of $APECoin.
How the airdrop shook out âŹď¸
15% of that 62% ecosystem fund was airdropped to members of the Yuga Labs universe.
Yuga Labs X Animoca Brands
Remember the new website that Yuga Labs dropped which required every holder to doxx themselves via KYC?
Well, what is brewing is a new metaverse called Otherside.
Not much is known about it other than it will include every project in the Yuga Labs ecosystem (BAYC, MAYC, CyrptoPunks, Meebits) and many that arenât (World of Women, Nouns, CrypToadz, and Cool Cats).
As speculated by almost everyone, APECoin will serve as the currency that powers Othersideâs digital economy.
Zuck says NFTs are coming to Instagram
During an SXSW panel, Mark Zuckerburg divulged that Instagram users should be able to display their NFTs on the platform in the next few months.
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Users will also be able to mint NFTs directly from the site.
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Meta is reportedly still working on some technical issues before they can debut the feature.
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Zuck also noted that the companyâs metaverse will include NFTs.
đ¨Signal
Consensys CEO Joseph Lubin confirmed that MetaMask will be launching a token and DAO as part of a move towards âprogressive decentralization.â The DAO will not govern MetaMask and the token may or may not be airdropped. ConsensYs also just raised a $450 million Series D round led by ParaFi Capital that included participation from the likes of Microsoft and Softbank.
Animoca Brands is shutting down its licensed Formula 1 NFT game. The shutdown comes as Animoca was unable to renew its license with F1.
The virtual Instagram influencer with over 3 million followers, Lil Miquela, is becoming a DAO. Founder Trevor McFedries hopes that Brud DAO will solve many of the challenges that the structure of web2 era media poses for creators.
Decentral Games just airdropped ~5.9M xDG (over $2M) to ICE Poker players and wearable owners. ICE Poker represents ~30% of Decentralandâs daily volume. DG also just announced Ice Accessories.
Andreesen Horowitz released the open-source tools that they use to analyze NFT data.
Game development studio Lava Labs has raised $10M to launch an NFT game.
Universal Music’s Web3 label, 10:22 PM, has dropped ~$360,000 on a Bored Ape Yacht Club NFT to serve as the manager for their virtual band, Kingship.
Someone lost 3 BAYC NFTs ($900k) to a phishing scam.
Normalized Price distributions across NFT collections.
đAlpha
Buildspaceâs âShark Tankâ – NFT-holders will act as the sharks and decide who gets funded by the treasury (2ETH prize)
Evinco Winery DAO – NFTs + Wine
KGP NFT âMorningstarâ – Photobook NFTs
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