Welcome to the weekly update of all things NFTX, along with a sprinkling of NFT news as well.
After a huge week of news last week, we usually see a consolidation of activity in the NFT market while everyone catches their breath and rearranges their ETH. Not this week, though, with plenty of action around the place as more records tumble.
New Product Development — Cross Asset Swap
A new team has spun up this week to enable cross asset swaps to the NFTX platform. Let’s break down exactly what this does.
You will be able to choose from any NFT in your wallet that corresponds to an existing NFTX fund. By selecting that NFT, the app will present a list of potential swaps based on the NFT you chose and the available funds. Click a button, and you will end up with a random NFT from the fund you selected. Excess value will be received in the currency you'd like to receive (DAI, NFTX, ETH, etc).
A lot of very clever things happen in the background thanks to our resident dev Vasa.
We have a more detailed overview of the new functionality coming out later this week, so keep an eye on the blog and we will be sure to link it up in next week’s update.
NFTX Gallery — Ongoing Updates
Last week we announced the newly launched NFTX Gallery and asked for feedback from the community - and you did not disappoint. Aside from the positive feedback on the design and capabilities, there were some additional functionality updates as well.
The feedback came through via Canny, and we encourage everyone to make improvement suggestions. Here’s a quick look at some of the quick updates for this week:
- TVL & Price: These values are now incorporated into the fund pages and their listing headings.
- Added detail to the fund to better explain their position
- Better social previews - social meta tags have been added to all the funds and collections, so you get a beautiful preview when sharing funds through social networks
- Push Bullrun Babes collection to the homepage for easier discoverability
Create Vault to be re-enabled
The "Create Vault patch" has been deployed on main net and will need a final verification on Etherscan before it is upgraded through Aragon.Once completed, the Create Vault process will be open for the entire community.
So, what does that mean for you? Well, instead of having to ask if there can be a Hashmask Golden Robot fund created, you will have the option to create the fund yourself without any need for permission from the DAO.
We will, of course, still be creating DAO supported funds and supplying liquidity to those funds via SushiSwap, but you will have the power to create your own.
How to become a Bullrun Babes liquidity provider?
In this blog post, we’re going through the entire process of becoming a Bullrun Babes liquidity provider on popular exchanges such as Sushiswap, using the NFTX Bullrun Babes Basic fund.
Sound like something you’d be interested in? Read on to find out more.
Change of focus towards Single Funds over Combined Funds?
Are you already a member of the NFTX forum? If not, please do before reading through!
Back? Great, let’s continue.
The forum is where Discord conversations become more structured, hotly debated, and the ideas further crystalised before forming proposals and going to vote. If the community passes these proposals then this becomes part of the focus for the NFTX DAO.
At the moment, there is a thoughtful conversation around whether to provide more focus (and liquidity) around single funds, like $MASK and $PUNK-BASIC, taking focus away from combined funds (for now). While you don’t need to be aware of these conversations, we encourage everyone be aware of these proposals and seek clarification or share your own thoughts so that the DAO proposes a final proposal which takes into account each participants' point of view and expertise.
With a hectic week of broken records, surely this week was going to be quieter. Surely.
Flow NFTs are coming to OpenSea
With this announcement, it seemed for a second as though an NBA Topshot fund was just around the corner, but not just yet! OpenSea will only support the view of Flow based NFTs for now.
Are Hashmasks setting the standard for digital art?
For the first time in NFT’s short history, a series is being seriously considered as art by people outside of the existing NFT ecosystem. This is because they embrace a great final piece of art and some generative traits, secret easter eggs, a name change potential, and a huge community of owners who are helping write the story of Hashmasks.
The article from Coindesk also contains something which captures the best answer for the inevitable trolling comment “but you can just take a screenshot”
The ‘Mona Lisa’ is original and valuable. A poster of the Mona Lisa is not valuable, despite being nearly identical in visual information … Therefore, the art is valuable not for its collection of particular atoms in some particular order, but for its historical and social context. Recreating the object does nothing, because it does not contain the same social history.
With digital NFTs, the same logic is true. Just because you have an identical JPEG to the one anchored to the blockchain, does not mean you have an original worth anything, nor does your ability to look at it suggest anything from a collectible point of view.
On top of the BRB fund announcement this week, there are some updates you should be aware of on the tokens themselves. Thanks to @Jules for dropping this into Discord over the weekend.
- Buying packs, and trade ups is now a fixed price of 2.54ETH until the all cards are minted (halfway now)
- If you have a Rainbow Babe, you'll now earn fees every Friday via a snapshot.
- The team is aiming to create another series in the future and these 'Season 1' Rainbow babes will continue to capture transaction fees.
Our friends at SushiSwap have added all of the NFTX PUNK/ETH index pairs and the MASK/ETH pair to their Onsen program. This is great news for pushing organic growth for the index fund liquidity pools, as community members are now financially incentivized to provide liquidity.
Beeple’s Nifty Gateway sells for $6.6m on secondary market
Originally the piece titled “Crossroads” was sold for $66,666.60, but three days ago the lucky owner saw 1,000% ROI. Not too shabby if you ask us.
That’s not the only Beeple news this week though.
Christie’s Auction Beeple 5000 days
The NFT that showcases a piece of art for the past 5,000 days from Beeple is currently the first of it’s kind to be auctioned at the famous auction house, as well as being the first auction where they will accept crypto for payment.
There is still 10 days left in the auction and the price is already fetching $3,000,000!
Launches this week
Ether Cards — While these aren’t officially dropping for a couple of weeks, the team finished their second presale on Sunday with common cards going for 0.5 ETH. This looks as though it will impact the bonding curve, meaning that when the public sale happens the cheapest cards will start above 0.5ETH already.
They have also announced that there will be an integration with NFTX and Sushiswap, which will give you all access to pools on both respective platforms, as well as all the liquidity that brings. These pools will be ready on launch day 18th March.
The price continued to move around again this week alongside the movements of most of the market. We pushed up towards $400 twice earlier in the week but spent most of the week moving between $250—$350 before closing at $229 on Sunday evening.
That's all for this week. If you have any questions, come and join in on the Discord channel.