Welcome to the weekly update of all things NFTX along with a sprinkling of NFT news as well. Currently, in the Crypto and NFT space, it seems like each week is even more significant than the last, and there's no change this week.
Last week we told you about the two epic days that ChopChop spent with Ben Pierrat and teased you with a couple of videos of the process. This week we are happy to showcase our new logomark and logotype.
A full release post of the new brand, what the new logo & type resemble and how the process came to be can be found in a separate blog post which was launched earlier today!
When you're writing an article about NFTX and need a logo, all of the assets are available for use on our documentation page.
We're all super excited about this milestone as we can not move our creative energy into the new look website.
The NFTX Gallery, a web app to discover all existing NFT index funds, is the first application that receives the new branding look and feel, and we're excited about how good it looks.
Our individual NFT views are finished, and with a few more changes needed for the funds, the new gallery looks like it will be pushed as an MVP version soon (no pressure, super Gallery Squad).
The gallery update will change how you can view & discover NFT Index funds signifcantly, aiming to provide a much more visual experience to current & new users that get in touch with the NFTX ecosystem.
NFTX New Funds Launching
Yes, you read it right. This week we are working hard to launch the other sets of funds which have been quietly waiting in the shadows while $MASK and $PUNK took all the attention.
After a successful governance vote conducted from February 10 to 12, over 121k NFTX voted for moving ahead with the plan to allocate 320 ETH, in combination with an equivalent amount of single fund (D1) tokens, as bootstrapping liquidity for all additional funds raised during the community raise in December 2020.
Each launch will be accompanied with a blog post format that goes into the NFT funds' underlying collateral, contract addresses, and other necessary information to invest and/or act as a liquidity provider.
New governance vote: Standardizing the governance process!
A new governance vote has been cast by contributor Finesseboi, which is intended to standardize the governance process at NFTX - streamlining the way we handle governance within the DAO, while providing a framework to use for getting your future proposals on Snapshot.
If you haven't yet and you are an NFTX holder, make sure to cast your vote on Snapshot today!
The fourth governance call occurred this week and chaired again by Finesseboi and Chop.
This week's main topic was getting the dates agreed up around delivering the new funds on the platform and clearing any blockers to get the new gallery up and running on the website.
If you want to keep track of when the calls will happen, we've created a shared Google Calendar that you can subscribe to so you never miss one. Each week the agenda and Jitsi call login details can be found on the invite and the #Governance Discord channel.
Another busy week, as the wider public is being introduced to the magical world of NFTs.
Let's take a look at some of the highlights this week:
100 million punk draw
Not to be outdone by the hype of the HashMasks, Pranksy got together with LarvaLabs (the creators of CryptoPunks) and a group of folks within the NFT industry to buy up 100 CryptoPunks. 100 raffle ticket were sold to the highest bidder, with each ticket's holder guaranteeing themselves a CryptoPunk at the end of the draw. Starting around 5 ETH and pushing to 8 ETH, the raffle tickets were at last check worth 12.4 ETH each.
Axie Genesis plot
Just when you thought sales couldn't get any bigger (which is looking to be the trend of 2021) we saw nine Axie Genesis plot get picked up for 888 ETH, which calculated to ~$1,500,000 at the time of sale. The sale is currently the largest NFT transaction of all time!
While this is huge, remember that in January 2020 we thought that the Australian Bushfires would be the largest news story of the year. We're expecting a lot of NFT records to be broken in 2021.
The story behind Hashmasks
HashMasks have really caught the crypto worlds' imaginations with the addition of hidden traits, messages, and cryptic stories. It seems like HashMasks are an NFT category with staying power, with a broad enough appeal for people to showcase on their walls as art.
The creators have recently released Masterpiece: Decentralised Artistry, a story behind their approach to the project from the initial idea, right the way through to uploading the final images onto IPFS.
Chamath is among us
A few weeks back Chamath, CEO of Social Capital, was asked if he saw any value in Ethereum when discussing Bitcoin. At the time of the interview, he announced he he didn't.
This week however, Chamath confirmed that he is building a "fairly sizeable portfolio of NFT's", which he sees as the new frontier for digital currencies.
With heavyweights like Chamath getting into the NFT game, it looking like the upcoming years are going to be a fun ride.
The NFTX token has continued to build on higher highs and higher lows again this week. Over the week the value of NFTX had risen to $487.95 before coming back down to $350, pushing back up to $418 on Sunday evening.
At the time of writing, NFTX sits at number #177 in the list on CoinGecko based on market cap.
There have been a lot more people in the discord channel this week and a lot of people asking the same two questions.
- Does owning NFTX give you access/exposure to NFTs?
- Why is the NFTX token price going up?
The NFTX token is a governance token which gives you a vote in the DAO decisions. It does not have any relationship to owning an NFT or being part of an NFT fund like PUNK or MASK. If you're looking to get exposure to the NFT index funds, you should look at the PUNK, and MASK funds, or the new funds launching this week.
As for the value, that's based on free market. The NFTX token holds value in that it will have supply/demand on the market based on interest in the DAO, its underlying treasury and community.
That's all for this week. If you have any questions, come and join in on the Discord channel.