Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles
Dear Bankless Nation,
As magic internet tokenomics continues eating up the digital world, things are as interesting as ever in the NFT ecosystem, bull market or not.
A big part of the growing intrigue here stems from how the web3 frontier’s rapidly expanding right before us — appchains, omnichains, zkEVMs, L3s, oh my!
All that said, it’s as important as ever to stay informed on the big happenings at the NFT frontier because huge changes are happening all around us. Accordingly, let’s get you caught up on the main intrigues from the past week per usual, and thanks for reading everyone! 🤝
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This week, the NFT market cap experienced a decline, dropping from 9.6 million ETH to 8.6 million ETH ($15.78 billion USD), a 10.4% decrease over the past seven days. Lately, major cryptocurrencies such as BTC and ETH have been leading the charge in the cryptoeconomy amid broader market turbulence. Additionally, the buzz surrounding Arbitrum’s $ARB airdrop has captured recent attention, leaving NFTs out of the spotlight generally speaking for the time being.
The huge mover this week was CryptoPunks, or technically Wrapped CryptoPunks, the “wrapped” versions of the ‘Punks that are readily tradable on popular NFT secondary marketplaces. Their huge activity surge came as $BLUR farmers started to turn their attention to ‘Punks in recent days in very concentrated fashion.
Over the course of last week, Blur’s NFT volume marketshare dropped from 77% to 72% and its trades marketshare dropped from 56% to 51%. We just saw more of the same this week, as the platform’s volume marketshare declined from 72% to 69% and its trades markeshare declined from 51% to 43% over the past seven days. Is the height of $BLUR farming over? That remains to be seen, but the possibility of OpenSea retaking the pole position is coming back into focus.
This isn’t a one-off drop, but rather a new social app on Arbitrum where you can “steal to reveal” other peoples’ hidden NFTs and easily mint your own hidden NFTs that can then be “stolen” by others. As you steal NFTs, known as “Memories” on Stealcam, their prices increase every time by 0.001 ETH plus 10% of the previous price, with the previous owner reimbursed for their initial payment, and the surplus split among the previous owner (45%), the creator (45%), and the protocol (10%). If you’re looking for new things to try on Arbitrum, this is a fun new app to tinker with.
Nouns Comic #1 Generative Cover — This “Themed Park Nouns” mint offers over 500 million possible permutations, created from 7,000 hand-drawn artworks; the cost is 0.003 ETH each and proceeds will be used to donate physical copies of the comic to youth hospitals in North America. There’s a little bit under a day left to mint at the time of writing!
1. Coinbase on how to use its Creator Hub:
2. PleasrDAO on the rise of Uniblocks:
3. onion on the best resources for getting Nounish in the space:
Some of you may recall that I’ve previously written about how to backup your NFT metadata via ClubNFT. As of this week, ClubNFT is now listed in the “Discover” section of the Ledger Live app, and Ledger Market Pass Genesis holders are able to access free NFT pinning services for up to six months through the partnership. If you’re interested in shoring up your NFT collection for the long haul, the Ledger x ClubNFT combo is a great place to start.
Sure, some are. But which ones? That’s the question that the U.S. Internal Revenue Service (IRS) is now soliciting feedback from the public on with regard to how the watchdog approaches NFT taxation. There’s a two-month comment window that’s begun, and I must say it’s refreshing to see the agency approaching NFTs pragmatically and openly. The SEC, which is trying to crack down on crypto right now, should take notes.
PleasrDAO’s recent Unisocks burn event is one of the craziest, funniest things to happen in the NFT space in recent memory, but try explaining it to someone who’s not familiar with NFTs and you’ll likely come across sounding insane like this guy…
William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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