This week’s featured collector is ECBYart

ECBYart is an artist whose Lazy profile showcases their many artworks in a distinctive style. Check it out at lazy.com/ecbyart

The results of last week’s poll: What do you think has been CryptoPunks’ most significant impact?

Last week’s poll offers insights into how the Lazy community perceives CryptoPunks’ impact on the NFT space. The results highlight the project’s multifaceted influence, with “Inspiring the PFP movement” emerging as the top choice at 36%. This underscores CryptoPunks’ role in popularizing profile picture NFTs. “Changing perceptions of digital art” follows at 27%, indicating the project’s contribution to legitimizing digital art as a collectible medium. Interestingly, “Sparking debates on art and value” and “Inspiring artists to make NFTs” tie at 18% each, suggesting that CryptoPunks has equally influenced discourse around art valuation and motivated creative participation in the NFT space. These results emphasize the acceptance of CryptoPunks’ as a pivotal force in shaping the cultural and artistic landscape of the NFT ecosystem.

The Relationship Between the Art World and NFTs Continues to Change and Mature

As a believer in NFTs and their potential, it’s crucial to view the current market situation as an opportunity for growth and refinement rather than a setback. The insights from Christie’s Art and Tech Summit, as reported by Axios, highlight the evolving relationship between traditional art institutions and NFT technology, offering valuable lessons for adaptation and future success.

Marc Glimcher, CEO of Pace Gallery, provided a particularly insightful perspective on the potential of NFTs in the art world. He noted, “We know that there is a provenance verification opportunity here. We all know it and we all know that the art world is resisting it because it suggests transparency, which we say we want but we don’t really want.” This observation highlights a key area where NFTs could add significant value, addressing longstanding issues of provenance and authenticity in the art market.

Glimcher further emphasized this point with a striking comparison: “It’s absurd that a $30,000 car has a title and registration, but that a $170 million Modigliani does not.” This statement underscores the clear need for better documentation and verification systems in high-value art transactions, a gap that NFT technology is well-positioned to fill.

Christie’s Dirk Boll offered a more cautious view, noting that while NFTs represent an interesting application of technology, art buyers didn’t seem overly concerned with blockchain-based verification. He stated, “People still seem to think that the Christie’s invoice as a PDF, or printed, is good enough to prove the transaction.” This highlights the need for better education and more compelling use cases to demonstrate the advantages of blockchain-based provenance over traditional methods.

These perspectives from industry leaders suggest that while there’s still resistance to change, there’s also recognition of NFTs’ potential to solve real problems in the art world. The focus now should be on developing practical, value-adding applications of NFT technology that address these needs. By aligning NFT capabilities with the art world’s established practices and addressing its pain points, we can pave the way for wider adoption and long-term success in this space.

The KnownOrigin Shutdown: A Wake-Up Call for NFT Permanence and True Digital Ownership

The recent shutdown of KnownOrigin, a pioneering NFT marketplace acquired by eBay in 2022, has ignited crucial discussions about the long-term viability of digital art in the NFT space. This closure highlights a fundamental issue: most NFTs contain metadata that points to off-chain files, often stored on platforms like IPFS, rather than the artwork itself being stored entirely on the blockchain. This reality challenges the common perception of NFT ownership and raises concerns about the potential loss of access to digital artworks if hosting platforms cease operations.

This situation prompts a deeper examination of what it truly means to “own” digital art in the form of an NFT. When collectors purchase an NFT, they are often acquiring a token that points to a URL or an IPFS hash, rather than the artwork itself. The fragility of this system becomes apparent when considering scenarios where hosting services or IPFS nodes are no longer maintained, potentially rendering NFTs worthless if the associated artworks become inaccessible.

The challenges highlighted by KnownOrigin’s closure present an opportunity for growth and innovation in the NFT space. They push the community to develop more robust, decentralized solutions that can ensure the permanence and integrity of digital artworks. This may involve exploring fully on-chain storage options, despite their current cost and scalability challenges, or developing new permanent storage solutions. As the NFT ecosystem evolves to address these fundamental concerns, we hope to see the emergence of permanent models for creating, owning, and preserving digital art that redefine our relationship with digital assets.

This week’s poll: Following the KnownOrigin shutdown, what should be the NFT community’s top priority to ensure digital art permanence?

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This week’s featured collector is NFTPics

NFTPics is an artist who has been a photographer since 2008 and an NFT creator since 2021. Their Lazy collection features many of their beautiful photos. Check it out at lazy.com/nftpics

The results of last week’s poll: Do you think NFTs will significantly change how fans engage with sports in the next 5 years?

Last week’s poll explores the potential impact of NFTs on sports fan engagement over the next 5 years. Among respondents, opinions are divided, with a slight lean towards believing NFTs will bring significant changes. Half of those surveyed (50%) believe that NFTs will indeed substantially alter how fans interact with sports in the near future. However, there’s also considerable skepticism, with 30% of respondents disagreeing with this notion. The remaining 20% are uncertain about NFTs’ future influence on sports engagement. For NFT collectors, this poll suggests a mixed landscape of opportunity and uncertainty in the sports sector, with a notable portion of people anticipating NFTs to play an increasingly important role in fan experiences and interactions within the sporting world.

New Film Explores The Surprising Journey of CryptoPunks

Looking for something to watch? Check out “What the Punk!“—a newly released documentary that offers viewers a nuanced exploration of the CryptoPunks phenomenon, tracing its journey from a modest experiment by two Canadian programmers to a revolutionary force in digital art.

While the documentary highlights the project’s historical significance in inspiring the ERC-721 standard and sparking the profile picture (PFP) movement in NFTs, it also presents a balanced view of its impact. The film features insights from prominent figures in the crypto art world, providing diverse perspectives on CryptoPunks’ cultural and financial influence. Notably, the directors have taken care to make the subject accessible to a broader audience, avoiding technical jargon in favor of focusing on the human stories and artistic journey.

However, the documentary doesn’t shy away from controversies, addressing critiques of the speculative nature of NFTs and exploring artistic responses like Robness’s provocative burning of a CryptoPunk.

As a timely snapshot of a pivotal moment in the intersection of art, technology, and finance, “What the Punk!” may offer valuable context for understanding the ongoing evolution of digital ownership and creativity. While the long-term significance of CryptoPunks remains to be seen, this film provides an intriguing look at a project that has undeniably shaped conversations around digital art and collectibles in recent years.

“What the Punk!” is available to watch online here.

This week’s poll: What do you think has been CryptoPunks’ most significant impact?

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This week’s featured collector is Majestic_Eggo

Majestic_Eggo is an NFT Artist who wants a greener and peaceful planet. They created a beautiful collection of NFT butterflies. Check it out at lazy.com/majestic_eggo

The results of last week’s poll: Have you ever lost an NFT because of a hack?

The alarming results of last week’s poll have shed light on a critical issue plaguing the NFT community. A staggering 42% of our respondents reported falling victim to hackers, resulting in the loss of their prized digital assets. This statistic not only underscores the prevalence of security threats in the NFT space but also serves as a wake-up call for collectors who may have been complacent about their digital security measures. Moreover, it highlights the importance of ongoing education within the NFT community, as the technological landscape and tactics employed by hackers evolve rapidly. As we navigate this digital frontier, remember that the responsibility of protecting your valuable NFTs ultimately rests in your hands – stay informed and stay cautious.

Beyond the Hype: Decoding the DNA of NFT Ecosystems

An interview this week’s Harvard Business Review Podcast offers valuable insights for NFT collectors by exploring the broader implications of NFTs. Scott Duke Kominers and Steve Kaczynski, co-authors of “The Everything Token,” explain that NFTs are not just about owning digital images but represent a new form of digital ownership with real-world utility. They emphasize that the value of NFTs like BAYC goes beyond the artwork itself, encompassing community membership, exclusive experiences, networking opportunities, and even potential business ventures. This perspective helps collectors understand the multifaceted nature of NFT value beyond mere speculation.

The discussion delves into the business model behind successful NFT projects, highlighting how scarcity, community engagement, and brand building contribute to their success. Collectors can gain insights into how NFT projects might evolve and expand their reach while maintaining value for early adopters. The interview also touches on the challenges of balancing exclusivity with growth, which is crucial for collectors to consider when evaluating the long-term potential of their NFT investments.

The interview is worth listening to because it provides a broader context for understanding the NFT space beyond just digital art. The insights shared can help collectors make more informed decisions by considering factors such as community strength, utility, and brand potential when evaluating NFT projects. Moreover, the discussion on the future of Web3 and how established brands might incorporate NFTs offers a glimpse into potential future developments in the space, which could influence collecting strategies and investment decisions.

Learn more at HBR’s Podcast. 

Game, Set, NFT: How Digital Tokens Are Serving Up a New Era in Sports Collecting

In a thought-provoking article for CoinDesk’s Consensus Magazine, Matt Novogratz argues that the intersection of NFTs and sports could potentially reshape how fans engage with their favorite athletes and teams. While the long-term impact remains to be seen, Novogratz suggests this trend may be more than just another tech fad, potentially reimagining sports fandom and athlete empowerment.

The article explores several intriguing developments in the NFT space. For instance, Novogratz points to AC Milan’s tokenized stadium experience and the Australian Open’s Art Balls collection as examples of how NFTs might enhance fan engagement. These initiatives, he contends, could offer new ways for fans to connect with their sports heroes, though their lasting appeal and value remain to be determined.

One of the more compelling arguments Novogratz makes is about the potential for NFTs to transform how athletes capitalize on their achievements. He suggests that by minting NFTs, athletes might create revenue streams extending beyond their active careers. This could be particularly significant for athletes in less-publicized sports, who have historically struggled to monetize their talents effectively. However, the real-world efficacy of this approach is yet to be proven at scale.

For collectors and investors, Novogratz posits that sports-related NFTs could represent more than just digital novelties. As the lines between collecting, gaming, and investing blur, he argues that understanding this new landscape could be crucial for those looking to capitalize on these emerging opportunities.

Ultimately, Novogratz presents a vision of NFTs and blockchain technology not just changing how we consume sports, but potentially altering the nature of fandom and athlete-fan relationships. His enthusiasm is evident. As with any emerging technology, time will tell whether NFTs in sports will live up to their proposed potential.

Read the full article at CoinDesk.

This week’s poll: Do you think NFTs will significantly change how fans engage with sports in the next 5 years?

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This week’s featured collector is FlowMade

FlowMade is an emerging visual artist and multi disciplinary illustrator. Check out their artwork at lazy.com/flowmade

The results of last week’s poll: What’s the strongest sign NFTs aren’t dead?

Last week’s poll on the vitality of NFTs reveals compelling insights into community perceptions. The majority of respondents (50%) believe that expanding use cases are the strongest indicator that NFTs are still thriving, suggesting a growing recognition of their potential beyond digital art and collectibles. This is closely followed by 38% who point to persistent market activity and sales as key evidence of NFT resilience. Interestingly, 13% see adoption by traditional sectors as the most convincing sign, indicating an awareness of how established industries are integrating NFT technology.

The poll results paint a picture of a maturing NFT ecosystem, where focus has shifted from speculative hype to practical applications and real-world adoption. Overall, these findings underscore the community’s belief in the long-term potential of NFT technology, despite market fluctuations, and highlight a transition towards more diverse applications of NFTs.

Three Types of Hacks: How to Protect your NFTs

Once you’ve curated your collection of NFTs, it is crucial to keep them safe. Clearly no one wants to get hacked. So how can you prevent it? This week we’re revisiting a topic we first covered in Lazy Newsletter #47—three common hacks and how to avoid them.

1) Discord Hijack

Imagine you’re hanging out in the Discord of a new and exciting NFT project when you see an urgent post from an admin announcing a surprise mint. Wow, right!? You rush to send your hard earned eth only to discover that the admin’s account had been hacked and the mint was fake. Welcome to the new wave of Discord hijacks.

This kind of attack is becoming more common. Protecting yourself from Discord hijacks can be difficult because the hackers will often move quickly and ban other admins who could alert the community to the fraud. The best defense is to be skeptical of any previously unannounced surprise mints.

2) Phishing Websites

This time you’re hanging out on X, proudly displaying your Bored Ape Yacht Club NFT, when you receive a message promising to animate your NFT. Very cool! When you visit the site, it prompts you to connect your wallet and submit a transaction. You accept and your BAYCs disappear forever. This happened to a Bored Ape Yacht Club member who fell for this scam and lost 3 apes ($900K at that time).

To guard against this type of hack it is important to remember that any transaction you sign or submit on a website could potentially interact with your NFT’s smart contract. That’s because smart contracts live on the blockchain and any website can interact with the contracts. So the best protection is to be wary of completing transactions on websites that you don’t 100% trust.

Oh, and by the way, if someone is offering to create an animated version of your BAYC then they don’t need you to submit a transaction on the blockchain. That’s why there is some truth to the old “right click, save as” meme.

3) MetaMask Compromise

The third kind of attack is more sophisticated than the other two and it has been proven to work against technically savvy crypto users. In fact, a prominent crypto VC fell victim and lost over a $1.7m worth of NFTs.

The hack begins with a phishing email or message pointing to what looks like a very interesting shared Google Doc. When the user clicks on the link, their computer is unwittingly infected with malware that compromises their MetaMask. Once the user’s MetaMask has been replaced with a malicious version, the hacker gains access to their wallet seed phrase and can also spoof transactions.

To protect against this attack, aside from not clicking on links, it is important to periodically check that your MetaMask has not been replaced with a malicious version. To do this, in Chrome, click Window -> Extensions and make sure that “Developer Mode” is ticked OFF. 

This week’s poll: Have you ever lost an NFT because of a hack?

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This week’s featured collector is AtomicMouse

AtomicMouse’s motto is “keeper of key, sweeper of floors and winner of bread.” They have a large and diverse NFT collection. Check it out at lazy.com/atomicmouse

The results of last week’s poll: When was the last time you purchased an NFT?

The recent poll on NFT purchasing activity offers a nuanced view of current market engagement. On the one hand, 47% of respondents reported buying an NFT within the last 30 days, suggesting active participation. On the other, 33% of respondents last purchased over a year ago, indicating a significant portion of surveyed individuals who have stepped back from active buying. The even distribution of 7% for purchases made 1-3, 4-6, and 7-12 months ago presents an interesting pattern, reflecting steady but subdued activity over the past year.

Exploring new frameworks for NFT royalties

This week a16zcrypto released a comprehensive analysis exploring the challenges and potential solutions surrounding NFT royalties, a key value proposition for creators in the digital art space. The article delves into the current limitations of enforcing royalties on-chain, primarily due to the difficulty in distinguishing between sales and other types of transfers. It then examines existing solutions like blocklists and allowlists, highlighting their pros and cons in balancing royalty enforcement with NFT composability – the ability for NFTs to interact with various applications and smart contracts.

The piece introduces two novel approaches to NFT royalties that aim to improve upon current models. The first proposes combining an allowlist with a staking mechanism, allowing applications to permissionlessly join the allowlist by staking resources as a commitment to enforce royalties. The second, called “right of reclaim,” introduces a dual ownership model that incentivizes royalty payments without restricting composability. These innovative frameworks aim to address the fundamental tension between strict royalty enforcement and open composability in the NFT ecosystem.

Throughout the discussion, the article emphasizes the importance of finding solutions that preserve composability, maintain digital property rights, and ensure fair compensation for creators. It acknowledges that there is no one-size-fits-all solution and encourages builders and creators to understand the various royalty designs and their tradeoffs to choose the best fit for their unique goals. For a deeper understanding of these complex issues and potential solutions in the evolving NFT landscape, readers are strongly encouraged to explore the full report, which offers valuable insights for creators, collectors, and developers in the NFT space.

7 Reasons Why NFTs Are Not Dead

1. Market Maturation: The NFT market isn’t dying; it’s maturing. This phase focuses on sustainability and real-world utility, moving beyond the initial hype to more stable, long-term applications.

2. Evolving Use Cases: NFTs are expanding beyond digital collectibles. They’re finding new applications in various industries, including the creator economy, real estate, and financial markets, demonstrating their versatility and ongoing relevance.

3. Technological Advancement: The NFT industry has developed revolutionary global property rights systems. This infrastructure enables unique digital ownership and authenticity verification at a fraction of traditional costs, positioning NFTs as a transformative technology.

4. Ongoing Innovation: Despite market corrections, innovation in the NFT space continues. New platforms in SocialFi and GameFi are emerging, and there’s growing interest from institutional investors as NFTs become more purpose-driven.

5. Persistent Market Activity: While volumes may be down from peak levels, significant activity remains in the NFT market. For example, Bitcoin-based NFTs have recorded substantial sales volumes, indicating continued interest and engagement.

6. Industry Transformation: NFTs are reshaping various sectors by providing new ways to represent and trade assets. From digital art to stocks, bonds, and carbon credits, NFTs are creating unprecedented possibilities for ownership and value transfer.

7. Long-term Potential: Experts view the current state as part of a cycle rather than an endpoint. The foundational technology of NFTs holds immense potential for future applications and broader adoption, suggesting a promising future beyond current market conditions.

While the NFT landscape has evolved from its initial boom, it’s far from obsolete. Instead, NFTs are entering a new phase of development focused on practical applications and sustainable growth, positioning them for long-term relevance in the digital economy.

Read more on why NFTS are not dead at Coindesk and CoinTelegraph.

This week’s poll: What’s the strongest sign NFTs aren’t dead?

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This week’s featured collector is Lawr

Lawr is a collector of Ethereum NFTs with a focus on profile pictures. A few different styles and some surprises. Check out their collection at lazy.com/lawr

The results of last week’s poll: Should governments regulate the NFT market?

The poll on NFT market regulation reveals a stark divide in opinion, with half of respondents opposing government oversight while the other half is split between support and uncertainty. This fragmentation reflects the broader debate in the crypto and NFT communities about the role of traditional regulatory bodies in decentralized markets. The strong preference for an unregulated environment suggests many view government intervention as a potential threat to the innovative nature of the NFT space.

The Stormtrooper Scandal: A Cautionary Tale for NFT Collectors

“The Stormtrooper Scandal,” a newly released documentary, offers a fascinating glimpse into the wild west of early NFT projects, serving as both a cautionary tale and a testament to the disruptive potential of blockchain technology in the art world.

For NFT enthusiasts, the film provides valuable insights into the complexities and pitfalls of large-scale NFT drops, especially when traditional art and intellectual property rights collide with the decentralized ethos of crypto. Ben Moore’s journey from charity art curator to overnight crypto millionaire highlights the immense opportunities NFTs present for reimagining art ownership and distribution. The lightning-fast sellout of the Art Wars collection demonstrates the fervent demand for NFTs tied to recognizable IP and established artists.

However, the subsequent unraveling of the project due to copyright issues and lack of artist consent serves as a crucial lesson for collectors and creators alike. It underscores the importance of due diligence, clear provenance, and respect for intellectual property rights in the NFT space. While the film may paint a somewhat negative picture of NFTs, savvy collectors will recognize that it primarily exposes the pitfalls of rushing into projects without proper groundwork.

Ultimately, “The Stormtrooper Scandal” is a must-watch for NFT collectors. It provides valuable context for the evolution of the NFT market and serves as a reminder of the transformative potential of NFTs when executed responsibly. As the space continues to mature, learning from early missteps like those depicted in this film will be crucial for collectors navigating this exciting new frontier.

Watch on the BBC’s iPlayer. (UK only, unfortunately).

The Art of NFT Navigation: Insights from Tyler Warner

In a recent interview, Tyler Warner, known as Tyler Did It on social media, offered a candid account of riding the NFT wave to a portfolio peak of 1,000 ETH (~$3 million), only to see much of it evaporate in the subsequent bear market. The interview encapsulates the exhilarating highs and sobering lows familiar to many in the space.

Warner’s enduring optimism for digital sports collectibles, particularly NBA Top Shot, reflects a nuanced understanding of how blockchain technology is reshaping traditional markets. His experience with Pudgy Penguins – from early adoption to strategic exit and re-entry – offers a masterclass in navigating project lifecycles and the critical importance of leadership in determining long-term value.

For NFT collectors and crypto enthusiasts alike, Warner’s insights serve as both a beacon and a warning, highlighting the need for strategic acumen, continuous learning, and resilience in the face of market volatility. His journey underscores that in the world of digital assets, success is not just about riding waves, but about understanding the tides that create them.

Read the full interview at Cointelegraph Magazine.

This week’s poll: When was the last time you purchased an NFT?

We ❤️ Feedback

We would love to hear from you as we continue to build out new features for Lazy! Love the site? Have an idea on how we can improve it? Drop us a line at info@lazy.com