This week’s featured collector is JKCash

JKCash is an artist whose images show the radiation of ether energy. Beautiful! Check out their artwork at lazy.com/jkcash

The results of last week’s poll: What do you think will be the primary outcome of the artists’ lawsuit against the SEC regarding NFT regulation?

NFT collectors, take note: A recent poll sheds light on the community’s expectations regarding the artists’ lawsuit against the SEC over NFT regulation. The results paint an intriguing picture of optimism and anticipation. A plurality of respondents, 46%, believe the lawsuit will force the SEC to provide clear guidelines for NFTs – a potential game-changer for the market. Close behind, 38% of those polled foresee a major win for NFT creators, suggesting a strong belief in the artists’ case. Interestingly, not a single respondent expects the SEC’s approach to remain unchanged or for the lawsuit to backfire with stricter oversight, indicating a widespread belief that change is imminent. A small but significant 15% anticipate an outcome not listed among the options, hinting at the complex nature of the situation. For NFT collectors, these results might signal a turning point in the regulatory landscape, potentially bringing more clarity and favorable conditions to the NFT space.

Minimum Viable Product: Inside the Crypto Hackathon with $350k Funding At Stake

A new documentary from Alliance offers an engaging and insightful look into the world of cryptocurrency entrepreneurship through the lens of a hackathon that awards $350k to the winning minimum viable product. We love how it captures the energy, creativity, and challenges faced by aspiring founders as they work to develop innovative blockchain-based and NFT applications.

The film effectively illustrates the iterative nature of product development, showing how participants refine their ideas through feedback and mentorship. It’s particularly interesting to see the range of projects being worked on, from decentralized gaming platforms where players use unique NFT cards that change gameplay mechanics to AI-assisted smart contract creation.

One of the documentary’s strengths is its portrayal of the collaborative yet competitive atmosphere of the hackathon. The interactions between participants and mentors provide valuable lessons on idea validation, user acquisition strategies, and the importance of differentiating one’s product in a crowded market.

The documentary also touches on some of the broader issues and debates within the crypto space, such as the balance between appealing to crypto-native users (“degens”) and attracting mainstream adoption. This adds depth to the narrative and helps contextualize the projects being developed.

While the film doesn’t shy away from showing the challenges and potential pitfalls of building in this space, it is refreshing in its overall optimistic tone about the potential for blockchain technology to enable new types of applications and user experiences.

For viewers interested in crypto entrepreneurship, blockchain and NFT applications, or the culture surrounding cryptocurrency, Minimum Viable Product provides an informative and entertaining glimpse into the world of crypto startups.

Watch Minimum Viable Product now on YouTube

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This week’s poll: Which aspect of crypto culture do you find most intriguing?

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This week’s featured collector is Pixedl

Pixedl is a Texas native who creates abstract images, derived from photographs and drawings. Check out their artwork at lazy.com/pixedl

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

The NFT community’s top priorities for ensuring digital art permanence following the KnownOrigin shutdown, according to last week’s poll, is clear. There is a strong preference for developing robust on-chain storage, with 67% of respondents selecting this option. There was an equal split of 17% each for educating buyers about storage risks and implementing industry standards. Notably, improving off-chain storage systems and “something else” received no votes. These findings suggest that the NFT community is primarily focused on blockchain-based solutions to address concerns about the longevity and preservation of digital artworks, while also recognizing the importance of education and standardization in the industry. The lack of support for off-chain storage improvements reflects a desire to leverage blockchain technology’s inherent features for securing and maintaining NFTs.

NFTs vs SEC: What the New Pro-NFT Lawsuit Means for Digital Art Collectors

The NFT community is facing a pivotal moment as artists Brian Frye and Jonathan Mann take on the SEC in a groundbreaking lawsuit. This legal challenge seeks to clarify whether NFTs fall under SEC jurisdiction, a question that has loomed large since the agency’s enforcement actions against Impact Theory and Stoner Cats in 2023. For NFT collectors, this case could have far-reaching implications on the future of NFT ownership and trading.

At the heart of the matter is the SEC’s assertion that certain NFT projects constitute unregistered securities offerings. This stance has sent shockwaves through the NFT ecosystem. The plaintiffs argue that the SEC’s approach threatens artistic expression and innovation in the digital space, drawing parallels between NFT art and traditional mediums. They provocatively ask whether Taylor Swift’s music or merchandise could be considered securities under similar logic.

The lawsuit highlights a growing tension between regulatory bodies and the rapidly evolving world of blockchain-based art. The outcome could influence how NFTs are created, sold, and traded, potentially impacting the value and liquidity of existing collections.

Interestingly, this legal challenge comes at a time when major players in the NFT space are already feeling the regulatory heat. DraftKings’ recent decision to shutter its NFT business citing “recent legal developments” and Dapper Labs’ settlement of a securities lawsuit related to NBA Top Shot Moments illustrate the broader impact of regulatory uncertainty.

While the outcome remains uncertain, it’s clear that the intersection of art, technology, and regulation is becoming increasingly complex. This case may serve as a catalyst for clearer guidelines in the NFT space, potentially leading to a more stable and mature market for digital art.

Learn more at TheBlock and Coindesk.

This week’s poll: What do you think will be the primary outcome of the artists’ lawsuit against the SEC regarding NFT regulation?

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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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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

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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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

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?

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