This week’s featured collector is Centrartz

Centrartz is a blockchain artist and their Lazy collection has a few of their artworks. Browse their art at lazy.com/centrartz

How do you feel about the recent sentencing of NFT developers involved in a $400,000 “rug pull”?

The recent sentencing of NFT developers involved in a $400,000 “rug pull” has sparked varied reactions among the community, with most respondents feeling that justice was served—a sentiment held by 62% of the poll participants. This majority suggests that there’s a strong desire within the space for accountability, as the community grapples with incidents that have damaged trust in digital assets. However, not everyone is convinced the penalty was sufficient; 15% believe the sentence was too light, indicating a push for harsher consequences to deter future scams. Interestingly, another 15% said the outcome doesn’t affect them, a reminder that, for some, these events remain distant or irrelevant to their crypto journey. Meanwhile, 8% plan to be more cautious moving forward, reflecting the lessons learned for those who may be newer to the risks of NFT investments. Notably, no one felt the sentence was overly strict, which perhaps underscores a broader consensus that stronger safeguards—and punishments—are essential for the maturing NFT and crypto sectors.

Crypto Wins the U.S. Election

The 2024 election results have set up a historic moment for the crypto industry in the United States, with a new influx of bipartisan support in Congress and an administration that has made clear promises to reshape crypto regulation. Although Donald Trump’s re-election has stirred mixed feelings across the political spectrum, crypto supporters are finding common ground in a shared goal: developing a regulatory environment that accelerates innovation while addressing legitimate concerns.

Trump’s campaign statements have raised hopes for a more open approach to digital assets. Unlike previous administrations, Trump’s team has shown a willingness to engage with the industry directly, pledging to appoint officials who understand crypto’s potential and to shift away from a purely enforcement-driven approach. But support for crypto isn’t exclusive to Trump’s camp; new representatives and senators from both sides of the aisle are coming in with pro-crypto perspectives, signaling a broadening base of support.

The election results are expected to bring about meaningful changes, particularly in reevaluating the scope and focus of the SEC, which had been criticized for its rigorous enforcement under SEC Chair Gary Gensler. Trump has promised to replace Gensler, a move that could lead to a more balanced regulatory approach. Still, the incoming administration will be working within a diverse Congress where crypto supporters include both progressives and conservatives. Newly elected pro-crypto lawmakers range from progressive Democrats interested in blockchain’s potential to increase financial inclusion to Trump-aligned Republicans who see it as a strategic advantage for the U.S.

Key victories backed by crypto super PACs have strengthened the industry’s influence, as seen in the high-stakes Ohio Senate race where longtime crypto critic Sherrod Brown was unseated by Bernie Moreno, a staunch crypto advocate. Industry groups like the Blockchain Association, representing major players such as Coinbase and Uniswap Labs, view this as a major win, emphasizing that crypto’s role in the economy is a bipartisan issue, driven by diverse motivations and a shared desire for regulatory clarity.

However, this momentum doesn’t mean a seamless path ahead. Crypto-friendly legislation still faces hurdles, especially around anti-money laundering policies, where some Senate Republicans have proposed stricter controls. Additionally, unresolved SEC enforcement actions from previous years could continue to impact companies until a new regulatory framework is formalized.

Crypto advocacy groups are seizing on this moment to solidify long-term influence, with super PACs like Fairshake committing over $78 million for the next election cycle, signaling that the industry’s engagement in U.S. politics is here to stay. For now, the industry stands on the cusp of what could be a transformative period, with advocates from both parties prepared to champion crypto’s role in the economy while addressing the challenges ahead.

Here’s a quick look at the top 10 congressional races where crypto made big bets this election cycle:

1. Ohio Senate: Bernie Moreno (R) vs. Sherrod Brown (D)
   Crypto PACs spent $40.2 million to back Bernie Moreno, who unseated Senate Banking Chair Sherrod Brown, a long-time industry critic.

2. Michigan Senate: Elissa Slotkin (D) vs. Mike Rogers (R)
   Elissa Slotkin received $10 million from crypto supporters and narrowly won, bringing her pro-crypto voting record to the Senate.

3. Arizona Senate: Ruben Gallego (D) vs. Kari Lake (R)
   Crypto industry PACs contributed $10 million to Ruben Gallego, a candidate who supports crypto legislation; the race remains uncalled.

4. Massachusetts Senate: John Deaton (R) vs. Elizabeth Warren (D)
   The industry spent $4.2 million backing John Deaton in a tough race against anti-crypto Senator Elizabeth Warren, who ultimately won.

5. West Virginia Senate: Jim Justice (R) vs. Glenn Elliott (D)
   Jim Justice received $3 million in support and won, promising to advocate for a regulatory framework that encourages blockchain innovation.

6. Indiana Senate: Jim Banks (R) vs. Valerie McCray (D)
   Industry donors backed Jim Banks with $3 million; he won and is expected to support crypto-friendly policies in the Senate.

7. California 45th Congressional District: Michelle Steel (R) vs. Derek Tran (D)
   Michelle Steel received $2.8 million from the industry for her re-election; the race is still uncalled, but she has supported crypto legislation.

8. Alabama 2nd Congressional District: Shomari Figures (D) vs. Caroleene Dobson (R)
   Shomari Figures, who won his race with $2.6 million from crypto PACs, has advocated for a pro-crypto stance within the Democratic Party.

9. North Carolina 1st Congressional District: Donald Davis (D) vs. Laurie Buckhout (R)
   Donald Davis secured $2.3 million in support and won, bringing his favorable stance on crypto regulation back to Congress.

10. Colorado 8th Congressional District: Yadira Caraveo (D) vs. Gabe Evans (R)
    Yadira Caraveo received $2.3 million from crypto supporters; her race is still pending, but she’s known for advocating regulatory clarity on digital assets.

Read more about crypto’s election victory at Politico, Reuters and The Intercept.

How do you feel about the impact of the 2024 election results on crypto regulation?

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This week’s featured collector is Jkellz

JKellz is a Solana NFT collector with an interest in pfps. Browse the collection at lazy.com/jkellz

The results of last week’s poll: Do you own any Soulbound NFTs?

This poll reveals that half of the respondents own at least one Soulbound NFT, indicating a notable interest or familiarity with this non-transferable digital asset type. Meanwhile, 38% of participants don’t own any Soulbound NFTs, and 13% are unsure if they possess any. These results suggest a split awareness and adoption level of Soulbound NFTs, highlighting potential areas for further education on what they are and how they differ from other NFTs.

Justice Delivered: NFT Rug Pullers Face 5 Years Behind Bars

Justice has been served following a $400,000 “rug pull” involving three NFT collections on the Solana blockchain: “Undead Apes,” “Undead Lady Apes,” and “Undead Tombstone.” The developers behind the projects, 21-year-old Berman Jerry Nowlin Jr. and 25-year-old Devin Alan Rhoden, allegedly lured hundreds of investors with low initial prices, false claims of future partnerships, and promises of capital reinvestment to enhance NFT utility. The collections began with $5 NFTs but skyrocketed in value, with the “Undead Apes” collection peaking at $360. In a textbook “rug pull,” the developers abandoned the projects, deleted social media accounts, and cut all communication channels with investors, leaving collectors with worthless assets.

Legal proceedings revealed the extent of the scheme and the methods used to obscure the flow of funds. According to the U.S. Department of Justice, the developers used crypto mixer Tornado Cash and engaged in “chain-hopping” across different blockchains to disguise transactions. These tactics, meant to obscure the trail of stolen funds, eventually converted the ill-gotten cryptocurrency into U.S. dollars that Nowlin deposited into his personal bank account. Nowlin and Rhoden face up to five years in federal prison on charges of conspiracy to commit wire fraud and money laundering, with sentencing dates scheduled for early 2025.

For NFT collectors, this case serves as a stark warning about the risks associated with unvetted NFT projects and the evolving nature of digital asset fraud. To protect yourself as an NFT collector, it’s crucial to research project teams and verify their legitimacy. Look for transparency in team identities, past projects, and community engagement. Reviewing the project’s roadmap and utility promises can help gauge authenticity, and overly optimistic claims should be met with skepticism. By taking these steps, collectors can reduce exposure to potential fraud. Stay safe!

Read more about the case at Decrypt.

How do you feel about the recent sentencing of NFT developers involved in a $400,000 “rug pull”?

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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 Minasalib09

Minasalib09 has a diverse collection of Ethereum NFTs, including a few that demonstrate their support for metaverse culture. Check it out at lazy.com/minasalib09

The results of last week’s poll: What is the most important factor for you when investing in NFTs?

This poll highlights the factors NFT collectors prioritize when investing in NFTs. The most important factor for 45% of respondents is the utility of the NFT, indicating that practical use cases significantly influence investment decisions. The team behind the project is crucial for 18% of participants, reflecting the value placed on trust and project credibility. Market trends and community hype and the potential for future airdrops both matter to 14% of respondents, showing that speculative and growth potential also weigh heavily. Finally, on-chain data and analytics is the least important, with only 9% focusing on data-driven insights when investing. This poll emphasizes that while utility dominates, various factors shape the NFT investment landscape.

The Rise of Soulbound NFTs

The article “The Rise of Soulbound NFTs: Unpacking Community Monetization Strategies” explores how Web3 technologies and soulbound NFTs are reshaping community monetization, providing new ways for creators to engage with their audiences. Traditional monetization models, such as ads, memberships, and ticket sales, often fail to capture the full value of active communities. Web3 solutions like NFTs offer an alternative by simplifying revenue channels, reducing fees, and integrating digital and physical experiences.

Online communities have become immensely influential. And yet, monetization is still a challenge. Web3 tools, especially NFTs, address this challenge by enabling token-gated access to exclusive content, events, and memberships, creating more personalized and engaging user experiences.

Soulbound NFTs are a key element in this transformation. Unlike transferable NFTs, soulbound NFTs are permanently tied to their owner, offering long-term access to exclusive content and events. They foster deeper community ties and provide a sense of ownership and loyalty, making them ideal for creating exclusive, high-value memberships. These non-transferable digital assets also act as collectibles, building stronger emotional connections between users and the communities they support.

Phygital experiences, blending the digital and physical worlds, are another innovative aspect. Soulbound NFTs can be used to unlock real-world locations like coworking spaces or gyms using their NFTs as digital keys. This bridges the gap between online and offline experiences, adding real-world utility to digital assets.

For NFT collectors, this article is essential reading as it highlights the evolving role of NFTs in building exclusive, loyalty-based communities. Soulbound NFTs offer more than just collectible value—they serve as access keys to experiences, both online and in the physical world. The integration of digital assets into everyday life point to a future where NFTs play a central role in community engagement and monetization strategies. Collectors should take note of these trends, as they signal the next big leap in the utility and significance of NFTs within the digital economy.

Read the full article at CoinTelegraph.

Do you own any Soulbound NFTs?

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This week’s featured collector is ChicagoSpartan

ChicagoSpartan has some great Ethereum NFTs, and we especially love the pinned ones. Check it out at lazy.com/chicagospartan

The results of last week’s poll: Could NOUN FEST’S type of decentralized approach work in other industries, or is it too chaotic to scale?

Last week’s poll highlights the uncertainty within the NFT community regarding the scalability of decentralized funding models like NOUN’s approach. Only 21% of respondents believe such models could successfully be applied to other industries, reflecting tempered optimism about decentralized governance and innovation. However, a notable 37% see these systems as too chaotic to scale, likely pointing to concerns around operational inefficiency, decision-making breakdowns, or the complexity of managing decentralized funding in more traditional industries. Interestingly, the largest group—42%—remains undecided, suggesting that while decentralized funding approaches are intriguing, there is still much skepticism or a lack of clarity about how they would perform outside of niche spaces like NFT communities.

Lessons Learned From Blur

The most recent episode of the WuBlockchain podcast is a must-listen for anyone deeply invested in the NFT space, offering expert analysis and market insights. In this episode, two analysts with a strong background in on-chain data, to dive into the current state of the NFT market, its future potential, and the investment pitfalls that even seasoned traders face. The conversation focuses on why tokens like Blur, once highly anticipated by collectors, have underperformed, while also exploring the broader cooling of the NFT market and the impact on projects like Magic Eden.

For NFT collectors, this episode is particularly compelling because it offers a rare glimpse into the risks of relying too heavily on data-driven strategies. The guest candidly reflects on his own experience, where he misjudged both the NFT market’s trajectory and the team behind Blur. He explains how his optimism, based on on-chain data, led to poor investment decisions, which will resonate with collectors who have faced similar challenges. This honest discussion highlights the unpredictability of the NFT space and the importance of understanding team dynamics beyond just the numbers.

A key takeaway for collectors is the podcast’s exploration of how teams can create information asymmetry for retail investors, which often leaves collectors and traders in the dark about critical strategic shifts. For example, Blur’s unexpected pivot to Ethereum Layer 2 caught many by surprise, disrupting the investment thesis many had around its token. This discussion emphasizes the importance of staying vigilant not only about market trends but also about the actions and future directions of project teams, especially in a rapidly evolving space like NFTs.

The episode also digs into the broader trends of the NFT market, including why major NFT-related tokens like Blur and Tensor have struggled despite their initial promise. This is highly relevant for collectors who are navigating a bearish market, as the conversation touches on how platforms like Magic Eden are positioning themselves with new tokens and multi-chain strategies. For collectors seeking to understand these shifts, this podcast offers valuable insights that can help them stay ahead in an uncertain market.

Finally, the conversation addresses a crucial issue for many NFT collectors: the real utility of governance tokens. As the guests point out, many projects issue governance tokens that promise to give holders a say in the future of the platform, but these tokens often have limited impact after their launch. For collectors holding such tokens with the hope of future utility or airdrops, this podcast offers a reality check on whether these investments will pay off. This episode not only helps NFT collectors reflect on their current strategies but also equips them with the knowledge to make more informed decisions going forward.

With its blend of expert analysis, real-world investment stories, and candid reflections, this episode of the WuBlockchain podcast offers a nuanced look at the NFT market and is a must-listen for anyone looking to deepen their understanding of the space.

Read, or listen, to the full podcast at WuBlockchain.

What is the most important factor for you when investing in NFTs?

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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 Makaviti

Makaviti has a large and diverse collection of Ethereum NFTs. Lots to browse. Check it out at lazy.com/makaviti

The results of last week’s poll: Of the NFTs that you own, how many did you originally mint?

The poll showcases a striking split in NFT minting habits: 21% of respondents don’t mint NFTs at all, favoring acquisitions through secondary markets, while a notable 50% have minted 11 or more, hinting at deep involvement in the NFT ecosystem, possibly for artistic creation, entrepreneurial projects, or speculative ventures. Interestingly, no one reported minting exactly one NFT, suggesting that once users start minting, they tend to continue, reflecting either a high entry barrier or the addictive nature of the process. The 14% in both the 2-5 and 6-10 categories indicate a minority with moderate minting activity, hinting at a diverse mix of casual creators and emerging enthusiasts. This distribution raises questions about what drives the leap from casual to prolific minting and why so many opt out entirely.

NOUNS FEST 2024: A Creative Experiment for the Future of NFT

Hey everyone! We just finished reading this fascinating interview with Walter Newman, one of the key minds behind NOUNS FEST 2024, and we couldn’t wait to share some insights with you. If you’re into NFTs and decentralized content, this one’s definitely worth your time. NOUNS FEST, which just took place in downtown LA, was a living experiment in what happens when an NFT project combines decentralized funding with open intellectual property. Here are some highlights that really stood out:

Decentralized Funding Equals Radical Creative Freedom

Walter Newman described how Nouns DAO’s funding model flips traditional entertainment on its head. Instead of corporate sponsorship and top-down control, the DAO simply funds creators and lets them run wild. No micromanagement, no one breathing down your neck—the only request is that creators include a “Noun” somewhere in their work. Imagine getting the backing to bring your vision to life without a dozen stakeholders telling you what to change. This is pure creative freedom funded by the daily auction of new Nouns, which in turn powers a whole range of decentralized projects.

The Power of Open IP: CC0 is Changing the Game

One of the things that makes Nouns DAO unique is that all of its intellectual property (IP) is under a Creative Commons Zero (CC0) license. This means anyone can use the Nouns IP to create—no permissions, no red tape. Newman talked about how this is in stark contrast to traditional media, where IP is tightly guarded. In the Nouns universe, anyone can take an element and make something entirely new. This openness isn’t just a concept—it’s something we’re seeing play out at NOUNS FEST, where fifty animators showcased shorts that wouldn’t have been possible without the unrestricted use of Nouns’ IP.

How the Nouns Daily Auction Model Works

Nouns DAO operates using a daily auction model where a new Noun NFT is auctioned off every 24 hours. Each Noun is a unique, pixelated character, and the proceeds from each auction go directly into the DAO’s treasury. This treasury is then used to fund community-driven projects, like NOUNS FEST. The daily auctions ensure a continuous stream of funding, allowing creators to propose and develop projects without traditional gatekeepers. This model is not only self-sustaining but also keeps the community actively engaged, as each new Noun represents a piece of collective ownership and creative potential.

An Experiment in Decentralized Content Creation

Newman is refreshingly honest about what NOUNS FEST represents—an experiment. He emphasized that this isn’t a “solid business model” in the traditional sense. It’s more about testing whether creators can govern a project without central control and still produce something cohesive and exciting. The vibe here is experimental, decentralized, and yes, a bit chaotic—but that’s where the magic seems to lie. There’s something thrilling about seeing talented artists take the funding and run with it in unexpected directions.

A Glimpse Into the Future of NFTs and Storytelling

Newman didn’t shy away from discussing the state of NFTs, especially now that the hype has cooled. But he made a solid point: the underlying technology of NFTs still has enormous potential, particularly when it comes to reshaping funding models and storytelling. NOUNS FEST is a glimpse of what decentralized IP and funding can do, even if it’s a bit unpredictable right now. That unpredictability is exactly what makes it so interesting to watch.

The Takeaway: Why NOUNS FEST Matters

NOUNS FEST 2024 is a fascinating example of where decentralized funding and NFTs can take creative industries. It’s all about empowering creators to dream up projects without gatekeepers. It’s rare to see such a pure form of creative freedom, and the festival is proving that this model could have legs beyond web3.

If you’re intrigued by how NFTs can shape the future of entertainment, definitely check out the full interview with Walter Newman. This isn’t just another event—it’s a window into what our world could look like when creativity and community come first.

Read the full interview on OpenSea’s blog.

What do you all think? Could NOUN FEST’S type of decentralized approach work in other industries, or is it too chaotic to scale?

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

This week’s featured collector is Aguirre_Horn

There is something wonderful about a tightly focused NFT collection. And that’s why we love Aguirre_Horn’s NFT collection of Argentine coins. Very cool! Check it out at lazy.com/aguirre_horn

The results of last week’s poll: How many NFTs do you own?

Last week’s poll shows that NFT ownership varies widely among Lazy.com collectors. About 17% of people own between 1 to 5 NFTs, and another 17% own none at all. A larger group, 25%, holds between 16 to 50 NFTs, while 42% of respondents own over 50 NFTs. This data suggests that the NFT market may be polarized, with a small group of heavy collectors dominating ownership.

How NFT Art is Being Talked About in the Mainstream Art Market

NFTs have shaken up the art world in a big way, but their place in the mainstream art market is still unclear. While some believe NFTs are the future, giving digital artists more power and access, others think NFTs are just a passing trend. A recent study takes a deep look into how major art institutions view NFT art and what that means for the digital art world. Here’s what you need to know.

NFTs in the Art Market

As you know, NFTs, or non-fungible tokens, are digital assets stored on the blockchain that represent unique items, often digital art. In 2021, NFTs exploded in popularity, with massive sales like Beeple’s artwork selling for $69 million. Although this hype led to a boom in interest and investment, the market cooled down significantly by mid-2022. Despite this drop, NFTs are now being discussed more in mainstream art circles than ever before.

A recent study analyzed three major art market reports from 2023 to understand how NFTs are being framed by powerful art institutions. The results showed that NFTs are becoming a big part of mainstream art conversations, but their role is still emerging, especially when it comes to high-end art collectors. Essentially, NFTs are recognized, but they’re not yet on the same level as traditional art forms like Old Masters or Impressionist works.

How Are NFTs Viewed?

The study found that when NFTs are talked about in these major reports, the focus is mostly on their sales, platforms, and their role as collectable digital assets. This means that, while NFTs are being taken seriously as a form of art, the conversation is often centered around their financial potential rather than their cultural or artistic value.

Interestingly, NFTs are talked about more frequently than other forms of digital art, suggesting that they have become the most prominent part of the digital art space. However, NFTs still face challenges when it comes to being accepted as “fine art” by top-tier collectors and institutions.

Challenges and Opportunities

The study also highlighted some of the tensions in the NFT space. On one hand, NFTs can give new artists a platform to share and sell their work without needing galleries or traditional middlemen. On the other hand, the market is still concentrated in the hands of a few powerful players, and there are ongoing concerns about the environmental impact of blockchain technology used to create NFTs.

The reports also noted a generally positive tone towards NFTs but with caution. Art institutions are curious about the future of NFTs, but there are worries about issues like fraud, money laundering, and how sustainable the technology really is.

The Future of NFT Art

NFT art has made significant strides in being accepted by the mainstream art market, but its position is still evolving. While traditional art forms are still dominant, NFTs are being increasingly validated by art institutions and collectors alike. This means that for artists, collectors, and investors, NFTs represent both a promising opportunity and a risk.

For NFT collectors, this study is a reminder of the potential NFTs have to change the art world. While the road ahead may be uncertain, the fact that NFTs are now a consistent topic in mainstream art reports shows that they’re more than just a passing fad—they’re becoming an important part of the future of art.

Read the full study at Nature.com.

This week’s poll: Of the NFTs that you own, how many did you originally mint?

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