This week’s featured collector is MasterWongNFT

MasterWongNFT’s collection spans a range of artistic expression ranging from tranquil landscapes and endearing wildlife to abstract digital art. View the full collection at lazy.com/masterwongnft

The results of last week’s poll: What do you believe is the future of NFT-based DAOs in product development and retail?

Last week’s poll reflects a strong belief among Lazy users in the potential of NFT-based DAOs in product development and retail, with 45% predicting they will become common due to their ability to revolutionize ownership and authenticity in these sectors. However, a notable 36% see a more limited role, possibly due to current technological and regulatory challenges, while 18% cite complexity as a barrier to widespread adoption. Overall, the results paint an optimistic picture of the prospects that NFT-based DAOs hold within the dynamic landscape of digital commerce, especially if their complexity is diminished.

The ERC-404 Controversy: Merging Fungible and Non-Fungible Tokens on Ethereum

The evolution of token standards on Ethereum has been marked by the establishment of ERC-20 fungible tokens and ERC-721 non-fungible tokens (NFTs). While ERC-20 tokens saw a surge in on-chain liquidity with the advent of Uniswap and other decentralized exchanges, NFTs have historically grappled with liquidity constraints. To address these issues, a variety of solutions have emerged over the past two years, including lending protocols, fractional protocols and more.

This week, anonymous developers have proposed a new standard. Although they are calling it “ERC-404,” it has not technically gone through the official standardization process. ERC-404 aims to innovate by combining the characteristics of ERC-20 fungible tokens with those of ERC-721 NFTs. It introduces a hybrid asset where each token maintains the tradable property of ERC-20 while being tied to a unique, non-fungible ERC-721 token. This standard seeks to enhance the liquidity of NFTs by enabling their fractionalized trade, akin to fungible tokens, yet allowing them to retain their distinct, non-fungible traits. This novel approach could potentially address the liquidity issues that have long plagued NFTs by leveraging the fluidity and accessibility of fungible tokens, creating a more versatile digital asset.

Despite the excitement, caution is advised due to the experimental nature of ERC-404 and the potential risks involved, especially in terms of its interaction with existing lending protocols. The developers are actively working on a formal Ethereum Improvement Proposal (EIP) to seek broader acceptance and legitimacy within the Ethereum community.

The ultimate impact and adoption of this particular innovation will depend on whether the proposed standard is accepted by the Ethereum community. Still, regardless of what happens, the introduction of ERC-404 alone is a welcome sign that the NFT community continues to innovate. And that is very good news!

Learn more at Wu Blockchain, Cointelegraph, and X.

This week’s poll: How likely are you to invest in a project that utilizes the ERC-404 standard?

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This week’s featured collector is Ravenwood

Ravenwood’s collection showcases an array of digital artworks that blend geometric abstraction with dynamic visual elements. Each piece explores different themes such as complexity, color interplay, and the interaction of shapes over time. The collection stands out for its use of mathematical patterns and organic motifs. View the full collection at lazy.com/ravenwood

The results of last week’s poll: In your perspective, what is the most pressing challenge facing the NFT market today?

Fraud and security concerns dominate the perceived challenges within the NFT market, as indicated by a 40% majority in a recent poll among Lazy newsletter readers. This sentiment reflects acute awareness of the need for enhanced security measures against hacks, a critical issue that overshadows other market concerns. Equal shares of the respondents, each at 15%, highlight market volatility, saturation, and regulatory uncertainty as notable challenges, underscoring a landscape that is not only wary of deceptive practices but also cognizant of the risks associated with market dynamics and ambiguous regulations. This poll provides a telling insight into the mindset of NFT collectors, who are evidently as concerned with the safety of their transactions as they are with the broader market forces and regulatory environments.

An NFT DAO’s Journey from Concept to Scent

In what must is likely the first intersection of NFTs with perfumery, Rook Perfumes has released ‘Scent of the Metaverse.’ This fragrance, now available in the well0known London department store Harvey Nichols, is not merely a scent but represents a collective creative venture rooted in the ethos of NFTs.

By purchasing an NFT access ticket, owners became members of a DAO and embarked on an educational journey into the nuances of fragrance crafting, culminating in their collaborative effort to conceive ‘Scent of the Metaverse.’ Moreover, this venture turned them into co-owners of the fragrance, entitling them to a stake in every facet of the product, from its formula and packaging design. Interestingly, the approval of these DAO members was pivotal for the fragrance’s retail presence in Harvey Nichols, underscoring the authentic decentralized decision-making inherent in the project.

‘Scent of the Metaverse’ represents a genuine integration of NFT technology with product creation. Described as unusual, the fragrance’s notes—white smoke, warm circuitry, digital rose, and celestial incense—reflect a blend of the virtual and the organic.

For those interested in the future of NFTs, this project represents more than just a fragrance launch; it’s a testament to the evolving dynamics of product creation, ownership, and community engagement in the era of web3 and blockchain technology. The journey from NFT-based DAO to real world product sets a precedent for future explorations in the realm of creative, decentralized collaborations.

This week’s poll: What do you believe is the future of NFT-based DAOs in product development and retail?

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This week’s featured collector is BrandonLovelace

BrandonLovelace’s collection spans minimalist to surreal, offering a piece for every collector’s taste—from a stark, iconic black cat to a culturally rich, vibrant character, down to a photo-realistic spider. This range not only reflects the versatility of NFT art but also caters to a market that values both aesthetic diversity and the intersection of art with the physical world. View the full collection at lazy.com/brandonlovelace

The results of last week’s poll: What’s your NFT collecting style?

Last week’s poll resulted in a tie between ‘Trend Followers’ and ‘Long-term Holders’, each commanding a third of the respondents, suggesting a balanced split in the NFT community between those chasing current market trends and those investing with a view for long-term value retention. ‘Niche Hunters’ represent a significant minority, indicating a selective approach to collecting, while ‘Flip for Profit’ and ‘Something Else’ categories are the least represented, suggesting that quick returns and alternative collecting strategies are falling out of favor.

Why NFTs will start to massively influence everyone’s online experience

This week, MarketWatch published an editorial by Jurica Dujmovic that argues NFTs will play a huge role in online life in the years ahead. Here’s a summary of Dujmovic’s argument:

In 2024, the NFT landscape is expected to undergo a transformative shift, transcending its initial phase of speculative trading and digital-art collection. The market is poised to evolve into a mature ecosystem, intersecting with various facets of daily life such as digital identity, community engagement, gaming, finance, and education. The integration of NFTs within these realms is anticipated to redefine user engagement, offering not only a richer experience but also tangible rewards with real-world value. This trend is notably underscored by the increasing significance of NFTs in establishing verifiable, unique digital identities, thereby playing a pivotal role in reflecting and securing one’s digital persona across multiple platforms.

The financial implications of NFTs are set to broaden, with innovative models like NFT rentals, loans, and their integration into decentralized finance (DeFi) and traditional financial services. These developments cater to the growing demand for flexibility and accessibility in the NFT market, bridging the gap between decentralized and traditional finance. Concurrently, the creative sector will witness a renaissance through the fusion of AI and NFTs, pushing the boundaries of digital art, enhancing its curation, valuation, and trading. This synergy between AI and blockchain technology is not merely an innovation but a stride towards a more intelligent and secure NFT ecosystem. Educational institutions are also harnessing NFTs for credentialing and engaging students, potentially revolutionizing the recording, sharing, and verification of educational achievements.

In response to these multifaceted developments, regulatory frameworks for NFTs are anticipated to crystallize, addressing key concerns such as consumer protection, intellectual property rights, and taxation. This evolution will foster a healthier market environment, providing clarity and security for creators and investors alike. Moreover, community-driven projects and DAOs are expected to gain prominence, empowering communities through new forms of collective ownership and decision-making. As NFTs migrate from being mere collectibles to practical, utility-driven assets, they are set to become an integral part of our expanding digital lives.

To read the full article, visit NFTs are about to take a bigger role in your expanding online life.

This week’s poll: In your perspective, what is the most pressing challenge facing the NFT market today?

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This week’s featured collector is Vizvakarman

Vizvakarman is an artist whose collection fuses historical architectural styles with fantasy elements. For example, a gothic church against a mountainous landscape, a steampunk-infused floating city, and a bustling baroque edifice. The collection ought to appeal to those fascinated by the confluence of tradition and imagination in digital spaces. View it at lazy.com/vizvakarman

The results of last week’s poll: What will the impact of the Bitcoin ETFs be on NFTs?

Last week’s poll indicates a prevailing optimism among NFT collectors about the integration of traditional financial mechanisms with digital assets, as 63% anticipate a positive influence of the Bitcoin ETFs on Bitcoin-related NFTs. This suggests an expectation that the Bitcoin ETFs could legitimize and boost the market for NFTs on the Bitcoin blockchain. A smaller segment, 16%, extends this positive outlook to the entire NFT sphere, implying a belief in broader market benefits. However, a cautious minority (10%) is concerned about potential negative impacts, while 11% perceive the ETF as inconsequential to NFTs.

Evolution of the NFT Landscape: Reflections on the Future of On-Chain Art in 2024

Jiayin Chen at ArtNet has written a comprehensive and nuanced exploration of the evolving landscape of digital art, with particular focus on blockchain and NFT-based artworks. The article is particularly interesting for NFT collectors and creators as it sheds light on the shifting ideological, technological, and artistic nature of NFTs. Here are a few of Chen’s key insights:

1. Shifting Terminology and Perceptions of NFTs: There’s a noticeable shift from the hype-driven narrative surrounding NFTs to a more subdued and reflective approach. The term “NFT” is being increasingly replaced with “digital art on-chain,” signifying a desire to distance the medium from negative connotations of scams and speculative frenzy. This indicates a maturing market where “on-chain art” becomes normalized even if the term NFT is less frequently used.

2. Community and Experimentation Over Speculation: Despite a cooler market, the digital art scene is vibrant with community-building and artistic experimentation. This suggests a resilient, passionate base that values innovation and collaboration, offering a stable foundation for creators and collectors looking for meaningful engagement beyond mere financial speculation.

3. Institutional Recognition and Integration: Major art institutions like MoMA, LACMA, Centre Pompidou, and the Whitney Museum are increasingly embracing digital art, incorporating NFTs into their collections and exhibitions. This mainstream acceptance validates digital art as a legitimate artistic medium and offers creators and collectors opportunities for wider recognition and appreciation.

4. Conceptual and Technical Diversity: Jiayin Chen points to the wide diversity of NFT projects released in 2023, from MoMA’s blockchain-based postcard initiative to Robbie Barrat’s non-violent wildlife simulation, showcasing the broad conceptual and technical range of digital art.

5. Ethical and Philosophical Dimensions: The article touches on the ethical and philosophical dimensions of digital art, from its potential in fostering inclusive futures to the contemplation of its role in society. For creators and collectors, this adds a layer of depth to their engagement with digital art, encouraging a thoughtful consideration of the impact and purpose of their work and investments.

In conclusion, while the digital art market, especially the NFT space, may have cooled, Jiayin Chen’s article suggests that the sector is witnessing profound shifts towards maturity, community building, and institutional integration. For creators and collectors, this landscape offers rich opportunities for artistic expression and participation in a market that values innovation and cultural significance. The challenge is to navigate this evolving space with an understanding of its complexities and potential.

For a deep dive into the most exciting NFT projects of 2023 and what they suggest for the future of on-chain art, check out A Personal List of Some of The Most Interesting Digital-Art Experiments of 2023.

This week’s poll: What’s your NFT collecting style?

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This week’s featured collector is DoctorFomo

DoctorFomo’s eclectic NFT collection delights with its blend of nostalgia, whimsy, and artistic diversity, catering to a spectrum of tastes. Overall, the collection appeals to connoisseurs of digital art who cherish innovation, humor, and the unexpected. View it at lazy.com/doctorfomo

The results of last week’s poll: Do you believe gifting company equity to NFT holders will become a common practice among NFT projects?

The poll indicates an optimistic view within the NFT community regarding the novel practice of gifting company equity to NFT holders. A significant percentage acknowledges the potential for this trend to reshape community rewards and company ownership. Yet, the 43% responding “possibly” suggests caution over the legal and practical complexities involved. Interestingly, no respondents completely dismissed the idea.

How will the Bitcoin ETFs impact NFTs?

This week marks a significant milestone for the cryptocurrency community as the Bitcoin ETF was approved and began trading. What will the impact of this milestone be for NFT collectors? Based on a recent report in NFT Now, this development carries both immediate and long-term implications.

In the short term, increased Bitcoin demand from ETF investors may inject volatility into the crypto markets, a scenario that historically hasn’t favored NFTs. However, the resulting ‘wealth effect’ from a buoyed crypto market could translate into heightened demand for NFTs, as collectors feel more financially empowered to invest.

Mid-to-long term, the approval is likely to attract new and institutional investors, which can lead to increased visibility and credibility for the NFT space. This could be a boon, particularly for prominent artists and projects within the Ethereum ecosystem, potentially leading to a concentration of interest and investment in high-quality NFTs. This is doubly true if there are signs that Ethereum will be the next ETF to be approved.

Overall, cultural impacts also loom large. The Bitcoin ETF lends further legitimacy to the crypto world, which is crucial in an era looking to rebuild trust post-high-profile fraud cases and dramatic price swings. This enhanced legitimacy could draw in new talent across various disciplines who are newly willing to be associated with the crypto industry, bolstering the NFT sector with fresh creativity and leadership.

While the immediate correlation between the Bitcoin ETF and the NFT market may not be direct, the ripple effects of this landmark financial instrument could shape the trajectory of NFTs in profound ways.

For a deeper dive, check out NFT Now’s report What Do BTC Spot ETFs Mean for the NFT Space?

This week’s poll: What will the impact of the Bitcoin ETF be on NFTs?

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This week’s featured collector is MrMocha

MrMocha is an artist from Montreal, Canada. He creates simple eye catching NFTs. View the full collection at lazy.com/mrmocha

The results of last week’s poll: What will be the driving factor for NFT adoption in 2024?

The results of last week’s poll indicate that the primary driver of NFT adoption in 2024 is predicted to be the increased involvement of mainstream brands, reflecting a belief that familiar entities will validate and integrate NFTs into wider consumer experiences. Technical improvements in blockchain are also seen as significant, suggesting that advancements could lower barriers to entry. Diversification beyond art-related NFTs and the potential for social media platforms to facilitate NFT transactions are other notable factors, although less prevalent in the poll. A strong 13% of respondents think it will be something else than the options given.

NFT Projects Pioneer Free Equity Distribution to Holders

NFT projects have recently started a trend of granting company equity to their holders, a move that has stirred both excitement and skepticism in the community. Pons Asinorum, the founder of the NFT collection “The Plague,” made an announcement on December 25th that holders of their NFTs would receive a portion of company shares, determined by the number of unlisted NFTs they possess. This move was claimed to be legal, as the shares were given as a gift without any prior expectation or additional conditions for the NFT holders. Pons claimed to have consulted legal advice to confirm the legality of this unconventional approach.

Similarly, on January 1st, Rektguy co-founder Ovie Faruq announced that holders of Rektguy NFTs would be given equity in Rekt Brands Inc. Faruq emphasized that this gesture was a token of appreciation for the community’s support and assured its legal compliance. Notably, the transfer of these NFTs will not include the transfer of the associated equity.

These developments have generated significant discussion within the NFT community. Some view these moves as groundbreaking, potentially changing how NFTs interact with traditional notions of company ownership and investment. Others remain skeptical, questioning the legal and regulatory implications of such actions.

Will other NFT projects adopt similar equity-gifting strategies? Or will the uncertain legal aspects and long-term implications of such moves prevent widespread adoption?

Former Premier Suggests NFT Inauguration Token for Taiwan’s New President

In a novel proposition, former Premier Sean Chen has suggested that Taiwan should embrace digital innovation by issuing an NFT to commemorate the inauguration of its new president in May. Breaking away from the traditional minting of coins, this move could position Taiwan as the first country to celebrate such an event with an NFT. With the presidential election scheduled for January 13, candidates from the Democratic Progressive Party, Kuomintang, and Taiwan People’s Party are vying for office, with the swearing-in set for May 20. Chen envisions this eco-friendly NFT not just as a gift to the new leader but also as a historic achievement for both the president and the governor of the central bank, signaling Taiwan’s pioneering step into the intersection of governance and blockchain technology.

This week’s poll: Do you believe gifting company equity to NFT holders will become a common practice among NFT projects?

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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