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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This week’s featured collector is Kaboom_NFT

Kaboom_NFT is a Miami-based multimedia artist. Their artworks exhibit a theme of techno-organic synthesis, merging mechanical and organic elements into a cohesive aesthetic. Each piece reflects on the convergence of biology and technology, probing the viewer to consider the future of human identity and the role of artificial creation in our evolution. View the full collection at lazy.com/kaboom_nft

The results of last week’s poll: How significant do you think China’s impact will be on the global NFT market in 2024?

The poll’s results suggest a nuanced view of China’s potential influence on the global NFT market, with a lean towards significant impact, likely due to China’s massive consumer base and professed commitment blockchain technologies. However, the notable percentage of ‘Unsure’ and ‘No Impact’ votes signals a recognition of the uncertainties, particularly around China’s stringent regulatory approach to cryptocurrencies and the possibility of China developing a parallel NFT ecosystem that operates independently from the global market.

A Look Back on 2023’s Most Expensive NFT Sales

In 2023, Yuga Labs’ NFT projects—CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club—led the list of the most expensive NFT sales. The sales were dominated by these collections, with four CryptoPunks, four Bored Apes, and one Mutant Ape making the top ten. The only other NFT to feature in the highest sales was a piece from the Fidenza collection by Tyler Hobbs, known for its generative art.

Despite the prestigious sales, the broader NFT market faced challenges. Floor prices for Yuga Labs’ collections saw significant declines, with Bored Ape Yacht Club and CryptoPunks decreasing by 57.6% and 13.8% respectively from the start of the year to late November. This downturn reflects a cooling market for NFTs, which may be attributed to broader economic trends or shifts in collector interest.

The top sales, nonetheless, showcase the enduring appeal of certain NFTs based on rarity and community value. For example, a Bored Ape with rare ‘trippy fur’ and a ‘Kings Crown’ sold for 440 ETH, while a featureless CryptoPunk #3307 fetched 500 ETH due to its uniqueness.

For the full list, check of The Block’s report here.

A Look Forward to The Return of NFTs in 2024

This week Coindesk published an op-ed by Scott Kominers and Steve Kaczynski predicting the return of NFTs in 2024. Here is a summary of their insights:

As 2023 draws to a close, NFTs are experiencing a revival, with brands integrating NFTs into both physical retail and online stores, launching blockchain-based games, and attracting established companies to the space. This integration of NFTs into broader brand strategies is anticipated to be a significant catalyst for Web3 adoption in the coming year. Upcoming NFT products are expected to diverge from the previous trend of scarce, high-priced assets, shifting towards mass production and affordability to appeal to a wider consumer base. These products aim to provide direct value and utility over speculative investment, with many consumers engaging with these digital assets seamlessly as part of their everyday transactions, possibly without full awareness of the underlying blockchain technology.

NFTs have started to penetrate the mass market as digital collectibles with companies like Nike, Reddit, Starbucks, and even figures such as Donald Trump experimenting with the technology. “Phygital” activations, where physical products are paired with NFTs, and the use of NFTs for tickets and memberships, are becoming more common. These initiatives offer consumers new to NFTs a taste of digital ownership at standard consumer prices. The technology is being made user-friendly with platform designs that mask the complexity of blockchain with partial or full custodial wallet systems, still allowing users to enjoy the benefits and engage with the wider NFT community.

The broader access to digital assets, technologically and price-wise, is expanding the potential market and providing a solid foundation for brands to build on. NFTs enable decentralized value creation, turning customers into a community linked to the brand and each other, fostering brand growth through consumer-driven sharing and interaction. This phenomenon isn’t limited to major corporations; it’s equally impactful for small businesses and solo creators, indicating that the trend toward smaller, more accessible NFT products is not just a passing phase but a glimpse into the future of brand engagement and community building in the digital age.

Read the full op-ed at Coindesk.

This week’s poll: What will be the driving factor for NFT adoption in 2024?

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This week’s featured collector is Akkileish

Akkileish’s collection is a pastiche of styles ranging from Wild West figures to cyberpunk characters, highlighting a blend of historical and futuristic themes. The collection features techniques ranging from stark monochrome to vivid neon, suggesting an appreciation for aesthetic complexity. Check it out at lazy.com/akkileish

The results of last week’s poll: How frequently do you seek out news and updates on NFTs?

A significant majority, 44%, reported they rarely seek out news about NFTs. A notable minority, 31%, report doing so a few times a week, suggesting an enduring but not daily interest. Only 6% check daily, which points to a smaller core of highly engaged individuals. The absence of any respondents who check multiple times a day could imply that Lazy users do not see the NFT market and/or news cycle as warranting constant attention. The results of this poll suggest that the NFT community has varied levels of engagement, with a substantial portion not actively seeking frequent updates, which could reflect the ongoing NFT bear market or a preference for less frequent, substantial news over constant, incremental updates.

Frame: A Royalty-Focused NFT Blockchain is Launched

Two weeks ago, we covered the launch of RARI Chain, an NFT-focused blockchain that promises to mandate royalties. This week, Frame, a second NFT blockchain designed to protect creator royalties has been launched.

Frame is a Ethereum Layer 2 engineered to prioritize NFT transactions with an emphasis on cost efficiency and speed. Central to Frame is the integration of Palette Protocol, a system purpose-built to administer NFT royalties.

With Palette Protocol, Frame aims to ensure enforcement of NFT royalties. Additionally, Frame will allocate a portion of the fees generated by the blockchain to the Frame Creator Fund, an initiative designed to support and bolster the creative community within its platform, with details on its implementation and governance yet to be disclosed.

With RARI Chain and Frame now in the wild, the battle to become a home for NFT royalties is heating up. Will there be a third contender? Time will tell. In any case, it is increasingly looking like NFT-specific blockchains will be a key component of the next wave of NFT innovation.

China Strategizes to Lead in Web3 Era by Embracing NFTs

A recent statement by China’s Ministry of Industry and Information Technology suggests the country is advancing efforts to develop and integrate Web3 technologies, with a special focus on the NFTs. The statement argues that China’s approach to Web3 development places significant emphasis on exploring NFTs, as part of its broader strategy to embrace blockchain technologies. This exploration extends to various sectors such as healthcare, education, and tourism, where NFTs are anticipated to play a critical role. Meanwhile, companies are actively contributing to this development, launching digital collectibles and Metaverse-related products that integrate NFT technology.

Until now, China has not played a major role in the global NFT ecosystem. However, if this statement is to be believed then that may be changing in the years ahead.

This week’s poll: How significant do you think China’s impact will be on the global NFT market in 2024?

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This week’s featured collector is NFTFox

NFTFox’s collection showcases a dynamic blend of themes, from the intense spectacle of a fiery explosion to a nostalgic, graffiti-style nod to classic video games, and surrealistic portrayals. Each piece in their collection captures the essence of NFTs: unpredictable, culturally rich, and boundlessly creative. Check it out at lazy.com/nftfox

The results of last week’s poll: What do you think about the RARI Chain’s approach to NFT royalties?

The poll results reflect a mostly positive opinion on the RARI Chain’s approach to NFT royalties, with the most significant share of respondents, each at 36%, viewing it as an “Innovative approach” and “Good for artists,” indicating a majority perception that this royalty-mandatory blockchain could be a groundbreaking and beneficial solution for creators. In contrast, only 9% of the participants doubt its potential to become widely accepted, marking it as “Won’t catch on.” A equally small proportion, another 9%, admit to uncertainty, selecting “I’m not sure,” which suggests a need for more information or clarity on the subject. Lastly, the “Something else” option, also at 9%, points to the presence of alternative perspectives or considerations not captured within the poll’s provided choices. Based on this informal poll, it looks like RARI Chain could be onto something.

Where do you get your NFT news? Here are some of our favorite sources.

Navigating the complex and nuanced world of NFTs requires access to current, credible news sources that can keep you up to date with the ever changing intricacies of this digital asset class. For enthusiasts, creators, or stakeholders, it is important to understand the subtle shifts in narratives, legal frameworks, and the technological underpinnings of NFTs.

This week we’re delving into some our favorite sources of news about NFTs.

News Aggregators: OnePageCrypto and LuckyTrader

OnePageCrypto.com is a news site that does exactly what the domain name describes: an ultra-efficient one page website that aggregates news from across the crypto ecosystem, including NFTs. This is a relatively new website and one that we will be keeping tabs on. Another favorite is LuckyTrader.com which features original content about digital assets.

Telegram: NFTek News and NFT Avenue

Telegram is often the place to go for real time updates on NFT news. There are many different channels worth checking out. Two of our favorites are NFTek News for news and NFT Avenue for chat.

Crypto-Native App: Farcaster.xyz

If you’re open to trying something new then give Farcaster a chance. Many well known people in the crypto ecosystem use the app. And because it is still relatively unknown, there are a lot fewer bots and spam.

This week’s poll: How frequently do you seek out news and updates on NFTs?

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This week’s featured collector is CryptoJack2

CryptoJack2 has a diverse, and large, collection of Ethereum NFTs. Lots to see and appreciate here: lazy.com/cryptojack2

The results of last week’s poll: What initially drew you to NFT collecting?

Last week’s poll underscores that what drew most people into the NFT ecosystem was the appreciation of digital artistry. Community and financial speculation were tied for the second most reason people joined. The modest yet notable interest in blockchain’s technical side points to opportunities for innovation and education in this space. Collectively, these insights hint at a multifaceted NFT market where artistic merit, community ties, and economic potential coalesce to attract collectors.

Rarible Launches Royalty-Mandatory Blockchain

The RARI Foundation is launching RARI Chain — an Ethereum compatible blockchain that leverages Arbitrum to offer a royalty guaranteed infrastructure for NFTs. The blockchain will be unique because it embeds royalty enforcement within the architecture of its nodes—if trade don’t pay the royalty then the transaction will fail. The goal is to provide a secure and reliable method for NFT creators to receive compensation.

How Royalties Will Work on RARI Chain

Central to RARI Chain’s royalty system is the EndTxHook feature, which validates royalty payments post-transaction. If the transaction does not honor the stipulated royalties, it is automatically reversed. An NFT sale on RARI Chain is defined as a transfer of NFTs for ETH or ERC20 tokens, confirmed via transaction logs. In other words, the blockchain will automatically scan transactions to determine if an NFT was bought or sold and, if so, it will require royalties to be paid for the transaction to be approved.

Most interesting is that NFTs can be bridged to RARI Chain. This will allow creators and collectors to voluntarily transfer their NFTs to a royalty respecting blockchain.

Final Thoughts

The RARI Chain’s approach to embedding royalty enforcement within its blockchain architecture sparks two contrasting perspectives.

On one hand, it can be seen as a step forward in ensuring artists and content creators are fairly compensated for their work. This could potentially lead to a more sustainable and equitable ecosystem in the NFT space, encouraging more artists to participate.

Conversely, some may argue that this rigid enforcement of royalties could stifle the secondary NFT market. The mandatory royalty system might dissuade collectors and traders from engaging with NFTs on the RARI Chain, or bridging their NFTs, fearing additional costs and complexities. This could limit the liquidity and market reach of NFTs on RARI Chain, potentially impacting their overall value and appeal.

Ultimately, the RARI Chain approach only works if users flock to it.

Time will tell whether RARI Chain will take off. But it is clear that the royalty debate is far from finished as more and more novel solutions are being proposed.

This week’s poll: What do you think about the RARI Chain’s approach to NFT royalties?

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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