This week’s featured collector is BeepCode

BeepCode is a composer and sound designer. Check out their NFT collection at lazy.com/BeepCode

The results of last week’s poll: When do you think NFTs will regain mainstream attention?

The results of last weeks’ poll reveal a split in opinions on when NFTs might regain mainstream attention. While the largest group at 29% believes NFTs will resurge within 6 months, a combined 43% think it will take 1 to 2 or more years, with an additional 19% being strong skeptics who believe NFTs will never return to prominence. This polarization suggests NFT collectors should be prepared for potential longer holding periods and be aware of the negativity overhang from those who have lost faith in the market.

The divergent results also point to the possibility of a two-speed market developing, with short-term flippers hoping for a quick rebound coexisting with longer-term holders. Collectors will need to decide which approach aligns with their own outlook. Moreover, for the optimistic 29% to be proven right, a catalyst will likely be necessary to reignite mainstream interest… what could that be?

In navigating this uncertain landscape, NFT collectors should strike a balance between short-term optimism and long-term realism. The poll underscores the unsettled nature of the NFT market and the wide range of views on its future prospects.

Is NFT IP Real? The Confusing Truth about NFT Intellectual Property Rights

As an NFT collector, it’s crucial to stay informed about the evolving legal landscape surrounding NFTs and their associated intellectual property (IP) rights. Two articles published this week shed light on the challenges and uncertainties that NFT collectors should be aware of when navigating this space.

The first article from the non-profit Tech Policy Press delves into the potential gap between existing copyright law and the unique features of NFTs and blockchain technology. The crux of the issue is that the immutability of blockchains raises questions about the liability of platforms hosting NFTs that infringe on someone’s copyright. If an infringing NFT cannot be deleted due to the blockchain’s immutable nature, it’s unclear when and if the hosting platform should be held responsible. This legal ambiguity could stifle innovation and research in the blockchain space, which is why the article suggests modernizing copyright law to strike a balance between protecting copyright owners and fostering the growth of NFT platforms.

The second article, published in Decrypt, focuses on the recent controversy involving Yuga Labs and Moonbirds NFTs. The short version is: despite the original creators having relinquished copyright claims by filing the collection under Creative Commons 0 (CC0), Yuga Labs attempted to grant exclusive commercial rights to Moonbirds NFT holders. This kicked up a storm of confusion as some argued Moonbirds are public domain forever while others made sophisticated arguments distinguishing between copyright and trademark. The article argues that NFT projects often rely on trademark law rather than copyright when bestowing commercial rights. While aggressive policing of trademarks might temporarily boost perceived value, it could ultimately backfire and limit the organic growth of the NFT ecosystem.

As an NFT collector, these articles highlight that it will be crucial for lawmakers, NFT projects, and collectors to work together to establish clearer guidelines and best practices around IP rights. By fostering a more transparent and legally sound ecosystem, we can unlock the full potential of NFTs while protecting the interests of all stakeholders involved.

Learn more here and here.

Could NFTs Help Stop the Artificial Intelligence Apocalypse?

Science fiction author David Brin recently suggested that the key to combating the existential threat of rogue AI is through a system of reciprocal accountability, where AIs are incentivized to police each other. By anchoring AIs to unique “soul kernels” in the physical world and registering their identities on a blockchain, Brin believes we can create a framework for holding AIs accountable.

Brin’s proposal raises an intriguing possibility for NFTs. If AIs are anchored to unique “soul kernels” in the physical world, with their identities registered on a blockchain, NFTs could potentially serve as the immutable proof of an AI’s individuality and standing. In this scenario, NFTs would represent more than just digital collectibles; they would be the key to an AI’s ability to participate in the system of checks and balances Brin envisions. While this idea is purely speculative—Brin didn’t mention NFTs—and faces significant challenges in implementation, it offers food for thought on how NFTs might play a role in shaping the future of AI governance and accountability. As the NFT space continues to evolve, it’s worth considering how these unique digital assets could potentially play a role in our relationship with artificial intelligence.

Read David Brin’s proposal at CoinTelegraph.

This week’s poll: As AI advances, what role do you think NFTs will play in the future of artificial intelligence?

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This week’s featured collector is BlockNoob

BlockNoob has an eclectic NFT collection featuring a mix of striking, surreal and quirky images. Check it out at at lazy.com/blocknoob

The results of last week’s poll: Which of these art styles would you most like to see represented in an NFT collection?

Last week’s poll was a bit playful. We wanted to know which artistic style Lazy users would most like to see as an NFT. The results were surprising: Japanese woodblock prints and Aboriginal Australian dot painting garnered a combined 63% of the vote! Any aspiring NFT artists out there skilled in those styles? Apparently there is some demand.

What the past tells us about the future of NFTs

This insightful article by Kate Voss explores the historical evolution of art collecting and its relationship to broader societal, cultural, and technological changes. Voss argues that the emergence of NFTs and memecoin culture is a significant shift in the art world, reflecting the democratization of art. She draws a compelling parallel between the initial dismissal and later recognition of street art in the ’80s and the current state of NFTs and meme art, suggesting that they should not be underestimated.

The article suggests that memecoins and meme art may eventually be recognized as culturally significant phenomena, embodying the distinctive fusion of internet culture, financial speculation, and community-driven movements characteristic of the early 21st century.

Emphasizing the importance of acknowledging the unpredictability of the market and the evolution of taste, Voss encourages NFT collectors to embrace emerging tendencies and take action either to adapt or capitalize on new trends.

Read the full op-ed at NFTNow.

Will the NFT market recover?

The SCMP has a thought-provoking article on the rise and fall of the NFT mania of 2021, exploring the factors that contributed to its initial success and subsequent decline.

The author draws insights from Dr. Patrice Poujol, a Web3 expert who believes that greed and oversaturation have stifled the potential of NFTs to create vibrant ecosystems in various forms of art. Poujol argues that the rise of AI art has led to an oversaturated digital-art NFT marketplace, making it challenging for individual artists to stand out. He also points out that the most successful NFT projects, such as “Bored Ape Yacht Club,” relied more on appealing branding and prestige than on the artistic merit of the easily reproducible two-dimensional sprites.

Despite the challenges faced by the NFT market, the author remains optimistic about the potential of NFTs and Web3 technology. He believes that the crypto crash has weeded out scammers and hype, leaving behind real projects and artists committed to the long-term success of NFTs. As the market matures, there is hope that deserving, hard-working artists will receive the recognition and financial rewards they merit.

Check out the in-depth article at SCMP.

This week’s poll: When do you think NFTs will regain mainstream attention?

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This week’s featured collector is Jorart

Jorart is a digital artist with a knack for depicting cute birds. Wonderful and whimsical! Check it out at at lazy.com/jorart

The results of last week’s poll: You can add one of these to your NFT collection. Which do you choose?

Last week’s poll provides insights into the priorities of today’s NFT collectors. The clear favorite, selected by nearly half of respondents at 48%, is an “NFT with $10K passive annual income”. This reveals that financial considerations and the potential for ongoing revenue are a top motivator for many NFT buyers.

The second most popular choice at 19% is “1/1 NFT by your favorite artist”, indicating that for a sizable minority, the allure of a unique digital artwork by an admired creator outweighs pragmatic financial concerns.

Interestingly, just 5% chose an “NFT of the 1st internet meme”, suggesting that most collectors prioritize other factors over the historical significance of owning an iconic piece of internet history. Overall, the poll sheds light on the often competing drives of financial gain, artistic appreciation, and cultural clout in the NFT collector community.

NFT Economics 101: What Every Collector Should Know About Market Dynamics

In the fast-evolving world of on-chain non-fungible tokens, understanding the economic and social forces that shape NFT markets is essential for collectors looking to make smart decisions. A study by researchers Sebeom Oh, Samuel Rosen, and Anthony Lee Zhang offers valuable insights into the unique dynamics at play in the NFT space. By drawing parallels between NFTs and traditional luxury goods, their analysis sheds light on the strategic underpricing and supply limitation that characterize successful NFT collections. For collectors seeking to navigate this complex landscape, taking the time to understand these key market behaviors can provide a significant edge. Let’s dive into the main findings of the research and explore why they matter for anyone passionate about NFT collecting.

Key insights include:

1. NFT demand is often bimodal – collections either sell out quickly or struggle to sell 20% of their inventory. This “in or out” dynamic resembles luxury goods where social factors heavily influence demand.

2. NFT creators must strategically underprice and limit supply, even for highly sought-after collections. Attempting to raise prices could paradoxically reduce demand and doom a collection to becoming “out”.

3. The deliberate underpricing enables a small group of “scalpers” (2.4% of wallets driving 50% of secondary market sales) to profit by flipping NFTs bought at initial low prices. However, the creators who underprice are still the biggest winners overall.

Why it matters for NFT collectors:

Understanding these market dynamics can inform smarter buying and selling decisions. Recognizing the “in or out” nature of collections and the widespread underpricing explains key behaviors like fast sellouts and high-profit flipping.

Ultimately, while NFT prices have fallen since the highs of the NFT bull market, insights like these help collectors navigate the space more knowledgeably. Studying the economic and social forces shaping NFT markets is time well-spent for anyone serious about collecting in this evolving space.

Learn more Chicago Book Review or read the original study here.

This week’s poll: Which of these art styles would you most like to see represented in an NFT collection?

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This week’s featured collector is GrowTye

GrowTye is an AI-artist that uses their Lazy profile to showcase their art. Lots of unusual and thought-provoking artworks at lazy.com/growtye

The results of last week’s poll: If you could commission an NFT from one of these five artists who would it be?

The results of last week’s poll provide an insight into the aesthetic preferences of today’s NFT collectors. The question asks which of five well-known artists they would commission an NFT from if given the opportunity.

The clear favorite among respondents is Jean-Michel Basquiat, with 45% selecting the late Neo-Expressionist painter known for his graffiti-inspired style and raw, emotive works. The second choice, Frida Kahlo at 23%, reveal an appreciation for symbolism-rich art that delves into the subconscious and invites thought-provoking interpretation.

The resonance of Basquiat, Kahlo, Bosch and Sekoto with NFT collectors gives clues to the kinds of NFTs that might find an audience in the future.

An Inside Look at the Controversial Rise of the Blur NFT Marketplace and its Founder’s Vision

In this wide-ranging interview, Pacman, the founder of the NFT marketplace Blur, shares his unconventional path and vision for the future of NFTs.

Pacman recounts his journey as a tech founder, from dropping out of high school to work at a Silicon Valley startup, to starting his own company and going through Y Combinator. He later attended MIT, mainly for the college experience and to find a co-founder, knowing he would likely drop out again to launch another startup.

Before Blur, Pacman and his MIT co-founder built a domain name marketplace on the Handshake protocol, which they sold to Namecheap. This experience directly informed the creation of Blur, as Pacman saw parallels between domain and NFT marketplaces. He was also drawn to NFT trading after personally profiting from flipping a Blitmap NFT in 2021.

Pacman argues that Blur has introduced much-needed market efficiency to the NFT ecosystem, even if some believe it has contributed to accelerating price declines. (This week, for example, the Bored Apes floor price hit the lowest point since 2021.) By enabling whales to exit positions more easily, he contends that Blur provides vital liquidity to the market.

A key topic of discussion that will interest most NFT collectors is Blur’s use of token incentives and rewards to bootstrap the marketplace and drive user adoption. While Pacman believes properly designed incentives that fairly reward user contributions are important, he acknowledges that whales often benefit disproportionately. He also criticizes the manipulative and unsustainable incentive schemes becoming increasingly common in the crypto space.

Throughout the interview, Pacman comes across as a calculated builder with strong convictions about the future direction of NFTs and crypto. While not everyone may agree with his approach or vision, NFT collectors and traders will likely find his insights into the inner workings and philosophy of a leading NFT marketplace valuable and thought-provoking.

Watch the full interview on Remint Reality’s YouTube Channel.

This week’s poll: You can add one of these to your NFT collection. Which do you choose?

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This week’s featured collector is MachineElf

MachineElf’s collection showcases a diverse range of digital art with an eclectic mix of styles and subjects. Overall, it demonstrates the creative potential of NFTs as a medium for artistic expression. Browse the collection at lazy.com/machineelf

The results of last week’s poll: What is your opinion on OpenSea’s decision to support the ERC721-C standard for enforcing creator royalties?

According to the results of last week’s poll, a substantial majority (81%) either strongly support or somewhat support OpenSea’s decision to support the ERC721-C standard for enforcing creator royalties. This suggests that many in the NFT community believe creators should be compensated through ongoing royalties when their work is resold.

However, the poll also shows a small but noteworthy segment (9%) who strongly oppose the decision. They may feel royalty enforcement stifles the free market ethos of crypto and NFTs.

What does this mean for the future of NFTs? While most NFT collectors polled back OpenSea’s royalty standard, the minority opposition and neutral responses indicate it remains a complex issue without full consensus. The truth is that thoughtful arguments exist on various sides that are worth considering as NFT marketplaces and creators chart a path forward.

A Muted Vibe at NFT.NYC 2024

According to a review of NFT.NYC 2024 published in ArtNews, the vibe at this year’s flagship NFT conference showcased a more subdued atmosphere compared to its exuberant 2021 edition.

Despite the muted vibe, some promising developments were discussed, such as the success of Pudgy Penguins’ toy line in Walmart, which generated over $10 million in sales. Additionally, the potential for NFTs to provide a mechanism for creators to receive dividends when their content is used in AI training data sets was highlighted as an area of growth.

While the main conference focused on entrepreneurial aspects, separate events catered to the art community. These gatherings emphasized the importance of building infrastructure and practices to preserve digital art and create a sustainable ecosystem.

Overall, the NFT.NYC conference’s vibe reflected the current state of the NFT market – a more serious and focused approach in the face of challenges, with an eye towards long-term sustainability and growth through new avenues such as merchandising and AI integration.

Read the full report at ArtNews.

The Potential and Challenges of NFTs in Federal Records Management

In another sign that NFTs are not going away and that even the most staid organizations will need to address them eventually, the National Archives and Records Administration of the U.S. Government has released a briefing paper exploring the potential implications of Non-Fungible Tokens on federal records management. The paper highlights that NFTs created or received by federal agencies in the course of conducting official business can be considered federal records, and agencies must consider the records management implications. While NFTs rely on blockchain technology, the digital assets represented by NFTs are typically stored “off-chain,” making them vulnerable to link rot if the web host is not maintained.

The report concludes that within the archives and records management fields, NFTs may have a role in supporting the certification, authentication, and provenance of records, but further study is needed to determine if they can provide the trustworthiness of federal records.

Check out the full briefing at Archives.gov.

This week’s poll: If you could commission an NFT from one of these five artists who would it be?

Vote above and email us to share what kind of artwork you’d dream up with them!

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This week’s featured collector is Brulik

Brulik has an eclectic NFT collection showcasing a diverse range of quirky, colorful characters. From a cash-wielding skeleton to unique mutants, each avatar has a distinct style and personality. Worth checking out a lazy.com/brulik

The results of last week’s poll: Looking ahead to the next 3-5 years, how optimistic are you about the potential of NFTs to revolutionize the art world?

Last week’s poll asked about optimism regarding the potential for NFTs to revolutionize the art world over the next 3-5 years. A combined 84% express some level of optimism about NFTs significantly impacting the art world in the coming years, with respondents evenly split between extremely and cautiously optimistic. A small minority are neutral or pessimistic on the question. The results suggest a generally favorable view of NFTs’ transformational potential in the art space, though a large share remain somewhat guarded in their optimism.

What does this poll mean for NFT collectors? The high degree of optimism regarding NFTs’ potential to revolutionize the art world in the coming years suggests that demand for NFTs from traditional art collectors is likely to remain strong or even accelerate. Collectors who believe in the long-term value and importance of NFTs may feel validated and encouraged to continue acquiring notable NFT works. At the same time, the sizable cautiously optimistic contingent indicates some collectors may proceed thoughtfully, being selective in their acquisitions as the market evolves.

OpenSea Introduces ERC721-C Support: A New Chapter in the NFT Royalty Debate

In a recent development, OpenSea, a prominent NFT marketplace, has announced support for the ERC721-C standard, created by Limit Break. This move allows creators to set and enforce royalties on the platform, opening a new round in the ongoing tussle over royalties in the NFT space.

The debate over creator royalties has been a contentious issue in the NFT community for several months. Some argue that artists should have the right to receive a percentage of each sale, ensuring fair compensation for their creative work. Others believe that the decentralized nature of NFTs should allow for a free market without enforced royalties. The introduction of ERC721-C on OpenSea presents a new approach to this challenge.

With ERC721-C, creators can now set their desired earnings percentage and recipient address in their collection settings on OpenSea. They have the option to enforce these earnings on all OpenSea sales, giving them greater control over their revenue stream. However, it’s worth noting that collections using ERC721-C for creator earnings enforcement will initially only be purchasable on OpenSea and other marketplaces powered by LimitBreak’s Payment Processor, such as Magic Eden.

This development is part of an ongoing struggle to find a balance between creator rights and the decentralized ethos of the NFT market. While some may view this as a positive step towards empowering creators, others may argue that it goes against the principles of a truly open and unrestricted NFT ecosystem.

As an NFT collector, it’s essential to stay informed about these changes and consider how they might impact your collecting experience. The introduction of ERC721-C on OpenSea adds a new layer to the conversation, and it will be interesting to see how the NFT community responds and adapts to this development in the coming months.

Learn more on OpenSea’s blog.

Navigating the NFT Art Frontier: Insights from Contemporary Artist Simon Denny

In this engaging interview, contemporary artist Simon Denny shares his fascinating journey and insights on the intersection of art and technology, with a particular focus on NFTs and blockchain art. Denny emphasizes the importance of understanding the historical context of art movements and how they relate to the current NFT art space. He encourages collectors to explore the connections between legacy art and digital art to gain a deeper appreciation for the medium. Additionally, the artist highlights the unique properties of blockchain technology as a medium for art, particularly the fusion of the cultural asset and the financial container within an NFT, which opens up new possibilities for artists and collectors alike.

Denny discusses the need for a more nuanced approach to assessing the value of NFT art beyond just price, suggesting the development of a curatorial infrastructure that provides different signals of value and cultural significance. He also acknowledges the potential for homogenization in the NFT art world, particularly in the context of generative art, and stresses the importance of seeking out innovative and boundary-pushing projects that go beyond the current aesthetic trends. Furthermore, Denny emphasizes the role of community and passion in the NFT art space, encouraging collectors to engage with artists and enthusiasts to gain a deeper understanding and appreciation for the works they collect.

As an NFT collector, it is essential to approach the space with an open mind, a willingness to learn, and a genuine passion for the art itself. By understanding the historical context, embracing the unique properties of the medium, and engaging with the community, collectors can navigate the rapidly evolving world of NFT art and build meaningful collections that reflect their values and interests. Denny’s insights serve as a valuable guide for collectors looking to deepen their understanding and appreciation of this exciting new frontier in the art world.

Read the full interview at a16zcrypto.com.

This week’s poll: What is your opinion on OpenSea’s decision to support the ERC721-C standard for enforcing creator 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