This week’s featured collector is BlueGoblin

BlueGoblin is a versatile digital transformation and innovation expert. Check out their Ethereum and NBA Top Shots collection at lazy.com/bluegoblin

The results of last week’s poll: How will Seaport 1.6 impact your NFT strategy?

Last week’s poll asks how the Seaport 1.6 upgrade will impact collector’s NFT strategies. The top response at 33% is to try NFTs with the new hook utility that Seaport 1.6 enables. The second most popular answer, also at 33%, is to watch the ecosystem’s response and then decide on any strategy changes. 11% say they will focus on DeFi-integrated NFTs, which Seaport 1.6 may facilitate. Another 11% don’t plan to change their approach. The remaining 11% selected “Something else”.

In summary, while a third of respondents are eager to experiment with Seaport 1.6’s new NFT capabilities right away, an equal number are taking a wait-and-see approach. A sizable minority are interested in DeFi integrations or aren’t planning any strategy changes. Overall, the poll suggests Seaport 1.6 has piqued the interest of many NFT collectors, but its ecosystem-wide impacts remain to be seen.

Reimagining the Future of Performance Art Through NFTs

The Sphere DAO, a “Circus DAO” established in 2020, is pushing the boundaries of art collecting and patronage by exploring innovative ways to collect, monetize, and sustain live and performance art using NFTs and blockchain technology. Through unique mechanisms like the Karmic Funding Campaign, which empowers the community to vote on and crowdfund “seed” and “derivative” performances, and a custom marketplace that enforces automatic royalty distributions, the Sphere is harnessing the potential of web3 tools to create a vibrant, participatory ecosystem that financially supports artists and fosters artistic communities.

For NFT collectors, the Sphere represents a new frontier in the world of art and blockchain. By offering fresh models for collecting and engaging with ephemeral art forms, nurturing responsive communities around the artworks, and providing opportunities to discover and support emerging live art and crypto-media works, the Sphere challenges collectors to think beyond the traditional confines of buying and selling NFTs. As the project continues to evolve, with initiatives like the Anarchiving Game, which invites participants to create and collect “fragments” of live art experiences, it promises to be an important case study in the potential of NFTs to reshape the art world.

To dive deeper into the Sphere DAO’s story, its innovative funding and royalty sharing mechanisms, and its ambitious plans for the future, be sure to read the full in-depth interview on Outland. This in-depth conversation with core team members offers valuable insights into the challenges and opportunities of building a groundbreaking art ecosystem at the intersection of live performance and NFTs. Whether you’re a seasoned NFT collector or simply curious about the cutting edge of art and technology, this is a project worth following closely.

Read more at Outland.

This 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?

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This week’s featured collector is Domi

Domi is a seasoned NFT collector who has been passionate about crypto since 2016, amassing a diverse portfolio that includes a Mutant Ape from the original minting, a V1 CryptoPunk, a mfer, and iconic Mog and Pepe pieces. They have a special admiration for Jack Butcher’s works, crediting the artist for helping them navigate the challenges of the bear market. Check it out at lazy.com/domi

The results of last week’s poll: How will the USPTO/USCO report impact your NFT collecting?

The recent USPTO/USCO report is poised to shake up the world of NFT collecting, according to last week’s poll. A substantial 38% of Lazy.com users surveyed plan to focus their efforts on projects with crystal-clear IP agreements, while an equal 30% will either dive in with greater confidence or put NFT offerings under the microscope to ensure IP rights are properly handled. Interestingly, nearly a quarter of respondents seem unfazed, suggesting they already perform their due diligence on terms before buying.

This poll paints a picture of an NFT collector community that is increasingly savvy and cautious when it comes to navigating the complex landscape of digital ownership rights. The USPTO/USCO report appears to be a wake-up call, prompting collectors to prioritize transparency and legal clarity as they build their virtual collections.

As the NFT market continues to mature, we can expect to see a growing emphasis on projects that have their intellectual property ducks in a row. Collectors are wisely recognizing that a shiny new NFT may lose its luster if the underlying IP rights are murky or contested. This shift towards greater scrutiny and higher standards bodes well for the long-term health and legitimacy of the NFT ecosystem..

Seaport 1.6: Unlocking New Horizons for NFTs with Hooks

This week, OpenSea announced the launch of Seaport 1.6, an upgrade to their NFT marketplace protocol within the EVM ecosystem. This update brings a new feature called Seaport Hooks, which allows developers to integrate custom code into Seaport sales, potentially expanding the utility and liquidity of NFTs.

For NFT collectors, Seaport Hooks opens up new possibilities for how NFTs can interact with the broader ecosystem. This includes the ability for NFTs to react to being sold, such as changing metadata based on sale volume. Additionally, the upgrade enables greater composability between the DeFi and NFT worlds, allowing for the creation of automated bonding curves and the integration of lending protocols.

The recent Ethereum Dencun upgrade has made these interactions more cost-effective, setting the stage for increased development and innovation within the NFT space.

OpenSea plans to migrate its users to Seaport 1.6 starting March 25th, with the first feature leveraging hooks expected to go live in April. As the NFT ecosystem continues to evolve, collectors can expect to see new applications and experiences emerge, driven by the enhanced capabilities of Seaport 1.6.

While the potential impact of Seaport Hooks is significant, it remains to be seen how developers and creators will utilize this new tool and how it will shape the future of NFTs. Nonetheless, the upgrade represents an important step forward in the ongoing development and maturation of the NFT market, providing collectors with new opportunities to engage with and benefit from their digital assets.

This week’s poll: How will Seaport 1.6 impact your NFT strategy?

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This week’s featured collector is maryesthereliza

Maryesthereliza’s collection showcases a diverse range of digital assets, from virtual avatars and stylish jerseys to mysterious boxes and pixelated characters. With something for everyone, it’s an exciting mix of the trendy and the enigmatic in the NFT space. Check it out at lazy.com/maryesthereliza

The results of last week’s poll: How did you primarily develop your taste as an NFT collector or curator?

Last week’s poll indicates that exploring diverse inspirations (33%) and introspection & trusting instincts (25%) were the primary ways NFT collectors and traders developed their tastes. Engaging with the NFT community also played a significant role for 25% of respondents.

Surprisingly, studying art history and theory was not a major factor, with 0% citing it as key to their taste development. Experimentation with creating art was somewhat influential, shaping taste for 17% of those polled.

As an NFT collector, these results suggest that to refine your eye and curate a distinctive collection, it’s valuable to seek out wide-ranging influences and trust your own intuition. Immersing yourself in the NFT community can expose you to fresh perspectives and help crystallize your preferences. While understanding art theory may provide useful context, actively exploring and engaging with art itself, both as an appreciator and creator, could be more impactful for evolving your unique artistic sensibility. By embracing this multi-pronged approach, you can cultivate a discerning eye to build a collection that reflects your singular vision.

NFTs and IP in the USA: No New Laws Needed, Says USPTO/USCO Report to U.S. Congress

TL;DR: A recent report from the U.S. Patent and Trademark Office and the U.S. Copyright Office concludes that while NFTs present some novel challenges, existing intellectual property laws are currently sufficient to address them. The key to managing rights and expectations lies in having clearly drafted NFT ownership agreements.

The U.S. Patent and Trademark Office (USPTO) and the U.S. Copyright Office (USCO) recently submitted a detailed report to Congress about NFTs and intellectual property rights. The main points are:

• Most experts believe that current IP laws can handle NFT-related infringement issues. Creating new NFT-specific laws now could be jumping the gun. The USPTO and USCO agree that changes aren’t needed right now.

• The biggest worry is people being confused about what IP rights come with NFTs. Having clear NFT ownership agreements is the best way to tackle this.

• Trademark infringement is common on NFT marketplaces. Their decentralized, anonymous setup makes enforcement tricky. But most think NFT-specific trademark laws aren’t necessary.

In a nutshell, the report says NFTs come with some new challenges, but current IP laws are sufficient for now. Having clear NFT agreements is crucial for managing rights and expectations—an important point for NFT creators to keep in mind going forward.

Why this matters for NFT collectors

As an NFT collector, this report provides reassurance that your NFT investments are protected under existing intellectual property laws in the US. You don’t need to worry about the legal landscape suddenly shifting with new NFT-specific legislation.

However, the report highlights the importance of clearly understanding what rights are associated with the NFTs you purchase. Not all NFTs grant the same IP rights – some may come with full commercial rights to the associated artwork, while others may only provide limited personal use licenses.

The key takeaway is to carefully review the NFT ownership agreement before making a purchase. Look for NFT projects that have well-drafted, explicit terms regarding the transfer of IP rights.

Overall, this report brings some stability to the NFT space from an IP perspective. But it underscores the need for collectors to be diligent in understanding the rights associated with their digital assets.

Read the full report here and a detailed analysis here.

This week’s poll: How will the USPTO/USCO report impact your NFT collecting?

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This week’s featured collector is LanaEasteregg

LanaEasteregg uses their Lazy profile to showcase the art they’ve created and collected. Check it out at lazy.com/lanaeasteregg

The results of last week’s poll: Which NFT trend do you believe will shape 2024?

According to last week’s poll, Lazy users anticipate that social market dynamics (50%) and a renaissance of creativity (30%) will be the most influential trends shaping the NFT space in 2024. This suggests a belief that community engagement, hype, and innovative projects will drive the market’s evolution in the year ahead. While some expect predictive models to play a role (20%), scholarly recognition and other unspecified innovations were not seen as likely to significantly impact the NFT landscape.

As an NFT collector, if you believe this poll is accurate, you can use this information to guide your strategy in 2024. Focus on projects with strong communities and social engagement, as these factors are expected to drive the market. Keep an eye out for innovative new projects that showcase a resurgence of creativity in the space. By aligning your approach with these prevailing sentiments, you may be able to position yourself to capitalize on the trends expected to most influence the NFT market.

Cultivating Taste in the Age of AI: A Guide for NFT Collectors and Curators

For NFT collectors and curators, a recent article by Elizabeth Goodspeed offers valuable insights into the role of taste in the digital art world. As the NFT market continues to grow and evolve, it becomes increasingly important for collectors to develop and trust their own taste in order to make canny decisions about which pieces to acquire and champion.

Goodspeed’s article highlights how good taste goes beyond simply following trends or relying on AI-generated images, and instead involves a deep understanding and appreciation of the unique elements that make a piece of digital art compelling. By cultivating a strong sense of personal taste, NFT collectors can identify and support artists who are pushing the boundaries of the medium and creating truly innovative works. Furthermore, the article’s emphasis on drawing inspiration from diverse sources and being vulnerable in one’s choices resonates with the ethos of the NFT community, which values originality, authenticity, and passion. As such, NFT collectors and curators will find this article both thought-provoking and relevant to their own journey in the digital art space.

Read the Elizabeth Goodspeed’s essay at It’s Nice That.

Ethereum Gas Fees Soar Amid Crypto Market Surge and NFT Sales

As anyone who has interacted with a blockchain knows, gas fees are charges that users must pay to complete transactions on the network, such as sending tokens, interacting with smart contracts, or buying and selling NFTs. These fees are used to compensate those who provide the computational resources to validate and process transactions. Gas fees are necessary to prevent spam and ensure that the network operates efficiently by prioritizing transactions with higher fees. The amount of gas required for a transaction depends on its complexity and the current demand for network resources.

As cryptocurrency prices, including Ethereum, have experienced significant gains recently, the Ethereum network has seen a steep rise in gas fees. On Monday, the average cost to complete a typical NFT transaction on Ethereum reached $372.29 at certain points, while swapping tokens cost upwards of $220 per transaction. These high fees have the potential to eliminate the value of certain crypto transactions, as the costs could negate any potential profits.

Despite the high fees, the NFT market has remained active, with an anonymous individual purchasing a CryptoPunks NFT for over $16 million worth of cryptocurrency on Monday, marking the second-highest price ever paid for a CryptoPunk.

The surge in gas fees coincides with the upcoming Ethereum Dencun upgrade, scheduled for March 13, which aims to reduce transaction costs on Ethereum layer-2 scaling networks through a new data storage method called proto-danksharding.

As the Ethereum ecosystem continues to evolve, and if cryptocurrency prices remain high, NFT collectors and traders will need to keep a close eye on gas fees before making any transactions.

This week’s poll: How did you primarily develop your taste as an NFT collector or curator?

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This week’s featured collector is Chamathp

Chamathp’s motto is “In the grand scheme of things, your entry price won’t matter.” Sage advice. Their NFT collection focuses on Ethereum and NBA Top Shots. They have a few classics too. View the full collection at lazy.com/chamathp

The results of last week’s poll: What’s your take on Yuga Labs buying Moonbirds?

Last week’s poll suggests a prevailing ambivalence within the NFT community regarding Yuga Lab’s purchase of Moonbirds with 19% of respondents reporting they are concerned about a monopoly. The equal distribution between those who predict minimal long-term impact and those who are unsure of the effects may indicate a lack of clear precedent on how such acquisitions play out in the relatively new and rapidly evolving NFT space. This hesitancy to take a definitive stance could reflect the NFT community’s caution in speculating about the future in a market known for its volatility and unpredictability. Of note, however, is that only 6% of respondents felt the move was a positive development.

This Week’s Big Ideas in NFTs

The Market Dynamics and Behavioral Patterns in NFTs

Recent research, published in Nature, challenges the applicability of traditional financial models to the NFT market. In “Periodicity, Elliott waves, and fractals in the NFT market”, a researcher reports that NFT prices are not dictated by linear models but are influenced by the community and social behaviors. The big insight is that the NFT market behaves more like a social media platform, with trading volumes and prices ebbing and flowing in a manner akin to viral trends. What we find fascinating about this article is that it highlights the need for new predictive models that can capture the social and faddish nature of NFT trading, suggesting that the future health and profitability of the market will depend on understanding these patterns.

Read the full study at Nature.

The New Medici Effect in Crypto and NFTs

Next up is an essay arguing that crypto can be understood as the revival of the Medici Effect in the digital age. The big idea is that we are witnessing the renaissance of financial and cultural landscapes through the decentralized nature of crypto. This new era encourages a broad diffusion of ideas, stimulating creativity and innovation. Particularly notable is the shift from monetary gain to valuing social capital, where success is gauged not just in financial terms but by contributions to the community. NFTs are the vanguard of this change, democratizing patronage by directly connecting creators with supporters. The big idea here is that NFTs are creating a curation economy that emphasizes cultural impact and blurs the line between creator and consumer, where small entities can flourish financially without traditional venture backing.

Check out the full essay at Mirror.xyz

The Intellectualization of NFTs

In a conversation with OpenSea, Robert Alice, a pioneering artist in the NFT space, emphasizes the importance of history and intellectual discourse within the realm of digital art. His collaborations with prestigious institutions and his involvement in Christie’s first on-chain generative project signify a bridging of the traditional art world with the NFT community. His work with TASCHEN on a comprehensive art history book signifies the big idea that NFTs are not just a technological novelty but a cultural phenomenon deserving rigorous academic exploration and documentation. The TASCHEN book aims to provide a historical context to the NFT movement, inviting a broader audience to engage with digital art in a familiar format and cementing the cultural legitimacy of NFTs.

The full conversation is worth a read at OpenSea’s blog.

Concluding Thoughts: The Cultural Renaissance and Market Maturation of NFTs

Taken together, the big idea of these three items coalesces around the theme of a cultural renaissance driven by NFTs. Whether it’s the broad diffusion of creativity akin to the Medici Effect, the scholarly approach to digital art history taken by Robert Alice, or the market’s behavioral eccentricities, we are beginning to see the permanence of NFTs as both a cultural phenomenon and a complex market worthy of study.

This week’s poll: Which NFT trend do you believe will shape 2024?

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This week’s featured collector is CryptoMuzelle

CryptoMuzelle’s collection showcases abstract and futuristic themes, with a focus on monochromatic tones and high-contrast lighting that work together to create a sense of intrigue. View the full collection at lazy.com/cryptomuzelle

The results of last week’s poll: How significant do you believe EtherRocks are to NFT history?

Last week’s poll showcases a fragmented view on EtherRocks’ impact on NFT history: 40% see minimal significance and 30% outright dismiss their importance, revealing strong skepticism; while the remaining 30% attribute moderate to high significance, acknowledging their early presence in the NFT space. These mixed responses underscore continued disagreement over the significance of EtherRocks.

This Week’s NFT News: Three Significant Events and a Warning to Stay Safe

In the ever-evolving landscape of Web3 and NFTs, recent developments have raised eyebrows and prompted discussions among collectors and enthusiasts. This week we delve into three significant events and a warning to stay safe in the NFT space.

eBay’s Shifting Stance on NFTs

Over a year after eBay’s acquisition of NFT marketplace KnownOrigin, the e-commerce giant appears to be reevaluating its commitment to the Web3 space. Despite initial moves to integrate NFTs and digital collectibles into its platform, there are rumors of significant layoffs, and the departure of key figures, within eBay’s NFT team suggesting a strategic pivot. For NFT collectors, this development highlights the volatile nature of mainstream corporate involvement in NFT ventures.

Learn more at NFTGators

MetaMask’s Active Users Return to All-Time Highs

In an optimistic sign that the masses may be returning to crypto and NFTs, MetaMask reports a surge in monthly active users to levels nearing its all-time high during the previous bull market. This growth of users is occurring amid comparable trading levels of Bitcoin and Ethereum to those periods.

Go deeper at Blockworks

Yuga Labs Acquires Moonbirds

Yuga Labs’ acquisition of Proof, creator of Moonbirds, marks a significant consolidation within the NFT space. This move not only expands Yuga Labs’ portfolio—Cryptopunks, Bored Apes, and more—but also signals its intent to continue to be a major force across every facet of the Web3 and NFT landscape. The integration of Proof’s assets and team into Yuga Labs’ ecosystem suggests potential for innovation and cross-promotion among high-profile NFT collections. Meanwhile, for collectors, understanding the implications of such acquisitions is crucial for anticipating market trends and identifying opportunities. It also raises questions about competition, collaboration, and the future direction of prominent NFT projects. In other words, are we on the brink of the monopolization of NFTs by a few huge companies?

Get more details at ArtNews.

Protecting Yourself Against Scam NFTs

There has been a rise of scam NFTs exploiting the allure of free rewards to trick users into giving up their valuable NFTs. These scams, sophisticated in their approach, prey on the eagerness of collectors and investors for lucrative opportunities. This underscores the importance of vigilance and carefulness in safeguarding your NFTs. For NFT collectors, awareness and education on the mechanics of these scams are essential in navigating the Web3 space safely. Therefore, we recommend you read the detailed guide by Ledger on how to identify scam NFTs and stay safe.

Conclusion

It appears the dynamic days of NFTs have returned in full force as evolution within the space is increasing. From eBay’s strategic shifts and MetaMask’s user growth to Yuga Labs’ market consolidation and the risks posed by scam NFTs, collectors are navigating an ecosystem rich with opportunities and challenges. Stay informed and be safe out there!

This week’s poll: What’s your take on Yuga Labs buying Moonbirds?

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