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This week’s featured collector is Satsmoon
Sats Moon is the co-founder of Future Art, one of the movements that boosted the profile of NFTs in 2021 with a series of art exhibits and events. In early 2000s Soho, London, Sats discovered the street art community and began collecting Banksy prints when the artist was unknown. This period taught him the importance of early artist discovery. When his collection of physical artworks was destroyed in a warehouse fire, Sats Moon turned to digital art. Check out Sats Moon’s collection at lazy.com/satsmoon
This week in NFTs: Growing Adoption & Royalty Declines
The past week was full of big news and notable changes in the NFT landscape. Let’s delve into the most important updates and the impact they may have on your digital asset collection.
Krapopolis: Fox launches NFT-based TV Show
On September 24, 2023, Fox Entertainment will premiere a blockchain-based animated series, Krapopolis. Created by Dan Harmon, known for his work on Rick and Morty, this is the first venture from Blockchain Creative Labs, Fox Entertainment’s media and creative tech division.
Fox greenlit three seasons of Krapopolis before a single episode aired, showing their immense faith in the project. Krapopolis aims to actively involve NFT holders in the content creation process. The “Krap Chickens” NFTs will offer holders behind-the-scenes access, exclusive in-person event invitations and voting rights on the show’s direction.
This new model seeks to change viewers from passive consumers into active participants, blurring the line between creators and viewers. Only time will tell whether this will spark a new wave of NFT creation and collecting.
7-Eleven Launches Slurpee NFTs
For fans of both Slurpees and NFTs, 7-Eleven recently launched free Slurpee NFTs on the Polygon network, just in time for “Slurpee Day” (July 11). Collectors can mix and match four flavors (Cherry, Blue Raspberry, Pina Colada, and Summertime Citrus) to create their perfect digital Slurpee. Upon claiming, a new wallet is created on the Polygon blockchain to hold the Slurpee token.
Significantly, the announcement from 7-Eleven doesn’t explicitly mention NFTs. Instead, the generic “digital collectible” is used. This suggests that while the term NFT might be out of fashion, the underlying technology is still proving useful.
Continuing Decline in Royalty Rates
Significant changes are afoot in the world of NFT royalties. Platforms like OpenSea have moved to optional royalties, impacting royalty percentages for many NFT collections. However, a recent development shows how royalties might be driven even lower.
A new platform called Blend allows for NFT sales from its wallet with a 0% royalty fee, leading to a substantial decrease in average royalty rates. The most surprising aspect of this development is the lack of communication from Blend about this significant change.
Adding to the complexity, a protocol called Seaport, created by OpenSea, has been utilized by LooksRare, a platform that is not enforcing royalties, to bypass blocking mechanisms. If this trend continues, royalties could go towards zero across the NFT ecosystem.
This evolving situation raises concerns for creators, traders, and collectors alike. NFT projects now face the tough choice of blocking all platforms but one or accepting zero-enforced royalties.
For a full analysis of the royalty situation, watch this episode of Proof.
That’s it for this week!
Stay tuned for more updates next week. Keep collecting, and remember to stay informed about the changing landscape of the NFT world. It’s an exciting time to be part of this digital revolution!
This week’s poll: Will you watch an NFT-backed TV show?
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