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?

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

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?

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

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!

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

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?

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

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?

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

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?

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

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?

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

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?

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

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?

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

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