13 Burst results for "Solana Nfts"
Crypto Banter
"solana nfts" Discussed on Crypto Banter
"There is a massive Solana airdrop season right in front of us. If you missed the Solana pump, this is a perfect opportunity for you to make money from the Solana ecosystem. There are currently over 20 tokenless protocols in the Solana ecosystem, some of which I'm going to run through in today's video, that are going to be launching tokens in 2024. And given that we have a couple months left to qualify, now is the perfect time for me to show you the exact roadmap to getting airdrops on Solana. In today's video, I'm going to focus specifically on seven of the airdrops in the Solana ecosystem that I think are going to be the most lucrative. And I will also tell you my strategy for qualifying for each of those airdrops. So without further ado, let's get straight into the video. Over the last 40 days, Solana has risen over 150%. It's been one of the strongest performing tokens in the market. But one other really interesting metric for Solana is that it's crept back into the top 10 of tokens by TVL. It is now up 79% for the month in terms of its TVL change. And you can see here, if you zoom into Q4 2023, there's been a massive spike in total value locked. Now, why has the ecosystem spiked in terms of TVL? Well, airdrop farmers are now starting to position themselves in the ecosystem because they know there are massive opportunities with the tokens launching in 2024. So there's a lot of bridge volume starting to now come into the ecosystem, but still relative to other chains, Solana at a $577 million total value locked figure is still less than a lot of the other major chains like Polygon, Arbitrum, Optimism and Avalanche. The recent Solana price rise, though, is super interesting because what it's done is it's essentially raised the value of a lot of the Solana protocols. So let's say an exchange like Drift, it's one of the biggest perp taxes on Solana. If that was valued at, let's say, a $50 million valuation, now that Solana has 4x'd in price, and we know that a lot of the ecosystem coins, as they are less capitalized, rise more in price relative to Solana, you could assume, let's say, a protocol like Drift may have risen an 8x in price, which now puts it at a valuation of $400 million. So I think this phenomena has happened across the entire Solana ecosystem where a lot of these protocols are now worth significantly more because Solana has risen the tide for the entire ecosystem valuation, and this has, of course, been aided by metrics like TVL. So what does that mean for airdrops? Well, essentially, if you have protocols now worth more, when they launch their tokens, these tokens are now going to be worth more, meaning your airdrops are going to be worth more. So the Solana price rise has been really good for the potential of these airdrops for two reasons. One, they're going to be worth more, so people are going to make more money, but two, a lot of the projects that were delaying their token launches or delaying their airdrop announcements are now starting to pencil in the official dates because the Solana ecosystem is now higher valued, and they obviously want to capitalize on this, right? Because market conditions were so bad, they didn't want to launch tokens in the middle of a bear market. But now market conditions are looking better and Solana ecosystem is worth a lot more, now they're starting to get interested in actually penciling in these airdrop dates. This is why I believe we're on the precipice of a massive Solana airdrop season. So now that you understand the fundamentals behind why there's a Solana airdrop season, keeping in mind a lot of these protocols have been building, yet not launching tokens for two to three years plus, let's talk about my top airdrop picks for 2024. Number one is Drift. Drift is a protocol that I really like. It's essentially a perpetual DEX on Solana. They have a super efficient order book model, different to a lot of the other perp DEXs which are Oracle based, like, you know, your GMXs. Drift is actually an on-chain order book. I think they've built a really amazing product, and in my opinion, is one of the best perpetual DEXs, not only on Solana, but in crypto, based on my experience. And for this reason, I think their token is also going to probably command a hefty valuation once it launches. The $50 million figure I really just pulled out of nowhere. That was just an example. But I think Drift protocol, which doesn't have a token yet, when they do launch that Drift token, I think it definitely could have a nice price tag behind it. Now qualifying for an airdrop is super simple for Drift. Because it's an exchange, the actions are fairly simple. All you need to do is go into Drift protocol, connect your wallet in the top right corner, put some funds into your wallet. So let's say USDC to trade on the perpetual pairs. You can see they have Sol, Bitcoin, ETH, a lot of the altcoins as well. Once you've deposited funds, you can start trading on the exchange. Remember with airdrops, your goal is to build up trading volume and frequency. So you want to do it consistently over time, and pick an amount that you're comfortable trading. Obviously don't risk so much that you're going to lose capital, but what you could do is you could actually go into delta neutral longs, delta neutral longs, to farm positions, meaning if you're smart about it, you could actually let's say long Bitcoin, and then short Bitcoin on the other side, or short Ethereum on the other side, depending on which tokens you're more bullish on, whether that's Bitcoin or Ethereum. And you can actually achieve a point of delta neutrality, so you're protected against the market. Yes, this isn't a guaranteed money-making strategy, because you will lose money because of fees, right? There is make or take of fees, which you're going to end up paying. So even if you go long and short, of course you're going to lose money on the fees, right? But that is the price you pay for farming the airdrop. So you have to do it with an amount where, let's say if you put in $100, you're happy to give up $5 worth of fees, because that $5 is the cost of a potential airdrop. But what I would look to do for the average person is, look, whenever you feel like opening a trade, instead of taking it on Bybit or Bitget, just take a couple trades on Drift. I mean, you don't need to do it with the same size. You could even, let's say if you're doing $100 trade on Bybit, you could do $80 and then put the other 20 into Drift, and just start building up some volume, and doing it consistently. So all they're looking for is consistent trading and building up volume. The other thing you can do is providing liquidity on DLP. It's the liquidity provider. This allows you to get some revenue share from the platform. That could be one way as well, if TVL is a metric that they factor in, which I think it probably will be, and then you can also get into their insurance fund vaults. This could also be a requirement. I think it's the least important requirement, but it still could be one. So that's Drift protocol, pretty simple. Just trade consistently on the exchange. Number two is Jitosol. So Jitosol is a liquid staking platform, which offers MEV powered staking rewards of around 6.8% on Solana. You can see it here. They essentially use MEV in order to pay out rewards. I think it's an amazing protocol, and it's kind of like a liquid staking platform like Lido, right? You can put your Solana in, you get Jitosol back. You can then go put that in LPs to earn additional rewards, and in the meantime, you're being compensated with around 7% APR in order for your staking. So how to qualify for an airdrop? Well, simply stake. So put your Sol in, get your Jitosol, and earn an APR on your Sol. If you're a spot holder of Solana, this makes sense. Put some in, earn some reward. Yes, there's smart contract risk. Airdrops are completely risk-free. If you do want to qualify for an airdrop, that's one thing. If you hold Jitosol in your wallet, they already have a point system. So pretty much this indicates that there definitely will be a Jito airdrop. You get one point per Jitosol per day. So every Jitosol that you hold in your wallet, you'll get one point per day for holding it in your wallet. The only way to get Jitosol on your wallet is by staking Solana on the platform. So pretty much staking and holding is the name of the game here. The more you hold, the longer you hold, the more airdrop points you get. What you can also do is take that Jitosol, go into other DeFi protocols in Solana, and stake that in liquidity pools. Yes, you may be assuming some risk of impermanent loss if you're pairing it with stablecoins. You can also pair it with Solana, earn a lesser APR, but have less impermanent loss risk, and you will earn an additional two points of Jitosol per day in order for doing so. So you can just hold it in your wallet, or you can put it into LPs, earn a bit of extra yield. This is probably what I'll be doing. You can also refer others using their referral system. So if you have any friends that are doing this, if you have a big social media platform, you can earn some rewards for doing that as well. If you click on the points dashboard, you can actually see the leaderboard, and you can see the requirements for earning Jito points. If you click read more, it introduces you to the entire mechanism, and it also shows you the DeFi protocols that will allow you to earn points, which are Orca, Radium, Camino, Margin, Fi, and more. So their website has an entire article for all the steps here that lay out the point system, and you can see, once you connect your wallet, all the points that you are accruing. By the way, at the end of today's video, I'm going to show you a strategy where you can kill multiple birds with one stone. So first, I'm going to go through the seven airdrops individually. Then at the end of the show, I'm going to show you how you can qualify for a lot of them at once, because there are some strategies that you can use which minimize time spent and maximize rewards. So I'm going to show you that at the end. Airdrop number three is MarginFi. So MarginFi is a money market on Solana. A money market is basically a platform that allows you to borrow crypto assets and lend crypto assets like a traditional money market would in the traditional finance world. They also, like Jito Sol, have an official loyalty points program. Any protocol with an official loyalty points program is giving you a pretty strong indication that they will have an airdrop. This will most likely help you get an airdrop and in order to earn points in their loyalty points program. It's pretty simple. You need to lend assets to the protocol. So if you have some Solana, you can lend it, borrow USDC against it, for example, or you can combine it with the Jito Sol strategy that I just told you. Actually put your Jito Sol into the platform. As you can see, they're under the official list of DeFi protocols which are collaborating with Jito Sol. So you can actually go into MarginFi and you can earn MarginFi points for lending your Jito Sol and earn Jito Sol for holding Jito Sol. So that's definitely a good way to double up, kill two birds with one stone. I'll elaborate on the strategy later in the video. The deposits here are maxed out because there's a lot of demand for that strategy right now. But what they're going to do is they're going to be increasing the limit. So definitely keep your eye on the limit. Until then, what you can do is you can stake normal Solana still, you can stake USDC still, or not stake, supply rather, in order for getting some capital back on the other end. And then you can go and use that as you wish. I probably wouldn't do anything too risky because if you lose that money, you still need to pay back your loan, right? That's the only way you can get your Solana or your USDC back. So MarginFi, basically lending, borrowing, will help you build up points. And the other thing that will help you build up points, like Jito is referring other users to MarginFi. So the more people you refer, the more you are going to accumulate in terms of points. Alright, let's get on to airdrop number four. Before we get into that, I want to give a shout out to one of our official show partners, which you may have remembered from earlier in the year. This is Spool Finance. But now I'm talking about them again because they have their V2, which has officially launched. Now their V2 is something we've been waiting for for a long time. And it's essentially a platform that allows you to stake in vaults, create your own vaults, and create really elaborate and efficient yield strategies for you to earn money on a variety of assets. For example, Ethereum, USDT, USDC, DAI, etc. So Spool is a platform which is really geared towards not only individuals, but institutions as it offers an easy way for strategies to be created. I'll show you an example now of how to create a vault. If you go into the Spool platform and you click create vault, click on Spool Labs and select strategies, you can start building a custom vault using a variety of real life D5 protocols, like Aave, Compound, etc. And you can start putting together strategies based on the assets that you like. So you can do a DAI strategy, you can do a USDT strategy, you can do an ETH strategy, or you can do a strategy with all of them. And this will essentially enable you to build a custom strategy based on your risk profile. So you can change how much risk you want to take on to create a custom strategy and it will automatically compound for you, automatically invest for you, and your smart vaults risk score will update over time. So what I'm actually going to do is work on my own one. This is something I've been doing behind the scenes. I'm working on my own vault, which I'll share for you guys. And if you're interested in ETH staking, stablecoin staking, you can actually participate in this vault on the show. It's not ready yet because I want to make sure I put something together which I've put some thought behind, so I'm still working on it. But in the meantime, you can go play around with the platform, create your own vault, or you can also deposit into existing vaults. So link in the description to check out Spool. It's an amazing product and I'm so happy that the V2 has finally launched. This is also a good article, Spool V2 on Medium, which gives you some insight into what they're actually offering here. But to summarize, V2 introduces gated vault access for controlled investment flow, supports regulatory adherence, and enables the creation of exclusive investment opportunities using NFTs, whitelisted wallets, fungible token holdings, wallet age, and time locks. So it's one of the most advanced vault creators we've seen in DeFi today. So you can check that out using the link in the description below. Let's get on with the next Solana airdrop, which is number four. This is Jupyter Exchange. So the snapshot for Jupyter has already been taken, but I think this will be similar to like Aptos and Optimism, where sure the first airdrop was their biggest, but they go on to do subsequent airdrops, because I don't think they want to cut everyone out of a potential airdrop. It's likely that they do reward people in the future. If that is the case, I think it makes sense given the nature of Jupyter being a DEX aggregator to build up at least a little bit of volume here. So being a DEX aggregator is good, because if you are swapping anything in the Solana ecosystem, which I'm sure a lot of you are, then it's a very easy way which doesn't really impact on your normal daily use of Solana to actually build up potential airdrop farming here. So what you can do is you can essentially swap between a variety of Sol assets, USDC, BONK, they have a lot of the meme coins, pretty much all the coins in the Solana ecosystem. You can swap them on the platform. You can also set limit orders, which is really cool. So let's say you want to buy Solana, but you only want to buy it if it drops back down to $40. You can set in limit orders for buying and selling. You can also do DCAs, which allow you to buy, let's say, one Sol every single day, which is pretty cool, or once every week. You can also bridge to Solana from other platforms. Jupyter is aggregating the bridges as well. And you can also do perpetual swaps on Jupyter 2. They have a few perp markets. So it is a very good product, but also has some opportunities here, given that there's a variety of things you can do to build up some volume to get a potential airdrop. So these are the things you can do, as I said, swapping, setting limit orders, DCA-ing, using the bridge and test and trading perps. These are some of the strategies you can implement to get an airdrop. Once again, I'm hearing rumors the snapshot has been taken, but that doesn't mean you can't get in for number two. Let's go on to Zeta Markets now. It's five of seven. Remember at the end, I'm going to show you a strategy to make airdrop farming more efficient. Zeta Markets is unique because it's not just a DEX. It's an options trading platform, which enables you to hedge risk against crypto market movement and events. I'm not going to make this into an options show, but if you haven't tried options out already, I think they are a genuine option for a lot of people, pardon the pun, to actually reduce their risk in the market and get exposure to market volatility in interesting ways, rather than just longing or shorting. So especially for advanced investors, I think options markets are super appealing. Basically, all big institutions use options to some extent in the traditional world and in the crypto world. A lot of crypto funds, VCs, trading desks, etc. Zeta Markets will appeal to those people and more. So if you are interested in trading options, they also have a point system which allows you to build up points volume for potential airdrop. All you need to do is basically involve yourself in trading options. Like if you do one dollar in take a volume, you get a Z score, which is their point score, Zeta Market score of one. So the more you trade basically, the more points you're going to earn, the higher your chances of an airdrop. The other thing you can do is you can deposit USDC to make some trades on the exchange in order to do that. So pretty easy, just trade options and you'll get points. Number six is Tensor. Tensor is the leading marketplace for Solana NFTs. This gives me massive blur vibes because of the way the airdrop system works. I'll explain that to you now. So they also have an official point system, you'll notice a trend. A lot of the protocols I'm talking about today have point systems. This is because if a project has implemented a point system, we pretty much know with a large degree of certainty that there will be an airdrop. There are a lot of other tokenless protocols that don't have point systems, but there's no guarantees here that they're going to have an airdrop. That's not a deterrent to, you know, play around with those protocols, but it definitely cuts out some of the guesswork when you know they have a point system. So Tensor does remind me of Blur because listing NFTs, bidding on NFTs from the top 100 collections, and market making NFTs from the top 100 collections allows you to accumulate points. So if you go into the Tensor site and you click on rewards, you will see how many points are accumulating. And if you're interested in the NFT market in Solana, this could be a great one for you. I don't expect the average person necessarily to build up too much NFT trading volume, but I know some people love Solana NFTs. So this is an opportunity for you to get involved on what I would consider to be the leading marketplace on Solana now, and also at the same time earn some points for a potential airdrop. So it's a win-win there. The last one I want to talk about today is the Phantom wallet. Most of you have Phantom wallets if you've ever been on Solana. It's basically the best wallet not only on Solana, but in my opinion one of the best wallets in crypto. I honestly love the Phantom wallet. It's fast, it's simple, and I think just the experience of it being on Solana has just made it a really great experience, right? Compared to things like MetaMasks, which are more janky and are on chains that aren't necessarily as fast or efficient. So for Phantom you may not even need to do that much if you're already using the wallet, but if you haven't already why not download it? If you own some Solana on an exchange, why not just transfer it to the wallet? At least you're going to build up some volume there. If you're bridging it from another chain, you'll build up some bridge volume. And basically what you'll do is at least have some access to an airdrop because what they're probably going to do if they launch a token like MetaMask is they'll probably just airdrop some to every single user of that wallet. And what they'll probably also do is airdrop more to the people that use the wallet more over a longer duration of time and have used all the features like swapping tokens through the wallet. So it's something you can do as well. You don't only need to hold tokens there, but you can also swap assets directly in the wallet just like MetaMask. You can also unlock the drip phantom collectible, which is basically an NFT which is stored in your phantom collectible wallet. That is their official issued NFT that could factor in somehow for an airdrop. Unlocking that is not too difficult and it will allow you to at least tick off that box in terms of getting an airdrop on Phantom. So Phantom is definitely one that I'm looking at. Now, those are seven. There are a lot more. If you go onto my Twitter and look at my thread, I linked some other threads which have another 20 plus airdrops, but for the average person, I would just focus on the big ones. If you're a real DJ and this is like a full-time job, basically airdrop farming, of course look into the other five, six, seven, eight, nine, ten, as many as you want to airdrops in Solana and you can go for them all right. But for the average person, you probably don't have much time and you probably want to know how can you qualify for Solana airdrops really quickly. So you can follow the steps that I just read out to you, probably land a couple of the airdrops from the seven protocols that I just mentioned, but there are strategies which enable you to hit multiple of them at once and build out a more efficient system, which will save you time and effort. The first strategy is this one that was highlighted on Twitter by Patrick Dynamo Defi.
CoinDesk Podcast Network
"solana nfts" Discussed on CoinDesk Podcast Network
"OK, yeah, yeah, we'll probably see. I mean, multiple different areas will take off in different ways. One thing I did want to ask about the current state of the market is that it seems to me that Ethereum NFTs are kind of holding the leading position in terms of, you know, value and interest. But I'm also hearing a lot about Solana NFTs. So what do you see in terms of the different chains when it comes to the NFT market? Yeah, so admittedly, I spend most of my time on Ethereum. I probably have ninety nine point nine percent of my assets. So I don't really know that much. I think probably, again, I think a function of what we were just talking about, Solana NFTs probably have a lot of chatter around them at the moment because Solana has I mean, I think it's gone up like four or five X in the last 60 days. So I think it's probably a function of that, of that wealth effect on that chain. But I'm always very open to other chains of of what, you know, where I start to hear some buzz and where I think things start to become compelling. But for the most part, up until this point, the majority of my time just focused on Ethereum because I think Ethereum has become a center of liquidity for a lot of things and not just NFTs, but also certain tranches of DeFi and what have you. And so I think that's going to be hard to displace, even though there are not narratives that build up around other chains. All right. So circling back to OpenSea, you know, you did mention that there are other platforms that have been releasing new features in a faster way. Devin Fincher, the CEO of OpenSea, released a tweet thread where he said and this is where he announced layoffs. He said, quote, We're reorienting the team around OpenSea 2.0, a big upgrade to our product, including the underlying technology, reliability, speed, quality and experience. So what do you think that will look like for OpenSea? Like if you were to advise them, are there certain features that you would recommend they add or certain, you know, incentives they give to traders or just what do you think could kind of give them a boost? I mean, honestly, probably the easiest thing for them to do is drop a token. I don't know if that's if that's what they want to hear, but that's that's probably the easiest thing that they could do to buy boost not only sentiment around them, but then also probably bring some sort of volumes back onto their platform. But I just think they have an uphill battle to climb, an uphill battle just because of the creative royalties. And it was honestly it got to the point with not just OpenSea, but also Blur, where they were kind of going at each other to kind of, you know, one would say something and then the other person, the other marketplace would, you know, counteract that announcement that as a creator, as somebody that, you know, is listed on these marketplaces, like, it's a full time job to say, all right, like, how do you have to develop this contract in order for it to honor royalties on this platform, but not on this plan? It became a huge cluster of confusion that I think probably doesn't benefit either of them. But I wouldn't I think I'd probably be able to give them better feedback if I saw the products that they were working on and then just give like certain things. Oh, I think this would be interesting. But just off the top of my head, probably the best thing that they could do to help sentiment. And I don't know how long it would last, though, is probably just drop a token. And, you know, I think the fact that everybody has been clamoring for one for two years, whether it's right or wrong, I don't necessarily have an opinion on it, because the only reason people want a token is so that they make money. And so it's so it's kind of like, you know, do you feed the the squeaky the squeaky wheel? Do you fix the squeaky wheel or do you do things that you think are better long term for the business? Right. And I assume that if they haven't dropped the token, there's probably reasons for them not doing so. If not, they probably would have done it already. And we don't necessarily know what's going on behind the scenes to be able to make that decision. Yeah. And, you know, I honestly I feel like they probably just even knowing their investors are taking a more conservative approach and because they are an American company, they that's probably the reason they're, you know, kind of holding back on that front. And I did want to ask you about Blur because, you know, obviously they're the market leader now. But I also wanted to ask you about a criticism that they have faced, which is that they caused a decline in the NFT market by making it too tradery, essentially. I don't know if you have an opinion on that thesis. So I think Blur killed creator royalties, in my opinion, it was Blur that I think was the first one to send them to zero, I believe. Or if they weren't, they were the ones that kind of led to a lot of projects going to zero in terms of creator royalties. I don't know if I necessarily agree with the criticism that Blur caused price decline. I see where where that is placed. But then also, I mean, I can also counteract that with it made that decline happen slower and it probably would happen faster because there was this fake liquidity because people were farming tokens. Right. And so in order to get the tokens, you had to place bids close to offers, I believe. I don't know the exact math of what the equation was, but they kind of like had artificially high bids that people were able to sell into that if those bids weren't there, the price decline might have happened more drastic. It might have been a much more drastic price decline. So I can see like I can see both sides to that coin. And, you know, honestly, like as a trader in capital markets before coming into the space, you know, that liquidity, you know, it's literally it was subsidized liquidity. Right. And so, you know, when people were farming season one and season two, they were placing bids on collections that might not have otherwise had those bids there. So I don't know if necessarily Blur is to blame for the price decline. The price decline very well could have been way worse if Blur wasn't subsidizing people to bid. But we don't we don't know. Right. And I don't think we'll ever know that answer. Yeah. And you're just saying that because of the overall price decline that we've seen, like just the decline in the market generally, you're saying? Yeah, I just think, you know, the market declined in general, but how much more vicious would it have been if there if there wasn't incentive to put bids on there so close to the offers? So maybe instead, you know, a project declining 80 percent, maybe it would have declined 95 percent or instead of declining 90 percent, it would have declined 98 percent. Right. It's I don't think we will really know. But I just I saw in certain moves and certain actions that there were people willing to buy and bid at a certain price because they were farming the token that I don't know if they would have been there willing to buy at that price, but they weren't, you know, trying to partake in in the in one of the season's airdrops.
Unchained
"solana nfts" Discussed on Unchained
"Okay, yeah, yeah, we'll probably see. I mean, multiple different areas will take off in different ways. One thing I did want to ask about the current state of the market is that it seems to me that Ethereum NFTs are kind of holding the leading position in terms of, you know, value and interest. But I'm also hearing a lot about Solana NFTs. So what do you see in terms of the different chains when it comes to the NFT market? Yeah, so admittedly, I spend most of my time on Ethereum. I probably have 99.9% of my assets. So I don't really know that much. I think probably, again, I think a function of what we were just talking about, Solana NFTs probably have a lot of chatter around them at the moment, because Solana has, I mean, I think it's gone up like four or five x in the last 60 days. So I think that it's probably a function of that, of that wealth effect on that chain. But I'm always very open to other chains of what, you know, where I start to hear some buzz and where I think things start to become compelling. But for the most part, up until this point, I spent the majority of my time just focused on Ethereum, because I think Ethereum has become a center of liquidity for a lot of things, and not just NFTs, but also certain tranches of DeFi and what have you. And so I think that's going to be hard to displace, even though there are narratives that build up around other chains. All right. So circling back to OpenSea, you did mention that there are other platforms that have been releasing new features in a faster way. Devin Fincher, the CEO of OpenSea, released a tweet thread where he said, and this is where he announced layoffs, he said, quote, We're reorienting the team around OpenSea 2.0, a big upgrade to our product, including the underlying technology, reliability, speed, quality and experience. So what do you think that will look like for OpenSea? Like if you were to advise them, are there certain features that you would recommend they add or certain, you know, incentives they give to traders or just what do you think could kind of give them a boost? I mean, honestly, probably the easiest thing for them to do is drop a token. I don't know if that's what they want to hear. But that's probably the easiest thing that they could do to probably boost not only sentiment around them, but then also probably bring some sort of volumes back onto their platform. But I just think they have an uphill battle to climb, an uphill battle, just because of the decisions that they made in the past of, you know, getting rid of not just OpenSea, but also Blur, where they were kind of going at each other to kind of, you know, one would say something and then the other person, the other marketplace would, you know, counteract that announcement, that as a creator, as somebody that, you know, is listed on these marketplaces, like, it's a full time job to say, all right, like, how do you have to develop this contract in order for it to honor royalties on this platform, but not on this plan? It became a huge cluster of confusion that I think probably doesn't benefit either of them. But I wouldn't, I think I'd probably be able to give them better feedback if I saw the products that they were working on, and then just give like certain things. I'm like, Oh, I think this would be interesting. But just off the top of my head, probably the best thing that they could do to help sentiment, and I don't know how long it would last, though, is probably just drop a token. And, you know, I think the fact that everybody has been clamoring for one for two years, whether it's right or wrong, I don't necessarily have an opinion on it, because the only reason people want a token is so that they make money. And so it's kind of like, you know, do you feed the squeaky wheel? Do you fix the squeaky wheel? Or do you think do things that you think are better long term for the business, right? And I assume that if they haven't dropped the token, there's probably reasons for them not doing so. If not, they probably would have done it already. And we don't necessarily know what's going on behind the scenes to be able to make that decision.
Tech Path Crypto
"solana nfts" Discussed on Tech Path Crypto
"All right, so a couple of things here. When you look at the core framework in which creators have been working in Web2, what Yatsu talked a little bit about there was kind of this breakdown of the music system, and that simply means that these platforms essentially have become marketing engines. Most likely that will be the case for OpenSea, you're going to probably start seeing a lot of ads and things of that nature that's going to change the dynamic of how they make money. That's okay, there are needs for that, and that's an existing model that works out in Web2. Web3, what is going to happen, I think, is we're going to see more programmable NFT platforms, as well as strategies coming in from the creators that are going to start looking at almost like what we've seen in Web2 on this direct-to-consumer type aspect of how small micro-brands have been able to build and compete against the biggest brands by using, whether it's social media, awareness tactics, all sorts of guerrilla marketing, those kind of things all happen. I think the NFT creators are going to have to fight back a little bit here and really get good at marketing. Now if you look at some of the things that have happened with Metaplex so far, a lot of new collections here, but the big deal is 33 million in mints. That's a big deal, and if you look at that, look at the rise right here in the amount of programmable NFTs being minted here. So that in itself, I think, is a pretty significant thing, versus if you look at what's happening with something like an Immutable, which expanded the enforcement royalties to protect their creator royalties, the problem is it gets locked into the system, and when you get locked into a system, what happens? It drives the value of the pricing down. You'll start to see the value of what some of these collections are starting to see. And you'll notice, look at these, I mean, this is Aluvitar's right there, Aluvium. Only $9,100 in US dollars right there as far as the transactions, and these are the problems that eventually this kind of situation resolves into, and that is simply these platforms end up basically pushing the creators into a no-win situation. So what do the creators do? They find a better place. Find a place to go direct. Find a place that is implementing the kind of aspect that we're seeing with Solana around programmable NFTs and what that future might mean. The key here is it's all being done on chain. That's the advantage of blockchain. That's how technology advances to this next layer, which is Web3. Now, I know a lot of this may be new to some of you guys out there right now. Maybe this is the first time you've watched something about Web3 and NFTs. The best thing I can tell you is keep watching, keep going down the rabbit hole, because I think what you're going to see over time is every business, every creator, every entity you can imagine in the next decade will eventually move to some sort of smart contract platform and initiation of whether it's product, services, digital, part physical, part digital, or all the way on digital goods. All of that is coming, and it's coming because of what Web3 and it's happening around smart contracts. So stick around. You're going to learn a lot, and I think hopefully it will start to open your eyes to really how business will be done in the future and how creators are going to change kind of the format here. So it's going to be a big one. All right. If you are not part of our diamond circle, make sure and jump in. It's one of the best ways that you can get additional content. We do a podcast over there. Kyle does a great job on our Web3. We talk a lot about NFTs, but we also dive into the business of NFTs and Web3 in general. You also get additional content from me where I do market analysis, more macro news, some project breakdowns, all that good stuff. All you have to do is click the link down below to join. It's very simple and very easy. If you want to catch me, it's out there on Twitter, at Paul Baron. We'll catch you next time right here on Tech Path. Thanks for watching. See you next time.
Tech Path Crypto
"solana nfts" Discussed on Tech Path Crypto
"Alright, I think Yasu kind of hit it right there on the head guys. This is really kind of one of those times where you draw a line in the sand, especially when you look at the markets. And I would defend both the creators, but I also am going to help the traders. The traders out there need to realize that this is a requirement for the ecosystem to exist. If it doesn't exist, you never have the opportunity to trade in the first place and be able to spend money on the NFTs. So you basically are shooting yourself in the foot. Now I get it, it's short-term gain really in being able to kind of evade the idea of paying these critical royalties, which really support the entire ecosystem. So I'm Team Yasu on this in terms of where this needs to go. This was a tweet right over here by Klannazores. Should we tell him? Of course, this is just kind of a concept of shifting over from the Ethereum-based NFTs moving over to Solana, reason being is we get into programmable NFTs. What Solana has been able to do for quite some time, they actually addressed this almost a year ago. I want to go over to a couple of clips here. One clip we're going to get into was done at Breakpoint, and this is Metaplex, again, talking about programmable NFTs and what they are. Listen in. If you are on crypto Twitter, which I assume most of you are, it's been near impossible to have missed the rapidly evolving conversation and shifting community sentiment around royalties, with major marketplaces fighting to capture trading volumes by allowing sales on their platform that bypass creator royalties. We believe that this creates a structural risk to the NFT economy at large because it breaks the incentive alignment between creators and their communities. As a result, we're excited to announce that we will be extending Token Metadata, the base layer program for Solana NFTs, to provide on-chain royalty enforcement for both new and existing collection. The Royalties Non-Fungible Asset Class is an NFT that can only be transferred through new instructions on token metadata, and Identity is a new asset class introduced alongside of it that will enable free transfers between wallets owned by the same person. Because it extends token metadata, we are able to support existing collections, or the majority of existing collections, and migrating to the new Royalties Non-Fungible Asset Class, should they choose to do so. I know this is just the beginning, and let's try some new shit out. All right, so this is very bullish for Solana, but also I think very bullish for NFTs and the future of smart contracts in general. I want to go to this next clip of Metaflex talking a little bit more about how this works, listen in.
Tech Path Crypto
"solana nfts" Discussed on Tech Path Crypto
"All right, so guys, let's get into a little bit of the NFT drama that's been going on between Mark Cuban and OpenSea today. We'll break all this down for you. I think it's going to give you a little bit more insight, maybe where the future of smart contracts and NFTs are going to be going. So my name is Paul Berra. Welcome back into Tech Path. I want to start off with a couple of things here, and one of the things that is key is the strategy of OpenSea. I'll go to this Verge article. Web3 was supposed to make sure that the original artists got paid. Not so much anymore. OpenSea now, the biggest NFT marketplace, still fully enforcing royalty fees, said today that it plans to stop the mandatory collection of resale fees for artists. So this was a big move, and it was one that I think got a lot of pushback in many areas, both from the creator side, but also from the trader side. So there's really kind of two camps here. You've got people who, of course, collect the NFTs and these creations, and you have the artists and their creators, or the projects that are developing these. And that's where the two don't necessarily come together and meet too well. I want to jump over to a couple of tweets here. OpenSea, they aren't creator fees. This is now the new statement from OpenSea. They're royalties. Please correct your terms and stop making it sound like artists and creatives are taxing the people. And remember, whether you are, first of all, be clear, obviously we're creators, so we're very pro-creators, but anytime you put the work, effort, research, time, all that due diligence in developing a project, there should be an expectation of you getting some sort of rewards for that. And of course, the idea around smart contracts has always been, the core basis of an NFT, has always been about being able to get those royalties as that NFT continues to move down the line. Further into these tweets here, you can kind of see here a little bit about what's happened here since that, of course, has occurred. OpenSea royalties fell off once they became optional. So you can kind of see here, once they were optional, pretty much that put the situation under the bus in the sense of these royalty fees absolutely dissipating. And that's been the problem. And if you look at the value of some of the best NFT projects out there, I'll go over to Board Ape, just to give you an example here. Floor price on Board Ape. Now some of this may be because of the marketplace, but again, part of this is really in response to what's been happening mostly, I think, around all the marketplaces and what has been happening around creators and royalties. So this again gets back to the whole issue. Now Board Ape hitting a floor that it has never seen before at around 26 ETH. So that in itself is another major statement. Now Mark Cuban is a huge NFT fan, but more importantly, he is a huge fan of smart contracts and why he believes that smart contracts are essentially the future of business. They're the future of all things when you think about tokenizing the world. And this is going to happen in all sorts of things, not just necessarily in music or art. This is going to happen in any kind of intellectual property at all. Mark Cuban went to Twitter and simply said this, all right, royalties on NFT and sales is a huge mistake by OpenSea, it diminishes the trust in the platform, it hurts the industry. I say this as an OpenSea investor and of course he's tagging Devin Frenzer there, the CEO. One other thing he says right here, it's not smart, it's desperation. Now this is the scenario, OpenSea is losing market share to some other platforms who have also started to kind of campaign on the idea of preying, I'll say it, preying on the creator by not requiring these royalties to be paid out. Headline right here, of course, this is A16Z, Mark Cuban invest $23 million in the NFT platform OpenSea. This of course is the money behind it. And when you think about that and really the future of where OpenSea is going to be, I hope that this was not a bad investment on Cuban's part and I think he's now trying to defend it. And if you follow what's been happening on Twitter, Cuban's been out there pretty much waging war on Twitter to kind of defend the idea of smart contracts and creator royalties, which is really the core element here. And of course back to the Verge article, that's really what NFTs were really built around. And any kind of intellectual property, whether you think music, film, teaching, I mean you could just create something out there and you've got an IP. The opportunity there that smart contracts bring to the Web3 space are huge. Further into this is Cuban again, hitting in here, making transactions. This is kind of a bad idea. Free for NFTs that pay their royalty and then take a percent of the royalty as a fee. The origin originators still get paid most of the royalty, which obviously is better than nothing. And OpenSea gets paid an amount that probably is better than the transaction fee. Let me kind of zoom in on the response there. Problem is that competitors don't do it. So how can OpenSea even compete with Blur or LooksRare who aren't enforcing that? And both, I mean it's at least an attempt here. I think Cuban right now is shooting from the hip a little bit. But to think this through, really all you have to do is step back and look at what has been happening over with Solana. And these are around the idea of programmable NFTs. And I'll break this down for you. I want to get into a couple of things before we do that. Remember this is Mark Cuban's NFT collection. You can kind of see him. He's sitting on boarded yachts. He's got a mutant in there. All right, just as a reminder, he's got both Ethereum and Solana NFTs. So interesting. Again, good stuff from Mark Cuban, the fact that he is very committed to what's happening in not only smart contracts but really the future of where NFTs are going. So I think this is the right kind of person to at least maybe convince what's happening over with OpenSea and also other marketplaces out there because this is really a critical time for the future of how smart contracts, NFTs are going to work. I want to jump to a clip here of Yat Su. He kind of goes into a full explanation and I think it will clear up a lot of this. Listen in. So Yuga has made hundreds of millions of dollars in royalties, which then bred an ecosystem that allowed for things like mutants and kennel dogs and eventually the other deed, you know, what happened with Apecoin. And you see this with all of these other projects. So what's actually happening is that system that some people say they don't like is actually a benefit that has paid forward because it essentially is the equivalent of protecting in this case the ecosystem that is Yuga and any other project out there. We've now come to a point where royalties are effectively close to zero and the way we think of this is that the free rider effect here is that those people who trade and don't pay a royalty fee affect the system because they're not paying for it and eventually you have what happens which is market failure. And when market failure happens it's because there's not enough value and money that goes back into the ecosystem to maintain it. The most famous example obviously is music. The tragic thing was that it became normal not to pay for music. Making music and having it streamed gives you paid almost nothing. It's like a promotional tool and who benefits the platforms. And the same goes for teachers, you know, people are selling teacher NFTs for instance where they earn royalties. If you don't have royalties on that, teachers don't get additional income from this. This is not just about artists, it's for all sorts of creators. The protection of private property rights is what makes capitalism work. When we talk about fees and royalties, it is a property right of the creator. It is for the creator to decide if he wants to do 0% royalties to engage, have market share, that's fine, he can do so. But it's not for someone else to say, hey, I want to just change your royalty rights and gain market share. So this is an absolute impingement of our rights as people. Marketplaces that take for creators are violating the rights of others and it's hurting the entire ecosystem and the way that we should respond is to honor the royalties and fight back.
Tech Path Crypto
A highlight from 1219. Mark Cuban vs. OpenSea StupidityCan Solana NFTs Benefit?
"All right, so guys, let's get into a little bit of the NFT drama that's been going on between Mark Cuban and OpenSea today. We'll break all this down for you. I think it's going to give you a little bit more insight, maybe where the future of smart contracts and NFTs are going to be going. So my name is Paul Berra. Welcome back into Tech Path. I want to start off with a couple of things here, and one of the things that is key is the strategy of OpenSea. I'll go to this Verge article. Web3 was supposed to make sure that the original artists got paid. Not so much anymore. OpenSea now, the biggest NFT marketplace, still fully enforcing royalty fees, said today that it plans to stop the mandatory collection of resale fees for artists. So this was a big move, and it was one that I think got a lot of pushback in many areas, both from the creator side, but also from the trader side. So there's really kind of two camps here. You've got people who, of course, collect the NFTs and these creations, and you have the artists and their creators, or the projects that are developing these. And that's where the two don't necessarily come together and meet too well. I want to jump over to a couple of tweets here. OpenSea, they aren't creator fees. This is now the new statement from OpenSea. They're royalties. Please correct your terms and stop making it sound like artists and creatives are taxing the people. And remember, whether you are, first of all, be clear, obviously we're creators, so we're very pro -creators, but anytime you put the work, effort, research, time, all that due diligence in developing a project, there should be an expectation of you getting some sort of rewards for that. And of course, the idea around smart contracts has always been, the core basis of an NFT, has always been about being able to get those royalties as that NFT continues to move down the line. Further into these tweets here, you can kind of see here a little bit about what's happened here since that, of course, has occurred. OpenSea royalties fell off once they became optional. So you can kind of see here, once they were optional, pretty much that put the situation under the bus in the sense of these royalty fees absolutely dissipating. And that's been the problem. And if you look at the value of some of the best NFT projects out there, I'll go over to Board Ape, just to give you an example here. Floor price on Board Ape. Now some of this may be because of the marketplace, but again, part of this is really in response to what's been happening mostly, I think, around all the marketplaces and what has been happening around creators and royalties. So this again gets back to the whole issue. Now Board Ape hitting a floor that it has never seen before at around 26 ETH. So that in itself is another major statement. Now Mark Cuban is a huge NFT fan, but more importantly, he is a huge fan of smart contracts and why he believes that smart contracts are essentially the future of business. They're the future of all things when you think about tokenizing the world. And this is going to happen in all sorts of things, not just necessarily in music or art. This is going to happen in any kind of intellectual property at all. Mark Cuban went to Twitter and simply said this, all right, royalties on NFT and sales is a huge mistake by OpenSea, it diminishes the trust in the platform, it hurts the industry. I say this as an OpenSea investor and of course he's tagging Devin Frenzer there, the CEO. One other thing he says right here, it's not smart, it's desperation. Now this is the scenario, OpenSea is losing market share to some other platforms who have also started to kind of campaign on the idea of preying, I'll say it, preying on the creator requiring by not these royalties to be paid out. Headline right here, of course, this is A16Z, Mark Cuban invest $23 million in the NFT platform OpenSea. This of course is the money behind it. And when you think about that and really the future of where OpenSea is going to be, I hope that this was not a bad investment on Cuban's part and I think he's now trying to defend it. And if you follow what's been happening on Twitter, Cuban's been out there pretty much waging war on Twitter to kind of defend the idea of smart contracts and creator royalties, which is really the core element here. And of course back to the Verge article, that's really what NFTs were really built around. And any kind of intellectual property, whether you think music, film, teaching, I mean you could just create something out there and you've got an IP. The opportunity there that smart contracts bring to the Web3 space are huge. Further into this is Cuban again, hitting in here, making transactions. This is kind of a bad idea. Free for NFTs that pay their royalty and then take a percent of the royalty as a fee. The origin originators still get paid most of the royalty, which obviously is better than nothing. And OpenSea gets paid an amount that probably is better than the transaction fee. Let me kind of zoom in on the response there. Problem is that competitors don't do it. So how can OpenSea even compete with Blur or LooksRare who aren't enforcing that? And both, I mean it's at least an attempt here. I think Cuban right now is shooting from the hip a little bit. But to think this through, really all you have to do is step back and look at what has been happening over with Solana. And these are around the idea of programmable NFTs. And I'll break this down for you. I want to get into a couple of things before we do that. Remember this is Mark Cuban's NFT collection. You can kind of see him. He's sitting on boarded yachts. He's got a mutant in there. All right, just as a reminder, he's got both Ethereum and Solana NFTs. So interesting. Again, good stuff from Mark Cuban, the fact that he is very committed to what's happening in not only smart contracts but really the future of where NFTs are going. So I think this is the right kind of person to at least maybe convince what's happening over with OpenSea and also other marketplaces out there because this is really a critical time for the future of how smart contracts, NFTs are going to work. I want to jump to a clip here of Yat Su. He kind of goes into a full explanation and I think it will clear up a lot of this. Listen in. So Yuga has made hundreds of millions of dollars in royalties, which then bred an ecosystem that allowed for things like mutants and kennel dogs and eventually the other deed, you know, what happened with Apecoin. And you see this with all of these other projects. So what's actually happening is that system that some people say they don't like is actually a benefit that has paid forward because it essentially is the equivalent of protecting in this case the ecosystem that is Yuga and any other project out there. We've now come to a point where royalties are effectively close to zero and the way we think of this is that the free rider effect here is that those people who trade and don't pay a royalty fee affect the system because they're not paying for it and eventually you have what happens which is market failure. And when market failure happens it's because there's not enough value and money that goes back into the ecosystem to maintain it. The most famous example obviously is music. The tragic thing was that it became normal not to pay for music. Making music and having it streamed gives you paid almost nothing. It's like a promotional tool and who benefits the platforms. And the same goes for teachers, you know, people are selling teacher NFTs for instance where they earn royalties. If you don't have royalties on that, teachers don't get additional income from this. This is not just about artists, it's for all sorts of creators. The protection of private property rights is what makes capitalism work. When we talk about fees and royalties, it is a property right of the creator. It is for the creator to decide if he wants to do 0 % royalties to engage, have market share, that's fine, he can do so. But it's not for someone else to say, hey, I want to just change your royalty rights and gain market share. So this is an absolute impingement of our rights as people. Marketplaces that take for creators are violating the rights of others and it's hurting the entire ecosystem and the way that we should respond is to honor the royalties and fight back.
Tech Path Crypto
"solana nfts" Discussed on Tech Path Crypto
"Obviously, we know audience is already kind of tied into this. But but yeah, there's a lot a lot potentially happening happening there for sure. Well, I know you know a lot about NFTs, but this is one thing, the state compression. Yes. Mint one million Solana NFTs for one hundred and ten dollars. OK, so this goes back to the world. We are moving to a world where everything will be tokenized. Yes. Equities, real estate, plane tickets, concert tickets, things in games, you name it. In virtual worlds, everything will be tokenized. These guys are now in a position to spin off as many tokens as you need for the tokenization of this earth, which, again, will be run on the block chain. Yeah, could be a big one, guys. Could be a big one. So attention pay to what's happening with these with these projects like Solana. James, we're going to get you back on the show. I promise. Always fun having you on. Thank you so much. Sure. Are you back on the Tesla bus? Are you back on the Tesla bus? I'm back and forth. You know me, I'm back and forth. I'm still you know, I still have them. I own them. But owning the stock, I have not reentered the game yet, even though I missed an opportunity. So that's probably one we should hash out. you Yeah, know, I'm just going to hound you on texting next time. This is one hundred and six bucks. This is an opportunity. This is a good price. OK. Good to you, my friend. Always love the questions. Love the structure. And everybody, don't forget to follow TechPath. That's your shining light to the world. Thank you. Thanks a lot. We appreciate it, James. Take care. Take care. All right. So you guys are tuned in maybe over on the podcast side of things right now. Make sure and jump over here to the YouTube channel. You see a lot more of the engagement when we have guests on like James over at Invest Answers. As I said, if you guys are not following James out there on Invest Answers, you should be. Just catch him on Twitter at invest underscore answers. It's a very easy thing. We always love to have him come on the show. If you're not part of our diamond circle, get in now. It's a really great place to catch additional content. We do a Web3 podcast over there, additional content and analysis. Also, you kind of get some entry points into our CPI, which is our power index. So that's a big one. We've got a big giveaway going on. I won't mention it today, but watch in the coming shows this week. We've got some giveaways happening this week or this month. We're giving away some bitcoins. They'll be on the lookout for that. We have Solana giving away. We're doing a Solana phone. Got lots of cool stuff coming over there. Of course, if you want to reach me, it is out there on Twitter at Paul Barron. We'll catch you next time right here on TechPath. We'll catch you next time.
Unchained
"solana nfts" Discussed on Unchained
"And it doesn't really matter that there's like a huge limit, or a huge supply, I think people want to just collect these assets. So that's been an interesting shift. I also think that, you know, we're towards the end of open edition season, just because gas has been so high and like collecting these, you know, cheap or free assets became a lot more expensive. But I'm also maybe this would be a good time to also talk about where like layer twos are going and what that could mean for NFTs, unless you have more questions on this topic. Go ahead. Yeah, I mean, I don't have any grand big predictions. I think there's something in the air when I talk to other founders and working in the NFT space, I think that layer twos, such as optimism, such as the upcoming base, which is also built in optimism, and there are others, layer twos are potentially about to have a moment. I mean, you know, it's kind of like a knock on wood, like, this is the summer of layer twos, I think some people have been saying for like the past three years or something like that. So, you know, I think that it's very possible, layer twos will have a moment in the next few months. I know a lot of platforms I've heard, you know, through the grapevine, people are seriously deploying their platforms to optimism, seriously considering base. Again, those are the top ones I hear, but the most I think polygon is also, you know, remains to be a very viable option. And so I think that, you know, NFTs, you know, they went from this moment with like the apes and the punks of being these like, really expensive, like super desirable luxury assets. And I think the shift we're seeing is they're becoming like a lot cheaper, like, okay, like, let's just like collect something to commemorate this fun moment. And because they're becoming these cheaper assets, like across the board, it means that, you know, the economics of paying $15 to collect, you know, $15 in ETH, in transaction fees to collect one of these assets makes a lot less sense now. And so I think layer twos kind of are poised to have a moment alongside the broader shift we're seeing in NFTs. So it remains to be seen. What I can say is Mint .Fun is building towards integrating layer twos, as I mentioned earlier, because high gas and expensive gas is very crushing to this wave of experimentation we're seeing in NFTs. And ultimately, I think, the name of our product is Mint .Fun. And we think it's important that people can have fun like collecting crypto and NFTs. So we just want to enable that. Yeah. And so you're adding layer twos on Ethereum. But obviously, we've also seen a lot of activity on Solana and Bitcoin for NFTs. So I was curious if you were going to add those chains as well. So I definitely like having carefully watching Ordinals. I think that they're potentially one of the most interesting use cases of Bitcoin ever. I mean, I like Bitcoin as an asset. But as an application chain, it's definitely not had a ton of huge moments. And Ordinals is really awesome. The first couple of weeks it launched, I synced a Bitcoin node and ran the Ordinal software, did an inscription. It's something that we definitely look at. I think it's not something that we're going to support right away. But I mean, who knows? I think that as more and more activity moves to Bitcoin or even Litecoin, that could be really interesting for us to support. I think for us, the way we're thinking about it is, okay, all we support is Ethereum mainnet. So we kind of need to build a product around supporting multiple chains. And then the conversation gets a lot easier. I actually recently made a Dune dashboard. I could recently that shows all of the chain, like layer two chain NFT activities. And someone kind of thought it was being silly. But I also put Bitcoin Ordinals, like the NFTs. I even excluded the... I think people are doing like fungible coins on Ordinals. So I excluded those. Yeah, BRC20s. BRC20s. Yeah, the name was escaping me. So I just kind of showed that as a baseline because actually, yeah, there's more activity on Bitcoin Ordinals for NFT assets than a lot of layer twos right now. And so I have the hunch that just for a number of reasons, because again, I own some Ordinals. I've interacted with it. It's kind of my job, I think, to at least see what's going on. I think we will see more adoption with Ethereum layer twos, mostly because I do think Bitcoin Ordinals are pretty difficult to use on a number of levels. I think they're really cool. But it is cool to see people like Magic Eden and other marketplaces support them and build stuff that I think some people didn't even think was possible a few months ago. So it's really exciting because I love experimentation. I love when people have fun. I think it's something that we will probably, if we do support it, it'll be a little bit later. But I definitely keep tabs on it. And with Solana NFTs, to be honest with you, I haven't actually done as much digging in Solana with NFTs specifically. It's just not something we get a lot of requests for, weirdly enough. We've got more requests for Bitcoin Ordinals. It's just when we talk to our users, people care a lot about layer twos. We've even had some requests for Ordinals and things like that. We just haven't seen a broader artist or community on Solana in the same way. But again, I never say never. It's probably something we'll support down the line if we do it. Yeah. Yeah. I think that wave was really more earlier before Mint .Fun was around. All right, Luke, this was a fascinating conversation. Thank you so much for coming on Unchained. Okay. Thank you, Laura. Great. Don't forget, next up is the weekly news recap. Stick around for this week in crypto after this week's
CoinDesk Podcast Network
"solana nfts" Discussed on CoinDesk Podcast Network
"This conversation of Bitcoin when Bitcoin was a payments method, then this whole hodl narrative developed and kept really strong and has upset a lot of people in the last several months because of ordinals, which are Bitcoin based NFTs. And let me tell you, ordinals are doing very well in terms of the greater NFT markets. According to data from CryptoSlam, Bitcoin is the second largest network in terms of NFT sales across blockchains, which is fascinating that this number grew so quickly from zero at the beginning of this year to one hundred sixty seven million in the past 30 days. Now, if you look at some of the breakdown of these statistics, it is quite far off from Ethereum, which is nearly 400 million in the past 30 days, but it's about three times greater than Solana, which used to be the runner up for NFTs and is now about 56 million in the past 30 days. So it's fascinating how Bitcoin and ordinals have just really powered so much capital into NFT markets. And it's something that not a lot of people are talking about, granted all of the criticism, but it's truly a valuable use case for this network, I believe. I mean, we're going to go back to the ordinals conversation and BRC20s are also fueling this too. Ben, what are your thoughts? Well, I'm wondering, does this speak to Bitcoin or does this also speak to the weakness of Solana post -FDX, you know, obviously SBF, the big en fond terrible of that scandal was synonymous kind of with Solana. And it's interesting to see that project dropping off in importance in the NFT market, presumably in the wake of that. And, you know, Bitcoin NFTs or ordinals are an impressive use case for Bitcoin when I completely support the idea of circumscribing what Bitcoin should be used for and allowing Bitcoiners the hardcore to say that it should only be used for monetary purposes and not for these artistic purposes is crazy to me. And so I'm fully supportive of this NFT breakout that it's making in recent weeks. Yeah, I'm kind of surprised that the growth in ordinals corresponds so closely with the fall off for Solana NFTs because I going into this narrative, I assume that this would be seen by the market as a new thing that is separate from the other things. But really, what's becoming more clear is, well, it is a new thing, but it's also replacing and eating the old thing, which to me just goes to show that there's a very small subset of people who are really into NFTs and they will go where the activity is. That's not a good or bad thing. It's just a thing. The activity right now is on the ordinals and it's not on Solana. And what that results in is a big drop off in the Solana trading volumes and the growth on ordinals. And I think it also helps that. Is it Magic Eden? Does Magic Eden provide support for buying and selling ordinals? Yes, they do. They do. So Magic Eden rolled out a Bitcoin NFT marketplace. So that right there can also help me understand why this move is happening specifically because Magic Eden is historically the spot for NFTs on Solana. And with it getting into ordinals, it's much easier for that world to transfer over to the new ordinals world. Absolutely. I mean, I think that a lot of these big companies, Binance also rolled out its own NFT marketplace for Bitcoin based NFTs. And having the support of these larger exchanges, you know, really fuels that adoption. I mean, people are coming to these to buy Ethereum based or Solana based NFTs, and now they're able to have a little bit more access, you know, being able to buy that easily because at the start of ordinals, it was not easy to be able to obtain one or to mint. I guess to inscribe is the terminology to inscribe a Satoshi was not an easy process. Our research analyst, George Kaloudis, tried to do this. He actually succeeded because he's a Bitcoin wizard. But it is not an easy process for sure. So making it more simple is certainly important. And it is interesting, too, to see how some of these marketplaces have kind of changed their narrative around this. I mean, Magic Eden was historically a Solana based NFT marketplace. And in recent months, especially post collapse of FTX, they've really expanded their offerings into gaming, into ordinals, into a lot more collections. So it's cool to see. And I think just bringing another option to the market is good overall. I mean, the NFT markets are doing well. That's great. Makes my job a lot of fun. I have a question on the ordinal trend. Where's the activity specifically with ordinals in these Bitcoin NFTs? Like, are there certain collections that are just taking the lion's share of activity here? So great question. There's an article the CoinDisc published recently about how ordinals have hit three million inscriptions, but most of them are just text. However, there are a lot of great collections such as Bitcoin frogs. It's a PFP collection, very pixelated, sort of like a crypto punk, but in a frog style. Also, the Malady maker, the Malady NFT collections interface to create derivatives has also adopted its own Bitcoin Maladies. A lot of collections are using PFPs and it's the same way that NFT started on Ethereum. You know, a lot of these PFP projects kind of fueling the market. I'm just waiting to see an ordinal based collection that has real utility behind the asset. And I think once we get there, that'll be really exciting and potentially more Bitcoiners will be eager to adopt it because not a lot of them are right now. What would you mean by utility in that case? Yeah, so utility in that case, let's say that the token grants some type of membership or it's a ticket to an event or it has some type of loyalty associated with it. I think those will be really exciting. But there are a lot of technical elements of ordinals that are way different from Ethereum based NFTs, which is why a lot of people are excited about them. For example, the actual creative asset is inscribed into the Satoshi rather than just the smart contract data being minted on Ethereum. Well, we'll check back in next week to see if anything else crazy happens with ordinals. But thank you so much for listening. Thanks, Ben. Thanks, Danny. Thank you. And make sure you give us a review. Make sure you let us know what you want to hear, how you're liking our podcast, any questions you have,
Crypto Current
"solana nfts" Discussed on Crypto Current
"Monetary system that they can quickly enact and help win when necessary and when possible. So I think this is cool. And you're seeing more and more African countries exploring CBDCs as Nigeria launched its back in October of 2021. So I believe you're going to see more African countries begin to follow suit. Our final article in this week's went through lightning round looks at Hong Kong as a court declares crypto to be property in new ruling. And the landmark ruling Hong Kong's high court declared crypto as a property and can be held in a trust. Mark's first time since decision regarding asset class has been made in the city state, the ruling which has been handed down in liquidation of a case involving and now the fund crypto exchange gatecoin essentially puts crypto on par with other intangible assets such as stocks and bonds. So Hong Kong has laid the groundwork we'll see if the rest of the world begins to follow. We're going to now go into last week in the metaverse in our first article examines Romania plunging into the web three with its national NFT marketplace. So Romania's informatics institute is set to launch its institutional and a team trading platform using web three to create a link between the public and private sectors. This platform builds services, goes live on April 26th, names to create a link between private and public sectors. The platform is primary primarily an NFT marketplace line, both public and institutional users to mint manage and trade NFTs. So I think it's really cool that you are seeing countries embrace marketplaces. And embrace NFTs. And I think you're going to we're seeing more and more countries do this this year. I think this will be a trend that we see as more companies embrace and find ways to get their get access to their citizens faster. Next, we look at sea shrine as it forms a partnership with M safe. Sea shrine is an Internet exclusive partnership with M safe and multi sign in on custodial digital management application built on move, serves as a community of aptos by providing a secure decentralized wallet as a service, a unique mythical dragon NFT, which has been hidden utility, inferior seas to give it 5 doubt exposure of she shrine is being provided to recognize this specific partnership. So more and more collaborative partnerships are happening between ecosystems and utilizing things like wallets and some other layer ones partnering up and utilizing NFTs to represent different things within a dowel. I just love how there's so many different components being utilized to fully embrace and bring the entire web three web together. And more and more of this is materializing and I think more of these partnerships will continue and we're going to get to in a report on these into the future. Next we're looking at Marvel Studios as its founder debuts eCos, genesis art collection. So the founding chairman of Marvel Studios, David maisel has established mythos studios. The entertainment company focusing on intellectual property recently unveiled its eco genesis art collection will be a virtual gallery at eCos auctioning on May 2nd. So. When you look at Marvel Studios as well known for all of its marvel movies and they are finding talent to come in build and web three. And so what better place than to go and get the founding chairman of Marvel Studios to come and create some genesis art. I think this is cool. I think it's going to be really, really awesome. I think that they have a lot of things in their lineup that will debut in we'll probably have a lot of success. And so this is a project worth keeping on your radar. Chainlink introduces NFT lending and renting and blockchain gaming. Chainlink introduced this NFT linen and renting, which will enable NFT owners to earn income on their NFTs and provide a more affordable way for individuals to access specific perks and utilities that come to owning an NFT. Chainlink has been hard at work with creating a lot of more utilities for the ecosystem and been focusing on the NFT. Realm of their ecosystem. So they're ensuring that NFTs potential extends far beyond ownership in investment and the way that they are doing that is by adding a DeFi component to the NFTs, which is allowing for lending and renting. I think this is a really good step. Big step for chainlink. Chainlink is really trying to leave its mark in the NFT space and invite more people to come and build. And I think utilizing DeFi protocols on this platform is a really cool way to do that through NFTs. This is allowing less friction for people to come in and have access to these NFTs and to potentially monetize in unique ways that otherwise aren't usually available to people. So chainlink, I see you and I know that I'm going to be looking out for this as this marketplace comes out to provide these things because I think people are going to utilize this and I'm eager to see how the lending and renting for their blockchain gaming works out for them. Thanks for looking at Solana as it's NFTs come up to portfolio app floor amid matlab's boom. Floor is a mobile NFT portfolio tracking app and expanding beyond the theory ecosystem and support Solana NFTs. Recently, and the timing is great as Solana's business NFT drops mad labs. Just recently came out. And projects like salona monkey business and okay bears can not be tracked within a mobile app in the iOS and on Android. So there are several people that are deep into the NFT space that are constantly tracking pricing in how whales are moving from wallet to wallet, et cetera. And this looks like a cool app. Includes this a lot of ecosystem to watch some of those different collections. So it sounds like a cool app. I'll probably give it a download and then see how it works out. So I will be watching this one. Next up, we're going to be looking at pudgy penguins to appear at the Las Vegas licensing expo. Which is from June 13th through June 15th. Pleasure penguins are going to Las Vegas to represent web three IP technology via their booth activation. It's going to be a chance to showcase what they built while enabling them to construct a network with brands and retailers worldwide for partnerships. I think this is really smart. The more that web three can kind of bridge in the web to create a 2.5 bridge and get these larger brands seeing and embracing and experiencing what web three has to offer and how they can create these NFT ecosystems. And get some of these web two marketing minds to really start to see the full potential that NFTs offer. And budget penguins is out here saying, hey, we'll do it. So if you're going to be in Vegas in June, make sure you go check them out at their expo. And budget penguins continue to pay the way out here in NFT land. Finally, we're going to go look at our final article, which is board 8 yacht club as it celebrates its two year of NFTs. So the theorem based NFT completed two years in the market and still remains collection by market capitalization. As 10,000 unique avatars launched in April 2021 and sold out within hours and $8 million of revenue, the mint price was .08. That is correct. The image price was .08, which is absolutely remarkable.
The Bitboy Crypto Podcast
"solana nfts" Discussed on The Bitboy Crypto Podcast
"Magic eating, you'll earn diamonds coming soon, our first rewards drop for top diamond holders, you snooze, you lose. I had a lot of activity in 2021 on magic Eden. Much less so in 2022, I don't think I've done a single trade in 2023. So I'll have to look at, I still have Solana NFTs. I know, I know, I'm that guy. I do like art punks and there's a couple other ones I still like. You know, youth is still a strong project. They're going to polygon. So yeah, I have to look at my Solana NFT. So hey, we've been trading in Solana ecosystem. Diamonds coming soon, free AirDrop. Maybe it will be worth a dollar, maybe it'll be worth a $100. I don't know, but some free money hitting the market. So maybe you see a little injection in the Solana NFT market. All right. Also, sales for polygon powered Trump NFTs skyrockets as news of indictment fuels demand, following the news of his indictment by Manhattan grand jury, sales of his collection has experienced an impressive surge of about a 5 X in the last 24 hours. That's going to be volume not price though. I was looking at it earlier. The current floor price is now 5.56, which is roughly equivalent to a $1000. So again, we covered this the day it launched on around the blockchain. We saw them at .1 or something, and me and crypto blood were talking about it. Like, I almost aped in right then, I actually went to buy some and it was on polygon mainnet. I didn't have eth on that polygon wallet right then and there, so I said, I forget about it, came back and did a two X the next day, another two X ultimately did like a 5 X so people jumped in the pretty happy. They already bridged 75% bridged already. So yeah, there was a bridge in now. Good job. Good job. All right. Yeah, Frank to God's.
The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast
"solana nfts" Discussed on The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast
"How much of your money you're going to get back. Now, finally, after ten minutes, let's get into those crypto prices. In the time is 9 18 a.m. eastern standard time, and I don't know if I like this mic. It's just too damn sensitive. I like that warmer. I like that warmer tone. There's a little bit of room echo even though this thing is only a couple inches away from my face. If I was using my SM 7 B, the thing would literally be on my mouth when I'm talking, but hey, you know what? I like to try new things. I do like the freedom of not having a microphone in my face. And whatever I digress again, Bitcoin is sitting at $21,682 .3% in 24 or down 5.8% and 7. Ethereum's at $1508 up 1.75%. Tellers number three, binance is at two 93, up 1.2%, but down 11% in 7, and D.C. is number 5. I don't know if the top ten we have XRP BUSD, cardano, doze, and Matic. The total market cap is sitting at $1 trillion even, a .75% in 24 with the BTC dominance of 41.6 and a half diamonds of 18.4. Moving into our headlines, now let's see if we can't get this done in four minutes or less. On February 7th, last week, you guys remember that the prosecution and the SPF criminal case was asking and requesting that the SEC and the CFTC civil proceedings be paused. And they argued that at the time that the criminal cases outcome would have a significant impact on the outcome of the civil proceedings, claiming that running the civil case simultaneously would give sampling the free time to improperly tailor his defense in the criminal case. So the result of all of this is that the civil proceedings have been deferred until the criminal case has concluded. Magic Eden is the top marketplace for Solana NFTs, but even they are feeling the chill of the harsh crypto winter. And the announced late on Monday that they're going to lay off 22 employees. The cofounder and CEO Jack Lew tweeted, we are deeply grateful for these folks. Each of them have contributed immensely to magic eaten over the past year. We'll be honoring them and their contributions with the utmost care and respect. We were able to speak what each person went on one before sharing the news publicly. The Los Angeles County Museum of Art accepted a donation of 22 tokenized digital artwork pieces from Cosimo, de Medici. A well-known crypto Twitter personality, which I thought we established was Snoop Dogg, but I don't think that is 100% confirmed. Cosimo de Medici tweeted the first donation of on chain art from a collector to a museum in the largest digital fine art collection to enter a museum. And some of these works include a crypto punk, a word of women number one, which is really cool from yam kharki. We have fragments of an infinite field number 9 72 from Monica rizzoli and butchering all of these names I'm sorry for everybody. We have Claire silver, a feeling I can't put my finger on. I don't know if you guys collect one of ones or digital art, but I've been dabbling ever since what? 2018 and some of these artists are just phenomenal. So I'm really happy that they're finally in their place in museums because that's where they belong. It's interesting though, that this museum did not use the term NFT when they were collecting this. They actually called them collectible avatars trying to get away from the NFT stigma. Ordinals, the NFT like project on Bitcoin, so no signs of slowing, as over 76,000 inscriptions have been created to date. Developers have inscribed jpeg audio files, videos, and even video games to test the limits of what can go on the Bitcoin blockchain. While a total number of Bitcoin NFTs is unknown, orda knows website and gamma, a Bitcoin NFT marketplace on stacks appears to point to several thousands minted on the network. But who is really capitalizing off of all this? Well, as you guys know, on Ethereum, when an NFT or the network is popular, the fees go up and you pay an arm and a leg to get something transferred on the Ethereum network, well, the same things happening on the Bitcoin network. Bitcoin miners are raking in the fees. $92,000 worth just on February 12th. Just four or no transactions alone. Oh, by the way, talking about NFTs, Trump's NFTs just hit a new all time high floor price of a thousand bucks. And finally, some news about one of my biggest bags backed, they announced today that it was sunset its consumer app to focus on direct interactions with businesses, sass, and API solutions. They said we're sunsetting our consumer app because it's not core to our B two B two C approach. Also backs Visa debit card will decline new transactions starting march 16th. As well as the ability to send cash or crypto to a friend purchase managed gift cards and track loyalty programs. And as I just said, this is one of my biggest bags and why, well, because I'm September of 2021, back when public, and listed for $10 a share, and it shot up, and I bought it, I went big on it, because they announced this partnership with Mastercard. And I was like, this is it. This is it. They're going to be facilitating crypto transactions all over the place. And they're linking with Mastercard. I really fell for that one. I bought it average price right now is $15. Oh, what is it trading at? Well, it's trading at about a buck 50. So you see, I am BTF being, but there's a lot of D to buy. Wait, that doesn't sound right. Anyway, you get what I'm saying. Thank you for listening to this episode of GM. Let me know how the new mic is. I think it's a little too early. I think it's a little too echoey, but you know what? I'm not the listener. I want your opinion because honestly, my hands are free, both hands are free. Microphone not in my face. Staring at the computer, maybe I just need a little more sound isolation. I think it picks up everything too. We probably hear the fan on my computer on. Anyway, let me know, send me an email, Matthew Aaron at the crypt CO, and of course, like always, please go to Apple podcast like subscribe share, leave us a comment, and good comment. And until tomorrow, happy, HODLing everyone and happy Valentine's Day.