Newsletter #134
Newsletter #134
The Future of NFTs in Art, Gaming, and Marketplaces
This week’s featured collector is GirthFingers
GirthFingers has a large collection of NFTs ranging from art to pfps. Lots of great pieces make the collection worth a look. Check it out at lazy.com/girthfingers
The results of last week’s poll: Is the recent spike in NFT trading volume a sign of a sustained market recovery, or just a temporary surge?
Nearly half of respondents to last week’s poll think the bear market for NFTs may finally be coming to an end. A third remain more cautious. We’re keeping our fingers crossed! 🤞🏽
The Future of NFTs in Art, Gaming, and Marketplaces
In the realm of art, NFTs challenge traditional notions of ownership and distribution, raising questions about the value and provenance of digital art. In gaming, they offer innovative ways to handle in-game assets, but also introduce complexities around player economies and game design. Marketplaces for NFTs are evolving too, going beyond trading NFTs as collectibles to trading the underlying utility that the NFTs represent.
This week we’re exploring a few of the recent advances that NFTs have made in these three fields.
Delegate’s New Marketplace: A Step Foward for Buying and Selling NFT Utility
Delegate.xyz has unveiled a marketplace that revolutionizes the trading of NFT utility. This platform differs from traditional NFT marketplaces: instead of buying and selling NFTs, Liquid Delegate allows the tokenization and exchange of the NFT’s utilities. For example, if an NFT grants event access or premium merch claims to its owners, then these rights can be bought without buying the underlying NFT.
Here’s how it works:
Users deposit NFT asset into escrow
Users receive a “Principal Token” (representing ownership of the NFT) and a “Delegate Token” (for trading the utility rights of the NFT)
Users can sell the Delegate Token while maintaining ownership of the Principal Token.
Implications for NFT Holders and Traders:
For Holders: An opportunity to monetize their NFTs' utility without risking the underlying asset.
For Traders: A chance to speculate on the future value of NFT utilities, potentially benefiting from events like airdrops.
The Hot Potato on NFT Twitter: A Blend of Art and Game Mechanics
Vincent Van Dough's creation of a "hot potato" NFT has stirred a unique blend of art and interactive gameplay within the NFT community. The game, requiring the NFT to be transferred every 24 hours, showcases a dynamic interplay of social engagement and performance art. Now players are wondering: how many consecutive days will the game be played before the potato is destroyed?
Elements of Interest:
Community Involvement: The game has engaged various prominent figures in the NFT space.
Artistic Merit: The hot potato NFT connects to the roots of crypto art, reflecting on the medium's potential for creative expression and communal interaction.
Social Media Dynamics: The game has generated a substantial amount of creative content, humor, and community bonding, which is especially welcome during the ongoing NFT bear market.
Ubisoft's Foray into Ethereum NFTs with 'Champions Tactics'
Ubisoft, known for major gaming titles such as Assassin's Creed, is embracing blockchain technology with the introduction of Ethereum NFTs for its upcoming game, 'Champions Tactics'. This move reflects a growing trend of established gaming companies exploring the potential of NFTs and blockchain in gaming.
Highlights:
Free NFT Minting: Ubisoft plans a free NFT mint for 'Champions Tactics', requiring only Ethereum gas fees.
Warlords PFPs: These pixel-art NFTs (a throwback to the early days of Ethereum NFTs) offer early access to game features and are part of a larger strategy to integrate NFTs into the gaming experience.
Final Thoughts
While mainstream attention may have moved on (temporarily) from NFTs, the technology and culture continues to build. This week’s developments highlight the evolving landscape of NFTs, where utility, artistic expression, and gaming experiences are becoming increasingly intertwined.
This week’s poll: How significant do you think the role of NFT utility trading will be in the future of NFT marketplaces?
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