Issue 36 🍵 Marketplaces all the way down

Everyone wants a piece of Opensea's pie.

Disclaimer: This newsletter is not financial advice. We buy what we like, and you should buy what you like.

A few weeks ago, in "Usurping Opensea," we talked about Artion, an open-source fork of Opensea.

Well, this week, everyone is out to take a piece of Opensea's lunch.

For starters, early in on the week, there was buzz around Infinity. What immediately caught people's eye is that it was offering a token to users who would use the platform, a clear shot at leeching some volume away from Opensea.

They even used Opensea contracts, charging a lower a 1.5% fee, in comparison to Opensea's 2.5%. They’re actually even generating some volume, if this Dune Analytics query is correct.

But you can't really beat free, so we were personally excited to hear that the Zora protocol now supports any ERC-721 NFT on their marketplace. We’re big fans of what they stand for, and we love that they now facilitate NFT trading with 0 fees. Honestly a great place to list a valuable NFT, one that doesn't need any of Opensea's foot traffic to enable price discovery.

And major exchanges are also stepping into the NFT ring. FTX recently launched a marketplace for NFTs on the Solana chain, as long as the NFTs weren’t promising royalties. (Yes, we are now at the point where some projects are flirting too close with securities laws)

Even Coinbase announced their intention to launch a NFT marketplace.

So yeah, that’s 4 major marketplace news, and there’s even more marketplaces in the news roundup below. It’s a bit crazy, but realistically, who wouldn’t want a slice of Opensea’s pie, right? They’re hosting $3B a month in trading volume, and they get 2.5% of all that in fees.

And considering how there’s so many different attack vectors—a token, lower fees, a different chain—who knows how this will go. Can Opensea keep its status as being the one to beat? Or are they feeling the pressure, and do they release a token for their users?

Time will tell, but competition has always been to the consumers’ favor. Here’s hoping that us humble NFT users win something this time around too.

Other news

🌱 TikTok NFTs are live. The first one is by Curtis Roach, and the highest bid is currently at 6.8 ETH (approx. $24K). P.S. The auctions are apparently using Zora’s tech.
🌱 The beloved generative-art platform Art Blocks raised over $6M in funding. The team is already expanding, so it’s exciting to how the platform grows from here! (More thoughtful drop mechanisms, pls)

🌱 You can now make your own NFT storefront on your domain using MintGate! To make things even cooler, you can also token-gate content for your collectors! Side-note: Things may be kind of technical during the first parts of setting it up.

🌱 If you’ve thought about making your Instagram posts as NFTs, that just got easier because of CocoNFT. It is a new marketplace using the Rarible protocol, and it lets you connect your Instagram account and sell your posts as NFTs through lazy minting.

🌱 Want to mint NFTs using your own contract? You can easily do that with Manifold Studio! You can sign-up for the waitlist for their public beta, where you can make your own smart contract. Instead of FND or some Opensea token, you can issue your own custom NFTs!

Reading list

  • Completely adjacent from NFTs, but been digging into the k-pop multiverse concept. There’s an actual k-pop girl group that has virtual AI counterparts, and there’s something about an alternate world and lore. Fascinating to see the concept of the Metaverse even make its way into music.

Creative corner

Art can transport us to many different worlds, but Brazilian artist, Gio Mariani, takes us on a whole adventure! Their 8-bit artworks already reminds us of old adventure games, while the various frames within their works let us deeper in to the world presented.

You can check out more of Gio’s works on H=N and Foundation! You can also follow them on Twitter, Instagram, and Showtime.

Try this

Two things this week.

If you like DC Comics, they are releasing a free NFT on the Palm ecosystem. The collection features beloved characters like Batman, Superman, Wonder Woman, etc., allowing fans to “collect three covers for each character in three levels of rarity.” You can find the instructions to grab one here.

And if you own a Artblocks Curated, Artblocks Playground + Factory, Async Art, BAYC, Cryptopunks, Meebits, or SuperRare NFT, head to Botto and connect your wallet to claim some tokens. The tokens allow you to participate in community-curation and ownership of this algorithm that creates art.

If you got any news or feedback to share, you can find us on Twitter. And if you like the newsletter, please, share it with a friend or two—we’re very close to 300 subscribers!

🍵 See you again next Wednesday! - Elle and Gian