The NFT Bull Market Has Arrived 🐂
Hashmasks boom, Pranksy makes The Million Dollar Punk Drop, & more!
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Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles
Dear Bankless Nation,
It was a dizzying week in the NFT ecosystem. It seems like a million exciting things just happened, right!
Well strap in, I say. We can expect this pace for the foreseeable future as interest and validation pours into all the projects building amazing stuff around NFTs right now and as the wider cryptoeconomy turns bullish once more.
So there will be lots to do, and see, and read about in the days and weeks ahead. But just remember to keep your head on a swivel. There’s a ton to be excited about, and you don’t have to jump in and process everything at once!
Just be both curious and cautious, do your research and help others where you can, and last but not least be sure to have some fun. This is our revolution, and we get to do things our way now …
-WMP
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🏆 Digital Collectibles
Prolific NFT collector Pranksy crowdfunded +$1M via Discord, bought up 150 CryptoPunks with the funds, and is now hosting The Million Dollar Punk Drop. The idea? Buy 1 ticket, get 1 random Punk from the draw!
Digital art collectibles project Hashmasks dominated the NFT ecosystem this week, netting +8k ETH in sales since launching just a few days ago.
Amid all the buzz and excitement around Hashmasks, be safe and watch out for the current spate of opportunistic counterfeits on do-it-yourself NFT marketplaces. For example, below is a fake on OpenSea: it was created via Mintable and isn’t from the verified, blue-check Hashmasks collection …
The recently launched, Pranksy-backed NFT monthly subscription service NFTBox has generated +275 ETH in secondary sales in short order.
🎨 Cryptoart
Renowned “Everydays” artist Beeple has raked in over 170 ETH in secondary sales since first arriving in the cryptoart scene last year. A warm and well-deserved welcome!
Acclaimed generative artist Dmitri Cherniak released his “Ringers” drop through Art Blocks, with the series’s 1,000 pieces instantly meeting explosive demand.
Pranksy revealed that “Drop Dead” by acclaimed AI artist Mario Klingemann will be the second piece delivered to genesis NFTBox holders ...
SuperRare has relaunched its subreddit, r/superrare.
🕹️ Blockchain Games
Time to scale: the mainnet of Axie Infinity’s Ethereum sidechain Ronin is now live!
Fantasy ⚽ game Sorare is globetrotting: the project just added new partnerships with Mexican football club Atlas F.C. and Turkish club Fenerbahçe SK.
🌐 Virtual Worlds
The first season of the Metalympics, nft42’s fun spin on Olympic Games in the metaverse, has concluded. Season 2 is set to take place in Ethereum-based gaming world The Sandbox.
The Cryptovoxels team is taking a “mobile first” approach going forward!
There’s always something going on in the metaverse ...
🛒 NFT Marketplaces
OpenSea just set a new daily volume record of $5M!
NFT marketplace Rarible raised $1.75M in new funding from investors like 1kx, ParaFi Capital, Coinbase Ventures, and more.
💎 DeFi x NFTs
NFT index fund project NFTX launched a $MASK fund for Hashmasks.
NFT lending platform NFTfi had a great write-up on its promissory note system this week.
New fractionalized NFT protocol Fusible announced its $FUSI tokenomics and distribution plans.
Action Steps
Read “Cyclicality in Non-Fungible Token Markets” by Andrew Steinwold
Read “NFTs and the On-Chain Spectrum” by Metaversal
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. I’ll always disclose when this is the case.
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Hey WIlliam, I am interested in NFTs but my main focus lies somewhere else. So I can not put too much time into research. Still I would love to participate. So I was looking for some sort of "NFT fund". Is there something other then NFTX? That kind of reflects a large part of the NFT market? Cheer Alex