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The NFT Bull Market Has Arrived 🐂
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The NFT Bull Market Has Arrived 🐂

Hashmasks boom, Pranksy makes The Million Dollar Punk Drop, & more!

William M. Peaster
Feb 5, 2021
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The NFT Bull Market Has Arrived 🐂
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Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles

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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!  

Twitter avatar for @pranksyNFT
Pranksy @pranksyNFT
ANNOUNCEMENT: Today I was presented with an opportunity to make #NFT history, we'll call this moment... The Million Dollar Punk Drop. In 90 minutes I raised $1+ Mil via discord DM's based entirely on trust to purchase 150 @larvalabs 'Dev' #Cryptopunks. larvalabs.com/cryptopunks/ac…
Image
11:49 PM ∙ Feb 4, 2021
279Likes57Retweets
  • 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. 

Twitter avatar for @dmitricherniak
Dmitri Cherniak @dmitricherniak
Over 210 ETH have been spent on Ringers since the drop on @artblocks_io. Secondaries have now surpassed primary sales volumes, with over 140 secondary sales, and average value up 8x from mint. Highest sale at 8.5 ETH. See it all here: artblocks.io/project/13 #cryptoart #NFT
artblocks.ioArt BlocksGenerative Content Hosted on the Ethereum Blockchain
5:30 PM ∙ Feb 2, 2021
38Likes7Retweets
  • Pranksy revealed that “Drop Dead” by acclaimed AI artist Mario Klingemann will be the second piece delivered to genesis NFTBox holders ...

Twitter avatar for @pranksyNFT
Pranksy @pranksyNFT
Have no fear, @nftboxes has not been forgotten, time to reveal our next artist for #Genesis holders, @quasimondo with 'Dead Drop'! Turn that 🔊 up and be mesmerized! #NFTs #Innovators We're finalizing the drop over the next few days, 🔒 news soon - gas permitting! ⛽️
Image
7:55 AM ∙ Feb 5, 2021
101Likes12Retweets
  • 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 ...

Twitter avatar for @Brook_Hawk
BrookHawk @Brook_Hawk
Was walking home to my @decentraland parcels after @decentralgames Casino night 🪙🪙 and made some new friends. Can always find a new flock in the Metaverse 🦩🦩🦩
Image
12:26 AM ∙ Feb 5, 2021
94Likes16Retweets

🛒 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. 

Twitter avatar for @thibault_bnd
Thibault ₿nd @thibault_bnd
I got instantly bullish on $NFTX after minting 1 $MASK ($1300) against one of my @TheHashmasks nft. You should not sell your Hashmask for less than 1 $MASK because you could get a better price using @NFTX_ index.
12:08 AM ∙ Feb 5, 2021
70Likes9Retweets
  • 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


Metaversal is a Bankless newsletter. Subscribe to the full Bankless program today!

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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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The NFT Bull Market Has Arrived 🐂
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1 Comment
Alex
Feb 8, 2021

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

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