Web3 Developers Remain Enthusiastic Despite the Chilly NFT Trading

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Bitcoin NFTs are currently experiencing a surge in popularity, making them the second most sought-after NFTs in terms of sales, right after Ethereum NFTs. Additionally, there is a growing interest in NFT lending platforms and loan services. Among them, Blur's Blend stands out as the leading player, capturing an impressive 82% market share in the NFT lending space. In a bid to cater to this rising demand, Binance has introduced its own NFT loan service, enabling holders to utilize their high-value NFTs as collateral to secure ETH loans.

Furthermore, Nike's .SWOOSH platform recently unveiled its inaugural assortment of digital sneakers, generating over $1 million in sales thus far. However, the journey to mint these coveted virtual footwear was far from smooth sailing, as enthusiastic buyers encountered various setbacks and technical glitches.

This Week's Alpha

Go off, Bitcoin NFTs: Data from CryptoSlam reveals that the popularity of NFTs on Bitcoin has been soaring, propelling them to claim the second spot in blockchain sales, with Ethereum being the only contender ahead. This remarkable rise in prominence is particularly noteworthy as the concept of Bitcoin NFTs was virtually unheard of until January 2023, when inscriptions on the Bitcoin mainnet were enabled, opening the doors to this new phenomenon.

  • Space Pepes to the moon: Data from Cryptoslam reveals that the Bitcoin-powered "Space Pepes" NFTs skyrocketed to claim the top spot on the NFT leaderboard on Thursday. These captivating digital collectibles witnessed unprecedented trading activity over a seven-day span, with a staggering trading volume exceeding $7.3 million.
  • Inscriptions boom: The introduction of the BRC-20 token standard caused a significant surge in the number of Ordinals inscriptions, surpassing 3 million earlier this month. However, it is important to note that the majority of these inscriptions are merely text-based.

Nike’s jagged path to $1M: Nike's Web3 collectibles platform, SWOOSH, has launched its inaugural NFT sneaker collection named Our Force 1 and has achieved sales exceeding $1 million, despite encountering some obstacles during the minting process. The sales event commenced with "First Access" on May 15, following numerous delays, and encountered several technical difficulties that impeded the user experience. The "General Access" sale, originally scheduled two weeks prior, finally commenced on May 24; however, it also faced challenges related to high traffic and technical glitches that prevented many individuals from successfully minting the NFTs. Although the sale is still ongoing, Nike took to Twitter to declare it a triumph, despite the fact that a significant number of NFTs remain unsold.

  • Drop master or drop-saster?: Several users expressed their frustration over Nike's unexpected technical challenges during the SWOOSH drop, considering the company's expertise in successfully executing exclusive sneaker releases that often sell out within seconds.

NFT lending is trending: NFT lending platforms and loan services are currently experiencing a surge in popularity, as individuals look for innovative avenues to participate in the NFT market without the need to invest substantial sums of money.

  • Blend: Blur, the NFT marketplace, made a significant stride earlier this month with the launch of its lending platform, Blend. The latest report by DappRadar reveals that Blend has swiftly dominated the NFT lending market, capturing an impressive 82% market share.
  • Binance NFT Loan: Binance, the leading cryptocurrency exchange, has recently introduced a groundbreaking feature within its NFT marketplace. This innovative addition enables holders of digital assets to obtain ETH loans by utilizing their NFTs as collateral, enhancing the flexibility and accessibility of the platform.
  • Astaria: Astaria, a platform co-founded by the former CTO of the decentralized finance (DeFi) protocol SushiSwap, offers a convenient solution for NFT holders who wish to lease their assets to traders without requiring them to make a hefty upfront payment for a high-value NFT in one go.

Projects on the Rise

RSTLSS x Claire Silver: Pixelgeist (RSTLSS)

RSTLSS x Claire Silver: Pixelgeist

Who: Claire Silver, an AI artist, collaborates with the innovative digital fashion platform RSTLSS to create captivating artistic experiences.

What: Pixelgeist, an exclusive NFT collection consisting of 2,136 editions, seamlessly merges fashion, art, and technology through vibrant and dynamic artworks generated by artificial intelligence. Created by the talented artist Silver, each artwork in the collection depicts a unique "Pixelgeist" – a digital entity that encapsulates the very essence of an AI soul confined within a portrait. Each acquisition from the collection includes an NFT, a wearable item in both digital and physical form, showcasing the artwork alongside a digital avatar adorned in the bespoke garment.

How: In the minting process, collectors were presented with two questions that determined the specific combination of artwork and clothing they would receive. The collection quickly sold out, although numerous options are now accessible for purchase on the secondary marketplace, OpenSea.

Curious to delve into Claire Silver's art? I had the opportunity to interview her last week regarding her upcoming solo exhibition at the prestigious 0x.17 gallery.

In Other News

Doge-umentary: Columnist Jeff Wilser interviews TriDog, a prominent member of the Own the Doge DAO, who is passionately crafting an exhilarating documentary to chronicle the remarkable journey of the memecoin.

The divine path: Gods Unchained, the most successful trading card game on the Ethereum blockchain, recently unveiled an updated project roadmap, outlining its ambitious goal of releasing a mobile version for both Android and Apple devices before the conclusion of 2023.

Metaverse master: Nanjing, the Web3-friendly city in China, known for its $1 billion blockchain fund, has recently established a government-supported entity with the objective of advancing metaverse research throughout the nation.

Virtually slaying: Decentraland is organizing a vibrant three-day Pride event, showcasing virtual art installations and live musical performances.

Non-Fungible Toolkit

What Is NFT Lending, Anyway?

The NFT lending market has experienced a significant surge in popularity thanks to the introduction of Blend by NFT marketplace Blur, which has already achieved trading volumes in the hundreds of millions. This week, two additional companies, Binance and Astaria, have joined the market with their own distinct offerings, and it's clear that more players will follow suit in the near future.

However, prior to depositing your NFT into any of these lending protocols, it is essential to understand their functioning and explore the complete range of options for earning profits from your NFT without actually selling it. Rest assured, this guide will provide you with all the necessary information.