Značka: Marketplace

Madonna, Beanie, Rug Radio and CryptoSkulls: 5 NFT events trending on Twitter

There is no denying that pop culture has entered the NFT space in full force. The World of Women collection created by Yam Karkai has followed in the footsteps of Bored Ape Yacht Club (BAYC) by signing with a big-time Hollywood agent, and Madonna was propositioned to buy a blue chip NFT and she might be giving the offer serious consideration.Many new entrants are influenced by celebrity endorsements, yet the community proclaimed “OGs” are bullish on “historical NFTs” and are allegedly not swayed by hype. However, when entrepreneur Gary “Vee” Vaynerchuk purchased “CrytptoSkulls,” a resurfaced 2019 “historical NFT” for 100 ETH, the market for pixelated skulls surged.One of the 1/10 @Crypto_Skulls Skull Lords just sold to @garyvee for 100 ETH pic.twitter.com/PC2TXsFeVo— medved (@mattmedved) January 15, 2022The current rise in attention around historical NFTs, begs the question: Is the historical relevance of the NFT/artifact where it derives its value or, is it just the hype around the narrative? Some projects and entities make history, others go down with it. The hype around history lures investorsOn January 10, 2022, CryptoSkulls re-surfaced into the ether and quickly became relevant as several investors and influencers ran to the collection to take part in holding a piece of history.Self-proclaimed NFT archeologists Adam McBride and Leonidas.eth are known for their extensive knowledge and advocacy of “historical” NFTs. These particular collectors are not keen on the notion of short-term flips, but instead see the long-term value in holding a historical NFT. CryptoSkulls had been at the top of OpenSea in total volume for the last week but has lost its spot within the top 5 on the ranking charts. Nonetheless, the project closed out a total volume of $41.79 million on OpenSea alone. All-time avg. price and volume. Source: OpenSea CryptoSkulls.Leonidas.eth sold the “historical blue-chip”, CryptoPunks, for CryptoSkulls, leaving other collectors wondering if this was some alpha they should get in on. According to CryptoSlam.io, the CryptoSkulls advocate has generated approximately 137 Ether ($444,500) from sales. Just sold my punk to buy more skulls.I’m so proud of the skull community for helping open the door to everything that came before them on the timeline. I’m all in on @Crypto_Skulls and historical NFTs and am not going anywhere.What is dead may never die! pic.twitter.com/oOcxuz7lGr— Leonidas.eth (@LeonidasNFT) January 15, 2022

Gary Vee, notably stole the show stating the importance of long-term plays with historical NFTs, suggesting they could be “the next CryptoPunks.”The niche group of artifact-like NFT collectors warned against “hype,” yet there seems to be an influx of investors into the newly trending “historical NFTs,” especially after notable influencers reiterated their importance. The question is, will historical NFTs last through the test of time? Or will they only periodically have their time in the spotlight for influencers to profit?The World of Women effectThere seems to be growing popularity in showcasing female-led projects, especially after the World of Women (WoW) collection signed with Guy Oseary, the manager of Madonna and BAYC. We have exciting news to share @guyoseary is now WoW’s managerWe’re updating our IP rights to grant YOU complete ownership of your WoW!More information on our Discord.— World of Women (@worldofwomennft) January 12, 2022

WoW entered the mainstream with renewed IP rights and captured the attention and support of celebrities like Reese Witherspoon, Eva Longoria, Gary Vee and Shonda Rimes. Investors seem to be drawn by the celebrity line-up and WoW’s mission, as its largest sales occurred within days of each other. Notable sales were a 210 Ether and 260 Ether transaction. Currently the NFT floor fluctuates between 8.6 Ether to 16.8 Ether and WoW has steadily cemented itself as a “blue chip” contender for NFT collectors.Last 7-day avg. price and volume. Source: OpenSea World of Women.World of Women has opened up space for other female-led projects such as Boss Beauties, Fame Lady Squad and Women Rise to share its spotlight and band in support. Each mentioned collection has seen a rise in both its unique holders and price. The average number of holders among these projects whose collections range from 8,888 to 10,000 pfps, is 4,800. As more owners and co-owners of these women-led projects publicly support the successes of each other, some skeptics believe it’s merely a trend in time. However, with each passing milestone, these female projects seem to cement their place for being more than just “alpha” that will prove to be a profitable long-term investment. Rug Radio aims to pave the way for media in Web3Social media connoisseur and Rug Radio founder “Farokh” aims to build the first fully decentralized Web3 media company. In launching an NFT collection, Rug Radio whitelisted its members for a membership pass that granted them pre-sale access to the token bearing, RugNFT. #RUGFOLLOWRUG https://t.co/2VN6VrzFAo— Rug Radioᵍᵐ (@RugRadio) January 23, 2022

Rug Radio states it’s the “first fully decentralized Web3 media company,” however, BanklessDAO was announced May 4, 2021, and it functions as a “media and culture DAO for crypto.” Integrating “guilds” that represent different areas for individuals to contribute, BanklessDAO has established a structure to properly reward contributors. There’s a lack of clarity on the logistics of how Rug Radio will operate, but it has captured the liking of holders in each crowd’s favorite collections, including Doodles, CoolCats, DeadFellaz, CyberKongz, and yes, CryptoDickButts. Pulling in collectors and investors from various projects suggests that RugRadio not only has strong support but could also have many potential perks up its sleeve. Could the “Queen of Pop” be the next to come “a bored?”What do Gary Vee, Guy Oseary and Madonna have in common? A shared interest in the Bored Ape Yacht Club. Recently, Bored Ape member Lindsey Byrnes casually tweeted at Madonna regarding her Bored Ape that is very reminiscent of the Pop icon’s “Justify my love” album cover. Exactly two weeks after the tweet was sent, Madonna complimented Byrnes’s taste and left the ball in her court saying “’…Ape well chosen. Now what?” suggesting a possible sale.@LindseyByrnes I’m glad you saved it for me. Ape well chosen. Now what?— Madonna (@Madonna) January 17, 2022

Despite falling from the top spot several times this week on OpenSea, BAYC’s daily average sale price has a 7-day average price being 94.5 Ether closing out over 11.8 Ether in volume roughly $28,626.68 at the current value of Ether. Last 7-day avg. price and volume. Source: OpenSea Bored Ape Yacht Club.It seems propositioning the Queen of Pop and her written consideration was enough to drive the collection up by 8.7% within the 24 hours of her sending out the tweet. Imagine the influence of Madonna rocking an ape, or could it possibly be a top signal?Beanie was revealed and then canceled It would not be crypto Twitter without a bit of controversy. Last week, Twitter account NFT Ethics (@NFTethcs) brought forth a lengthy dossier that sparked awareness of the supposed unscrupulous business practices of a popular Web3 investor and NFT trader known as Beanie. Infamously, known for his contentious attitude, Beanie notably has ruffled a few feathers and apparently scammed others. 1/ In this thread we will disclose the identity of one of the (currently) most (in)famous NFT influencers. But before we do that, we first explain our (philosophical) justifications and provide some important disclaimers.— NFT Ethics (@NFTethics) January 17, 2022

Given the nature of the blockchain and maintaining true to the spirit of Web3, NFT Ethics dug through Beanie’s past and the projects he has allegedly invested in. Specifically looking into Monkey Bet DAO by “invariant Labs,” Beanie’s affiliation and investment behavior went from questionable to heightened suspicion as to whether this was the truth. Without missing a beat, DAO members noticed Royal Technologies Gaming (RGT) in various Monkey Bet DAO sites leaving members confused since they believed they were working for Invariant Labs.Raising critical questions and concerns regarding Beanie’s association with RGT, ultimately led to him swinging an iron hammer of “Fudder bans”— a tactic used to manipulate the information shared, and according to him, preserve the “vibe.” 16/ Many OG holders asking critical questions about the project were banned from the Discord. And when Beanie was asked whether he knew RGT, he denied ever having heard of it (see screenshots). But, in actual fact, it turns out he is the owner of RGT. pic.twitter.com/rjhvuK8fyC— NFT Ethics (@NFTethics) January 17, 2022

Upon further inspection, Owlman, the person whose project Beanie decided to invest a “small amount” in, was found to be the general manager of RGT, and not the developer Beanie had proclaimed them to be. Further damning details arose when an ENS domain revealed more shady activity, specifically that the address deployed a scam token called CBET. CBET has been associated with various scam projects including TokenPay. 43/ One of the largest and most prominent crypto scams he has been involved in is the case of TokenPay (TPAY), whereby he pretended again to be an investor, but really was suspected to be acting as the CEO behind the screens. He wrote the WP foreword, see: https://t.co/Oe2utTitIz— NFT Ethics (@NFTethics) January 17, 2022

As more information was revealed, a convoluted picture of deceit and potentially criminal acts was painted. Given Beanie’s infamous track record and history, some investors are rejoicing on what they intuitively suspected, while others are showing remorse. Only time will tell what will come of these allegations, but the controversy has shed some light on how much investors have to lose when blindly listening to anonymous influencers. While not all will use their influence to con others, history can teach us that this particular tiger might not change its stripes.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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OpenDAO (SOS), LooksRare (LOOKS) and WTF token: 3 airdrops, with 1 scam

NFTs continue to surge with what looks to be no end in sight. Since January 14, 2022 OpenSea notched trading volumes over $1.03 billion, and its latest rival, LooksRare, has eclipsed the platform according to data from DappRadar. Top 8 NFT marketplaces by volume. Source: DappRadar What’s clear is that NFT collectors and traders appear to be shifting their sentiment on where they are seeing value. Since the start of 2022 there’s been an emphasis on “community” with a buzz and advocacy of rewarding users for their participation. OpenSea has already generated more than $3.2 billion in total volume despite many NFT traders feeling that the marketplace betrayed the notions of Web3. These investors are voting with their feet and planning to boycott the marketplace by turning their attention to others who are more “Web3 friendly.”Community-driven NFT marketplace, LooksRare and other platforms have successfully completed a vampire attack, leaving disgruntled OpenSea users migrating away from it for not valuing and rewarding user participation.Participants seem to be adamant on advocating for the value they create within the ecosystem and feel competitors are meeting their demands. However, could more rivals to OpenSea sway users by claiming to value and reward their participation? And could others potentially exploit users who blindly follow these notions and protocols?SOS: OpenDao receives mixed reviewsSince launching, SOS has locked in 13.7 trillion SOS in staking ($45.6 million) and 50% of its total 100 trillion total total supply is distributed to the community. Up until January 12, 2022 users were eligible to claim a 145% APY for its veSOS governance token and this came equipped with voting rights for future projects and protocols. SOS appeared to have lit the match for community activism but it faced backlash after taking back its original plans to end claiming until June 30, 2022.  Many voiced their frustration and confusion, learning that in DAOs, decisions can change with the call of a vote, and participation is highly recommended.SOS Staking Pool. Source: SOS Queries Dune AnalyticsCurrently there are over 200,000 holders and more than $2.5 billion traded and future project launches plus the current NFT marketplace could see more liquidity rotating into SOS.SOS has decreased nearly 70.5% and is trading at $0.00000327despite a looming marketplace that is speculated to offer unique trading opportunities for NFTs.SOS/USD live 24-hr Sushiswap LP Chart. Source: CoinGecko Gecko Terminal NFTs continue to surge with what looks to be no end in sight. Since January 14, 2022 OpenSea notched trading volumes over $1.03 billion, while its latest rival, LooksRare, made over $1.79 billion ranking above the giant, according to data from DappRadar. Is there more to LooksRare than just wash trading?Launched on January 10, 2022, LooksRare aimed for OpenSea’s jugular— or rather its lack of Web3 incentives and initiatives— and gained the attention of many who were already discussing the “Death of OpenSea.”The token was a “free” drop, but it came with the price of several transaction fees, including placing an NFT up for sale, claiming the airdrop and staking (optional).Even with the costs, over 110,000 wallets claimed LOOKs, from approximately 60% of the total eligible wallets, according to data from Dune Analytics. Number of LOOKS vs wallet addresses that claimed the Airdrop. Source: Dune AnalyticsLooksRare has amassed nearly $2.4 billion in total volume, but the metric only shows a piece of the entire pie. A few red flags were raised when a closer look at the amount of transactions was viewed. Comparing the number of transactions on LooksRare to OpenSea reveals that OpenSea processed over 50 times the amount of transactions of LooksRare.LooksRare has an estimate of 17 times the amount of users, yet OpenSea’s volume is half that of its rival.Shortly after launch, investors grew suspicious that traders were wash trading with Larva Labs Meebits collection to take advantage of trading rewards.LooksRare vs. OpenSea Daily Users Source. Dune AnalyticsWhile there’s a camp of individuals who are championing LooksRare and find its model promising, others are raising questions and concerns about the platform’s sustainability.Fees.wtf lived up to its nameMany were fortunate to benefit from the SOS and LOOKs airdrop but the Fees.wft airdrop was a different story. Initially, the project was a fee service on the Ethereum blockchain that calculates the total gas fees a user has spent. A user had to spend at least 0.05 Ether to be eligible to claim and once announced, traders rushed to cash in only to find the initial liquidity pool was too small resulting in 58 Ether, ($188,036) being drained by a bot. 1/ $WTF: A service, a token, and what everyone said five minutes into the launch when one bot drained 58 ETH from the pool.Let’s take a look at what happened.— meows.eth (@cat5749) January 14, 2022Aptly named, it seems users did not have to mint the Fees.WTF NFT to feel rekt. Users who were not familiar with slippage tolerances found that their orders were executed for significantly less than expected, leaving one user trading over $135,000. Daily WTF holders. Source: Dune Analytics @MilkmanDespite falling nearly 84% since a spike after its initial launch, WTF seems to continue to grab the attention of new holders with its claims window still open and the number of holders increasing.Daily WTF price. Source: Dune AnalyticsProgramming the contract so that the team makes 4% after every transfer, the team has allegedly made over $3 million and counting. Even though the platform “intended” to reward users for the fees they have spent, Fee.WTF stunted on users who paid more in fees than they actually claimed.According to Rokitapp founder Lefteris Karapetsas, the smart contract was coded to siphon Ether from anyone who interacted with the contract. Upon further inspection, Karapetsas saw the contract encoded a fixed whitelist of those who did not need to pay transfer fees. Oh hey look the @feeswtf team posted a post-mortem: https://t.co/8v1Ng3DupHIf that does not tell you need to know about the “project” I don’t know what will.— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) January 15, 2022

Despite suspected wash trading and the contentious issues surrounding the association to Cole, Pudgy Penguin co-creator and investor in the project, LooksRare provides a competitive edge to OpenSea because it falls in line with the current demand of Web3 users. OpenDAO and LooksRare are good examples of what OpenSea competitors possess and are waiting to unleash. With the increasing number of individuals entering the crypto ecosystem, and many advocating for Web3 incentives, traders need to take heed and evaluate where they are placing their attention and value since there are platforms that are laser-focused on exploiting their needs.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Tom Brady's NFT platform Autograph raises $170M to scale operations

The nonfungible token (NFT) marketplace Autograph co-founded by Super Bowl champion Tom Brady has announced it closed on a $170 million funding round.In a Wednesday announcement, Autograph said Andreessen Horowitz, or a16z, and VC firm Kleiner Perkin co-led the $170-million Series B round with contributions from crypto investor Katie Haun’s firm, Nicole Quinn of Lightspeed Venture Partners, and San Francisco-based venture firm 01A. The company said it planned to use the funds to scale its NFT technology and hinted at a series of partnerships aimed at expanding its user base.In addition to the funding round, Haun, a16z general partner Arianna Simpson, and Kleiner Perkins partner Ilya Fushman will join Autograph’s board of directors, with a16z general partner Chris Dixon joining the firm’s board of advisors. According to the new members, Autograph will continue to aim for mainstream adoption of cryptocurrencies and NFTs.Big news on the @Autograph front. We are pumped to add some really knowledgeable people in the Web3 space to our team. This thread from @cdixon includes some great context on our business. #ToTheMoon https://t.co/Xsmws3KQ05— Tom Brady (@TomBrady) January 19, 2022Since its launch in August 2021, Autograph has partnered with major names in sports and entertainment, often for NFT collections. In December, Brady dropped a series of ​​digital collectibles representing moments from his football career, including cleats and a jersey, from the NFL combine. The marketplace also features NFTs from tennis star Naomi Osaka, skateboarder Tony Hawk and others.Related: Touchdown! Goal! Knockout! Crypto and sports collide in 2021Andreessen Horowitz has been behind some of the biggest funding rounds for crypto and blockchain projects as well as its own crypto-focused funds dedicated to expanding the size and marketability of blockchain projects. The firm’s portfolio includes Coinbase, Compound, Maker and many others.

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OpenSea acquires Dharma Labs and a new CTO

OpenSea announced Tuesday the acquisition of Dharma Labs, a cryptocurrency lending platform and digital wallet, for an undisclosed amount. According to the statement, Dharma Labs would effectively shut down and its co-founders, Nadav Hollander and Brendan Forster, will become OpenSea’s new chief technology officer and its head of strategy, respectively.OpenSea claimed this acquisition will help accomplish its mission to scale product development, grow its team, expand its safety and reliability efforts and invest in the nonfungible token (NFT) and Web3 ecosystem.I’m happy to finally share that we’ve acquired @Dharma_HQ to help us scale our engineering, product and customer support! https://t.co/NnJdSFBzvo— Devin Finzer (dfinzer.eth) (@dfinzer) January 18, 2022Devin Finzer, OpenSea’s co-founder and CEO, believes that the “union” between the marketplace and Dharma Labs will “help us dramatically improve the experience of buying, minting and selling NFTs on OpenSea.” He added that the two companies share a vision “that NFTs will be the cultural focal point of crypto’s adoption for years to come — and that vision can only be realized if using NFTs becomes easy & delightful for the average person.”As OpenSea’s new chief technology officer, Hollander is expected to use his expertise to improve their products’ technical reliability and uptime, as well as to build Web3-native mechanisms that reward loyal community members. Related: OpenSea surpasses $3.5B in monthly Ether trading volume, setting new ATHAccording to a statement from Dharma Labs, its Dharma Smart Wallet will be deactivated in 30 days. It thus urges its users to withdraw or sell their funds before Feb. 18, 2022 and clarifies that they will not have to pay any fees to do so. Additionally, OpenSea recently announced the creation of a private NFT Security Group that will steer investment efforts and tackle security and safety challenges that face the NFT and Web3 ecosystem. Co-founder and current chief technology officer, Alex Atallah, will assume the role of overseeing the group’s development.

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Anyswap, Keep3rV1, WEMIX follow Bitcoin’s move to $44K with double-digit rallies

The cryptocurrency community is back in high spirits on Jan. 12 after a majority of tokens in the top 200 flashed green following Bitcoin’s (BTC) spike to $44,000.The return of bullish momentum has come as a boon to several altcoin projects, with multiple tokens seeing gains in excess of 20%. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Anyswap (ANY), Keep3rV1 (KP3R) and WEMIX (WEMIX). Anyswap expands its list of supported networksGains in the altcoin market were led by Anyswap, a decentralized exchange that specializes in allowing users to transfer and swap tokens between 25 distinct networks. Data from Cointelegraph Markets Pro and TradingView shows that since falling to a low of $15.16 on Jan. 10, the price of ANY ripped 77.67% higher to a daily high of $26.93 on Jan. 12 as its 24-hour trading volume spiked 525% to $114.5 million. ANY/USDT 4-hour chart. Source: TradingViewThe sudden spike in activity and price for ANY come as the protocol recently added two new networks to its list of supported chains including a FomoETH bridge and Moonbeam, which just officially launched on Polkadot. Keep3rV1 branches out to other networksKeep3rV1 is a project focused on creating a decentralized job board designed to help projects connect with external developers that can provide specialized services. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KP3R on Jan. 7, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. KP3R price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for KP3R climbed into the green zone on Jan. 7 and hit a high of 80 roughly 79 hours before the price rallied 79.64% over the next two days. The bullish move higher for KP3R comes following a tease released by the project indicating that KP3R will soon have cross-chain functionality between Ethereum (ETH), Fantom (FTM) and layer-two solution Optimism. Related: QuickSwap founder: L2s are the path to mass adoptionWEMIX lists at UpbitWEMIX is a global blockchain gaming platform developed by Wemade Tree that is designed specifically for gaming DApps and includes a marketplace for digital assets and nonfungible tokens (NFTs). Data from Cointelegraph Markets Pro and CoinGecko shows that after sliding to a low of $3.96 on Jan. 10, the price of WEMIX rebounded 106% to a daily high at $8.16 on Jan. 12 as its 24-hour trading volume spiked to $1.2 billion. WEMIX/USD 1-hour chart. Source: CoinGeckoThe surge in interest and trading volume for WEMIX comes as the token listed on the popular Korean cryptocurrency exchange Upbit on Jan. 10 and announced the details for the next WEMIX NFT auction drop. The overall cryptocurrency market cap now stands at $2.073 trillion and Bitcoin’s dominance rate is 39.8%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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New NFT marketplace LooksRare allows traders to earn rewards

LooksRare, a recently launched nonfungible token, or NFT, marketplace, says it wants to index all NFT collections on the Ethereum blockchain. The site went live on Monday with a token airdrop.#LooksRare NFT Marketplace Now Live!$LOOKS airdrop claim open⏰ Staking starts at block 13977012Trading reward calculations start tomorrow LFG! https://t.co/Y1jt9Kmqt6— LooksRare – NFT Marketplace (@LooksRareNFT) January 10, 2022Created by two anonymous co-founders, known as Zodd and Guts, LooksRare claimed to be made “By NFT People, for NFT People.” According to its blog announcement, the LooksRare team is “tired of the deplatforming of creators, and the decision-makers who value business over community, seeking IPO instead of benefiting the communities that got them there.”Their alleged solution is to offer a marketplace that rewards the platform’s participants and creators. Users who buy or sell NFTs from eligible collections can earn its native utility LOOKS tokens. OpenSea users who traded 3 ETH or more between June 16–Dec. 16, 2021 are eligible for an airdrop of LOOKS Tokens.Related: GameStop shares jump 26% in after-hours trade after NFT division unveiledIn addition, the platform has a 2% standard fee on all NFT trades, which is lower than OpenSea’s 2.5%, that goes to LOOKS token stakers. And users can trade NFTs with Ether or wrapped ether (WETH). At the time of publication, LOOKS traded at 0.0008748 WETH ($2.69).The LooksRare site was down for a few hours on Monday, which caused some users to experience difficulties while connecting their wallets and completing listings. According to the project’s Discord, the site was under a distributed denial-of-service attack, or DDoS, meaning that its network was overwhelmed with malicious traffic.Related: 5 NFT marketplaces that could topple OpenSea in 2022On Monday, another NFT marketplace launch announcement was made by the news organization Associated Press, which plans to debut its photojournalism NFT platform on Jan. 31.

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5 NFT marketplaces that could topple OpenSea in 2022

OpenSea has been the dominant decentralized platform for users looking to mint, buy, sell and trade nonfungible tokens (NFTs). Serving more as an NFT aggregator than a gallery, OpenSea locked in $3.25 billion in volume for December 2021 alone, according to data from Dune Analytics and from December 2020 to December 2021, the total volume increased by a whopping 90,968%.No stranger to contention and criticism, OpenSea has had its fair share of perils and pitfalls. Most notably, its former head of product, Nate Chastain, found using insider information to front-run and profit from selling the platform’s front page NFTs. Adding to the overall feeling of distrust, the community felt devalued after newly appointed chief financial officer (CFO) Brian Roberts hinted at going public. However, he quickly reaffirmed that OpenSea has no intention to go public anytime soon.OpenSea might be the top NFT marketplace by transaction volumes at the moment, but in 2022, there are bound to be a handful of competitors aiming to unseat the giant.Here are five NFT marketplaces that could potentially shake the top contender from its spot in the coming months ahead. Coinbase NFTCoinbase seems to be leaning on elements of centralization as the primary driver for mass adoption. Tapping into the growing popularity of NFTs, Coinbase rivals OpenSea in launching its NFT marketplace, Coinbase NFT. According to reports, the waitlist has exceeded 1.1 million, which is more than OpenSea’s total active user-base alone. Monthly active traders at OpenSea. Source: Dune AnalyticsAnnouncing its launch of Coinbase NFT was a signal that captured the increasing value NFTs could capture as digital collectibles continue to go mainstream. Understanding how NFTs bridge culture and commerce, Coinbase NFT is likely to shake up the order of things. Meanwhile, the project has established partnerships with collections like World of Women, DeadFellaz and Lazy Lions. While the marketplace has not yet launched, its waitlist alone suggests that many investors are either eager to gain exposure to the technology for the first time or want alternatives to what they already use.It gives us great pride to announce our partnership with the Kings and Queens of the Lions Den. We love us some @LazyLionsNFT. #ROAR pic.twitter.com/5Od1d77dPm— Coinbase NFT (@Coinbase_NFT) December 7, 2021Based on a statement made by Coinbase, Coinbase NFT will be peer-to-peer (P2P) “…with an intuitive design built on top of a decentralized marketplace.” Initially following the ERC-21 and ERC-1155 standards, the product also has plans to support multi-chains in the future. Coinbase NFT will primarily function as a marketplace, but the company has hinted that it will also serve as a place to “foster connections.” To date, Coinbase operates in over 100 countries and reports over 73 million active users while Coinbase’s clients quarterly trade $327 billion in volume, proving that there is a decent amount of liquidity in circulation.More than the amount of volume trading, Coinbase touts its robust user experience (UX) and seamless user interface (UI) design that is streamlined and user-friendly. Even though many take to Twitter and complain about OpenSea’s UX/UI design, many other platforms come with barriers to entry, whereas OpenSea doesn’t. FTX NFTs Contrary to Coinbase NFT, FTX marketplace launched in October with a small collection of Solana-based NFTs, and it expanded its collection toward those on the Ethereum blockchain. Unlike OpenSea and Coinbase NFT, FTX NFTs is not a P2P platform, meaning it is centralized and custodial, whereby users’ data is recorded and stored on its particular network. This means users and collectors forgo ownership in some sense. The implications of it being a centralized platform are that the platform tends to enforce less autonomous perks to its owners and more restrictions and limitations due to securities laws concerns. Unlike OpenSea where users have full autonomy over their digital assets up until the sale, FTX NFTs implements bidding mechanisms. ​​As Brett Harrison, President FTX.US explained in a statement: “By not requiring gas for doing things like bids, we’re going to see a lot more price action and price discovery on the platform, and we hope that in general attracts liquidity,” Its law-abiding ways caused such a strong influence across the Solana NFT collections that many had to revoke their formerly promised royalties since FTX NFTs announced it no longer would support projects granting its owners such a perk. The consequence came as a result of United States regulatory concerns. Projects on the Ethereum network are also vetted to make sure they are abiding by securities laws and to ensure they are not counterfeit knockoffs. As such, OpenSea retains its value as it maintains quite the breadth of NFT collections. Solana nft devsLast week: “We need to add royalties to our project”This week: “No royalties. We need to be on FTX”.— Ayofinance (@Ayofinance1) October 11, 2021

Regardless of its minor hiccups, the marketplace has received attention and undercuts its rival in fee structure. FTX NFTs has a fee structure of 2%, while Coinbase’s is 2.5%. The platform also doesn’t seem to be dismissive to users eventually using non-custodial wallets, but its primary focus is value in accessibility. Rarible Long before OpenSea pumped its way to the top, Rarible was putting up monthly trading volumes higher than its counterpart. Despite opening its platform to the community with its governance token RARI — something OpenSea users have persistently been anticipating — Rarible has not been able to sustain the lead it once had over OpenSea. In November, the platform’s total value in volume was 4% higher than in October, averaging an estimated $18.2 million. However, its monthly total volume pales in comparison to OpenSea’s, given its daily volume averages at least five times higher.To Rarible’s benefit, much like FTX NFTs marketplace, it understands the benefit of multi-chain strategic partnering. Rarible has already launched its support of NFTs on the Flow and Tezos blockchain, and there are plans to support Solana and Polygon in the near future. Monthly volume (primary vs secondary) sales. Source: Dune AnalyticsWith its decentralized ethos and its multi-chain support of NFTs, Rarible could become a serious contender in 2022.Zora Zora presents itself as a champion for Web 3.0 and decentralization as it touts its completely “on-chain” permissionless platform. Since decentralized autonomous organizations (DAOs) tend to gravitate toward these principles, the platform holds its value in historical purchases like PleasrDAOs $4 million purchase of the original doge-meme NFT. web3 means satisfying ≥1 of these criteria:- majority owned/controlled by users- permissionlessly accessible/forkable- censorship resistant@rainbowdotme is open source – > web3Coinbase wallet is closed – > not web3@ourZORA open NFT auction standards – > web3OpenSea? nope— . ∴ (@nir_III) December 15, 2021

Zora has a zero-fee structure and centers most of its efforts on being the cornerstone permissionless protocol. Many crypto pundits are attracted to the idea of artists and creators having more autonomy and ownership over their creations. If these remain pertinent concerns in 2022, it’s possible that Zora could see an influx of new users.Magic Eden Magic Eden is currently the top NFT marketplace on the Solana network and according to DappRadar it is ranked among the top ten NFT marketplaces with $267.14 million since its launch in mid-September 2021. The number of unique wallets has rebounded and has been steadily increasing in the last two months making it a strong contender to OpenSea. Although it’s important to note that users are known to hold more than one wallet address, perhaps suggesting that there could be fewer unique active users.OpenSea on-chain data. Source: DappRadarLow transaction fees at 2% give the platform a competitive edge when compared to other marketplaces and, like FTX NFTs, listing is free for users. As shown below, the number of transactions on Magic Eden often doubles or even triples the amount of transactions occurring on OpenSea.Magic Eden on-chain data. Source: DappRadarAlthough Magic Eden had a higher amount of transactions, the amount per transaction is less than on OpenSea. According to DappRadar, Magic Eden has amassed over 4.5 million transactions within the last 30 days while OpenSea has processed less than half that figure at 1.7 million, yet it has a little over five times the total volume of Magic Eden. As the pace of NFTs has been set and digital collectibles continue to go mainstream, 2022 could see a larger demographic whose preferences may not align with OpenSea. By valuing accessibility, regulation and a better user experiences, these five NFT marketplaces are strong contenders to take their spot on top. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Crypto exchange Kraken’s new NFT marketplace to issue loans

Kraken founder and CEO Jesse Powell recently shared in an interview with Bloomberg News that the crypto exchange will launch a nonfungible token (NFT) marketplace that will enable users to borrow funds against their NFTs. Powell explained that the company plans to enter the NFT space in early 2022 and hopes to add the feature to determine the liquidation value of an NFT and if it can be put up as collateral for a loan.“If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account,” said Powell. “And if you want to borrow funds against that.”The value of NFTs, however, is all over the spectrum and only a small percentage of token owners hold a digital collectible valued for as much as a CryptoPunk, whose floor price is 66.9 Ether (ETH) or $273,673 at the time of publication.According to Powell, NFT utility will explode next year:“Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs.”Additionally, Kraken recently acquired Staked, an infrastructure platform that allows for non-custodial crypto staking, in an effort to attract new investors. Kraken clients will now be able to earn crypto rewards and yield while retaining control over their digital assets.Kraken was founded in 2011 and has become one of the largest crypto exchanges worldwide, ranking among the top in terms of average liquidity, volume and digital asset reserves, according to data from CoinMarketCap.Related: Nexo partners with Three Arrows Capital to launch NFT lending & art financing serviceKraken’s announcement demonstrates how NFT-backed loans are becoming increasingly commonplace as more DeFi platforms, such as Arcade and Nexo, are offering this new loan model. As Cointelegraph recently reported, Arcade closed a $15 million funding round in December as part of a broader effort to grow its offerings and attract more investors to its collateralized NFT platform. 

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