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NFT maximalists 🧙

Bankless Collectibles, new Uniswap NFT tech, Yuga’s Punk donation, & more!
William M. Peaster William M. Peaster Nov 18, 20223 min read
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NFT maximalists 🧙

Dear Bankless Nation,

Anecdotally speaking, it seems like a lot of NFT power users escaped direct exposure to FTX’s collapse.

Why’s that?

Well, a lot of people doubled down in crypto the past couple years through NFTs.

That matters because many of these same folks didn’t care about complex financial stuff like trading derivatives or trading with leverage on a centralized exchange — they just wanted to play around with digital items.

That said, you need your own wallet to trade on NFT marketplaces, so the recent NFT boom has served as a pipeline for immediately getting many people into self-custodying their ETH and other digital assets onchain and not holding them in a CEX’s offchain database.

Of course, self-custodying comes with significant responsibilities. Your keys, your crypto right — but the buck stops with you. We’ve seen the ugly side of this with all the stolen Bored Apes and so forth.

Yet we can get better about educating and building guardrails here, and we will. In the meantime, it’s heartening to see there really is a new wave of settlers making their ways around the onchain frontiers. That’s worth applauding.

As for the task at hand, let’s now get caught up on the major headlines of the week. Thanks for reading everyone ✌️

-WMP


📣 General NFT News

🏆 Digital Collectibles

  • Bored Ape Yacht Club trading activity this week pushed the BAYC floor price below 50Ξ for the first time since Dec. 2021. 

  • Wassies wrote off 60% of the creator team’s treasury as a result of the FTX collapse. 

  • Yuga Labs donated CryptoPunk #305 to the Institute of Contemporary Art in Miami as the first initiative of the Punks Legacy Project. 

    • Yuga Labs also acquired WENEW, the NFT content company behind the 10KTF collection, and gained Beeple as an advisor as part of the deal. 

🎨 Cryptoart

🎮 Decentralized Gaming

💽 Music NFTs

🌐 Virtual Worlds

  • Nike unveiled .SWOOSH, a platform for the athletic apparel giant’s virtual creations.
  • NonFungible.com launched its virtual HQ in Decentraland.

💎 DeFi x NFTs

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William M. Peaster

Written by William M. Peaster

638 Articles View all      

William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he writes the Metaversal newsletter on the onchain frontier, covering everything from AI projects to crypto games, as the team’s lead NFT analyst. With a background in creative writing, he writes fiction and publishes art on Ethereum in his free time. He lives in Washington.

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