ZenCaps: Edition #6
Your weekly NFT recap to cut through the noise
The NFT space can feel like information overload at times, so we’ve cut through the noise to deliver you a curated dose of what matters most. Your all-in-one weekly companion.
Headline News - Solana NFTs Now Tradeable on OpenSea
Last week we covered the announcement regarding this integration, and this week, literally today, it’s happened.
At the time of writing there’s been very little activity, possibly due in part to network issues on the Solana blockchain.
This integration with Solana means that OpenSea, the largest NFT marketplace in the world, now accommodates the 2nd largest NFT ecosystem outside of Ethereum and its sidechain/layer-2 scaling solutions.
OpenSea says that it currently supports 165 Solana NFT collections, and will continue to add more as time goes by.
You can access the Solana beta marketplace on OpenSea by clicking on the link below.
Removing the barrier-to-entry for users not able to pay the (often) high transaction fees on Ethereum, is what some people believe will draw a new customer base into the Solana NFT marketplace.
OpenSea have marketed their Solana NFT marketplace as follows: Solana's low gas fees and fast transaction speeds make NFTs accessible to all.
It’s very early days. In fact the earliest of days. But it will be very interesting to see how much of the total NFT sales volume on OS the Solana NFT marketplace can capture.
For a full article on this story, please click here.
Curated News - the best bits of the past week
BIGGEST NFT Sale: 450ETH for CryptoPunk #8865
ESPN Enters NFTs With Tom Brady Drop on Polygon, Autograph Deal
BEWARE: Scammers are getting creative. Read here how a Bored Ape holder lost his NFTs on an NFT swap platform
Twitch Co-Founder’s Solana Gaming NFT Platform Fractal Raises $35M
The NFT Community Suspects There’s A Secret Group Of Insider Traders
Blur.io raises $11m in funding to build ‘the best NFT marketplace for pro traders’. Read the full article here.
Maybe Something - things we’re keeping an eye on
Dope Cats sees a huge surge in interest as it becomes one of the first Solana projects listed on OpenSea. Still a great entry. One to watch.
EightBit Me launched a week ago with interest from many notable collectors. Back in 2010, before a world of punks and apes, the team launched the original 8-bit avatar creator. An app that let you make a virtual 8-bit version of yourself. This has drawn in collectors who love the lore. It’s still sitting at a nice entry point for a long-term hold.
Alien Frens announce ‘Every fren holder will receive the first edition of alien frens physical comic book for free’.
A little-known, but highly regarded music project, MTM Series, from 2016 recently had some of it’s assets listed on OpenSea by the revival team. (DYOR and be careful. Due diligence is harder to execute on ‘Emblem Vault’ assets than on standard collections. Make sure you know what you’re doing.)
Pudgy Penguins Thrives With New Owner Luca Netz. Not to be overlooked. Have a read through the details here.
Top 10 NFT Collectibles for Sports Fans. If you’re into sport, you may want to check out this article outlining some of the most well-established NFT sport-related collections.
5 Solana projects to consider, in no particular order: Solana Monkey Business, DeGods, ThugBirdz, Degenerate Ape Army, Catalina Whale Mixer and Cets On Creck.
Coolman’s Universe announced an upcoming snapshot for a Babies collection.
ADIDAS Originals introduces first-of-its-kind digital Ozworld experience.
Talking Point - A Sea Of Fakes: Piracy in NFTs
As the NFT space gathers pace and begins eclipsing the traditional art world in terms of sales volumes, it’s can be expected, with such opportunity afoot, that counterfeiters and scammers are amassing in numbers.
It’s staggering to think that such a nascent industry, in as little as 12 months or so, has gone from relative obscurity to the forefront of mainstream consciousness. Global brands are piling in, celebrities are “apeing” in and anyone who’s anyone is wanting to play a part in this new beginning.
Not only this, but the total sales volume of NFTs in Q4 of 2021 was around $11Billion USD. This figure is equivalent to what the entire contemporary art market sold during the same period. Just think about that for a moment. It’s almost inconceivable. But it happened, and it’s continuing to happen.
Unfortunately, all this excitement and money attracts people looking to exploit the system. And NFTs are experiencing this on a grand scale.
OpenSea openly admitted that approximately 80% of all listings are not authentic, and that “fake artists” (impersonators or otherwise bad actors) are considerably more prevalent than genuine ones.
As global brands descend on the space they are immediately faced with counterfeiting problems. A great example of what I mean is explained in this recent article outlining how Nike wants to ‘destroy’ unauthorized NFTs, which use their trademark logos without permission. But how will that work you might ask? Take a look at this article to see their options.
Aside from the issues faced by the brands and artists, I can’t help but think the issue still presents a genuine threat to more mainstream adoption. You read almost daily of a Bored Ape holder being scammed. And for newbies, this must be off-putting.
Some are calling for platforms to do more in response to the obvious counterfeiting issues, whereas others are claiming that the measures required to clamp down on them have undesirable repercussions for authentic users. These include additional KYC requirements and a less decentralized experience.
Whilst laws and regulations are still in the creation phase for the industry, this stop-gap presents scammers and thieves with opportunity, and unfortunately, they are getting sneakier in their attempts to steal your assets.
Meanwhile, people like Vivek Jayaram, founder of Jayaram Law, are trying to provide solutions to the these problems. For a look at his latest insights into how best to combat the counterfeiters, please click here.
Ultimately, it’s likely that a more regulated space will provide more security to users, and in turn, lead to further adoption. This isn’t the ideal outcome for all participants, but it’s probably the way things will play out.
Tip Of The Week - x2y2’s Special Offer for April
For the month of April, x2y2.io, a relatively new player in the NFT Marketplace space, has a fantastic offer for its users:
NO market fee for seller
NO gas fee for buyer
Simple yet effective marketing. It’s a great way to onboard new users, and I myself have already taken advantage of the offer on several occasions.
Just take a look at the screenshot below showing how much a seller saved by selling through x2y2 versus a competitor: $8,022 USD. Okay, it was a large sale, but still, it’s worth it on lower value sales too. Every penny counts.
The offer runs from 1st April to 30th April, 0:00 UTC. Head over to the platform to get your NFTs sold with 0% fees, and see if you prefer the UX/UI compared to other offerings. You never know, maybe you’ll be converted.
ZenAcademy and 333 Club Noticeboard
Regular Event Reminders
Join our poker nights via our Discord. Events held every Saturday 10pm GMT, with prizes to be won.
Join our weekly community initiative Weekly Creative Prompts! Find out more in our Discord by clicking here.
Our Book Club has started up. Join in on the discussions here.
Reminder: As a ZenAcademy member, you get exclusive access to market health statistics and analysis updated every 12hrs. For a full rundown of how to get the most out of these charts, click here.
Weekly Movie Nights are happening. Last one was a lot of fun. Join this week for Harry Potter And The Goblet of Fire
Irregular Events and Info
A BIG ‘Welcome’ to all of our new ‘333 Club’ Members. It’s going to be a fun ride. Check in with DancingEddie on Discord if you need any assistance with anything.
There’s been a complete overhaul in the Zeneca Discord. We cleaned house. If you want to see any of the old channels, simply go here, and click the fire truck emoji.
Minting is now open for our partnership with Gallery. We took a snapshot of all zenacademy NFT holders yesterday. You can mint (for free) now here.
Zeneca’s latest Newsletter is available here: ‘Letter 26: On cc0, Intellectual Property, and NFTs’
Zeneca’s course on 'How to Launch an NFT Project' is now available for purchase at https://nasacademy.com/zeneca. This will be free for anyone that holds a ZA Genesis or 333 Club NFT (access will be given closer to when the course goes live in early April).
Nothing in this or any other ZenCaps publication should be construed as financial or investment advice. The views and opinions expressed in ZenCaps publications do not reflect those of Zeneca_33 or the ZenAcademy.
Always exercise caution within the NFT space and adhere to best practices when it comes to making any investments. There is plenty of potential, but this comes with inherent risks.
Stay safe, and as always, good luck.
degen ape academy* mr roy