Categories
NFT Tech

What is an ENS Domain?

The domain name is something we are all familiar with. If you want to visit a website, it is the website url that you type in. Ownership over that domain is something that companies and individuals pay a premium for. The significance of owning a domain like Nike.com enables Nike to control their intellectual property in a way that is familiar and accessible to consumers, not to mention it’s easy to find. In the early days of the internet, websites had IP addresses which made it difficult to easily visit a website. Domain Name Service (DNS) allowed the websites we are familiar with today to convert their IP addresses into readable text.

As the age of the internet continues and Web 2.0 evolves into Web 3.0, it is important to consider what the future of the internet will look like for online storefronts, brands, entrepreneurs, and artists. 

With the progression of web 3.0 technologies like cryptocurrency, decentralized marketplaces, and decentralized autonomous organizations (DAO) comes the need for a name service that makes crypto addresses memorable and quickly identifiable. 

Enter the ENS

Otherwise known as Ethereum Name Service, the ENS offers a secure way to translate the Ethereum addresses a user has into a text that is easily searchable from human memory. As of right now, ENS domains end in ‘.eth’ and can be registered at ens.domains. When creating an Ethereum wallet, users are given a long string of generated numbers and letters that they are able to send their Ethereum assets to and from. The difficulty with this is that these addresses are too difficult to memorize and use consistently. When registered, the ENS resolves the address and becomes the identifier for the specific address that the wallet is registered to. 

How to get an ENS domain:

Before you get started you will want to have a small amount of ETH to pay the transaction and ENS registration fees associated with the ‘.eth’ domain you want to acquire. 

1. Open an Ethereum-enabled Browser

You will need an Ethereum-enabled browser to access your crypto wallet. If you do not have a crypto wallet, you can set up yours by following this guide here

If you are registering through mobile you can use Trustwallet, Coinbase Wallet, or MetaMask mobile apps.

In order to access the ENS registration application, you must be signed in to your Ethereum browser with the same wallet that you want to have the ENS name registered to. (Note: If you register the ENS name to one address and you want to transfer it in the future, you can do that).

2. Go to app.ens.domains
ENS Domain
https://ens.domains/

3. Find and register an ENS

Once connected to the ENS registration app, start by searching for your desired ‘.eth’ name. When searching for a name, you will get one of two prompts: Available or Unavailable. If the name is unavailable you will be able to see the address that registered it and when the expiration date is. If the address is available you will be prompted with a way to register the domain and pay for the number of years that you would like to register the domain for. You can always log back into the ENS provider to extend the time that you have the ENS registered for so that it does not expire.

ENS Domain
https://ens.domains/

4. Confirm registration

This is the step that you will need to use your crypto wallet to sign the transaction. In order to register the ENS name, you will need to pay the registration fee associated with the name as well as for each year that you would like to register it for. You will need to wait for the ENS app to confirm your registration to make sure that no one else is trying to register the same name at the same time.

5. You now have your own ‘.eth’

Congratulations, you are now a registered ENS owner. 

Additional benefits of owning an ENS

A recent update now allows the owner of a DNS domain name to import the same name for use on an ENS name. The integration allows for the ENS name to be used for many more applications, including portable web3 username and profiles, payments in any cryptocurrency, and decentralized websites. This allows ENS to be a complete key to the future of web3. 

In addition, ENS domains are registered to the ERC-721 standard which allows them to function as an NFT. This utility allows you to treat ENS names the same way as you treat NFTs—meaning that you can buy, sell, trade, and transfer to other wallets, accounts, and exchanges. 

With an ENS name, you will never have to worry about entering the wrong wallet address, and it will allow other users throughout the world of crypto to easily interact with you.

Categories
NFT Tech

Robinhood Announces A New Crypto Wallet

Robinhood has been a mainstay for people first getting into crypto trading for several years. It has become a financial boon for the company. In fact, more than half of their $565 million transaction-based revenue came from crypto trading. This is crazy when you consider this app is where a good chunk of the AMC to the moon memes started. More on that later.

Why is this a big deal? In crypto, it’s important to have ways for people to get into and out of with regular currency. Such as the ability to buy crypto with the money in your bank account and also send the money you made from trading crypto to your bank account The more options they have, then the more people that will join the overall cryptocurrency space.

Even though crypto trading brings in millions of dollars of revenue for Robinhood, the app was introduced as a way for newcomers to the stock market who wanted to trade stocks without paying commission fees.

Later as it grew it added the ability to buy and sell crypto which opened the doors for people who never experimented with investing in crypto before. Which made it different from its competitors like Coinbase or Gemini which were primarily crypto-focused. 

Previously crypto fans jumped through hoops in order to buy bitcoin and other cryptocurrencies. Fiat onramps are places you can exchange standard currency for crypto and have slowly become easier to use. Since I have joined the space connecting a bank account has become both more normalized and streamlined. But even with this groundswell of innovation, some banks have stiff-armed the change. Several banks have forbidden users from sending money/using money on these apps. Going so far as to decline the transfer. This is where it gets interesting with Robinhood. As stated before, they were initially a place for people to buy and sell stock without commission fees. It helped speed up adoption as more banks began to slowly accept the change.

In Robinhood’s announcement, they mention that you will be able to move your crypto in and out of the app. There is currently a waiting list and they’re planning on releasing it next month. Below is a screenshot from their announcement that shows what the user will be able to do with their new wallet functionality.  

Robinhood
https://robinhood.com/us/en/

Back when Robinhood introduced crypto trading a ton of users including myself bought crypto on the platform. Unfortunately, I quickly realized that what I bought was locked to the platform. Typically if I were to buy from a fiat onramp like Gemini I’d connect my bank account. Similarly, I purchased ETH I could then send it over to my Metamask wallet. And after transferring over the ETH I would then be able to buy NFTs on marketplaces like OpenSea.

If you want to learn more about Metamask and how to get started with your own, be sure to check my Metamask setup guide here.

But what if I had tried that now on Robinhood? Nope. In Robinhood’s current state I could either buy more crypto or sell at whatever the current price was but I’d be unable to transfer it out of the platform. Imagine the disappointment of a newbie grabbing ETH in order to invest in NFTs and other digital assets and realizing they just spent a few hundred dollars that can only be bought and sold within the Robinhood platform. 

There are other reasons too for why some users have soured on Robinhood. Just in the past year, Robinhood has had several app crashes when there was a huge market swing in cryptos like dogecoin. And who can forget when they strong-armed users into selling their GameStop stock? You can find a bemusing Reddit video assembled by the community r/WallStreetBets that visually explains the drama of what happened here.

How did they strong-arm their users and why? Earlier this year GameStop‘s stock price exploded past 500%. During the excitement, Robinhood refused to let consumers buy any GameStop stock while still letting institutional inventors like hedge funds like Citadel. 

Closing access to retail investors didn’t just lead to upset users, it led to a full-blown SEC investigation. At one point the CEO had to apologize for their handling of the affair.

All in all, this is an exciting development for users of Robinhood. But as the past year has shown it isn’t perfect. It’s important to check out different exchanges to find the one that works best for you. And if you want to store your crypto and NFTs safely in your own hands be sure to check out our hardware wallet article.

Categories
Art NFT

September 23rd’s NF3 Recap: TIMEPieces, Twitter News and the Heart Project

Today was a big day for the world of Web 3.0. We’ve still been in a bit of a bear market in the NFT community, but there were a few big moments in the past day or so that signal some immense growth to come. TIME Magazine launched their NFT collection today, which sold out almost instantaneously. Twitter also made some NFT-bullish announcements, so we’ll dive into that as well.

If you’re just tuning into NF3, check out our last edition.

This article does not constitute formal financial advice. Always do your own research before investing.

1. TIME Magazine’s NFT Collection Sells Out Instantaneously

TIME’s collection, which features the work of 40 artists, dropped today at noon ET and sold out seemingly immediately. At the time of writing, the mints are currently revealing, but the floor on OpenSea has already eclipsed 2.5 ETH—pretty good if you consider the .1 ETH mint price, even with the exorbitant gas fees that plagued minters.

The collection, which will hopefully be revealed some time tonight, features the work of legendary NFT photographer Justin Aversano, FVCKRENDER and more big names in the world of NFTs. We’ll be keeping our eyes on the resale market.

2. Twitter Announces NFT Authentication Service

There’s no exact timeline for the rollout yet, but today Twitter launched their tipping capability, which will allow iOS users to tip creators using Bitcoin. In addition to this massive innovation, they’ve announced their intent to allow users to verify their ownership over NFTs on the platform. This will certainly be beneficial for collectors wanting to verify their ownership on social media, but it’s especially helpful for validating ownership over the digital avatars folks use on their Twitter profiles, an incredibly pervasive trend in NFT communities.

As soon as this service launches, it will become much easier to determine who is using certain avatars for the vibes vs. who actually owns coveted digital avatars. Twitter and Jack Dorsey continue to embrace cryptocurrency and, specifically, the burgeoning world of NFTs and digital collectibles.

3. A Pre-Sale to Watch: The Heart Project

Shoutout 24kGoldn for throwing this one on our radar. Artwork is of course a big part of selecting cool projects, but these avatars also each have so much individual personality, part of which makes them so enticing. Rarity is often one of the biggest factors in identifying strong candidates from avatar projects, but there is also a growing commitment to picking avatars that you quite simply vibe with. And the vibes of the Heart project are off the charts.

The presale is live tonight at 6pm ET through Saturday, and the public sale goes live on Monday. Read more about the project and watch out for the mint on their website.

Other cool stuff:

The world of fashion NFTs is still pretty slept on IMO. Dissrup is a really cool platform launching fashion assets (and other pieces of 3D digital artwork), with the intent to be able to bring these wearables into other metaverses. Their inaugural drop with UV Zhu on the 13th, Acid Pool, was so sick—and sold out.

Read more about the platform here and check out their roster of artwork.

Boss Beauties is a project to watch. Their launch will take place on the 25th, and the artwork seems to take cues from (or potentially have some of the same artists?) World of Women, an immensely successful avatar project.

Keep your eyes on the project and tune into the many livestreams they’ve been doing this week leading up to the drop.

Categories
Art NFT

Understanding and Identifying Upcoming NFT Projects

Mainstream news outlets clamored to cover Christie’s online auction of Beeple’s “Everydays — The First 5000 Days,” which sold for 69 million dollars. While this event should be applauded for introducing NFTs to the general public, the massive news coverage included tons of misinformation — for instance, titles like “JEPG File Sells for $69 Million, as ‘NFT Mania’ Gathers Pace,” from the New York Times is misleading.

The NFT community understands the culture-changing capabilities behind this wave of technology. Chances are that if you are reading this article, you do too, so we’ve answered common questions that will help you start your journey as an early adopter:

What is an NFT?

NFTs (non-fungible tokens) are a one-of-a-kind digital asset that uses blockchain technology to facilitate ownership, buying, and selling. Some essential qualities that make them unique from other tokens or forms of digital art include:

Uniqueness: NFTs cannot be duplicated after their original minting. While derivative sets may pop up with modifications to an original digital asset, your NFT, say CryptoPunk #9, is the only one in existence.

Verifiable: Existing on a blockchain and using smart contracts, the transaction history and ownership of an on-chain NFT is visible, simple to locate, and allows for ownership to be traced back to the original owner. An NFT owner or creator can set a price and place their NFT for sale in a secondary market. 

Indivisibility: Your digital asset cannot be fractionalized; You own it in its entirety and cannot own 1/10 of a Bored Ape Yacht Club #9. This is an immutable quality and cannot be altered by the originator of the asset. 

The properties that make a digital asset an NFT can be assigned to tickets, art, domain names, music, trading cards, etc. — the possibilities are endless.

Why Would I Buy an NFT?

Digital tokens, cards, and coins have been around since the creation of blockchain technology that also included gaming and virtual world concepts. NFTs, as we know them now, first appeared in 2017 when Larva Labs dropped CryptoPunks. The 10,000 algorithmically generated pixelated PFPs were free to mint and currently have a floor of around 250K when this article was written. 

In the “NFT Summer” of 2021, there has been an explosion of PFP (profile picture) NFT sets. Starting off as simple images, many evolved into projects that build community, airdrop incentives, offer staking, IP ownership, metaverse meetups, and allow owners to directly participate with the company leadership. The popular projects are developing ‘real world’ tie-ins and a strong sense of community. Well-known “blue chip” projects like Bored Ape Yacht Club has had in-person gatherings, while VeeFriends holders have access to VeeCon, a four-day conference held in Minnesota next year. 

Whether you are looking to invest in the early stages of a new brand, support an artist, or day flip, everyone has their own motivation for getting in the NFT game.

How Do I Research NFTs?

Marketplace data showed sales of NFTs surged into the billions this summer with the number of projects dropping daily skyrocketing. An intuitive question emerges— how do I decipher between projects with legs and potential rug pulls? 

The Dev Team

First and foremost, you are investing in the team behind the project. Art is subjective, what is visually appealing to one person can be a hard pass to the next person. However, the people behind the project have a history of industry wins or losses— or they may be anonymous (which should be a red flag). Inexperience doesn’t mean the project can’t be a potential blue-chip, but more risk can be involved. Jump on their social media, discord, and website to learn more about the capabilities of the people behind the project.

Intellectual Property: Stoner Cats and DeadHeads

Do you actually have any ownership over the intellectual property (IP) of your NFT? In terms of IP, let’s compare two projects that have produced an animated series around their project— DeadHeads and Stoner Cats

Stoner Cats — an adult animated series with some big-name celebrities behind it, dropped their NFTs with buyers having no IP rights. 

Checking out the DeadHeads website statement on their IP plans:

“When you own a DeadHead, you own the NFT and the intellectual property of the underlying art itself. You own a character in the multi-media universe, with commercial and non-commercial rights.”

This may or may not be of importance to their communities, but it is worth being aware of as a consumer and community member.

Roadmaps and Utility

What are you actually purchasing when you buy an NFT? It could solely be the face value — the art. However, the concept of utility is essential to consider when researching NFTs. 

Wicked Craniums is a strong example of creators striving to develop utility around their NFTs. In addition to airdrops and collaborations, this project is the first to provide staking opportunities to their community. Users can stake a Wicked Cranium and a Wicked Stallion to receive additional NFTs, comparable to the concept of a dividend.  Staking wasn’t included in their original roadmap and suggests a dedicated and capable team.

The world of NFTs is new and quickly evolving. After you have your questions answered, actually going through the motions — converting your fiat to crypto, setting up a wallet like MetaMask, and connecting to a secondary market to purchase your first NFT, provides the best learning experience.

Categories
NFT Tech

How to Set Up a Hardware Wallet

When we talk crypto and NFTs you have to bring up security. While there are several ways to protect yourself, you can lose your assets and even your NFTs due to things that are not your fault. One of the most famous hacks in the entire crypto-sphere was MT. Gox, at one point it was handling over 70% of all bitcoin transactions worldwide. Over the years, hackers were able to skim bitcoins from customer accounts stealing over 740,000 bitcoin (approximately 31 billion dollars today). All without the customers having any idea and without any fault of their own. 

One of the ways to prevent this from happening to you is to have a hardware wallet. Often referred to as ‘cold storage’ devices, a hardware wallet is a type of cryptocurrency wallet that stores your private keys in a physical device that you can keep within arm’s reach. Crypto and other assets like NFTs are stored in the device and kept offline so they are not vulnerable to hacking. Whenever the owner needs to access their coins and digital assets they can safely unlock their hardware wallet and interact with them through the wallet’s interface.

In the last year, NFTs have catapulted themselves into society as the next big craze for gaming, art, and collectibles. And with all the popularity around NFTs, a lot of fake accounts, scammers, and malware have emerged which when given the opportunity will take advantage of your information to gain access to your wallet. Hardware wallets allow you to be the sole person in control of accessing your NFTs and provides the necessary layer of security while interacting with Web 3.0 applications.

When it comes to which hardware wallet to use there’s a ton of good selections like Trezor or Ledger. But for this setup guide, we will be focusing on the Ledger and how to send your NFTs to it from A to Z. If you want to see a similar guide with other wallets let us know!

Here’s how to get started;

1. Get a hardware wallet from the verified vendor

Be sure to buy a ledger or any hardware wallet from the retailer. There’s a very common scam where ledgers are preloaded with viruses pose as cheap or second-hand hardware wallets. Supply chain hacks are common because suppliers know that the user will be using the hardware wallet to store their most valuable assets on the device. This creates a vulnerability in second-hand sales of hardware wallets. Ledger’s own website warns of phishing websites posing as them or their team. Ledger and other official vendors will never ask you for your seed phrase or any other private information about your hardware wallets.

Ledger

2. Set up ledger live on the device

Ledger has created custom software that helps with setting up your device and will help you with your crypto assets. Once you have your ledger go ahead and plug the USB cable into your device and into your PC. It should light up and carry you through the prompt that takes you to the ledger live site which you can find here.

3. Write down your seed phrase multiple places offline (never digitally, including photos)

Start the setup of the new ledger and be sure to follow the prompts until you get to the pin code. Make sure you write your pincode down somewhere you will not forget. Also, be sure to write down your 24-word recovery phrase offline. Most ledgers will come with little sheets that you can write your phrase on. Write your recovery phrase down in several places so that if you were to lose one there will be another stored somewhere else. Store your recovery phrase offline and somewhere secure. If you lose the recovery phase you lose access to your wallet and will not be able to recover it.

4. Confirm your recovery phrase

The automatic prompt should have you confirm your recovery phrase to make sure you wrote it down correctly. For extra security, after recording your recovery phrase you should reset your wallet and restore it completely using your recovery phrase. This step adds an extra precaution to make sure that you will always be able to safely recover your hardware wallet.

5. Create an ETH wallet on your ledger

Go to the manager section of the menu, from there search for Ethereum. Follow the prompts and after adding successfully you can jump to adding your first NFTs to your hardware wallet.

Ledger

6. Connect metamask

You will need to login into your Metamask on the computer. From there you need to click on the top right-hand corner and connect your hardware wallet. If you need a tutorial on how to set up a Metamask on your browser you can refer to this article here

Ledger

After you click continue, MetaMask will look for a Ledger device connected to the computer. Unlock your Ledger wallet to ensure that it is discovered. It will prompt you to select a Ledger account to link to MetaMask once it has discovered your wallet. Choose the ledger account you want to use or create one with ledger live.

On your hardware wallet display, click the Ethereum application. Then go to your settings and turn on contract data. If you skip this step the contract information will not function properly. Click on the account logo in the top right corner of the MetaMask window and scroll down to the settings menu. Once you are there click advanced settings, and select “use with Ledger Live” from the drop-down menu. This will allow you to see the balance of your Ledger wallet on your MetaMask extension. You will also be able to create transactions across all MetaMask-enabled blockchain applications. All you have to do is connect your Ledger wallet to your device, launch Ledger Live, and check and sign the transactions.

7. Enjoy

BOOM. Now you can use all of your favorite NFT marketplaces like OpenSea from the security of your hardware wallet.

Categories
Art NFT

Paradiso Gardens and Yung Jake Launch NFT to Support Last Prisoner Project

Creating NFTs intended to generate money for charity is an increasingly larger trend in the world of Web3.0. One such example of this growing phenomenon is the nug NFT created by Yung Jake in collaboration with Paradiso Gardens. The token will be auctioned off tomorrow morning at 11am PT, with proceeds going to Last Prisoner Project, a coalition of cannabis industry leaders, executives and artists dedicated to bringing restorative justice to the cannabis industry.

Yung Jake’s signature emoji art style has become a mainstay of internet hip hop culture, not to mention his numerous other physical works that utilize scrap metal and other found items incorporated throughout. He teamed up with woman-owned cannabis Paradiso Gardens to launch a collaborative NFT intended to raise money for Last Prisoner Project, using an emoji image of a nug that the artist had done back in 2017.

The auction coincides with the Hall of Flowers cannabis convention, happening this week in Santa Rosa, CA. The auction will be hosted on the platform Foundation, and begins tomorrow morning at 11am PT, running for 24 hours before it ends Thursday afternoon.

The founder and CEO of Paradiso Gardens, Christina DiPaci, shared some info about the development of the brand: “Working in the cannabis industry for more than a decade, we were so fortunate to be able to transition to the regulated market, giving us the ability to work without fear of legal prosecution.”

She shared more about the genesis of the project, specifically, saying: “Our friend Yung Jake painted us this weed nug out of emojis a few years ago when we were just getting our brand started. We strongly believe no one should be incarcerated for cannabis crimes, so we are psyched to be able to turn this into an NFT to help raise money and shine a light on the work Last Prisoner Project is doing.”

By combining an already recognizable aesthetic (Jake’s iconic emoji imagery) with the mission of Paradiso Gardens and Last Prisoner Project, all three contributors involved have done a stellar job of creating an NFT auction that will both raise money and awareness for the community. Artwork aside, I’m personally excited for the growth of Last Prisoner Project and the continued success of Paradiso Gardens, both of which are doing great work to create a more equitable world of legalized cannabis.

Categories
Art NFT

Getting Early Access to Upcoming NFT Projects and Avoiding Gas Wars

If you have spent any time in the NFT community on Twitter and Discord or have friends who are buying NFTs, you may have heard of the dreaded ‘gas war’. Due to the thousands of transactions that happen during the release of some of the high-volume NFT projects that are released daily, gas wars happen because of congestion on the Ethereum Network.

What is ‘gas’?

Gas, often measured in ‘Gwei’ (an extremely small unit of measurement for Ethereum. One Gwei = 0.000000001ETH), is the cost necessary to perform a transaction on the Ethereum network. The cost of gas per transaction is determined by the supply and demand of the network’s miners. The more transactions seeking to be fulfilled, the higher the cost of the transaction. Priority is given to those who pay higher gas fees, which is what creates the ‘gas war’.

So what is a gas war?

Minting (which is the term used for creating a new NFT) an NFT collection or drop often happens with large amounts of transactions being entered at the same time. Since a lot of these drops have a limited supply ranging from 1000-10000 items, there are a limited number of transactions that can get approved on the network. Collectors who are competing for a popular NFT drop by a famous artist or brand will pay large amounts to prioritize their transactions. A gas war occurs when these competitors repeatedly pay higher and higher sums in order to have a successful transaction. This results in newer NFT collectors—who do not have the principal capital to pay for large gas transactions—getting excluded from the NFT collection, and often results in the loss of valuable community members.

Presales and Whitelists

As a result of gas wars inevitably taking a toll on NFT communities who commit their time to spreading the word and hyping the project, but end up losing out because of costly transaction fees, creators are coming up with new ways to allow everyone to get a fair opportunity at minting their collections.

Mint Passes

Usually available during a few days or weeks, mint passes guarantee the collector the ability to redeem an NFT during the official drop without having to worry about gas wars. Collectors can leisurely buy mint passes as they become available ahead of the NFT drop. These mint passes are usually redeemed through the process of ‘burning’ or transferring an NFT to a specific wallet address. Some creators will take a snapshot (a record of all the holders of a certain NFT) and use that to then airdrop the collection to holders instead of going through the usual minting process.

Presales

Presales are often rewarded to early supporters or community members by opening up the minting process early to a select portion of the community (usually done through a whitelist). By breaking up the minting process into smaller categories, there is less congestion of the Ethereum Network during the minting process, which mitigates high gas prices. 

Raffles

Raffles and giveaways are done by the creators of collections in order to incentivize community members to stay active and diligent for project announcements. Raffles are a way to randomly reward community members with access to redeeming and receiving an NFT, which enables the collector to bypass the stress of securing a spot during the minting process. 

Whitelists

Whitelists are a list of names and wallet addresses collected that allow certain community members to be guaranteed a spot for minting a new NFT collection. There are a variety of ways creators develop whitelists, including community involvement and the early support of other NFT projects made by the creator. Whitelists are a way to guarantee that every person on the list will be able to mint the determined amount of NFTs during the release of a collection.

Secondary Marketplace

What happens if you miss the presale deadline or don’t make it onto the whitelist? Instead of forcing your way through the minting process and paying ridiculous fees to mint an NFT collection, a lot of the time creators will not reveal it right away. This reveal sometimes takes up to 24 hours or several days. This allows collectors who missed the presale to still buy into a collection on the secondary market. The most common secondary marketplace for collections is OpenSea. Often times, there will be a premium on the original mint price of the NFT, but the secondary marketplace still leaves an opportunity for collectors to invest in a creator’s project.

Categories
Art NFT

September 21st’s NF3 Recap: BAYC, Soldiers of the MetaVerse and OnChain Monkeys

Do you remember? It’s the 21st night in September, and that means it’s time for another recap of what’s going on in the world of NFTs. The Christie’s auction is still underway and sentiment in the Web3.0 community seems to be looking up, so we want to highlight a couple of smaller projects in the space right now. On chain projects are an increasingly popular trend, so we’ll examine an on chain project, talk about BAYC’s roadmap and examine an extremely aesthetically-pleasing project minting tomorrow.

The writer of this article owns tokens from some of the projects mentioned. This article does not constitute formal financial advice. Always do your own research before investing.

1. BAYC 2.0 Roadmap

Part of what has made Bored Ape Yacht Club so popular (and profitable) is the team’s commitment to building upon the IP on a consistent basis. The launch of Mutant Ape Yacht Club and their scavenger hunt are just a couple of examples of supplemental aspects to the project launched well after the OG mint.

Yuga Labs released a beautifully-sketched out roadmap (a breath of fresh air from traditional text-heavy roadmaps) today, which chronicles the brand’s plans—albeit broadly—through the year 2035. The first annual ape fest is on the horizon.

2. A Mint to Watch: Soldiers of the Metaverse

We usually wait for a project to drop before we’d include it in NF3, but the immense attention to detail in the artwork from the forthcoming Soldiers of the Metaverse was enough to nab it a spot on this list. While the mint is still over 24 hours away, the project already boasts over 14k followers on Twitter and almost 9k on Discord.

I personally got excited about this project due to its artwork, which looks like it could be pulled straight from a big budget MCU movie. I was also drawn to this moment from their site: “Unlike other projects that promise the world on day 1, Soldiers Of The Metaverse knows most innovation in this space has yet to come.” Really fleshed out roadmaps are enticing, but I found this transparency extremely refreshing. But that doesn’t mean they don’t have solid plans. Read more here.

The team behind SOTM told us: “The Metaverse is too special to have the same set of action heroes and characters as the old world. This is the perfect time in history to build a new set of iconic characters for what is to come next. We look forward to battling the legends of old with our heroes of new.”

And the artist behind the project, Carlos Dattoli, also gave us some insight into his process/involvement with the project:

“I was thrilled to be invited to join the team, because this collection is the first one of its kind, and the idea behind it has endless possibilities to grow. I focused on developing the characters with an eye for the future, as there’s never been this style work in generative design. I have no doubt this is the ultimate eye catcher for anyone interested in the Metaverse world!”

The mint will be live here, tomorrow at 8pm ET.

3. OnChain Monkeys (And OnChain Projects Generally)

On chain projects are becoming an increasingly hyped trend in NFTs. Whereas previous projects (or “off chain” collections) don’t actually store the token’s metadata on chain (it’s instead potentially stored through IPFS or another avenue), “on chain” projects’ metadata is stored on the Ethereum blockchain, making them theoretically permanent. Dotdotdots, for example, are stored on chain.

Numerous other projects have cropped up in the past few weeks boasting “on chain” or “permanent” storage, one of them being OCM. I was permanently drawn to OCM because of the fact that the whole collection was minted in a single transaction.

Here’s an interview that the chairman of Nfinita, Bill Tai, and CEO, Danny Yang, recently did with Coindesk. Nfinita is the org behind OCM, with the mission to “make giving more sustainable and scalable through NFTs, and to enable any NFT to be charitable.” You can also read about OCM’s development here.

Of course DYOR, but on chain collections will certainly continue to be a big trend in NFTs, as people love to confirm that the data surrounding their tokens is as permanent as possible.

Other cool stuff:

This early Bitcoin fork was rediscovered recently and snow_nft did a good job explaining it in his lengthy thread:

Art Blocks Squiggles, one of the most iconic collections under the Art Blocks umbrella, had an insane sale today.

There has been a lot of talk about some air drop scams taking place on OpenSea. There’s definitely a lot to be cautious about, but also some misinofrmation floating around. This is a helpful thread:

Stay safe out there folks. Hope to see you back again soon.

Categories
Gaming NFT

Magic Dust Miners Makes Digital Tokens Easier to Gather

Bitcoin is now more than a decade old, and while El Salvador recently became the first country to accept the digital coin as a currency, usage is still largely limited to enthusiasts, speculators, and some institutional investors. 

The biggest barrier is the difficulty of entry. New users need to open a wallet, purchase tokens on an unfamiliar platform, and then wonder what they’re supposed to do with the currencies they’ve acquired. Yat Sui, co-founder of Animoca Brands, a blockchain gaming company, has compared the onboarding process to the form-filling and bureaucracy involved in opening a bank account. But we know why we need a bank account and what we can do with it. It’s not entirely clear to everyone why we also need a digital wallet.

As long as the challenge of onboarding is clearer than the benefits, cryptocurrency usage will always struggle to grow into the mainstream.

A number of businesses have tried to make it easier. Paypal, in the United States at least, allows users to buy and hold four different cryptocurrencies, although you can’t exchange them for goods or services. Exchanges like Coinbase and Gemini have worked hard to reduce sign-up and purchase to no more than a handful of short forms and clicks. Funds, such as Grayscale Bitcoin Trust, let investors enjoy Bitcoin’s rise without having to create a special wallet, and it’s always possible to buy shares in blockchain-invested companies such as Tesla, whose price movements are influenced at least in part by the value of cryptocurrencies.

Other companies, though, are trying a different approach that enables users to collect cryptocurrencies without purchasing them at all. Magic Dust Miners gives users tokens for completing activities, such as talking in the company’s Telegram community. The program launched on the Wax blockchain and gives users 0.5 Dust ($0.015) each time they send a message. Users who also hold Dust NFTs receive a multiple of those earnings. 

The idea is to encourage interaction. Magic Dust Miners wants users to think of Dust as a reward for contributing to their favorite group discussion. The company also plans to offer physical and digital items that users can purchase with their tokens. But the effect might be to introduce people to cryptocurrencies in a relatively painless way. Users will still need a wallet, but the process of acquiring the tokens should feel natural, effortless, and risk-free. And having felt the benefits of acquiring tokens, they should then come to understand why they need to undergo the challenge of building wallets and acquiring more cryptocurrencies. 

Magic Dust Miners is now expanding to the Ethereum blockchain and to encourage adoption is offering more than 11,000 NFTs in the form of generative pixel artworks. 

The company notes that the NFTs will help holders mine Dust as they chat on Discord and Telegram, but the unique, pixelated miners also make effective stand-alone collectibles. Like cryptokitties and other digital collectibles, users can buy multiple artworks, seek out rare versions, and buy and sell them in a marketplace. 

Over the last few months, NFT art has developed into the breakout blockchain product. Collectibles as simple as CryptoPunks have sold for more than $11 million. Beeple’s collage, Everydays—The First 5000 Days, set a price of $69 million at Christies. Magic Dust Miners’ NFTs will start at 0.05 ETH plus gas, which puts their purchase price at around $164. The chance of turning a three-figure sum into a desirable collectible with the possibility of it becoming a valuable investment is another clear reason to grapple with the opening of a digital wallet.

El Salvador hasn’t yet declared Dust a legal currency, but as companies make cryptocurrency acquisition easier and their benefits clearer, more countries could find that they too are using digital tokens to buy and sell in the physical marketplace.

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NFT Tech

How to Set Up Your Rainbow Wallet

With all of the new innovations and constant changes in the NFT space, it can be overwhelming to jump in. It seems every day there are new applications, blockchains and even new wallets. 

What is a Rainbow Wallet?

Meet the rainbow wallet—a wallet designed to be NFT facing. You do not even have to download anything just to use their search function and it will let you look at any wallet.

Rainbow Wallet

Rainbow wallet allows you to enter an ETH address in the search bar and will then display all of the NFTs that are held by that account. It shows off each individual asset so that the user can get a sense of every NFT collected by that specific account. However, this tutorial is aimed at how to quickly get started on the mobile app for Apple devices. There is a beta for android, but the instructions are relatively similar.

How to Set Up Your Rainbow Wallet:
1. Download Rainbow Wallet

Go into the app store on your Apple device and search for Rainbow wallet. There will be a few options to choose from, but you will want the wallet that has a rainbow icon for a logo titled “Rainbow Ethereum Wallet”.

Rainbow Wallet

2. Depositing to Rainbow

Once you have it downloaded, it will create an Ethereum address for you. To add funds, you can send ETH to the newly generated address. ETH or Ethereum can be purchased from exchanges or applications like Crypto.com or Gemini, among others.

3. Transferring to Rainbow

If you already have ETH, you can skip this step. To buy ETH from a crypto exchange like Gemini, you will need to sign up for an account and link your bank account. From there you can just send ETH to your Rainbow wallet’s ETH address. You can find the ETH address that you need to send your newly acquired ETH to by using the wallet address that’s displayed when you click ‘add funds’. It’s a long string of numbers so be sure to double-check that the first four and last fours numbers and digits are the same.

Alternatively, you can add cash. Add cash is associated with Apple Pay.

Rainbow Wallet

4. Buy NFTs

After you have added funds to the wallet, you can get started by sending NFTs from another wallet or buying some.

5. Explore Features

By far one of the most interesting features I have seen is the ability for users to listen to NFT albums inside the wallet. They are enabling users to experience the power of NFTs right from the app. That alone I feel is a reason why NFT lovers should keep an eye on this wallet.

Do you already have a Rainbow Wallet or did you get one after reading this? Be sure to let us know and follow us on Twitter to stay in the know about NFTs.