Categories
NFT Tech

What is FUD?

Within the world of crypto, there are many acronyms, technical terms, and slang words. One that is exceptionally important for crypto enthusiasts to understand is FUD, which stands for Fear, Uncertainty, and Doubt.

Within the crypto and NFT space, we see FUD spread throughout various article titles, clickbait thumbnails on YouTube, Twitter, and in Discord servers filled with frustrated investors.

The Bitcoin Ban of 2021

In late December of 2021, we saw FUD at an all-time high for Bitcoin particularly. This was a result of cryptocurrency mining being banned in several countries, including but not limited to China, Egypt, Morocco, and Tunisia.

There are other situations where FUD might apply. FUD is often mentioned within the NFT space. It’s usually when the community is discussing a project or developer (dev).

These developers present a project that seems reliable, but then only after getting money from people, they seem to step back from the project with the profits and we see the project’s activity slow down.

Sometimes we see these developers take the money and shut it down completely, which is also referred to as a ‘rug’. Unfortunately, this happens more often than one would like to see, a few notable ‘rug pulls’ we saw in 2021 were Iron Finance, Snowdog, and Fiat.

FUD is similar to another acronym many are familiar with, FOMO, which means fear of missing out. Much like FOMO, FUD only affects you if you allow your emotions to dictate your decisions and behaviors.

FUD will only affect you if you let it

FUD can inevitably happen at any moment, so the responsibility lies on the investor to do their own research (DYOR) on projects to ensure that what they are getting into is trustworthy and committed to the long-term success of a project.

Remembering that the web3 space is extremely volatile can save you from devastation. Never invest anything you aren’t comfortable losing and always keep facts separated from feelings.

If you want to learn more about web3 lingo, check out this article.

Categories
NFT Tech

What is Ethereum Gas?

NFTs have become increasingly popular with each passing day. Understanding how they’re built and function is more important than ever.

OpenSea is one of the most popular NFT marketplaces, which had an increase in users and volume throughout 2021 and is continuing to do so during 2022.

The NFT space is still growing, as most people are not aware of what NFTs are, but the community is disproportionally active. Most NFTs today are created on the Ethereum blockchain, which is known for one very common and frustrating flaw, gas fees.

What are Ethereum Gas Fees?

Ethereum gas fees are the transfer fees needed to complete a transaction on the Ethereum blockchain. Every transaction has a block with data in it. Blocks can only process a limited amount of data within them, so miners have to pick which transactions they process first.

Since Ethereum is a decentralized blockchain, it relies on many servers or computers around the world to provide the necessary level of computing power to complete transactions. The cost isn’t always the same, because it depends on the supply and demand.

Miners are the people who provide the necessary computing power to the Ethereum blockchain. Also, they set the price for gas fees based on how much it costs to provide the service. The more data a contract or transaction has, the higher the gas fee it is going to be because it requires more computing power to execute.

Gas fees exist to increase the security of each transaction. While low gas fees would mean cheaper prices for the user, it would also mean less security, because it would be easier for external actors to manipulate the blockchain.

Gas fees are paid in Ethereum’s native currency, ether (ETH). Gas prices are denoted in gwei. Each gwei is equal to 0.000000001 ETH.

Why do Ethereum gas prices get so high?

Ethereum gas prices depend on the demand. The more people are using apps built on top of Ethereum, the more computation power is needed from miners to execute the contracts.

That is because the more people use it, the more data there is to be handled.  This can be a good sign for Ethereum because it means that there is a lot of interest from people, but it can also become expensive for regular users who want to complete transactions. 

The standard limit for the Ethereum transaction gas fee is 21000 gwei. For more complicated transactions such as smart contracts, the fee is going to be higher.

If you want your transaction to be completed by the miners faster, you can increase the gas. The amount of gas that is not used will be returned to you by the Ethereum network.

If you set it too low, however, there is a risk of your transaction being declined and losing your ETH. Users can also set a maximum limit on the amount of gas fee they are willing to pay for, and can also tip the miners.

How do ETH gas fees compare to BTC gas fees?

Both Ethereum and Bitcoin are built on the blockchain. Since blocks in the blockchain can only hold a specific amount of data, miners choose which block they are going to process based on their incentives and priority. 

Bitcoin fees can also increase due to the congestion on its network. If there is a shortage of miners or increased activity, the fees will go up. This has happened in the past for both Ethereum and Bitcoin. There have been different solutions proposed. 

Bitcoin’s Lightning Network is one example. Lighting Network is a Layer 2 protocol that aims to increase the number of transactions that Bitcoin can handle so that its’ fees will be lower. 

Ethereum gas fees also depend on the volume the network is handling, but since the Ethereum blockchain is built as a platform for multiple use cases, the data that needs to be processed is diverse and large.

Etherum plans on overcoming this problem through ETH 2.0, a major upgrade in the way Ethereum works.

Where can I check Ethereum gas fees?

Since the world of crypto is very dynamic, it is natural that you need to stay updated all the time and look at different data. There are several ways you can check gas fees and compare different data that help you make the best decision on when to complete a transaction.

Some of the ways you can do this are by utilizing various websites and apps extensions such as:

  1. Etherscan – A block explorer that lets you monitor transactions on the blockchain.
  2. Blocknative – Google Chrome extension that estimates gas fees for ETH.
  3. ETH Gas Station – Website that monitors key gas fee data.
How will ETH 2.0 affect gas fees?

The Ethereum community, headed by the Ethereum Foundation, is actively looking for ways to improve the technology, including the gas fees aspect. The way through which this is expected to happen is by upgrading Ethereum to Ethereum 2.0. 

ETH 2.0 means that among other changes, Ethereum will switch from a Proof Of Work model to Proof Of Stake. This means that the responsibility of validating a transaction will go from miners with a lot of computing power to people who have staked at least 32 ETH.

The network will randomly select people who have this amount staked to validate transactions. This will make Ethereum more energy-efficient, as it is predicted that it will use 99% less energy than it does today, but also cause a drop in gas fees, due to a higher number of participants in the validation process.

Ethereum 2.0 is a process that is split into multiple phases and is being implemented gradually, with previous accomplishments such as the “London Upgrade” already in place.

Vitalik Buterin, the creator of Ethereum and head of the Ethereum Foundation, has stated that 2022 is the year when Ethereum switches to a Proof Of Stake model.

Although Ethereum gas prices can be frustrating, and cause a high barrier of entry for many getting started in the NFT space, the future looks hopeful.

Categories
NFT Tech

What is Fees.WTF?

Are you tired of Ethereum gas fees? Well, now you are going to be rewarded for all your spending.

Fees.WTF is a tool used for showing the lifetime spend on Ethereum blockchain transactions, and now they’re airdropping $WTF tokens to anyone who has spent a minimum of 0.05 ETH on gas fees.

Here is an important update from the Fees.WTF team: “Before we launched, we always mentioned that we’d be adding liquidity shortly after launch being that zero tokens were circulating.
We also didn’t say the amount because we didn’t want bots to front-run our liquidity and take it all.

So what happened? To my understanding, it was a battle of bots vs bots. Immediately on launch, there was only a tiny bit of liquidity and there were ape bots that were chucking in 100’s of eth into a pool with an eth or two in liquidity.

They also had high slippage and ended up being sandwiched by the other bots which essentially drained all their eth. It was a case of high slippage, low liquidity, and the chance to get in big on a big launch.

This is why before launch I was saying to be careful and tread lightly. The core contracts are all fine, this was a war on Uniswap. I hope none of you were affected by it. Everything is still on schedule. We are adding liquidity and getting it beefed up. You can stake and the rewards open up in about 22.5 hours.”

How to claim your $WTF tokens

In order to claim your $WTF tokens, you must first meet the requirements. All Ethereum addresses that spent a minimum of 0.05 ETH in gas fees by block 13916450 are eligible to receive the airdrop.

You can claim your tokens today (January 13th) at 7 PM ET on Fees.WTF.

It’s important to note that users must pay a service charge of 0.01 ETH, to claim the airdrop to compensate referrers and the development team for their efforts on the project. This service charge is paid directly to the team and referrer and is not used to provide any benefit to airdrop claimants.

Also, if you contributed to the Fees.WTF donation, then you will be rewarded with an additional allocation of tokens. This is true for all donations up until block 13943000, including those that donated before the airdrop was conceived in May 2019.

Why is there an airdrop?

The reason for the airdrop is to encourage people to use the Fees.WTF platform, and more specifically, the Pro Dashboard they are rolling out very soon.

Moreover, the airdrop is a way to provide value to those of us who are victims of the outrageously high Ethereum gas fees that we’ve been experiencing.

What is included in the airdrop?

If you are eligible to receive the Fees.WTF airdrop, this is what you will gain access to upon claiming:

  • $WTF tokens
  • Official Fees.WTF 1 of 1 NFT
  • Upcoming pro version of Fees.WTF as long as you hold a WTF NFT
  • WTF rewards
  • LP and WTF staking
  • Upgradable referral link that pays you in ETH
What is the Fees.WTF NFT?

Each Fee.WTF NFT contains SVG data that can be updated to reflect the current USD value of the gas you spent up until the snapshot, at no cost to you. Most importantly, holding your NFT will allow you access to the upcoming Pro Dashboard at Fees.WTF. 

The Pro Dashboard will contain stats, charts, and valuable insights regarding how and where you were ripped off by fees. Furthermore, you will gain access to date-based reports, smart contract breakdowns, a choice of fiat/meme currencies, ranking and leaderboards, and other features which are on the way.

What can you do with $WTF?

Once you claim your $WTF tokens, there are several things you can do with your tokens including:

  1. The staking rewards pool will unlock after launch. This includes a single asset staking pool for your $WTF tokens and an LP token staking pool.
  2. Holders will receive rewards in the proportion to the fee incurred on all $WTF transfers.
  3. You have to option to burn your $WTF to mint a Pro Pass.
  4. You are able to burn your  $WTH to upgrade your referral link.
What are staking rewards pools?

There are two staking reward pools that provide benefits to users who stake their $WTF tokens or, LP (liquidity pool) tokens gained by staking $WTF and ETH in the Uniswap V2 liquidity pool.

When the staking pools are active, the staking page at Fees.wtf will display the rate at which tokens are awarded, which fluctuates over time and is proportional to the total amount of $WTF staked.

To offer stakers benefits, the two staking reward pools ($WTF and LP tokens) are seeded with $WTF at launch. At the start, the $WTF rewards pool will get 20 million $WTF, while the LP staking rewards pool will receive 40 million $WTF.

A percentage of the transfer costs spent on $WTF transfers are used to boost the rewards. In particular, 10% of the transfer fee is added to the $WTF rewards bucket, and 30% is added to the LP rewards bucket.

Rewards are accrued by stakers over time, with the staking rewards contract disbursing 50% of the remaining $WTF balance of each rewards pool each month. 

Staking and unstaking $WTF incurs a 5% deposit and 5% withdrawal fee. These $WTF are immediately disbursed to existing $WTF stakers. There is no deposit/withdrawal fee for the LP token staking rewards pool.

How to get your referral link

To claim your referral link, simply go to the site, connect your wallet, and copy your personalized link. Your referral link has no expiration date and may be updated by burning $WTF.

Your referral link receives 10% of the service fees. You can burn your $WTF to upgrade the reward proportion. This in turn incentivizes token burning, ultimately decreasing the total supply of $WTF.

Here is a breakdown of the burn proportion upgrades:

  1. Burn 10 $WTF to upgrade from 10% to 20%
  2. Burn 100 $WTF to upgrade from 20% to 30% 
  3. Burn 1,000 $WTF to upgrade from 30% to 40% 
  4. Burn 10,000 $WTF to upgrade from 40% to 50%
<div class =”code”><p class = “twitter-tweet”>https://twitter.com/feeswtf/status/1479432988458819586?ref_src=twsrc%5Etfw</p></div>

Note that the NFTs are only available to those who are eligible to claim. Otherwise, you will need to burn 50 $WTF to mint a Pro Pass or purchase an NFT on a secondary market in order to gain access to the Pro Dashboard.

Fees.WTF Treasury and Governance

The treasury will be seeded with 40 million $WTF to start and will be refilled over time by a percentage of the internal $WTF transfer costs incurred on token transfers.

The treasury will be frozen upon launch while a DAO is formed. Once unlocked and owned by the DAO, the DAO can consider what the treasury money will be used for.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/feeswtf/status/1481146592854175744?ref_src=twsrc%5Etfw</p></div>

What if your ineligible to claim your $WTF?

If you are not eligible to claim the $WTF token airdrop and NFT, that doesn’t mean that you can’t participate in the project. You can still utilize your personal referral link to earn ETH.

Final thoughts

If you’re someone who has spent at least 0.05 ETH on gas fees and you want to be rewarded for all your spending, then the Fees.WTF airdrop is a great opportunity to repay yourself.

Out of all the airdrops that have occurred recently, I believe that this airdrop provides the most value, to the largest number of people. Not only do you receive $WTF tokens, but you also receive your own 1 of 1 NFT which gives you access to the Fees.WTF Pro Dashboard.

Categories
NFT Tech

What is LooksRare and How to Claim Your $LOOKS Tokens

Opensea has been the top-dog NFT marketplace for buying, selling, and creating digital assets since NFTs really took off in early 2021. Although there are other NFT marketplaces, most haven’t even come close to the trading volume experienced on Opensea in 2021.

That’s not to say that there aren’t other NFT marketplaces that aren’t trying to take a cut of Opensea’s profits though. In fact, LooksRare is one of these marketplaces.

What is LooksRare?

LooksRare is a community-first NFT marketplace that actively rewards all users of the platform. Whether you’re a creator, collector, or trader, you are eligible to earn LOOKS tokens. Ultimately, the aim of the LooksRare platform is to give back to users and creators of the platform.

As well, LooksRare’s smart contracts are built within a modular framework that allows new features to be implemented over time. This is all done without compromising security thanks to standardized signatures that transparently define the plan of execution.

What this means is that LooksRare can offer users new features at any point in time. Here are some of the features that they plan to implement soon:

  1. Collection offer allows users to make an offer that covers all NFTs in a selected collection.
  2. Trait offer lets you buy any NFT with a specific trait in a collection.
  3. Multi-cancellation enables users to cancel multiple open orders in a single transaction (saving you gas fees).

The team at LooksRare has designed the technical framework (contracts, database, API, front end, and search function) from the ground up to optimize scalability, speed, and security. Furthermore, LooksRare has also made sure to preserve compatibility for deploying on ETH scaling solutions in the future.

LooksRare platform fees

LooksRare collects a sales fee of 2% (in WETH) on all NFT sales except for private sales. All WETH collected from the sales fees are then combined at the end of each 6,500 Ethereum block period (approximately 24 hours) and then dispensed to LOOKS stakers per block over the next 6,500 block span.

You can claim your WETH rewards as often as you want, however, be aware that you will need to pay gas fees every time you claim your rewards.

If you forget to claim your WETH or you would rather wait until gas fees are lower before claiming, that’s fine. As long as your LOOKS tokens remain staked your WETH will continue to accumulate even if you don’t claim every day.

Active and Passive staking

The primary distinction between active and passive staking is that LOOKS in passive staking do not earn extra LOOKS when staked.

The rewards for each day are calculated at the end of each previous period and then split between active and passive stakers before being dispursed. Passive stakers do not earn additional LOOKS while staked. However, Active stakers LOOKS tokens are fully unlocked.

The majority of stakers are active stakers, whose staked LOOKS tokens are completely unlocked.

Passive stakers are holders of LOOKS tokens that are locked for trade but unlocked for staking, such as Team, Treasury, and Strategic sale tokens.

For each 6,500 block period, the amount of WETH rewards to be distributed in each block to active stakers is calculated by the total WETH collected as fees in the prior 6500 block period, divided by 6,500.

The overall number of WETH rewards obtained is calculated by comparing each user’s staked LOOKS at each block to the total amount of LOOKS staked at each block over the course of the 6,500 block period.

For an example, check out the LooksRare docs.

What are trading rewards?

LooksRare allows you to trade qualifying NFTs and earn LOOKS simply by trading NFTs. Trading incentives are an important aspect of LooksRare’s token economy as they aim to become the world’s most liquid marketplace for NFTs.

Users who trade NFTs from qualified collections get trading incentives in the form of LOOKS tokens, the platform’s currency. For their trade volume, both the buyer and seller of an item gain incentives (except for private sales).

Trading rewards are computed daily and distributed to users two hours after the day’s finish. The whole schedule of trade reward emissions will be over 4,686,250 Ethereum blocks (or about 721 days at a rate of 6,500 blocks per day), after which all LOOKS token releases will cease as the ecosystem becomes completely self-sufficient. 

Please visit the LooksRare website to learn more about how many LOOKS tokens are allocated for trading rewards.

Trading rewards are determined every day based on each user’s trading volume in eligible collections as a proportion of overall platform transaction volume in qualifying collections. 

Every day at 2:00 a.m. (UTC), trading rewards are available to claim. Each day, between 0:00 AM and 2:00 AM (UTC), claiming is paused for two hours while trade rewards are processed. Every day at 2:00 a.m. (UTC), you may collect your prizes on the Rewards page.

The only collections that are eligible for trading rewards are any collection that reaches at least 1,000 ETH trading volume and will be automatically added to the list of collections eligible for the trading rewards. Once a collection reaches 1,000 ETH in trading volume, rewards will begin to be processed from sales completed after 0:00 AM (UTC) the next day.

LOOKS staking rewards

Staking LOOKS means you earn extra LOOKS on top of the WETH trading fee incentives. Staked LOOKS tokens are automatically compounded for users who simply want to leave their LOOKS tokens staked.

Users are asked to manually stake pending rewards in order to maximize their portion of staked tokens. This, however, wastes both gas and opportunity costs. As a result, LooksRare has enabled auto-compounding for all LOOKS users. 

This implies that LOOKS rewards received from the staked LOOKS balance are immediately re-staked (or compounded) into the pool to raise the number of LOOKS staked. Once users unstake their LOOKS tokens, both the compounded rewards and the initial staked amount are withdrawn to the user’s wallet.

What is the LOOKS airdrop?

The LOOKS token airdrop is an attempt to take some of the attention away from the most popular NFT marketplace, Opensea. If you’ve traded 3 ETH or more on Opensea between June 16, 2021, to December 16, 2021, then you’re eligible to claim the LOOKS token airdrop.

The LOOKS token is LookRare’s native currency. You can choose to either stake your LOOKS token or swap them for a different cryptocurrency of your choice.

Keep in mind that all of the trading fees are earned by LOOKS token stakers, so the more people who transact on LooksRare, the more WETH that can be earned.

How to Claim your LOOKS tokens

Claiming you LOOKS tokens is super simple. Follow these steps to claim your LOOKS token airdrop:

  1. Go to LooksRare.org
  2. Connect your web3 wallet 
  3. Select the Check Now button in the banner at the top of the homepage to see if you’re eligible to claim your LOOKS tokens (you will have to sign for this)
  4. If you’re eligible, list an NFT for sale on LooksRare marketplace
  5. Choose the Claim Tokens button in the banner and confirm the transaction 
  6. Go stake your LOOKS on the Rewards page to start earning trading fees or swap your LOOKS tokens for another form of cryptocurrency

It’s literally that easy. Although claiming your LOOKS tokens is considered safe, always be sure to disconnect your wallet from the site once you are done. To do this, click on your wallet avatar in the upper right corner, scroll down, and choose Disconnect.

Final thoughts

Opensea has been the leading NFT marketplace since NFTs bein to grow popular in early 2020. However, some users of the NFT marketplace are not satisfied with their services or what they offer users.

That’s why LooksRare has created its own community-based NFT marketplace that actually gives back to the users and creators who choose to use its platform.

If you’re looking to explore a new marketplace and want to earn rewards for doing so, then LooksRare may be worth giving a shot. At the very least, you may want to list an NFT for sale solely to claim the LOOKS tokens if you’re eligible.

Categories
NFT Tech

Airdrop Beginner’s Guide: What’s an Airdrop and How Does it Work?

If you are at all active in the NFT or web3 space, then you’ve likely heard of people receiving airdrops. One of the most well-known airdrops is the OpenDAO’s $SOS token drop that was dropped to everyone who has interacted with Opensea, on December 13th, 2021.

Airdrops can take a myriad of different forms, but what exactly is an airdrop?

What is an airdrop?

An airdrop is a distribution of cryptocurrency, tokens, or NFTs that are sent to a web3 wallet address for free as a promotion, or as added value for participating in an experience or purchasing a digital asset. Airdrops are generally used to add additional value or to draw attention to a brand or experience.

Airdrops are most commonly implemented as a promotional strategy that is used to draw attention to an NFT project or other blockchain-based community such as a DAO, or a newly created cryptocurrency.

Keep in mind that there are numerous types of airdrops when it comes to web3. Let’s go over the different types of airdrops that are commonly seen in the web3 space today.

1. Standard airdrop

A standard airdrop is when a certain amount of cryptocurrency is sent to you in return for completing a simple task such as sharing a social media post, joining a whitelist, or providing your email address to sign up for a newsletter or other email services.

Standard airdrops do not require you to spend anything in order to receive the airdrop, it is simply a task that you complete and in return, you’re rewarded with the airdrop. The cryptocurrency is usually a newer and unknown currency and may not be as valuable as some of the well-known cryptocurrencies like Bitcoin and Ethereum.

Think of a standard airdrop similarly to a real-life coupon. For example, say a new restaurant opens up in your town and for the first week they offer free appetizers if you choose to try out the restaurant. The restaurant is providing their customers with added value in the form of a free appetizer, while at the same time they’re drawing in more attention and customers. It’s a win-win!

2. Exclusive airdrop

Exclusive airdrops are distributed to loyal holders or users of a cryptocurrency or blockchain-based community. An exclusive airdrop is essentially a reward for being a loyal user and is generally dispersed with no strings attached other than being loyal.

I compare exclusive airdrops to being a member at a grocery store and receiving gas rewards for shopping at the store. You are rewarded for your continued support, and the grocery store gains a loyal customer and provides additional value through the gas rewards.

3. NFT airdrop

An NFT airdrop can be initiated for several reasons. You may receive an NFT airdrop for holding a certain NFT in your wallet, promoting a brand in some way, participating in a giveaway, or even as a gift which is more a marketing strategy rather than a gift.

Just to be fair, NFT airdrops can be extremely valuable. A good example of a valuable NFT airdrop is the Bored Ape Mutant Serum. Holders of Bored Ape Yacht Club NFTs were airdropped variations of what’s known as the Mutant Serum NFT. 

Although these Mutant Serums were airdropped for free to holders, it didn’t take long for them to begin selling for over 3 ETH (thousands of dollars) on secondary NFT marketplaces. In fact, on January 2, 2022, a Mega Mutant Serum sold for 1,542.069 ETH ($5,907,542.97).

That being said, not all NFT airdrops are valuable. Some may be completely worthless, and some may even be scams. If you ever receive a random NFT in your wallet without your knowledge from an unknown source, you should be extremely cautious in how you handle the asset and try to avoid selling it or trading it in any way.

4. Hardfork airdrop

A hardfork airdrop occurs when there is a permanent split or new version of a blockchain that is released, hence creating the need for a new token to go with it.

Generally, the old version of the previous blockchain will still exist along with your old tokens, but the new tokens will also be airdropped to you in an equal amount to what you currently hold in the old token.

How to get an airdrop

To receive an airdrop, you generally have to hold a minimum quantity of a certain asset such as an NFT or have used a particular service that qualifies you to receive an airdrop such as transacting on a marketplace. Furthermore, you will need a web3 wallet to receive your airdropped asset.

Although, airdrops can also be received for completing a simple task for someone or a brand. Such tasks could be something as simple as sharing a social media post, creating a piece of content, or assisting in spreading awareness.

Why are airdrops important?

Airdrops are an important part of the web3 community because they act as a promotional tool for brands, allow for brands to continue to provide additional value and utility to their holders, and enable blockchains to start new without sacrificing the trust and relationship of their users.

Ultimately, airdrops allow individuals and brands to foster new relationships, strengthen current ones, and highlight their products and services in an easy and inexpensive way compared to traditional marketing methods.

Are airdrops safe?

In general, airdrops are considered to be a safe and effective way to market your brand and build community. However, that’s not to say that airdrops don’t come with some risks. There’s an extreme amount of scams in the web3 space, and any airdrop should be approached with caution and thoughtfulness every step of the way.

Many airdrop scams consist of an offering that may be hard to resist. These scams will ask you to enter your secret phrase or sign for the transaction using your web3 wallet in order to receive your airdrop, which can lead to your wallet being compromised along with everything inside of it.

If you are ever offered an airdrop, it is crucial that you do your own research and verify that the airdrop is authentic and not a scam. Here are some common signs that an airdrop may be a scam:

  • Requesting that you pay a small amount to receive your airdrop
  • Requesting any private information such as secret phrases and passwords
  • Offering to help you via sharing your screen
  • A new or lookalike NFT or crypto airdrop that’s unverified
  • Links that direct you to a phishing site that makes you sign using your wallet
  • If it’s too good to be true, then it’s likely a scam

If you find yourself in a position where you are questioning the legitimacy of an airdrop, then make sure to take your time to do the proper research and use resources such as Twitter to ask the community about the authenticity of the airdrop.

If an airdrop is legit, then it’s highly likely that you’re not the only one who knows about it, so asking the community is one of the best things you can do.

Final thoughts

Airdrops have many benefits when it comes to the web3 space such as marketing, building a community, and providing additional value and support to loyal users and holders of digital assets. However, not all airdrops are great or beneficial, and some may even be harmful if you don’t do your due diligence and research the airdrop.

Overall, airdrops can be an excellent way to earn some additional income, utility, and assets without having to do much in return. But beware, if it’s too good to be true, then it probably is.

Categories
NFT Tech

What is Proof of Stake?

When cryptocurrencies first launched back in 2008, blockchain networks used proof-of-work models to validate transactions and generate new blocks. Over time, programmers realized there might be a better way.

Instead of solving complex puzzles, what if you could validate transactions based on your stake in the network?

If you had a significant stake in a particular blockchain, you would be incentivized to maximize the value of your tokens and keep transactions safe and secure. And your stake could serve as collateral to become a validator.

This is the logic behind proof-of-stake (PoS).

Instead of using miners to validate transactions, PoS blockchains use validators. These validators perform a similar function to miners, in that they legitimize transactions, but there is no computational puzzle required to become a validator.

Rather, validators are qualified by “staking” the native tokens of the blockchain as collateral to keep transactions secure. When a transaction is made, the system will randomly select validators based on their stake and reward them with network transaction fees.

The good and bad of proof-of-stake

Proof-of-stake blockchains boast scalability, efficiency, and higher transaction speeds. They are also more sustainable because they require less electricity than proof-of-work to generate new blocks.

So why do proof-of-work systems still exist? Is it just boomer Bitcoin maxis clinging to 2008 principles, or is there something more to it?

PoS is largely criticized for appearing plutocratic. In other words, the largest bag holders have an unequal influence on the network, defeating the purpose of decentralized consensus algorithms.

Some PoS blockchains require thousands of dollars (at least) to become validators, and this can be considered a high barrier to entry.

This argument has some merit to it; however, proof-of-work has also become more gated as mining efforts increased in the last few years.

The days of buying a small rig in your basement and hoping to mine meaningful amounts of Bitcoin are over. Because as miners gobble up more Bitcoin, the algorithm becomes more difficult, hence creating a new barrier to entry that requires more electricity and better mining.

This lifecycle seems inevitable for any proof-of-work network that grows in popularity and collective computing power.

Some examples of proof-of-stake blockchains:

Ethereum, traditionally a proof-of-work network, is slowly migrating to a proof-of-stake model with the rollout of Ethereum 2.0. The main purpose behind the shift is to lower gas fees, improve scalability, and increase transaction speeds.

Solana is a native proof-of-stake blockchain, built as a competitive alternative to Ethereum in the way that Ethereum was built to compete with Bitcoin. Solana claims to be the fastest blockchain in the world, verifying a whopping 65,000 transactions per second.

Other popular PoS blockchains include Polkadot, Cardano, and Tezos.

Categories
NFT Tech

What is Proof of Work?

Ever wonder how to mine Bitcoin? Bitcoin mining centers around proof-of-work (PoW), a system that enables safe transactions for peer-to-peer networks. AKA, PoW keeps miners from cheating.

In this article, we’ll cover how blockchains incorporate proof-of-work, why it’s important, and how proof-of-work will evolve in 2022 and beyond.

The nuts and bolts

Every blockchain requires a unified system to validate transactions and mine new tokens. This unified standard gives blockchain technology its utility as a reliable medium of exchange.

To operate a financial transaction, some blockchains require miners to show proof of work. This ensures 1) transactions are legitimate and 2) new tokens are validated. If a miner can’t prove their work, the transaction can’t be completed.

Under a proof-of-work model, blockchains rely on complex mathematical puzzles to validate new blocks. These systems prevent malicious actors by preventing the use of holdings more than once, or the use of fraudulent tokens.

In blockchain tech, each token and transaction is unique, allowing for the development of a permissionless, decentralized financial system. Bitcoin is the most prominent example of a proof-of-work blockchain network. But other large networks like Ethereum also incorporate PoW.

As more blocks are validated on-chain, puzzles for proof-of-work become more complicated. The consensus algorithm adjusts over time based on collective computing power. The system is designed to keep block production rates stable. Otherwise, new tokens would be rendered worthless.

In this light, it is not easy to mine popular coins. While over 90% of all Bitcoin is mined, many experts like @Waltzinthestreet believe the remaining 10% will never be collected in our lifetime. This is due to the complex nature of the work required to mine the remaining blocks.

Applying proof of work in 2022 and beyond

You may be familiar with the criticism of proof-of-work. It has a massive energy requirement, as mining operators around the world must keep the lights on to compete and collect as many coins as possible.

With that said, the majority of Bitcoin miners use renewable energy. If proof-of-work can rely on sustainable energy, it is still an effective model for enabling a decentralized, permissionless blockchain network. Hence why Bitcoin maxis cling to proof-of-work as retaining the true OG values of cryptocurrency.

But in general, proof-of-work is largely seen as slow and inefficient. I think Bitcoin may always be a PoW blockchain, but you won’t see many new networks popping up incorporating that model.

Other popular blockchains like Cardano and Polkadot use proof-of-stake as a competing alternative to PoW networks. Ethereum itself started on proof-of-work, but has slowly adopted a hybrid model to keep up with market demands, and will incorporate proof-of-stake on a wider scale under Ethereum 2.0.

Categories
NFT Tech

What is Rarity Sniper and Why is Rarity So Important With NFTs?

When it comes to NFT projects, rarity plays a huge role in determining the value of certain NFTs as well as the utility that may be offered through an NFT’s traits. That’s why Alexi decided to create his brand, fittingly named Rarity Sniper.

What is Rarity Sniper?

Rarity Sniper is a platform used to help locate the rarest NFTs in a collection—and one of the biggest NFT communities on the planet. The service was launched 6 months ago and initially helped Alexi find some extremely rare NFTs from Bored Ape Kennel Club, Cool Cats, and other drops.

Generally, after someone collects an NFT one of the most common questions asked is, “How rare is my NFT?” Eventually, Alexi had the realization that many people collecting NFTs asked this very question and many had the same desire for a rarity checking tool.

After Alexi received an influx of Discord users messaging him to find out how rare their NFTs were, he decided to create his own Rarity Sniper Discord that allowed anyone to join and check their NFT’s rarity ranking by DM’ing Alexi. 

At that point, Alexi was simply taking screenshots of his personal rarity tool and sending the results to users who requested to know the rarity of their NFTs. It didn’t take long for him to see that manually delivering everyone’s rarity was a full-time job.

Realizing this, Alexi started to code the first Rarity Sniper bot. It took just 12 hours He then made it available to members of the Rarity Sniper Discord server. The server quickly gained popularity being as it was one of the only rarity checkers available to the public at that time.

Due to limitations on the number of people you can have in a single Discord channel, Alexi decided to create multiple channels to allow more people to check their NFTs’ rarities.

Rarity Sniper continued to grow, eventually hitting the 250k Discord members threshold which requires special authorization from Discord to unblock. This was troubling because everyone who wanted to check their rarity was being directed to the Rarity Sniper Discord.

This required Alexi to contact Discord in order to unlock the Rarity Sniper server. In the meantime, he noticed people were selling Rarity Sniper invites just so they could check their rarity in the Discord.

Currently, the Rarity Sniper Discord has an outstanding 350k active users, with new users joining every day. Approximately one month ago they also launched the Rarity Sniper website, which saw nearly 1 million unique visitors in the first month!

When you visit the Rarity Sniper website, you have the ability to view all the listed collections, see upcoming drops, stats, and even list your own NFT project.

What is rarity?

Now that you know about Rarity Sniper and the services they offer, you may be wondering what rarity actually means in terms of NFTs.

NFT rarity originated from the traits found in the Crypto-Punks collection. Rarity drives a large part of the economy around collectible NFTs and produces excitement. It is the result of a calculation which focuses on the various traits found in the NFTs of a collection.

Alexi says he likes to think about NFT collections in terms of pillars. These pillars include art, rarity, utility, and community, and they are the fundamentals of any good NFT project. If a project doesn’t have a combination of these four pillars, it can really affect the overall success of an NFT project.

That’s why Alexi believes that rarity is a crucial element not to be overlooked when trying to create a successful NFT collection. If a new project doesn’t execute rarity properly, there might be minimal excitement when it launches.

Why is rarity so important?

Okay, so now you understand rarity. But why is rarity so important when it comes to NFT collections?

Rarity is important because it is directly tied to the excitement and the price of an NFT. Rarity also helps drive demand in an NFT project and diversifies a project by offering different levels of traits and utility.

Rarity isn’t only important to the consumers who collect NFTs, but it’s even more important to the creators behind the projects. Without rarity, NFT projects would potentially be very boring.

Final thoughts

Since NFTs gained popularity in early 2021, rarity has always played a role in determining the price of an NFT, and how much excitement is created when minting a new NFT for both collectors and creators.

Now with a tool like Rarity Sniper, collectors have the ability to track these rarities to ensure they are finding the best NFT for their goals and their budget. Furthermore, creators now have the option to publicly share their NFT’s rarity with collectors. It’s truly a win-win.

The next time you’re thinking about collecting an NFT, make sure to check its rarity using Rarity Sniper.

Categories
NFT Tech

The Definitive Timeline of Early NFTs on Ethereum

The history of the Ethereum blockchain is rich with data, dating all the way back to 2015. Since then, there has been a lot to happen with NFTs and the Ethereum blockchain. From ENS to Axie Infinity, they all play a role in the development of the Ethereum blockchain and the NFT space in the macro.

Thanks to Leonidas.eth, I was able to gather a list of some of the most significant NFTs created on the Etherum blockchain. This list doesn’t include every NFT on Leonidas’s timeline, however.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/LeonidasNFT/status/1470397114169630726?ref_src=twsrc%5Etfw</p></div>

Here are 25 of the earliest NFTs found on the Ethereum blockchain.

1.Terra Nullius

Terra Nullius is the first NFT on the Ethereum blockchain with a mint date of August 7, 2015. According to this Reddit post, it appears that this project was built to allow you to stake your ‘claim’ on the blockchain.

When you staked your claim you got to write a short message, meaning you can customize your NFT. This was a cool idea, especially considering how early this NFT project was.

2. Etheria v1.1 (Blockplots)

Etheria v1.1, aka Blockplots, was minted on October 29, 2015. Blockplots was the first NFT on Ethereum with a transfer function. This NFT allowed you to own tiles on a map and had a limited supply of only 457 pieces. The transfer function was a huge step towards the NFTs that we know and love today.

3. Ethereum Name Service

Recently, Etherum Names Service has gained quite a reputation after its ENS token drop in November 2021. ENS was originally created on March 10, 2017, as a way to purchase decentralized domain names. Similar to web2 domain names, you can own these decentralized domain names for a set amount of time, but ultimately it’s more of a lease than actual ownership. Either way, the future of ENS seems promising.

4. Curio Cards

Curio Cards is known best as the first NFT art project on the Ethereum blockchain. With an original mint date of May 9, 2017, Curio Cards consists of 30 unique art collectible cards from seven different artists. There’s a total supply of 29,296 cards, each with different levels of rarity and value which has been determined by the market.

5. CryptoPunks (original contract)

The original CryptoPunks were minted on June 9, 2017. The first CryptoPunks contract had a marketplace bug that led to punks getting stolen. Currently, the OG Punks are still tradeable OTC but are banned on OpenSea.

6. CryptoPunks

It wasn’t until June 23, 2017, that Larva Labs created the uniquely generated 8-bit collectible characters that are known so well as the OG NFT project today. In fact, CryptoPunks was the project that started the 10k profile pic (pfp) trend and is currently available on Larva Labs with a floor price of over 65 ETH. 

Recently, Larva Labs announced that they are working on an open-source, community-driven interface to the decentralized, zero-fee market for buying and selling Punks.

<div class =”code”><p class = “twitter-tweet”>https://twitter.com/larvalabs/status/1474133327791763456?ref_src=twsrc%5Etfw</p></div>

7. MoonCatRescue

MoonCatResuce is another 8-bit NFT collectible NFT project that came out a couple of months after CryptoPunks on August 9, 2017. MoonCatRescue is the first cat NFT, and the first generative art NFT project found on Ethereum. MoonCatRescue has almost double the supply of NFTs compared to Punks, however, with a total supply of 25,440 pieces.

8. CryptoCats

It didn’t take long for the next NFT cat-wave named CryptoCats. On November 12, 2017, CryptoCats was born as a collectible 8-bit cat on the Ethereum blockchain. The rediscovery of CryptoCats in March 2021 triggered the NFT archaeology movement. Compared to the previous projects, there is a limited number of only 625 CryptoCats NFTs available today. 

9. CryptoKitties

The crypto cat trend continued with CryptoKitties. This NFT project was minted on November 23, 2017, and allowed you to collect and breed digital cats. CryptoKitties are a huge part of the Ethereum timeline considering these NFTs were the first ERC-721 tokens, however, they weren’t fully compliant.

CryptoKitties definitely have their place on the timeline, but with a total supply of 50,000 NFTs, they haven’t become extremely popular or valuable like CryptoPunks.

10. Ethermon

Ethermon was launched on December 16, 2017, as an early NFT play-to-earn game, allowing players to own, improve, use, and profit from their in-game digital assets. The current upgraded version of Ethermon was relaunched in 2019 by the game’s most dedicated players and an expanded team.

The game objective is to collect Ether Mons in order to participate in a growing range of p2e game modes. You can enjoy Ethermon via the 2D RPG on their site or a full-fledged 3D MMORPG in Decentraland’s metaverse.

11. EtherRock

EtherRock, which was minted on December 26, 2017, was one of the first crypto collectible NFTs on Ethereum. Only 100 original rocks were ever created and made available. Each new rock was created to become increasingly valuable. This game is completely constructed on the Ethereum blockchain, with a decentralized smart contract managing everything from buying and selling pebbles to their pricing and owners.

The only purpose these virtual rocks serve is to be bought and sold and give you a sense of pride as an owner of these limited rocks that are available in the game.

12. CryptoCards

The Cryptocards collection was established on January 7, 2018. It is the first NFT collection with over 50 cards detailing the history of Bitcoin, with a total supply of 8,451. The first CryptoCards were issued as ERC-20 tokens, but the developers later created an ERC1155 wrapper to make them available on OpenSea.

13. Decentraland

On January 20, 2018, the popular metaverse world Decentraland was born. Decentraland is a 3-D virtual reality realm built on the Ethereum blockchain that is decentralized. You may engage in numerous activities, play games, purchase and develop lots of LAND, and earn cash known as MANA, which can be swapped for real-world currencies.

14. Etherbots

Etherbots is a game that went live on March 4, 2018, in which you acquire, create, trade, and combat completely customized robots. There are more than two million robots that could exist, and each one is immutably yours thanks to the blockchain.

The total number of robot crates ever sold is set at 3900. Etherbots is built by the same team that created the popular free-to-play trading card game Gods Unchained.

15. EtherLambos

Etherlambos are digital high-end luxury cars that were minted on the blockchain on March 4, 2018. These digital vehicles can be accumulated, exchanged, and modified on the Ethereum blockchain.

Etherlambos offers a selection of limited-edition versions to pick from, or collectors can design their own upon request. Furthermore, you can tune your Etherlambo vehicle which alters both its performance and appearance. These digital vehicles are a known flex in the metaverse world today.

16. Axie Infinity

Axie Infinity was originally created on March 14, 2018, and is known as the first play-to-earn game that has gone viral. Axie Infinity is a combat pet universe that uses NFTs and blockchain technology to empower players in an innovative way.

On the surface, the game is about battling Axies and earning crypto, acquiring rare Axies with limited edition skins, and constructing a land-based kingdom where you may partner with others and battle for control of resource nodes. 

Axie Infinity continues to lead the way as the most popular NFT and blockchain-based game with over 1.8 million active users logged into the platform as of August 2021.

17. SuperRare V1

On April 2, 2018, SuperRare was officially established as one of the go-to NFT marketplaces for buying, selling, and trading fine art NFT collectibles. I’m talking about artists like XCOPY, Hackatao, Coldie, and MattKaneArtist in addition to 163 more artists. SuperRare remains one of the most supreme NFT marketplaces for buying and selling high-quality NFT art.

18. PepeDapp

If you are familiar with the popular meme Pepe, then you may have heard of PepeDapp, minted on May 17, 2018. PepeDaap is a set of NFT Pepe cards on Ethereum with a low supply of only 50 cards (supply varies by card). It’s important to note that PepeDapp was reminted and is a community-owned project that was airdropped to holders of the original PepeDapp collectible. 

The reason this NFT project was reminted is that the original PepeDapp wasn’t written to be ERC721 or ERC1155 compliant. The new wrapper contract is ERC1155 compliant, meaning the NFTs are now tradeable on secondary marketplaces such as OpenSea and Rarible.

19. Cryptovoxels Parcels

On June 5, 2018, another popular metaverse world named Cryptovoxels came to fruition. In the Cryptovoxels world, you can buy, own, and sell parcels. Moreover, as a parcel owner, you can choose to build on your parcel or make your parcel a sandbox parcel, which makes it free for anyone to build on.

20. CryptoStrikers

CryptoStrikers (aka Wrapped Strikers) was brought to light in 2021 by entrepreneur Gary Vee as the first sports NFT on the Ethereum blockchain, originally minted on June 9, 2018. Holders of CryptoStrikers NFTs can buy, sell, and trade player cards like traditional collectibles. The cool thing about CryptoStrikers cards is the trust and transparency provided by the blockchain.

You can learn more about CryptoStrikers and Gilang Bogy, the artist behind the project, in this behind-the-scenes interview with Gilang.

21. CryptoArte

CryptoArte is an early generative art project minted on July 11, 2018. Each CryptoArte painting matches its hash on-chain, ultimately creating the generative piece of art that you see displayed when you view the collection.

The creators of CryptoArte describe their project as an NFT art collection that tells the history of the Ethereum blockchain. There is a total supply of 9,895 NFTs in the CryptoArte collection.

22. MLB Champions

MLB Champions is the first officially licensed MLB NFT blockchain-based sports game minted on August 13, 2018, which collectors could play using their own crypto figures. When MLB Champions was originally created, the goal was to have every game tied to a live MLB game in real-time and your figures earned stats based on how well they performed in the real-life MLB game.

However, the partnership between the MLB and the third-party developer was discontinued after failing to roll out new features on time and to align its NFT releases with the MLB calendar.

23. Gods Unchained Collectibles

December 10, 2018, was the day that Gods Unchained unleashed their own NFT collectibles to give users complete ownership over their in-game items. As a player, you have the ability to collect rare cards, build your deck and sell cards to other players. 

24. Plasma Bears

Plasma Bears was first minted on March 12, 2019, and is one of the most underrated NFT projects in my subjective opinion. Gary Vee was among the first to mention Plasma Bears and the fact that pieces of these collectible bears were created by famous artists such as XCOPY. In one of Gary’s recent podcast episodes, Gary even claims that his XCOPY Plasma Bears are his most prized possessions in his entire NFT collection.

The Plasma Bears were originally minted on the Loom network, which shut down unexpectedly, and once the game shut down and the sidechain bridge was closed, the opportunity for players to retrieve their bears ended, which ultimately created even more demand for these collectible bears.

25. Autoglyphs

I felt that ending this list of early NFT projects with a bang was the only way to go out. That’s why Autoglyphs is number 25. Autoglyphs was created on April 5, 2019, and is the very first on-chain generative art NFT on the Ethereum blockchain created by Larva Labs. There are only 512 Autoglyphs available with a current floor price of 195 ETH at the time of writing this.

Surely Autoglpyhs will hold strong as one of the most sought-after NFTs ever minted on the Ethereum blockchain, largely considering that the creators are also responsible for the creation of CryptoPunks, another highly-desirable NFT collectible.

Final thoughts

This timeline originally created by Leonidas.eth builds on the research of many other NFT Archaeologists and would not be possible without their hard work and dedication to the NFT space. 

Overall, it’s tough to say what the future of NFTs on Ethereum holds, but we can assume that whatever it is, it will be exciting and full of surprises. There are plenty more innovative NFT projects and brands that are likely to emerge from the NFT space, and as this list of early NFTs shows, this is only the beginning. The future looks bright, will you be a part of NFT history?

Categories
NFT Tech

NFT Predictions for 2022

This time last year, Clubhouse rooms were thriving, artists were learning about the new tech called NFTs that flooded their Twitter timelines, and nobody was prepared or could have predicted what would follow next.

Over the past 12 months, the space has endured parabolic growth, and it has been more than anyone could have imagined. From 1/1 auctions on Foundation to the PFP collection craze, and now more sophisticated NFTs that draw on utility for the collectors, NFTs have developed significantly across the board.

NFTs have taken over the tech world, so much so that it was crowned word of the year by The Collins Dictionary, further suggesting it is a presence that cannot be ignored.

Despite the stigma and skepticism expressed by many, it has succeeded in capturing the attention of mainstream brands and businesses, all of whom are investing to try and understand more about how the space works and how they can be involved.

From an Adidas partnership with the BAYC, a Pepsi NFT, to Nike acquiring RTFKT studios, corporate experimentation has slowly evolved to conviction, demonstrating that NFTs are not simply just a bubble.

To illustrate further, celebrities have joined the action with many prominent names investing in NFT projects such as Jimmy Fallon, Steph Curry, DJ Khaled, Paris Hilton, and Post Malone to name a few.

There has been a fair share of controversy, drama, and FUD, but equally, there have been serious signs of potential, positivity, and kindness, all of which are helping to shape the space every day.

But what is in store for the year ahead? In this article, we discuss some ideas and thoughts about NFTs in 2022!

NFTs will add more utility

In the past year, NFT collections have sold out simply because they were a 10,000 profile picture collection. However, as the months went by and we have learned more, for many, apeing into every collectible project has proven unsustainable.

Hype can only take a collection so far and the buzzword for the moment is utility. For projects to succeed in the long term, there must be something that defines them, something that makes them unique, and they have to provide value to the collector that extends much further than the art or name.

Whether it be through tokens, airdrops, access to the metaverse, or commercial rights, collections are having to think outside of the box to attract collectors, in hopes of selling out. Subsequently, we should expect to see even more utility.

More brands will enter the NFT Space

In the latter half of 2021, we began to see more and more brands take an active interest in NFTs, especially given the volume of sales reaching $9 billion in 2021, the possibilities are endless.

Subsequently, powerhouse companies such as Nike and Adidas emerged, Nike acquired trailblazers RTFKT studios, and Adidas partnered with a number of NFT companies including BAYC, Punks comic, and Coinbase.

Evidently, these are just the stepping stones, brands will continue to expand their presence in the NFT space and metaverse as 2022 unfolds and we should certainly expect more eyes on the scene.

DAOs will continue to grow

DAOs fundamentally challenge traditional business start-ups in the sense that they are public, transparent, and decentralized, no longer will there be equity, but instead, tokens. Arguably, they are more trustworthy and enable fair distribution of wealth in real-time.

As the year has progressed, DAOs have become more important with many collections adding the establishment of a DAO to their roadmap, allowing collectors to have an active say in the direction of the project.

From votes to raising money and community growth, DAOs are only going to expand in 2022. Even in the face of uncertainty regarding regulations and legal standards, we have seen potential with Wyoming passing a law that legally recognizes DAOs. They are gaining steam with their decentralized nature and based on recent momentum we will surely see more updates next year.

Tokens will be airdropped

You can be rewarded by simply participating in the space, this was exemplified through the ENS domain airdrop, and the more recent $SOS token airdrop, which both rewarded early users and supporters with tokens.

Similarly, the BAYC are planning on dropping a token that will reward holders, while gm is dropping a $gm token which will be distributed and reflective of how many times you have engaged with the gm culture on Twitter.

Clearly, these tokens reinforce the fundamental requirement to engage in the space. In 2022, we should expect more token airdrops, and what we have seen so far suggests that you should get involved in every way you can!

More NFT/Blockchain Games

Games have had a renaissance under NFTs with blockchain technology opening up new opportunities for gamers to be compensated for their time. With the foundations of play to earn starting under Crypto Kitties in 2017, the latter half of 2021 has seen a number of NFT projects add play-to-earn games to their roadmap.

Namely the BAYC, which has announced a partnership with Animoca Brands and is expected to launch in 2022. Furthermore, the NFT collection The Forgotten Rune Wizards announced their plans for a play-to-earn game, and following the announcement, their floor price more than doubled in less than 24 hours.

Renowned NFT persona Loopify has also preached the potential and possibilities for blockchain gaming with his own NFT game, Treeverse. Clearly, gamification is an avenue that NFT projects will continue to pursue in 2022.

IRL events will come

The biggest event of the year occurred in November during the week-long NYC takeover which also coaligned with the BAYC’s Ape Fest. Thousands of NFT enthusiasts traveled to the city and were able to put a face to their online persona, something that at large had not been done since many joined the space.

It was a chance to bridge the digital with reality and it proved to be extremely popular. The BAYC hosted a number of events including a warehouse party that saw live performances from The Strokes, Lil Baby, Beck, Chris Rock, Aziz Ansari, and Questlove.

Not only did they host a concert with some of the biggest names, but they also hired a real-life yacht that ape holders could attend which featured even more live music and partying.

With the events being major successes, other NFT collections have begun adding IRL events to their own roadmaps, and thus we should expect to see further real-life events in 2022.

NFTs will be more innovative

The NFT space has skyrocketed in volume with billions entering since the start of the year. But interestingly, there has not been a great degree of diversity with PFPs, 1/1s, and generative art all leading the way in 2021.

For many collections, it has become increasingly more difficult to capture attention due to the sheer volume of similarity in the market, therefore more innovative art and ideas are required.

Recently a collection was launched named JPGpeople, and it allowed collectors to participate in the generation of the art through typing a phrase, which would also be a part of the NFT.

It provoked thought, it sparked creativity and above all else, it was something new. In 2022, we should expect to see more creative ideas that diverge from the standard NFTs that simply require you to click mint.

Things are going to change

This may seem fairly obvious, but it is also fundamentally true. In the past 12 months, a lot has changed, whether it be the trends, the price of Ethereum, or the influx of brands.

Nobody could have predicted where NFTs would stand in 12 months’ time. However, now that we are here, and we can look back on what changed, and what is expected ahead, we can surely say that 2022 will be exciting for NFTs.