All major media outlets picked up the news! This is what was described as a wet dream for crypto owners. Hopefully, Amazon is next. But it’s not all peaches and cream.
Celebrations were somewhat stifled by the small print that revealed PayPal wouldn't let users transfer their cryptocurrency into or out of PayPal—nor would users have control of the private keys.
"Currently, you can only hold the cryptocurrencies you buy on PayPal in your account,"
Paypal stated, outlining its bitcoin and crypto plans. "Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal."
No statement was provided as to whether it will be enabled in the future.
The community seems to be divided on this, since PayPal limits the use of the assets depriving them from their fundamental advantages for the average user. On the other hand, all exposure is good and de stigmatizes crypto.
I personally want cheap BTC and cheap ETH so I can stack MOAR.
Nevertheless it will be really interesting to see how this saga continues and what new reality we will be viewing towards crypto from now on.
Feels like that this is just the beginning of a cascade of new entries into the space by giants.
Let’s wait and see
What is Dharma?
Dharma is a portal to decentralized exchange Uniswap.
1/ We have made the first proposal to @UniswapProtocol's new governance system: Reduce UNI Governance Proposal & Quorum Thresholds— Dharma (@Dharma_HQ) October 12, 2020
TL;DR: We propose a threshold of 3m UNI for proposal submission (down from 10m), and 30m UNI as quorum (down from 40m).https://t.co/MDZkTfwMYt
Why is it bad?
By lowering the threshold for proposing and passing proposals they effectively create an environment where they can ‘’collaborate’’ with other companies and ‘’control’’ the protocol completely bypassing the governance model that was intended for the protocol in the first place.
The fear was that, should the proposal pass, Dharma, with backing from Gauntlet, would have enough power to follow through on its plans to use Uniswap’s treasury funds to pay its own community.
If "FOR" wins, then @NadavAHollander and @tarunchitra will have enough power to control the outcome of *every* Uniswap vote.— Chris Blec (@ChrisBlec) October 14, 2020
1st thing Nadav plans to do is vote-in a $UNI airdrop to his Dharma users from the "community treasury".
If this isn't a governance attack, then what is? pic.twitter.com/TsTfIWjKTN
So basically to conclude, Dharma claims that lowering the thresholds make a better more agile governance protocol, when in reality they are attacking that governance they claim to support by empowering their position to push their agenda. However, this whole situation gives a good opportunity to reflect and think on all the challenges governance coins and protocols face to achieve an elusive balance,
Art Blocks is an NFT platform driven by generative content. Creators immortalize an algorithm on the Ethereum blockchain and then collectors mint tokens that represent the results of running that algorithm.
A lot can be said for this decline or just summarize it as ‘’just another hype’’.
What makes $Rari special is that there is already a functioning product behind it, which is really rare for crypto projects, however it has failed to provide even the most basic tokenomics resulting in the only use case for the coin currently being to be dumped on Uniswap for ETH. A case can be made that it’s also useful to vote. That could partially work if the voting system was meaningful and not that slow process that takes forever, for changes to be implemented. Kinda beats the purpose when the results or benefits are so slow and indirect.
Now, please don’t get me wrong, I love $Rari as much as the next guy, unless the next guy of course is Whaleshark, but we are in some desperate need of tokenomics and news.
Simple mechanisms that can be instantly applied and provide value in the ecosystem.
Now Rarible the platform has been facing constant stability problems with core/basic functions malfunctioning on a day to day basis. User base has significantly declined, and illicit activity is rampant.
The team constantly highlights how buried they are in DMs and how little staff they have.
Some changes are necessary fast.
I love the whole concept of a community governed marketplace but in this case it is better to describe my feelings as tough love, since I fail to see any real steps taken towards improvement.
This past week we didn’t even have a vote to do with rari.
Disney this week solidified their move into Non Fungible Tokens with the art collaboration “Big Boy Pants 2”.
Radically different from their recent collaboration with Ivan On Tech “Big Boy Pants”, it is clear to see Disney has chosen the NFT space to further their world media domination.
Owners of the iconic artwork, which features the body of the Original Disney character Steamboat Willie (It could be Mickey Mouse, our researcher got bored investigating) promises the owner protection upon entry into the mythical altcoin forest, with a dire warning: Your pants, your coins, your gains, your responsibility.
Crypto twitter and the NFT community have appreciated Ivan on Tech’s warnings that “you might get rekt” and invaluable advice such as “altcoins might go up, or they might stay the same, or they might go down.
A Disney spokesperson stated “we see this as an incredible opportunity to enter a fast growing, under exploited space and hope to continue our series of releases with ground breaking items such as “Big Boy Pants 3” and maybe even “Big Boy Pants 4”.
NFT twitter and Rarible clearly loved the release of such visionary work, with tributes and artwork supporting the style being minted almost instantly.
Artist releases new work without pretentious description - Sells!
It was rumored this week that something incredible happened. An artist minted a single NFT without a description full of pretentious bollocks., conveying the emotion or setting the scene for the piece and unbelievably: it sold.(edited)
The piece, a simple, aesthetically pleasing digital painting, was unbelievably not connected to either crypto or politics and contained zero meme content.
Whilst we are busy searching for the scene-breaking artist, we have but speculation to go on.
Rumours abound around the work, the meta-data is not hosted on-chain, simply on the servers of the platform it was minted on.
The artist minted the work with a title, and simply placed in the description that they had used one, single, yet to be named art package to create the work.
The art was teased with a simple twitter post, naming the work, with the footnote "a happy accident".
Like you , dear reader - we are astounded.
We will update with further evidence as we have it.
Whilst this must be, the unicorn of the art scene, we may report on further examples of "quite good" but unpretentious works as we find them.
My main point for artists that look to break into space is to create new artwork. Nobody wants to buy your back catalogue just because you tokenized it. Of course, there are exceptions.
Moving images, GIF, are always way better than stills. Try to add complexity to your movement, meaning that a still image with just some lights shining or some basic glitch and color changes are not good enough usually.
Same as the traditional art world has low interest in NFTs, NFT collectors usually hold physical artworks in lower regard, so your cool oil paintings don't look that great as a tokenized photo. Also, another challenge is that someone needs to dox themselves in order to receive those paintings.
It’s bizarre, but so far that has been my experience. Of course, there are exceptions.
The looping must be seamless, I cannot emphasize this enough. I have turned down buying so much beautiful art just for this reason. A good loop is paramount IMHO.
Also on looping, try to be more experimental, we all have NFTs that rotate now, give us something better.
Moreover, I think most collectors have a ton of ETH and crypto logos and symbols by now. Oh! Vitaliks too, I think we all have tons by now.
The price to edition ratio is always very important. When selling goods, the buyer always must feel incentivized to buy yours instead of someone else's. Must feel that there is value whether that could be reselling or price appreciation in the future. The number of editions can vary but always ask yourself if I was the buyer how much would I spend on this artwork?
Be personal on your social media game. People are interested and more attracted to that.
In general, it’s a slow grind that rewards hard work, work ethics, and consistency.
The Shameless Shilling
If you still haven’t invested in NBATopshot there is still time!
The project is really HOT right now and it is still in beta
It’s my top performer on my NFT investment portfolio, pack sales are constantly being sold out and the secondary market is thriving right now.
All Squigglies have been minted now and only available on the secondary market some lower than the minting cost.The currency for Atlantes project $INK which is also cheap now.
Here is a beautiful T-Curve Squiggly I graciously managed to screengrab.
59 copies Gazette 5 have been burnt 🔥— Redlioneye.eth (@redlioneye13) October 24, 2020
Issue owners 1-4 Send your Gazettes back to be burnt and receive an identical one on our new contract
All succesful migrations will be rewarded with our 1st super cool collectible made by upcoming artist @snape88 (follow + check his art) pic.twitter.com/I4HmzCd80x
Since issue #5 We are printing the Gazette on a new contract so its possible to view them all together in marketplaces.
The owners of all previous issues 1-4 are kindly requested to send their editions back and they will receive an identical one minted on the new contract. The old ones will be burnt.
As a reward all successful migrations will receive the first early adopter collectible made by upcoming cryptoartist Snape.
Issue #5 owners will get it as well but no action needed since their Gazette is already on the new contract.
As long as the gas fees are low I will keep doing art drops to Gazette owners. I am collaborating with HOT artists to create artworks only available to Gazette owners.
So for Issue #6 I am thrilled to announce that Reximus Prime will be doing the art.
This Wednesday the first-ever sharded artwork by JOY will be launched! It didn’t have the turnout I expected but it’s done quite well.
29001/60000 $DONK sold! Thats 10.15 ETH
$DONK will hit Uniswap on Wednesday
It’s important to note that JOY’s latest artwork sold by the artist for 28 ETH, so you understand that the original 35 ETH valuation is a nice deal.
I expect JOYS artwork to sell for 100k one day hence I sharded Donk from now. It presents a good entry point for new JOY collectors and also its art in liquid form.
If you could own 5% of an original Banksy that you can have liquid at any time wouldn’t that be a great deal? Or if you believe in the meteoric rise that will probably occur, like me, you can benefit from this appreciation.
Place all RARI gang members into WordFit.
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How long will it take?
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