Especially on Rarible. Which seems to be a one way road at the time for many artists. Like christians thrown into the arena, the cryptoartist of today has to battle it out amongst hundreds of others to make it. One could even argue that is a healthy and realistic dynamic of the market, but is it?
Let’s go a bit deeper. While the NFT sales are conquering record after record the profits seem to be distributed quite unevenly, with 20% of the cryptoartists earning 80% of the revenue, and the rest 80% earning 20% of the profits. Following the Pareto principle perfectly.
It has been a mixture of factors, the crazy amounts of liquidity that appeared on Rarible marketplace seem to have been driven by $rari farming.
There was a small artist base and sudden demand outperformed the supply so the secondary market sprouted. Which had a snowball-like effect where higher secondary drove crazy primary sales and vice versa.
These 2 are very interconnected and in quantum sync with each other. A phenomenon that gave the illusion of great success in many artists, only to see sales dwindling shortly after.
Another consequence/side effect is that the user base is collectively becoming smarter and smarter with their spending, opt-ing to go for liquid markets with regulated supply and drops.
So initially the market was immature with fewer artists and then $rari mania arrived and drove the liquidity in hyperdrive, people were buying random shit, a different influencer was jumping on board each week, it all gave the false feeling of a crazy long-lasting bull market, but (as usual in cryptoland) it all turned out to be a rug.
The most common reply is ‘’it’s not you, or your art. It’s the market that is down, it’s the same for everybody”.
But is the market wrong? Or will the market change its mind? Or were these sales real in the first place or just a lucky strike? There seems to be a big lack of interest in art if it is not minted on specific platforms.
Collector numbers are going up so there is no lack of new collectors as some are stating. We are all eager to watch how the bottom part of the cryptoart will evolve this year and where new trends will take us.
Some of them have never become active again since claiming their punks. Some punk owners believe that those inactive wallets are lost forever, effectively reducing the amounts of available punks.
The largest holders of CryptoPunks are, unsurprisingly, the creators, Larva Labs (0xc352b534e8b98). At position three is the Wrapped CryptoPunks contract, holding these punks in escrow until they get unwrapped (0xb7f7f6c52f2e2). In between those two massive accounts sits one CryptoPunks whale (0xcbd482af76059), which until yesterday held 703 CryptoPunks (worth somewhere north of 4,000 ETH).
Ten days ago, this wallet became active by moving 0.05 Ether back into it. This was noticed by Barthazian, Redlioneye, and others, who started making bids on the account’s punks. Barthazian went so far as to send them a message via an Ethereum transaction reading »can you accept the bid on your punk please :-D«.
The second largest holder of @larvalabs #CryptoPunks just woke up! AFTER 800 DAYS OF INACTIVITY. There are suddenly 700 more active punks!@NateAlex6677 @pranksyNFT time to get into a bidding/sniping war again?! ;)https://t.co/XtJzsWBOv0 pic.twitter.com/xhxzUrb7bw— Pixls (@pixls_dot_eth) January 17, 2021
At 10:44:11 UTC, this whale accepted the first bid. And the punks Discord went wild. The whale accepted two more bids by Redlioneye, then took out their winnings, and besides an accidental 123 Wei sale of a fourth punk, didn’t interact more.
The punks discord is still discussing the implications of the largest unknown wallet becoming active after three years. It ranges from utter excitement of new punks being de facto available again (over 500 ETH of active bids were made on the account, most of them from today) to worries about an uncontrolled dump of 700 punks affecting the punks economy negatively.
So far, the whale has not identified themself, so we can only wait and see. I am excited! I am a believer that events like these and the colourful history of CryptoPunks is a major part of what makes them so appealing. If the whale sells 700 punks, there will be many opportunities for old and new punks collectors.
Going back to our issue #6 Week 43 2020 you can read our recommendation to invest in NBATopShot.
And of course as always we wrote it all down before it was cool. Dapper Labs NBATopShot market place has been on fire! Recording more than 1M $ in sales just the past 24hrs. Their discord server now appears second on discord public servers list, only after the NBA’s official server!
🚨TOP COLLECTOR ALERT🚨@BalesFootball acquired this Serial No. 1 Ja Morant Legendary Moment from our Cosmic Series 1 set for $35,000 👀 That is not a typo. $35,000 💰💰💰— NBA Top Shot (@nba_topshot) January 14, 2021
The TOP sale for a #NBATopShot Moment ... so far 📈📈📈
Congrats on the addition to the collection 🔥🔥🔥 pic.twitter.com/Erlyt8wqcc
This project is a true testament to the fact that usage drives adoption. A large part of the user base never knew what an NFT is or maybe still don’t but they own NFTs now.
They just don’t care what is under the hood, they like the product. What a bullish indicator for NFTs in general.
Exchanges could be out of $ETH within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range. 🌐🖥️👽 #ETH2 #DeFi #NFTs #Gaming #DAO pic.twitter.com/rYPOch2u7p— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 14, 2021
This tweet gained a lot of backlash, especially from Glassnode's CTO, Rafael Schultze-Kraft, as he responded by saying, "Nothing unusual has happened; exchange flows are completely within their normal range."
Sorry to break it to you, but this is nonsense.— Rafael Schultze-Kraft (@n3ocortex) January 15, 2021
Who'd really think that a sudden drop of 2M+ #ETH are actual withdrawals from an exchange?
Nothing unsusual has happened, exchange flows are completely within their normal range.
Current balance: 16.3M ETH. pic.twitter.com/il1DmgoEUa
Although it is true liquidity in exchanges have dropped in recent months, it is nothing to the effect Saunders claims. The problem seemed to stem from CryptoQuant’s index as Saunders only used one index to conclude that exchanges would be out of ETH within 48 hours. I think this situation's whole moral is not to trust just one index but to look at multiple.
CryptoCubes are algorithmically generated volumetric abstractions limited to only 256. These NFT's are generated by a script written in Python and create a 3D NFT that is usable in metaverses. Each of these NFT's are uniquely mixed with different attributes. These attributes vary from volume, shape, and color.
CryptoCubes was created by Han, a recent architecture graduate who barely got into the NFT space at the beginning of the COVID-19 pandemic. He described starting the CryptoCubes Project as "basically my bachelor's graduation project," but later modified it for the NFT space, where it became what it is today.
This is the great thing about this, Crypto and the NFT market has allowed artists to turn simple ideas into amazing projects.
The CryptoCubes project started minting back in October and initially sold for 0.15 ETH to 0.35 ETH, depending on the rarity. The primary market sold out on Jan 6th, with the last mitted cube, CryptoCube#255, being auctioned for 10.5 ETH.
Ever since the final mitted cube, the secondary market pumped, reaching a price floor of 5 ETH. CryptoCubes is currently ranked 5th on Opensea's collectibles ranking; this is 16 spots higher than the project was back in December.
CryptoCubes— CryptoBeverage (@CryptoBeverage) January 13, 2021
The HOTTEST generative NFT project in the CryptoArt world.
Creator: @CubesCrypto @Hanrgb
Original Price: .15 | .25 | .35 ETH
Current Price Floor: 5 ETH
Have you secured your #CryptoCube and joined the movement?#NFT #CryptoArt
Han has talked about making Decentraland Gallery for CryptoCubes to show off his works. It will be interesting to see where the CryptoCubes project goes.
Is this the next cryptopunks? How high will the floor reach and how long will the hype last?
The Shameless Shilling
TinyBoxes is an exciting new NFT featuring animated SVG art that’s generative, dynamic, and rendered 100% on-chain. TinyBoxes is the first designable proto-generative NFT. Its art is customizable with a gamified minting experience.
We believe that Tiny Boxes will help push generative art and the wider NFT space forward and hope these unique innovations will inspire new eras of on-chain SVG rendered art. By open-sourcing new methods of rendering SVG on-chain, we intend to provide a template for future projects in the space to build upon.
TinyBoxes takes inspiration from Autoglyphs, the earliest pioneer of on-chain generative NFT art, and Avastars, a generative avatar project with all art rendered on-chain in SVG form, that followed in the footsteps of OG NFT CryptoPunks.
The distinction between the above projects (with the exception of Cryptopunks) and many other NFT projects is that the token’s art is embedded in the blockchain and thus will exist as long as Ethereum survives. TinyBoxes pushes the envelope even further by adding animation with SVG markup which can be retrieved fully from the chain and rendered in any browser. These will be the first NFTs with animations rendered on-chain.
To put it another way, even without the creators or the original web page, each entire art piece will be retrievable, forever, from the blockchain. Collectors will be able to fetch the SVG code directly from the contract’s on-chain render functions and even adjust how the token renders on 3rd party platforms such as OpenSea.
NonFungibleTeam’s members, @skylerfly, @NateAlex6677, @KittyCatRightM3 and @alxocity, met at ETHDenver hackathon developing a novel NFT game Microverse. Though that project has yet to make it to fruition, we’ve directed our efforts towards new projects. Visit our website for the latest on what we’re working on!
We strive to bring usability, efficiency, and composability to NFTs.
Nate Alex, creator of Sqiggly.wtf & Chainfaces, had the original idea of generating and storing the entire SVG markup of each TinyBox on-chain. This approach uses millions in gas to mint just a single token. This concept generalized for use with any SVG art was released as Mint That Shit.
SkyFly redesigned the contract, extracting the minimal amount of information necessary to reproduce a token’s art and storing that on-chain instead. He did this by building a renderer to unpack this data and turn it into SVG artwork.
Since then we’ve been able to further cut the gas used from 500k to 260k, through bit packing and thoughtful design keeping each token's data within just one storage slot (256 bits).
For NFTs to continue to moon we must continue to rocket their value proposition in each new generation. With a plethora of innovative mechanics built into the contract, including on-chain rendering, customizable options, dynamic settings, phased drops, referral rewards, and more, TinyBoxes is one of the most innovative generative art NFTs to date.
Its most notable innovations include:
As a step towards fully decentralized NFTs, we wanted our token to have all metadata directly readable from the contract. This makes our metadata API server nearly redundant and just there for compatibility with current marketplace standards.
We’re excited to announce that Beta went live on Rinkeby Testnet Sunday and TinyBoxes is already generating lots of enthusiasm! It’s still going at Rinkeby if you’d like to preview the TinyBoxes experience. You can also explore the tokens that have been minted on the OpenSea Collection.