Solana X OpenSea: An Unlikely Partnership?— #14
Wow, another week has flown by… there has been a lot of activity over here at the Haus! This week the NFT market was taken by surprise when OpenSea announced its integration with Solana NFTs, with many ETH NFT traders curious about the trading scene in Solana.
Anyway, more on that later. Welcome back to the Haus! If you’re new here, don’t forget to subscribe to our newsletter ART HAUS WKLY so you stay up to date with the weekly happenings in the crypto and NFT space.
Now before we get into the SolNFT x OS news, we shall go through some updates on our end. Enjoy!
To kickstart the week, you may have viewed a sneak peek of Gnarnia MMO in action.
Shortly after, we announced in our Discord the confirmed billboard Gnars placement in the upcoming NFT NYC conference. Talk about mass marketing!
And for the main highlight this week, we have also submitted our Gnars x Nouns Athletes proposal on-chain. The voting will commence in a few hours (should be up by the time we post this), and fingers crossed for the Nouns fam to pass the 69ETH grant.
Feel free to check out Nouns DAO proposal 51 here. We’ll need some Area 51 magic to pull this off.
Finally, congrats to Gami for posting a highly successful thread! Check it out for yourselves to find out more about sub-DAO culture in Nouns.
And that’s about it for this week’s events, we’re all anxiously waiting for the outcome of Nouns Proposal 51. Until then, do follow our Twitter for further updates on the Haus. Now on to the news…
News Of The Week: Solana x OpenSea - How They’re Faring A Few Days In
On 7 April this week, NFT marketplace OpenSea announced their integration of Solana NFTs onto their platform. This allowed patrons of OpenSea to purchase Solana NFTs in 165 collections on the platform, as a “beta” round of this partnership.
With Solana NFTs booming in market share these past few months, and OpenSea still firmly in the lead as the top NFT marketplace, one would expect this integration to be symbiotically beneficial for both sectors.
But that may not be the case… here’s why.
SOL X OS - The Rationale
According to Solana-powered foundation Metaplex, 9.7 million NFTs have been minted on the Solana blockchain since June 2021, an insane number for a network still in its early stages.
With Magic Eden (SolNFT marketplace) controlling the bulk of the SolNFT sales, OpenSea probably wanted to have its slice of the pie.
And yes, NFT traders on both sides saw this as a great boost to both OpenSea and Solana NFTs.
After all, Solana NFT projects would get more exposure on OpenSea, potentially drawing “Ethereum whales” to join in the mix and boost the floor prices of some projects significantly.
In the OpenSea camp, NFT enthusiasts foreign to Solana would be awed by the extremely cheap transaction fees, allowing them to go on a SolNFT shopping spree, which is almost gas-free!
An Unforeseen Circumstance
But OpenSea’s SolNFT integration had a rough start. Initially, it was delayed for a few hours and the team did not make an official statement.
This was coincidentally happening at the same time when the Solana blockchain was experiencing low TPS (below 1,500), and people speculated that it was the primary reason for the delay.
Ultimately, the collections still got put onto the OpenSea platform. Some popular SolNFT projects include Solana Monkey Business, DeGods, Cets on Creck, and more.
The hype wasn’t enough to give the expected result, though. Sales dropped by more than 21% in the 24 hours following the OS integration.
At the end of this, I can’t help but wonder, who benefitted from the host of events in this whole OS x Solana NFTs?
I’d say MagicEden got the most out of this integration. Why?
On top of the low TPS of the Solana blockchain (still ongoing as we speak), Solana NFT enthusiasts have complained about OpenSea’s UX. It seems that the account creation, NFT listing, and eventual selling all require hefty fees from the user’s end… which MagicEden basically “waives”.
Oh well, what can I say, we’re still early! As for the steps OpenSea will take from here, only time will tell.
Last week on ART HAUS WKLY, we talked about the Ronin network hacker who stole around 550 million dollars from the Axie universe. Now, he’s already begun transferring ETH out of the main wallet into multiple addresses, including 200ETH to Tornado Cash - a privacy protocol on the Ethereum blockchain.
Read more about the hacker’s movements in this article below.
The all-new Ledger Nano S Plus is here! The long-awaited hardware wallet is an upgrade from Ledger’s original “Ledger Nano S”, and now comes with more memory, a larger screen, and NFT integrations.
Do read into the product for more information on the pros of hardware wallets.
Bitcoin Week is just around the corner! One of the largest cryptocurrency events will be taking place in Miami from 6 - 9 April 2022, and some of the biggest names in the space will be attending the event.
Take a look at this piece for some events to look out for in Bitcoin Week 2022.
Metamask, the leading software crypto wallet, has just announced a function that will make purchasing crypto with Apple Pay seamless. For IOS users, they would no longer have to rely on third-party vendors to purchase crypto, saving on card fees!
Read the full article for more details.
FEWOCiOUS, a 19-year-old NFT artist, has recently launched the collection Paint Drop, garnering $19 million in sales. These “Paint Units” will be the fundamental building blocks soon to come to FEWOWORLD, which is highly anticipated by many who follow the artist.
Read the full piece to find out more about this artist prodigy!
The Azuki project, a highly successful anime-inspired NFT collection that has been bursting in popularity these past few weeks, has now been targeted by scammers. Some have allegedly hacked into Twitter influencers’ accounts and “promised” free NFTs to the audience… which the gullible have fallen for.
This also follows the ApeCoin scams last month. Stay safe, some things are really too good to be true.
Introducing Bored & Hungry, the first NFT restaurant to accept ApeCoin ($APE) as payment! The pop-up is founded by a proud owner of a BAYC, and claims that this is his way of giving back to the web3 community.
Find out more about this restaurant in Cali!
Art Haus Blog Releases
This week, Gami’s thread shred inspired me to write a piece on Sub-DAO, and be one of the first few to “define” this term.
So a sub-DAO is a DAO within a DAO, but there is more to that. Consider Gnars as a sub-DAO to Nouns - we’re inside the Nouniverse, where another smaller DAO who is not Nounish will not qualify as a sub-DAO to Nouns.
In the article, I cover DAOs and the problems they face, along with how sub-DAO culture fixes that. If you’re wondering how to establish a sub-DAO, we got you covered too!
Do let me know your thoughts on sub-DAO culture! Personally, I’d say it’s here to stay.
Podcasts: Worth A Listen
In this episode of Delphi Digital, they are joined by avid DAO contributor Tracheopteryx. As expected, this entire episode is dedicated to explaining the DAO, what it is and how it works.
Tracheopteryx shares with us his core contributions to Yearn.finance, and goes on to give a detailed run-through of how DAOs function, why there is a need for them, and the promising future of DAOs.
For an insightful listen-in to DAOs, do jump into this conversation!
Dilip Das, former High Frequency Trader (automated mechanisms used by large investment firms to play the market), somehow turns into a web3 builder. In this episode on the Zima Red podcast, he shares his journey.
Starting off with a background in playing poker, Dilip continues to more web3 related topics like algorithmic NFT trading, and the “bots” problem web3 games will face. There’s also some alpha thrown into the mix.
In all, this episode has tons of learning material in it, worth a listen!
What’s something that seems completely unrelated to decentralization and NFTs. How about philosophy?
In one of the more intriguing podcast episodes we’re sharing this week, the talk between gmoney and Tyler Ward talks about financial freedom, freedom of speech, and more thought-provoking topics with the power of decentralization.
Tyler is the co-founder of Universe.xyz, a sustainable ecosystem built on Ethereum for collectors and artists alike. What I like about the episode is the focus on the social impact NFTs can bring, not just the economic gains one can reap. Could we be living in the next web3 renaissance?
We’ve come to the end of the newsletter, thank you for reading ART HAUS WKLY. I hope you’ve absorbed all that we have shared today, and now, maybe it’s time I played around with SolNFTs on OpenSea…
Until then, stay Gnarly!
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