Fungible memes have dominated the crypto conversation for almost two years now.
But as we’ve seen a million memecoins come and go, NFTs have quietly become interesting again. I say calmly because the attention largely remains elsewhere on the channel.
However, if you’re not paying attention to NFTs right now, you’re missing out on some great opportunities. Creators come up with new collectibles, new designs, new primitives, new possibilities. New NFT cathedrals are popping up everywhere and people are making money on NFTs again.
Consider NFWa new NFT social marketplace on Solana in the vein of Fomo, centered around a stream of public exchanges and calls. Some people are already up to 6 digits here.
— (@)
And we are back to the point where NFT currencies are in demand again. Look no further than Jack Butcher Credits are falling on Ethereum, which has just posted +120,000 mints!
Credit collectors paid $8 each through X Money. After the close of the open edition, secondary prices reached +0.1 ETH per pop at one point, marking a +3,000% gain. Even with the current low of around 0.028 ETH, this represents +800% appreciation.
And new projects of course generate new experiences. TokenWorks wasted no time deploying a Credit strategy token, which will now work to automatically acquire and relist credits for the benefit of supporters.
New versions beget new extensions, new extensions beget new ideas, new ideas beget new versions, round and round. And as things intensify in a bull market like we’re seeing now, that flywheel spins faster and opens up new opportunities at a rapid pace.
In other words, NFT users once again have a target-rich environment. One where it’s common to be rewarded (in various ways, but often literally with tokens) for trying new things. Once again into the breach like the good old days, ladies and gentlemen.
Do you like this article?
Subscribe to Bankless or log in
Speaking of breaches, the Ethereum community’s interest in NFTs has returned this year via TokenWorks’ Fake World Assets, including The gacha V2 hums. Full disclosure, I am an FWA holder/user and the towers have degenerative ratings. However, the innovative design here is undeniable and reminds us of the new second-rate creations we can make around NFTs in this new era.
I bring it up specifically as a great example of the exciting risk-reward opportunities we’re seeing once again booming around NFTs. Indeed, FWA prices can be sensational. For example, the protocol acquires PunkStrategy Cryptopunks and lowers its support price. per 1 ETH twice a day, which increases the likelihood that they will be removed.
someone just won a ‘Punk with a rotation of around 0.08 ETH this way over the weekend, and another (#3190) is currently on the verge of being withdrawn, as its support has now declined to the relatively low mark of 1 ETH. Today, only in NFTs can you earn such a valuable collectible for so little without permission.
Nowadays, we are also seeing more and more NFT opportunities emerging in less crowded or frontier areas, like DeFi and AI, where NFTs are used to provide access to live systems.
In DeFi, consider the new on-chain central bank project Standard Reserve, whose soulful NFT charter grants holders the role of “banker” and a reduction in protocol issuance. Or consider the rise of NFT smart wallets (i.e. token-linked accounts) used in Robinhood Chain’s tokenized stock projects like StonkBrokers.
As for AI, my mind immediately goes to identity.mdof which NFT IMD providing access to a growing community network AI Swarm. These NFTs were released for free earlier this year, and their floor now stands at 1.7 ETH each as interest in the project increases. We’ll see more like this too.
— (@)
Of course, the efforts highlighted above do not constitute a complete investigation. There are many other interesting new NFT projects in various categories that I haven’t been able to access. But my big point? There is once again an explosion of activity around NFTs, and with it, an explosion of opportunities.
If you’ve been away from NFTs for a while, don’t continue to sleep on the space just because things have veered sharply toward fungible memes in recent years. The bull run you’ve been waiting for could have already arrived.
About the Author
