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- Coinbase And Apple At War
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Ethereum-based metaverse Voxels will soon be upgrading their visuals and game code, showing off a clean new look. (@cryptovoxels)
Family-friendly NFT project PixelSaurus are currently minting its Air collection. Holders can customize their Dinos and be part of an immersive world. (@PixelSaurusNFT)
Coinbase has disabled NFT transfers due to Apple policies. (CD)
Marketplace Open Sea has recently implemented NFTs from BNB, a blockchain which hosts mainly gaming-focused assets. (@opensea)
Glow wallet announcement: Users in the US can easily and securely buy USDC or SOL with credit or debit cards through Stripe. (@glowwallet)
Solana crashes 55% in November but NFT trades still booming. (Cryptoslate)
Coinbase At War With Apple Marketplace ⚔️
For some time now, Coinbase has been trying to enter the NFT industry, and they accomplished that with the introduction of their marketplace not too long ago. While the launch has been kind of a bust so far, the company still wants to be able to provide this service to their users in their native iOS application. Coinbase is now saying that Apple has shut down a pivotal part of that capability within their Wallet application.
Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee.
— Coinbase Wallet (@CoinbaseWallet)
Dec 1, 2022
Apple didn’t do this on its own, but instead, forced Coinbase to shut down the ability to transfer NFTs. This was done so that transfers/purchases have to go through Apple’s payment system, thus taking a 30% cut. And we thought OpenSea royalties were bad… Back in October, the company updated its App Store guidelines in direct relation to NFTs stating, “Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring.” With gas fees, in particular, the fees change over time, which Apple’s payment system is not capable of keeping up with. So, we don’t know how this is going to be worked out.
💡 The DropIf you want to transfer NFTs and you have them on your Coinbase Wallet app, you can still use the Google Chrome extension to access your NFTs and transfer them. But this is just another example of the issues that centralized exchanges go through, which are then transferred to unsuspecting users. Metamask would never have this problem. Think decentralized. Function decentralized. WAGMI.
Gary Vee On The Current NFT Market 💭
Gary Vee has an impressive record of standing by his work and standing by his word. Amid the depressed market, Gary has shared some of his thoughts regarding how to stay steadfast about the future of NFTs.
Here's what he thinks:
💭 IP Maturation… according to Gary he has no doubt that his VeeFreinds IP will succeed at the level of films, games, and amusement parks. He plans to remind folks that any particular set of NFTs takes time to mature. In other words, the proposed value of a set of intellectual property has to be cultivated over time through the fiction created for it and the community that stays committed to it. 💭 Market corrections happen… people rushed towards tulips so much a few hundred years ago that their cost exceeded the value of any other rare good on earth. NFTs have seen a similar phenomenon perhaps but that doesn’t mean it doesn’t have a future. According to Gary, the phase of fast production for fast cash is over and in the next 36 months, only the meaningful projects will be able to survive.
The biggest thing that @garyvee DID NOT enjoy from this year's NFT space: "It was not the greed and fraud, the biggest thing that upset me was watching some people gain 10,000 followers on twitter and think they are somebody & STOP treating people nicely. Humility is important"
— NFT137 (@nft137)
Dec 1, 2022
Veecon2023… Gary is fully invested in putting on another one of his show-stopping conventions in 2023. He suggests that he has some special ideas to debut during the convention including new technological products. He is also suggesting that he may slow down on issuing new collections and instead distribute further value to the existing community.
💡 The Drop Gary Vee is an icon in the NFT space for two reasons. On the one hand, he has exhibited business excellence in the real world and has translated that into web3. On the other hand, he championed web3 and communicated its significance to the world at large, and he’s in one of the best positions to do so since he’s such a well-regarded personality. His reminders come at a time when we all need clarifying remarks about the purpose of NFTs and that our investment is for their future.
Serum Network Defunct After FTX 🚨
A few weeks back, we featured Serum and how Solana developers suspected that the FTX hack may have also compromised Serum, and initiated a relaunch (you can read that here). But as the bankruptcy proceedings of FTX and linked firm Alameda Research continue to ravage the crypto space, Serum, a victim of the collapse triggered by Sam Bankman-Fried’s actions has announced in a tweet that with the collapse of Alameda and FTX, the Serum program on mainnet has become defunct.
“As upgrade authority is held by FTX, security is in jeopardy,” the decentralized marketplace admitted, which of course led to protocols like Jupiter and Rayduim walking away".
What's next for @ProjectSerum
With the collapse of Alameda and FTX, the Serum program on mainnet became defunct.
As upgrade authority is held by FTX, security is in jeopardy, leading to protocols like @JupiterExchange and @RaydiumProtocol moving away from Serum.
— Serum (@ProjectSerum)
Nov 29, 2022
Through the same tweet, Serum defined what state it is for the protocol: “What does this mean for Serum? Unfortunately, with Openbook's existence Serum's volume and liquidity has dropped to near-zero. Users and protocols are safe using an alternative fork such as Openbook, after finding out security risks on the old Serum code.”
More so, the decentralized exchange also stated that the future of SRM its native token, is uncertain but they've received proposals from the community suggesting it to still be used for discounts while other proposals suggested not to use it at all because of the exposure that FTX/Alameda have.
Former FTX employee, Rahul Ligma, says FTX has just fired an entire team of data engineers at their HQ in the Bahamas.
— Chairman (@WSBChairman)
Nov 10, 2022
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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.
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