FTX Collapses Overnight

OpenSea Walks Back + Beeple & Solana

Author

Gannon Breslin
November 10, 2022

Welcome to The Drop NFT Newsletter. Breaking NFT news, project breakdowns, & artist spotlights - We do the heavy lifting so you don't have to! Join our Discord to win raffles and allow list spots!

gm, 

This week in crypto as a whole has been nothing short of crazy. Here's what you can expect from today's newsletter:

📉 FTX collapes🔁 OpenSee changes their stance on royalties, again🎨 Beeple clears the air👀 Thread on RTFKT dominance

  • Binance has decided to pull out of the possible deal of acquiring FTX. (@binance)

  • A new lighting engine has come to Voxels metaverse, upping the quality of shadows and overall immersion. Have a look here. (@cryptovoxels)

  • Doodles announce "DoodlePutt" a live experience happening at Art Basel in Miami from Dec 2nd-3rd. (@doodles)

  • Metaplex drops tons of news at the Solana Breakpoint Conference in Libson. News includes their concept for "compressed NFTs", and a goal to create a new asset class in the SOL ecosystem. (@SolanaConf)

  • Bundles have arrived to the jpg.store (the largest Cardano NFT marketplace). (@jpgstoreNFT)

  • Open Sea comes forward with the decision to retain royalties on their platform after creators push back. (DC)

  • French soccer player Lionel Messi joins Sorare as a brand ambassador. He has also personally invested in the platform. Keep an eye out for their logo on his uniform. (CNBC)

  • Adidas drops an awesome teaser video for their Metaverse Phase 2, consisting of an NFT unboxing event to take place on November 16th. (@indigo_herz)

  • Solana foundation calls off the plan to unstake 28.5M $SOL delegated to validators at Epoch. (@SolanaFndn)

  • Kotaro sharks, a poker and revenue share project reportedly rugs. (@DegenerateNews)

FTX Collapses, Market In A Selling Frenzy 📉

Here is a simple thread on the FTX and Alameda story, we have seen many threads but this is by far the best recap for those that are unaware of what has transpired over the past day or so in relation to the collapse of FTX:

With the FTX and Alameda drama commencing in front of our eyes, it would be foolish not to mention the NFT floor prices. While we at The Drop still remain positive about the future of our industry, the market supporting us is collapsing in every sector. Here are just a few of the floor price changes in the past 24-hour cycle:

While these floor prices are still high relative to the mint cost, they are drastically declining in parallel to the overall crypto market. Some people believe that the FTX bankruptcy is the nail in the coffin for the overall market and that a bear market greater than when the Luna debacle occurred is inevitable. Rest assured, there are still believers in this market. While the volume remains low in comparison with earlier months, an active market exists, and new users are pouring into the market on a daily basis. If YOU have conviction in this market, times like this create opportunities for deeply discounted investments. If you’re able to muster the notion that the “glass is half full”, this is akin to the 2008 recession which provided massive real estate purchasing opportunities, and if you had the money to buy a home at the time, you could sell it years later for a massive profit. This might be your way to DCA (dollar cost averaging) your way to success. WAGMI. 

OpenSea Changes Direction, Again 👀

OpenSea is listening to the community… they published a roadmap that puts the onus on creators to encode royalty enforcement into their project contracts, which saw the entire community melt down because OpenSea had no plan to grandfather royalty enforcement for existing projects. In other words, new projects would be able to protect themselves, but existing ones were left in the dark.

TheDrop proposed a pretty simple, elegant, and obvious solution… sure, go ahead and start requiring new project contracts to include royalty enforcement, but keep enforcing creator royalties on existing projects like you always have.

Here is the breakdown:

  • OpenSea has now declared that they will keep enforcing creator royalty for existing projects

  • They cleared the suspicion some people held that felt OS was simply looking out for themselves, and not the creative community

  • By showcasing swift action to the community outcry, OpenSea has shown two things:

  1. Open-mindedness and a community first value system

  2. The sentiments they expressed in their royalty announcement were not fluff, and that they are indeed devoted to the well being of the creators who make this space what it is

💡 THE DROP 

Nothing in this space is in its final form, and while there are no official election days to cast votes on the way things should turn out, voicing opinions and amplifying the ones you deem significant makes a huge difference in this still-budding space.

🧵 Of The Week

Hess Clears Up Conference Misinterpretations 😬

Metaplex's very own, Stephen Hess, recently presented at Breakpoint (a global offline Solana conference held in Lisbon) and soon found that his talk track drew a wide range of misinterpretations. 

“In partnership with the Render Network, we're excited to welcome Beeple to Metaplex and Solana,” he said, adding that Beeple would be “debuting the future of streaming and immersive 3D NFTs.” This was framed by many as a deal agreed in place with Beeple to bring his work to Solana, instead of the actual message on the next slide after the announcement; “Remix an NFT on Render, create your own unique with a Beeple Everyday. You will have a randomized set of objects and time to create with.”

Although he has been involved with Render as an advisor to the platform in the past, Beeple didn't hesitate to come out to debunk the news making rounds. “HHAHAHA, wow yeah so this is definitely not remotely accurate,” he tweeted with a link to Decrypt’s article.

Sponsored Content: There is no sponsored content in this newsletter.

Did you enjoy today's newsletter?

Please select

Login or Subscribe to participate in polls.

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. 

Follow the team: 

Want to advertise your brand to 25,000+ readers or get your project featured?

Check out forms on our website here.