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Solana Projects Gain Traction: Okay Bears

Spotify NFT Integration, What's Dropping, And More

May 17, 2022

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Happy Tuesday! We hope you are having a great start to your week.

What's Dropping ⚡️

  • Spotify is updating its platform to allow artists to display NFTs they have collected or vibe with. Some Android users have received the test update which allows users to view NFTs owned by artists like Steve Aoki, who is a prominent collector. (more on that later)

  • Bore Ape Yacht Club has announced its NFT NYC "ApeFest" event that spans three days (June 20th-23rd / Pier 17, 5-10 pm / Ape and Mutant holders get a +1). See all details here.

  • Seekers by Sylo have been revealing their standards slowly over the past week. This incredibly intriguing project has been on long reveal for over a month as the Seekers return home from their journey. Learn more about their project here.

  • What is the most expensive NFT ever sold? That title belongs to a piece called The Merge by Pak. The artist remains anonymous to an extent, though the lunar art piece sold for 91.8 million.

  • Bored Ape Ape #6462 was purchased for 200.0 USDC this past week. Some say it was an honest mistake, others think it was an inside job influenced by an interest in tax evasion. Either way, this ape is one of the rarest in the collection.

  • The British Museum has recently been advertising their NFT art store. In collaboration with laCollection, they have begun putting famous art pieces of old onto the blockchain. The most notable and recent is the famous painting "The Great Wave off Kanagawa" by Katsushika Hokusai.

  • DJ Duo The Chainsmokers will be dropping NFTs to their biggest fans and streamers today. Each NFT represents a small fraction of streaming and album sales revenue.

Okay Bears Rise During The 🐻 Market

With every faction of the crypto market slowing down for the time being, it seems as though NFT traders are looking for new niches to invest in. Some are switching over to passive income NFTs, but others are choosing to explore new ecosystems - in particular Solana NFTs.

This past month, Solana projects have seen a lot of traffic. For example, a project by the name of Okay Bears minted for 1.5 SOL on April 26th. Since then, the project has done over 1.4 million SOL in volume and is sitting at a floor price of 229 SOL (at the time of writing). Another project called Reptilian Renegade (Lizards) was minted 3 days ago (May 14) for 1 SOL and is sitting at a floor of 34.5 SOL (at the time of writing).

With the recent OpenSea Solana integration, Ethereum NFT traders are getting more exposure to Solana NFTs. When you scroll through the ranking section of OpenSea, you will see Solana NFT projects scattered throughout, some with floor prices that definitely catch the eye. The growth potential for some Solana projects is endless. And the entry price of the token, SOL, is also what makes Solana NFTS enticing to new investors. Not much is lost if it goes to $0. But testing out a new theory in a brand new ecosystem is priceless. You might even find your new niche. Take advantage of the bear cycles. You’d be surprised what you can learn. WAGMI.

Spotify Implementing NFTs 🎶

Following in the lead of Instagram’s NFT integration and their own Web3 integration efforts, Spotify is toying with the idea of showcasing artists’ NFT collections to fans. This move can be read in light of Spotify’s larger desire to develop new modes of cultivating deeper relationships between artists and their fans. Of course, as mediators of that deeper relationship, they thereby benefit from the additional user engagement. After updating Spotify, users can already interact with the NFT preview interface on the artist profiles of Steve Aoki and The Wombats. Spotify’s relationship with NFTs is clearly conditional insofar as they want to capitalize on the world’s growing NFT interest but do not want to alienate the bulk of its users who for the most part find NFTs to be undesirable.

Spotify will not be selling their own NFTs or even mediating the sale of NFTs that they preview. Instead, showcased NFTs will be linked to their respective Opensea page in case users seek to purchase one. Earlier this month Spotify took to the virtual lands of Roblox and created Spotify Island where Roblox goers can enjoy interactive music building experiences as well as immersive music consuming experiences. After recently hiring employees with expertise in early development Web3 projects there’s reason to believe that Spotify will be making additional and more advanced Web3 moves in the future.

A Thread Worth Reading About Ethereum 🔥

This is not financial advice.

Extra: Okay Bears Mini Breakdown

As you can see Okay Bears during this bear market have projected themselves to the top. What are Okay Bears? According to their website, it is "An immaculate collection of 10,000 diverse bears that grant you exclusive access to The Park, where together, we build a virtuous community that will transcend the internet into the real world. Through meaningful member-only merch drops, outdoor campaigns, exclusive live events, and collaborations with indie businesses and world-renowned brands, we create a community-centric, globally recognized brand that is a force for good".

On their website in their roadmap section they speak extensively about their bear market, park, studio, workshop, gallery, boutique, and platform. With a team of 12+, this project has big ambitions and it's worth taking notice of. 🚨 Important Links: Website, Discord, Twitter, OpenSea

This write up was not a paid promotion.

Meme Drop 💧

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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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