The Tezos NFT Hype Is Real

eBay Collection Sells Out

May 31, 2022

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What's Dropping ⚡️

  • On May, 24th Solana topped Ethereum in Daily NFT sales volume for the first time (Motley Fool).

  • NBA Top Shot is to release a limited-edition Magic Johnson NFT collection set to release on June 7th (The Sporting News).

  • Luna 2.0 may bring aid to a wrecked market. After the crash half a month ago, devs begin working on a recovery plan. Thread here.

  • In this week alone, $5B of investment funding was poured into Standard Crypto VC and other Web 3-based companies.

  • $ETH is heading up back towards $2k, this is a great sign for the blockchain, but not positive for new NFT projects.

  • Luxury fashion brand Prada will be dropping 100 NFTs alongside its Cassius Hirst Timecapsule apparel drop.

  • There is a surplus of free mints and degen projects flooding the charts over the last weekend. One look at the IcyTools Discover page and you'll catch our drift.

  • The world's first truly immersive metaverse Helix is preparing to drop their Founders NFT. Helix website.

  • Sol Summer has a nice ring to it. SOL continues to perform well in recent weeks as projects flourish.

  • Unique project Minion Silhouette stands out among the crowd with an artistic and simple design.

  • Red Bull drops an exclusive Monaco 22 NFT auction that comes with a physical playseat from an F1. The auction is live.

The Tezos NFT Buzz Is Real 💎

With the dominance of Ethereum in Solana-based NFTs, the mass majority tends to not pay any heed to other ecosystems. But, opportunities in other ecosystems are growing by the minute, and another train is getting ready to leave the station: Tezos ($XTZ).

A few months ago, we started hearing chatter in Discord communities and Twitter threads about the affordability of Tezos NFTs and the ease of use of the platforms that carry them. With Ethereum NFTs in particular, the gas on some transactions is astronomical depending on the contract architecture. Even buying an NFT on OpenSea will cost you approximately $6 in gas, most of the time. That’s where Tezos is different.

Rather than the conventional Proof-of-Work computation mechanism that networks like Ethereum employ, networks like Tezos and Solana function on a Proof-of-Stake model, which allows the transaction fees to be minimal. To give you some comparison, creating an entire collection on the Tezos network would cost you between $2 and $3.

NFTs are currently at the pivot point between adoption and rejection, and a big part of that plays into the entry cost. Incoming NFT buyers are keen to find NFTs that don’t require a large wasted cost: gas. And, the Tezos market is primed for just that. We’ve seen what the Solana market has done in the past few months. Some of the most notable drops in the past month have been from the Solana ecosystem.

Quick Tezos Facts 💥

  • Year Tezos was founded: 2017

  • Token symbol: $XTZ

  • Block time: 30 seconds

  • Transactions per second: 40 (Ethereum is around 15)

With the Tezos network growing day by day, this is definitely one to keep your eye on. Creators are creating. Developers are developing. Regardless of the blockchain, broaden your horizons. There are opportunities everywhere. WAGMI.

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 eBay NFT Collection Sells Out 🛍

Essential to the project of widescale NFT adoption or increasing the number of users who make digital assets part of their lives is effectively introducing NFTs to people outside the ecosystem. So far platforms like OpenSea and NiftyGateway have distributed NFTs to people willing to endure some level of complexity in order to obtain them. These types of platforms tap into a segment of consumers who are enthusiastic enough to approach a foreign landscape and play in it. On the other hand, there are many more millions of users who conduct business as usual and can’t be bothered to take on something foreign unless it is introduced to them seamlessly.

In a bid to onboard the next 100 million non-crypto-native mass consumers to the world of NFTs, eBay joined forces with the eco-friendly and user experience driven NFT platform OneOf to release a collection of NFTs aimed at popular consumption. The project’s art comes from a collaboration between the NHL and Sports Illustrated and takes inspiration from Wayne Gretzky’s Sport’s Illustrated cover. Polygon, an L2 sidechain based on the Ethereum blockchain, hosts this particular project and was selected for its capacity to facilitate trades cheaply, an important feature for people new to the landscape. The project sold out in a matter of hours and is re-selling above 3x its mint price. Introducing digital goods through eBay appears to be a strategic and effective move, it has yet to be seen if the Polygon network can cultivate a high volume trading environment. 

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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