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Wen Lamp Sells Out In 30 Seconds

Azuki PBT Token + Magic Eden Optional Royalties

Author

Gannon Breslin
October 18, 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!

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What a fun week in Vegas at the web3 expo. We are so thankful we got to meet many of the readers and it only motivates us to be better and come out with more content than ever. Which if you haven't followed us on TikTok now is the time here.

  • Happy first Birthday to Doodles, one of the most impactful projects of late 2021. (@doodles)

  • Ryan Carson had a massive sweep of the @omegaxrunner floor. Check it out here.

  • Massive PFP project Azuki announces a physically backed token. (@AzukiOfficial)

  • Steve Aoki will be dropping Halloween-themed merch with Deadfellaz. (@steveaoki)

  • Solana marketplace Magic Eden now allows creators optional royalty settings. (ME)

  • Author and podcaster Tim Ferris is launching an NFT collection that they claim to be "unlike anything the space has seen". (PT)

  • Mastercard keeps the crypto ball rolling, now reaching out to help average banks offer crypto trading. (TB)

  • A massive NFT sale occurred over the weekend, a photo of a house for about $175K. However, the owner bought more than just a photo, as the company Roofstock onChain has provided the new owner with the keys and ownership of the physical house. (@rsonchain)

  • Recur (who has helped Nickelodeon with their NFTs) is working on technology to allow holders to morph or mutate their NFTs. (RecurForever)

  • Here's the lowdown on which NFTs celebrities have bought over the last year, and how much they are worth now. (CD)

  • Anthony Hopkins finds further success in the world of NFTs as his latest drop sells out in minutes. (DT)

  • Magic Eden announces a partnership with Raindrops Protocol to adopt a launchpad that enables creators to sell traits as another creator monetization tool. (@Magiceden)

  • Anybodies NFT brings Toy R Us NFT the official NFT of ToysRUs the leading kid's store for toys and video games to Solana. (@AnybodiesNFT)

Wen Lamp Sells OUT 📈

Wen Lamp? A question that thousands have been asking since being added to the #LampList. Mothz, a project consisting of 6,666 pieces, was minted yesterday. Out of the 6,666 pieces, 300 were reserved for the team, 3,333 were reserved for the #LampList (whitelist), and 3,000 were reserved for the public mint. The #LampList minters were able to mint for free, while the public mint was at a cost of 0.025 ETH.

The mint started via their minting platform, SecuroMint, and the site crashed almost immediately. Sitting at around 450 mints, the community was losing their minds, including the over 1,800 people present in the Mothz Twitter Space at the time of mint. Once the site issue was fixed, the mint resumed and sold out pretty much instantly. After everything was said and done, even with the issues they encountered, 3,000 mints were sold in the public phase in less than 30 seconds. 30 seconds… in a bear market.

With high volume and highly anticipated mints, there will always be issues. From the Mothz team, over 130,000 people (or computers) went to the mint site at once, causing a caching issue, and thus crashing the site. But the project survived the FUD (the floor is at 0.076 ETH at the time of writing). Coming tomorrow, the Mothz will have the ability to be staked for NECTAR. Each Moth will receive 1 NECTAR per day, which can then be used for other prizes and things available on the marketplace. The first item, MAYC #357, was purchased today for 15 ETH. WAGMI, Mothz. To the lamp, we fly.

Azuki Drops Token 🪙

Azuki has been working; they’ve just released an open-source standard that facilitates the decentralized authentication of physical goods and keeps track of the physical good’s ownership.

💡 What does this mean?

In an engaging illustrated video short, Azuki shares that they will debut the first articulation of a "Physical Backed Token" or simply PBT with a set of gold-plated skateboards. Holders who purchase a skateboard will be able to scan a cryptographic BEAN chip that is embedded in the board. That item will then be tied to a token on the Ethereum blockchain. As the ownership of the item passes hands, so will its digitized ownership fingerprint.

It's worth mentioning Azuki’s fairly clear pivot here. They are focused less so on the identity aspect of the project. Azuki is not fleshing out the aesthetics of its ecosystem anymore, it is offering sophisticated decentralized protocols to the community. Z makes this explicit in the PBT promo video when he concludes with the call to action, "let's build the future of web3 together." Since PBT is an open-source protocol there exists a website for it and it is beautifully designed. Azuki wants you to start thinking of it differently, it's not just Azuki, it's Azuki the brainchild of Chru Labs.

Public Auction Date: Friday, Oct. 21st, 6:00 PM PST for 24 hours

Magic Eden Makes Creator Royalties Optional 🧐

Degens were about to catch a break on the 0% royalties initiative introduced by DeGods and wrap up their week when Magic Eden, the most popular marketplace in the Solana NFT ecosystem, announced that they've decided to move to optional royalties on their platform. This announcement is made exactly a month after the marketplace launched MetaShield, a tool that identifies NFTs listed and traded on marketplaces that bypass creator royalties. This announcement stirred up many questions about why the marketplace has given in to the no royalties pressure despite launching a product to support the same cause.

For the past months, Magic Eden has been the most dominant NFT marketplace on Solana with an estimated 90% market share but recently due to the market shift and the emergence of royalties-shunning counterparts that estimate might not be as accurate. In this optional royalty approach, all collections and listings will still honor full royalties by default but the decision of buying with or without the creator's royalty is shifted to the buyer, to make sure the buyer has a full understanding of whether they are going to receive the benefits that creators provide (mutations, upgrade or staking). 

In addition to this, the marketplace is running a promotion to waive their platform fees and has launched a Creator Monetization Hackathon which will inspire builders to develop pro-royalty & alternative creator monetization tools. There's up to $1M in price and it will be overseen by six judges including Solana co-founder Anatoly Yakovenko.

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