CoinMarketCap takes a look at some of the most prominent play-to-earn and NFT events — from an OpenSea bug leading to the loss of prized BAYC, to possible support for Solana NFTs on the site.
OpenSea appears to have dominated the NFT scene over the past week. From news that a front-end vulnerability led to the loss of prized BAYC to rumors of a possible support for Solana NFTs, here’s a rundown of some of the top events that happened in the NFT space last week.
OpenSea Rattles NFT Community by Placing Cap on its Free Minting Tool
Leading NFT marketplace OpenSea has come under intense fire after placing a cap on the number of NFTs that can be minted with its internal collection storefront contract.
“To address feedback we've received about our creator tools, we updated our collection storefront contract limits to only support the creation of up to 5 collections and 50 items per collection.”
As expected, the decision did not go down well with NFT creators. The community replied to the tweet in full force, with many industry proponents criticizing the marketplace for trying to limit the use of OpenSea’s own NFT smart contract.
“I have a collection planned with 100 items. The artwork is ready, I am working on the final touches... how am I supposed to do that now when I can just upload 50 per collection?”
For clarity, creators can still use external NFT smart contracts to bypass the new limits. For instance, Andreesen-backed smart contract startup Manifold allows users to deploy their own customizable NFT minting contracts. There is also the option of minting through OpenSea’s rival NFT marketplaces like Rarible.
“To all the creators in our community impacted by the 50-item limit we added to our free minting tool, we hear you and we're sorry. We have reversed the decision. But we also want to offer an explanation.”
DJ Steve Aoki Is Building His Own World, Debuts NFT Membership Club
The A0K1 Passport NFT will give holders exclusive access to live and virtual concerts, future metaverse events, and a private Discord server with Aoki himself.
Speaking to media outlets, Aoki revealed that the metaverse project has been in the pipeline for eight months. A0K1VERSE will display various aspects of his creative life, such as music, fashion and NFTs. According to the artist, the goal of the project is to provide long-term utility to fans and collectors.
“When I started my label when I was 19, I was part of my own membership community—but it was punk. It was like we had our own little clique. We did our own little thing […] One thing I learned from all of that is that the more that you contribute, that’s where you get the respect. The kind of contributions that you bring to the community or club is where you get valued the most.”
A0K1VERSE and the Passport NFTs were created in collaboration with Manifold, a smart contract startup that has powered a number of notable Ethereum NFT drops from Fortune and Mad Dog Jones.
Each NFT is upgraded using A0K1 Credits. Holders generate more credit by taking part in community events. The Passport NFTs can also be combined to level up and unlock additional perks.
Reddit Follows Twitter, NFT Profile Picture Is on the Horizon
"Your NFT, now your avatar! You can now use digital collectibles as your Reddit avatar."
"We're always exploring ways to provide value for users and communities on Reddit. At the moment, we're testing the ability to use NFTs as profile pictures (avatars) and verify ownership."
Rathschmidt goes on to say that "it's a small, internal test and no decisions have been made about expanding or rolling out the capability."
NFTs Scored “Mainstream Breakthrough” in 2021, Nansen
2021 was undoubtedly the year of NFTs. According to Nansen's State of Crypto Industry Report 2021, the NFT market recorded a staggering $17 billion last year, with OpenSea briefly overtaking decentralized exchange Uniswap in terms of gas fees.
"It’s hard to point to one individual event that created the NFT wave. Was it Axie Infinity pioneering play-to-earn? Or OpenSea becoming a behemoth marketplace for trading jpegs? Or perhaps Bored Apes making celebrities ape into the trend? This was truly a movement with plenty of projects playing an important role."
As per the report, Ethereum is still the largest smart contract platform in terms of total value locked (TVL) and market cap. However, its dominant reign is actively being challenged by other competitors. For one, Ethereum’s high gas fees, which spiked to new highs last year, “opportunities for Layer 1 and L2 solutions to flourish as the much-needed scalable solution.”
Speaking of competitors, other chains offering cheaper alternatives and EVM compatibility are beginning to eat into the market share of Ethereum. In the second half of 2021, contract deployment of the Ethereum blockchain dropped from 2.7 million in June to 300,000 in October.
On the flip side, smart contracts deployed on chains like Polygon and Binance Smart Chain have gone up. In the case of Polygon, an interoperability and Layer 2 scaling protocol, its deployments surpassed that of Ethereum by up to 26,000%.
OpenSea to Add Support for Solana NFTs and Phantom Wallet
As seen in the image, OpenSea is allegedly working on a feature to support Phantom, a popular Solana wallet.
She goes on to say that she found a reference to Solana while reverse-engineering OpenSea’s website. According to her, there were other references to Solana within the user interface, but the NFT marketplace tried to hide it.
YouTube to Expand Web3 Offering to Include NFTs
Last week, the CEO of the video streaming platform Susan Wojcicki told creators that it was mulling over the possibility of “expanding” into NFTs.
"The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans."
She noted that the company was interested in “expanding the YouTube ecosystem,” with a hint that the expansion could include “things like NFTs.”
Julian Lennon Is Selling the Beatles Memorabilia as an NFT
Several items from the Beatles and John Lennon memorabilia are being put up for sale as NFTs by John Lennon’s son, Julian.
After years of collecting the works of the Beatles, Julian decided it was time to let go. But here’s the twist, the physical items are not up for sale.
The Lennon Collection features handwritten notes by Paul McCartney for the Beatles song “Hey Jude,” as well as clothing worn by John Lennon during his time with The Beatles.
Bidding for the “Hey Jude” notes starts at $30,000. Meanwhile, a black cape worn by John Lennon during the filming of the movie “Help!” will start out at $8,000.
Following the sales, a portion of the proceeds will be donated to the White Feather Foundation.
“So, you're selling photocopies? There used to be a guy in the market who did that for 50p.”
Bored Ape Yacht Club NFT Sells for $1,700, Thanks to OpenSea Exploit
The past week was quite messy for some owners of the high-prized Bored Ape Yacht Club (BAYC) NFTs. Due to a listing bug on NFT marketplace OpenSea, a couple of Bored Apes that are currently worth around $200,000 sold for $1,700.