NFTs in a nutshell: A weekly review

by James · October 22, 2022

Are NFTs the next new tool in real estate? A house in South Carolina was sold earlier this week with the deed tokenized. Meanwhile, there are some questions surrounding Bored Apes’ Otherdeeds collection, there’s a new chain entering the NFT space, and another episodic series is finding its way onto a blockchain.

These are just some of the biggest stories of the past week’s work in the NFT world. Let’s review all past actions over the past week.

This week’s non-fungible token news

Table of Contents

Dapper Labs co-founder signs new agency deal

Dapper Labs and CryptoKitties co-founder Mack Flavelle signed with powerhouse talent agency WME earlier this week, joining a roster of some of the biggest artists and creatives across all entertainment and sports verticals. WME has shown continued interest, along with its agency competitors, in building reports in web3 communities.

Property on OpenSea

What happens when the housing market makes its way up the chain? There is certainly much more to see and experience, but the NFT market got a taste of it this past week thanks to Roofstock Onchain, an affiliate that facilitated the $175,000 sale of a home in South Carolina. The home was purchased via USDC.

While we have seen interesting OpenSea entries in the early years, such as scientific research and other documents that see utility through verification, real estate is an area that has been largely untapped; we will see if the sale of Roofstock Onchain can drive an impact on the space going forward.

LooksRare Farming Impacts Otherdeeds Floor

Bored Ape Yacht Club-derived and land-based NFT collection Otherdeeds has seen the floor fall over the week, trending down to an all-time low following a change in the LooksRare farming rewards. The new farming structure was implemented on Thursday to reward the bottom 200 entries per collection. Over 4,000 Otherdeeds previously earned rewards that no longer do, leading to significant sales; The project’s floor has dropped about 30% in about two days.

Reddit surpassed 3M wallets for the collectible avatar NFTs - the program is powered by Polygon (MATIC). | Source: MATIC-USD on TradingView.com

XRP NFTs are just two weeks away

While many non-Ethereum chains have gained momentum in NFTs – with the likes of Avalanche, Cardano and Polygon (among others) making strong NFT advances in recent months, one name we haven’t heard much about is Ripple and XRP.

However, a new change introduced for validators could change that, introducing Ripple NFTs on the XRP ledger as soon as next month should the change pass. The proposal requires 80% of the validators to approve it. Ripple previously used changes to open development tools around NFTs to drive adoption in this vertical – so it wouldn’t be surprising to see this change pass.

Additionally, Ripple is expected to be aggressive in music-based NFT projects following blockchain’s recent $250M cohort fund.

Bored Monkey Trading Cards

Bored Ape Yacht Club found a particularly unique IP usage partner this past week in legacy playing card company Bicycle Cards. Bicycle has acquired Bored Ape #1227, according to social media posts earlier this week, and will create a custom Bored Ape Yacht Club deck of playing cards – while teasing other future applications between the two parties.

Lord of the Rings NFTs

Warner Bros. Discovery is the first studio to launch NFT movies with a new ‘Lord Of The Rings’ NFT collection on WB’s platform, WB Movieverse. Two editions of ‘Lord Of The Rings: The Fellowship Of The Ring’ will be released as a re-release of the previous film from 2001. Epic editions of the film are expected to be limited to 999 tokens.

Reddit NFTs outperform 3M wallets

Reddit NFTs on the Polygon blockchain surpassed the 3M wallet mark this past week. The news is a big win for the social media platform, whose NFT collection has been published, but still slightly under the radar considering the number of current wallets. It started as an airdrop in recent months to loyal users for the new avatar program, and the new wallet metrics were reported according to a statement from Reddit’s product manager Pali Bhat.

Featured image from Pexels, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice. This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.