Happy Meta Monday folks!
If you spent the weekend taking a well-deserved break, you may have missed some Web3 headlines. As always, the WGMI newsletter has got you covered:
- Bored Ape Yacht Club is dominating NFT volume (by a huge margin)
- X2Y2 will now enforce royalties
- The Association of Tennis Professionals is launching an NFT collection with the Art Blocks Engine
- Thailand is launching an NFT collection for tourists
- Some other bits and bobs you should probably know about…
BAYC Dominates Trading Volume
The Bored Ape Yacht Club had a great week last week. The floor price rebounded 20% in one day, Yuga acquired 10KTF, and a trippy ape sold for 613 WETH ($738,000).
It rounded off a relatively successful month for the collection, which is dominating NFT trading volume.
According to cryptoslam.io, BAYC has seen over $16m of trading volume during the last 30 days. That is nearly $10m more than any other collection.
In fact, the top 5 collections by trading volume are dominated by Yuga Labs assets.
X2Y2 Will Enforce Royalties
In a recent thread, X2Y2 announced it will now enforce royalties on all collections.
The announcement comes in the wake of OpenSea (1) requiring traders to honor creator royalty fees on existing collections; and (2) empowering new collections to use its ‘OperatorFilter’ code that requires traders to buy and sell only on OpenSea (and other marketplaces that honor royalties).
Since OpenSea released its ‘OperatorFilter’, many projects have decided to use it to ensure creator royalties are honored. For that reason, X2Y2 has removed its ‘Flexible Royalty’ setting so the projects using OpenSea’s OperatorFilter can be traded on X2Y2.
As for existing collections that do not use OpenSea’s ‘OperatorFilter’, X2Y2 is also enforcing royalties to ensure a “more unified and smoother user experience”.
This is a big win for creators, and a huge win for OpenSea. X2Y2 emphasizes that it still believes the best way to handle royalties is “to give both parties, creators and traders, the right to choose”. By removing choice for traders and enforcing royalties, X2Y2 is basically admitting it has been forced into a corner by OpenSea’s new policies.
ATP X Art Blocks Engine
The Association of Tennis Professionals (ATP) is launching the world’s first digital art collection generated from in-match tennis data.
The collection, ‘Love’, was created in collaboration with Art Blocks Engine and the renowned artist Martin Grasser. 300 pieces will go on sale from December 6.
Love will capture in-match data from iconic and impactful moments in the 2022 Nitto ATP Finals to generate unique works of digital art. For example, the collection will include art generated from the Championship-Winning Point, Match-Winning Points, and Set-Winning Points.
Official match data – collected from 10 cameras capturing ball location, velocity, and acceleration – will determine how the art looks. A variety of additional variables will be used to generate the color, texture, and zoom of each artwork. You can see some test examples below.
This upcoming collection is an exciting display of how we can use data and NFT technology to unlock new ways for fans to enjoy, cherish and celebrate iconic moments from the sports they love.
Thailand Launches NFT Collection For Tourists
Thailand has launched an NFT experience for tourists called ‘Amazing Thailand NFTs’.
The Tourism Authority of Thailand has placed QR codes at five cultural landmarks around the country. There are only 3,999 NFTs available at each site, and those who collect three NFTs can unlock deals, discounts and free experiences across the country.
The scarcity of the NFTs (there are only 3,999 at each site) and rewards for collecting them introduce a new element of gamification and competition for tourists visiting Thailand. The increased incentive to visit specific locations encourages tourists to gain a deeper understanding of Thailand’s history and culture.
Tourism is big, big business (especially in Thailand). This initiative gives us a glimpse of how NFTs can be used to provide tourists a more immersive experience when visiting a country and its cultural landmarks. They also make a great souvenir.
If you find yourself in Thailand, there is no time to waste. Participants only have until December 14th to collect the NFTs.
We’re bullish on every reader who brightens up a degen’s day by forwarding this newsletter 😎
It would mean the world to us!