WGMI WEDNESDAYS

Happy WGMI Wednesday folks, we’ve got a treat in store today.

The crypto markets are oozing WGMI energy, and the Web3 drama is just as high as the weekly ETH chart. Here’s what we’ve got for you today:

  • Ethereum is pumping (I haven’t said that for a while)
  • X2Y2 blocks Blur from using its listings
  • Apple clarifies its stance on NFTs: It’s a little bit bad, but mostly good
  • Quick Hits: Some other stories that should tickle your fancy

Ethereum is pumping

Ethereum is Pumping thumbnail
If you need cheering up, then it won’t hurt to look at the crypto markets.
 
It is green across the board. At the time of writing, ETH is up 20% over the last 7 days. Bitcoin is up 8%. SOL is up 5%. ADA is up over 10%.
 
Why is crypto up today?
 
As always, it seems to be a combination of things.
 
Firstly, US stocks and risk-on assets are also rising. A potential explanation is that the US Treasury is considering supplying the market with more short-term T-bills. Arthur Hayes explains how this increases dollar liquidity in the market.

Secondly, lawmakers in the UK have voted to recognize crypto as “regulated financial instruments”. This adds further legitimacy to crypto as an asset class.
 
Put all this bullishness in a pot, mix it up, and what do you get? Pumping bags.

The Great NFT Marketplace War: X2Y2 blocks Blur

X2Y2 Blocks Blur thumbnail

With NFT volume experiencing a dry patch, the NFT marketplace war for capturing market share is getting ugly.

X2Y2 has publicly requested Blur to stop using its listings on the Blur website.
 

What is X2Y2’s beef?

Blur is an NFT aggregator and marketplace. It takes data from other marketplaces (including OpenSea and X2Y2) and presents that data on its own platform.

That’s why Blur regularly uses the slogan “the floor is on Blur”. Because it is taking the listings from all the other major marketplaces and aggregators (except Sudoswap) and presents them all in one place.

Blur’s launch last week garnered a lot of attention. It has promised an airdrop in November for those that are most active on its website. This is soaking up NFT trading market share, and X2Y2 no likey.

To stop the bleeding, X2Y2 has blocked Blur for violating its ‘Terms’.

A massive L?

X2Y2 has every right to defend its market share tooth and nail, but was
this the best move? Here are some reasons why it probably isn’t:

  1. In the short term, X2Y2 might retain some market share. However, if Blur becomes increasingly popular, then people will just not list their NFTs on X2Y2 because there is less chance of selling your NFT there. People go where the liquidity is.

  2. It’s damaging to X2Y2’s reputation. It is anti-community and prioritizes increasing its revenue over improving the space as a whole.

  3. Shitposting is the meta, but instigating a legal battle over Twitter is embarrassing.
 

Apple enables NFT sales... at a cost

Apple enables NFT sales
Apple doing everything in its power to soak up your hard-earned cash is hardly news. The fact they’re now using NFTs to do exactly that is an interesting twist.

Apple has enabled the sale of NFTs through apps on its platform. The hitch is that it will charge a 30% fee on all such sales.

The elephant-brained amongst you will know this is not news. The news is that Apple has now clarified its stance, and is patching up any loopholes that developers might try to exploit to avoid the 30% fee.

The bad news
Apple will not allow apps to token-gate any content or features unless the NFT was bought on the Apple platform.

That means if an app wants to provide certain features exclusively to NFT holders, the NFT must be bought incurring that unsettling 30% fee (and not on any other platform).

The good news
It’s a step in the right direction. As demand for NFTs increases, the competition between platforms to provide NFT-friendly policies will also increase.
 
The 30% fee will inevitably fall when market forces require Apple to reduce the fee to stay competitive.
 
This is what mass adoption looks like. Step by step. 

WGMI Family: Katatonik

Katatonik

Everyone say hello to the newest member of the WGMI family, Katatonik.   
 
If you think the art is popping, it’s because it is. This NFT collection of 2,500 cats was created by two creative directors from Dreamworks.
 
And this isn’t just a bunch of cool cats. Katatonik is an ambitious creative community driven by the singular purpose of contributing to the creation and development of the Metaverse.
 
Are you looking for a Metaverse-loving community where you can collect digital assets and win prizes? It might be worth popping in the Katatonik Discord and saying hello.

QUICK HITS

 

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