Telegram CEO teases introducing NFT-based username technology in app
Gamestop NFTs volume dwindles
Our favorite “meme stock”, GameStop (GME), has seen an enormous slowdown in the NFT market.
Daily revenue for GameStop’s NFT marketplace has dropped below $4,000.
With the platform collecting less than a 3% fee on NFT sales, the real revenue comes out to roughly $3,753. For perspective, the first day GameStop’s marketplace launched it generated roughly $44,500.
GameStop is not alone though, the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC) have seen a significant drop in floor prices in recent weeks.
Since last year's market peak, over 2T of value has been wiped clear. GameStop has burned through almost a billion dollars in the last 12 months since April, so developing a strategy to survive the bear market is crucial. One of those strategies includes the company's plans to add additional features and creators including Web 3 gaming.
Source:
NFT usernames potentially coming to Telegram
The CEO of popular messaging platform Telegram made a buzz earlier this week by teasing adding “a little bit of web 3” to their platform.
His message was motivated by the recent success of the “Ton” ecosystem. They recently ran a sale through The Open Network which amassed a volume of 2,392,002 Toncoin or roughly $3 million dollars.
This idea would allow users to buy, sell, and transfer the usernames like domains in the form of “NFT-like smart contracts.
The 700 million active users on Telegram would provide a pretty huge market to start not to mention all the ENS speculators who would rush into the new opportunity given their prior “experience” in the domain game.
Toncoin price surged over 40% after these rumors started last Tuesday.
Let’s see if Mr. Durov puts his technology where his mouth is!
Source: https://decrypt.co/107963/telegram-ceo-proposes-auctioning-usernames-links-as-nfts
Bendao
The floor price of the Bored Ape Yacht Club (BAYC) NFT collection has dropped to its lowest level since the start of the year. Currently sitting around 70 Eth, it has been in a downtrend since reaching an all-time high of 153 Eth. Depending on what way you look at it, might be considered a good buy.
The bear market has hugely affected the price of a BAYC NFT. However, there is currently an issue that is only adding fuel to the fire. So what is adding pressure to the BAYC sell-off?
Bendao.
Bendao is a platform that allows users to borrow ETH in exchange for NFTs, a basic peer-to-peer lending service.
Should the floor price of the NFT drop to a point where the NFT-backed loans are below break-even, the NFT is placed in a 48-hour auction and sold to the highest bidder if the loan isn’t repaid. There were currently 72 Bored Apes in the danger zone of being liquidated.
How can you capitalize on this?
Bendao currently submitted a new proposal to help lenders recover their losses.
1. Liquidation threshold changed. By far the most crucial change here is the gradual drop in the liquidation threshold.
2. If we account for interest accrued from unpaid accounts, there are an estimated 600 NFTs from BAYC, Azuki, CloneX, and more getting liquidated within the next month.
3. That’s a lot of auctions! But they're improving the auctions quite a bit. They will only last for 4 hours instead of 48hours. Instead of having the minimum starting bid set to 95% of the floor like before it'll be set to the total debt on the NFT (good for liquidators)
4. The proposal passing means there will inevitably be some great deals over the next month. If you're not like me and plan on taking part in these liquidations, you'll want to check in here pretty frequently for ongoing auctions: bendao.xyz
NFTs should never be used as collateral, which is the wrong takeaway from the lending focus. Lenders should have lower liquidation thresholds is my ideal. Even with the poorly designed thresholds in BendDAO, there are no debts yet that haven't been recovered. I'm talking about this more from the lender side than the borrower side. I don't use leverage on NFTs. But I do think that apes/punks are liquid enough that you should be able to recover value 30%+ below floors.
Meta-Versus Ready Player Me
If you’ve been keeping up with the activities of Meta then you know what we’re about to discuss. For those of you who have not, don’t worry we got you covered.
A little more than a week ago Mark Zuckerberg shared some very early images of his company’s new creation, Horizon Worlds, Meta’s metaverse effort. The images were shocking, to say the least.
This is a joke, right?
Sadly it appears to be legit. However, as consumers, competitive markets help us when we are not satisfied.
Ready Player Me is a company based in Estonia that is already crushing the “virtual universe” space.
Players can customize their avatar, or even build their world for friends to connect to. Ready Player Me wants the user to drive the experience. They have worked with reputable tech companies in the past like Tencent, and Verizon, as well as working with some fashion icons like Dior. The team over there has shared some images for the public.
As you can see Meta already has some serious competition for the Metaverse. The real question is are they going to attempt to buy their way out of competition or fight their way out?
See y’all next week!
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