The newest #1 most traded project delisted from OpenSea

May 18, 2022

Welcome back family,

Seedphrase Daily here to present what’s trending and interesting topics in the NFT world so you can keep your sanity and be present in the real one. Today’s estimated read time is about 3 minutes and 45 seconds. Stay tuned to where we talk about:

  • 🐻 The newest #1 most traded project delisted from OpenSea

  • 🫂 Coinbase integration with ENS usernames

  • 🙏 The new feature on LooksRare makes buying NFTs seamless

  • 🎊 BAYC Ape Fest!

  • 👨‍🏫 Mini-lesson

The newest #1 most traded project delisted from OpenSea 🐻

In yesterday’s email, we went over the Okay Bears project, one of the most successful Solana NFTs. Today, a derivative version called Not Okay Bears was created on the Ethereum network and managed to get the #1 most traded volume on OpenSea, surpassing the original Okay Bears project!

So why was this project delisted?

To keep things short, The projects have the same features and art, the only difference being that the derivative versions are flipped to the left. The original Okay Bears project filed a DMCA (Digital Millennium Copyright Act) against Not Okay Bears, causing the collection to be taken down.

What can we take from this?

Other than the comedic aspect,

Investing in derivative projects like this one puts you at greater risk. Although you still have the potential to make profits, there are more things to worry about. Such as:

  • Copyright infringement

  • Possible scams

  • Weak community

  • People investing in the project to pump their bags

  • Hype and whales investing make the value of the actual project seem higher than it is.

In some NFT drama

The Okay Bears have been in a hate war with the Ethereum users who own Not Okay Bears :

Coinbase integration with ENS usernames 🫂

Do you remember when we talked about ENS domains and how we should be on the lookout? Well, we do.

Recently 3 & 4-digit ENS domains have been pumping in value with Coinbase announcing their partnership, prompting users to claim their ENS id within the Coinbase wallet.

Why is this important?

There are currently about 1M ENS domains, and if Coinbase integrates this into their app, we could be seeing 40M unique users who will want a .eth username. Mass adoption may be closer than we think!

Since we’ve been hearing so much talk about Solana, how about their domains?

As the Solana network gets more popular with the Twitter community very bullish, OpenSea’s activity on the ETH network declined. And if more people do start using Solana more because of the lower gas fees and other advantages, SOL domains could moon. (NFA)

So how can we purchase our own SOL domain?

You’re able to purchase yourself a SOL domain on The Bonfida network and then sell them on the Magic Eden Market. Easy as that.

Do you think we will see ENS domains in the headlines again? Let us know if you have a domain yourself :0

Now for some smaller stories…

New feature on LooksRare making buying NFTs seamless 🙏

Looksrare is a marketplace that introduced a feature where you can buy your NFTs directly from your news feed (on the site), allowing users to grab their NFT within seconds after the listing occurs.

They also plan on adding a button to refresh the activity!

Regardless of the current state of the market, it seems that communities are still building and growing their platforms. Giving us hope for the future… 🧎

Venture Money is essential news for the community since it helps build the infrastructure on what the community will depend on. We think this is bullish news because this will compound into something more significant like anything invested heavily.

BAYC Ape Fest! 🎊

If you are a BAYC owner, you are probably happy to hear that they announced Ape Fest, taking place at Pier 17 in New York City next month! Ape Fest will feature a performance by an unannounced artist and will have a capacity of 3,400 apes.

They released a survey in the BAYC Discord for everyone who plans to join. And no, you don’t need to connect a wallet, so if you find a link where they say to, it’s probably fake!

Following that, here’s the perfect segway into a mini-lesson :

Different ways NFTs are used for? 👨‍🏫

NFTs give artists and content creators a unique opportunity to monetize their work in a way they never were before. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits.

In addition, artists can program in royalties, so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.

Art isn’t the only way to make money with NFTs. NFTs can also serve as a membership pass to some type of community, a character to a game, and a lot more. Owners of the NFT define its value, while the creator helps drive the demand for it with the perks and privileges offered to holders.

NewSeeds:

Robinhood to release Ethereum wallet with Defi & NFT trading on the platform. If this ever comes, it will mean mainstream accessibility to investors in the stock market. 😏

That’s a wrap for today! Some small stories and updates on what's happening. Here are some questions to ponder for the rest of the day: Do you think SOL domains will see a spike similar to ETH domains soon? Will more events use NFTs as tickets? We have already seen it with the likes of Ape Fest and Veecon! Let us know, and make sure to follow us on Instagram and Twitter.

With that being said,

See you soon. ✌️

Meme of the Day

Me looking at the 7 NFT projects I bought for fun hoping they will moon…

Disclaimer

None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research!

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