🦍 Bored Apes’ Generous Copyright Approach Besting Stricter CryptoPunks

Hello Defiers! Here’s what we are covering today, News Wizards & Dragons NFTs Leapfrog Bored Apes in Latest Play-to-Earn Rally Tiny Minority of OpenSea Users Scoop Up Most NFT Profits: Report DAO Raises $5M for NFT Art by Silk Road Convict Ross Ulbrich...

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NFT Games

🐉 Wizards & Dragons NFTs Leapfrog Bored Apes in Latest Play-to-Earn Rally

NEW PROJECT NFTs for Wizards & Dragons, a new project, has shot to the number two slot in the OpenSea weekly volume rankings at 8650.59 ETH as of Dec. 6. That’s quadruple the volume than the migrated form of Wolf Game, which Wizards and Dragons forked. It’s also leapfrogged Bored Apes Yacht Club and CloneX NFTs.

CURRENCY Wizards & Dragons is a strategy game in which players use NFTs to acquire the game’s currency. Players can mint or buy either Wizard or Dragon NFTs, each of which follows their own set of rules in the quest to attain Gold Pieces (GP), the in-game currency.

STAKING GP has real value — the tokens are going for $0.014 as of Dec. 6 though GP hit an all-time high of $0.137 on Dec. 3. Gameplay for Wizards & Dragons centers around players staking their Wizard NFTs to earn 12,000 GP a day, according to a document put out by the project. At GP’s all-time, that’s $1,644 per day. This is where the Dragon NFTs come in though — they take a 20% cut of all the Wizard NFTs’ earnings.

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NFT Marketplaces

💰Tiny Minority of OpenSea Users Scoop Up Most NFT Profits: Report

NEWS Only 5% of OpenSea users are scooping up the bulk of the profits in secondary trades executed on the NFT platform, according to Chainalysis, a blockchain intelligence firm. It also pays to be a whitelisted NFT minter — they’re realizing big gains amid the surging nonfungible token market, while other traders are losing money in most transactions, the report said.

SECONDARY SALES That small minority of users are raking in 80% of profitable trades, Chainalysis says in its 2021 NFT Market Report. Two-thirds of the secondary transactions on OpenSea were profitable. “20% of user addresses on OpenSea account for 80% of secondary NFT sales, while just 5% of all addresses account for 80% of profits made on secondary sales,” the authors wrote.

TRANSACTIONS The report also found that the NFT market remains robust. At the end of October, 81% of NFT transactions were valued at less than $10K, down from 94% at the start of March. Roughly 500 NFT transactions worth $100K or greater are executed each week.

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DAOs

🎨 DAO Raises $5M for NFT Art by Silk Road Convict Ross Ulbricht

BIDS Ross Ulbricht, the incarcerated founder of the criminal darknet market Silk Road, has attracted millions of dollars worth of bids for his nonfungible token (NFT) art.

ARTWORKS The Ross Ulbricht Genesis Collection depicts four graphite pencil drawings and one oil canvas alongside essays and poems composed by Ulbrich, 37, during his imprisonment. The collection also includes an animation created by NFT artist Levitate that features a voiceover from the Texas native about his experience in prison, in addition to five artworks from his childhood and adolescence. The auction was launched at Art Basel Miami last week on SuperRare, with bidding set to finish on Dec. 8.

CONSPIRACY In 2015, Ulbricht was convicted of conspiracy to commit money laundering, narcotics trafficking and related crimes. He was sentenced to two life sentences plus 40 years in prison. A movement to petition the courts to reduce his sentence has been picking up momentum in recent months.

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A drawing entitled Perspective by Ross Ulbricht

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Deep Dive

🦍 Bored Apes’ Generous Copyright Approach Besting Stricter CryptoPunks

In which Brady Dale plumbs the intellectual property landscape in NFTs and reports on the bifurcation of the space.

APES RISING Is the Bored Apes Yacht Club coming for CryptoPunks? On Monday’s seven day table on NonFungible.com, Bored Apes had posted $59.1M in sales versus CryptoPunks $17.5M. Worse, the vaunted floor price — which follows the lowest price of the most common NFTs in a set — for both projects looks as though it might converge, with Apes rising and Punks falling. The Punks floor sat at 68.69 ETH on Monday, down from 90 ETH on Nov. 8.

ARTWORK Meanwhile, Bored Apes’ floor price was 52 ETH, well up from 30.5 ETH on Nov. 6. What’s behind the change? Prices are always anyone’s guess, but it seems like part of Crypto Twitter believes it’s because the Ape’s creators, Yuga Laps, conferred something on their holders of true and enduring value: the intellectual property (IP) rights to the underlying artwork of the NFT.

COPYRIGHT ISSUE Punk4156, one of the creators behind NounsDAO, tweeted, “It’s not about copyright vs no copyright, it’s about making the pixels as censorship resistant as the token they’re attached to.” He wrote that the IP rights ultimately caused him to turn away. “I love punks, but the copyright issue kind of broke my heart,” he tweeted.

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Metaverse Primer

🌆 DappRadar Exclusive Report: The Metaverse May be an Old Idea But It’s Just Getting Started

In latest exclusive report for The Defiant, DappRadar describes how economics, blockchain, currencies, and citizens work and play in the emerging metaverse.

TL;DR Ever since Facebook, the sixth most valuable company in the world, announced its corporate rebranding to Meta, the metaverse concept has gone mainstream. The truth is that the metaverse is nothing new. The author Neal Stephenson coined the term almost 30 years ago in his seminal sci-fi novel Snow Crash. The idea of a parallel virtual reality where individuals can play and socialize remotely was further popularized by Ernest Cline’s Ready Player One, which Steven Spielberg turned into a blockbuster movie in 2018.

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IMPACT But what exactly is the metaverse? How will the blockchain-based metaverse differ from a traditional metaverse? Why are virtual lands and cryptocurrencies like SAND and MANA exploding to all-time highs? And what impact might the blockchain metaverse have in our current way of living?

ELEMENTS The metaverse is an abstract concept, one that has different meanings for every individual and even every organization. Nonetheless, there are some elements that we can all agree a metaverse must include.

VIRTUAL CONCERT First, it’s a digital place, a parallel virtual augmented reality that expands beyond the physical world. Also, it is a place where people gather to socialize and share immersive experiences that range from building your own museum to showcasing digital art to assisting a virtual concert or even playing one of the games that are being developed.

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Somnium Space VR experience. Source Somnium Space

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Sponsored Post

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Why borrow an asset and use your ETH as collateral in the first place? Well, if you have precious ETH that you don't want to sell but want a portion of it to be utilized for generating yield, you'll look to a lending or minting protocol. You have a few options when it comes to depositing your ETH and borrowing against it:

Deposit ETH and borrow a stablecoin (On Maker, Compound, Aave)

Deposit ETH and borrow an altcoin (On Compound, Aave, Rari)

Deposit ETH and borrow total crypto market cap index token, TCAP (On Cryptex Finance)

Whatever you choose to borrow, will depend on your strategy and what you intended to do with it. Broadly speaking you have two options - Will it be deposited into a protocol to earn yield? Or will it be sold for another coin/token?

Borrowing TCAP compared to a stablecoin or altcoin provides DeFi users with a unique advantage when it comes to borrowing efficiency and yield generating opportunities. Learn about the differences and how you can utilize TCAP once you borrow it: https://cryptex.finance/blog/2021-11-29-borrowing-assets-using-eth-as-collateral/

The Tube

Tuesday Tutorial: Crush market volatility using big boy Delta Neutral strategies

Links

🔗 DeFi’s Decentralization Is an Illusion: BIS Quarterly Review: CoinDesk

Decentralized finance (DeFi) has a centralization problem and policy makers should use it to regulate the sector, the Bank for International Settlements (BIS) said in its latest quarterly review.

🔗 MetaMask: The Hero Crypto Deserves: The Generalist

Modern education is changing rapidly. COVID-19 accelerated pre-existing trends around remote collaboration, making it easier than ever to access world-class training from anywhere in the world.

🔗 CME Group launches micro Ether futures as ETH hovers at $4KL CoinTelegraph

Major derivatives marketplace Chicago Mercantile Exchange Group has expanded its crypto offerings to include a micro Ether futures product.

🔗 Craig Wright Found Not Liable for Breach of Kleiman Business Partnership: CoinDesk

A federal jury found that Craig Wright, the Australian who claims to have invented Bitcoin, didn’t have a business partnership with deceased Florida computer forensics expert Dave Kleiman, but he does owe $100 million in compensatory damages for conversion to a company Kleiman founded in Florida, W&K Info Defense Research.

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Bloomberg Wealth @wealthHow much would you pay for a digital NFT avatar that reflects your identity in terms of race, gender and spirit? trib.alBloomberg - Are you a robot?2:03 PM ∙ Dec 6, 2021240Likes111Retweets

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Compound Labs @compoundfinanceProposal 066 by @gauntletnetwork updates collateral factors for recently added markets: AAVE 60% LINK 60% MKR 45% SUSHI 45% USDC 80% YFI 55% Voting begins in 2 days. Discussion: comp.xyz/t/risk-paramet… Proposal:

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compound.financeCompoundCompound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.10:19 PM ∙ Nov 1, 2021125Likes34Retweets

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🧑‍💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.

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The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).

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