The NFTimes – Free Money And Drama. A Fun Week In NFTs

We also watched some interesting drama over artist compensation, while the top upcoming play-to-earn games (Cool Cats and Raid Party) got delayed…again.Overall the market has been remarkably resilient in the face of another significant dip in the price of ETH, while we had a free airdrop to make up for some of our losses.

More Free Money For NFT Traders

The best part of the week for many NFT traders was the X2Y2 token airdrop. If you remember the LooksRare platform launch and airdrop, this will all sound familiar. X2Y2 is a new decentralized NFT marketplace with a myriad of features that we have been begging OpenSea to integrate for months.

Users can list a bunch of different NFTs at the same time, buy multiple NFTs at once, and check NFT rarities on the platform. (At the moment, you have to use 2 or 3 different supplementary websites to use features like these because OpenSea can’t be bothered to add them.) X2Y2 also stresses its near-complete decentralization especially compared to OpenSea. There was no private token sale and 100% of market fees go to X2Y2 token holders.

NFT traders were able to claim a varying amount of the platform’s new token, $X2Y2, depending on their trading volume on OpenSea. Right now the claim is paused, but the token’s price has held up quite well and many traders were able to claim thousands of dollars worth of tokens. When claiming opens again, the price may fall significantly as new claimers dump their stake. The platform doesn’t have much trading on it yet, but it has the potential to be a decent competitor to OpenSea–if it can bring in users.

NFT Drama

Following the various dramas in the NFT market is important, because drama can kill a project that, by all other measures, seems like it will succeed. We mentioned in the last edition that a huge number of Twitter followers or Discord members doesn’t automatically mean a project will perform well. This week a new massively hyped NFT project’s drama became the center of attention of crypto-Twitter. Weather Report will be a collection of 10,000 generative characters with colorful creative scenes drawn on their heads.

The controversy started over the most important part of the project–the art. There are 2 sides to the story: the current team says that they had a vision for this NFT project ahead of time and hired an artist to make it a reality, calling him a “pencil pusher” ; the artist, a small rising illustrator called Dentin, tells a completely different story.

Dentin says that the art was his concept–that he conceived the art on his own with little to no direction from the other team members. He said that they offered him 5% of the project and when he decided to leave the project because of the lowball offer, they cut him out completely. Since then the 2 parties have argued in Tweets and Discord messages; Dentin even sent a cease-and-desist letter after they wouldn’t take their sneak peeks of the project down from their socials. One reason why this drama went so brutally viral is that there have been many heated debates over artist compensation, both in NFTs and in the wider world of art.

A few weeks ago, an artist who goes by j’von was in a similar situation as Dentin. He is the artist who drew the base character for a successful collection called Fishy Fam. He called out the founders when he was only paid 0.25 ETH from a project that brought in millions of dollars. The community was outraged and complained until the team paid j’von another 5 ETH.

One of the leading artists behind Bored Ape Yacht Club, Seneca, also says that she was paid much less than she believes her contribution was worth. She likely earned more than most artists earn in a lifetime from their work, but it’s sad to see that artists aren’t getting paid their fair share.

Here are a few projects to watch this upcoming week, accompanied by short descriptions:

Sheet Fighter NFT

  • It’s a play-to-earn game NFT collection inspired by the popular franchise Street Fighter
  • Each Sheet Fighter is a simple spreadsheet of randomly generated stats like health points, 4 different moves to use in battles, and a name
  • When the game launches holders can battle other Sheets to earn tokens

Edenhorde

  • Edenhorde is an impressive new play-to-earn collection with an extremely in-depth story that will evolve as the project progresses
  • The art was created by an Emmy-award winning artist who worked on the popular shows Adventure Time and The Midnight Gospel
  • It was launched by Merit Circle, a revolutionary decentralized autonomous organization (DAO) focused on popularizing Metaverse gaming

Psychedelics Anonymous

  • Initiated by the big influencer Voltura.eth, it was focused on funding mental health studies concerning the potential medicinal use of psychedelic drugs
  • There are now 6 different NFTs that each play a role in an upcoming mysterious minigame
  • Anyone who minted the original NFTs when they dropped, and held until now, are up close to 10 ETH

Want to keep up with Henry and NFTs 24/7? Join him in AlphaMint’s dedicated NFT Discord server.

By: Henry Stater and William Laurent

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