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NFT Day this week #nftday 5 year anniversary of NFT - 12/20/2022
Ported from original post sept 23rd 2022
If you were on Twitter this week you may have seen #nftday and wondered what it was exactly thats going on you can find more information here https://internationalnftday.org and their twitter account at https://twitter.com/OfficialNFTDay
The site does a good job of explaining what an NFT is and acknowledges the person responsible for the term NFT 5 years ago this week by celebrating the projects that are built via NFTs and there were giveaways from NFT projects highlights the first NFT being made in 2014 but the term still not yet known or published on what they were until "NFTs are Born with ERC-721 Proposal
The first draft ERC-721 proposal was published by Dapper Labs CTO Dete Shirley, which included the first formal usage of the term NFT."
Dapper Labs made Crypto Kitties and NBA Topshot
I encourage you to check out the site at internationlnftday #nftday to learn more if your interested in knowing more on what an NFT is.
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The fed pain this week another .75 interest move up - 12/19/2022
Original post sept 23rd, 2022
Jerome Powell made his announcement yesterday that there is more pain to come. I do find it odd that the person that said this will be transitory and gave guidance into this year still claiming this fact is still in his position. Likely still there because his removal would move the market down investors dont like uncertainty I have read thousands of times.
There are well known memes of him at the printer press printing money, many people knew supply demand factors and that this would cause inflation and were puzzled on his remarks over the last couple years.
I will grant that this is something fed chairs havent been through with a virus like this that put panic into the financial markets, causing stocks to drop close to 40% the Dow went from just under 30,000 all the way down to under 19,200 in a very short time within a month.
There were gains on the day leading into his speech but when he spoke the market dropped when he said there will be more pain. There are many that write about his words as he has the granted powers to moved more liquidity into the market or take it away.
Its something interesting to me that someone can be so wrong on their view of the financial markets but still have the confidence of the investor markets another puzzle I am sure will be studied for years to come. The start of this year saw the market start at just under 35,000 now down to just under the highs from 2020 under 30,000 again.
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The Ethereum merge - 12/18/2022
Many have pointed out a flaw in Crypto one being the intense use of energy that is used to do blocks on the blockchain, transactions and minting of coins.
I am not in the Bitcoin Maxi camp, I think thats not a good place to be that Bitcoin is the all powerful no matter what this technology will change the world and all bad things are byproducts. See statements on the environment by Jack Maller on comparing the Eth merge from proof of work to proof of stake where he calls the concern for the environment asinine stating that we dont use horses we use cars and planes with evolution of tech.
https://fortune.com/crypto/2022/09/21/inside-look-behind-the-scenes-ethereum-merge/ “Executable Beacon Chain,” aka Eth2 sharding
I understand the concern to tamper proof and decentralized could be at risk in some peoples minds as this has only taken place this month on the change. I however think this had to be tried to see if crypto can form and function with validators approving transactions through encryption vs the computers having full control for the blockchain with proof of work and it will help the life of blockchain and lessen countries that ban it due to environmental concerns. I have seen stories that Bitcon has a consolidation issue as well where most of bitcoin is really centralized to a bulk of it being owned by a small number of people and companies.
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What is a DAO - 12/17/2022
You can find a fair amount of articles on what a DAO is from a quick google search
So why make a post about it, well it may surprise you reading this but some have never heard of a DAO or understand its function or reason for existing.
I first heard of a DAO when looking at a crypto coin $whale coin what got me into Whale coin was the founder and that he had seen the vision of NBA topshot and for a few thousand dollars had a collection worth millions and the coin worked for a fantasy draft for NBA lineups with topshot moments.
They had advertised their coin to get a consensus of votes through the DAO and the reason for this was to give power over the coin and nft collection that backed the coin in a vault was the understanding of many members to give the power to the members and to grow out their community.
The details are normally buried in the whitepapers essentially think of it as your condo docs establishing how things will run. Some DAOS dont jump right to the power of control of the companies of the coins or nfts and development companies right out of the gate until they can establish they have revenues generated to be able to operate that seems responsible to me but some want fully decentralized and power to be handed to members right away.
I can understand both points and the purist of decentral wanting no centralized power as an attack point for hackers and so that there is a true community run project is the point with decentralized crypto, nfts, blockchain beginnings and what attract many to the technology.
It was encouraging for me to see this https://cointelegraph.com/news/wyoming-legally-recognizes-first-dao-in-the-united-states earlier this year.
You might be surprised to hear Wyoming leading with Crypto and blockchain however if you have been following the blockchain news, you may already know they issued a bank charter to Kraken which is said to be following the
Token Safe Harbor Proposal 2.0 by
You might hear news this week that the SEC is investigating Yuga Labs known for their Bored Apes Yacht Club NFTS and coin as has been reported today from Bloomberg but this news is not new it was first reported SEC was looking at NFTS for being securities at the start of the year and has yet to refer any case to the justice department.
"Mission. The U. S. Securities and Exchange Commission (SEC) has a three-part mission: Protect investors. Maintain fair, orderly, and efficient markets. Facilitate capital formation."
I think its past time to say actions take years, blockchain has been in high gear since 2018 and at this point if they know they are going to make fundamental shift in the way crypto markets and nft markets operate its not fair to leave investors exposed to a change of liquidity and reserve requirements that might be enforced at anytime. This lack of clarity does nothing to maintain fair orderly and efficient markets in my opinion.
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So what is Decentralized exchanges? DEX - 12/16/2022
There has long been hacking of Decentralized exchanges, as these exchanges grow and add more blockchains and have more points of attack beyond the smart contract agreements (computer apps) with whats called bridging which is moving on one blockchain the crypto coin or token to another blockchain giving another attack point.
The developers are wanting to make ease of use and better customer experience with the exchanges and the wallets they operate with https://activerain.com/blogsview/5747525/setting-up-your-metamask-and-coinbase-wallets and they are making improvements with a popular word in development interoperability (working well with each other) peer-to-peer (P2P) marketplace is another term you might hear as a description for DEX.
Now what is the use of Decentralized exchanges well the word is popular in crypto worlds I previously wrote about DAO's decentralized autonomous organizations here
but decentralized exchanges allow you to take control of your crypto coins and not rely on a centralized organization like a coinbase that holds custody of your coins.
Dex (decentralized exchanges) allow members to add coins to be swapped for other coins and charges a process fee for the swaps so you want to look at what your being charged to swap and also check the smart contract address of the coin listings to make sure coinmarketcap.com or coingecko.com have the coin your swapping as the real blockchain it should be on thats being offered and coin matching what your picking up as you could pick up a user produced coin thats not backed by any blockchain or development team and or is named after a popular nft that doesnt have a coin issued that they try to trick you into picking up related so good to know what your buying or swapping.
Dex have become popular with more staking options, think of staking as a interest for your holdings, if you hold crypto coins you can get a return on your coins.
some of the top exchanges Uniswap https://app.uniswap.org/ https://pancakeswap.finance/ https://quickswap.exchange/ do your own research on which you would like to try, best practice is to send just a little bit to an exchange on first transactions to make sure you have all the settings correct and setup multiple wallets so you can not keep all your eggs in one basket in case of exchange hacks or downtime.
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The new digital collectibles tab (nfts) are active on Facebook/Meta - 12/15/2022
I wrote previously about https://activerain.com/blogsview/5751058/marketing-with-nfts-2-you-can-use-opensea-io-featured
Marketing with NFTS on a few different ways.
Now Facebook aka Meta has joined the arena with profiles being added with options for digital collectibles. They have easy steps on getting setup
1. connect your digital wallet
Each wallet address can only be connected to 1 facebook account
2.view your digital collectibles
3.share you digital collectibles
4.view collectible owner and creator tags
5.keep your account secure reminder.
To connect your digital wallet:
- Log into your Facebook account.
- Go to your profile.
- Click ... at the top right.
- Then select Digital collectibles.
- Select the wallet you want to connect, then click Continue.
- A notification may ask for your wallet password. If prompted, follow the onscreen instructions for your installed wallet application.
- On the next screen, click Sign in to confirm your wallet connection.
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What is Web3? - 12/14/2022
You might of heard a lot about #web3 but have you ever wondered what it is?
I have read various papers and articles on the topic.
The best description I have found is this…
Web 1= information you could view and not interact with think Yahoo search engine, think GeoCities where you could create a website but not really yet formed sharing and liking and interactions. You could throw email into web 1 as well.
Web 2= think user content creation and interactions, the likes, the shares, the video creation with streaming and online chat communication in real time Twitch/Youtube are good examples.
Web 3 think QR codes https://activerain.com/blogsview/5751049/marketing-with-nfts
things relying on blockchain technology, think metaverse with the decentralization parts https://activerain.com/blogsview/5754239/what-is-a-dao where you can interact with people and brands, companies have setup buildings in the metaverse to display their activewear wearables and avatars have been a big thing in the web3, you can share you business card as an nft, hang nfts in galleries interact inside the websites with full motion ability Facebook has rebranded to Meta as they see marketing and interactions of real world ar/vr being a part of web3 as well think quest headsets.
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Magic Johnson on Jimmy Kimmel talking about nfts great point - 12/13/2022
Magic Johnson was on the Jimmy Kimmel show this week and made a great point for those that are listening to what he is saying. The keyword he talked about was collectible, think of NBA Topshot as a moment that you own like a trading card he said.
Why is this an important statement made by Magic Earvin Johsnon the SEC security exchange commission was reported by Bloomberg this week to be investigating the Bored Ape company also known as Yuga Labs one of the largest NFT projects around by all measures, cost of NFT, volume of trade etc.
I mention this briefly earlier this week in a post about the investigation https://activerain.com/blogsview/5754239/what-is-a-dao
So why this is an important statement is that if you overturn existing treatments of collectibles with regards to them being treated as a collectible and not a security then you will set a precedence to then over reach and go after art, coins, and collectible cards as well to be treated as securities.
The designation of NFTS as collectibles is key to the future of the collectors market.
I suspect if the SEC goes against Magic and deem NFTS to be non collectibles there will be Chrisities,Ebay, NBA, MLB, NFL and all major leagues, NFT marketplaces and others on line 1 with lobby money to get this over turned as quickly as possible along with all blockchain communities and DAO, we would in short order see the SEC defunded in the following year budgets and calls for government officials to reign in and put in check this out of control rule by enforcement action organization
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NBA topshot digital collectibles tools to analyze your collectionc - 12/12/2022
I have previously written about NBA Topshot about what they are here https://activerain.com/blogsview/5663593/nft-nbatopshot-nba-top-shot
I mention in the last week also the appearance of Magic talking about the digital collectible
Now I wanted to talk about analyzing now that I have more experience with collecting them and know where to look.
If you want to know about the current challenges sometimes called burning or crafting a good source to see how many have completed the challenges is the Discord for LiveToken https://discord.gg/DAVdSfaQq5 this is a non expiring link to their discord if they update name for branding or anything feel free to reach out for an updated link, Discord has a gg short link for the Discord servers as shown above for LiveToken.
*screenshot above is from my account and opening up a view to show you the NBA topshot challenges*
Crafting and burning are newish to try to help solve the balance of supply demand to make some moments more rare the idea being you trade in moments from the previous nights game for example of top scorers with a 60k count moment along with 5 or six other games, this gives you interaction with fantasy sports of sorts to keep up with your team and players seasons and stats you could get a jump on likely top scorers and pick up their moments to use in a crafting/burning challenge for possibly someone from a favorite team or a more rare challenge moment which is only created to match the number that completed the challenge for example first game last night you burn two moments for top 2 scorers and use the other 3 showing ownership in the challenge to complete the challenge so far with less than 24 hours to go 5568 have completed the challenge.
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Definitive guide post of tools for NBA Topshot digital collectibles - 12/11/2022
In a previous post I wrote about the Discord challenge views of seeing how many have completed a challenge for topshot before the challenge is over. Link below
There is also a link to Magic Johnson talking about the collectible at this link along with the first time I wrote last year about topshot and a quick mention of the fact there is a whole environment that is setup around tracking serial numbers of the moments and their values along with graphs of the value for each moment, per player, per series, per serial number range. Evaluate Market I would suggest starting there to know what the values are if you do open packs and wonder what they are worth. They also say how many are yet to be released in packs.
*update to this nbatopshot.com has now integrated this into their website to show how many moments have been burned and to better filter the search for serial numbers if you are interested in buying a #1 or a jersey number or last year 75 year anniversary moment for a player etc.*
You can check for updates on the topshot discord https://discord.gg/yXMmryHx here is a link if this doesnt work in the future feel free to reach out for a new one they have now added a small link still no logo yet to their discord.
If you like podcast there is a Topshot for that too
https://podcasts.apple.com/us/podcast/cts/id1550835815 topshot on Apple
https://open.spotify.com/show/5cFGzNfDrlZsv6l6sCvYLe topshot spotify
https://www.youtube.com/watch?v=CMxV49RjNqY Youtube creator content talking about topshot tools.
If you are on substack there is a newsletter for you https://mintedmoment.substack.com/ now on Twitter too @taylor_stein
https://topshotexplorer.com/ wondering how to look up your portfolio or a set or moment you can use this. Just plugin your account id, you can find that on your dapper wallet when logged into topshot.
Want to move your moment to a third party wallet off of the topshot marketplace
https://intangible.market/export/ this site was previously mostly used to make offers before the offers feature rolled out on topshot.
https://www.otmnft.com/ They have a good challenge list and shows top gainers and losses for any given day, you can also adjust to week and farther out.
https://dappradar.com/flow/collectibles/nba-topshot you can check overview of market volume for sales.
https://cryptoslam.io/nba-top-shot another market volume tracking tool.
https://play.momentranks.com/ you can enter daily fantasy using your moments to play in a competition, you can also track your portfolio on momentranks now called https://collective.xyz/
If you think anything else qualifies for the list feel free to add in comments.
Hope this helps with your collection of NBA Topshot
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