3 Coolest Things in Web 3: February 10th, 2023
Racc0ons Carrying forward the OE Meta, Lucrece is back, and Bitcoin Ordinals stay going HAM
Jack Butcher kicked off open edition season in NFTs with his collection Checks, a play on the new Twitter verification system.
Open editions have no supply cap on them, and checks raised over 100 ETH by selling ~16k of these Checks. In-built was a burn mechanism where you could burn multiple Checks to create a more rare check. Getting to the most rare Check required burning over 40 of the original Checks.
Fast forward about 2 weeks and you can’t scroll Twitter without seeing one of these things.
There have been numerous derivative projects around both the art and the burning mechanism, which brings me to the racc0oons, a cc0 project replicating the burn mechanism that Jack is using.
These raccoons start cheap (0.004 ETH mint price) but to get to the most rare raccoon, an Old Wise, you need to buy and burn 63 raccoons in total.
This is an interesting dynamic that leads to abnormal results. This mint sold a total of over 46,000 units (!!!). In this market. Sheesh.
Looking at the ownership the % of unique owners here is only about 5%. Meaning tons of people are buying multiple, with the average person owning about 20. I would expect people to keep playing into this narrative with numbers like this. The team raised 184 ETH using this approach, which is more than the original Checks collection raised!
This looks like it is the new meta indeed…
Bitcoin Ordinals Continue to Stay Hot
We know very little about this market because there are so few sales and most of them are happening on Discord in weird sketchy OTC chats.
But what we do know is that Bitcoin Ordinals (a new type of contract on Bitcoin similar to the ERC-721 standard for NFTs on Ethereum) keep soaring both in value and in volume. There are now close to 50,000 inscriptions (an NFT on Bitcoin) where there were only a few thousand just days ago.
So far most of the projects are copy-pastes of existing popular projects on Ethereum but this is certainly a new day for Bitcoin.
These are a few of the notable collections so far:
Proceed with Caution… Continued
One of the hottest art mints this year has been proceed with caution by Des Lucrece. Defy Mosaics is the artist’s new collection and minted out immediately with the floor price now around 0.8 ETH.
