1/ ETHcc takeaway #2: NFTs and DeFi are rapidly colliding together
NFTs have seen a resurgence since its peak earlier this year led by new pfp projects like BAYC, generative art like @artblocks_io, 1/1s like @Ghxsts
And I don't need to restate the crazy punk pump today lol
2/ Now NFT holders are facing the same problems that early crypto holders xp'd, esp those who have a big portion of their net worth in digital assets:
+ how do i get liquidity for my holdings
+ how get i get value generated from my NFTs
that's where the power of defi comes in
3/ liquidity
NFTs are illiquid assets. @nftx and @NiftyMuseum created pools that basically tokenized NFTs 4 easier buying selling + swapping
@genie_xyz takes it 1 step further: an aggregator for NFTs, routing to any liquidity source - even os or fnd - for the best order fill
4/ ofc @genie_xyz can connect to liquidity pools like NFTX for fills as well, consolidating the fragmented sources of liquidity across nfts
@NftTrader adds another dimension to NFT liquidity by mimicking traditional financial markets with OTC orders and swaps
5/ if holders are interested in other ways of accessing liquidity without just selling/buying, @fractional_art just launched which allows for fractionalized ownership of NFTs
now, sellers of rare pieces + collections can sell through another avenue
6/ and the NFT newcomer can purchase either
(1) a small piece of rare art, or
(2) a piece of a collection that gives the holder spread exposure to a basket of goods, instead of the idiosyncratic risk of one specific piece
7/ i personally hold ABC123 on fractional because I wanted exposure to @artblocks_io as a project but didn't want to lock up a ton of ETH into one piece of one collection
(im also not affiliated with this project in any way, i just like the art blocks)
8/ liquidity can also mean access to a line of credit from a collateralized holding
the holy grail of NFT holders is a permissionless, accurately-priced, and risk-adjusted way to stake NFTs as collateral to borrow against
2/ First growing pain: getting voter active participation
some DAOs' progress grinded to a halt due to voter apathy - something that's endemic in any pure democracy (see: Ancient Greece, modern day Switzerland)
2/ For context, there are 9 1/1 Cool Cats that exist — of which 7 are already owned by existing cat holders
Of the two that aren't released yet (the devil cat, and the golden lucky cat), the Cool Cats team will give them away to the community
3/ These cats fetch the prize of 50+ ETH. Winning 1 would be life-changing for some (me)
I put together a proposal that could simultaneously:
+ give some1 life-changing money
+ ensure the lucky cat is a focal point of the community
+ make sure the cat has exposure to the world
1/ Hasn't even been 24 hours since @FameLadySquad finished minting + weve already hit so many milestones:
✅ 310K ETH traded - good for #3 in daily vol behind BAYC & punks 😱
✅ my favorite metric: >2K unique owners of the ladies!!
✅ floor of 0.15ETH: 3x of mint price 🤯
2/ Let's double click on the floor: ladies were trading at .038 ETH this morning, slightly below mint price
floor hit a switch when @garyvee made a guest appearance in the Discord and proceeded to buy a bunch of ladies...