In this week’s newsletter, find out why a nonfungible token (NFT) collector paid $192,000 for a free NFT. Check out how community members responded as Reddit deployed its contract for its Gen 3 NFT avatars, and how a previously unreleased David Bowie track has been turned into an NFT. In other news, discover how LooksRare plans to compete with rival NFT marketplaces through a new upgrade, and how NFTs can unlock a biodegradable vinyl record.
Reddit deploys Gen 3 NFT avatar contracts on Polygon
Social media forum site Reddit has recently deployed the smart contract for its third-generation digital collectibles known as Reddit Avatars. The contract was deployed on the Polygon blockchain, with community members excited for the much-awaited drop.
Some praised the discussion website’s marketing efforts to change the dominant narrative within its platform, with many anti-NFT community members becoming neutral and pro-NFT through Reddit Avatars.
OpenSea collector fat fingers a 100 ETH bid for a free NFT
An NFT collector has seemingly mistakenly bid 100 Ether (ETH), worth around $192,000 at the time of writing, for a free NFT released to celebrate the launch of OpenSea Pro.
Some community members believe the transaction was a wash trade, while others argued that the trader mistakenly bid 100 ETH instead of $100. Meanwhile, another community member argued against theories that it was a wash trade since it was too risky.
David Bowie unreleased record debuts as music NFT
Legendary singer David Bowie’s “Let’s Dance” has had a previously unreleased version become part of a limited edition NFT collection. Gala Games subsidiary Gala Music collaborated with Larry Dvoskin and Warner Chappell Music to make the unreleased version of the song an NFT.
In addition, Gala Music revealed plans to launch NFTs of artworks inspired by the singer on April 14, the 40th anniversary of its original release in 1983.
NFT marketplace LooksRare launches v2, reducing fees from 2% to 0.5%
Seemingly joining what the community currently dubs the “NFT marketplace wars,” NFT platform LooksRare has upgraded, reducing its fees by 75%. The platform also advertised that its gas fees are “50% cheaper” than Blur, which has recently made strides in the NFT space.
Many LooksRare supporters believe that the new upgrade positions the NFT marketplace as a strong challenger to both OpenSea and Blur. However, some think its efforts are not enough to attract the users of the other two platforms.
NFTs unlock physical biodegradable vinyl records
While the NFT hype seems to have settled down, some continue to try to explore use cases for the technology. A new project used NFTs to unlock vinyl made from bacteria that mimics plastic. The material can decompose anywhere, including in the ocean. The vinyl differs from the usual materials, which release 12 times more greenhouse gases.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.