Snapchat To Experiment With NFTs?

Today's edition covers Snapchat's newest NFT features, Kingship, and NFT markets rebounding.

Author

BuckyGang đź’«
July 21, 2022

Welcome back, readers!

We have a quick round-up of stories today with some bullish NFT stats to finish us off, so lets jump into it.

Snapchat To Experiment With NFTs

It seems like every week we have a new social media platform entering the promising world of NFTs, and this time around it's Snapchat's turn with their 332 million daily active users. Snapchat is reportedly testing out new ways to introduce digital collectibles for artists and according to TechCrunch, it will start off by showing these NFTs as AR filters. A report by Financial Times says the company will experiment with a limited set of creators in August, and after minting NFTs, artists will be able to add them to Snapchat's AR filters. The platform will not be charging creators for this feature and is instead hoping to establish partnership deals that help NFT artists monetise off their AR filters. With the recent news of Twitter, Facebook, Instagram, and Reddit all looking at embracing NFTs on their platform, it is no surprise to see Snapchat follow suit, and it will be interesting to see how they utilise NFTs in the world of augmented reality.

Universal Music Group's NFT Band “KINGSHIP”

In a recent newsletter, we covered the upcoming NFT music group based on the IP of three Bored Apes and a Mutant Ape, now with their utility NFT collection, KINGSHIP has just ranked #1 on OpenSea’s music chart. KINGSHIP signed to Universal Music Group’s next-gen Web3 label “10:22PM” last year, and since then the NFT branded band has grown their discord to higher than most recording artists, which allowed their genesis “Key Card” 5,000 collection NFTs to quickly sell out in less than 2 hours. The collectable keycards feature different members of KINGSHIP with different unique attributes of different rarity, but the main utility comes from exclusive tokengated access to music, content, products, and the community. On a quick side note, interestingly this release was the first time that OpenSea held a special reserve of NFTs that were offered at the same time as the primary mint on the OpenSea marketplace. You may not care about the KINGSHIP band, but the way they use NFTs for their brand while fostering a community through NFT tokengated access to physical and virtual experiences is definitely laying the roadmap for future Web3.0 artists. 

$2.5 Milly NFT Champagne

In yet another industry being disrupted, let's report on the recent alcohol that's being auctioned off through NFTs. Just under a week ago, the world saw the sale of the most expensive Champagne ever sold with a whopping price tag of 2,500 eth or over $2.5 million, there is some fine print though as the bottle of premier cru grapes also came with some valuable NFTs. The bottle is decorated with five pieces from the Bored Ape Yacht Club and Sneaky Vampire Syndicate collections, so naturally, each of these NFTs will be transferred to the new owners as well. Speaking of the owners, Giovanni and Piero Buono are a pair of Italian crypto brothers who say they don't even plan to drink it, and instead see the Champagne with its attached NFTs as a “good investment”. Alcohol NFTs aren't just a one-off, with this week also seeing the world's rarest whisky be auctioned as an NFT. The 50-year-old “LAST MASTERPIECE 1970” marks the end of one of the world's most fabled Japanese Distillers which closed back in 2011. The bottle was auctioned as an NFT with a $75k starting price on BlockBar.com, which is an NFT marketplace for owners of luxury wine and spirits. With NFTs being used to facilitate auctions and authenticating ownership of alcohol, it is pretty amazing the number of use cases we are starting to see, I wonder what's next.

WAGMI

We tend to see negative headlines about the state of NFTs in this bear market, but there are some pretty astounding stats worth talking about, including the NFT flippening of crypto for new wallets. It's easier to see in the graph above from @ElBarto_Crypto, but this year we have consistently seen more new wallets trade NFTs as a first address action over DEX (decentralized exchange) with crypto. Staying on the theme of new NFT users, the other graph seen above is by @researcher_paul where he reports that over 10K+ new wallets buy their first NFT every day on Ethereum, with the number of returning buyers and first-time buyers consistently growing day by day. To add gas to the fire, a new report published by Verified Market Research (VMR) provides a 202-page deep dive into this emerging space with a prediction of the NFT market hitting a $231 billion cap in 2030, or about a 33.7% compound annual growth. Evident by the wide range of stories in this newsletter, VMR believes the key driver of success for NFTs comes from their proliferation across multiple industries. We may be labelled as a bear market now, but when focusing on the long-term fundamentals of NFTs, continued adoption by new people and companies, as well as the industries NFTs are disrupting, it's fair to see the benefit of HODLing.

Thanks for taking the time to pop by, hope you have a good couple of days and we will see you on the next edition of Morning NFTea.

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DISCLAIMER: 

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.