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Welcome back to 0xResearch. Here's what we've got for you today: |
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NFTs are not quite dead yet |
The total NFT market cap today is about $3.6 billion, down hugely from its heady 2022 peaks. |
Speculative NFT markets are dead, but the use cases of NFTs are not. |
Non-fungible tokens as a data format and a unique digital identifier, in the technical sense, continue to be used in productive, non-speculative ways that do not necessarily translate to a number-go-up chart. |
Take podcasts for instance. Pods.media provides podcasters a way to easily tap into an alternative monetization stream by letting fans mint NFTs of their podcast episodes. Users mint their favorite podcast NFTs for reasons of altruism, or just because it's no big deal to pick up a one-time free digital collectible. |
Since launching a year ago, Pods has onboarded 75+ podcasts and racked up more than $1 million in podcast episode mints across 120,000 collectors. |
One of Pods' biggest podcasts on its platform, Mint Podcast, has seen 250k+ NFTs minted across 69,789 unique collectors. Mint Podcast has raised about $476,885 in sales since it started using Pods in April 2024. |
$477k is not life-changing money, but it's a tidy sum for a little-known podcast in an industry where there's an oversaturated podcasting supply side. |
But the real use case of NFTs there goes beyond a simple revenue stream. |
Having pushed his podcast audience towards a simple NFT mint with Pods, Adam Levy, the face behind Mint Podcast, was able to construct a comprehensive social graph of his anonymous audience. |
To create a granular onchain composition, Levy targeted his 90k-strong audience with the use of Bello. The Web3 marketing analytics product, which he co-founded, spawned out of a hackathon at ETH Amsterdam. |
"I learned that a high percentage of my onchain audience were also Zora collectors. With that information, I was able to tap the interests of my podcast listeners (with Bello) based on their wallet onchain's history," Levy tells Blockworks. |
"I took action by doing more Zora-centric podcast episodes, which translated to another 40-50% more downloads on podcast content." |
In effect, NFTs enabled Levy to meet his users where they were once they took the first step of minting an episode. |
As opposed to sending generic mass emails, Levy's strategy enables the tailored outreach to podcast audiences who were active Lens or Farcaster users, directly in their social media DMs, or Coinbase Wallet users through the XMTP messaging protocol. |
It also allows podcasters to curate their podcast content or sponsorships around trending content being minted in real time. |
Picture having the hard evidence that 80% of your dedicated podcast audience interacted with a certain DeFi or NFT contract in the last six hours. Then imagine pushing out a podcast episode or marketing message crafted around that very topic in the very next hour. |
It's a plethora of onchain information that would not have been possible for any traditional podcaster using Spotify or Apple Music, Levy said. |
"I don't really care about my reach on Twitter or my audience on Instagram any longer — I care more about the wallets that collect my content because now I have ways to engage them in a permissionless manner where I can never be shadowbanned across any platform." |
Aside from podcasting, NFTs have also been used to fight counterfeit and fraud in the luxury goods sector. |
Since 2021, the Geneva-based non-profit Aura consortium gives luxury brands a way to offer consumers an easy way to trace a product's lifecycle and authenticate products onchain with NFTs. |
It's a purely non-speculative use case applying the immutable properties of NFTs to combat hundreds of millions of dollars worth of fraud and counterfeit in a $300 billion dollar industry. |
Aura has brought onchain more than 50 million luxury goods from luxury watches, suitcases, shoes, cars, jewelry and furniture for over 50 luxury brands from the likes of Cartier, Dior, Prada, Mercedes-Benz and more. |
Brands pay Aura licensing fees to use either a private or public blockchain option, though 90% opt for the former for data security and privacy reasons. |
Traceability represents one of the big challenges in the luxury industry, in part due to laws like the EU's Ecodesign for Sustainable Products Regulation (ESPR) and France's Anti-Waste for a Circular Economy (AGEC) that put more scrutiny on a product's lifecycle, Romain Carrere, CEO of Aura Blockchain Consortium told Blockworks. |
There are countless other cases of NFTs being used for productive purposes, like unlocking new revenue streams for adult creators by MintStars, or raising funds and codifying intellectual property for niche science projects by Bio, as I've written previously. |
More on this in a future 0xResearch edition. |
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan) |
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Base tops stablecoin transfer volumes: |
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Base topped stablecoin transfer volumes for the first time this past Saturday at $18.1 billion, surpassing both Ethereum ($12 billion) and Solana ($15 billion). On Sunday, Base continued to maintain this lead with $12.3 billion stablecoin transfer volumes against Solana (at $11.8 billion) and Ethereum (at $10.3 billion). |
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DA Exposé: Commodification of DA |
Although Metis is one of the longest standing Ethereum L2s, the protocol has struggled to attract developers and users. Currently with approximately 0.5% market share relative to leading L2s — including Arbitrum and Optimism — and secularly declining TVL and fees, the team is executing a large-scale plan to revive the declining ecosystem. |
Read more → |
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Unichain: Liquidity (Potentially) Begets Liquidity | Blockworks Research |
While Unichain offers potential benefits for UNI token holders through MEV revenue and staking, it could face challenges in attracting liquidity and competing with established L2 solutions. The success of the chain will depend on its ability to attract activity, volumes and liquidity onto the chain and navigate potential security risks associated with its architectural design. |
Read more → |
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Crypto gaming may be on the cusp of fresh growth |
But the sector's rise in popularity hasn't come without hiccups. |
Read more → |
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Funding Roundup: Stripe buys Bridge for $1.1B, Azura bags $6.9M |
Plus, MoonWalk Fitness announced a $3.4 million seed round. |
Read more → |
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 | Proph3t @metaproph3t |  |
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someone is now programatically arbing the spot/futarchic markets markets take time to form, but they're forming bby 🦾 | |  | | | 6:53 PM • Oct 22, 2024 | | | | | | 80 Likes 3 Retweets | 10 Replies |
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|  | Brian Armstrong @brian_armstrong | |
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This seems like the first election where new media has fully flipped traditional media. Long form podcasts, X/social, prediction markets etc deciding this election. Also holding traditional media accountable. Happened gradually then suddenly. | | | 3:46 AM • Oct 27, 2024 | | | | | | 22.1K Likes 2.5K Retweets | 976 Replies |
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|  | sam.frax @samkazemian | |
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1/ I'm going to propose a completely new system for valuing digital commodities like L1 tokens/sovereign commodities vs gov/equity tokens. This is very important for $ETH & the various L2 tokens/chains. It could remove the cloud over the $ETH asset once and for all. 🧵 | | | 11:24 PM • Oct 27, 2024 | | | | | | 545 Likes 108 Retweets | 38 Replies |
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|  | wassielawyer （哇西律师） @wassielawyer | |
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1/ Foundations for Web3 projects - what they are, what they are not and why you even use them. In crypto law, the 'foundation' is one of the least understood and most expensive products sold to founders. Oftentimes, it feels like most lawyers themselves do not understand it. x.com/i/web/status/1… | wassielawyer （哇西律师） @wassielawyer Nothing like reviewing the absolute fucking dogshit some lawyers sell to founders to motivate me to write my monthly legal thread to remind people I'm a real lawyer. I will be spending my afternoon demystifying one of the most expensive products lawyers sell. Foundations. x.com/wassielawyer/s… |
| | | 2:55 PM • Oct 27, 2024 | | | | | | 354 Likes 49 Retweets | 30 Replies |
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. |
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