NFT Market Update - 17th October, 2022

Weekend News

CoinbaseNFT announced anyone can now create a new NFT collection with tools to mint on the blockchain. Creators will own their contracts and the platform will manage contract deployment, hosting, and auditing.

Artist Beeple joined the royalty conversation advocating Magic Eden’s switch from “seller’s fee to buyer’s premium” is “more sustainable long term” claiming “it never made sense to put that on the seller.”

MetaMask has enabled instant bank-to-crypto funding for US customers meaning you can buy crypto immediately without any settlement delays.

Solana News

Magic Eden announced optional royalties (i.e. 0%) on its trading platform, in addition, they will launch a Creator Monetization Hackathon to develop pro-royalty tools with $1M in prize money.

After Magic Eden deployed optional royalties, collection WeBallLottery successfully wash traded to no.1 rank. Following this, Opensea temporarily made Solana collections ineligible for Top and Trending on OS homepage.

Magic Eden launched “boots” a tool to monetize changeable traits through micro transactions and create a revenue stream.

Cardinal Labs created wrapped NFTs to enforce royalties for new collections.

According to Discord announcements, Solana project Old Roo Club’s founder “died” right after mint sellout, then came back to life, heard royalties were eliminated and then “died again”.