Fat Cat Fun(d) #1
Two crypto cats on a paw-some NFT journey
Hi friendos! The Fat Cat Fun(d) is Kevin and Steven’s adventure into NFTs and their creators. This will be our weekly newsletter. We’re just getting started so please hit reply and let us know your questions about NFTs, and anything you’d like to see in future issues. Thanks for helping us out!
NEWS & UPDATES
Devin Finzer of OpenSea: On The Delphi Podcast, Devin describes being most bullish right now on NFT land (decentraland, cryptovoxels) and domain names (like ENS).
AI-designed sneakers sell for 22 ETH ($13k): The one-of-a-kind high-top was sold in both digital and actual form. The winning bidder, WhaleShark quipped “these shoes can be priced up to $50,000, primarily due to scarcity.”
Cult Artist Raises Record $3.5 Million in NFT Auction: The artist known as Beeple sold the most valuable NFT collection of all-time at $3.5 million. Real name Mike Winkelmann is one of the world’s most-renowned digital artists having worked with Louis Vuitton, Apple, Nike, Justin Bieber and Katy Perry. The most valuable pieces from the collection were the one-of-a-kind items.
THIS WEEK’S FINDINGS
NFT Guru is an NFT news homepage, collection of links, Twitter streams, and price updates from NFT-related projects.
What’s the difference between ERC-721 and ERC-1155? The main difference is 1155 allows both fungible and non-fungible tokens and you can change a particular token from one type to the other. 1155 can also send multiple tokens in a batch transaction, while 721 can only send one token at a time. 1155 is seemingly more powerful, but 721 was first to the game, is more widely adopted, and simpler (a huge plus in blockchain programming).
Nifty Gateway: Beeple used this marketplace for his record-setting auction, preferred because it accepts credit cards (but doesn't accept crypto?!)
Flow Blockchain: an NFT focused blockchain from Cryptokitties creators, it hasn’t launched yet.
More of our favorite tweets:
I’m still learning more about art NFTs, but right now my focus in NFT projects has been on the following:
Handshake (HNS) - I own a handful of Handshake names and some of the HNS token which you need to bid on the names. The easiest service to use is Namebase although if you’re a US citizen, you can’t withdraw the HNS token after buying it on Namebase.
Ethereum Name Service (ENS) - I also own a few .eth names which you can register through ENS. I love that the Ethereum community seems to be adopting .eth names as a kind of proxy identity, and it’s increasingly integrated into Ethereum ecosystem wallets and dapps and exchanges.
I’m also learning about Cryptovoxels and Decentraland, although it requires a lot more time in both communities to determine why a particular piece of land or apparel is valuable. Expect more updates from me here!
Oh and a sweet piece of art from Michael Divine on SuperRare, I submitted a bid but unlikely to meet his desired price since his first piece is listing for 20+ ETH!
In general I really like his work and I hope to be able to afford one in the future!
I just bought my first NFT art piece off Nifty Gateway:
What’s great about Nifty Gateway is that it’s normie-friendly thanks to purchases via credit card. The general problem is that NFT marketplaces are pretty fragmented at the moment. I’m curious to see if they’ll evolve in a similar manner as CEX’s.
Crypto art is pretty much what you’d expect - obligatory Bitcoin vs Fiat references, trippy visuals, and some ass weird shit. At the same time, mainstream artists like Deadmau5, 3LAU and Slime Sunday are bringing eye balls and credibility and no doubt many more artists will follow.
I’m not sure what to do with the art piece that I now own. But as they say, the “next big thing” starts off looking like a useless toy.