Shiny Digest no.24 05.02.2022

Hey fren 👋 Welcome to the 24th edition of the SHINY digest, a weekly newsletter where we share updates on the Shiny DAO, highlights and meaningful discussions from the Shiny discord and recaps from the live-events.

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  • Our Shiny beta site now has a directory with over 100 Shiny tools thanks to @rahuldotiyer! Find tools for NFTs, DAOs, DeFi, and much more. See a tool missing? Submit it and if it makes it onto the site you will receive 10 $SHINY.
  • On Thursday, the Shiny team held our second Shaping Shiny call where we walked through the evolution of Shiny and where we are going (figuratively and literally). If you missed it, you can find the recording here.
  • OpenSea acquired Gem, an NFT aggregator for buying NFTs in bulk across multiple marketplaces in a single transaction. Gem will continue to operate independently and as a stand-alone product as some of their core features are integrated into the OpenSea platform.
  • Coinbase's long-awaited NFT marketplace, while still in Beta, had a less than stellar launch week with less than 900 transactions and 73 ETH in trade volume from three million gaining access to the platform.
  • If you are in the UK, NFTs have been recognized as legal property, after a High Court's judgement on a case involving Lavinia Osbourne, founder of Women in Blockchain Talks, and two of her stolen NFTs.
  • Cool Cats CEO, Chris Hassett, is stepping down and the founders will be stepping into the role until a new CEO is found. The CC project has had a rough couple of months with a severely delayed game with the project floor taking a hit (as of writing, it's just north of 5 eth) but gosh those cats are cute so we are hopeful that this is a step in the right direction for the team and project holders.
  • A lot happened this week and the vibe was set when Ryan Carson, ex-COO (spoiler alert) of Moonbirds, announced, his NFT fund with a 100 eth minimum commitment. With the high entry price on the back of Moonbird’s success, Twitter lit up with people calling this a conflict of interest, bad timing, greedy, and, in general, just bad optics. That evening, Kevin Rose, founder of Proof & Moonbirds, jumped to Twitter Spaces to do damage control and alluded to what was ultimately Monday's announcement that Ryan will be leaving the Proof & Moonbirds team to focus full-time on his fund.
  • On the other side of the spectrum regarding how much ETH is too much ETH for a project to consume, there's MekaVerse, who announced this week that they have made enough funds from MekaVerse to completely drop a project that is difficult to develop and invest in something new. The announcement course corrects to clarify the team will continue to develop and deliver what was planned for MekaVerse but then concludes by stating Meka Drivers are being transferred to a new project. Circular reference error? You decide.
  • The NFT market moves incredibly fast. So fast that bear & bull cycles start to feel like hours on the clock. When is the best time to sell assets? @EmilioSantias shared his advice: 1) sell when your investment thesis is exhausted 2) sell when you investment thesis is wrong 3) sell when you need liquidity. Otherwise don't sell.
  • @Sokyu asked, "what do people consider to be a blue chip?" sharing it has to do with how long a collection has been around, not just price or volume. @ahs shared the term is thrown around too much and a blue-chip is when a project has already proven to be able to execute and is a known commodity, and, if you throw money at it, you are sure to make money back (eventually).
  • The Otherside, which represents the start of Yuga's foray into building a Metaverse, launched this Saturday. This was the largest mint in history and it froze the entire ETH blockchain for 2h due to insane gas prices. This resulted in 175M lost in failed transactions. Although Yuga commented on the situation and even insinuated thinking of migrating to its own chain in order to properly scale, the majority of crypto twitter (including Ape holders), took issue with the lack of gas optimizations that contributed to an inevitable gas war. On Sunday @ 5PM EST Otherside land revealed and many lucky land owners found their land inhabited by a Koda, a new NFT collection that Yuga introduced tied to the Otherside project.
  • There is a lot of contention around WAGMI as part of the NFT vernacular, which is fair, given that we are all just one click away from sending our beloved jpgs into the ether with all our ETH. So grab a coffee and take a look at a16z's attack types and lessons learned. Understanding how people exploit the systems we use might help you avoid being the victim of one down the road.
  • Need to quickly calculate profits on that NFT? Check out this NFT Profit Calculator that takes into account buy/sell price, royalties, gas fee, and OpenSea fees.
  • @LocalTourist shared a report for new entrants to web3 who are looking to go one level deeper.
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