🤯 The Must Have $41k NFT
Did LVMH Change NFTs Forever?
Welcome to this week's edition of Web 3-2-1, your source for the latest news and insights in the world of NFTs.
In this issue, we'll dive into 3 major news stories making waves, share 2 thoughts on the market, and leave you with 1 question to make you think.
Let’s dive in!
3 - NFT news stories
(1) The ULTIMATE Luxury NFT
NFTs already have Gucci, Tiffany, Hermès and Prada. But now we’re getting the crown jewel: Louis Vuitton.
The collection is called “Via Treasure Trunk” and this is how the team describes it:
“The VIA Treasure Trunk (Soulbound Token) will unlock exclusive experiences and community opportunities for its owners, including unseen collectibles of the Maison, starting with a first revealed alongside the next #LouisVuitton Men’s show by Pharrell Williams.”
A few takeaways after reading this description:
The NFT is soulbound meaning it cannot be transferred or traded. That will effectively filter out any speculative buyers and only attract people that truly want to be a holder
The NFT is a key. Holding the collectible, will unlock future experiences and opportunities for it’s holders. This is a straightforward use case that almost anyone can understand.
Not mentioned above but the digital collectible will also include a physical trunk. This combination of digital and physical is commonly referred to as “phygital”. Let’s see if LVMH can come up with a better name for that…
Price: The collection will start at 41k. This is not for the average NFT buyer.
Takeaway: This is a huge milestone for the NFT community. Companies continue to come in and build. We should encourage these companies to experiment and try new things. This is how we get better.
(2) de[id] Goes Live
Frank DeGods (founder of DeGods and y00ts) released de[id] last Saturday.
Simply described as: “a linktree that helps you make money & friends”.
Sounds cool, but what does that mean?
One example is de[id] + Twitter. If any holder of DeGods or y00ts connects their wallet to discord, they’ll automatically be followed by the official DeGods or y00ts Twitter account.
At first glance, this doesn’t seem like a big deal. But effectively, Frank is encouraging holders to feel more connected to their NFT by creating an emotional attachment to it.
Plus, if you sell or transfer your NFT the account will immediately unfollow you.
Frank is a self described “social experimenter” and this is his latest experiment.
Personally, I love it.
(3) Jack Releases (V)VR
Jack Butcher continues to impress with his Opepen releases.
ICYMI: Jack has divided his 16k piece Opepen collection into 200, 80 piece collections. The image pictured above is set 005. Each set has different artwork and each set demands a different floor price.
Set 005 is a play on the recent VR headset announcement from Apple (Vision Pro).
The biggest takeaway I had from this announcement with how in touch with the general ecosystem Jack is.
Everyone was talking about VR and he capitalized by releasing a VR related artwork piece.
At this point, it’s become clear to me that Jack is in this for the long run.
2- Thoughts from me
(1) What the Fidenza Sale Tells Us
WOW…What a massive sale!
ICYMI: The Fidenza pictured above sold for 625 ETH ($1.1M) on Tuesday!
It sounds like the buyer of the NFT was a bidder on the recent Fidenza that sold at a Sotheby’s auction a few weeks ago.
While Fidenza’s are one of the highest valued on chain art collections, this sale is nothing to sneeze at.
Why?
It shows us there is money out there that is willing to spend on worthwhile NFTs.
Emphasis on worthwhile.
The biggest issue with the NFT market right now is the lack of worthwhile NFTs. I think some companies (Nike, Starbucks, Adidas) are doing interesting experiments with NFTs right now but for the most part, the market has been kind of quiet.
We don’t need more PFPs or ways to leverage trade our current NFTs. We need innovation and something new.
That’s will bring people to the market.
(2) Squiggle Sweaters
Chromie Squiggles are one of the most popular NFT collections. It’s art that is fully on chain (unlike most other NFTs).
Yesterday, Squiggle holders were able to mint an ODDS NFT that allows them to obtain a sweater based on their Squiggle design.
This is awesome!
Yes, it’s not cheap. It’s a $500 sweater.
But it’s also a 1 of 1 sweater that is completely personalized to you as a Squiggles holder.
Just like de[id], this connects holders to their NFT. Something I’m all for!
1 - Thing to make you think
If you’ve been paying attention to the news, it’s been a tough week for the general crypto ecosystem. The two biggest exchanges were hit and the market barely budged.
The resiliency of the crypto market continues to impress and inspire me.
Can you think of another industry that has been rocked like the crypto market this week and continued to power through? And maybe even came out more united?
Thank You
That’s all for this week! If you enjoyed this newsletter please share it with a friend or through Twitter.
I’d love to know what you think of the newsletter! Feel free to leave a comment or send me a message on Twitter.
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. I’m not a financial adviser. These are only my own opinions and ideas. You should always consult with a professional/licensed financial adviser before trading or investing in any cryptocurrency related product.