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🙏 Please GTA! Not another NFT ban

PLUS: A new NFT marketplace just dropped

AuthorAuthor

Aakash Athawasya & Arvind Krishna
November 23, 2022

Vanakkam, this is the doodhwala. The crypto newsletter for all seasons!

Summer, winter, spring, monsoon, and most importantly….for the BUYIN’ season! 🔥

Crypto prices are droppin left, right, and center. I mean…take a look 👇

Maybe the best time to start stakin’? (Not financial advice, mah frens 🙃)

Specials for today coming in 🔥:

  • Bored Apes just got its own NFT marketplace

  • Rockstar Games ain’t playin’ around with NFTs

  • Arbitrum to the MOON?

  • Milky Meme Of The Day

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Bored Apes just got its own NFT marketplace

OpenSea holds a ~65% market share in Ethereum NFTs.

Magic Eden holds a ~80% market share in Solana NFTs.

BAYC just said HELLA NO to both of them.

And now, they’re getting their own NFT marketplace.

This is like if Bitcoin got its own exchange. An exchange just trades Bitcoin and no other crypto.

So, why do this, who's doing this, and why is the doodhwala writing about this?

Why create a separate NFT marketplace?

BAYC is the star child (basically like my sister 😭) of the APE Ecosystem. This includes a bunch of other things like:

  • Metaverse: The Otherside with sales of $40 million in June

  • Token: ApeCoin with a $1.1 billion market cap

  • NFT collections: Mutant Ape Yacht Club (MAYC) with a floor price of 10.8 ETH (not to mention NFTs like Mutant Ape Serums, Bored Ape Kennel Club, etc.)

  • DAO: ApeDAO with over 6k members

Yeah! The APE Ecosystem is as obsessed with monkeys as Tarzan. 🐵

With all of this — 1 token, 1 DAO, 1 Metaverse, and a bunch of NFT collections — BAYC is too big for a single NFT marketplace.

So, it wanted to create its own.

Who is creating this NFT marketplace?

Being a DAO, the Ape community put the decision up for a vote.

“Which company should buidl the Apes’ NFT marketplace?”

The options included:

⛴ OpenSea — the largest NFT marketplace on Ethereum🪄 MagicEden — the largest NFT marketplace on Solana👯‍♂️ Rarible — an NFT marketplace aggregator for Ethereum + Solana + Tezos

The Apes chose an unknown NFT marketplace builder — Snag Solutions, with 88% of the vote.

Yup, BAYC (the biggest NFT marketplace) with the most expansive web3 ecosystem choose a:

  • 2-person company

  • built by ex-DoorDash employees

  • with (honestly) a crappy name, wtf is Snag Solutions guys?! Gotta shorten it to SNAG at least

Why would the Apes go with SNAG?

We were hella confused.

Why would the biggest NFT collection + metaverse go with SNAG?Why would DoorDash employees build an NFT marketplace?What’s with the name Snag Solutions?Why did I bet on Argentina?Is that why she left me?

So, many questions! 😩

But when we looked at SNAG's proposal to the Ape Community, it made sense.

SNAG is a white-label plug-and-play NFT marketplace for collections.

It’s like the Shopify of NFT marketplaces, just come up with your crappy collection, and BOOM you’ve got an NFT marketplace.

Here’s why their proposal beat the biggest ones around:

1️⃣ Cheaper fee: SNAG offered 0.25% fees compared to 1% fees by Magic Eden and OpenSea.

2️⃣ Web3 solutions: SNAG is working with Reservoir to open up the NFT order books and Arweave to store the data on a decentralized network

3️⃣ Community: Jason and Zach are BAYC hodlers and wanna the Ape community at the center of the marketplace instead of on centralized NFT marketplaces

Doodhwala’s take: We’re gonna see a ton of NFT collections branch out into their own marketplace especially after the BIG APE went its own way.

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📢 Huddle Up, my fellow crypto bros!

Wanna hang out with the coolest web3 folks in town?

Then join your friendly neighborhood doodhwalas🥛for #FILBangalore 🚀

Here’s the super exciting lineup for this event and it’ll surely keep you on your toes:

Damn. That’s more star power than the whole cast of Fast and Furious 🤯

So register here for #FILBangalore and come out to Sheraton Grand in Whitefield, Bangalore on November 29th & 30th! 🥛

Click on the banner to register and LFG 🔥🔥🔥

The event is invite-based only and slots are filling up soon.

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Rockstar Games ain’t playin’ around with NFTs

Another day, another upset.

No, we are not talking about Japan beating 4-time world champions Germany (although anime lovers for sho enjoyed it 😎)

We’re talkin’ about Rockstar Games banning NFTs and crypto on fan servers.

What’s a fan server? 🤷‍♂️

They are fan-modified version of any particular game. You can take the role of one of the NPCs (Non-Playable Characters), you know those random characters you run over and kill for no reason in GTA V, and interact with other characters online and do fun stuff.

In some of these fan servers, users integrated NFTs and crypto to facilitate transactions.

Like making cool cars or crazy weapons as NFTs to prove ownership and have unique benefits.

Just like how NFTs were intended to be used. 🤷‍♂️

And similar to Minecraft earlier this year, Rockstar Games have banned it. 🤦‍♂️

But the SUPER strange thing is that Rockstar Games’ parent company, Take-Two Interactive, is big on web 3.

So big that they invested in an NFT game studio called Horizon.

Not just that, but they acquired Zynga (the company that bought Farmville, the game you spent waaayy too much time on as a kid) and they plan to “explore” web 3 opportunities there.

So why is Rockstar banning NFTs? 🤨

Here are some of our guesses:

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Chaach and Charts: Arbitrum is UNSTOPPABLE 🔥

Arbitrum, the Ethereum Layer 2, has been on a WILD ride!🎢

It has just over 50% of the transactions on Ethereum! 🤯

The best part? Arbitrum doesn't have a token…yet.

There have been hints of them launching one and airdropping it to active users.

So probably that's the reason why more people are using it a lot more in the past few months. 🤨

What do you think?

And REPLY to this email and let us know if you have transacted on Arbitrum!

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Milky Meme of the Day

Man…this market has got us down REAL BAD. 😭

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today bhaiyo aur bheno! Naale Sigona!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.

None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.