Staking or SEC? NFT Developers Face a Dilemma as FTX Launches New Marketplace

A brief history

The Proof-of-History blockchain network solved issues that Ethereum will not fix for at least a year until ETH2 comes out.

  • Ridiculous transaction fees (anywhere from $50 to $1000)
  • Transactions that randomly fail (if demand is high enough, users may miss the mint because of this)
  • Slow transaction speeds (incentivizes minters to pay more gas to mint a token on time)
An extreme example of Ethereum’s high transaction fees.
Galactic Geckos increased from 2 SOL to 60 SOL in less than two weeks. Solana Monkey Business NFTs had a 2 SOL mint price and now cost 250 SOL after a few months of steady community building!
During the past week, nearly all projects listed above had up to -50% drawdowns.

Distributing Royalties

SOL NFTs are not the first to come up with the idea of rewarding community members to garner interest and incentivize long-term holding.

How $BANANA works as explained by the CyberKongz team.

OpenSea’s NFT Crackdown

As mentioned earlier, developers had to innovate to survive. And after only one bearish week in Solana, many of them have moved forward with launching these various revenue systems.

Meerkats drama

The drama that unfolded between FTX and Solana NFTs began with cartoon pictures of meerkats.

A part of GGSG’s recent statement. Read the full thread here.

What Now?

This is sadly the end of the story. We haven’t reached any conclusion as the chain of events in the so-called metaverse continues to unfold. Truth be told, no real progress has been made at this point, we’re at a standstill. Moreover, it’s still too early to tell where the NFT ecosystem is headed as no new solutions have been offered by neither developers nor regulators.

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