Around the Blockchain | Derivative NFTs Dominate Discussion

Jacob CohenJacob Cohen
Around the Blockchain | Derivative NFTs Dominate Discussion

Despite the carnage across cryptocurrency markets and the losses from the UST de-pegging debacle, markets continue forward. In recent weeks for NFTs, Solana, and more specifically move-to-earn app STEPN, seemed to skyrocket in popularity.

But what else has been going on outside Ethereum?

This Week in Solana NFTs

As Solana has suddenly grown in popularity, so has the market’s appetite for derivative NFT projects. However, this time there is a twist.

Two of the most popular and successful NFT projects on the Solana blockchain, Okay Bears and DeGods, saw brand new derivative projects launch this past week...but on the Ethereum blockchain.

First, Not Okay Bears launched on Monday. Similar to some other copycat derivative projects of the past, the Not Okay Bears art was a complete copy of the original Okay Bears, but facing left, rather than right.

However, after quickly dominating volume charts, Not Okay Bears were removed from OpenSea per a DMCA request from the original team. If you're still interested, other marketplaces, such as LooksRare, allow trading of the collection. 

The Ethereum DeGods followed the Not Okay Bears model almost exactly.

The project is again a carbon copy of the original DeGods NFTs, but facing left. Once again, OpenSea disallowed trading of the NFTs but the collection remains available on LooksRare.

Despite less than 8 ETH in total volume and a floor price of less than 0.01 ETH, the project briefly managed to break into LooksRare’s top-25 list, making the collection eligible for the site’s new listing rewards system.

Meanwhile, in actual DeGods news, the company announced the development and upcoming mint of their brand-new project, Duppies.

Minting in June, the new collection will have a supply of 13,333 NFTs and can only be minted with 375 $DUST, the DeGods’ native token.

The team has made clear in the website’s FAQ section that the Duppies are a stand-alone collection, unique in art and utility from the DeGods.


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News From FLOW NFTs 

The biggest news in FLOW starts with the FLOW token this week. Along with being officially listed on Coinbase, the token will make its way into the Dapper Labs ecosystem this summer as well.

The main takeaway comes from the announcement of an upcoming airdrop of actual FLOW funds (amount TBA).

Qualifying for the airdrop is simple, complete the know your customer (KYC) requirements within the Dapper ecosystem.

NBA Top Shot

Many NBA Top Shot users are already KYC’ed and have been since it was a hurdle to taking withdrawals during the height of NBA Top Shot’s popularity in early 2021. However, those that are not yet should sign into their Dapper wallet and be sure to complete the KYC process in order to be eligible prior to any snapshot taking place.

Speaking of Top Shot, on Saturday the second round of playoff packs were dropped, much in the same manner as the first. Each of the 30,000 packs contained four Moments, two of which were guaranteed to be 2022 Round 2 playoff Moments.

The drop was split into two, the first 15,000 open to the general public for $19 each, and the second 15,000 purchasable only with 10 Trade Tickets. This week, WNBA Run it Back packs will be sold for $79 each, and WNBA 2008 Archive packs will drop for $19 each. Both will occur on Friday, May 27.

New Flow NFT Project, SNKRHUD

A brand new FLOW project, SNKRHUD, began minting its 4,280 Side Kick NFTs this past week.

The project’s stated goal is to develop a “Sneakerv3rse," where gamification will allow NFT holders to compete and level up for greater status within the community and more.

Despite a partnership with Dapper Labs and touting collaborations with both ESPN and Adidas, the public mint did not go as well as intended.

As of this writing, close to 3,000 of the NFTs remain to be minted on the Gaia website at a cost of $300 each, with a max of five mints per person and a mint-one-get-one airdropped free promotion ongoing.

Other Blockchain News

Bizarre Stars, an NFT project on the polarizing Cardano blockchain, launched a staking mechanism on Tuesday that combines NFTs with DeFi.

The “BIZAR Stake Pool” allows users to stake ADA for rewards, utilizing the blockchain’s native token, rather than the project’s own NFTs or token.

In addition to the regular rewards for staking, anyone who stakes at least 500 ADA (approximately $275 as of this writing) prior to Epoch 340 (Wednesday, May 25) will be eligible for an exclusive NFT called the Snoop Arcane Bizarre Budz NFT. Learn more about the project and staking mechanisms in the Bizarre Stars Discord.

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