Around the Blockchain: RDAO and Flowty
Another exciting week in the world of Web3. If you have any interest in the goings on of the NFT world outside of the Ethereum blockchain, you’re in the right place. Let’s review some of the bigger news pieces from this past week.
How quickly do things change in the world of crypto? As of Friday morning, it had been an “up only” kind of week. By Friday afternoon most, if not all, of those gains had been wiped out and the bears seemed to have gotten the better of the bulls after a couple of weeks’ worth of recovery. Inspecting the charts on coinmarketcap.com, on Monday $SOL reached a 7-day high of over $121, yet after a large dump on Friday it now sits, as of this writing, at $96.22, good for a 15.21% loss over the past week.
Avalanche, although still up 6.42% over the past week, saw its $AVAX token hit not just a 7-day but a 1-month high of $94.88 on Thursday, only to now be sitting at just $82.38, after losing 1.35% in the past 24 hours.
Other tokens that have been impacted by the recent volatility are Cardano ($ADA, $1.05), down 5.7% in the past 7 days, and WAX. The $WAXP token ($0.3278) in particular took a major hit, losing 10.62% on its way to falling outside of the top 100 cryptocurrencies by market cap.
Flow, on the other hand, managed to have a nice week despite the general downturn. The $FLOW token appreciated by 9.6% over the past 7 days, currently sitting at $7.44. Tezos ($XTZ, $4.02) also saw a decent sized gain, improving 3.56% week-over-week, despite a 7.76% drop in the past 24 hours.
This Week in Wax
For anyone familiar with the once-popular crafting game R-Planet, be sure to check your bags on the Alcor DEX. The recent launch of the “RDAO” included an airdrop on Thursday, February 3rd, to anyone who crafted at least 100 times during the past year. In more of a fair launch style, all participants in the airdrop received the same number of tokens, 24.6974 $RDAO, currently worth roughly 178.18 $WAXP. The RDAO will be responsible for the governance of the game, which continues to work towards its eventual launch. The company behind it, Wecan, recently released a “big update” via Medium article detailing the new plans for a lot of the old features. $AETHER usage, NFT production, and more were included in the update and explanation. Learn more about eventual governance of the RDAO and how to get more $RDAO tokens is also in the article.
Another older game making news is Zombiecoin. The Play-to-Earn mining game entered Phase 2 (of a currently planned 3 phases) in January 2022, with plans to add pets and lands to Phase 1’s characters, tools, and tickets. As such, on Saturday the company dropped 3,000 lands on NeftyBlocks. Half were released 5 minutes early at a reduced price of $17.50 (in $WAXP) for whitelisted players only, with the other half selling for $20 in $WAXP. Although the cheaper, whitelist supply of 390 sold out prior to the main launch, the 1,110 publicly available lands did not fare nearly as well. As of this writing, only 448 have been sold and have a floor price on Atomic Hub of just above sale price at 64 $WAXP.
A brand-new game, Sea Farmers, is expected to launch their beta version sometime this month, according to their roadmap. In anticipation, the company dropped new NFTs on Thursday, with unpacking beginning on Friday. The two types of packs, Jagdtasche for $50 and Locker for $125, sold out of their respective 400 and 100 supply. The floor for the items contained, a Fisher’s bag, is currently 249 $WAXP on AtomicHub. An unopened Jagdtasche is currently 412.33 $WAXP ($135.16 USD) and an unopened Locker is 1,314 $WAXP ($430.73).
This Week in FLOW
What was supposed to be a smooth, error-free drop on Monday of the Standard KD packs, was anything but. Right from the jump, the first 101 pack buyers were not given the proper odds at pulling a rare or legendary moment. Thankfully, this was caught early, corrected (thereby increasing the odds for the remaining pack purchasers), and those initial buyers were gifted an extra pack for free as compensation. The next problem was a Collector’s Score issue. For everyone in the queue, the number of allowable pack purchases depended upon each individual’s Collector’s Score. However, several users experienced an error preventing them from purchasing all of their allotment. The Top Shot team has requested affected users to submit a ticket and they will be provided the opportunity to purchase additional packs to be made whole. Still, the story was not done yet. After the drop concluded, community members discovered another flaw; the packs that included Holo moments also contained four-star rookie moments at a mathematically improbable rate, assuming proper randomness. Once again, the company had to explain what happened. Only this time, they assured buyers that although the packs were not randomized properly, the actual odds were not impacted, and no compensation was offered.
On Monday another big stride in general NFT utility and liquidity was made with the launch of Flowty. Brainchild of investor, Club Top Shot host, and #3 ranked Top Shot collector Michael Levy (@mbl267_NFT), the site offers peer-to-peer lending on the Flow blockchain. Borrowers can list the loans they want to receive, including amount, repayment amount (creating the de facto interest rate), repayment period (which, along with the interest rate, determine APR), and the collateral. Lenders can then choose, based upon these factors, which loan(s) they would like to fund. The site handles the transfer of funds and the escrow on the Flow blockchain. Should the user not pay back the loan in full on time, the collateral is then transferred to the lender. Levy states that as of now no plans are in place to open the technology to other blockchains, but plans are in place to expand the potential collateral offerings.
This Week in Solana
For anyone following DeFi Land, a game that has been mentioned in this column before, it was an exciting week. The long-awaited initial NFT drop occurred on Wednesday for 2 $SOL both presale and public sale. The top 1,000 players during beta (through the snapshot) were airdropped 3 mint passes each, and those 500 users who won whitelist giveaways were airdropped 2 mint passes each. The vast majority of the actual seed NFTs were minted during the presale, and the rest went almost instantaneously during the public mint. Magic Eden saw prices shoot up to almost 4 $SOL before dropping and then settling at the current floor of 2.79 $SOL. As discussed last week in this space, beginning on February 15th owners will be able to plant their seed NFTs and begin the 30-day watering process. The more often and the more $DFL spent on watering, the better the plant NFT(s) will grow into.
Happy early Valentine’s Day from Solcasino! The on-chain casino, which includes slots, online gaming and sports betting, airdropped $10,000,000 in their native token, $sUSD. 100 of these tokens were sent out to both users of their site and holders of various other NFT projects, including DazedDucks Metagalactic Club. Unfortunately for those thinking they can just swap for a quick, easy, and free $100 USD, there is a catch. sUSD is not listed on any DEX and cannot be used except to play on the site. Even worse for U.S. (and some other countries’) residents, since it is a gambling site it is not currently legal to participate. However, those who are able can play through the tokens and then take any and all earnings out in other, tradable currencies, such as USDT. Check your wallet to see if you received this early V-Day gift.
Tuesday was the launch of potentially the most accessible mint to date, on any blockchain. At just 0.25 $SOL, Citizens by Solsteads had a very accessible price point. More than that, though, was the uncapped mint supply. In a unique and innovative model, minting was completely open to the public and there was an unlimited supply of Citizens NFTs. The catch was the 5-minute minting window. Such a short amount of time meant that at least there would be some definitive number of Citizens. The company behind the NFTs, Solsteads, had an initial NFT launch back in September of their Solsteads Surreal Estate, a project intended to provide a place of residence in the metaverse for collectors to display their NFTs. Every unlisted Solstead Surreal Estate NFT qualified its owner for a free Citizen to live in the property. Other Citizens will need to request to be a guest and use some of the owner’s space in their house as a personal NFT gallery. Although an interesting concept to be sure, it does not appear to have been well received by the market, as the Citizen floor currently sits at 0.1 $SOL on Magic Eden, well below mint price.
Other Blockchain News
Continuing last week’s discussion of things happening in DeFi, the company Oxy-Fi released their token on Saturday on 3 blockchains simultaneously, Fantom, Ethereum, and Avalanche. A self-proclaimed DaaS, or Decentralized Finance as a Service, Oxy-Fi has future plans to release nodes, NFTs, a DAO and more. $OXY is currently trading at $80.58 according to Dex Screener after an initial launch price of $1 ($5 for whitelist).