Morning Minute | Clusters Aims To Solve Cross-Chain Wallet Management
TylerD's Market Summary
Plus, is Andrew Tate launching a crypto token? And catch up on the latest opportunity for creators.
🔐 Clusters And ENS 2.0, Cross-Chain
If you have been active in NFTs and the broader crypto ecosystem over the past 3 months - one clear problem has presented itself.
Fragmentation.
Each blockchain has its own wallet, with its own apps, currencies, etc.
It's a lot to manage, especially once one branches out beyond 2-3 chains.
Enter Clusters, who is ready to solve this major issue now.
And they have some major backing.
What Is Clusters?
Their announcement thread said it best: "Clusters is your universal name. All the chains. All your wallets. One name."
A bit more:
- Users can register a name (i.e. for "TylerD", clusters.xyz/TylerD) and then attach sub-domains as desired, tagged to specific chain(s) or uses (i.e. TylerD/hot, TylerD/cold)
- It works with all addresses across BTC, ETH, SOL, Layer-2s and Cosmos (soon)
- Each cluster gets its own personalized animated video, providing a visual representation of the chains and use cases set up by the user
- Clusters partnered with LayerZero, enabling users to track wallet activity crosschain for any address tied to the cluster
And they have already raised $9M in funding from names like Coinbase, Polygon, Metastreet and more.
It's a promising start.
They're also using an interesting auction system for name buying, inspired by a Vitalik blog-post about demand-based recurring pricing.
Essentially it's a bid system, and the winning bid gets the name, and all losers are refunded.
The goal is to eliminate name squatting.
The team also clarified that early bidders would receive "boosts" to their bids, making them more likely to win competitive auctions.
That boost helped drive over 4,000 distinct name bids on day 1.
Why It Matters
It's pretty simple - better wallet management.
Moving funds around, NFTs, etc., can become much easier.
Store your addresses and seeds away somewhere safe and forget about them, and navigate across-chain using just your cluster names.
Tracking and monitoring activity crosschain becomes easier as well.
At least that's the vision.
Another potential negative impact here though - ENS values. As this is somewhat of a direct competitor, it seems less likely newcomers will bid big on rare ENS domains with their clusters counterparts available for fractions of the price.
The ENS bull cycle from 2021-2022 may have been a one-time thing.
Will Clusters see similar bidding hype for the top names? We should find out soon.
For those interested in getting started, head over to Clusters.xyz today and big on a name!
And trust me it's easy. I went through the process yesterday - it took just minutes.
Join me!
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH trading volume jumped up to $23.3M on Thursday; leading NFTs saw slight green on the day
- Killabears and Pixelmon led top movers on ETH, jumping 58% and 30% respectively
- Doodles rares were on the move, with a buyer adding an Ice Cream Cone for 10.5 WETH and a Halo Cat for 50 WETH
- Mocaverse introduced Shard Rush, the last Moca ID feature providing users a better overview of their Moca ecosystem achievements
- OpenSea claimed that more than 100,000 users have created an account via email since launching that feature just 3 weeks ago
- Chimpers latest arcade game Dojo Clash goes live today, with NFT prizes
- RSIC led action on BTC with 33 BTC in trading volume and the floor up another 10% 0.077 BTC; Puppets +20% to 0.054 and NodeMonkes up to 0.19 BTC
- New BTC art project "Blocks" by Matrica minted out its 256 NFT supply for 0.0256 BTC and surged to a 0.044 BTC floor in early trading (now 0.039)
- Solana NFTs were mixed on the day; Jup Cats led volume +42% to 3.5 SOL and Tensorians +6% to 82; Mad Lads even at 177, though Frogana fell 6% to 5.9
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are green this morning ahead of U.S. jobs data; BTC +2.5% at $43,120; ETH +2.2% at $2,320; SOL +6.6% at $101.90
- JUP was +3% on the day to $0.62 and an $838M market cap, now with over 66% of the airdrop claimed
- AltLayer confirmed airdrop registration and details, and confirming everyone holding at least 35 staked TIA eligible (ahead of the snapshot)
- Andrew Tate briefly teased launching his own crypto token and backing it with $100M of his own money, in a now deleted tweet
- Squid announced a $4M strategic funding round led by Polychain Capital, boosting its mission of swapping tokens across any chain in a single click
- Open Campus, Forbes Web3, and Animoca Brands are in search for the top 100 creators and thought leaders in web3 with their new OC100 campaign
🚀 NFT Total Volume (ETH)
- Azuki (1,245 ETH, 6.41 ETH Floor)
- Tenjin (709 ETH, 0.5 ETH)
- DeGods (711 ETH, 2.91 ETH)
- MAYC (657 ETH, 4.25 ETH)
- Pudgy Penguins (575 ETH, 15.69 ETH)
📈 NFT Floor Price Increase (ETH)
- Killabears (58%, 1.24 ETH Floor)
- CryptoPhunks v2 (54%, 0.22 ETH)
- Pixelmon (29%, 1.73 ETH)
- Sproto Gremlins (26%, 0.37 ETH)
- Pixelmon Trainers - Generation 1 (18%, 0.4 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day of events to end the week but with some major highlights.
The morning starts fast with U.S. monthly jobs data coming in at 8:30 am ET, largely expected to see unemployment holding at 3.8%. Any differences there from consensus though may swing markets.
The mint of the day is likely 1337 Zeros, a free mint on Bitcoin tied to the OG 1337 Ordinals collection.
Magic Eden is airdropping its diamonds (points) to Solana OGs today rewarding historical activity ahead of one of the major upcoming NFT-related airdrops.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- U.S. Jobs Data (8:30 a.m. ET)
- 1337 - Zeros (8:37 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- pooks (12:00 p.m. ET)
- Magic Eden Rewards (TBD)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com
