The Fork on the NFT Road

If you had registered an .eth domain on ENS, you would have woken up today to an airdrop of ENS tokens in your crypto wallet. The amount proportionate to the number of domains registered, the amount of years registered for, the amount of time since registration etc. My guess is that it was a very generous airdrop from the reaction on Twitter. Following on the footsteps of SuperRare and others, ENS has given itself unto its community, creating a DAO structure in the process and therefore solidifying DAO governance as the org model of the future and speeding up its rate of adoption.

It’s starting to look very clear to me that the way we work and organize as companies will be profoundly affected by Web 3.0 and tokenization. It completely turns the existing model on its head and provides a stake for the user base, while empowering armies of ambassadors, reducing the cost of networking to the point that anyone can bootstrap just about anything or any project or org. What I find intuitive with crypto is that basically you get rewarded for using the tools, apps or services. A pay to play act where the roles are reversed and the user is at the receiving end.

Here are some fun reactions to the Airdrop:

We’re definitely approaching a fork on the road. A separation of sorts between the silliness of many of the PFP, Gen-Art projects and substance/quality. I say that as you hear more and more about the impending doom and the falling sky over the floor drops of many projects which in my opinion were never meant to rise that high to begin with. By the way, most of the influencers calling out the bubble, are the same people that were pumping up these silly projects to begin with. So, with that in mind, I’m seeing a pivot towards more thought out, well researched, contextual and narrative-rich projects as well as 1/1 art.

As we onboard more and more people to the space, and as legacy art institutions facilitate that onboarding we’re bound to get more serious art collectors who are going to migrate toward the 1/1 space as they expand their collections to include digital art in their mix. I think of projects like Keiko Kitahara’s pipe art or Chris Hytha’s Row Homes (more on Chris later), by no means drive-bys, where intent, vision, approach, storyline implies longevity and purpose. And that’s why their floor hasn’t budged. Collectors perceive the value and the seriousness behind the art, and with the belief that digital art is no fluke, the conviction to hold is strong and steadfast.

Keiko Kitahara’s Pipe Paintings

Chris Hytha’ Row Homes Studying Chris Hytha’s Row Homes NFT project is a fascinating exercise in the value of the overlooked, the ordinary, the what’s in front of our eyes every single day and yet goes unnoticed. If anyone has been to Philadephia, which is where Chris is based out of, you’ll notice row homes just about everywhere. They dot the urban landscape in every stage and iteration of physical condition. As mundane an architectural element as it gets. Taken for granted 24/7, 365 days a year.

Enter Chris, to inject life, and re-imagine this mundane urban relic and elevate it to hero state while commanding the attention never afforded in its state. By isolating it, extrapolating it and set it on a figurative pedestal of sorts amidst a barren landscape enhanced by killer lighting techniques, these row homes assume an aura of protagonism. They are undisputed stars. Even in their varying degree of decay or abandonment, they portray a stoic beauty that is very hard to overlook or ignore. Last time I checked the project on OpenSea, the floor was at 3.88 ETH (about $18k).

Random Stuff:

  • Today was the first SuperRare DAO official vote in occasion of the Spaces Race. Spaces are independently curated art galleries that will be operating on the SuperRare platform. Given the overwhelming response of applications from some pretty big operators, SR decided to put out to vote the decision of expanding the number of winners from 1 to 5 in order to not clog the pipeline. Despite some push back from some purists that the decision itself of expanding the number of winners should have been put out for a vote by the DAO, I think SR is still within the DAO governance rules boundary.

  • Beeple Human_One has sold at Christie’s for $28.9m

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Alla Prossima, Michele

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