We break down the state of the Meme economy and make comparisons to what we saw in the 2021 bull cycle. Memes on Solana have strong parallels to the NFT market on Ethereum from last cycle, especially when you compare revenue figures of the top marketplaces like pump.fun to Opensea. We give our thoughts on where we are on the timeline of meme mania and speak about the impacts memes are having on the broader crypto market. This includes methods of launching new projects by leveraging memes as a more user friendly go to market vehicle to onboard community and then adding complexity layers down the road to not off-put sentiment.
Also, when it comes to marketing narratives memes seem to be dominating the mind share so we discuss how we are approaching $NAT from a marketing perspective. Now that $NAT is weeks away from officially becoming Bitcoin’s second subsidy reward coin, how we classify this new coin is important for public perception. Some do not see $NAT as a candidate to fit within the existing market demographic of memes and rather see a new narrative formed around the coin that distinguishes it from the meme asset class due to its technical provenance to DMT and the broader mission of supplying Bitcoin miners with additional subsidy to sustain network security. We discuss our thoughts on this and also the liquidity dilemma when it comes to supporting Bitcoin assets. All sectors of the Bitcoin ecosystem are facing this problem and are actively working toward building solutions that can either bring more liquidity to Bitcoin from other chains or port Bitcoin native assets to other chains like Solana to benefit from those capital markets.
On this episode we collect our thoughts on what's needed for sustainability for those looking to get involved in the metaverse. There are several events happening all the time in Decentraland, but events are reduced to limited appearances rather than a persistent experience and exploration opportunities. The Decentraland community is among the most active and involved out of all the metaverses. One of the more important things the community can improve on is DAO proposals and discussion. Finally, we draw the winners for wearable NFTs for the latest Corona Zombies event.
We review the Halloween event that Decentraland launched that showcased a quest that spanned over 5 days. It showcased questing that required you to teleport to different locations to finish off your tasks. This shows that our premise that you can build a game without owning a large connected parcel. We also discuss the most dominant NFT asset class that represents over 99% of all NFTs. There's a new NFT class emerging that we consider as a productive NFT versus the well known unproductive NFT which depends on the Greater Fool Theory.
We look back on a year of content development in Decentraland. We go from a gray grid of 90,000 parcels to a fully rendered representation of actual content deployed within the metaverse (https://decentraland.icu/). We provide how it makes logical sense that all NFT minting projects will use a side chain because its a sound business decision. If a sidechain wasn't an option will it make sense for developers to keep assets off chain to avoid gas fees? We try to make sense of an NFT art being sold for $110K. We break down what's needed to sell art in the 6 figures.
How the rug pull culture is slowly eroding the morale of everyone in the crypto space. The more projects with anonymous founders the more likely a rug pull becomes more likely. The trend of an anonymous founders is a sign of the infancy of the space. We're noticing some valuable mechanics being implemented by these anonymous founders that we believe legitimate projects will implement as a justifiable mechanism. We've seen a lot of missed opportunities by NFT minting platforms using ERC20 tokens that can be improved on. Ethermon drops their biggest announcement yet, they have just acquired the Battle District which is 668 parcels! We also show off our Corona Zombie wearable in Decentraland!
Episode 86 kicks off with a discussion on tokenomics design the MetaZone platform. We discuss how we encourage participation on the platform by rewarding the creators and collectors with platform tokens. Gas fees have calmed down recently, but increasing gas prices are just around the corner. Honeyswap is a fork of Uniswap but built on top of the xDAI network. This means that swaps cost almost no gas but the downside is coins need to use a bridge for them to work on the 2nd layer. We drop in some technical analysis into the podcast to show that sometimes it does work but its an unreliable tool. Finally, the community that created the $HNY token called 1Hive.org uses a way to verify their members and one of them created Honeyswap.