Over the weekend we saw how the NFT mint of ‘The Otherside’ metaverse land caused major bottlenecks in Ethereum, and while the discussion of how BAYC can improve – be it through it’s own dedicated chain, or through a more efficient and effective utilization of a non-Ethereum chain – the NFT world continues to turn.
Monday through Friday, we cover each weekday’s action in all things NFTs; let’s pour a refreshing glass of ‘The Nightly Mint‘ and review the action hitting the market as we kick off the month of May.
The Nightly Mint
Latest Mint: A VanEck NFT?
Asset management firm VanEck isn’t releasing an NFT ETF… at least not yet. But VanEck is seemingly deciding to be the first of it’s class to release their own NFTs, in what we would certainly bucket as a “non-traditional” NFT release. Is any NFT release traditional anymore?
The firm will release 1,000 NFTs, according to emerging reports today, which will be aimed to provide early access to the company’s digital asset research as well as exclusive invites to events – hosted both digitally and physically. The NFTs will be minted on the Ethereum network.
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The Ethereum blockchain faced major gas issues and bottlenecks during the mint of 'The Otherside' NFTs over the weekend. | Source: ETH-USD on TradingView.com
Yuga Labs Response Leaves Many Less Than Enthused
If you’re paying even just an inkling of attention to the NFT space, you likely heard about Bored Ape Yacht Club’s metaverse NFTs that were released over the weekend. Yuga Labs generated massive revenue from the mint, and secondary sales continue to cook. We’re talking about nearly $1B in sales volume here.
Many users expressed disappointment in how the mint took place, and Yuga Labs took some time to address that in a tweet thread – but many have criticized that Yuga’s response was not in good faith. The truth of the matter is, it is likely that only time will tell.
The ‘Minty Fresh’ Take
Our ‘Minty Fresh’ takes usually highlight funny or insightful tweets that we stumble across, but today we’ll switch it up to provide some spice. While traditional stocks still take a hammering, the NFT market has held up surprisingly well in comparison.
— Alex Cohen (@anothercohen) May 2, 2022
Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.