Topic: The Historical NFT Speculation & Appreciation Thread - page 2. (Read 929 times)

"First NFT" Artist & Sotheby's Win Lawsuit Filed by Web3 Patent Troll

https://www.nytimes.com/2023/03/21/arts/design-nft-quantum-lawsuit-dismiss-mccoy.html

Story is behind a paywall, here are the main details:


As per the title of this post "First NFT" is in quotations because its a highly debated claim. First of all, are Namecoin assets NFTs? If yes, what happens to the NFT after it expires on the blockchain (a feature unique to Namecoin)? Also, was his really the "first"? That distinction actually belongs to d/bitcoin, which has been continuously registered since April 2011 (never expired).

What McCoy did was indeed a "first" of sorts but d/Quantum expired and was re-registered by someone who goes by the name EarlyNFT on Twitter. EarlyNFT basically claimed that what McCoy sold wasn't the "real Quantum" and then sued him and Sotheby's after it was sold for $1.47 million. To me this is the equivalent of Web3 patent trolling as he was trying to apply his take on how NFT ownership works in a court of law. Of course its an unsettled matter as nobody even referred to Namecoin assets as NFTs until 2021.

I can't paste the art as a GIF b/c the file size is too big, but this is what it looks like:

https://miro.medium.com/freeze/max/360/0*QLQAL9R5JNDIpVNt.gif

Punisher.eth Publishes Blockchain Collectibles Clock (v2023.3)

https://twitter.com/PunisherEth/status/1636870596960169985

Punisher.eth (formerly w3b.eth) is a personal favorite of mine in the Historical NFT space -- he's super dedicated to providing quality content and doesn't exhibit the bag bias that so frequently comes with the NFT Histooorian territory. Instead, he looks at blockchain collectibles from a fair and objective manner, and the latest version of his clock is jam-packed with cool information (which is why I'm posting it in full screen, still recommended to open the image in its own tab):



Most of the stuff I personally collect happened between 9 am (June 2014) and 4 pm (Mar 2018). The Namecoin stuff doesn't particularly interest me (as most of it has expired) and most Ethereum stuff is too new & plentiful. There's just something about collecting assets on popular Proof of Work chains that feels right, which narrows things down to Bitcoin and Dogecoin.

Kind of interesting, but they were all Yuga Labs NFTs (Bored Ape Yacht Club, Mutant Apes, Otherdeeds -- I would dump them too), and then he


A huge day for Dogeparty yesterday.

NFT dump or sign of the coming new wave...

https://cointelegraph.com/news/whale-sells-1-010-nfts-in-48-hours-in-largest-nft-dump-ever

"Whale sells 1,010 NFTs in 48 hours in ‘largest NFT dump ever’ "

Well yes, basic kitties, or shitty kitties as I prefer to call them, are more or less worthless given the ever increasing supply. Baring in mind CryptoKitties was intended as an NFT game by breeding them, rather than a collectable. However they did reach $10 in 2021, even 0.025 ETH in 2020, but this was due to gas costs on opensea increasing, meant it was cheaper to "adopt" via uniswap rather than buy on the open market for breeding purposes. At least that's what it looked like once the kitty vault was established.

As I said, unless they are limited edition - like Gen0's that are currently worth $100 / 0.058 (after a 2021 high of $1K / 0.3 ETH), which in dollar terms I think is actually a fair value, even if by Ether value they continue to make new lows - then these NFTs have no real value overall. By comparison the ones I got were some "Purrstige" X-mas edition, but even some of these LE collections are only worth 0.01 at floor, compared to others around 0.05 (Gen0 price). Still worth a lot more than basics, but with zero volume. To sell them they'd need wrapping and putting up for sale on opensea, as there are virtually no trades on the main market anymore.

Overall CryptoKitties was an interesting experiment, but after all the LE traits like special edition / exclusive / fancy / whatever were released, collectors simply lost interest. My only reason for not selling the ones I had for 50-100x what I paid for them, when they reached around 0.5 ETH, was also sentimental value to be honest! Especially since it cost me around $20 / 0.2 Ether in total, and ended up at the peak with a collection worth 2 ETH. I remember looking at CryptoPunks at the same time and thinking $100 was way too much for an NFT, this is the only reason I ended up with CryptoKitties lol.

This is the crux of it... at least a hundred thousand new NFTs are being produced every day. True collectors (not flippers) will be drawn toward the ones made back when it wasn't fashionable to do so.

With CryptoKitties, the problem is there are so damn many of them. Apparently now slightly over 2 million in all. It was actually the first NFT I ever bought, in 2018, I wanted to see what the fuss was all about. I recently recovered it -- turns out it had been sitting on their marketplace unsold for about 4 years.    am just keeping it now for sentimental value.

I have a handful of limited edition CryptoKitties from December 2018. They cost me around 0.02 ($2) each and after reaching a high around 0.5 ($1000) in 2021 and now worth around the same 0.03 ($50). Personally I wouldn't recommend these as even the limited edition collections (~1K only) there are about 40+ of them and therefore no real demand (as of yet). Probably better off with a Gen0 / Gen0 virgin. I otherwise didn't bother selling them as they were my first ever NFTs so happy to leave them be for a while in case a demand returns for these old school NFTs. Should of got a CryptoPunk back then for 1 ETH instead.

I'm otherwise a big fan of MoonCats and hold a decent bag. They not only pre-date CryptoKitties but there are only 25K of them, as opposed to the million of generic CryptoKitties that exist (that more or less killed the collection imo). These I plan to hold long-term as they only started trading in early 2021, despite originating from 2017 (close to CrytpoPunks date), so still has a few more years of trading before value stabilises/increases imo. It's also one of the few (or only?) collections which isn't just based on attributes but also accessories, that were/are developed by the community, so have a handful of limited editions accessories.

I did previously swing trade some of the more modern collections, due to the 10x gains that were occurring within a matter of days, but wouldn't bother with any of them anymore. The NFT market is general is now over-inflated with thousands of collections as you pointed out (very much like the shitcoin space). So I think only long-term the NFTs that are at least 4-5+ years old stand a chance long-term.

Hmm that is interesting. Makes sense. The dude's biggest fault was he didn't do his collection anonymously I suppose.

In the NFT world, Ordinals are front and center right now. Don't really want to get into the technicals of it here but what is interesting is the most successfully-selling collection is called Bitcoin Punks, which are straight ripoffs of the original Crypto Punks series on Ethereum, except they are set against an orange background.



Crypto Punks (2017) vs. Bitcoin Punks (2023)



Crypto Punks are currently owned by Yuga Labs (the Bored Apes people), who claim to own IP rights to that collection.

Because Bitcoin Punks are doing huge numbers on OpenSea (they are wrapped for Ethereum using Emblem Vault), Crypto Punks holders have been pleading with Yuga Labs to do some kind of intervention, fearing these "fake punks" will lessen the value of their originals (I suppose there could be other reasons as well).

No word from them yet if they are going to try to sue to the Bitcoin Punks people, but its probably the biggest example of copyright infringement in NFT-dom at the moment. Will be interesting to see how it pans out.

Well this is just insanely stupid lawyer then. This isn't a NFT or Free speech issue, it's a copyright issue.
If i sell t-shirts or use anyone's brand for making money with digital projects it's a copyright issue and i need a permit to do that. It doesn't mean anything if i say that this is just commenting the brand. That's not free speech, it's freaking piracy.

There's a reason why Rockstar won't use real brands in GTA or fictional tv shows rarely if ever use real products or why porn films blur any brands from the video.
There are exceptions but it's case by case issue and not everything is considered trade mark infringement, but this is so clearly it.

This one found from the "other news" :
https://www.bbc.com/news/business-64573513

If making NFT art, make it from your own head

Top 4 Emblem Vault Sales of Last Week Total 115 ETH



Four Ethereum-wrapped Counterparty assets sold for a combined 115 ETH last week, which is close to $181k at current prices:

1) FDCARD - 50 ETH
2) SATOSHICARD - 50 ETH
3) ETHEREUMCARD - 7.5 ETH
4) NINJASUIT - 7.5 ETH

The first two are considered "grails" among Historical tokens on Counterparty, and all are highly sought-after relics of the pre-Ethereum NFT era. The sales help confirm the trend of Historical NFTs holding up in value during the bear market better than any other NFT category, and they are likely to continue doing so in the future.

Other recent big sales include HAIRPEPE @ 0.85 ETH, PEPEBROS @ 1.4 ETH, and CAMPEPE @ 0.65 ETH.

You can see all the recent Emblem Vault (an NFT wrapper for assets on Counterparty, Dogeparty, Monaparty, Namecoin, Emercoin, and Ethereum) here.

I was in time for that as well, however I sold my stake far too early... Way she goes.

In a way its good that Dogeparty went down for several years and froze the assets I created with it like they were in some kind of time capsule... prevented me from getting rid of them too early. Then in October 2021 I had access to them again, and all of the sudden they are now "historical."

I'd really like to get a hold of some kind of expert in NEM assets/mosaics as there could very well be stuff of value yet to be unearthed. Its a perfectly good chain, just never gained a foothold in popular culture. Perhaps it could undergo a renaissance thanks to treasures buried within?

There are some old chains which still thrive as people are creating NFTs on them. Take a look at Monacoin for instance: Monaparty is alive and well and probably the most interesting thing happening on that blockchain.

NXTdrop was a really cool asset made for NXT which does have some collector appreciation. Unfortunately the asset creator kind of botched the attempt to remint this project on Ethereum in that he issued asset holders ETH NFTs that represent this project without ever collecting the tokens from them on the NXT side. There are cleaner ways to go about doing it.

Nevertheless, its an example of a "historically-significant" asset on an unpopular chain (there are probably a few others on NXT still waiting to be discovered as well):

NFT rising?

https://news.bitcoin.com/nft-market-sales-climb-16-higher-43-48-increase-in-buyers-in-third-week-of-2023/

"The blockchains that saw the largest seven-day gains in terms of NFT sales were Theta, up 239%; Fantom, up 144%; Palm, up 97%; and Wax, up 73% this week. The top-selling cryptographic collections this week included Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), Bored Ape Kennel Club (BAKC), Azuki, and Otherdeed."

Unfortunately I have not had time to read this thread
Well... I have not been fast in this crypto world. Maybe the NEM stake claming is the only case, where I have been in time 
 

I'll give you that Eth is too expensive to use (for the moment at least). But i see the overall development interesting and could be rather easily adapted by others too. Importance of speaking about eth is relevant imho as the whole current concept has been mainly developed from erc-721 and just implemented to other chains. This is why i am interested in innovations in tech happening in this sector. Even if that would be happening mainly in Eth layer 2 only.


Agreed. In fact all current non-fungible implementations that i have seen are mainly smoke and mirrors. And some of the future innovations dealing with real world assets requires tech that doesn't exist yet, mainly because lack of auditable confidential smart contracts that has privacy baked in L1.

This is why i am personally am skeptic that this revolution would continue to happen in eth2.0 but as it has most developers it has a change.

But now i'll tune off my rant as this might get too much off the topic.

Not really relevant to the scope of this thread... involves turning new NFTs into newer NFTs for the sake of metaverse-related platforms on Ethereum. TBH I don't really care about what goes on with Ethereum. Its far too expensive for NFT gaming, for the most part.

I saw the rise of games like Axie Infinity and Zed Run whose gamepiece NFTs are still way overpriced. I think Decentraland is probably the best metaverse out there, but land parcels remain ridiculously overpriced and most of what people have built is advertisements for NFTs. Not to say it won't be more widely trafficked in the future but for now its kind of a ghost town.

https://twitter.com/dogermint/status/1520014209978826752

Since we are talking current historically significant turning points of NFTs, have you by any change taken a look new Ethereum Implemention Proposal eip-5606?
That could be another turning point point for NFTs and seems very interesting.

Here are some links for it:
https://eips.ethereum.org/EIPS/eip-5606
https://ethereum-magicians.org/t/eip-5606-multiverse-nfts-for-digital-asset-interoperability/10698
https://www.youtube.com/watch?v=PajykC_RV9Q

Historical Dogeparty NFT Timeline by @HarryBTC

https://twitter.com/HarryBTC/status/1587185347359899650

HarryBTC, the author of a few other great Historical NFT timelines published the following breakdown of early Dogeparty assets today, coming up with a unique categorization system for the different types of image tokens (technically they are proto-NFTs as most have a supply >1 and are therefore fungible).



He assembled the following categories which I feel accurately contain about 99% of all tokens issued on Dogeparty in 2014:



Tokens from Category 1 are the most sought-after and among the most scarce. They include the likes of JOLLYROGER, MILKYWAY, and another one I'd never heard of until today, MINICANVAS.

Here is one of the two images in the imgur link that was placed in the description for MINICANVAS:



- Tokens from Category 2 had images added to them off-chain (BACON, BITBEG, DOGEDIGGERS)

- Tokens from Category 3 had images associated with them at the time off-chain (DOGECAR, SHITCOIN, MILLERLIGHT)

- Tokens from Category 4 had images attached to them on-chain in 2021 or 2022 (JEDI + other Little Shibe tokens, GOLDENSHIBE + other Dogermint tokens, RUNNER + other Dogeparty Runner tokens)

Historic NFT Fest Set to Kick off in Barcelona



https://hnft.community/


I won't be attending as most of my net worth is in illiquid jpegs, but it is cool that such a thing exists. I did donate a GOLDENSHIBE for the Treasure Hunt portion of the contest, to make sure Dogeparty is represented.


(taken from a popular, recently-published Twitter thread making the case for investing in HNFTs)

Too many left out even from Counterparty and EVM days with 80 byte OP_RETURNs when EVMPARTY-base merged before scrapping.

Also Monaparty is technically even more ancient bc they have other things than Counterparty with tokens on chain without images since 2015s too. These are the first ancient extensible NFT from the blockchain. Other's exist purely on this inside script. Which is not turing complete but like an atomic namecoin nft transaction if triggered.

Creator of First "Phygital" Token Wakes Up, Makes >1 BTC in <24 hours


The issuer of Counterparty token SEBUH proved he still had the seed phrase to his Counterwallet and opened a dispenser selling 100 tokens at 0.00555 BTC / ea. The dispenser sold out in about 5 hours. Earlier today he opened another dispenser, selling 50 SEBUH at 0.01 BTC / ea. That dispenser sold out in 1 hour. Not bad for a day's haul. He still has 840 tokens in his possession.

The owner of the token broadcast the following Counterparty message on 6/13/14, the first time the broadcast feature had been used to mention their own token:




More background on the token can be found here:

https://bitcoinmagazine.com/culture/wearesatoshi-latest-issue-sebuhs-crazy-deal
https://web.archive.org/web/20140701023358/http://sebuh.com/sebuh-xcp/

A tremendous day for Historical NFTs.