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 ‘Nightly Mint‘ and review the action hitting the market as we kick off the month of May.
Nightly Mint
The Latest Mint: What is VanEck’s 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. What is the point of a NFT release?
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. NFTs are issued on Ethereum.
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The Ethereum blockchain experienced major gas problems and bottlenecks while minting 'The Otherside’ NFTs this weekend.Source: TradingView.com ETH-USD | Source: ETH-USD on TradingView.com
Yuga Labs’ Response leaves many less than enthusiastic
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 made a lot of money from their mint and the secondary sales are still growing. We’re talking about nearly $1B in sales volume here.
Yuga Labs was disappointed by the way that mints were handled. a tweet thread – but many have criticized that Yuga’s response was not in good faith. It is probable that time will reveal the truth.
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. The NFT market is far more resilient than traditional stocks, which still require a lot of work.
— Alex Cohen (@anothercohen) May 2, 2022
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Featured image taken from TradingView.com Charts, and Pexels This content was not written by or associated with the mentioned parties. This content is not intended to be financial advice.
