NiftyNoon: Are Cheap Open Editions on Ethereum Layer 2s the Future of NFTs?

A wave of cheap open editions from well known artists has hit the NFT scene (August 25, 2023)

Nifty Thought

• At a time when the NFT market has been struggling across the board, it is very interesting that notable NFT artists such as Snowfro and DeeKay have elected to launch low-cost open editions on Ethereum layer 2s. The concept of low-cost open editions is not new but is definitely appreciated at a time like this. The primary purpose of these NFTs is not necessarily to flip for a profit but rather to enjoy as a fun collectible that can even be gifted to friends. The popularity of minting these on layer 2 networks such as Base and Arbitrum is novel but fits perfectly with this low-cost theme. Whereas cheap NFTs on the main Ethereum network can be costly to gift due to gas fees, this friction disappears when looking at low-gas networks such as these layer 2s. Moving forward, it is likely that more artists will pursue this structure to release art without opening themselves up as much to the rampant speculationn that comes with more scarce artwork.

Highlighted News

• heart + craft by @ArtOnBlockchain & @JordanLyall is live on Prohibition's native secondary marketplace:

  

  https://twitter.com/ProhibitionArt/status/1694766532126036296

• "IX. The Monument Game" collected by @1OF1_art for 420.69Ξ ($699,392.00):

  

  https://twitter.com/SamSpratt/status/1694861845037826483

Project and Community News

• Bored Ape Yacht Club shares info to enter the Rift September 7th:

  https://twitter.com/BoredApeYC/status/1694877517427937760

• Momentum Game Auction closes and Observation window ends at 7:30pm EST tonight:

  https://twitter.com/samspratt/status/1694696188367225231?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• FTX Taps Galaxy to Sell, Stake and Hedge Its Crypto Billions:

  https://twitter.com/northrocklp/status/1694686200391467084?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Inspect DAO is launching soon:

  https://twitter.com/nftinspect/status/1694721316749017558?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• "Mappings" by @iragreenberg is the next BrainDrops collection:

  https://twitter.com/justintrimble/status/1694715546045202647?s=61&t=B3HzYdQOoN2tk9FAk62qPA

• The @MightyJaxx x @PudgyPenguins collectible is available for preorder now:

  https://twitter.com/pudgypenguins/status/1694730462487564350

• Doodle Watch submissions are open for its second term:

  https://twitter.com/doodles/status/1694745077719920939

• An ApeCoin Run, Royalty Enforced, OpenSea Replacement:

  https://twitter.com/ZHeerwagen/status/1694530722038779917

• @NaughtalieStone joins CryptoPunks with new pfp:

  https://twitter.com/NaughtalieStone/status/1694730000984146358

• Sam Spratt "Player" NFTs trading around 4 ETH, up 20%+ from the 3.33 ETH mint price:

  https://twitter.com/punk9059/status/1694872766862827614

Quick Stats:

• Blur Daily Volume: 3,586 ETH (▲ 10.78%)

• OpenSea Daily Volume: 1,319 ETH (▼ 12.94%)

• BTC: $26,041.62 (▼ 1.59%)

• ETH: $1,654.78 (▼ 1.09%)

• Solana: $20.63 (▼ 5.02%)

• Polygon: $0.54 (▼ 3.09%)

NFT Daily Winners:

• 🐧 Pudgy Penguins: 3.97 ETH  (▲11.83%)

• 🧟 Mutant Ape Yacht Club: 4.91 ETH (▲ 8.51%)

• ⛩️ Azuki: 4.14 ETH (▲ 6.98%)

• 🏴‍☠️ Captainz: 3.59 ETH (▲ 4.82%)

• 🦉 Moonbirds: 1.21 ETH (▲ 3.41%)

• 🧬 Clone X: 1.17 ETH (▲ 3.27%)

• 🦧 Bored Ape Yacht Club: 23.85 ETH (▲ 1.49%)

• 🌈 Doodles: 1.25 ETH  (▲ 0.90%)

• 🏳️‍🌈 Chromie Squiggles: 10.20 ETH (► 0.00%)

• 🐈‍⬛ VeeFriends: 1.69 ETH (► 0.00%)

• ⛰️ Otherdeeds: 0.52 ETH (► 0.00%)

NFT Daily Losers:

• 🚬 CryptoPunks: 46.50 ETH (▼ 0.64%)

• 👩🏻 Milady Maker: 4.12 ETH (▼ 2.11%)

Notes:

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