What Did I say...NFTs are the flavor of the month.
NF-This NF-That.
Mark Cuban, Lindsay Lohan, Souja Boy and even What’s A Beeple.
They are minting themselves or art pieces as NFTs on the blockchain.
An internet astral plane revenue stream, like never before...they are the early adopters
in their influencer cohort...and those watching my channel, you are too.
So let's adopt these NFTs like kitties, because it’s time for Chico Crypto!!
Celebrity hype is strong, thus NFTs haven't seen popularity like this in history.
Pulling out the google trend chart for each search term: NFT, NFTs & non fungible token….each
one is going parabolic in global search interest.
Nothing has been able to keep the hype like NFTs with a straight up parabolic shot up,
that hasn’t peaked yet…..
DeFi peaked and is calming down, so has ethereum interest, and the same goes with bitcoin.
The reality of the situation though, is if you know about NFTs right now….you are early!
The majority of NFT infrastructure is built on Ethereum.
Going to bitinfo charts, and the number of active ethereum addresses, we are still under
1 million, actually still under 750k.
That is early just on top of Ethereum.
But not all of those addresses are involved with NFTs yet.
How many are?
Well nonfungible.com recently put out their 2020 NFT yearly report, and they estimated
just over 222 thousand wallets have interacted with an NFT smart contract.
So just 30 percent of Ethereum users have interacted with an NFT.
And then based on buyers and sellers, added together about 100k, so only 13 percent of
wallets have dove into the world of NFT auctioning or trading.
We are early!!
Are you 1 of the less than 220 thousand users who have either minted, bought or sold an
NFT??
Well guess what...there is a plan to grow that number to 1 billion by the year 2025.
And guess who retweeted the plan?
None other than Mark Cuban...he retweeted the DeFi alliance, and it a fund with a plan
to grow the number of DeFi users to 1 billion by the year 2025.
Wait DeFi isn’t NFTs...well diving into their actual plan it says “The fund is designed
to be collaborative and distribute capital broadly across the DeFi startup ecosystem
and adjacent industries (such as NFTs).
So yes NFTs are involved with this...and looking at the players involved….BIG NAMEs.
Big name investors including Cuban.
Protocols like 0x, kyber, blockstack & more.
Crypto insuttional names across industry & finally big names in founders and individuals, like
Kain Warwick of synthetix and Joe Lubin of Consensys.
I think with those names, it’s highly possible to reach that 1 billion number.
That is why, finding the NFT stars.
Right now.
Could be so critical…
So sifting through the hundreds of NFTs, created by users is going to be a super difficult
mission to identify the valuable NFTs!
Ya great artist’s like Beeple, those should hold their value.
But a crypto youtuber who might leave in the next bear market?
Those NFTs based on them could become worthless in the blink of an eye…
Thus, I’m not looking to purchase a majority of the actual NFTs.
You need to research the protocol they are building on, you need to research the artist
or person, are they going to be the one who holds their value long term?
That’s a lot of research that Chico doesn’t do...I’ll leave that up to the NFT and Art
professionals.
And there are many making a lot of money off of this.
Chico is a fundamentalist and looks for infrastructure.
How are these NFTs going to be traded or integrated with DeFi to HODL their value.
That is what we are looking for…
Trading NFTs.
Happens right now, through marketplaces.
Base Level infrastructure that has gained mass amounts of popularity.
OpenSea the largest NFT marketplace is growing each day & I hope those who watch this channel
have interacted with it, as opensea is tokenless to this day….
But opensea as of now is just a p2p marketplace for NFT buying and selling of NFTs.
They connect a buyer and a seller.
There is no trading per se, with liquidity pools and DeFi….yet!
I’m sure you guys remember @vasa_develop from last week.
But they were creating cross asset NFT swapper for NFTX.
Which would use NFTX’s indexes & NFT20 liquidity pools in some form for the swapping.
Well @vasa tweeted this last week about it.
Adding a new integration with opensea to cross-asset-swap.
If you have an NFT, and you want to exchange it for an NFT which is on SALE on Opensea,
you would be able to do the whole exchange in a SINGLE transaction…
UGHHH ya that is freaking bbbbbb-bbbbbullish for NFTX and NFT20.
Direct integration into opensea?
And then if you remember, Devin Finzer, co-founder of the SEA.
He tweeted about the infrastructure just a couple weeks ago, specifically NFT20 who is
NiftyMuseum on twitter.
Well sir Vasa tweeted this just yesterday.
Almost there, Big Eyes Trying my best to deploy this week.”….and a picture of the test
code.
Included NFTX and NFT20.
Infrastructure, infrastructure that could be integrated into the largest marketplace,
ready to possibly deploy by next week?
I don’t think any other NFThead would be able to find something like this….
But, Chico isn’t going to stop there, we always like to find the big stuff, NFT financial
big even before it’s BIG.
Even before a token...
But before we get into that, it’s time for sponsored segment of this video supported
by the Octofriends at Octo finance & like always the full details of our agreement can
be found in the description.
So what is Octo.Fi?
Well going to octo.fi it’s their all in one DeFi platform.
It’s a DeFi Hub where you can do everything in one place.
Buy crypto with fiat and even crypto to giftcards with a partnership through Bitrefill.
And guess what, commission through that partnership is 1percent.
Who gets it?
The Octo holders!
Fiat to crypto, crypto to fiat, and even gift cards.
But that’s not it...they allow crypto to crypto swapping.
Of course the platform connects directly to uniswap, but also they have the swaptopus...which
as we can see, similar to uniswap, you put the token you want to trade out of per example
ethereum, and the token you want, per example dai...and then swaptopus does it’s work.….the
tenteacles go out looking across 32 exchanges for the best rate, and then it gives you the
options, sorted by the best rate..which you can do the instant exchange for it right through
dapp.
32 exchange now, but that list will grow.
Chico found an alpha leak from a Johnny Catsville.
He said “There are also some whispers that a “crosstopus” update is coming soon.
A special leak from the $OCTO kitchen cooked by the team for you.
With a picture and it seems more swappers will be integrated!
DeFi swapping aggregation, Octo has that on lock...but they also allow the ability for
spot, market, and margin trading in app.
If you are used to that type of asset trading or are feeling lucky with Margin...understand
the risks and user beware!
The big one, I would like to focus on is their invest section.
They have liquidity pools you can invest in without leaving their application.
As we can see from the all the big names, Uniswap, Balancer, Curve & yearn.
But within invest they also have tokensets and DeFi loans.
But also the big one for this episode...non fungible tokens, NFTs
Yes, Octofi has their own NFT marketplace, where the fees for the trading of them go
to the Octoholders.
Everything in dapp does.
But I just want to go to this tweet from Youngest Finance, who is community lead for Octo.
He tweeted about them, but specifically hashtagged NFT and said “Hold your Breath in the @opensea.
Welcome to the tentacult 🐙
Yes, Octofi soon will aggregate many available #NFT markets and provide the tools to analyze
price history,transactions, and the ability to buy & sell directly in the app.
Going to Octo holder benefits for each thing within the application, we can see NFT is
about 2.5 percent.
Why is that?
2.5 percent...well that is partner commission from OpenSea going directly to Octoholders!!
The final thing I want to cover within their awesome defi app, is the governance.
They allow that within the tools, and they aggregate governance options for hundreds
of projects.
So you can do governance too within app...but in relation to governance...guess what hit
the scenes last week, the Octoagon council elections began, where they were finding 8
people who could help fulfill the octovision, voted by the community.
Oh look who is in there, looking for votes...one of my favorite tubers, Crypto Daily.
So, if you want to get your own tentacles deep in DeFi, Octo is the community owned
aggregator firing on all cylinders and of course links for the application are below!
Now, let’s finish up the episode with that NFT financial infrastructure, that doesn’t
have TOKEN.
Yet!
That is NFTfi, going to their website nftfi.com, we can see they are a simple marketplace for
NFT collateralized loans.
Users can put their NFTs up as collateral and then other users can offer them a loan
in crypto.
As we can see in the lending category, many NFTs, and offering a loan on them is simple.
Another user offers the loan value in ethereum or dai, the repayment value, and the duration.
They offer this to the NFT user, who can accept to receive crypto in return for their NFT.
Yes, this is BIG NFT financial infrastructure that Chico is noticing.
And just last week, they put out a significant medium post titled “We are funded!” in
which they raised 890k from leading people in the NFT space, including from the CEO of
dapper labs, nba topshot & crypto kittens.
And then just 2 days ago, they tweeted this “"Will we eventually be able to use niftygateway
and nba topshot (Flow) NFTs as collateral?"
Oh yes.
Big time.
Damn Chico, Why you gotta be so Big time!
Well back to their medium post about being funded.
They spoke of a token.
A governance one.
The team said “Governance token : From the start we wanted to make NFTfi a community
owned and operated platform.
The governance token is the first step on that journey.
We will share more information on this over the coming weeks and months.
Make sure you sign up to our newsletter to get the latest updates!”
So, weeks I would say we will be hearing news about how they will be doing this.
AKA users who are using the platform might be included in an airdrop.
Especially early users.
Then in months, the token comes & this one will be BIG.
Sorry if that isn’t enough instant gratification for you.
There’s always what I talked about earlier.
Cheers I’ll see you next time!