A Bored ApeChain?
Polygon wants to make a Bored Ape blockchain (technically an L2) a reality - what do they want and does it make sense? Plus digital art just made a major breakthrough at the MoMA.
TylerD's Market Summary
GM!
Today's top news includes:
Polygon raises AIP to build an ApeChain L2 for ApeCoin
MoMA receives 2 marquee art NFTs from Refik and Ian Cheng
Magic Eden teases Pokemon collab
Caroline Ellison gives stunning SBF testimony
Stars Arena breaks silence, says app will restart "sooner than most think"
🐵 A Bored Ape L2 on Polygon
After The Otherdeeds gas war, the Yuga team infamously joked that they needed their own chain.
Now it seems like Sandeep Nailwal and Polygon Labs agrees - and wants to make it happen.
Yesterday Sandeep (co-founder of Polygon Labs) raised a proposal for ApeCoin DAO to create ApeChain on Polygon, to "accelerate the growth and development of the ApeCoin ecosystem."
The Details
The 3 core components of this AIP proposal include:
Launching a dedicated ApeCoin zk-L2 chain named "ApeChain"
Collaborating with Polygon Labs
Allocating a development fund from the ApeCoin DAO treasury to promote ApeCoin-related projects and infrastructure
The core idea here is enabling proper scaling for ApeCoin and the entire Yuga ecosystem's projects ranging from entertainment to games and applications.
Benefits touted by Polygon include security, lower fees, revenue streams (sequencer fees and staking rewards), expansion into a new ecosystem, speed, and better interoperability.
Timeline: The entire process is expected to take about 18-20 weeks, starting with alignment and culminating in growth strategies.
Cost: Building, deploying, and upkeeping ApeChain is estimated at $200,000 yearly from the ApeCoin DAO.
From the conclusion of the proposal: "We believe ApeCoin DAO is standing at the precipice of a new and exciting era. By deploying ApeChain using Polygon CDK, ApeCoin DAO will continue to execute against its mission to scale into a “decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.”
Why It Matters
Of all the proposals raised for the ApeCoin DAO, this seems like one of the most reasonable and higher impact.
It's very clear that Polygon knows business development and has connections.
Entering that ecoystem and opening up a collaboratory relationship likely benefits ApeCoin DAO and Yuga.
The benefits laid out by Sandeep are all meaningful and impactful, and without knowing Yuga's other L2 or chain-related plans, it makes sense to at least consider.
Let's see what the DAO decides...
🖼 More Digital Art in the MoMA
Their PostCard NFT launch may have tipped their hand.
The MoMA is fully embracing digital art and NFTs.
Yesterday they acquired 2 major pieces from leading digital artists Refik Anadol and Ian Cheng.
Unsupervised – Machine Hallucinations – MoMA (2022): A generative piece by Anadol interpreting MoMA's visual archive through machine-learning
3FACE: Cheng's blockchain world piece, generating a visual narrative based on the blockchain wallet data of its possessor
These pieces were both donations, gifted to MoMA by notable collectors and institutions.
The Anadol piece came from Ryan Zurrer and his group (farmous for purchasing the Sam Spratt Monument Game 1/1 and Beeple's Human One), and 3FACE was donated by Outland Art.
From Zurrer's group: "Unsupervised is undoubtedly one of the leading artworks of this decade and as such, it belongs with its peers in what is one of the best art collections in the world."
The MoMA gets digital art and its importance. It's just a matter of time until everyone else does...
👥 Friend Tech Trend Tracker
It was a slow day in the Friend Tech market, while the Stars Arena team broke their silence on a large Spaces.
Here are some of the core Friend Tech metrics for 10/11 and their day-over-day change:
Return users: 5,876 -> 4,931 (-16%)
Daily Buy volume: $1.92M -> $2M (+4%)
Total Volume: $3.95M -> $3.9M (-1%)
TVL*: $44.56M -> $43.83M (-2%)
Highest key: Vombatus 8.28 -> 8.28 (even)
*TVL in ETH terms 28,117 -> 27,849 ETH (-1%)
Daily volume seems to be normalizing in the $4M/day range, with fewer and fewer users make trades on a daily basis.
Arguably the biggest story on the day was out of the Daily Loud, which started doing random cash giveaways, announced a Miami Heat tickets giveaway for their home opener ($800 value), and alluded to Miami parties free for key holders (with VIP).
In other SocialFI news, the Stars Arena team held a major spaces (that was potentially botted?) seemingly to source user feedback on their best path to relaunch. No real information was shared in the space other than them saying that the funds were secured and the app will relaunch "sooner than most think."
A few other headlines from the day:
The Wombat officially launched his first alt Wombat Classic reaching a peak around 1.8 ETH before settling at 1
Pranksy created his first alt Not Pranksy which is at 0.18 ETH
Mister Blue announced that 30% of his airdrop points will go to holders (his key at 0.95 ETH)
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Trading volume fell 12% to $7M (4,500 ETH) on Tuesday; the leaderboard saw a mix of red and green without much movement
Pirate Nation and Ether Capsules lead top movers, Winds of Yawanawa rebound 7% to 6.9 ETH
Magic Eden hinted at some kind of collab with Pokemon in a new teaser video
Spencer Ventures announced the acquisition of 48 Pudgy Penguins NFTs from the Starry Night/3AC Collection, purchased via a deal with Sotheby's; the set included a diamond crown Pudgy and was valued around 300 ETH by deepnftvalue
The Pudgy Penguins introduced their Last Crumb limited edition cookie collab featuring a holder’s penguin coming today at 3 pm ET
Kanpai Pandas teased their "The Next Chapter" coming on Oct 31, which seems to include Kanpai Media
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
The crypto market fell slightly on Tuesday; BTC -1.1% at $27,270; ETH -0.6% at $1,575; SOL even at $22.20
Caroline Ellison testified that SBF directed her to commit fraud that made their balance sheets look less risky to investors in stunning testimony
Binance cooperated with Israel to freeze crypto accounts linked with Hamas on Tueday
Candy Digital teamed up with Major League Baseball and MLB Players Inc. to launch a series of digital collectibles and real-time trivia for the 2023 MLB Postseason
🚀 NFT Total Volume
BAYC (1,260 ETH, 25.65 ETH Floor)
MAYC (669 ETH, 4.91 ETH)
DeGods (216 ETH, 3.26 ETH)
Milady (183 ETH, 1.89 ETH)
Pudgy Penguins (182 ETH, 5.11 ETH)
📈 NFT Floor Price Increase
Opening Celebration (75%, 0.25 ETH Floor)
Pirate Nation (41%, 0.17 ETH)
Ether Capsules (27%, 0.28 ETH)
Web (27%, 0.14 ETH)
Treeverse (27%, 0.17 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is full of art drops, the new common theme.
The highlight is likely Art Blocks Curated returning for "because unless still" by ixnayokay. The 650 supply set will feature the standard exponential Dutch auction starting at 5 ETH and resting at 0.11.
ixnayokay has found love in the AB community with prior projects Implications, Zoologic and mono no aware, so this one may see an uptick in demand.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Alimo x Noble Gallery - Jungle Tide (12:00 p.m. ET)
ArinaBBart - Spirits of Fall (12:00 p.m. ET)
Art Blocks Curated "because unless still" (1:00 p.m. ET)
Ira Greenberg - Materia Mode (6:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's NFT Calendar page.