Web3 Woundup – 09/07/23

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This week’s Web3 Woundup sees AzukiDAO trying to get its money back after the Elementals disaster, the NFT market experiencing a brutal drop and a new Bitcoin NFT standard.

Don’t worry everyone, the market isn’t dead, it’s just sleeping.

AzukiDAO Demands Money Back

AzukiDAO, the organization that drives the Azuki project, this week voted on a proposal seeking to repossess 20,000 ETH the Azuki team earned during the heavily criticized Elementals NFT mint.

The proposal stated that the Azuki team is openly “scamming” the community with empty promises and the DAO intends to use the funds to reward builders, content creators and other contributors in the Azuki ecosystem.

The vote ended 88% in favor of the motion, but whether it can actually be enacted is a different matter, given that legal action is required.

NFT Market Crashes

The NFT market endured a crash this week which left many celebrity purchases nursing massive losses: Justin Bieber’s Bored Ape, which he bought for $1.3 million, is now attracting bids of just $50,000; Logan Paul’s 0N1 Force Collection NFT is down in value from $625,000 to $19,000; while Snoop Dogg’s $7 million purchase of Right Click and Save As Guy NFT is now attracting bids of just $5,800, although this may not be a serious bid. However, it hints that however much the NFT might fetch in a proper market, it would be a damn sight lower than what Snoop paid for it.

NFT creator royalties are also at two-year lows it was revealed this week, showing just how much the market has contracted. 

New Token Standard for Ordinals

The Bitcoin blockchain this week welcomed a new token standard known as BRC-69 which aims to enhance Ordinals inscriptions, or Bitcoin NFTs, and aims to ease the processes of inscribing data on the BTC-powered network and lower the cost of doing so.

BRC-69’s creator, Luminex, claimed that the new standard can bring down the cost of inscriptions for Ordinals collections by over 90% while also allowing users to inscribe data exceeding 4 megabytes, something that is impossible with the original Ordinals project.