Liquid Delegates Turn NFTs into Productive Assets

GM. Let's face it, crypto can be both amazing and ridiculous at the same time, and we're here to bring you all the highlights (and lowlights) with a side of humor. If there's anything you'd like to see more in our newsletter, we want to hear from you. Meanwhile, let's get right into it.

Today we cover:

• Market Update

• Liquid Delegates turn NFTs into productive assets

• Today's Coolest Tweets

• New Projects Corner

Market Update: Touching Grass

Ethereum NFTs are on holiday, at least price-wise. Not much trading activity went on yesterday. The good news is that floor prices are holding up quite well for the top projects.

There are signs of underground activity with Canto NFTs however. Canto is a new L1 blockchain built out of the Cosmos SDK. For example, this Canto Longneck NFT sold for $47,000 just 2 days ago. We'll cover Canto NFTs soon, watch for it.

Liquid Delegates Turn NFTs into Productive Assets

💲 What to know: 0xfoobar just launched a new NFT primitive called Liquid Delegates.

With this, you can delegate your NFTs to a different wallet and wrap delegation rights into a tradable NFT.

☘️ In the weeds: Delegate.cash was launched as a public good several weeks ago. Its main purpose was to prevent people from getting scammed of their NFTs — you can delegate a separate burner wallet to interact with smart contacts, claim airdrops etc. Without having to expose your main wallet to risks.

All of this happens at the smart contract level. It's run by code you can trust, not people.

Liquid delegation takes things up a notch. Here's an ELI5 on how it works:

• Choose an NFT and delegation period (eg. 1 month)

• Your NFT moves into the escrow and you receive the new delegation NFT.

• You can trade the delegation NFT, sell it off

• After the delegation period ends, you get back your escrowed NFT

🤑 Why it matters: This delegation functionality opens the doors to so many other use cases besides security.

Liquid Delegates allow you to:

• Sell airdrop claim rights

• Sell temporary access to token-gated memberships

It turns NFTs into a productive asset. Conceptually, Liquid Delegates are like a hybrid between an option to an airdrop and NFT rental. NFT owners can continually sell their NFT's utility (or expectation of an airdrop) to others. It creates an economy for airdrop speculators to participate, which can lead to quicker price discovery.

We think this is the most exciting development of this week (so far).

Today's Coolest Tweets

🐥 Realms raises $660,000 from its community

🐥 Heading towards a 0 royalties world.

🐥 Beta testing for TreasureDAO's Bridgeworld game

🐥 Trailer for the World's Largest FREE MINT. (But you don't have to retweet)

🐥 Blur found a way to get around the royalty-driven marketplace blacklist

New Projects Corner

🍿 (Membership) Chris Cantino's free mint grants membership into his CPG club. Minting Feb 1 12pm PST.

🍿 (Open Edition) By Cyberkongz artist

🍿 (Collectible) Interactive NFT storytelling adventure

🍿 (Open Edition) Burn mechanics for die with the most likes's OE

🍿 (Limited Edition) by artist Dyland Wade dropping Feb 6

That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata). And if you aren't already a subscriber, join us now to get all the daily alpha you need.

We're looking to improve the newsletter and make it as relevant as possible for you. If you have any feedback to share — please just reply to this email and let us know. Or even to just say 'Hi'.

Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.