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- ParaSpace takes the lead in NFT lending
ParaSpace takes the lead in NFT lending
It has grown phenomenally in just a few months
The Metadata
April 07, 2023
GM. It's Friday. Wishing everyone who celebrates a happy Easter weekend! Let's get right into it.
Today we cover:
New NFT index and Kodas decouple from Otherdeeds
NFT lending hits a $1 Billion milestone
Nike shares details about the upcoming .SWOOSH collection
New Projects Corner, including 10 gaming projects that may launch their mints soon.
Market Update
We've heard your requests for more data in our newsletter, and starting today, we're excited to introduce the Forkast 500 NFT Index (by Forkast Labs) to keep you updated on the global NFT market performance. This comprehensive index tracks 500 eligible smart contracts across various blockchains, providing an easy-to-track representation of the entire NFT market.
The Forkast 500 NFT Index offers valuable insights into daily market fluctuations. The TL;dr? Up is good, Down is bad.
Yesterday's highlight? The ability to separate Kodas from their associated Otherside NFTs, enabling them to be traded as individual NFTs. These elusive creatures are currently trading at around 10 ETH each.
ParaSpace Takes the Lead in NFT Lending
💲 What to know: Last week, NFT lending protocols reached a cumulative borrowing volume of $1 billion, signaling a major achievement in the industry. The spotlight is on ParaSpace, a newcomer that is outpacing older, more established protocols.
ParaSpace is a money market for NFTs. Think of it as similar to Aave, but where you can use your favorite NFTs (Bored Apes, Azuki, etc) as loan collateral.
This question is fresh on my mind as last week NFT lending protocols surpassed $1 billion in cumulative borrow volume, a major milestone.
— Spencer Noon 🕛 (@spencernoon)
5:48 PM • Mar 31, 2023
☘️ In the weeds: Since launching late last year, it has grown to be the biggest player in the NFT lending space. It is doing approximately 40% of the total borrow volume on Ethereum today — although, the large majority of it is related to Bored Apes and Mutant Apes NFTs.
One of the key drivers of its growth is the ability to stake and auto-compound $APE tokens. Claplace (@gm_hodler) outlines how to do so. $APE staking is currently earning 93.5% APY
, a 3-month-old NFT lending protocol, is currently challenging the established market leader, BendDao.
However, due to its recent launch, not many people are familiar with it.
In this 🧵, I'll explain how it outperforms BendDao & makes its users richer.
1/42 http
— Claplace (@gm_hodler)
11:00 PM • Apr 3, 2023
We dove into ParaSpace's documents and found that a ParaSpace token is on the roadmap. It says "We believe that offering governance tokens and a tangible stake in the protocol is the best way to align our interests with the community and provide the greatest value over time.
In addition, we will be boosting the reward points users earn up to 300% until the end of Quarter 2 (June 30th, 2023). We plan on expediting the process of launching our governance token once we finish our core product and feature development."
Don't believe us? Check it out here for yourself. It also tells you which activities qualify users for governance tokens.
🤑 Why it matters: Despite recent setbacks in NFT markets, NFT lending protocols like ParaSpace offer innovative ways to generate yield or unlock capital from NFT holdings, ensuring continued growth in both bull and bear markets.
Keep an eye on ParaSpace, as its exceptional growth trajectory indicates it could soon dominate the NFT lending market.
Today's News & Coolest Tweets
Luxury brands Asprey & BUGATTI launch their Asprey Bugatti Egg Collection as a physical object and NFT
Fortune magazine will release its NFT cover featuring famed digital artist Ix Shells. Sale begins on April 9 for 0.1 ETH each
Decentraland's Metaverse Fashion Week attendance plummets 70+% year-on-year
Nike shares details about the upcoming .SWOOSH collection (hint: its digital only)
LooksRare releases v2 of its marketplace with lower fees and new features
Cool Cat's Journey 5 begins
🐥 Why we should be taking more videos
1/ On Memories, On Silicon
My dad bought me my first camera when I was 7 and started an obsession.
Over time, I took hundreds, then thousands, then tens of thousands, finally hundreds of thousands of photos.
Why? Why did I shoot?
— 6529 (@punk6529)
7:57 PM • Apr 6, 2023
🐥 Why Ronin might make a comeback
Why I think @Ronin_Network makes a comeback this year
Disclosure: long $RON
Personal view and not any form of advice
— Jason Choi (@mrjasonchoi)
12:07 AM • Apr 7, 2023
🐥 10KTF teases Nagamigos
🐥 Hackatao's conviction on the NFT space
Dear 🫡
If we ask ourselves,
"Are you happy with how the NFT space has evolved?"
The answer is "No."We have been making art in the NFT space since April 2018 (for 5 years now), 23/7.
Our passion for the space has led us to share what we have learned in the early years… twitter.com/i/web/status/1…— Hackatao ♛ (@Hackatao)
4:52 PM • Apr 5, 2023
🐥 Gallery updates its roadmap
hi friends. i realize i’ve been relatively quiet about what we’re up to here at @GALLERY
so a quick update ↓
— (MIKEY) is hiring a designer (@mikeybitcoin)
4:00 PM • Apr 5, 2023
New Projects Corner
🍿 (Game) Ten gaming projects with potential genesis mints coming up
Hate missing out on yet another big gaming mint?
Hate seeing your WL sell for $10?
Trust me, I hate that feeling too, but bare with me.
Here are 10 gaming projects with high potential yet to mint their first collection:🧵👾
— apix🎮 (@apixtwts)
11:00 AM • Apr 5, 2023
🍿 Magic Eden offers WL opportunities for 17 projects on Ethereum (Free to sign up)
Wen WL? 👀
We've teamed up with over a dozen ETH Genesis projects to offer up a MASSIVE WL opportunity for our amazing community!
Enter: bit.ly/eth-genesis-wl…
Terms & Conditions Apply. http— Magic Eden 🪄 (@MagicEden)
8:26 PM • Apr 5, 2023
🍿 (Art) Generative art and music project. DM the creator for an allowlist spot
A little background-
Quantity will be in the 120-200 range - these are not generated, these are individually made and no animation is the same.
They all have music composed by me. Some will have overlapping melodies but played by different instruments so no one will be the… twitter.com/i/web/status/1…
— PatDimitri.eth (@Pat_Dimitri)
8:54 PM • Apr 4, 2023
That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata). If you found this newsletter helpful, imagine how much your friends will love you if you forwarded it to them. Just sayin' 🥹
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.