Could monkey business fix the world's problems?
In this issue: latest NFT news and project spotlight
NFT Headlines and Good Reads
Yesterday I covered the basics about where NFT art is stored. I found a good article from Coindesk that does a deeper dive on the subject.
Dapper Labs, creator of Cryptopunks, MeBits, and NBATopShot, is launching a new business unit to mainstream DAOs.
Sky Mavis, parent company behind popular “Play to Earn” NFT game Axie Infinity raises $152 million in Series B funding.
Statistics released by Messari show secondary sales of NFTs have surpassed $10 billion this year.
FROGtober kicks off with the sale of a $3.4 million Pepe NFT by Matt Furie. Chain/Saw will auction a Pepe Card tomorrow from the @PegzDAO.
Interesting thread on Twitter from @punk6529 speculating about the future of NFTs:
Project Spotlight: OnChainMonkey
One of my favorite projects currently is OnChainMonkey. It is the brainchild of Danny Yang, who has a similar dream of mine: using NFTs to make the world a better place. He founded MetaGood and plans to curate NFT projects that benefit communities and causes.
OnChainMonkey is unique in that all of the art is stored right on the blockchain, so the art will never disappear. Yes, the monkeys are constructed from basic shapes and look very primitive. Monkey pun, get it? 😝
The genius is in its simplicity. The basic traits of the generative NFT project mirror the Bored Apes Yacht Club, and technically, you should be able to match OnChainMonkeys with their corresponding Ape.
What is the business model for the project, you ask? When the project launched, anybody could mint a monkey for free. When the monkeys are resold on a secondary market like OpenSea, 10% of the sale price is automatically given back to the OnChainMonkey project. A portion of the proceeds benefit charity, with the remainder funding building the MetaGood marketplace.
The project has been an amazing success so far, as all 10,000 monkeys were minted within hours of the launch - and the only promotion was word of mouth. I’m hoping to see other projects in the future using the OnChainMonkey traits to create variations that also support good causes.
However, while the FAQs for the project say personal and commercial rights are granted to you for your monkey, reviewing their use contract makes it unclear as to your actual use rights, as the contract can be revoked if MetaGood feels you have breached the terms.
OnChainMonkey: https://onchainmonkey.com/
Secondary Sales on OpenSea: https://opensea.io/collection/onchainmonkey
OnChainMonkey floor price as of October 6: 0.275 ETH ($985 USD)