Doubling Down on NFT Security 🛡️

Past week: Cross-chain Pudgys, Doodles to Flow, Music NFT open editions, and more!
Jan 27, 20236 min read

Dear Bankless Nation,

Kevin Rose, a co-founder of Proof Collective and projects like Moonbirds, was tragically hacked this week.

He was tricked into signing a bad transaction that seemed legit, at which point a hacker was able to swipe out dozens of grail NFTs from one of his wallets.

The episode is an unfortunate and stark reminder that in this early crypto frontier, one slip up can be enough to give hackers the in that they need.

The good news? There is a growing field of resources people can use to prevent these sorts of NFT thefts.

For my Bankless Tactic Tuesday post next week I’ll be publishing a guide on how to double down with these security tools, so be on the lookout for that. In the meantime stay vigilante out there, thanks for reading everyone, and have a great weekend ✌️


🧠 The big picture

The cumulative market cap of the NFT space has risen to 8.8 million ETH, or ~$14.2B USD, a week-over-week climb of 6%. At a time when many mainstream critics are writing off NFTs as totally dead, the economy of digital things on Ethereum continues to thrive.

📊 This week by the numbers:

Unsurprisingly, the Sewer Pass access NFTs dominated weekly volume stats as all eyes remain on Yuga Labs’s Dookey Dash skill-based mint competition. We also saw a really strong volume showing around The Memes Collection by 6529, which has become an iconic series to watch in 2023.

🔝 7D top collections by volume

via degenz.finance

🛒 7D NFT marketplace stats

This week we saw OpenSea break out with a decisive volume lead over Blur once more. Stats-wise, X2Y2 is firmly in 3rd place right now with LooksRare a distant 4th.
via degenz.finance

🛍️ 3 biggest buys this week

There were more major Yuga Labs transactions this week. One was a BAYC sale and the other was an Otherdeed sale, and both purchases were for over the equivalent of ~$240k USD in ETH. This week we also saw a Fidenza, the crown jewel of the Art Blocks ecosystem, crack the top 3 with a Ξ145 resale.
via cryptoslam.io

📰 General news

🏆 Digital collectibles

🎨 Cryptoart & music

🎮 Decentralized gaming

🌐 Virtual worlds

🪙 NFTfi

🎆 Mint spotlight: Sewer Pass

Released last week by Yuga Labs as a free claim for BAYC, MAYC, and BAKC holders, the Sewer Pass access NFTs have since undergone a trading frenzy as people have been cramming in to try the associated Dookey Dash game + speculating on what the Sewer Pass NFTs will evolve into. The collection has already done over Ξ24,000 in trading, and its highest-tiered NFTs have already reached a floor price of nearly Ξ8.

🔭 Mint watch:

  • Balagana generative art series by Sapir Cohen, Balagan’s amazing blocky aesthetics and gm.studio backing make this a compelling drop; reserved mints begin on Jan. 28th
  • Night Rundeveloped by the creators of Terraforms, Night Run is a cross between conceptual art, hypnotic music, and a procedurally-generated city driving game; pre-sale minting kicks off today with a public sale potentially slated to start on Jan. 28th if remaining supply allows
  • Nyan Balloons — launched by Nyan Cat creator Chris Torres, Nyan Balloons is a burn-to-redeem NFT color changing experiment that doesn’t disappoint in the cuteness department

🙇 3 insightful threads weekly to level up your NFT knowledge!

1. underground on how to trade NFTs based on market momentum:
2. GameFi Guide on how to start playing The Beacon:
3. Ian Rogers on security tips for Ledger hardware wallet users:

✨ My NFT tool of the week: Terminal

Developed by web3 launchpad Forefront, Terminal is an awesome dashboard for tokenized communities. You can use this site to track live DAO auctions, review governance proposals, sort projects by various metrics, and more. If you’re looking to keep tabs on a range of NFT DAOs, this platform is a great place to start.

💥 You might be paying more Ξ in gas than necessary!

Are you a regular MetaMask user who always uses the default gas settings when conducting your wallet transactions? Then you may be paying up to x10 more in ETH than you need to! Here rayzhu.eth suggests a priority fee of ~0.2 gwei as a more than sufficient lower alternative for your transactions:

😜 NFTs are so back…

You know how you can tell? There’s seemingly an endless stream of interesting projects to keep track of again, yet only so much time in the day to do so:

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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