- Gh0stlyGh0sts is first omnichain NFT, which means pieces can be moved across Ethereum and Layer 2 networks. Gh0stly Gh0sts - Collection | OpenSea
- Multi-Chain: Many projects using multiple chains for their projects to gain credibility then move to less gas-intensive layers, eg. start on Ethereum, then introduce an aspect on Polygon (Red Village)
- Users must change network in wallet, hold various currencies in order to transact
- Meebits DAO had to issue small amount of Matic to all members in order to delegate votes - which required a vote
- Cross-chain will enable users to forget about the backend - ie what network the assets are on. May require projects/platforms to pay for fees for the sake of providing a better user experience
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- Rantum NFT Market Data, Cryptoslam.io
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[00:00:00] today on all about affordable and FTEs Unchained, my NFT Omni chains, verse multi chain. We're excited to be talking about this topic. The first Andrew, what are we seeing in.
[00:00:12] Yeah. It's it's been a little longer than usual since we are recording here. So we've got some, some news to catch up on George.
[00:00:20] Yeah, we both took a little break. We took a break for two seconds and then we're like, well, maybe
[00:00:24] well, you know, it was a, you know, an extra day or two and whew. There's a lot that happens. So yes, some big news here. We've got a big time act.
[00:00:34] One of the biggest crypto history, 625 million. And this is very NFT related because it was on the Ronin network, the network that backs ACCE infinity. So 625 million. Taken this was from users' accounts essentially where they had parked their Eve using it on them, using it on the road in network.
[00:00:56] So they, the Pronin team has come out and said that they will reimburse all users here. So that's good, but it is a, you know, it's worrisome that that this can happen apparently five of the nine I'm sorry, the five, five of the nine. I'm forgetting the name now. The
[00:01:15] We're taken over.
[00:01:16] So they put some, they put some extra provisions in there for extra security. But yeah, that is big time. They're going to take 150 million or so from Binance to help reimburse people. But I assume they have the rest of it available that is still going to hurt. One part that is sort of funny about this is the hackers.
[00:01:38] Shorted the ACCE token R I'm sorry. Yeah, I think it was the ACCE token on before the news of this came out in the news did not actually tank the value as they expected. So they did get stopped out of those positions. So that is kind of funny of flow. They are doing quite well with what they were able to get away with.
[00:01:59] Well, I mean, yes and no. What, what they got away with, as I understand, was moved to FTX, which was, and is a control bank for crypto, Right. That's not a decentralized movement wherever. So I'm not quite sure what the plan is because that stuff could get frozen pretty quick. I think it is pretty remarkable that that amount of sort of, you know, theft doesn't really impact the price.
[00:02:25] Yes. There was a drop in, in Ronan, but it like spikes back up on April 5th and it's, you know, back down, but it doesn't, it wasn't a collapse. Right. It might as well have been an Elon Musk tweet and things kind of kept rolling.
[00:02:38] Yeah. Yeah. I guess it was the Ronin network. You're right on that one. Yeah. And it was surprising. I've spent a year. At least it has been a pretty bullish crypto and NFD market as of late. And I think it's, you know, in that, in this kind of environment people are willing to overlook even a major hack, like.
[00:02:55] Yeah. And it's the question of how do you calculate that sort of unpriced risk of a centralized network? Decentralized, right. You're just mentioned there were nine tees that controlled this thing, as opposed to a decentralized network where it would be millions of keys or millions of nodes. And it would be very
[00:03:14] There we go.
[00:03:15] very difficult to do a sort of whatever 51% takeover, you know, it's scary.
[00:03:20] It's a wake up call for, for these other side chains and another sort of plus one to a theory based and layer two. Based pieces built on a theory. I'm not saying that they can't be hacked, but this was a brutal one.
[00:03:33] we'll get into one of the problems with Ethereum and FTS and just a second here, because we've got Vayner sports was just minted yesterday. Surprise, mint and gas. These spiked to insane levels. They have a little. What's it called widget on my, on my browser. And all of a sudden I noticed it was up near 3000 at one point yesterday when it's been, you know, in the fifties and two digits for the most part as of late.
[00:04:01] And so there was over three times the amount spent on just the gas fees then as the mint fees and this one just failed transactions all over the place. So a pretty terrible drop here. That is, you know, that's the beauty of Ethereum. So. You know this, I don't know why people are willing to put it through.
[00:04:19] At that point. It's got to be, you've gotta be thinking it's tough to make a profit when it's a 0.1, five eith drop and you're spending four or five you know, many times that on, on the price of gas.
[00:04:32] Yeah. So the total take-home numbers, just to put it in perspective, they made about call it 10 million on the mint of 15,000 NFTs about at that point. Five five Ethan amount. And the total gas.
[00:04:46] was estimated to be at around 25 million.
[00:04:49] Yeah. Well, I had heard, I had heard some, some significant figures that I'd heard even a little bit higher than that. That is. Wow. No matter what it is. 27, 20 5 million on gas. So there are problems with drops on Ethereum. It's, it's not perfect, you know, layer twos definitely solve that issue for the most part.
[00:05:10] You know, and, and it's still not, it's not where most people are. Most projects are willing to launch. What's sort of interesting is the Vayner, some of the teams behind Vayner sports have. They've done drops on. I believe on a mutable in the past, which is a essentially gas lists of layer two. And you know, for this, they, again, chose to go with Ethereum, you know, perhaps they thought that the the surprise aspect of it may reduce gas fees.
[00:05:39] But I think in general, those we've seen that those often spike gas fees and, you know, getting into. It's been a bull market and people have been much more willing to jump into projects then maybe a couple of weeks ago.
[00:05:52] Yeah. I'm pretty surprised by this too, because I feel like Gary Vaynerchuk and the, you know, the Vayner Vayner media network is trying to position themselves as the expert in all things, brand sport and NFTs. He even launched his own of course, very popular V friends, as well as a number of other things.
[00:06:13] And this is, this is a sort of unforced. That hurts and erodes brand trust in a way that I think is like antithetical. You know, I know a lot of his work is antithetical from the way he does business, but you can't just sort of say, oh, we'll make everybody whole. I mean, maybe they can and just eat it, but even still remember, they only made 10 million people spent two to three X more on the transactions and.
[00:06:42] You know that's a problem and it's a problem in the architecture.
[00:06:45] Yeah. And I know that there's, you know, I know Dutch auctions. Aren't perfect. And there's been, there's been a lot of talk about what the real Dutch auction should mean. You know, I think there's, there's been a push for. For that to mean that everybody ends up paying the same price, being the final price, which would be, make it much more fair than I think most of them are handled right now.
[00:07:05] But the one thing that does do is give people a chance to spend more on the price of the mint, rather than just spending it on gas. And if someone is willing to put in. A ridiculously high gas fee to get a mint throw. And I think there was a max of four pieces on this. So, you know, maybe, I mean, I would at least prefer that to be going towards the project that I'm investing in than to just gas fees.
[00:07:30] You know, I I'd rather see that that ease is captured and use towards adding value to the project then than just wasted on gas fees to jump in line ahead of somebody else.
[00:07:39] Pretty clearly pretty clearly it has to be done in a different way. And you know, I'm sure there going to be more articles out about how they're dealing with it, but. You know, pretty, pretty ridiculous, and also just kind of stinks, right? Like burning that, you know, goes to, where does that money go? It goes to minors and it just goes into the ether ether.
[00:07:59] Right. It actually disappears. And I think when it moves to proof of stake, it'll actually be a little more interesting and actually make an aggregate help. I think the larger Ethereum network more than it frankly does now, which feels like it goes into a black hole of say,
[00:08:14] Yeah, one note about this it's I believe the project is led by AIJ Vaynerchuk, which is a. Which is Gary's brother. I'm sure Gary is involved in, in many ways as well though.
[00:08:26] Yeah, fair fair. I assume with the brand and association, but Yeah. good point. Good. Now. All right. You have Britain
[00:08:34] Yeah. One word.
[00:08:34] to mint. Oh.
[00:08:36] Yeah. Oh, no, just about this or go on yet. So we've got Britain, they've announced plans to Benton NFT by this summer. So they want to become a crypto hub. They announced this all in say at the same time, if they want to become more of a crypto hub and have released an NFT, I'm sure they're getting backlash for this.
[00:08:56] You know, anytime a major public entity announces NFP plans. Always a lot of controversy around it. So I can't imagine that this will be accepted without pushback as well. But it is, you know, it's interesting. I think it's a, it's interesting that they're trying to get into crypto and I think there's been a lot, a much wider acceptance by regulatory bodies to look at crypto as not this thing to keep out, but rather, how are we going to work with it?
[00:09:25] How are we going to embrace this? You know, I, I certainly am not recommending anyone to go mint this NFC, as soon as it comes out or
[00:09:32] the affordable project of the
[00:09:34] But but I, I think it is, I think it's great to see that that governments are more welcomed towards being more welcome towards crypto at this point.
[00:09:42] Yeah, it's a good sign. I'd say overall for the NFT market and acceptance and more predictable that's I think the big word, like a predictable future for regulation rather than, you know, wait a minute, we're going to take away all the, you know, potential here. We're going to ban it outright. It seems to be much more on the adoption curve along the way.
[00:10:04] All right. Well, let's get into, well, I think we can, we've got a bit of a cross between our affordable
[00:10:12] We murdered them. Cause sometimes we forget,
[00:10:14] This week. So we're talking about Omni chambers, multi chain. And one of the reasons we're talking about that is the new project that has launched those sleep ghost ghosts being spelled with a zero instead of an O in both words there, this has just launched.
[00:10:29] It is claiming to be the first Omni chain NFT and by Omni chain, it means that it can be transferred across from Ethereum to layer twos, to optimism, to polygon, to And there's a couple others that it works with a kid, sorry, like an off the top of my head. But so you can actually move this across.
[00:10:49] So if you want to, if there's a future where you could maybe play a game with us on polygon, you can put it there. If you want to verify your profile on Twitter, you can put it on Ethereum. So you can, there can be different use cases for it on different networks. As far as I know it is the first Omni chain.
[00:11:06] It's the first NFP that can do this. In the past we've seen. Projects, primarily mint PR on different chains to have interoperability between them. So this is a little different in that the NFD itself is moving, is moving between these chains. So essentially you're still parking it. It's a bit of a bridge for the NFT to do this.
[00:11:28] So this. It's a bit pricey right now for an affordable project. I believe the floor is around 0.4 as we speak. Let me take a look at that. 0.4
[00:11:39] Point for too. So it's, it's come down a little bit. It had gotten I believe up over 0.5 at one point. But I have seen it talked about a lot and I don't know that this will necessarily be the project that takes, takes hold of this Omni chain or cross chain sort of narrative that, that I think could become prevalent in, in NFTs and crypto for a while here.
[00:12:03] But I think that. It's at least worth watching to see how this does and see if, if this does catch on, if you know, before it continues to fall, you know, maybe this, this is a narrative that isn't that important to people. However, I think that with the rise of all these layer twos, we're looking for ways to, to work between them rather than have them as as, as so prominent within the project.
[00:12:28] I don't think that it shouldn't necessarily. The change should dictate so much of the project. The project can move between these. So if that does catch on, I could see this project doing quite well. Same time. I, I, I could see ghostly ghost just paving a path for other projects to to do the same thing.
[00:12:46] So I be on the lookout for other projects that are following this bottle. They certainly won't be the only one as we've seen when new trends catch on. Spread quickly. And and it's not always the first mover that does succeed, I would say as we've seen in many projects or the past year,
[00:13:06] Yeah, this is interesting. So the discord I just popped in, it's got about 3000 members, 1000 active, and the number of men contracts that you can kind of chase it down on, goes from like Binance, avalanche, Arbitron polygon chance and optimism right now is pretty darn impressive. And then there's like,
[00:13:26] Okay. That actually, I think I misunderstood that it's not just layer twos, then there are even other layer
[00:13:31] Yeah, no, no. It's it's Omni chain. Given the fact that you can get to avalanche, which is a different layer, one yet Binance,
[00:13:38] Binance. Okay. That's yeah. That's, that's interesting. And an important note there, I would say that it can go across not just a theory and base change, but to other chains.
[00:13:47] Yeah. And they, they talk about it being different than currently. You can use NFT, a tool called wormhole, apparently that will sort of like, hold your NFC and like a lockbox, call it in a contract and then give you a synthetic replica and the destination chain. And you know, this may be a risk of hacking there as we've seen with bridges before.
[00:14:09] But this, you know, they're, you know, they're claiming their white paper to be the the first true. Omni chain and Ft and moving it back and forth. So actually, if you were to buy it and you wanted less gas, I would buy it on, let's say polygon, right? Like you can check calling on for, it is going to make it kind of like, I don't even know what the floor is then.
[00:14:27] Right. Because I
[00:14:28] That's true.
[00:14:29] looking at an Ethereum floor, so I don't know.
[00:14:32] That's true. Yeah. I'm looking forward to more tools that do work across these networks do, because this is going to become a bigger, bigger issue that, you know, there's going to be braces that are on different, different marketplaces, different platforms. And you're gonna have all over all sorts of places to check, to find a real floor price.
[00:14:51] I'm going to, I'm going to full disclosure. I don't own any of these. I think it's gonna take me some research to do it. Also I'll note that like their white paper and the website is technically a post on medium. So I, I want to see a little bit. About, you know, the, the team of what's going on behind the curtain, I think before I pull the trigger, but I think it's I think it's interesting to do your own homework and.
[00:15:11] Yeah, I think that's important. We're not 100% recommending this, especially at this price, but I think it is worth keeping an eye on and is not. It could be an indicator of, of, of what is to come for other projects as well.
[00:15:25] So when we're talking about multi chain to this like theme of Unchained, my NFT, there is a not too distant future because it's already kind of. Where many projects are going to be able to move across multiple chains. And maybe that's from sort of inception that we just talked about to the, you know, the tools I just mentioned like warm hole, but in effect, we just talked about how that Vayner sports lost an incredible.
[00:15:55] Of gas for its customers because they chose a very expensive platform to mentor. Now, hypothetically, let's say you had chosen a polygon, right? When you met there and say, look, you can bridge it here. We built a tool to Bridget, go on. Now it's on Ethereum and you have the cachet of being on Ethereum.
[00:16:13] You know, what that looks like is, is going to open up a lot of potential and maybe decrease the prevalence or. Importance of Ethereum as, as a full network. If you can move between chains potentially.
[00:16:26] Yeah, I think that's it's definitely possible that maybe we don't care as much about Ethereum. And I think one of the, something that I'm looking forward to is the user not needing to care quite as much about which network it on a project is on and have to switch between it. You know, I think there's a lot of.
[00:16:43] A lot of technical aspects that the user's exposed to right now that seem unnecessary. You know, not, I'm not just talking about the fact that you'd need to use a wallet and all this, but then you've got to switch between it and have, have a currency on the right network and make sure that you have enough of the currency to keep transacting, because otherwise you're just going to be stuck without it being able to move anything on.
[00:17:04] There's just a lot of issues that come up and you know, I think this is, this should be pushed to the back end. So I'm looking forward to when, when it it's, there's not so many hurdles to just trying to use another network. It's, it's already difficult enough to use it, to get it in FDS as it is. And, and putting it on the user to, to to figure out how each of these different networks is a lot to ask.
[00:17:30] it's tough to move to. I mean, Yeah, absolutely. We're we're only at a fraction of total people owning. And FTE something like 1.4 ish million. I mean, it depends on what stats you're looking at, but if you were talking about what gets mass acceptance, it's saying that like, well, wait a minute, you know, I bought this, you know, this non fungible element and why does it matter what, what chain is on?
[00:17:53] And I think those, those pieces are going to get better. I think there are security risks with sort of the, you know, when you're bridging with a tool like Warhol, If you are also considering the platform you want and the, like the overall security, we just talked about the Ronin hack. Let's say you'd move it onto a alternate layer one.
[00:18:13] And I dunno, say all of the Ethereum bank accounts get, you know, its underlying cash gets taken. What does that mean for your asset? Well, I don't know. You can, you can move that back. What does it mean for did that technically have a pricing event or a repricing event? Does that have a tax implication?
[00:18:28] I have probably more questions than answers when it comes to it. But I do think the, the future of NFT ownership is one where moving it across as an asset is made easier. I also believe that it will increase the potential value of based and FTS when they can come into the highest liquidity pool, which is, if you're in minutes, I had a topic we'll get to.
[00:18:54] Later. So I think that may open up a door for additional value in terms of overall marketplace purchase power for these alternate layer one projects.
[00:19:07] Yeah, that's true. I mean, it is, it is still the biggest liquidity bullets where most people are trading NFTs. You know, I know that there's some other networks. Have growing NFT marketplaces, but at there I am still the biggest. And you know, that's the reason that I think we're seeing projects still launched there, despite the gas fees.
[00:19:26] It's, it's where most people are. And if they're willing to, they're willing to spend the gas, you know, it's, it's where you want to go. I think one of the reasons is that it's relative, there's still a lot of hurdles to using layer twos. There's a lot of people that don't quite understand what it means to use layer cues, to use other networks, you know, Once, I dunno, I hope that once those issues are maybe not completely resolved, but they're made easier to overcome.
[00:19:52] You know, I think we'll also start seeing people get into these, you know, I think that could be, you know, if it's just using, if you can use the same tools that you're already using and access more of these other networks and not have to go through and kind of figure out the technical side. I think that there's a very easy avenue for new people to start coming into these other projects.
[00:20:11] And like you said, that can add value to the products that were at least originally on other genes.
[00:20:17] Yeah. Well, there's also another aspect, which is the strategy that red village, the red village took with and dropping their initial sort of token access path. Called the blood portal and then they're, you know, their bones collection and then saying like, all right, now these will give you access to the drop or the mint on polygon.
[00:20:38] Right? So they have the sort of high level, a theory I'm based to add that credibility. And then they move to the, the low gas gas lists, a polygon or secondary chain. And, you know, maybe that's stretching. Goes away, maybe it doesn't, but that seems to be the most logical if you're trying to like, have your cake and eat it too in that sense, but you're still changing wallets and networks and it's a bit of a headache.
[00:21:02] Yeah. Yeah, absolutely. I mean, it's not, that is the way we've seen it done a lot. I don't know that it's I don't think it's the way it's going to persist over time. I think people are going to want to be able to move the actual asset and not have kind of a key on one chain and the asset on another.
[00:21:19] Yeah. that makes sense to me. And then you have a mention here that me Bitstamp also had to issue a small amount of MADEC to all members, to delegate votes, to require a vote.
[00:21:28] Yeah. So they've used Maddick for voting, you know, which is interesting, but you know, they did have to actually distribute Maddix. So it didn't cost much. And as I mentioned, when you go on these other networks, you've got to have enough of the token that the you know, that they charge fees in two people to do any transaction.
[00:21:45] So while it doesn't cost a whole lot, you still need something. So, you know, you need a little bit of, of MADEC there. So that is one of the things that you have to keep in mind when you are on other networks. So if you're asking your users to go do it, you know, that either means that they, you need them to go.
[00:22:00] Moved some funds over to both to this other network and then two with the, the right the right asset you know, being MADEC on polygon anyway that it can be, you know, there's, it's different on different networks, which can be confusing. So, you know, I think that that needs to, you know, that sort of thing is the.
[00:22:18] Overcome that, you know, I think that's too much to ask people to always figure out and for projects to to expect users to take on upon themselves.
[00:22:27] Awesome. Well, I think there is definitely some element that we're going to be looking for in terms of saying as their alternative layer, one NFTs out there that we can find. And in what it means when we begin to merge these like very disparate systems. Cause like, look, let's be honest, we've given you pretty much, I'd say 95% Ethereum based NFTs.
[00:22:47] Cause it's where things that we trust are minted and made, but that may be changing. And I'm, I'm kind of excited for that. Although we have branch to like layer two polygon a bunch, but yeah, for the most part, that's where we play.
[00:22:59] Yeah, that's true. Yeah. We've mostly stuck on Ethereum, but you know, maybe we'll branch out a little bit more. As we see things developing.