Collecting art is historically not just about the art itself but who the artist is and the story behind the piece. The emergence of NFTs as a way to attribute provenance to digital objects has seen an explosion of interest in the past few years, even if that’s currently seeing something of a lull.
The work of artists like Alotta Money, Josie Bellini, Trevor Jones, Coldie, Snowfro, Beeple, and collections such as Fidenzas and Ringers, show that digital art is here to stay, even as many pockets of the NFT space are reportedly down 95% from all-time highs.
But with the artists playing such an important role in the market, it’s been intriguing to see Grails by PROOF flip this paradigm on its head by abstracting away who the artist is. A gamification mechanic reveals between 20–25 pieces of art to 1,000 whitelisted collectors prior to a minting window — but the catch is no one knows who the artists are behind each respective piece.
This creates a special dynamic that introduces a different type of speculation about who the artist could be behind each work. Some collectors mint a piece they like purely based on their assessment of the art itself, while others take a punt on their ability to guess who the artist might be behind.
Protoglyph by Larva Labs from Season 1 Grails. (OpenSea)
Grails was the brainchild of PROOF co-founder Kevin Rose, with the inaugural season launched in February 2022 and the first-ever reveal on March 6, 2022. Eli Scheinman, head of art at PROOF, explains the concept aims:
“To engage collectors in a way that abstracted away some of the financialization of collecting NFTs that was, and still is, in many ways so rampant. By taking away an artist’s name, it really demanded or challenged all of the collectors to really go deep and spend a lot of time with each of these artworks.”
Season IV (4) of Grails is set for reveal on Aug. 11, with Scheinman continuing to experiment with the mechanics and double down on the storytelling and production value of the reveal.
“We try to maintain that sense of it being special and unique, so that means we’re constantly trying to iterate and improve the experience in new ways,” Scheinman says, explaining that season three had introduced the notion of a series, enabling a single artist to contribute multiple unique pieces as part of a collection.
“In season four, we’re taking that a step further in that three of the five series that are in this exhibition are true long-form generative projects using the Art Blocks engine. Those outputs, when minted, are really generated live in that moment. Whereas in the past, these were pre-curated outputs, meaning an artist would provide us with the files ahead of time, and then we would distribute those on mint.”
Grails IV alpha:
– 20 artists – No repeat artists from past seasons – 6 Art Blocks Curated artists – 3 long-form generative collections w/ @ArtBlocksEngine – 1 genesis NFT – 1 NFT will interact w/ a secret adjacent contract
“I think storytelling is fundamental to connecting through a piece of artwork, and the way that we do Grails, for example, is really this fun way of playing with that notion in that you go from zero context to 100% context.”
Notable sales came from Autoglyphs, Alpha Centauri Kid and Drifter Shoots.
We also saw Chinese contemporary artist Yue Minjun release his first NFT collection titled ‘Kingdom of the Laughing Man. The 999 pieces minted for between 0.35–0.39 ETH and now sit at a 0.55 ETH floor on OpenSea.
Autoglyph #511 by Larva Labs sold for 190 ETH ($347,288). (OpenSea) Where my Vans Go #30 by Drifter Shoots sold for 18.69 ETH ($34,400). (OpenSea) Autoglyph #346 by Larva Labs sold for 199 ETH ($370,480). (OpenSea)Creation by Alpha Centauri Kid sold for 23.69 ETH ($44,400). (OpenSea)
Luca Netz claps back at idea PFP holders are doomed
Deep into an NFT bear market where volumes have tested new 12-month lows, the question that persistently gets asked by PFP collections holders is, “How does this drive value back to holders?”
Luca Netz, CEO of Pudgy Penguins, clapped back at a tweet suggesting PFP holders have no stake in the enterprise and outlined why he believes PFP holders are not doomed if they pick the right project. Netz explained that “building a globally recognized brand is the best path to accruing value for the NFT holder.”
NFT value accrual funnel laid out by Luca Netz (X (Twitter))
Brands that are striving to build household IP, such as Pudgy Penguins, VeeFriends and Doodles, all are diversifying their brand offerings, including real-world offerings, ensuring their IP has many more touch points outside of the NFT ecosystem.
Pudgy Penguins at Comic Con (X)
From VeeFriends physical collector cards and multiple collaborations, including their recent announcement with Reebok for physical sneakers, to Doodles last week announcing its partnership with Crocs, to Pudgy Penguins showing up at Comic Con in San Diego in July.
Having holders to appease can be both a gift and a curse, but some founders are navigating this terrain better than others; Netz is one of those. The serial entrepreneur, who has done over $500 million in consumer packaged goods sales, took over the Pudgy project after issues with the original founding team and has arguably threaded the needle better than others.
It still remains to be seen how Netz’s masterplan plays out, but this well-thought-out thread articulates a future that many NFT collectors could get behind, validated by the 1,000+ bookmarks the thread already has.
Amazon Prime dips its toe into the Web3 gaming waters with Mojo Melee
In a small preview of what is to come, Amazon Prime has partnered with Mojo Melee to give away NFTs for its Prime subscribers.
The auto battler game is built on Polygon and played via web browsers and Android devices. The offer for Prime subscribers is set to expire in just under three weeks.
Tweet of the week
onchain art onchain culture onchain music onchain collectibles onchain fashion onchain entertainment onchain memes onchain media
The most engaging reads in blockchain. Delivered once a
week.
Greg Oakford
Greg Oakford is the co-founder of NFT Fest Australia. A former marketing and communications specialist in the sports world, Greg now focuses his time on running events, creating content and consulting in web3. He is an avid NFT collector and hosts a weekly podcast covering all things NFTs.
The Online Safety Act is putting free speech at risk and needs significant adjustments, Elon Musk’s social network X has warned.
New rules that came into force last week require platforms such as Facebook, YouTube, TikTok and X – as well as sites hosting pornography – to bring in measures to prove that someone using them is over the age of 18.
The Online Safety Act requires sites to protect children and to remove illegal content, but critics have said that the rules have been implemented too broadly, resulting in the censorship of legal content.
X has warned the act’s laudable intentions were “at risk of being overshadowed by the breadth of its regulatory reach”.
It said: “When lawmakers approved these measures, they made a conscientious decision to increase censorship in the name of ‘online safety’.
“It is fair to ask if UK citizens were equally aware of the trade-off being made.”
Please use Chrome browser for a more accessible video player
3:53
What are the new online rules?
X claims the timetable for platforms to meet mandatory measures had been unnecessarily tight – and despite complying, sites still faced threats of enforcement and fines, “encouraging over-censorship”.
More on Online Safety Bill
Related Topics:
“A balanced approach is the only way to protect individual liberties, encourage innovation and safeguard children. It’s safe to say that significant changes must take place to achieve these objectives in the UK,” it said.
A UK government spokesperson said it is “demonstrably false” that the Online Safety Act compromises free speech.
“As well as legal duties to keep children safe, the very same law places clear and unequivocal duties on platforms to protect freedom of expression,” they added.
Users have complained about age checks that require personal data to be uploaded to access sites that show pornography, and 468,000 people have already signed a petition asking for the new law to be repealed.
In response to the petition, the government said it had “no plans” to reverse the Online Safety Act.
Please use Chrome browser for a more accessible video player
5:23
Why do people want to repeal the Online Safety Act?
Reform UK’s leader Nigel Farage likened the new rules to “state suppression of genuine free speech” and said his party would ditch the regulations.
Technology Secretary Peter Kyle said on Tuesday that those who wanted to overturn the act were “on the side of predators” – to which Mr Farage demanded an apology, calling Mr Kyle’s comments “absolutely disgusting”.
Regulator Ofcom said on Thursday it had launched an investigation into how four companies – that collectively run 34 pornography sites – are complying with new age-check requirements.
These companies – 8579 LLC, AVS Group Ltd, Kick Online Entertainment S.A. and Trendio Ltd – run dozens of sites, and collectively have more than nine million unique monthly UK visitors, the internet watchdog said.
The regulator said it prioritised the companies based on the risk of harm posed by the services they operated and their user numbers.
It adds to the 11 investigations already in progress into 4chan, as well as an unnamed online suicide forum, seven file-sharing services, and two adult websites.
Ofcom said it expects to make further enforcement announcements in the coming months.
Already, in the true spirit of Mr Corbyn’s politics, there is talk of an open leadership contest and grassroots participation.
Some supporters of the new party – which is being temporarily called “Your Party” while a formal name is decided by members – believe that allowing a leadership contest to take place honours Mr Corbyn’s commitment to open democracy.
Please use Chrome browser for a more accessible video player
5:51
Jeremy Corbyn open to ideas on new party name
They point out that under Mr Corbyn’s leadership of the Labour Party, members famously backed plans to make it easier for local constituency parties to deselect sitting MPs – a concept he strongly believed in.
His allies now say the former Labour leader, who is 76, is open to there being a leadership contest for the new party, possibly at its inaugural conference in the autumn, where names lesser known than himself can throw their hat into the ring.
“Jeremy would rather die than not have an open leadership contest,” one source familiar with the internal politics told Sky News.
More on Jeremy Corbyn
Related Topics:
However, there have been suggestions that Ms Sultana appears to be less keen on the idea of a leadership contest, and that she is more committed to the co-leadership model than her political partner.
Those who have been opposed to the co-leadership model believe it could give Ms Sultana an unfair advantage and exclude other potential candidates from standing in the future.
Please use Chrome browser for a more accessible video player
2:18
Corbyn’s new political party isn’t ‘real deal’
One source told Sky News they believed Mr Corbyn should lead the party for two years, to get it established, before others are allowed to stand as leader.
They said Ms Sultana, who became an independent MP after she was suspended from Labour for opposing the two-child benefit cap, was “highly ambitious but completely untested as leader” and “had a lot of growing into the role to do”.
“It’s not about her – it’s about taking a democratic approach, which is what we’re supposed to be doing,” they said.
“There are so many people who have done amazing things locally and they need to have a chance to emerge as leaders.
“We are not only fishing from a pool of two people.
“It needs to be an open contest. Nobody needs to be crowned.”
Please use Chrome browser for a more accessible video player
1:22
Corbyn’s new party shakes the left
While Mr Corbyn and Ms Sultana undoubtedly have the biggest profiles out of would-be leaders, advocates for a grassroots approach to the leadership point to the success some independent candidates have enjoyed at a local level – for example, 24-year-old British Palestinian Leah Mohammed, who came within 528 votes of unseating Health Secretary Wes Streeting in Ilford North.
Fiona Lali of the Revolutionary Communist Party, who stood in last year’s general election for the Stratford and Bow constituency, has also been mentioned in some circles as someone with potential leadership credentials.
However, sources close to Mr Corbyn and Ms Sultana downplayed suggestions of any divide over the leadership model, pointing out that their joint statement acknowledged that members would “decide the party’s direction” at the inaugural conference in the autumn, including the model of leadership and the policies that are needed to transform society.
A spokesperson for Mr Corbyn told Sky News: “Jeremy will be working with Zarah, his independent colleagues, and people from trade unions and social movements up and down the country to make an autumn conference a reality.
“This will be the moment where people come together to launch a new democratic party that belongs to the members.”
DeFi Education Fund called on the Senate Banking Committee to frame a key crypto market bill in a more tech-neutral way and strengthen crypto developer protections in a recent letter.