View profile

The Baking Sheet - Issue #37

The Baking Sheet - Issue #37
By Tezos Commons • Issue #37 • View online
Recapturing that magic this week that makes Tezos great

Welcome to this week’s issue of The Baking Sheet!
As we’re heading towards a new protocol upgrade, it’s been another great week for the Tezos ecosystem. For this week’s issue, I’d like to talk more about Non-Fungible Tokens (NFT’s) and discern just what exactly the recent momentum we’ve witnessed around them fits into a larger picture unfolding before us within Tezos.
Macro Ecosystem Insights
The term NFT shouldn’t come exactly as one that is new or an advent we’ve only witnessed popularity thereof in this year. In fact, if we trace back to 2017, it was one of the few catalysts leading up to the crypto bull market that abruptly ended in January 2018. 
Let’s look at some historical data to actuate that claim.
Above is the Ethereum chart from early January 2018. Coinciding with this chart, according to the team behind crypto kitties, total registered users reached 250k accounts or roughly - an over 4x increase since December 5th, 2017. 
To add, it’s important to note that roughly 25% of ALL Ethereum traffic came from crypto kitties during (as of December 5, 2017). This traffic literally grew to the point where it actually slowed the Ethereum network down considerably
The first conclusion that can be drawn is not only were initial coin offerings (ICO’s) a key catalyst, but often overlooked, NFT’s played a slightly less but nearly equal role in driving traffic and attention to one of the most widely used blockchain networks at the time. 
So, what does this mean? 
Pivoting from that, we’re witnessing the same patterns beginning to emerge and these patterns are on a much greater scale than initially witnessed in 2017/2018 in terms of a macro sense. 
What we’re slowly witnessing is the growing acceleration of the core ideals behind decentralization - but they’re beginning to hit home in a truly meaningful way. 
Not only are we starting to see a growing case for bitcoin in terms of a world’s treasury asset - it performs better in terms of functionality, and is a greater store of value amidst the vast money printing by the federal reserve and european union. 
But, we’re seeing a truly widespread environment take form around this technology. This environment is being catered by the growing momentum within Decentralized Finance and unsurprisingly, NFT’s. 
On the surface level, it makes sense to see a lot of traction towards something within an ecosystem where there exists a lot of well to do people. For, what things do wealthy people like? 
(You should have thought about art, if not I’m sorry.)
Celebrity endorsement of NFT’s has hit an all time high. Everyday we’re met with more people talking about them, building them, building marketplaces around them, and more. 
What we don’t really consider is just exactly why the main platform in which these NFT’s are predominantly minted has reached an inflection point. In case your wondering what that platform might be, it’s Ethereum. 
The world’s economy and new digital financial sector will not be built on a platform where you have to pay $100 just to move a token, nor pay even more/slightly less just to mint an NFT. Value will begin to seep into more user friendly and cheaper alternatives. If you think otherwise, you’re only fooling yourself.
For Tezos, this inflection point comes as an advantage and large opportunity. That opportunity is being taken advantage of most notably with the collaboration with OpenSea, the largest NFT marketplace, even superseding popular alternatives like Rarible
This Week in the Tezos Ecosystem
This Week in Tezos Development
Charlie Wiser
February is another record month for #Tezos on-chain activity.

Excited to see the final number of smart contract interactions this month in a week.

Get real-time data on BetterCallDev from @TezosBakingBad:
Trending on Tezos Agora
Now Streaming
TezTalks Live #22 - Hugo Renaudin
TezTalks Live #22 - Hugo Renaudin
Nomadic Labs Research Seminars #8 | Bringing K Powered Blockchain Security to Tezos
Nomadic Labs Research Seminars #8 | Bringing K Powered Blockchain Security to Tezos
Tezos DeFi Hackathon (Russian)
Tezos DeFi Hackathon (Russian)
Upcoming Tezos Events
Ann Hiatt
Had an amazing conversation with @breitwoman on the Bet on Yourself Podcast today full of crazy stories of navigating extreme the challenges of entrepreneurship in founding @tezos. A sneak peek of our chat is below. Listen, like and share the episode on your favorite podcast app.
Alchememist 🍥
#Tezos $XTZ crew, you ready?

Launching 03.15.21 (but the fun starts now)
Follow @thealchememist for updates! 🤓

@tezos @TezosCommons @TQTezos @TezosFoundation @elonmusk @TimDraper
Did you enjoy this issue?
Tezos Commons

Weekly updates featuring Tezos related news, upcoming events, new projects, featured articles, interviews, tutorials, and oh so much more

If you don't want these updates anymore, please unsubscribe here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue
745 Atlantic Ave, Suite 1047, Boston, MA 02111