Category: blockchain

Week 2 Optimism L2 Twitter Spaces Recap

Crypto is how you program money. Money is how you program people. 

Listen to the recording:

https://twitter.com/i/spaces/1yoKMWjqrLRJQ?s=20

Why would a developer want to build on Optimism?

The answer is incentives.

“Incentives motivate behavior.”

The ecosystem needs developers to actually BUILD DAPPS on Optimism. 

Why should a developer want to use Optimism as opposed to any other blockchain network?

Incentives to build on Optimism: the “Optimism Governance Fund” donates money to teams and projects that have built useful things for the community. 

These useful projects are known as “public goods”.

The idea here is to reward those that contribute in positive ways.. incentivizing new developers to launch their dapps on Optimism. 

  • Public Goods make people want to join an ecosystem. Science is and example of a public good that is valuable to society.
  • With retroactive public goods, whatever turns out to be the most valuable tends to be retroactively rewarded after proving its product-market fit. This is the opposite of traditional venture capital firms that go out to fund a bunch of different ideas without knowing for sure what will succeed. 

Why Did You Get into into Optimism Ecosystem??

jrocki.eth – Twitter Spaces Co-host. supported Optimism during OptiPunks launch because of Public Goods Funding Infrastructure.

Mark, Co-Founder of Quixotic.io:

Mark was a software engineer at an ad-tech company. Later learned about ETH, Optimism, and the possibility to host projects on IPFS.

  • Participated in ETH global hackathon in 2021… involved with Feudals Ethereum community… worked on some various developments in Ethereum.
  • Looked at other Layer 1’s, saw the high cost of trading NFTs on L2. Saw Layer 2’s as the future. Wanted to build something and make something happen in the space.
  • Build / launch Quixotic.io
  • Currently building CryptoVania / Storyverse on IPFS

On Building + Dapps in the Optimistic Rollup space:

Even though the markets are down it feels like the builders are full-steam ahead. 

On the Space, Mark raised the question: what do users need for adoption to increase?

One specific need was brought up: we need a decentralized app store / decentralized app platform.

  • For example, you don’t see substack app on the App Store. Why not? Because App Stores take too big of a cut due to policies around in app purchases etc. Effectively creates a roughly 30% markup on everything.
  • Browser apps are harder to block and shut down, however, performance and computation are more difficult in browser.
  • Huge opportunity for decentralized apps.

IPFS – communication and naming protocol. Similar to bittorrent, everyone can access files on IPFS thru peer to peer network.

  • With Brave Browser you can visit IPFS, similar to using http.
  • If no one is pinning the file, it might be really slow. So, you can pay someone in Filecoin or Pinata to pay the network to access the file, if no one pins it.

Warp speed bridge – standard protocol level bridge for optimism…Eth in escrow / burns the eth etc. Came out of a project called teleportal.

Storj – startup for decentralized storage. They encrypt your file.. many copies of the data in little chunks. Users of dropbox could move to something like this – around $7 per month for $1 TB.

Most Expensive 3 Digit ENS Sales of All Time – the 999 club

ENS (Ethereum Name Service) addresses serve as usernames for web3, allowing people to associate their 42 character address with a shorter, easier to remember string of characters ending in .eth.

ENS addresses are owned by individuals, as NFTs.

Given that OpenSea data proves shorter ENS names can sell for more money, some of the most expensive ENS sales of all time have actually been frequently used English words.

Within that market, 3-digit names end up making up a large portion of those top sales, 555.eth being the highest, which sole for $162,975.20 based on the price of ETH at the time of sale.

Why are 3-digit ENS names valuable?

While popular words have a very easy to understand marketing appeal, the allure of 3-digit ENS names is a bit more intangible.

A few of the hypotheses include area codes – every jurisdiction in the United States has a specific 3-digit area code. Perhaps in the future, blockchain could bring some sort of architecture that enables people of these jurisdictions to associate their on-chain activities with their area code. Perhaps for tax implications? We can only speculate.

The other hypothesis is simple the scarcity of the 3-digit ENS names. Starting with 000, there are only 1000 combinations of 3 digits.

Having realized these factors, communities have organized around these ENS names, creating owners-only clubs.

The 999 club in ENS

The 999 club represents one of the most exclusive NFT clubs in the space today – numbered ENS names between 000.eth and 999.eth.

In contrast to the status-quo of 10,000 NFT collections, there will only ever be at most 1000 members of this NFT group.

However, a secondary numbers-only NFT club has emerged, with an order-of-magnitude more members – the 10k club – which represents 4-digit ENS names.

Below is the highest 3-digit ENS sales of all time, as of May 15, 2022.

Most Expensive 3 Digit .eth Addresses Sold

Sale Price (eth)ENS name
55.5555.eth
50005.eth
35.5035.eth
32.55888.eth
32006.eth
28.3083.eth
25025.eth
095.eth
23.8038.eth
20008.eth
105.eth
079.eth
19123.eth
052.eth
18.88661.eth
18.68861.eth
18.3268.eth
636.eth
767.eth
18.2882.eth
18868.eth
163.eth
17.5027.eth
17363.eth
170.eth
16.95179.eth
16.9980.eth
354.eth
16.85850.eth
16.8550.eth
16.78978.eth
16.66468.eth
16.3063.eth
16.2357.eth
704.eth
16080.eth
970.eth
667.eth
15.8048.eth
15.533533.eth
15.3530.eth
15.2085.eth
15728.eth
839.eth
114.eth

Have you claimed your ENS name yet?

Setup a crypto wallet and get a .eth address – your username for web3.

Most Expensive .eth Sales Ever for ENS

ENS (Ethereum Name Service) provides decentralized naming for wallets, websites, & more.

Ethereum names add “.eth” to the end of any set of characters, which can then resolve to a specific wallet address.

Why are ENS names important?

Individuals and businesses register ENS name to serve as usernames for web3.

ENS names enable users to associate their 42 character official address with a shorter name that’s easier to remember.

Budweiser / Anheuser Busch, for example, chose to register Beer.eth, making it easier for users to interact with their on web3 wallet.

Instead of 0x39dbfdd63fd491a228a5b601e0662a4014540347, users simply type Beer.eth.

ENS is the easiest system for direct wallet payments as well as user authentication to sign into dapps in the web3 space.

Which ENS addresses are the most valuable?

While ENS: Ethereum Name Service sales data on OpenSea suggests that shorter names tend to sell for more money, the highest dollar ENS names are those that represent actual commonly used words.

Read more: Most Expensive 3-Letter ENS sales of all time

Because these words are used often in the public vernacular, marketing and PR professionals value these types of .eth addresses higher because they are more easily recognized and understood by the largest number of people.

Most Expensive .eth Addresses Sold

Each ENS address is a special type of NFT. Because of this, they can be sold and traded on secondary markets.

Below are the highest ENS sales of all time, as of May 15, 2022.

Sale Price (eth)ENS name
420paradigm.eth
75wallet.eth
75deepak.eth
60crypto.eth
59artdao.eth
55.5555.eth
52.9google.eth
51apple.eth
50ukraine.eth
005.eth
trade.eth
42wei.eth
41sex.eth
40btc.eth
portn.eth
defi.eth
39.8com.eth
38.7dapp.eth
38loan.eth
35.5035.eth
35.4jobs.eth
35name.eth
play.eth
game.eth
games.eth
34rug.eth
33.5poker.eth
331000.eth
amazon.eth
tim.eth
32.55888.eth
32006.eth
mystic.eth
31market.eth
30.9347art.eth
30tobi.eth
mee6.eth
fidenza.eth
gas.eth
punk.eth
asset.eth
lend.eth
moon.eth
pornhub.eth
sportsbet.eth
beer.eth
login.eth
3000.eth

Have you claimed your ENS name yet?

Setup a crypto wallet and get a .eth address – your username for web3.

Top 5 Best Digital Frames to Display NFTs on Your Wall

Digital picture frames enable NFT collectors to show off their portfolios directly on screen.

There are many options display your NFTs and digital art on your wall.

Just like a mere copy of a famous piece of artwork isn’t the same as looking at the original, a copy of an NFT that you don’t own isn’t the same as actually owning an NFT.

Getting a digital NFT display frame allows you to flex your digital NFT collection on your wall.

NFT owners need a top tier frame to go with your top tier project.

1. Luma

Museum grade technology.

Custom made to order

The clean look without borders enables the viewer to focus on the piece as if the frame isn’t even there.

Life size digital frames create a sense of presence, bringing the piece into the real world, becoming of the room.

Display Screen Specifications: LEDs are designed to operate 24/7.

Non-reflective matte surface means the picture will not be impacted by sunlight / ambient light.

The display also features the highest resolution available on the market in pure LED form (0.9mm – 1.2mm pitch), 48-bit color processing, Wide Academy gamut format in DCI or BT2020, Refresh rate exceeding 3800 Khz, and professionally color calibrated.

Mobile App: get the Luma app

The Luma mobile app enables you to control and schedule which NFTs you want to show up on the display.

This is a great feature for curators that want to queue up different artwork, enabling control over what NFTs to display and when.

Security: The app and display never have access to funds or tokens in your wallet.

Storage: Can store up to 1000 artworks and 25 hours of video.

Size / Dimensions: Luma NFT displays come in a variety of sizes, all of which take up sizable portions of the wall.

On the smaller side, 2’x2’3”, to the larger size, 8’x4’6”. Portrait and Landscape options. Learn more about sizing on the Luma website.

Price: as Luma digital art displays are custom made to order, buyers can request pricing directly from the company’s website.

2. Tokenframe

The Token Frame digital displays are designed with NFT owners in mind, bringing digital art to life.

The website references web3, allowing the user to sign-in with wallet, connect to WiFi, and then display NFTs.

Display Screen Specifications: types of screens include include QD-OLED and LED

Takes effort and care to ensure your NFT looks good on display – mentioning the importance of aspect ratio, resolution, etc.

Display options include 2K and 4K options with vivid, anti-glare screens specifically designed for digital art.

The wall mount enables the frame to be rotated 90°, which will automatically switch orientation – just like your smartphone does.

Mobile App: the Token Frame App, which integrates with the popular web3 crypto and NFT wallets. 

The app allows you to control the background color, artwork size and more to ensure the perfect fit, no matter the aspect ratio. 

Access your NFT Gallery by logging into your web3 wallet via Metamask, Fortmatic or WalletConnect, which are all integrated into the app.

The mobile and web app enables you to control every aspect of the display settings including:

  • power (on/off)
  • show NFT contract info & QR code (on/off)
  • volume & brightness control
  • WiFi settings
  • energy saving schedules
  • customizable slideshow

Security: The app is non-custodial, so they never have access to your NFTs or private keys.

Storage: because the Tokenframe connects to your wallet via wifi, hardware storage is not needed.

Size / Dimensions: sizes range from 10 inches at the low end to 55 inches at the high end, measured diagonally.

Square and rectangular options, as well as a few different border patterns – birch, mahogany, solid black, and solid white.

Price: Tokenframe enables purchase in a variety of currencies including BTC and ETH.

Depending on size, prices range from $333 at the low end to $2777 at the high end.

Other Info: enables audio as well.

Built-in stereo speakers and headphone jacks allow you to fully immerse yourself in your NFT masterpieces and experience them as they were intended.

3. Skylight Frame

The smaller Skylight Frame is a good option for an NFT collector that doesn’t want the collection to be the central focus of the room. 

With over 13000+ reviews on Amazon, the Skylight Frame is a reliable way to display digital art and NFTs.

Display Screen Specifications: 10 inch color touch-screen display with 1280×800 resolution 

Mobile App: there is no mobile app. 

Security: because this digital frame does not connect to your wallet, there is no cause for security concerns.

Storage: No hardware storage.

To use the Skylight frame, plug in and use the touch screen to connect to Wi-Fi. Pick a unique Skylight email address for your frame. Email photos to the frame’s address and they will appear instantly.

Size / Dimensions: Total size is 10.7 x 7.4 x 0.9 inches, with 10 inch diagonal screen size.

Price: $159

4. Canvia

Display Screen Specifications:

NFT compatible – integrates with multiple crypto wallets to enable the use of NFT images and videos

Create and schedule which digital artworks you want to show up.

Uses sensor technology to read information about the surrounding environment, enabling the screen brightness and display to be optimized as the amount of ambient light in the room changes throughout the day.

Mobile App: mobile and web app lets you upload & schedule your own photography. 

Lets you manage various aspect ratios, tailoring how you want images to fit on the screen.

Security: Never has access to your private keys. Images uploaded by users via the app are only stored locally on the device and so cannot be accessed by anyone else.

Storage: 16 gigabytes memory, up to 10k photos

Size / Dimensions: 27” diagonal screen

Price: $521

5. Blackdove Digital Canvas

Display Screen Specifications: screen is ultra HD 4K 60 frames per second. 

The Digital Canvas is built for NFTs.

“A premium grade display that offers local storage, high brightness, auto-boot to artwork, 24/7 ratings for 5-7 years, native portrait orientation, remote support capabilities and a three year warranty.”

Full specs here

Mobile App: Blackdove mobile and web app to manage an unlimited number of displays from anywhere in the world. 

Enables you to sync your wallet and import the media files associated with each NFT in order to display them.

Security: does not mention security.

Storage: website does not mention storage.

Size / Dimensions: ranges from 55” to 98”

Price: ranges from $1500-14,700 based on size; in-home installation for $499

Other Info: subscription plan available with additional features

Most Expensive 3 Letter ENS Sales of All Time

ENS (Ethereum Name Service) addresses are the usernames of web3. They enable users to associate their 42 character official address with a shorter name that’s easier to remember.

ENS addresses are owned by individuals, as NFTs. The length of characters has proven to be important for many users – people tend to prefer shorter names.

The shorter an ENS name, the more valuable it is

According to OpenSea data, shorter ENS names tend to sell for more money.

The market for 3-Letter ENS names specifically has become super popular recently.

There are 17,576 unique three-letter possible combinations for .eth addresses.

Below is the highest 3-Letter ENS sales of all time, as of May 13, 2022.

Most Expensive 3L .eth Addresses Sold

Sale Price (eth)ENS Name
42wei.eth
41sex.eth
40btc.eth
39.8com.eth
34rug.eth
33tim.eth
32nba.eth
30.9347art.eth
30gas.eth
25dao.eth
ttt.eth
nhl.eth
21nfl.eth
usa.eth
20gmi.eth
19.1fan.eth
17dex.eth
16.4ken.eth
15boy.eth
idk.eth
bpd.eth
12bot.eth
irl.eth
11.7net.eth
10man.eth
uta.eth
pop.eth
dbz.eth
few.eth
leo.eth
leo.eth
9.01one.eth
9pro.eth
pay.eth
tip.eth
8.6eco.eth
8.421liu.eth
8.1lee.eth
8dad.eth
mom.eth
7.77tea.eth
7.4sau.eth
7.35bmw.eth
ibm.eth
6.8mls.eth
gop.eth
6.75cow.eth
6.3mvp.eth
6ben.eth
ufc.eth
ian.eth
bad.eth
iii.eth
max.eth
5.99eko.eth
5.98rip.eth
5.8jim.eth
5.58aba.eth
5log.eth
buy.eth
cat.eth
aws.eth
ddd.eth
mid.eth
job.eth
mit.eth
url.eth
hns.eth
top.eth
dan.eth
pam.eth
hut.eth
she.eth
not.eth
wtf.eth
4.99own.eth
4.95alt.eth
4.75tax.eth
4.49mfr.eth
4.44sad.eth
4.4ipo.eth
4.2bet.eth
4.1gme.eth
faq.eth
4jon.eth
abc.eth
bob.eth
btv.eth
jal.eth
see.eth
rob.th
kev.eth
lie.eth
ppp.eth
mmm.eth
vip.eth
joe.eth

Have you claimed your ENS name yet? Setup a crypto wallet and purchase your first .eth address – your username for web3.

Optimism Layer 2 Public Goods Funding – Overview

What are public goods?

Examples of public goods include libraries, roads, open-source software (like ether.js).

Public goods are paid for by the community – funded thru taxes, for example.

Public goods benefit everyone using the ecosystem.

In the Optimism ecosystem, there is this idea of “retroactive public goods funding”

The goal of this initiative is to reward and incentivize people to build things that help out the rest of the community.

If people did something positive, community can vote to allocate money / rewards for building useful things.

As Bodo said on the recent Twitter space, public goods solve the market inequality of positive externalities.

NFT Projects on Optimism help fund public goods

Optipunks

Original NFT on optimism. 100% of mint went to public goods funding. 50% of secondary went to public goods. Royalties on secondary is 2.5%

The OptiPunks community voted to decide which project funds would go towards.

Optimistic Apes

Another project available on Quixotic… Sounded like a lot of us on the call minted or purchased some. The artist is still a mystery!

Circular art

Generative art platform designed to fund public goods

Join the weekly Twitter Spaces covering Optimism and other Layer 2 rollups!

Thanks all who joined Optimism NFT Twitter Spaces on Monday! Join us next Monday at 4pm PST / 7pm EST for the weekly Space on Twitter!

Economics of Staking Ethereum

Ethereum will soon switch to Proof-Of-Stake. “The Merge” is a big development event where the Proof-Of-Work consensus algorithm will shift to a new model PoS, allowing people to stake their assets to earn rewards.

While recently listening to Hall Press’ episode on Bankless podcast, a few key insights were shared about staking Ethereum

If there is value to the asset outside of staking (spending the token, etc) then the staking rate will be lower.

This is true of Ethereum and Ether the asset.

Ethereum’s use cases make it in high demand

Because Ethereum is a useful asset in web3 ecosystem, there are many other demands for ether.

Think of all the use cases that Ethereum has – from NFTs to DeFi and more.

Many people need to use Ethereum to do these sorts of things, so not everyone will want to lock down their ETH and just stake it.

Because of this, demand for staking probably won’t ever be super high.

Lower rate of staking means higher returns for those that do stake

If demand for staking is low, then value to those that decide to stake is higher.

Stakers want the network stake rate to be as low as possible.

As of now, Ethereum only has around 10% of staking participation rate.

After The Merge, staking incentives will go up, and is likely to have higher income margins.

Only expenses in Ethereum are paying developers (what EF pays out in salary). The EF report showed that the expenses are quite low.

According to Hall Press on Bankless podcast, he thinks that paying stakers does not count as an expense because it is not leaving the system.

Bridging crypto between Layer 2 blockchains – not currently supported?

The Problem: Bridge protocols don’t enable users to bridge between Layer 2s

Crypto holders should be able to use their tokens whenever they want, across any set of blockchain networks.

Ethereum gets you security, but it is a very expensive layer. The benefit of Layer 2 networks is that they are more scalable – fees are lower in L2.

Unfortunately, users cannot move funds directly between Layer 2 networks.

Interoperability for tokens among different chains in web3 is a critical technical problem with crypto bridges today.

Bridging between Layer 2 networks is impossible

For example, users can’t go directly from from Optimism to Arbitrum, no matter what bridge they use.

In order to move tokens between these layer 2 networks, users are forced to take a multi-step process, bridging back to Layer 1 from Optimism before moving their funds to Arbitrum.

You can try it to see for yourself.

As shown below, after adding both Arbitrum Network AND Optimism Network to my wallet and going to the Arbitrum Bridge, its clear that the only connection possible is to go between Layer 1 and Layer 2.

arbitrum bridge only enables funds to go from L1 to L2
Aribitrum bridge only recognizes assets available on Layer 1, even though funds are in Optimism on the same connected wallet.

Layer 2 direct jumps don’t exist (yet).

Current Functionality: Bridging from Ethereum to Layer 2 is simple

Bridging from Ethereum Mainnet any one of the Layer 2’s is pretty simple and straightforward.

For example, a user’s first experience exploring the Optimism ecosystem (covered in this post) is pretty straightforward:

The Ethereum –> Optimism bridge allows for funds to be transferred quickly, letting the user get started with dapps like NFTs, DeFi, and more.

Similarly, bridging from Ethereum Mainnet to Arbitrum is pretty easy.

Users use a service like Chainlist to connect to any number of different Layer 2 blockchain networks directly, without manually typing in the network ID and other information.

How to use the Chainlist website, where you can connect to EVM powered Layer 2 networks.
Connect directly to EVM powered networks using Chainlist, without having to manually enter network details into your wallet

Optimism and Arbitrum are just two examples – Chainlist offers hundreds of connectable networks – an overwhelmingly large amount of software to explore.

Improving crypto bridges will reduce fees for users

The fact that a user can’t move funds between two different rollups without sending funds back to Ethereum Mainnet not only makes the user experience more cumbersome, but it means users pay higher fees.

The bridging process requires two additional transactions on Ethereum Mainnet, instead of a single transaction on Layer 2 between networks.

This multi-step process ultimately requires more gas.

At this point, the ability to move funds between layer 2 networks is an aspect of UX that is missing, and is a big gap in crypto.

The ideal UX features simply have not been built out yet.

Poor user experience is the nature of emerging technology

When you are exploring the frontier of emerging technology, some difficulty of use should be expected.

To put things into perspective, this lack of user functionality is part of what makes crypto most exciting.

If the UX was perfect and every blockchain app was easy to use, then crypto would already be mainstream.

When you are using emerging technology before other people, it is going to be clunky and difficult to use.

We are early; blockchain technology still has so much un-realized value. This is part of exploring and seeing tech trends before everyone else.

We Need to Enable Users to Migrate Between Layer 2 Blockchains

The good news, is that interoperability problem currently exists within similarly EVM compatible blockchains.

Because Layer 2 networks share protocols with Ethereum’s foundational Layer 1, the challenge should be solvable.

The Ethereum ecosystem, with the EVM protocol fundamentals, was made for this type of universal compatibility… shared components allowing protocols to integrate.

Axelar Network seeks to solve interoperability

We know its possible. Still, bridging between Layer 2’s is a feature that is not yet present in web3.

One network focused on this is the Axelar Network.

On the recent Zero Knowledge podcast episode, Sergey Gorbunov discussed how to make layer 2 protocols more interoperable.

Sergey shared information about how Axelar is focused on interoperability, making it easy for users to migrate between chains.

He mentioned that by building service layer protocols on top of the core networks, end to end flows between applications will be easy and seamless for users.

This will also enable bridging between Ethereum L2s so that users don’t have to go back to the main chain.

Exploring Optimism Layer 2 Rollup – Low Gas, Airdrop Farming unsuccessfully :(

Before Optimism announced the OP token, the blue birdie on the internet told me about the likelihood of an Optimism airdrop.

Apparently rumors were circulating during ETH Amsterdam, and airdrops are nothing new – if you’re in the right place at the right time, web3 users can cash in on airdrops.

For example, the LooksRare airdrop sent OpenSea users LOOKS token for free as long as they traded over 3 ETH in volume worth of NFTs.

And although the 3 ETH limit for the LOOKS airdrop was a bit much, I was feeling optimistic for the imminent Optimism airdrop.

How to Bridge to Optimism from Ethereum Mainnet

Once you’ve setup your own crypto wallet, sending funds over to Optimism is actually super easy, and will probably cost you less in transaction fees than you pay in fees on OpenSea when you purchase an NFT.

I think I payed between $12-20 in gas to bridge over, having recently done so Ethereum to Optimism on three separate occasions.

how to use the optimism bridge
Optimism Bridge user interface

One of the best parts about Optimism?

LOW GAS FEES.

While Ethereum Mainnet is like driving through traffic in the middle of a big city at rush hour – and overwhelmed with top-tier NFT projects sparking gas wars among hundreds of thousands of users – Optimism is your chill, quiet vacation getaway in the mountains.

In 2022, there are definitely fewer users in the Optimism ecosystem, but with the number of new entrants to web3 that could certainly change.

Optimism borrows all the good from Ethereum and makes it even better

Optimism is EVM-compatible, which means that the software was built on all of Ethereum’s same protocols

Because of this, transactions share security and decentralization features with Ethereum, while also using complicated new types of cryptography that enable the system to “scale”.

  • Scalability means that more people can use the blockchain network at the same time without gas going super high.

Even though Optimism transactions do use Ethereum, the system is more efficient with blockchain data, allowing many more people to do use the network at once.

With Ethereum as a foundation, Optimism allows users to benefit from the good of Ethereum while also enabling efficient scaling.

This helps users experience lower transactions fees.

OP token is a sure thing, but airdrops are not

With the Optimism announcement published a few days ago, I’m sad to say I’m zero for two on airdrops recently.

To be honest, the Optimism airdrop criteria was pretty difficult to meet.

The team was smart and they made it about more than just bridging a small amount of ETH over once and then getting a free airdrop in your wallet.

The criteria were pretty specific including using Optimism for the first time before June 2021, among other possible criteria.

That’s a long way of saying, the team was thoughtful in the approach.

They made it difficult for a mere degen to gain access to OP tokens this early, and rightly so.

Losing on airdrops, winning on Optimism NFTs

Having bridged over a small amount of ETH, I started to explore some of the different dapps that exist on the Optimism network.

The Optimism website has a section dedicated to different applications that are built on top of their network.

The “Ecosystem” includes a number of apps from Defi to Gaming, as well as NFTs.

Naturally, the first thing that stood out were the NFTs…. if the network is growing, why not try and get in on the ground floor?

optimism ecosystem - dapps, NFTs, optipunks
Optimism ecosystem. What would you try first?

Quixotic is the name of the website marketplace where you can buy and sell NFTs on the Optimism Network. Its the OpenSea equivalent, but on Optimism.

Quixotic proved to be surprisingly user friendly… I managed to buy into an NFT project before I actually realized that it was STILL MINTING!

Yep, the Optimistic Apes were barely halfway through the 2300 round of minting, when I turned up and minted 7 of them, plus that one from secondary.

This is Optimism – we’re not Bored Apes, we’re Optimistic Apes

Optimistic Ape collection on Quixotic by espresso

While OptiPunks are a literal 1-to-1 duplicate of all 10,000 CryptoPunks, the Optimistic Apes do a few things differently.

For one, they support Public Goods funding on the ecosystem, which means founders will be encouraged to build within the Optimism Network.

Featuring a collection size of only 2300, far fewer than the standard NFT project, the artwork of the Optimistic Apes also feels more grungy than the Bored Apes – lots of hoodies, hats, and cigars.

The art itself has a bit of a pencil-sketched cartoony look, however, the artist is for now unknown, according to a post from Chief Ape in the Optimistic Punks Discord chat.

Are Optimism NFTs unoriginal?

Even if the Optimistic Apes NFT project has taken steps to distinguish themselves, you have to wonder why the top two NFT projects on Optimism just so happen to be called OptiPunks and Optimistic Apes…

Are we copy-catting the two biggest blue-chip NFT projects on Ethereum?

Given that the OptiPunks leverage exactly the same characters as CryptoPunks, but with a fading red background, it sure feels like some sort of precedent has been set.

Still, they sell!

quixotic demand for NFTs - statistics of April 29 2022

Demand for NFTs on Quixotic has skyrocketed over the last few days.

Given the large flood of users moving over to Optimism and bridging funds, no doubt the Quixotic website has been getting a lot of hits.

Yet the Quixotic server has stayed up and running smoothly.

No surprise that the top NFT projects on Optimism are enjoying the buzz as well.

When will the hype arrive to Optimism?

All this talk of missed airdrops and under-hyped NFTs makes you wonder…

Is Optimism simply lacking hype, or is it just that the hype hasn’t arrived yet?

The small amount of hype getting started makes you wonder if its temporary or slowly growing.

Is Optimism just cheap, layer 2 rip-off copy of Ethereum, or simply a sweet, slower paced, lower fee pet turtle?

OptiTurtle?

In web3, the key is to get in early

Getting involved a growing ecosystem early is the one of the best ways to have a big impact.

  • 2012 it was Bitcoin
  • 2017 it was Ethereum
  • 2021 it was Bored Ape Yacht Club

In 2022 could it be…. Optimism?

We are in the Blockchain Era for Layer 2 Rollups

In crypto and web3, trying and using stuff is the best way to gain experience and learn.

My goal this year is to explore the layer 2 ecosystem, find the best dapps, and increase my chances of finding a silver spoon carrying a golden goose egg.

This blog as well as Twitter will be a a place for sharing thoughts and learnings about web3, layer 2 rollups, and the broad crypto ecosystem.

Reach out – DM’s open!

How To Get Started with Play-to-Own Games: Sunflower Land, built on Crypto and NFTs.

Crypto game Axie Infinity generated over $2.2 million in revenue during a single month (March 2022, via to Axie World). 

However, there are newer play-to-own crypto games like Sunflower Land which are accelerating their own growth by building exciting products and fostering growing communities.

Sunflower Land is currently the TOP dapp in the Polygon Ecosystem. [5]

How does Play to Own gaming work?

Sunflower Land enables players to earn crypto and NFTs from you planting and harvesting crops.

The game provides a relaxing experience that feels like Animal Crossing meets Farmville.

When you play a crypto game like Sunflower Land, you become a member of the community and contribute to the game by playing it. 

If you’re going to spend time playing a game regardless, why not earn some money while you’re there?

When you sell crops and craft items, you are “burning” the tokens, helping to advance the ecosystem and create scarcity given the innate tokenomics of $SFL.

During the first day that Sunflower Land was released in beta, about 15,000 farms were created, and has since grown its user base exponentially. (Open Beta has a max of 100,000 farms)

Your First Step: Mint a Farm in Sunflower Land

Because each farm is minted as an NFT, you need a crypto wallet in order to setup your farm. 

It costs 1 $MATIC to mint a farm and start playing and costs 0.1 MATIC to sync / save your progress on-chain. 

This means, you actually need to add the Polygon Network to your wallet, and ensure you bridge some MATIC token over from Ethereum Mainnet. 

For more information on how this works, refer to this post on bridging.

You earn $SFL token by selling virtual crops in Sunflower Land

Aside from falling into the Play-to-Own genre, Sunflower Land is also considered an idle game, where the game continues playing even when you aren’t active on the screen. 

This works because each crop takes a certain amount of time to reach harvest, so you end up having to wait for the crops to grow, like farming in real life. 

3 minutes left on potatoes in sunflower land

There are no actions for a player to take during the waiting period, so you can literally earn crypto while you sleep.

Sunflowers grow the fastest – ready to harvest 60 seconds after planting. From there, more expensive crops also take longer to harvest, which require less work, but are also less financially productive per unit of time.

The game begins with a few crops to be harvested and sold to the shop for profit, which enables you to buy more seeds and continue to grow your farm. 

With these initial earnings, you can purchase seeds from the shop and then you’re on the journey to farming!

The $SFL Token Contracts Enable You To Move Money Into and Out of The Game:

After releasing the game in public beta early April 2022, the Sunflower Land team plans to launch the official token contracts on May 9. 

You won’t be able to trade $SFL on any exchanges or marketplaces until those contracts go live.

Once the $SFL token contract goes live, players will be able to move assets into or out of the game via blockchain transactions on the Polygon Network.

Sunflower Land Game Progression: Appease the Goblins to Increase Usable Farmland

In order to maximize productivity, farmers want to plant as many crops as possible. Unfortunately, Goblins guard areas of the map where you might like to plant crops. You have to progress in the game for a little bit in order to pay the goblins off to leave your farm.

In order to get the first goblin out of the way, you must combine resources by taking pumpkins to the “kitchen”, exchange 5 pumpkins and some SFL token and they will let you make pumpkin soup, which coerces the first goblin to leave. 

Now you have 10 squares to farm, effectively doubling the amount of your productive land you have to work with.

At this point, your goal is to increase your farm’s productivity, yet you still have a significant portion of farmland locked. 

Unfortunately, you won’t be able to attain the resources to unlock that farmland until you progress more. It takes time. 

Also, some items are locked and aren’t available to purchase and use until you get further along in your Sunflower Land journey.

Another attainable step in the game is saving up $1 and crafting an Axe, which enables you to harvest trees to get wood, which is used to craft other items like pickaxes to mine iron and gold.

Your goal at this point is to continue opening up more farmland… the next two goblins are guarding 6 squares each. 

To appease the first goblin and get him to leave, he requests sauerkraut, attainable from the kitchen. 

To get sauerkraut, the kitchen requests 10 cabbages and 2.5 $SFL. Now that you have 10 squares, you can get 10 cabbages after just a single harvest, which takes 2 hours.

Saving up 2.5 $SFL is required in order to get rid of another goblin and free up more farmland.

Sunflower Land Strategy to Maximize Productivity: Keep $SFL Token Reserves in your Wallet

To generate ROI, you need to plant and harvest crops. In order to do so, you need $SFL token.

It’s easy to overspend $SFL crafting axes or buying food for the goblins. 

The best strategy, however, is to save up $SFL before doing so, or else your farm’s productivity could be hindered. 

Basically, you want to make sure you have enough $SFL  to plant another round of crops after purchase. 

When you prioritize having crops growing before spending money on tools and items, you will ensure that there is no downtime in farming. 

When you deplete your $SFL funds, you are not able to productively plant a full field of crops again until you save up enough money, which takes time. 

Your progress will thus slow / stagnate until you can buy seeds again and plant.

The Mysteries of Sunflower Land

The game does, however, leave a few mysteries to be discovered.

Who is Bilk Noggin? May he rest in peace….

And, what hides behind the clouds at the far end of the map? What will these unlockable areas of the map bring to the game?

Only time will tell. As the development team unlocks new areas of the map with future developments, Sunflower Land players have a lot of excitement on the roadmap ahead!

SOURCES

  1. https://docs.sunflower-land.com/fundamentals/tokenomics
  2. Play to Own: https://philipla.substack.com/p/blockchain-games-play-to-earn-play-and-own?s=r 
  3. Axie World https://www.axieworld.com/en 
  4. Utility for Rare collectible items in the game: https://opensea.io/collection/sunflower-land-collectibles 
  5. https://dappradar.com/rankings/protocol/polygon