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Would You Buy an NFT Textbook?
Austin Miller & John Meyer
August 05, 2022
GM, this is the Mint, the Samwise Gamgee of the NFT world. Assisting you however we can on your journey into the crazy world of NFTs (which can sometimes feel like Mordor).
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Today's Agenda
1. Pearson may sell textbooks as NFTs 📚
2. Instagram adding Dapper connectivity 🤳
3. Tiffany & Co. teams up with popular CryptoPunk collection 💍
4. Grails II by Proof — More Utility Coming to Proof/Moonbird Holders 🐦🖼️
5. ABCs of NFTs - F is for Fees 🔤✨
NFT Textbooks? Say What?
Before we begin, can anyone enlighten me on why textbooks cost so much more than regular books? I think it's crazy how a Biology 101 book could be $400, but maybe there's something I don't know.
Anywho, it seems like Pearson, one of the largest textbook publishers in the world, wants to use NFTs to make up for lost profit on the secondary market.
“In the analog world, a Pearson textbook was resold up to seven times, and we would only participate in the first sale... The move to digital helps diminish the secondary market, and technology like blockchain and NFTs allows us to participate in every sale of that particular item as it goes through its life”
As we've noted in prior editions, creators can engrain royalties into NFTs so they can make money every time their content resells. Having more ownership and financial power over your content is fundamental to web3.
Pearson is already transitioning to a digital-only textbook model, so this isn't unsurprising. For years, they have lost out on profit as their books are resold on secondary markets, and they want to do something about it.
Do we think this will work? Well, that's a different story.
It's certainly possible to make a textbook an NFT, but the public may not be ready for this just yet.
Show Off Your NBA Topshot Collection on Instagram
In May, Instagram added NFT functionality for a few users on the app. Yesterday, they announced that they are rolling out some additional NFT-centered features to the app.
The features →
Why is that a big deal? →
Coinbase wallet is one of the top custodial wallets on the market. Many beginners use this wallet because it's super easy to use. In fact, we highly recommend that particular wallet for that reason. By linking its app with Coinbase, Instagram is showing that they are ready for the big leagues.
Another reason this is a big deal is that Dapper Labs is one of the preeminent names in the NFT collectible business. Dapper is the creator of NBA Topshot, the NBA's NFT app that has over 1.5m active users. Instagram's Dapper connectivity will allow users to show off their collectibles to their followers, which will no doubt increase public NFT awareness and participation.
Tiffany & Co Combines Physical & Digital
The founders of the famous six-prong engagement ring are founding something new — NFT jewelry. Tiffany & Co. partnered with the famous CryptoPunk NFT collection to release an NFT that comes with a pendant that resembles your Punk.
CryptoPunks are some of the most sought-after NFTs on the market, as they are one of the first generative NFT collections. The average price for a Punk is ~$175,000, so it makes sense that the famously expensive jeweler would collaborate with them.
To get the custom one-of-one pendant, outfitted with 18k gold and 30+ gemstones, CryptoPunk owners had to purchase the NFTiff NFT. The NFTiff cost a pretty penny— 30 ETH (~$51,000). As of this morning, all 250 available NFTiffs sold out 😲
Although this isn't something for the everyday person, it's fun to see companies like T & Co. partner with a mainstream NFT collection.
Proof Unveils Grails II
We’ve explored different parts of the Proof ecosystem from Kevin Rose on this newsletter before (Proof Collective, Moonbirds, and now Oddities), but we haven’t touched on Grails, which is now back for Grails II.
Grails is an interesting project where 25 NFT artists submit original work. Every holder of a Proof pass or a special type of Moonbird gets the opportunity to mint a piece from the Grails collection; HOWEVER, the twist is you don’t know who the artist is. After everyone has chosen and minted their NFT, the artists are unveiled (see the art and artists from Grails I). It makes for an interesting game theory; do you choose the piece that you think is from a specific, famous artist, or choose the piece that is least minted (thus more rare)?
John has two Proof Collective passes and gets to choose two pieces; reply to this email which # he should mint for Grails II.
ABCs of NFTs
F - Fees
The next concept of our ABCs of NFTs is Fee, more specifically, Gas Fee.
What the heck is a gas fee? A gas fee is like a transaction cost for using the blockchain network. It rewards all the users for maintaining and supporting the network. Every time you activate a transaction on the blockchain (buy, sell, transfer, sign-in) you pay a gas fee. The fee amount depends on how busy the network is and how much data (size) you’re putting on the network. Gas fees sound scary but are a core component of what makes the decentralized network work. Watch John discuss gas fees in the video below, or read this article.
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