NFT News: the new BAYC council and statements from Polygon’s Brian Trunzo

In today’s NFT News, one cannot miss Yuga Labs’ announcement that it has created a new council for the Bored Ape Yacht Club (BAYC) community. 

Not only that, Brian Trunzo, head of Polygon‘s metaverse, said jpegs are not the future of NFTs and Web3, while Starry Night Capital Fund’s collection of more than 400 NFTs appears to have been transferred to a Gnosis Safe account, a multi-signature Ethereum wallet. 

NFT News: launch of new BAYC council announced by Yuga Labs

Yuga Labs has announced the launch of the new council for the Bored Ape Yacht Club (BAYC) community, aiming to help the project thrive. 

Today, Yuga Labs welcomes the first BAYC community council that will assist us in shaping the future of the Bored Ape Yacht Club. For more details on the council head over to our official blog at https://t.co/MSD3M1QkfE

— Yuga Labs (@yugalabs) October 5, 2022

“Today, Yuga Labs welcomes the first BAYC community council that will assist us in shaping the future of the Bored Ape Yacht Club. For more details on the council head over to our official blog at.”

The first seven members of the council are beijingdou, SeraStargirl, TheMiamiApe, OxEthanDG, OxWave, negithenagi, peterjfang, and were chosen because they have a proven track record of proactively and positively contributing to the club since its inception. 

Not only that, Yuga Labs also states that the overall intention of establishing a board for BAYC is to provide an opportunity for new perspectives. Here are the verbatim words: 

“Every Ape in our community has directly impacted our decisions-making from day one. This council, and future councils to come, puts a more formal, efficient and consistent process in place for Yuga leadership to get community feedback and advice on an ongoing basis.”

Polygon’s Brian Trunzo talks about the future of Web3 and NFT

Polygon Studios’ metaverse manager reportedly spoke about the future use cases of NFTs and Web3 technology. 

In his talk, Trunzo describes how the first NFTs to yield mind-boggling sales were profile images and artwork, anticipating, however, that in the future “JPEGs” will no longer be the most important use case for Non-Fungible Tokens.

On the contrary, it certainly appears that there will be more room for more NFTs of interactive objects for video games, customer engagement rewards, real estate deeds, and more. 

To give a practical example, Trunzo cited the announcement of the famous coffee shop chain Starbucks, which launched an NFT program on Polygon called Starbucks Odyssey to give away NFT stamps to customers and to sell premium NFTs, all of which can earn customers real-world benefits and experiences.

In this sense, Trunzo says Web3 will be measured in terms of gamification and brand immersion, as opposed to Web2, which aimed for engagement. 

Starry Night Capital’s 400 NFTs have been transferred to the Gnosis Safe address

The premium NFT collection belonging to Starry Night Capital, which includes CryptoPunks and other valuable NFT items, has been transferred to a new multi-signature Ethereum wallet address of Gnosis Safe.

NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address.

These NFTs include:
– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021

Some other notable NFTs below👇 pic.twitter.com/8PU13CqMnn

— Nansen 🧭 (@nansen_ai) October 4, 2022

“NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address. These NFTs include:

– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021

– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021

Some other notable NFTs below.”

Basically, the Starry Night Capital NFT fund had been created last year by the cryptocurrency hedge fund Three Arrows Capital (3AC) and an NFT collector under the pseudonym Vincent Van Dough. The initial intention was to raise about $100 million to purchase popular NFTs and those of prominent artists.

To date, with 3AC’s bankruptcy filing caused by the collapse of the Terra ecosystem and the long crypto winter, it appears that more than 400 NFTs have been transferred into the hands of its liquidator, Teneo. 

In addition to the NFTs mentioned in the tweet, also present in the collection are several Cryptoart NFTs by artist XCOPY, which sold for between $1.4 million and $2.3 million in December, and Robbie Barrat’s AI-generated Nude Portrait #7 Frame #184, which sold for $1.1 million in ETH.

Apparently, the estimated current value of the portfolio is 625 ETH (less than $840,000 at the time of writing). Analysis firm Nansen pointed out that 89% of NFTs have low liquidity, with fewer than 35 sales in the past seven days.