Non-Fungible Weekly #12

Solana announces Saga, a phone for Web3, Bridgesplit recap from NFT NYC, Udder Chaos post mint and utility review, and the word of the week.

Bridgesplit Updates...

• We met some amazing people and projects throughout NFT NYC! 🌇

• The beta is continuing to go through bug tests as we are adding some last-second features.

• We've launched an index with Kreechures and will be announcing more collections this week!

• If you are a collection looking to get launched on our app, let us know!

Solana Phone

The biggest news to come out of Solana this week is the Solana Labs announcement of a Web3 phone named Saga. Solana Labs is the developer behind the Solana blockchain, and they are going long on the future of mobile Web3. By incorporating developer technology and wallet management into an Android device, they hope to break the current bottleneck for mass adoption of Web3 into the mobile realm.

Recognizing a lack of private-key management in the mobile Web3 space, Solana Labs aims to bridge that gap with the Solana Mobile Stack or SMS. By merging your crypto wallet into a phone with built-in hardware security, a level of friction is removed for users looking to access Web3 dApps, protocols, and exchanges. Labeled as "the tool you need to build your web3 revolution", SMS comes loaded with features for users and developers.

Firstly, for users, there is convenient access to all your favorite dApps entirely on mobile. Currently, accessing dApps on mobile requires workarounds or extra steps and often feels like an afterthought. With SMS, developers would have tools specifically tailored to create seamless user experiences. Other features include SolanaPay, fingerprint recognition, and a seed vault that stores private keys inside the phone's hardware.

Developers can benefit from SMS by utilizing a suite of tools to create mobile-friendly dApps. The SDK or software developer kit allows developers to use tools and shared resources to create dApps that interact with the Solana blockchain. Having a central set of tools on a dedicated device frees the hands of developers to dream and create in new ways. Some of the main features for developers include Mobile Wallet Adapter, Seed Vault, Solana dApp store, and Solana Pay for Android.

The Saga is scheduled to ship in Q1 of 2023. Specs on the phone have not been released yet, but the current price tag is around $1000. Those interested in pre-ordering and getting on the waitlist can go to the website here: Saga Pre-order. There is also an NFT in the works called the Saga Pass stating that 'Developers, degens, and power users will be prioritized first.'

Udder Chaos

With investors clamoring for more utility, projects are formulating new ways to stay around long enough to make a difference and not be discarded like yesterday's garbage. Udder Chaos has managed to provide enough utility to cause the space to at least stop and consider what they are working on.

The 6666K collection was minted on June 20th. When we are currently seeing mint prices head into the 3-4 SOL range, Udder Chaos chose to stick to a lower 2 SOL mint. Many projects seem to live or die within the first 48 hours of mint. It is like a gauntlet of irrationality that projects are forced to endure and hopefully survive. Udder Chaos was able to weather the secondary storm and was trading at around 6 SOL after a couple of days and even reached an ATH of 9 SOL.

The project offers three significant benefits for its holders: passive income by running a Solana validator, Project Reviews called Alpha Audits, and renting their private RPC node. Running a validator is a way to help secure the blockchain and reward holders who stake their NFTs. Currently, there is a 7% fee for anyone to stake on the Udder Chaos validator, with plans to allow holders to stake for no cost. The Alpha Audits are a way to rate NFT projects based on roadmap, utility, art, and community. Users are asked to rate a project using a five-star system; if you are within the majority of ratings, you are rewarded. The last utility was unplanned but developed from an interest in the community. An RPC node is mainly utilized for sniping and bots. The private node can be used for 6000 $MILK/month. Udder Chaos NFTs can be staked for 20 $MILK/day, and $MILK can also be purchased on your favorite DEX. Depending on how heavy traffic is, the team is already set up to add more nodes if necessary.

In a space full of rugs and cash grabs, the Udder Chaos team has shown a refreshing dedication to their project and community. They have corrected a whitelist issue, redeployed to a better staking solution, burned their LP tokens as a show of good faith, made good on their validator staking, released their whitepaper with tokenomics, and been highly transparent with their intentions moving forward—all of this in less than a week. So far, they have made good on their statement: Udder Chaos simplified . . . like a lot.

NFT NYC Recap

Bridgesplit was able to attend almost every major event. Some of our favorites included:

• Project Serum & MonkeDAO Biergarten (we sponsored)

• Magic Eden & Phantom Yacht Party

• WAGMI Beach Party

• Zebec | Drippies | Stoned Ape Crew TAO Event

• Okay Bears Meetup

Word of the Week

NFT (Non-Fungible Token)

NFT stands for Non-Fungible Token. That should pretty much clear it up, right? Hardly. Most of us have never heard the word Fungible let alone Non-Fungible. Don't worry. We will clear it all up in short order. While it is entirely possible to trade NFTs without knowing what they are or how they work, once you understand the basics behind this technology, possibilities begin to open up for other use cases beyond trading. Let's start by breaking down what these words mean.

A fungible asset can be replaced with any other of the same asset. Fungible crypto examples include tokens like SOL, ETH, and USDC. One SOL can be substituted for another SOL, and they will be worth the same amount. If I traded one SOL for another SOL, I would have the same thing, one SOL. If I wanted to sell SOL for USDC, I could trade the first SOL that ever entered my wallet or the most recent one.

A non-fungible asset is a one-of-a-kind asset that cannot be replaced with something else. Think of items like a rare book or baseball card. If I traded a rare book for another book, I would have something completely different. Non Fungible assets are generally more difficult to trade or sell than fungible ones. If I want to buy a new laptop for $5000, I can easily use cash to purchase this. If I took my rare book into the store and tried to trade that for a new laptop, they might call security. It is highly likely that the store would have no immediate use for my rare book and would not be interested in taking the extra steps necessary to gain value from it. Many non-fungible assets have a value that can be difficult to assign as the value can be highly subjective and only desirable to a particular group of people.

A Non-Fungible Token (NFT) is a digital one-of-a-kind asset that cannot be replaced with something else. An NFT can represent a real-world asset like art, music, or even debt. It can also represent another digital asset like a video game item. NFTs are tradeable and use underlying code, similar to cryptocurrency, to govern how they can be interacted with. NFTs have the same benefits and difficulties as other non-fungible assets. They can be highly sought after for rarity, art, and utility. Single NFTs have sold for upwards of 90 million dollars. On the flip side, they can also be difficult to sell. Causing investors to accept a lower than the desired price to unload their NFT. This is where Bridgesplit steps in by providing options for much-needed liquidity so that the value of NFTs can be utilized.

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