A few weeks ago I wrote a Twitter thread on the deep discounts for art on the Tezos blockchain as compared to Ethereum.
When I revisited the Tezos collection over this past weekend I saw those same pieces snatched up and most of the work is now listed in the thousands.
I wrote that thread around the same time Cozomo de’ Medici published a newsletter sharing that Michele Petrelli is one of his favorite artists on Tezos… so the price spike for that particular collection is not a coincidence.
Nonetheless, I stand by my conviction — Art on non-Ethereum blockchains are available at deep discounts. The current price difference is arbitrary and based on the volume of users and transactions currently happening on Ethereum.
In the future, the specific blockchain won’t matter. Sending and receiving NFTs and other transactions will seamlessly flow between blockchains one day.
I say this with confidence due to the following trends:
Omnichain protocols are coming to Web3
Meaning, one day your information on a SOL metaverse will be accessible from an ETH wallet. Right now each blockchain contains its own universe and while the data can be viewed from anywhere there is limited interoperability. Many existing organizations and newly formed startups are working to tackle this challenge. There is already some promising progress from organizations like LayerZero Labs and Axelar.
Multi-chain NFTs are becoming more prevalent
Recently, I shared about the Gh0stly Gh0sts omnichain NFT that launched through the LayerZero protocol. Since then I found others like omni chicks and Kanpai Pandas. I’m sure there are many more out there and I only expect this trend to continue.
While I haven’t done the leg work, my hunch is that we’ll eventually find a way to send most NFTs between blockchains even if they weren’t specially intended to be omnichain.
New payment rails allow seamless switching between currency types
Right now you can buy an item with USD, send it across the BTC network, and the merchant can collect the money as EUR through Strike. Crypto exchanges already work in a similar way and protocols like this will become ubiquitous in Web3. It’s not hard to imagine a near future where currency type starts to become arbitrary. I imagine regulatory issues may be the biggest hurdle here, but I don’t think it will be long before mainstream payment rails start adapting blockchain networks for sending money.
Teams are tirelessly building cross-chain messaging
Imagine receiving a direct message from an Ethereum wallet straight to your Tezos wallet. That’s something I expect to happen sooner than later. I would be surprised if we don’t see cross-chain messaging by early 2023. Countless teams are working this opportunity including Router, Nomad, LayerZero Labs, and many others.
Web3 is trending towards a chain agnostic future.
At some point, the world will catch on, but until then it’s your opportunity for deep discounts. You won't find many quick flips this way. But when the world adapts to seamless omnichain transactions, you'll be ahead of the game.
Tezos has become my go to blockchain for quality undervalued art, but many others like Solana, Near, Binance, and Vechain also have innumerable opportunities.
As I dig deeper into Web3, the discussion will involve cryptocurrency and I want to make sure to include this disclaimer. This is not financial advice and is intended for informational purposes only.
As a disclaimer, I have no background or expertise in finances. law, or economics. This article explores new technologies like NFTs and cryptocurrencies and the potential uses for artists and creators. This is for informational purposes only. It is not offered or intended to be used as legal, investment, financial, or other advice.