The NFT world collectively seems to be trying to turn Internet memories into a great game – with a lot of money at stake of course. The original “Doge” image sold for $ 4 million in June, the original cartoon image “Pepe” sold for $ 1 million in April, in short, people become memes millionaires. Buying and selling six-digit JPEGs is a strange phenomenon, but in the end, it doesn’t do much to convince the average internet user that NFTs are worth considering.
Eternal wants to turn internet trading history into a game, but it focuses on a very particular part of the web – popular clips of game streamers. In a user interface that works and looks a lot like NBA Top Shot, users can purchase packs of serialized clips from Eternal’s network of game streamers that they have partnered up with. The marketplace is built by startup Zelos Gaming, led by co-founders Jeffrey Tong and Derek Chiang, who have gone from creating a sort of cross-platform battle pass (which we covered here last year) to l adoption of the wild world of NFTs. with the Lord.
The startup makes up a fairly large list of crypto investment firms and figures like its backers, including Mark Cuban, Coinbase Ventures, Gary Vaynerchuk, Dapper Labs, and Arrington Capital, who have invested $ 4.5 million in the startup during its last round. The team was previously supported by Y Combinator.
It’s really a Top Shot-like platform for X at the moment – which is evident in the design of the site – but the team has some big ideas for how the platform has evolved down the road. Unlike Top Shot, which was able to make deals with the NBA and the Players Association, there is no global esports or Twitch equivalent, leaving Eternal destined for a rather complicated weaving of partnerships with streamers. and streamer networks designed to make sure they don’t take their business elsewhere. The startup says it is largely focused on popular streamers operating in the top 0.05% of Twitch.
Streamers can sell the best clips, which are already followed by platforms like Twitch, as well as videos from their social networks, “immortalizing” the moments on the blockchain. The company hopes that by pairing up-and-coming streamers with more established personalities, they can raise awareness among more creators and help create a network of users who “own a part of them” and have a vested interest in their success.
“I think Top Shot is a great model, but it works much better for creators because it gives creators a whole new way to monetize,” CEO Jeffrey Tong told TechCrunch.
Creating a closer relationship between fans and creators has shown great promise as an exciting nuance of the NFT world as investors showcase their investments by stimulating creators in the process, which is less clear, c This is what it looks like on a smaller scale when users have tens or hundreds of dollars invested in a creator versus thousands or millions.
A big selling point of the platform is that it is built on Dapper Labs’ Flow, a user-friendly blockchain for mainstream applications that reduces complexity (and a bit of decentralization) in favor of building a flow. integration that users actually succeed. Living outside the Ethereum ecosystem and trading in USD means moving further away from a large network of crypto-rich NFT acolytes, but it also means approaching what is potentially a much larger consumer audience. The company wants Eternal to end up on more blockchains by next year, although cross-chain maneuvers appear to be getting tough pretty quickly today.
Flow has a fairly low-profile following of active markets on its channel at the moment, but Eternal has shown early momentum. According to Cryptoslam, the market has traded approximately $ 300,000 this summer.