Some of this is verbatim from a private convo I had but I will paste it here so other people can read:
Jiff devs had an old token called
$jelli that was ERC20i, that died a while ago, I think its a couple years old if Im correct.
The current devs of
$Jiff are three guys that came together with the Jelli dev and made it for v4 hooks
It is the same uniswap
#upeg v4 hooks, but they built in a rarity mechanism that can shift the minting probabilities based on live existing NFTs/ predicted NFTs.
So, if someone tried to brute force a rare NFT, the more level 5 in existence the harder it becomes to mint more level 5.
And no duplicates like
$upeg
“Yeah i think the two problems (upeg) had were duplicates and someone wrote a custom contract to brute force rarity washing. Basically buy 100 upeg and keep the rare and sell the rest all in two txns.
so now they have tagged the NFTs on their website based on provenance, older rares are the real ones, any new minted rares are tagged as fakez
$jiff devs already solved that in their mechanism. Very smart guys.
But upeg and jiff can coexist I actually hope they can collab in the future. I also like
$jiff jellyfish in the category of ‘opensea’
@opensea i think I could see opensea collaborating with Jiff.
Opensea will need to evolve to start listing v4 hooks or they will fall behind.
I was bullish on upeg too, I had 18 of them at $750k but I unfortunately paperhanded before all the KOLs got on board.
I think diehard NFT 2.0 people will continue to support upeg as they were the first to use v4 hooks, and they will figure out the trading problem with a workaround by tagging any maliciously minted rares as fake on their website. Its a messy fix, but it will allow them to survive for a while longer.
Kinda makes their token centralized but it is what it is
the whole point of having the artwork and token on-chain is to not rely upon a dedicated website or a dedicated marketplace.
because sometimes the websites close down (like niftygateway) and then everything is lost. So their tags will not carry over to other NFT 1.0 marketplaces like opensea or som sort of new lightning network CEX’s.
The exchanges are going to have to figure out how to work with v4 hooks so the NFT shows up in their wallet.