NFT News by Thebittimes.Com

With Cristiano Ronaldo facing a $1 billion lawsuit for promoting Binance NFTs, we look closely at how sports personalities have interacted with NFTs. Non-fungible tokens (NFTs) have come a long way from when Quantum was minted in 2014, growing from assets initially exclusively linked to virtual currencies to tokens influenced by what we see in real life, like films, toys, and games.  However, one of the areas where these tokens have stood out is in sports. Breaking into the bigger picture as memorabilia and collectibles, sport NFTs were first introduced in early 2021 when renowned NFL superstar Rob Gronkowski dropped a collection of Super Bowl Cards. In 2023, there were multiple notable releases of sports NFTs, highlighting the increasing popularity of fantasy sports NFT platforms. According to the METAV.RS’s NFT market 2021-2023 report, about 35% of e- sports enthusiasts expressed their interest in collecting NFTs for enjoyment or potential financial gains, while an additio...

Sales of non-fungible tokens (NFTs) on the Bitcoin (BTC) network reached $881 million in December 2023. According to the Cryptoslam portal, in December 2023, NFT sales set the highest single-month sales record . Source: Cryptoslam In addition, a record 111,713 buyer addresses participated in NFT transactions on the Bitcoin chain in December. Simultaneously, the number of merchant addresses rose to 98,744, marking the highest number of merchants in a month. Meanwhile according to Cryptoslam, the total sales of NFT Ethereum (ETH) amounted to $364.79 million. Sales of BTC-focused NFTs outpaced ETH sales in December by 2.34 times. You might also like: Were NFTs a fad, and is it worth investing in them now? The most valuable NFT transaction in December was a digital copy of Vincent Van Gogh’s 1888 self-portrait (Van Gogh painting #216), which sold for $1.19 million. The Ethereum platform held a sale of the Frxethredemption Ticket #33 token, priced at $638,433 in...

Bitcoin transaction fees have soared above Ethereum’s amid a renewed appetite for Ordinals-inscribed assets. Average daily transaction fees on Bitcoin (BTC)  have flipped with Ethereum following a frenzy of Ordinals-related activity on the Bitcoin network.  On Nov. 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum’s transaction fees came to an average of $8.43, according to BitInfoChart data. Bitcoin’s average daily trading fee notched a new six-month high on Nov.16, reaching a peak of $18.67, while Ethereum fees reached $7.90. Bitcoin’s average daily fees have surged above Ethereum’s in the last five days. Source: BitInfoCharts The sudden uptick in Bitcoin transaction fees stems from a renewed market appetite for assets inscribed with the Ordinals Protocol — a tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin. Following a significant lull in activity between Sept. 25 and Oct. 23, Ordinals-based assets saw a drastic ...

OpenSea, the digital marketplace for non-fungible tokens (NFTs), has expanded its multi- chain presence after releasing the Pro version to the Polygon side chain .  1/ OpenSea Pro is now live on @0xPolygon! 🟣 Wen Multi chain ? Now. OpenSea Pro just became the go-to destination to buy, sell, and list NFTs across marketplaces AND block chain s! Find your favorite collections on Ethereum and Polygon  https://t.co/oYtdhiw69x pic.twitter.com/OYPbwNf7EJ — OpenSea Pro (@openseapro) November 2, 2023 Taking to X on Nov. 2, OpenSea said users can now buy and sell NFTs on different marketplaces and block chain networks. Moreover, OpenSea has launched a cross- chain bridge feature with Socket, a web3 infrastructure for social interactions on- chain . This feature allows users to send tokens to other chain s and swap them “in a single flow.” You might also like: Ex-OpenSea exec accused of pump & dump, $60m rug pull OpenSea supports various ledgers, offering ...

Crypto games have garnered a bad reputation among traditional gamers, but the future of Web3 games and blockchain-based worlds is far from over, says Nolan Bushnell. It’s no secret that traditional gamer s harbor a strong sense of disdain for crypto and non-fungible tokens (NFTs) in their games . The reason for this is clear, says Atari founder Nolan Bushnell, it all started with the insane rise of play-to -earn games . “I can tell you clearly where this disdain for crypto comes from,” Bushnell said. “The hatred comes from these play-to-earn games that pioneered blockchain gaming.” “Good gamers don’t like to grind. Grinding is shitty. What gamers want is fun, and unfortunately these play-to-earn games are 100% dependent on the greater fool theory to work.” Speaking to Cointelegraph in a wide-ranging interview, Nolan Bushnell — known as the “godfather of video games ” — shared his many perspectives on the current gaming landscape and the role blockchain technology will play in the ...

Cristiano Ronaldo was asked if he currently owns any NFTs and if he plans to release more NFT collections. Soccer legend Cristiano Ronaldo went through a lie detector test to answer various questions about soccer and teased his plans to release more nonfungible token (NFT) collections in the future.  The lie detector test video was done as the soccer star released his second NFT collection in partnership with crypto exchange Binance. The collection was released in July to celebrate the athlete’s reign as the highest goal scorer in the sport. Soccer star Cristiano Ronaldo was put under a lie detector test. Source: Binance The video allowed soccer fans to see Ronaldo take on the lie detector test while answering soccer-related yes-or-no questions like “Will Portugal win the World Cup?” and “Will you still be playing at your highest level in your 40s?”  When asked if he owns NFTs, the athlete said “yes,” and the lie detector test confirmed that he was telling the truth. The results...

Airline passengers can get rewards such as flight upgrades or airport lounge access after completing NFT collections. Lufthansa, one of the largest airline groups in Europe, has launch ed its nonfungible token (NFT) loyalty program on the Polygon Network. The program will allow passengers to turn their trips into NFTs that can unlock rewards like miles and business lounge vouchers.  On Aug. 31, Lufthansa announced the Uptrip mobile application, a project by Lufthansa Innovation Hub, the airline group’s digital innovation unit and Miles & More, the airlines’ frequent flyer program. Lufthansa's @Uptrip_app loyalty program is building #onPolygon to turn flights into rewards Collect NFT trading cards for every flight and claim rewards Learn more about the new Miles & More and @LHInnovationHub experience: https://t.co/MjQihK8xUx pic.twitter.com/JfUEoUJxNR — Polygon (Labs) (@0xPolygonLabs) August 31, 2023 According to the announcement, airline passengers can scan th...

Oscar Franklin Tan, the chief legal officer of NFT platform Enjin, told Cointelegraph that it’s very problematic to imply that all NFTs are securities, as it could hold back creators. The United States Securities and Exchange Commission’s (SEC) first enforcement action on a nonfungible token (NFT) project triggered responses from community members, who pointed out how the decision could be “problematic” for many NFT projects that fit the description and might be next on the SEC’s hit list.  On Aug. 28, the SEC charged the entertainment company Impact Theory for allegedly conducting the sales of unregistered securities . According to the SEC, the NFTs called “Founder’s Keys” were sold as an “investment into the business.” The company allegedly raised around $30 million through the sales. The SEC believes that the NFTs sold were investment contracts and qualified as securities. The filing noted that the firm violated the Securities Act of 1933 for selling the NFTs without registration. ...

With the bears taking over the crypto market, NFTs and other crypto-related products took a backseat. This came as a shock to many considering the fervor around the NFT business. Several in the community, shunned discussions about how NFTs were the future following the plummet in its sales. Non-fungible tokens were a mere fad in the eyes of many. However, prominent platforms continued to see potential in the market. Apple’s latest move noted how the ardor around NFTs hadn’t subsided. Tech giant Apple was clearly one among them. Just last week, the firm announced that it would allow the purchase of NFTs through apps that were found on its marketplace. While this got the community elevated, the information that followed suit in the announcement came as a disappointment to many. Apple’s latest NFT initiative came with a 30 percent commission on NFTs sold through the apps listed on its marketplace. This exorbitant number garnered immense hate considering the standard N...

The program will provide seed money, mentoring and support to approved applicants. The Bitcoin Frontier Fund, formerly Stacks Ventures, launched what it’s calling the first Bitcoin Ordinals accelerator program on Aug. 14. Program Information This program is led by VC @TO & is a 4-month program for builders to raise funding, connect with mentors, & be guided by the best in the industry (sneak peak below). It will help with co-founder relationships, mentors & advisors, fundraising & pitching. pic.twitter.com/MSykk2l7Dl — Bitcoin Frontier Fund (@BTCFrontierFund) August 14, 2023 According to the program ’s website, the Bitcoin Frontier Fund is offering seed money to startups innovating in the Ordinals space along with access to funding pipelines and mentorship: “We offer $100k in investment and a badass program and community to take your startup to the next level, in exchange for 2-3% equity in common shares.” Startups with no “substantial funding” will be required...

The Royal Canadian Mounted Police (RCMP) seeks a solution to streamline seizing and storing crypto currencies and NFTs. The solution aims to create a centralized repository that enables law enforcement to seize digital assets in a more accessible manner whilst also safeguarding them from theft. According to the announcement on Aug. 10, the desired system must meet 17 specific requirements. Key among these is the capability to process transactions for the top 20 cryptocurrency blockchains by market capitalization. Moreover, the system must be scalable enough to support new blockchains as they emerge. An inclusive data-sharing approach is also outlined to provide access to authorized users who require such information. You might also like: Canada requests feedback on new crypto asset rules Regarding NFTs, the RCMP acknowledges the significance of incorporating compatibility with major NFT platforms. Consequently, the solution is expected to support Ethereum (ETH), Solana ...

Data NFTs can revolutionize the data brokerage industry by offering transparency, control and monetization possibilities for users. ABCDEFG Reshaping the way data brokerage works The data brokerage industry, which thrives on the buying and selling of user data, has grown into a multi-billion-dollar market that’s projected to reach over $462 billion by 2031. Data brokers act as intermediaries, selling personal information they collected from various sources to third parties. But the lack of transparency in the industry leaves users in the dark about what data is being collected, how it is used and who profits from it. Due to the proliferation of Web3-native technologies, internet users can tackle legacy issues about how they interact with the digital world, such as the ownership of personal data. In the Web2 world, individual data ownership rights stand as a gray area from a legal perspective. However, the Web3 era brings a new approach to the way personal data is handled by introducin...

The Azuki team has been under criticism this week for making up to 20,000 ether, up to $38 million worth, from the launch of a new 10,000 PFP Azuki Elementals collection that looked strikingly similar to the original. The new Elementals set even had various identical artworks with the original, which have since been changed by the team. The team explained that the identical items were due to an “ETH block glitch.”  As for the artworks that looked similar but not identical, Azuki announced yesterday late at night — after a lengthy meeting on its Discord — that it will soon give the option for holders to vote on some changes that may be added to alter their appearance.  The changes proposed, however, will only involve changing the background color and adding some elements — the artwork will mostly remain the same. Some holders were evidently not happy with this news.  “What an absolute joke,” one Twitter user wrote in response to the news. “Put i...

Russia’s war in Ukraine threatens to destroy its art. This startup uses NFT technology to protect and preserve priceless artifacts from conflict zones. The ongoing war in Ukraine has had devastating consequences, including the destruction of cultural and historical objects. As the conflict continues, it is critical to protect Ukrainian artworks and cultural heritage. By using innovative technologies such as blockchain and nonfungible tokens (NFTs), art enthusiasts can ensure the protection and longevity of Ukrainian art, allowing future generations to appreciate and learn from its profound significance. But how can NFTs preserve fragile art during military conflicts and bridge the gap between traditional and digital art, increasing the visibility and accessibility of art to a broader audience? Shedding light on this topic is film director Asya Nikolaeva, a Ukrainian now living in San Francisco, who launched the CityX project, which aims to preserve Ukrainian art through NFTs. CityX’s ...

The BRC-721E token standard was launched by the Ordinals market and the Bitcoin Miladys NFT collection, allowing traders to transfer their ERC-721 NFTs to Ordinals. Bitcoin Ordinals are the latest layer-2 solution enabling decentralized storage of digital art on the Bitcoin blockchain. Ordinals will now allow users to migrate their Ethereum ERC-721-based nonfungible tokens (NFTs) to the Bitcoin blockchain with the launch of the BRC-721E standard. The BRC-721E standard was jointly launch ed by the Ordinals market — an Ordinals-based marketplace — and the Bitcoin Miladys NFT collection. The new BRC-721E standard enables the conversion of immutable, verifiable ERC-721 NFTs to Ordinals. Initially, metadata is not stored on-chain, but users can store a lower-quality preview image and include a reference to the Ether (ETH) burn in the raw image data. Our #Bitcoin Ordinals bridge is now live In collaboration with @OrdinalsMarket_ & @xverseApp Bridge: https://t.co/T9UhTNVp4W New token s...

Bitcoin’s NFT market is growing, but it is primarily driven by newfound hype for memecoin trading on the blockchain. The monthly trading volume of nonfungible tokens (NFTs) and memecoins on Bitcoin in May surpassed Solana’s volume, according to data from CryptoSlam.  Bitcoin ordinals trading volume currently stands in second place behind Ethereum, which did $393 million in NFT volume, more than twice that of ordinals on Bitcoin (BTC) in 30-days starting April 23. Bitcoin gained a significant lead over popular block chain s like Polygon, ImmutableX, BNB Chain and Solana during this period. According to a Dune dashboard by BRC-20 token standard creator Domo, BRC-20 token transactions accounted for the majority of ordinals activity on Bitcoin. The BRC-20 token standard is an experimental fungible token standard built using ordinals. It has harbored hype for memecoin, speculative cryptocurrencies whose price action is fueled by certain enthusiastic communities. The total market capitali...

The first quarter of 2023 saw Bitcoin outperform traditional assets after a 72% quarterly gain in market capitalization. The cryptocurrency ecosystem has enjoyed a buoyant start to the year as Bitcoin (BTC) and decentralized finance (DeFi) protocols surge in market capitalization through the first quarter of 2023. These are the key takeaways from the first quarterly Crypto Industry Report published by CoinGecko on April 18. BTC emerged as the best-performing asset of Q1 2023, with gains of 72.4%, outperforming the likes of the NASDAQ index and Gold which marked 15.7% and 8.4% gains, respectively. The report highlights that all major asset classes saw gains through the first quarter of the year, barring crude oil, which dropped by 6.1%. This decline was attributed to United States inflation data which cited a reduction in oil demand and ill effects of the U.S. banking crisis. Bitcoin has been the best performing asset through the first three months of 2023. Source: CoinGecko 2023 Q1 Cr...