Connect with us

Projects

As Filecoin (FIL) Uploads one NFT Each Second to the Database, the NFT Industry is Becoming Crowded

Published

on

On its decentralized storage network, Filecoin claims to be uploading one non-fungible token per second, or around 86,400 NFTs per day. However, even though many have applauded the growth of tokenized digital artwork, other detractors argue that the business is becoming cluttered.

“While NFTs are expanding – and maybe becoming saturated – large variety game and esports firms will not enter the market until the issue of fraud is resolved,” stated R.J Mark, founder and CEO of Verasity, an esports, and gaming company.

According to Protocol Labs’ head of product Pooja Shah, the Filecoin database now has over 7.75 million NFTs, representing over 55,000 terabytes of data. In addition, she noted that Filecoin is being used by platforms like Opensea, Makersplace, and Jigstack to store their non-fungible currencies.

Filecoin is an open-source protocol that uses blockchain technology to store data online. The decentralized storage network, created by Protocol Labs, allows users to rent hard drive space that they may maintain themselves or have Filecoin do it for them. On the network, anyone can add and retrieve their NFT data.

According to Shah, the number of people wishing to store non-fungible tokens on Filecoin is “increasing.” However, she didn’t say which types of NFTs had seen the most uploads. According to Dappradar, the most popular non-fungible tokens are collectibles, art, and utility.

‘Valuable NFT projects will grow’

Small transactions often dominate the market, with approximately 60% of NFTs traded in the three months leading up to September costing between $100 and $1,000. This indicates that authors may be seeking a quick buck by producing NFTs on whatever they deem valuable.

Now that there is no limit on who or what can issue an NFT or create markets for crypto artwork, critics question whether the amount of NFTs given will ever be capped.

However, not everyone agrees with this conclusion. Corite, a platform that allows fans to invest in musicians, co-founder, and chief operating officer Emil Angervall believes that initiatives with actual value will flourish.

However, not everyone agrees with this conclusion. Corite, a platform that allows fans to invest in musicians, co-founder, and chief operating officer Emil Angervall believes that initiatives with actual value will flourish.

“Looking at raw figures to judge the status of the market is less important.” One NFT is not the same as another. The number of web pages was an essential metric in the early days of the Internet, but it’s no longer relevant. The sites and services that deliver value are critical to us. “The same may be said about NFTs,” he added.

Angervall uses the example of Spotify, where more than 60,000 music is uploaded every day, to argue that as the cost of distribution – and storage – decreases, decentralized markets would unavoidably face similar issues.

“This means there will be an unlimited amount of stuff, the market’s total value will expand, but the great majority of it will be worthless,” he explained.

Filecoin capitalizes on Ethereum’s flaws

The premise is that Filecoin is gaining popularity because transacting and storing data on the Ethereum blockchain, where most NFTs have typically been developed, has grown prohibitively expensive.

Solana and Ronin, for example, are cheaper blockchains that have benefited from Ethereum’s gas fees nightmare. According to Dappradar, Ronin accounted for over 20% of the non-fungible tokens market share in the third quarter of 2021. In addition, the network can handle and store massive amounts of NFTs.

Furthermore, Filecoin has signed collaborations with big non-fungible token businesses like Opensea and Flow Blockchain, resulting in a significant increase in the volume of digital artwork submitted to the network.

“Both networks [Opensea and Flow Blockchain] are home to top NFT projects, meaning that Filecoin now has a large share of this multi-million-dollar market, as they have combined to create surging demand for Filecoin transactions,” said Zack Horn, chief knowledge officer of Adacash, a token with a reward system on the Binance Smart Chain.

According to data from Dappradar, the total quantity of NFTs sold in Q3 increased by more than eightfold over the previous quarter to $10.7 billion. According to the market tracker, the third-quarter total was up from $1.3 billion in Q2 and $1.2 billion in Q1.

Projects

Sorare to Launch MLB Ethereum NFT Fantasy Game

Starting this summer, the famous NFT fantasy soccer website will grow into a completely new sport.

Published

on

#nft #nfthours #mlb #sorare #baseball #fantasy

Sorare’s Ethereum NFT-based fantasy soccer platform has become one of the most popular blockchain-based games, with a $4.3 billion valuation. This summer, the company hopes to apply that technique to a whole new sport: baseball.

Sorare said it had signed agreements with Major League Baseball and the MLB Players Association to develop a new baseball fantasy sports game based on the American league. It’s Sorare’s first additional sport, following the introduction of its original soccer game in 2019.

The MLB game will also sell and buy digital trading cards of professional players, represented as Ethereum-based NFT artifacts. Users can enter their NFT player cards into fantasy lineups and get points based on how well the pros perform in real-world MLB games.

“Many people, including myself, have never played fantasy sports before,” Sorare COO Ryan Spoon said. “It’s a very rhythmic, math-driven, and stats-driven sport, with many roles and players, scouting and prospects, and stars against call-ups. It’ll be a lot of fun.”

Spoon also mentioned baseball’s lengthy history of trading cards and collectibles, which Sorare hopes to perpetuate in the digital realm.

Along with Sorare, sports collectibles have been a significant component of the NFT market boom. NBA Top Shot and Tom Brady’s Autograph platform are two of the most well-known examples. An NFT is a blockchain-backed digital item receipt that may be used to represent artwork, collectibles, profile images, and unique video game items.

Major League Baseball has an existing NFT partnership with Candy Digital, a majority-owned startup by Fanatics Sportswear. Although Topps was acquired by Fanatics earlier this year and is now under the same banner as Candy, the company has launched digital MLB trade cards.

Sorare’s MLB card artwork is still being finalized, but Spoon says it will keep the approach of current soccer NFTs—with visible stats and edition numbers—while reflecting the spirit of baseball. Every MLB player will have the same total number of NFT cards available in various rarity levels; however, the exact quantity has yet to be determined.

The current soccer game is a free-to-play experience that includes a starter pack of player cards that are not tradeable NFTs, albeit the NFT cards are more useful for those wanting to win fantasy leagues and earn incentives. The MLB experience is also described as a free-to-play game that does not necessitate the purchase of NFTs.

Unlike Sorare’s soccer game, which includes relationships with roughly 250 teams from other foreign leagues, the baseball game will focus solely on Major League Baseball and its 30 teams.

Sorare claims that its soccer game now has 1.8 million monthly users and generated $325 million in NFT trade volume in 2021. In addition, the company claims that it will double that amount this year. Sorare was valued at $4.3 billion in September after a $680 million Series B fundraising round, as previously announced.

Following a March deal with Major League Soccer, which brought the American league and its teams to Sorare’s platform, the MLB partnership is the latest move in the firm’s American push. Sorare’s head of business development, Michael Meltzer, said that the company hoped to announce two US league collaborations in the coming months.

Sorare will be able to target a primarily American audience by launching a Major League Baseball game, although in a sport with global talent and followers outside of North America.

“We now have a worldwide reach, both in terms of users and partners and our players,” Spoon said. “We believe we can translate a lot of the software platform’s background into a way that makes a lot of sense to baseball.”

Continue Reading

NFT

Trading Increases on the Terra NFT Market Due to UST Collapse

Terra’s daily NFT trading volume increased to 3.1 million UST on Wednesday, up from 384,769 UST the day before.

Published

on

Though Ethereum produces some of the most popular NFTs, at least a dozen other blockchains also produce the digital collectibles, including Terra, which has attracted collectors due to its lower gas prices.

Following the demise of Terra’s stablecoin TerraUSD (UST) and its sister token LUNA, NFT (non-fungible token) projects based on Terra have experienced a significant increase in trading as astute traders seek to profit from price disparities.

According to data aggregator Flipside Crypto, the daily volume of NFT trading on major Terra marketplaces Random Earth, Knowhere, and Luart is at its highest level since March 1. Terra’s daily NFT volume was 3.1 million UST ($2.1 million) on May 11, up from 384,769 UST the day before.

On May 11, Random Earth and Knowhere saw their biggest trading volume days. Random Earth’s volume soared to 438,665 LUNA ($485,263) after never exceeding 11,000 LUNA before, while Knowhere’s volume hit 6,005 LUNA at the time of publication.

Galactic Punks, Hell Cats, Derby Stars, and Luna Bulls are among the most popular Terra NFT collections. The fast repricing of NFTs, particularly on Random Earth, was noted by Twitter user @RyanBethencourt, who wondered if their worth would hold if Terra were to “sink into a death spiral.”

Source: Twitter

Users of OnePlanet, another Terra NFT marketplace, turned to Discord to complain about transaction delays, claiming that the digital assets did not appear in their wallets immediately after the transaction was completed.

Those who didn’t delist their NFTs in time were told that Discord moderators will look into it.

A look at cryptography Investor sentiment was divided on Twitter. “All nfts on terra are now as useless as the luna token,” said user @PostmanNay.

@c4chaos, another user, urged sympathy for individuals who may have lost their life savings.

NFT Terra collection PolyEgg asked Twitter followers which blockchain they should transfer to because “continuing to mint on Terra is not a good idea.” While Solana was a popular choice, “LUNAtics,” or experienced LUNA investors, continue to buy Terra NFTs.

Source: Twitter

Continue Reading

NFT

Voyage in Paradise, the world’s first top DJ, and artist-enhanced “listen-to-earn” project announces the Rave Republic as its official partner

Catheon Gaming & King Pillar Limited collaborate to integrate real-world entertainment into Web3

Published

on

Voyage in Paradise (“ViP/ the Project”),  the world’s first global top DJ and artist-enhanced “listen-to-earn” project, announces a new Top 100 DJs official partner today, Rave Republic. Co-developed by Catheon Gaming (“CG”) and King Pillar Limited (“KPL”), ViP partners with top DJs and musicians to bring audiences an all-encompassing music experience on the blockchain.ViP invites top artists from around the world to be a part of the ecosystem, and Rave Republic (2021 DJ Mag’s Top 100 DJs) is the latest addition to the list. Formed by Matthias and Stas in 2014, Rave Republic’s debut release ‘Far Away’ in 2015 went straight to the No.1 spot on the iTunes Dance Chart. 2022 marks their 8th year in the music space, the fourth time Top 100 DJs listed duo has gone from obscurity to playing at some of the biggest clubs and events, as well as producing global chart-topping tracks. Rave Republic also actively collaborates on new songs and releases music on W&W’s record label – Rave Culture, among many other top-tier labels.

The project itself is conceptualized by Catheon Gaming, the fastest-growing integrated blockchain gaming, and entertainment company, and the music industry leader and festival IP owner, King Pillar Limited, to create a whole new way to enjoy music and entertainment. The project aims to integrate blockchain technology into the music community by elevating real-world entertainment with the virtual and decentralized world of Web3. 

ViP’s concept centers on a “listen-to-earn” model, metaverse concert venues, NFT album release service, music incubator, and a Decentralized Autonomous Organization (DAO). The aim is to foster an authentic, symbiotic relationship with listeners and musicians. Listeners will be rewarded for listening to curated music, artists will be able to co-create an engagement ecosystem with their fans, and producers and artists will be able to release their music in the form of NFTs on the blockchain. Additionally, NFT holders will be entitled to access rights to related tracks and albums,  and music-related perks and giveaways.

The project itself is conceptualized by Catheon Gaming, the fastest-growing integrated blockchain gaming, and entertainment company, and the music industry leader and festival IP owner, King Pillar Limited, to create a whole new way to enjoy music and entertainment. The project aims to integrate blockchain technology into the music community by elevating real-world entertainment with the virtual and decentralized world of Web3. 

ViP’s concept centers on a “listen-to-earn” model, metaverse concert venues, NFT album release service, music incubator, and a Decentralized Autonomous Organization (DAO). The aim is to foster an authentic, symbiotic relationship with listeners and musicians. Listeners will be rewarded for listening to curated music, artists will be able to co-create an engagement ecosystem with their fans, and producers and artists will be able to release their music in the form of NFTs on the blockchain. Additionally, NFT holders will be entitled to access rights to related tracks and albums,  and music-related perks and giveaways.

The Rave Republic, official partner of Voyage in Paradise & 2021 DJ Mag’s Top 100 DJs, commented: “We are very excited to be a part of Voyage in Paradise, in developing this one-of-a-kind experience for our fans and all music lovers. Empowered by the project’s revolutionary features on the blockchain, the barrier between artists and fans in the traditional music consumption model will be greatly reduced and unlock possibilities for new avenues to enjoy entertainment. We look forward to taking the project to new heights and cultivating a community of entertainment and music lovers in the Web3 era”.

William Wu, Founder of Catheon Gaming, said: “We are delighted to have KPL as a partner on this exciting new venture, who will play a significant role in presenting us with the opportunity to tap into their vast network of connections. The goal of the project is twofold, to deliver an immersive entertainment experience on the blockchain but also to develop a more efficient model of distribution, whereby the artists and producers will be incentivized to provide the audience with maximum entertainment value.”

J.C. Chao, Founder & CEO at King Pillar Limited, commented: “This is the first step for Voyage in Paradise to revolutionize the music industry with blockchain technology. We are thankful to Catheon Gaming for providing invaluable advice and expertise in elevating the project to the next level. KPL will continue working with our partners with the same goal of building a sustainable music ecosystem, which will look to disrupt the current music and entertainment profit model, and ultimately give back power to the community and entertainers.” 

About Voyage in Paradise    

Co-developed by Catheon Gaming and King Pillar Limited, Voyage in Paradise is the first “listen-to-earn” music ecosystem enhanced by top global artists and DJs.  The project aims to foster an authentic symbiotic relationship with listeners and musicians by integrating GameFi, metaverse concert venues, NFT album release service, and a music incubator in a Decentralized Autonomous Organization (DAO).

For more information, please visit: https://voyageip.io/

About Catheon Gaming

Catheon Gaming is the fastest-growing integrated blockchain gaming and entertainment company globally. The company’s flagship franchise, SolChicks, entered the market following successful fundraising from various venture capital investors, institutions, and launchpad partners. The company brings technical, gaming, and marketing expertise together with deep roots in the blockchain industry. The company’s strategy is to partner with leading game developers and IP-holders to incubate and launch “best-in-class” blockchain games and bring them to the widest possible audience.

For more information, please visit: https://catheongaming.com/

For media inquiries, please contact: media@catheongaming.com 

King Pilliar Limited (KPL) is a leading pioneer multi-entertainment group with a die-hard love of music, spot-on execution with trustworthy localization, and global networks to create unique entertainment experiences that fuse western and eastern culture to its fans in the greater region of China. KPL offers full-service event solutions including world-class festival event production, cultural and tourism planning, creative event promotion, localized ticketing channels, event operation, and international IP collaborations, and also holds the exclusive Asia licenses for Groove Cruise Asia and We Are Electric China.

For more information, please visit: www.kingpillarlimited.com

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 29,811.00 0.34%
ethereum
Ethereum (ETH) $ 2,028.96 0.18%
tether
Tether (USDT) $ 1.00 0.12%
chiliz
Chiliz (CHZ) $ 0.114487 1.24%
enjincoin
Enjin Coin (ENJ) $ 0.710093 0.22%
decentraland
Decentraland (MANA) $ 1.21 2.75%
flow
Flow (FLOW) $ 2.90 1.43%
the-sandbox
The Sandbox (SAND) $ 1.34 1.17%
wax
WAX (WAXP) $ 0.126465 2.07%
ecomi
ECOMI (OMI) $ 0.001595 5.95%
terra-virtua-kolect
Terra Virtua Kolect (TVK) $ 0.037839 2.95%