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.

NFT

To Be Sold for $70 Million, with Proceeds Used to Support NFT Purchases at MoMA

The auction of works by Renoir, Picasso, Bacon, and Rousseau will help the museum increase its online presence and maybe buy NFTs.

Published

on

This fall, the William S. Paley Foundation will hold an auction featuring works of art valued at at least $70 million in order to increase the digital presence of the Museum of Modern Art (MoMA) in New York and possibly acquire the institution’s first NFTs.

Since the passing of the co-founder of CBS in 1990, William S. Paley’s collection has been maintained by MoMA. Sotheby’s has been hired by Paley’s namesake organization, which includes endowment funds for museums and educational and cultural activities, to auction off 29 of the 81 items in the MoMA collection.

The sale proceeds will go toward growing the museum’s online presence. MoMA’s director Glenn Lowry stated in the Wall Street Journal that the museum had suggested several potential uses for the funds.

MoMA may start its streaming service, organize online exhibitions and video discussions with artists, or work with colleges and training organizations to offer online courses. More importantly for cryptocurrency enthusiasts, MoMA might also buy its first NFTs.

According to Lowry, the museum has a dedicated team monitoring the digital art scene to hunt for suitable artists to collaborate with or buy from.

In the interview, he added of NFTs, “We’re aware that we lend an imprimatur when we acquire things, but that doesn’t mean we should shun the domain.

What’s on offer?
The William S. Paley Foundation and MoMA have an agreement that gives MoMA the final say in how the collection is used. Other humanitarian endeavors championed by the late Paley will receive a tiny share of the proceeds from the autumn auction.

Most of the collection’s most famous works, such as Picasso’s “Boy Leading a Horse” from 1905–06 and Matisse’s “Woman with a Veil,” are not for sale. Rousseau and a Renoir, on the other hand, will be sold at auction, according to Lowry.

According to Sotheby’s, Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes” will be auctioned for at least $35 million in London in October, and Pablo Picasso’s “Guitar on a Table” will be sold for at least $20 million in New York this November.

It’s anticipated that the collection would bring in between $70 and $100 million.

Despite not yet owning a tokenized work of art on the blockchain, MoMA has already contributed to the development of NFTs. The MoMA gave all of its collection’s information in November of last year to the Unsupervised exhibition and NFT project by AI artist Refik Anadol.

Continue Reading

NFT

How NFT Projects Are Setting Up For Ethereum’s Network Shift to Stay Ahead of the Merge?

This week is finally predicted to see the occurrence of one of the most important occurrences in the history of cryptocurrencies. 

Published

on

The blockchain network will completely switch from its existing proof-of-work consensus process to the proof-of-stake model thanks to Ethereum’s significant software upgrade, known as The Merge. Ethereum is anticipated to carry on as usual, except that PoS authentication of cryptocurrency transactions will now be used instead of PoW.

Ethereum.org states that “The Merge signifies the combining of Ethereum’s new proof-of-stake consensus layer, the Beacon Chain, with its existing execution layer (the Mainnet).” It does away with the necessity for energy-intensive mining and instead uses ETH stakes to safeguard the network.

Sustainability, scalability, and security are the three key areas of concern that The Merge seeks to solve. Researchers at the Ethereum Foundation claim that the new architecture not only paves the way for future scaling improvements like sharding but also significantly cuts Ethereum’s energy consumption by more than 99% because miners won’t have a financial incentive to run computers constantly.

Further modifications to the NFT market are anticipated due to the switch from proof-of-work to proof-of-stake. The Merge may improve the tokenomics of the entire market, broaden the range of cryptocurrencies it supports, and potentially raise the price of NFT.

The bulk of NFTs are a part of the Ethereum blockchain, and many people are enthusiastic about the switchover because it is anticipated to use less energy, allowing users to mint and sell NFTs in a more environmentally friendly manner. However, other users worry that, as with every substantial technological change, there may be a chance for fraud, hacking, volatility, and confusion.

Do you have safe NFTs?
Due to duplicate NFTs existing as a result of the ETH proof-of-work chain and other future forks, it may be unclear which assets are “official” or “real.”

There is a chance that there will be two different types of NFTs when the merge is finished because Ethereum is projected to have at least one proof of work (PoW) fork that will continue to exist. Thus, NFT owners can experience a problem known as a “replay attack.” When a transaction is finished on one blockchain and then repeated on another, this occurs.

OpenSea, the largest NFT market, and well-known companies like Yuga Labs, the company behind the Bored Ape Yacht Club, have officially said that they will not accept the identical NFTs that are present on these chains. In a similar vein, Proof, the startup that is in charge of the Moonbirds NFT project, has stated that it will neither acknowledge or support any forks that are made after a merging.

The Merge will quickly establish itself as the dividing point between PoW-era and PoS-era NFTs. One of the first projects to launch during Ethereum’s new phase will be Supercute World’s SELFi3STM NFT collection. The project will be powered by Web3 developer platform, Alchemy, and will showcase the company’s new full stack NFT development capabilities.

Nikil Viswanathan, cofounder and CEO of Alchemy, stated, “Our objective has always been to bring web3 to a billion people, and we see NFTs being a crucial driver of that adoption.” We’ll keep investing in our full-stack NFT development offering and supporting innovative, exciting new projects like Supercute World to help reach that aim.

The first completely inclusive NFT initiative is SELFi3STM by Supercute WorldTM, which offers male, female, and gender-neutral variants so users can develop and represent the greatest versions of themselves online. Without ever changing the rarity score, holders will be able to select the best version of themselves.

The upcoming collection of 7,777 SELFi3S from Supercute World is anticipated to debut in October. Visit the website and follow the project on Twitter to keep up with developments and learn more about Supercute WorldTM.

Continue Reading

NFT

‘LG Art Labs,’ a new NFT marketplace, is introduced by LG Electronics

The second major South Korean television manufacturer to do so this year is the electronics giant, which just opened its own NFT marketplace.

Published

on

The “LG Art Labs” NFT marketplace has just been released by LG, a South Korean electronics business, and is now accessible to all US LG television owners running webOS 5.0.

From the comfort of their homes, users may purchase, sell, and trade non-fungible tokens (NFTs) through the marketplace, which is available from the LG home screen.

NFTs are non-fungible tokenized blockchain representations of non-fungible assets, making them distinct and irreplaceable. Similar to how antiques and works of art are frequently non-fungible in the real world, NFTs on a blockchain ledger typically represent digital versions of these items.

Wallypto, LG’s in-app cryptocurrency wallet created by the Hedera network last September, manages transactions on LG Art Labs.

Hashgraph, an alternative distributed ledger system (DLS) to blockchain that offers lightning-fast transaction times, highly functional smart contracts, high energy efficiency, and transaction fees that amount to only pennies, is the DLS that Hedera employs.

On August 12 of this year, LG submitted an application to register the Wallypto patent.

The two companies initially collaborated when LG joined other tech giants like Google, IBM, Deutsche Telekom, and Ubisoft on Hedera’s governing board in 2020.

LG Electronics enters the NFT market

LG is not the first Korean TV maker to integrate NFT trading into the viewing experience.

To develop a new NFT marketplace for owners of Samsung TVs, Samsung announced a partnership with NFT marketplace Nifty Gateway in March of this year.

Through a smart TV interface unveiled in January, users may view, purchase, trade, and display NFTs.

The Samsung MICRO LED, Neo QLED, and The Samsung NFT Platform supports the Frame TV models from 2022.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 18,684.05 7.52%
ethereum
Ethereum (ETH) $ 1,276.67 7.86%
tether
Tether (USDT) $ 0.999380 0.06%
chiliz
Chiliz (CHZ) $ 0.235023 10.09%
enjincoin
Enjin Coin (ENJ) $ 0.449828 5.82%
decentraland
Decentraland (MANA) $ 0.685584 4.22%
flow
Flow (FLOW) $ 1.60 6.05%
the-sandbox
The Sandbox (SAND) $ 0.827893 5.85%
wax
WAX (WAXP) $ 0.083031 4.67%
ecomi
ECOMI (OMI) $ 0.001282 1.06%