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

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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

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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