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Binance Smart Chain Tokens and NFTs are now Linked to Ethereum and Solana via a New Bridge

Wormhole V2 is expanding the network’s reach to one of the most vibrant DeFi and NFT ecosystems in crypto, with more than $200 million in total value locked (TVL) in the protocol from its Solana and Ethereum tokens and NFT bridges.

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Wormhole, an interoperability protocol that allows any form of data to be transmitted between multiple networks, has added Binance Smart Chain (BSC) functionality to its already existing ETH -> SOL token and NFT bridge.

Wormhole V2 is expanding the network’s reach to one of the most vibrant DeFi and NFT ecosystems in crypto, with more than $200 million in total value locked (TVL) in the protocol from its Solana and Ethereum token and NFT bridges.

The demand for cross-chain bridges for digital asset swaps and liquidity is at an all-time high, with adoption increasing as DeFi and NFT markets create revenue in the field, and TVs in the top five blockchains reach $185 billion.

Wormhole previously launched ETH> SOL support for both token and NFT bridging, with over 100 NFTs locked into the protocol, to address these requests.

The BSC network, which is rapidly growing, sees a path to Ethereum and Solana

Last month, BSC, one of the most stable DeFi ecosystems for retail users, processed ten times more transactions than Ethereum.

With Wormhole now supporting BSC, projects and users in the Solana and Ethereum ecosystems may move wrapped tokens effortlessly between all three supported chains, with more networks expected to join in the coming weeks.

“The Wormhole network’s interoperability benefits users and projects in each ecosystem by providing access to the highest value aspects of all the other supporting ecosystems,” said Hendrik Hofstadt, Director Special Projects at Jump Crypto and former co-founder of Certus One, the Wormhole’s lead contributor.

“The addition of BSC gives the Wormhole network access to its enormous base of users and applications across both DeFi and NFT ecosystems,” he said.

Wormhole could be the first interoperability protocol that supports multi-directional NFT bridging across the ETH> BSC> SOL NFT bridge, linking creators and artists via its multi-directional highway to move NFTs cross-chain between ecosystems.

The 470,000 blockchain gamers on the BSC network will develop new markets for in-game assets on the native Ethereum blockchain or bring them to Solana NFT marketplaces thanks to this bridge.

Wormhole’s generic architecture allows any message to be passed over the chain, making cross-chain governance, liquid staking tokens, and access to oracle data possible.

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.

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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.

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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. 

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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.

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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.

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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.

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