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Nifty Gateway Cutting Ethereum Gas Fees by 70%

The NFT marketplace, which has lately expanded, will unveil a hybrid, semi-custodial approach that it claims will significantly reduce Ethereum gas expenses on its exchange.

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#nft #niftygateway #ethereum #gasfees #nfthours

Nifty Gateway, an NFT marketplace focused primarily on selected art drops, has lately shifted its purpose to become an aggregator of Ethereum NFT marketplaces. However, as co-founders Duncan and Griffin Cock Foster point out, that was only the first stage in the broader plan. Today, the business unveiled a novel approach for reducing Ethereum gas prices on NFT transactions by up to 70%.

Gas is the variable cost of transacting on the Ethereum blockchain, which currently hosts most NFT trading activity. These costs have risen to new highs as the NFT business bursts in demand in 2021. To many, the gas fees have made Ethereum NFT sales too expensive for all except the most giant ETH whales who gamble on flipping their NFT investments in the future to recoup their expenses (and then some).

Even long-time fans are rethinking the feasibility of the current dominant NFT ecosystem as the argument about Ethereum gas fees has reached a fever pitch recently, resulting in Twitter spats.

“At the present time, gas fees have become a really difficult issue for all Ethereum-based projects,” Duncan said. “A lot of times, if you’re spending $200 on an NFT and the gas price to purchase that NFT is $100, you’ll just choose not to get it.”

Nifty Gateway proposes a novel approach to problem-solving. Beginning in January, the marketplace will use its current custodial system to conduct wallet-to-wallet trades that will use substantially less gas than a comparable peer-to-peer trade elsewhere, according to the company.

In effect, it’s a hybrid model. Nifty’s solution takes some of the on-chain processes required for a wallet-to-wallet transaction on rival marketplace OpenSea and manages them outside of the Ethereum blockchain to reduce the total gas cost hit.

According to the twin co-founders, the total gas savings with this strategy might be as high as 70% compared to OpenSea. In addition, they believe that a system like this will benefit projects that trade for hundreds of dollars per NFT, rather than millions, like CryptoPunks and Bored Ape Yacht Club, and will lower the barrier to entry.

“We’re hoping and hoping that this will be a boom for the entire NFT ecosystem and help a lot of those projects that are impacted by high gas fees—to make everything more available for everyone,” Duncan added.

Due to its former focus solely on selected NFT art drops, the Gemini-owned marketplace had invested in its custodial infrastructure for years, according to the Cock Fosters. Nifty’s business model has broadened—though curated drops remain—but the technology may be used to facilitate cheaper wallet-to-wallet trades for all kinds of Ethereum NFTs.

Duncan explained, “It’s uniquely enabled by the technology that we’ve already got, in these things that we’ve already constructed. The secret sauce that makes this feasible is the custodial mechanism that drives Nifty Gateway.”

In practice, this is how it will function. Sellers first undertake an on-chain transaction to grant Nifty Gateway temporary clearance to transfer an NFT, much as they would on other peer-to-peer marketplaces. The custodial system at Nifty Gateway then manages the process of linking the seller’s wallet to the buyer’s wallet, transferring both the NFT and the cryptocurrency payment.

For example, if an OpenSea peer-to-peer NFT transaction requires ten on-chain steps to complete, Nifty Gateway effectively takes all but three or four of those steps off-chain to save gas expenses. A transaction with fewer on-chain steps is lighter. However, they assert that the final effect is the same: the NFT is still sent from the seller’s wallet to the buyer’s wallet.

According to Duncan, only the things that have to happen on-chain happen on-chain.

They do concede, though, that not everyone will be happy with transactions that aren’t entirely on-chain, notably decentralization maximalists. However, the Cock Fosters believe that most NFT traders will choose to save money on gas expenses, and they intend to be open about how the system works so that customers can choose where and how to trade NFTs.

Once the feature is launched, the hybrid model will be the new standard way to trade NFTs at Nifty Gateway. In the future, the company plans to “explore developing a marketplace smart contract for optional, fully on-chain trades. However, there are already outstanding marketplace smart contracts out there,” a spokesman said, “so it’s not apparent that that’s where we can bring the greatest value to the ecosystem.”

Nifty Gateway has witnessed more trading volume since switching to the aggregator approach, according to Griffin Cock Foster, but its own handpicked drops can still hit large. Pak’s Merge drop, in which collectors buy “mass” tokens that eventually generate various NFTs, sold over $70 million in tokens in only a few hours last week, making it the platform’s highest-grossing single project to date. (Nifty Gateway has yet to provide final data for the Pak drop.)

Nonetheless, the co-founders hope that the new semi-custodial trading strategy would ultimately reshape Nifty Gateway’s position in the developing NFT market.

“This is a critical step toward changing people’s perceptions of what Nifty is,” Griffin added. “One of the benefits of working in such a young business is that there’s a lot of room to construct things that have a big influence on a lot of people. That’s what we’re hoping for with this functionality.”

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‘It’s Time’: NBA Top Shot Maker Dapper Labs to Launch NFT Platform for UFC

Following the UFC 270 pay-per-view event, NFTs from the Ultimate Fighting Championship will debut on Flow this weekend.

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#nft #nfthours #dapperlabs #ufc #collection

Dapper Labs announced today that it would launch an NFT platform for the popular mixed martial arts organization Ultimate Fighting Championship later this week, following its success with NBA Top Shot and subsequent arrangements with the NFL and LaLiga.

UFC Strike will premiere on Sunday, January 23, immediately following the UFC 270 live pay-per-view event on Saturday. UFC Strike’s digital collectibles, like Top Shot’s, will be based on video footage from previous events and will be minted on Dapper’s Flow blockchain. However, unlike Top Shot, the UFC collectible moments will include the original soundtrack to match the video clip.

Furthermore, rather than having different tier levels, all packs—which contain a random selection of moments—will be sold at the same price (as with NBA Top Shot). NFT moments from fighters like Francis Ngannou, Amanda Nunes, Kamaru Usman, Rose Namajunas, Derrick Lewis, and Justin Gaethje will be featured in the first pack.

Dapper’s contract with the UFC was signed before NBA Top Shot was out, which is interesting. According to statistics from DappRadar, the partnership was announced in February 2020, when the NFT sector was still small and niche—well before it grew to $23 billion in trading volume in 2021.

Dapper Labs’ head of partnerships, Caty Tedman, said that the company wanted to debut NBA Top Shot first and learn from the experience—which includes serious scaling issues early last year—before launching the UFC memorabilia.

She stated, “We’ve come to the stage where we feel ready to [launch].” “We’re ecstatic to provide UFC fans with a once-in-a-lifetime experience, as well as the utility that comes with this type of product. We’re finally ready to launch this as the industry, and we grow together.”

Tedman stated that the UFC Strike platform would be heavily promoted during this weekend’s pay-per-view event, including appearances by UFC President Dana White and fighters.

Because the UFC’s timetable is mainly based on pay-per-view fights every few weeks, UFC Strike will plan its releases to coincide with those significant events. As a result, the portal will first focus on fights from the previous year but ultimately include highlights from older UFC fights. The first fight in the promotion took place in 1993.

Despite the roughly two-year gap between the original announcement and this week’s launch, Tedman said the UFC—which already has a crypto fan token through the Socios.com platform—was keen to make a big statement in the NFT industry.

“Every company has its personality, and the UFC’s approach is to test with us and try new things with us,” she explained. “It’s fantastic to have a partner that doesn’t say, ‘Well, let’s try it little and see how it goes,’ when you’re talking about how to launch a product. It’s like, ‘Let’s make it as huge as we can.’ ‘Let’s do it in a UFC-style fight.'”

Unlike Top Shot and the impending NFL All Day platform, UFC Strike will be released without a closed beta period to the general public. According to Tedman, Dapper is investigating live activations at future UFC events, as it has done with the NBA, and added value for UFC NFTs, such as potential community or gaming features.

Top Shot in 2022

The UFC announcement comes on the heels of NBA Top Shot’s first major commercial campaign, including Kevin Durant, the Brooklyn Nets player and two-time NBA champion debuting yesterday.

In October, Durant and his Boardroom media group signed a deal with Dapper Labs to give him “a starring position across NBA Top Shot,” according to the company. According to Tedman, Durant, an early investor in Coinbase who has invested in other crypto firms, is familiar with the Top Shot concept.

“He’s a world-class athlete. He’s a top-tier human. He’s a tech entrepreneur,” she explained. “It’s been a long time since he’s been with us. He’s been interested in the crypto world for quite some time. Therefore, he ticks all the boxes. But isn’t he also swaggering? There’s nothing about him that wouldn’t make him a fantastic candidate for this type of campaign.”

ACCORDING TO TEDMAN, the NBA Top Shot team is “very focused on raising participation in the product and increasing accessibility” for 2022. Following the early 2021 boom in demand and Dapper’s time spent improving platform reliability and customer service, the business feels Top Shot still has substantial growth potential ahead of it.

“This sector is still in its infancy,” she explained. “There’s no such thing as ‘tried and true,'” says the author. “We’re going to attempt a lot of things, but we’re going to do a lot of things to make sure that current collectors feel valued—so they don’t feel like we’re creating an experience where they don’t feel valued.”

And NFL All Day, which Dapper promised would debut by the end of the current NFL season, is still on track to do so—for reference, Super Bowl LVI is on February 13. The NFT platform is now in closed beta testing, and given the recent nature of Dapper’s NFL partnership, Tedman said they’re concentrating on polishing it before going public.

“We’re much newer to the NFL,” she added, “in the same way that every organization has a different personality and every partnership has a different pace. So as a result, we’re taking our time with it.”

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Meta’s Instagram Experimentation With NFT Marketplace

Meta, formerly Facebook, is said to be working on a feature that will allow users to display their NFT collections on Instagram.

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#nft #nfthours #meta #facebook #instagram #marketplace

According to the Financial Times, Meta, formerly Facebook, has new intentions to enter the fast-growing non-fungible token (NFT) market.

The Financial Times stated, citing unnamed sources, that the social media company is working on a tool that will allow users to mint and trade NFTs and display their collections on their Meta and Instagram profiles. In April 2012, Meta, formerly Facebook, paid $1 billion for Instagram.

The blockchain network on which these capabilities would be developed is still unknown. However, NFTs are currently available on several blockchains, including Solana, Tezos, Ethereum, Flow, and WAX.

According to two sources, an NFT marketplace similar to OpenSea is also in the works.

OpenSea has been a cornerstone of the burgeoning NFT industry. Despite a more significant market decline, the platform set a new monthly volume high of $3.5 billion two weeks before the end of January. According to a report by analytics firm Chainalysis, the total market for digital collectibles will reach $41 billion in 2021.

The $69 million auctions by digital artist Beeple at Christie’s, monthly million-dollar sales of CryptoPunks, and a slew of celebrities endorsing the craze in one way or another capped off a spectacular year.

This publicity has piqued the curiosity of non-crypto companies as well.

Instagram, Meta and NFTs

In December, Adam Mosseri, the CEO of Instagram, said that the company is “actively studying NFTs and how we can make them more accessible to a wider audience.”

The company organized a session for NFT makers earlier this year to raise awareness about how to use the technology. However, artists said they “need more information on how to [use NFTs], not just from us, but from other creators,” according to Instagram’s VP of global partnerships, Charles Porch.

NFTs are also expected to play a significant role in the metaverse, a persistent digital world where individuals interact through virtual avatars. Therefore, establish non-fungible ownership of objects inside a wholly digital environment.

With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform. Facebook’s recent rebranding as Meta signaled CEO Mark Zuckerberg’s intent to move “from being Facebook first as a company to being metaverse first.” With its latest push into NFTs, the tech industry is getting a glimpse into how Meta could implement NFTs on its platform.

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Tom Brady’s Autograph NFC Platform Raises $170 Million in Funding

Autograph raises significant cash and extends its advisory board with the help of celebrities like Brady, The Weeknd, and Simone Biles.

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#nft #nfthours #tombrady #autograph

Autograph, the NFT platform co-founded by NFL quarterback Tom Brady in 2021, has made a significant splash by enlisting the help of sportsmen and entertainers like Tiger Woods, The Weeknd, and Simone Biles. Now, the firm has also raised a substantial sum of money.

Today, Andreessen Horowitz’s a16z fund and Kleiner Perkins led a $170 million Series B fundraising round for Autograph. Lightspeed Venture Partners, 01A, and Katie Haun’s new venture capital business are among the investors in the round.

Together with a16z General Partners Chris Dixon and Arianna Simpson, and Kleiner Perkins’ Ilya Fushman, Haun will join Autograph’s board of advisors as part of the fundraising.

Along with the funding announcement, Autograph did not provide a valuation. However, in July 2021, 01A and Velvet Sea Ventures co-led a Series A fundraising round.

The platform was revealed in April 2021, during the first NFT boom, and launched in August in collaboration with DraftKings Marketplace. Autograph has also released NFTs from Tony Hawk, Naomi Osaka, Wayne Gretzky, Derek Jeter, Usain Bolt, Rob Gronkowski, and the aforementioned names.

According to the firm, the cash came from “many recently finalized” collaborations that will be publicized soon. Autograph began with sports but has since broadened its focus, first with Lionsgate’s “Saw” film franchise and later with the addition of musician Abel “The Weeknd” Tesfaye as the platform’s music vertical’s head.

Autograph is “pumped to add some incredibly skilled experts in the Web3 sector to our team,” Brady tweeted today about the financing round. Autograph is “beginning with celebrities, but wants to encourage innovators at every step of growth,” according to a16z’s Dixon.

Images, video files, and interactive video game items can all be represented by an NFT, which works as a blockchain-backed deed of ownership for digital property. According to DappRadar, the market grew to $23 billion in transaction volume in 2021. Autograph issues NFTs using Polygon, a sidechain scaling solution for Ethereum, the primary NFT platform.

With Dapper Labs’ NBA Top Shot bringing NFTs to widespread audiences early last year, sports memorabilia have become a vital component of the NFT industry. Dapper has also formed partnerships with the NFL, UFC, and LaLiga. In addition, in October, Fanatics raised $100 million at a $1.5 billion value for its Candy Digital platform, which holds the official Major League Baseball license.

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