Connect with us

NFT

OpenSea Expands NFT Support for Avalanche

Avalanche’s “smol” universe is among the seven blockchains that are presently available for art on the largest NFT marketplace.

Published

on

OpenSea stated that it had incorporated NFTs from the Avalanche blockchain into its online market.

The exchange currently offers NFTs from seven other blockchains, including Ethereum, Polygon, Klaytn, Solana, Optimism, Arbitrum, and Avalanche. Last month, the exchange saw almost $350 million worth of Ethereum NFT traffic transacted.

Avalanche is an open-source network featuring three distinct blockchains, one of which is known as the C-Chain, and the native token AVAX. NFTs can exist on either Avalanche’s C-Chain or X-Chain, although the C-Chain is optimized for Ethereum interoperability and smart contracts, which NFTs.

While OpenSea’s announcement is good news for supporters of Avalanche NFT, it is unclear whether the NFT economy on the blockchain would benefit from the increased awareness. Even though some Avalanche supporters claim it to be “Ethereum killer,” Avalanche hasn’t really impacted NFTs.

Data from CryptoSlam shows that only 4,488 buyers made up most of the $2.4 million in total NFT volume traded on Avalanche in September, which consisted of almost 25,000 transactions.

For comparison, Solana, which debuted at the same time as Avalanche, saw roughly $130 million in total NFT volume moved last month across almost 3 million transactions and 143,000 purchasers. According to this data, Solana processed 193% more NFT-related money than Avalanche in September and had 187% more NFT traders than Avalanche.

Despite the Avalanche NFT economy’s limited size, it appears to be embracing it. The “Smol Joes” and the “Smol Lands” are Avalanche’s top two NFT collections, per OpenSea’s rankings. The top ten list includes the “Smol Apas” and “Smol Creeps.”

But don’t forget the “Smol Turds,” who joined this summer’s poop-themed Ethereum NFT craze of purposefully obscene and disgusting art.

Despite starting to circulate in July under the motto “Turd is love. The minimum price for “Smol Turds” has increased by 996% in the last day because “turd is life.” When writing, a Smol Turd NFT costs around 200 AVAX, or about $3,200.

The Crabada game and Yield Hunt Hunters, which have amassed $227 million and $81 million since their openings, respectively, also helped to boost the Avalanche NFT market earlier this year.

Ava Labs’ Business Development Lead Dominic Carbonaro thinks Avalanche’s NFT makers are only getting started, despite the fact that meme-based NFTs presently dominate the market.

In a statement, Carbonaro noted that the NFT community at Avalanche “has a unique identity and zeal for experimenting with both the art and applications of NFTs.” “These artists are only beginning to scrape the surface.”

Even if OpenSea is not the first NFT marketplace to provide Avalanche NFTs, its rivals that do aren’t exactly seeing numbers. Five markets make up the Avalanche NFT economy, with the Chikn NFTs—a collection of chickens brandishing weapons, smoking pipes, or sporting Ethereum bling—having the largest market.

According to Dune data, only a few hundred unique users each day are transacting on Avalanche’s rival NFT marketplaces, NFTrade, Kalao, Campfire, and JoePegs.

Avalanche NFTs may or may not be sent to the major leagues by OpenSea.

NFT

At a London event, an NFT vending machine will increase accessibility to digital art

The NFT vending machine at this year’s NFT.London event will give its profits to a good cause.

Published

on

The first-ever physical nonfungible token (NFT) vending machine will be on display at this year’s NFT.London conference, which is set for November 2-4.

The NFT platform aims to give anyone who wish to start buying and trading digital assets a simple and accessible way to do so without requiring them to have a thorough understanding of the Web3 sector. Users won’t need to have a digital wallet to buy an NFT from the vending machine.

Users must choose one of the shown envelopes before entering the code to acquire an NFT from the myNFT vending machine. After making their purchase, users can scan the QR code on the envelope to access an invitation to create a myNFT account, which includes an NFT wallet where they can store their NFT.

“The most convenient method to buy anything is through a vending machine, so we’re shattering the impression that buying an NFT is difficult with this campaign,” said Hugo Mcdonaugh, CEO of myNFT.

The first collection of contributed NFTs from myNFT, which includes names like Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch, will be available for purchase by interested participants.

The actual NFT vending machine will be situated outside the Queen Elizabeth II Centre, Westminster, London, which is where the NFT.London conference will take place.

The revenue from the NFT vending machine will go to two charities: Roald Dahl’s Marvellous Children’s Charity, which provides specialized nurses to seriously ill children, and Giveth, a blockchain-based philanthropic community that supports public goods, services, and education in developing countries.

The Solana, California-based NFT marketplace Neon introduced a 24-hour NFT vending machine in the financial sector of New York City in February, according to Cointelegraph. This machine took credit and debit card payments. However, people complained that neither the NFT vending machine nor the NFT performed as promised after a week had passed after its introduction.

Continue Reading

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.

Published

on

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.

Continue Reading

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.

Published

on

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.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 16,986.35 1.97%
ethereum
Ethereum (ETH) $ 1,254.52 3.38%
tether
Tether (USDT) $ 1.00 0.03%
chiliz
Chiliz (CHZ) $ 0.161481 4.28%
enjincoin
Enjin Coin (ENJ) $ 0.314098 2.67%
decentraland
Decentraland (MANA) $ 0.416297 2.04%
flow
Flow (FLOW) $ 1.10 3.81%
the-sandbox
The Sandbox (SAND) $ 0.606869 2.21%
wax
WAX (WAXP) $ 0.058864 2.65%
ecomi
ECOMI (OMI) $ 0.000978 3.77%