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ART & COLLECTABLES

Reddit introduces new “Collectible Avatars” supported by the blockchain

The initiative will use the Polygon (MATIC) blockchain for decentralized trading and third-party sales, according to the business.

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Reddit, a platform for content aggregation, discussion, and ranking, unveiled a brand-new avatar system on Thursday. The business stated that the avatars will be accessible to the general public in the coming weeks, though no specific release date was provided. For the time being, Reddit is giving a select group of users who join the r/CollectibleAvatars forum first-look early access.

Limited-edition works of art known as Collectible Avatars were produced by independent artists who are also Reddit users. Local currencies can be used to buy the new avatars, but according to the statement, the artwork is kept on the Polygon (MATIC) blockchain. Additionally, control over the Collectible Avatars is exercised through Vault, Reddit’s blockchain-based wallet that runs on chains compatible with Ethereum.

According to the notice posted on Thursday on Reddit’s website, this most recent action intends to support artists who use the service:

Our mission has always been to enable artists to produce and market their work. Artists are eligible to royalties on the secondary sales of their Collectible Avatars on open markets in addition to being paid for each Collectible Avatar that sells on Reddit, less any costs.
The new collection will be accessible on the website where Reddit users typically create their avatars. A Collectible Avatar can be used on Reddit as an avatar once it has been purchased. The makers of the Collectible Avatars will receive a portion of any future secondary sales, and owners of the Collectible Avatars will be eligible for special advantages.

According to the statement made on Thursday, “Collectible Avatars are now kept on Polygon, a general-purpose blockchain that is compatible with Ethereum. We choose Polygon because of its dedication to sustainability and minimal transaction costs.

However, Reddit stated that “Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit,” despite the fact that the avatars aren’t strictly NFTs and that using cryptocurrencies to buy or sell them isn’t currently possible.

In relation to the features associated with the concept, Reddit also outlined the company’s future plans:

We believe that blockchain technology will one day help Reddit communities feel more independent and empowered. Our communities are self-built and self-managed, and as part of our commitment to better empower our communities, we are looking into technologies to enable them be even more self-sustaining and self-governed. Reddit has long been a model for what decentralization may look like online.
Reddit has previously experimented with NFTs, releasing CryptoSnoos in February of this year.

Despite the 2022 crypto meltdown, some businesses decide to construct. Other recent NFT developments include the Lamborghini-sponsored GT racing team’s decision to use NFTs to authenticate auto parts and a new DappRadar report indicating that platform wars for NFTs may be on the horizon. While art-based tokens have gained a lot of traction in recent years, some have begun to consider expired copyrights as the next big NFT opportunity.

ART & COLLECTABLES

Fantagio, a K-pop agency, and Crypto.com launch a collaborative NFT venture

Local media reported that South Korean entertainment company Fantagio signed an MOU on Wednesday with cryptocurrency exchange Crypto.com to investigate non-fungible token (NFT) initiatives.

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Quick facts:

  • The agency for K-pop sensation BTS, HYBE, is collaborating with Dunamu, the Upbit exchange company, to introduce an NFT joint venture later this year.
  • According to CoinMarketCap, Crypto.com runs a global exchange for digital assets with trades totaling about US$397 million in the previous day.
  • The Aston Martin F1 Team, UFC, Snoop Dogg, and Boy George are just a few sports and entertainment entities with which the digital asset platform has partnered.
  • Fantagio’s announcement joins a growing list of K-pop management groups working with digital asset firms to expand into the Web 3.0 market.
  • KOSDAQ-listed Fantagio manages South Korean celebrities, including Cha Eun-woo and Ong Seong-woo, and K-pop idols groups like ASTRO and Weki Meki.

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ART & COLLECTABLES

The NFT-backed, limited-edition CryptoPunk pendants from Tiffany & Co.

Tiffany & Co., a high-end jewelry company, will soon start selling non-fungible tokens (NFT), which allow CryptoPunk owners to convert their NFT into a unique pendant adorned with diamonds and gemstones.

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The corporation revealed on Sunday that the 250 tokens are a part of a restricted edition marketing.

The company’s vice president Alexandre Arnault, who owns CryptoPunk #3167, turned his NFT into a pendant and uploaded it on social media in early April, sparking the campaign.

Holders of CryptoPunks will be able to buy one of 250 NFTiff passes enabled by Chain, a blockchain solutions provider, for Tiffany, up to three times per person, allowing them to mint a unique pendant based on their CryptoPunk.

The price of each NFTiff is 30 ETH, which covers the cost of the NFT, the personalized pendant, the chain, and shipping and handling.
Deepak Thapliyal, CEO of the chain, hinted at the change earlier this month on his social media.

According to the firm, Tiffany’s designers will use the 159 hues and 87 features present in the 10,000 CryptoPunk NFTs to match the most comparable gemstone or enamel color.

Each necklace will have at least 30 jewels and diamonds, and the back of each one will be engraved with the CryptoPunk’s edition number. A digital image of the pendant and an authenticity certificate will also be given to owners.

For those who qualify, the sale for the NFTiff will start on August 5, 2022, at 10:00 AM EST.
Tiffany & Co. has joined the plethora of high-end fashion brands making an effort to gain a footing in the web3 space and connect with a new generation of consumers with this move. It announced the release of TiffCoin as an April Fool’s joke before turning it into a real, limited-edition gold coin.

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ART & COLLECTABLES

Landmark NFT ETF Launched by KuCoin, Tracking Major Collections

Bitcoin exchange Through an Exchange-Traded Fund, KuCoin has begun to provide a fractional ownership of prestigious NFT collections.

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The new product offers five NFT ETFs, which KuCoin claims to be an industry first, to minimize the entry-level cost for ordinary investors.

NFTs from the Bored Ape Yacht Club collection is still selling for at least $144 000, despite blue-chip NFTs suffering losses in the current crypto market crash, while the floor price of another important collection, CryptoPunks, is $115721.

From inert to fungible
In partnership with Fracton Protocol, a business specializing in fractionalizing NFTs into fungible ERC20 tokens, the NFT ETFs are being made available. The exchange-traded fund tokens reflect a 1/1000000 ownership stake in the various NFT collections. HiBAYC will be the token that represents a fractionalized ownership of a Bored Ape Yacht Club token. At the same time, the tokens hiPUNKS, hiSAND33, hiKODA, and hiENS4 are present in the remaining four ETFs. The remaining collections are scheduled for later debuts, while the hiPunks collection will go on sale on August 2, 2022. Investors do not need to create an ETH wallet to trade ETFs in the stablecoin USDT.

Launched on Friday, July 29, 2022, the KuCoin NFT ETF.

KuCoin is not the first business to introduce an exchange-traded fund for nonfungible tokens. Defiance, a fintech company, announced opening a comparable marketplace in December 2021. This time, the ETF followed a collection of businesses with interests in the metaverse and the NFT industry.

Despite the winter, KuCoin advances.
The CEO of KuCoin recently had to address recent speculation about the exchange’s possible insolvency that was started by the now-deleted Twitter user 0tteroooo. The narrative was centered on the possibility of exposure to LUNA, a sister cryptocurrency to the defunct stablecoin TerraUSD. KuCoin has denied involvement with the bankrupt hedge fund Three Arrows Capital and cryptocurrency lender Babel Finance.

While companies like Crypto.com, Coinbase, and others have drastically reduced their workforces, KuCoin recently stated that it would hire up to 300 additional employees for compliance, marketing, design, and technical positions.

In May 2022, it completed a Series B investment round with $150 million, valuing the business at $10 billion.
In 207 nations, KuCoin provides spot trading, derivative trading, peer-to-peer services, staking, and lending. The Ontario Securities Commission prohibited it for breaking securities rules.

The company would constantly monitor the NFT market for upcoming NFT product releases, according to CEO Johnny Lyu.

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