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The Biggest NFT Trends for 2021, from Art to Gaming

The year’s main topics are pop culture NFTs, blockchain art games, Metaverse NFTs, charity auctions, and global NFT art.

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#nft #nfthours #2021 #trends

The total value of NFTs sold this year may exceed $18 billion. Collectors, investors, and philanthropists are interested in these minted certificates of ownership for digital goods on blockchains, ranging from artwork, music, and in-game characters to films and images. They’re also freely tradeable on decentralized NFT platforms like OpenSea. So without further ado, let’s look at the most critical trends in the NFTs field.

1. Celebrities and current NFTs

Of course, at number one this year, the entertainment sector had no shortage of NFT drops and partnerships. Mila Kunis’ Stone Cats NFTs sold out in just 35 minutes, causing gas costs on the Ethereum network to skyrocket to process the transactions.

Snoop Dogg, the musician, and songwriter auctioned off a 3D collage of ten different photographs of himself at various times in his professional career in November, with the winning price totaling 188 ETH (about $700,000). NBA player Kevin Durant announced a collaboration between his company Thirty-Five Ventures and Coinbase on NFT drops in mid-December.

Then there was Quentin Tarantino, who announced that seven uncut sequences from Pulp Fiction would be auctioned as NFTs on the privacy-focused Secret Network. On the other hand, Tarantino may have gone a little too far in embracing the frenzy, as his production firm, Miramax, has launched a lawsuit against him for alleged copyright infringement coming from his NFT sale.

The most popular NFTs, according to crypto fans, are those with “pixelated punks” produced by artist Crypto Punks. The group now has the highest sales volume on OpenSea.io, having transacted 750,300 Ether (ETH) worth of digital art (about $3 billion at today’s price) since the platform’s creation in 2017. Their success has led to collaborations and agreements with renowned Hollywood agents.

2. Play-to-earn NFT games

NFTs aren’t just designed to be looked at. For example, Axie Infinity, a blockchain game, has users battle nonplayable characters and completing daily objectives with in-game creatures known as Axies. Each Axie is a one-of-a-kind NFT that can be purchased and sold on the Ethereum network. Breeding is minting Axie NFTs in the game, with rarer Axies having better stats and costing more. According to its official marketplace, the total volume of Axies acquired and traded in the last 30 days is over 125,000 ETH, or over $500 million.

In addition, in the game, players can buy virtual land NFTs. Such digital real estate serves as a breeding ground for monsters and bosses and a repository for a wealth of materials. Last month, the most expensive Axie Infinity land ever sold for 550 ETH ($2.3 million at the time).

Sorare, an NFT fantasy soccer game, is another popular option. Players can control their soccer teams using Sorare’s digital player NFT cards. According to Nicholas Julia, the platform’s CEO, nearly half a million players joined naturally, without any marketing efforts.

3. Metaverse NFTs

Since Facebook relaunched itself as Meta in October, developments in the Metaverse, a digital environment that includes 3D augmented reality, have gained traction. NFTs are important in the Metaverse because they ensure the uniqueness of virtual assets like player avatars. The new platform “will make it easier for people to sell limited education digital artifacts like NFTs, display them in their digital spaces, and even resale them to the next person securely,” according to Meta’s head of Metaverse products, Vishal Shah.

Bloktopia is now constructing a gigantic 21-story tower in the Metaverse to honor the maximum 21 million Bitcoin (BTC) that can ever be created. Consumer brands like as Adidas and Nike have entered the Metaverse as well, collaborating with contributors to create NFT artwork for their own brands. Above all, the creators of the virtual metaverse game Sandbox want to protect the realm from large tech domination.

4. NFT philanthropy

In 2021, the number of nonprofits accepting crypto donations has increased significantly. The Giving Block, a platform that facilitates such transactions, saw donations rise to over $100 million this year, up from $4 million in 2020. The company is collaborating with NFT platforms so that a portion of auction earnings can be directed to crypto non-profits, with direct NFT donations as a future development path. In the United States, investors can deduct charitable contributions from their regular income over a period of time, usually a few years, resulting in a win-win situation for everyone.

However, humanitarian endeavors in the NFT sector go much beyond that. NFT auctions have raised enough money to help build a school in Uganda and support frontline healthcare workers so far. An upcoming NFT auction in 2022 will provide funds for contemporary artists with developmental challenges. Meanwhile, the revenues from another will be donated to the previous Italian royal family’s favorite charity.

5. NFT world art 

Traditional painters must travel throughout the world to participate in exhibits and auctions in order to make their work known – a privilege granted only to those with sufficient financial resources. However, with the rise of decentralized NFTs markets, anyone from anywhere in the globe may mint, promote, and sell their work with little to no start-up money, bridging cultures around the world.

Melanated NFT Gallery and Mongol NFTs are two famous examples. Landscapes, images of jazz legend Miles Davis, DJ music, guitar audio, trading cards, and other sounds are among the works on display at Melanated NFT Gallery. Meanwhile, the Mongol NFTs site features NFT visuals of the namesake country’s pastoral nomadic steppes, as well as its history, traditions, and customs as told by Mongol artists. It already has over 100,000 registered users and sales of 1.5 billion Mongolian Tugrik ($550,000).

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Users’ email addresses are massively exposed due to an OpenSea data breach

The NFT marketplace stated that it has informed law enforcement of the occurrence and that an investigation is in progress.

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The largest nonfungible tokens (NFT) marketplace in the world, OpenSea, has issued a warning to users after learning that a Customer.io employee may have sent the list of OpenSea users’ email addresses to a third party while working on the platform for managing email newsletters and campaigns.

All users who have provided their email addresses to the marketplace, whether it be for the platform or its newsletter, have been impacted by the incident. OpenSea warned consumers about potential phishing attempts after the hack.

On Thursday, the NFT market reported that it had spoken to law enforcement about the incident and that a probe was ongoing.

The most recent data breach is far from the only significant attack this year on OpenSea and its subscribers. The popular NFT marketplace’s Discord server was compromised in May, which sparked a flood of phishing attacks. Numerous user wallets were in fact abused. The platform experienced one of its most severe attacks to date in January, during which a vulnerability allowed attackers to sell NFTs without authorization. The market covered losses of $1.8 million.

Customer.io rival Hubspot was breached in March, exposing users’ usernames, contact information, and email addresses on BlockFi, Swan Bitcoin, NYDIG, and Circle. Names, phone numbers, and email addresses of users of various platforms were disclosed to an unidentified entity.

Hackers may try to contact OpenSea clients by sending emails from domains that resemble OpenSea.io or OpenSea.xyz, according to a warning from OpenSea. Spam calls, texts, and emails have all increased, according to Twitter users.

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The Future of NFT Gaming Doesn’t Rely on Big Capital Expenditures

Large game publishers typically oppose your ability to trade freely. The economic model used in popular games, where players purchase in-game cash or points in order to unlock more content and improve their experience, is at existential risk from NFTs (non-fungible tokens).

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If it were possible to regulate the flow of NFTs in a closed market, this would be a different story. Interoperability will be key in the future, according to industry upstarts, and digital assets represented by NFTs will be portable from one platform to another.

Large gaming companies generate billions of dollars from microtransactions, and a key factor in their success is their ability to retain players willing to pay money for in-game items. These businesses have developed systems that entirely exclude any legitimate third-party access to certain material or digital assets because they want their player base to invest a lot of money in the game.

NFTs have the potential to be revolutionary since they open the door for broad lending of these assets in addition to allowing speculators to profit. It’s no longer necessary for a player to put a significant number of money into the game in order to fully enjoy it by enabling investors to purchase an NFT and then loan it out to someone – either for a fee or a profit-split arrangement.

How play-to-earn is implemented

A fully developed gaming ecosystem will see the emergence of two different types of stakeholders. Investors who have a sizable portfolio of in-game NFTs are less likely to play the game in exchange for a daily return of $50. Then there are gamers from all over the world, who in certain circumstances would make significantly more money than the minimum wage under a profit-sharing system for lending.

The second category, who can have less money, is more worried about the short-term volatility and low liquidity of digital assets. They are unable to take the risk of accumulating NFTs in the hopes that they will be steadily profitable and hold or increase in value.

In the gaming industry, tradeable digital assets already exist. However, the practice of putting these assets on the blockchain is expanding; this was a general trend in 2021, when NFTs earned $8.4 billion in revenue. The logical next step for this sector is video games, and since more and more of these sales are shifting to blockchain gaming, there may soon be a noticeable increase in established companies moving in-game objects, characters, and skins on-chain.

As opposed to nominally belonging to the investor or player but really being at the mercy of a centralized gaming platform that can ban the user at any time, on-chain assets are designated as unique and belonging to one true owner. It’s more decentralized and provides users a lot more room to choose their own routes, especially when it comes to lending in-game items and lowering entrance barriers.

creating the framework for play-to-earn players to borrow If NFTs result in a rapid expansion of the player base in new markets, they can be extremely advantageous for game producers. Even before one considers how digital assets might be coded to meet cross-platform use cases or be employed in metaverses, making the industry more accessible irrevocably alters the entire landscape.

The compatibility of digital resources

The idea of full cross-metaverse employment of NFTs on a single digital identity raises a host of hitherto unimagined benefits. As a result, potential value is unlocked and speculation may be brought under control in a less erratic and more stable market.

The restrictions must be adjusted and will be based on the rarity of particular assets and what you may do with them. Can they be upgraded? Can you construct on NFT land to increase its value? Should players be able to own an entire mountain, or can they only purchase plots? It will be entirely community-driven if gamers own everything, but creators should have some voice and may feel the need to impose restrictions.

It is likely that a DAO (decentralized autonomous organization) operated system, in which the entire globe is owned by members and NFT holders, is now being developed. However, it is unclear whether this will be sustainable without a rigid set of regulations.

establishing NFT financing

When you attempt to transfer an actual NFT to another user’s digital wallet, problems happen. You would want the loanee to post collateral to secure the loan because there is a danger of the loanee defaulting. This creates a capital cost that acts as a barrier to entry for a sizable number of potential players.

A preferable approach would be one in which the NFT’s utility, or “wrapped,” is the sole thing rented out. An NFT holder can put the asset in a smart contract, specify the loan terms, post it for rent on the market, and let the free market function as it should.

The wrapped NFT is a newly created copy that has the same metadata, URLs, and other characteristics as the original and can be programmed to expire after a specific date. By doing so, the human-trust layer is removed, and the remarkable security that blockchains offer is provided. In essence, this wrapped NFT is only useful and cannot be spent.

It expires, returns to the smart contract at the maturity date, and is burnt as the result of a frictionless, risk-free, and collateral-free NFT lending system. Additionally, if the loanee improves a piece of land or gives a character a lot more playtime, the original NFT might appreciate as a result of the loan.

The blockchain will be updated with these changes as a direct result of the wrapped NFT’s experience. Most NFT projects and protocols are moving in the direction of this methodology in the wake of the infamous Axie Infinity hack, which cost $600 million.

The rumor about large developers

Popular game producers will find it more difficult to avoid presenting some sort of product if current trends continue and the NFT lending sector experiences significant expansion over the following few years.

Ubisoft and Epic Games are already testing, and it’s feasible that NFTs may follow the same trajectory as the idea of cryptocurrencies in general, where everyone will eventually use elements of distributed ledger technology. The notion is that this will become too alluring for businesses to ignore, or they may employ private chains or something similar.

The play-to-earn buzz is not something that traditional gamers like, and they frequently have a point. The overall quality of the market is now relatively low, and players just play these games to earn cryptocurrency, so there isn’t much to get excited about. This has a detrimental effect because it was once hailed as the new paradigm.

The problem of people quitting a project because the value of the rewards has declined due to a token price fall is still there.

Some time may pass before those seeking a better future in NFT gaming. The profitability of large developers’ existing strategies won’t be simply abandoned in favor of a more decentralized NFT-based economy because doing so would undermine their economic model. However, seasoned creators may begin experimenting with already-existing in-game assets as NFTs, and they may profit greatly in this fashion.

Unless their bottom line is in danger or a highly lucrative opportunity arises, multibillion-dollar corporations often adapt slowly. Maybe both of these elements will be crucial in bringing about a change in how we handle digital assets.

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How Axie Infinity Recovers From $600M Hack and Relaunches New Ronin Bridge?

The popular non-fungible token (NFT) game Axie Infinity’s developer, Sky Mavis, celebrated the Ronin Bridge’s re-launch.

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Users may deposit, stake, withdraw money from the game, and access additional functions thanks to this cross-chain platform. In March 2022, the bridge’s remaining $600 million was drained.

Sku Mavis and the Axie Infinity team have been collaborating with law enforcement since the incident to retrieve the 173,600 ETH and $25.5 million in USDC. In this way, they have re-deployed the Ronin Bridge and compensated any users who lost money as a result of the attack.

All users have been fully compensated, as indicated in the release. Two outside firms, Verichains and Certik, have audited the new Ronin (RON) network. These businesses investigated the Ronin Bridge Smart Contracts and its components, then made their security findings public. Verichains reported

The audit team found certain weak points in the application during the audit process and made some recommendations as a result. The Sky Mavis team addressed and updated the smart contract code in accordance with our suggestions. There were no issues of Medium, High, or Critical severity with the Ronin Bridge Smart Contracts.

The updated architecture of the Ronin Bridge has added a new “circuit-breaker” feature in addition to the two independent audits of its smart contracts. This was specifically included to stop malicious actors from repeating the prior attack or making use of any potential new attack vector.

The corporation will reportedly make an effort to find the stolen monies, according to the notification. As previously announced, all users will be able to withdraw their funds in the interim:

As promised, all wETH and USDC that Ronin Network members own are now completely backed 1:1 by ETH and USDC on Ethereum. The entire user base has been restored.

This prevented the Axie Infinity DAO’s 56,000 ETH from being used. The condition of these assets will depend on how well law enforcement efforts go. The Axie DAO will “vote on next moves for the treasury” if this plan doesn’t produce any results after two years.

How Users Will Be Protected By Axie Infinity From Potential Attacks
The circuit-breaker system will function using a withdrawal restriction depending on total value. Large withdrawals will require the approval of over 70% of the node or, if they exceed $1 million, the signatures of 90% of the validators.

Withdrawals of more above $10 million require the approval of a manual review process that takes up to 7 days and requires the signatures of 90% of the validators. The daily maximum withdrawal amount on the new Ronin Network will be $50 million.

This limit must be manually reset by a Ronin administrator if network transactions exceed it. The project’s leadership stated:

We are more determined than ever to see Ronin establish itself as the de facto standard for consumer and gaming blockchain applications.

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