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NFT project partners with Afghanistan organization to help women get access to education

“This is a generation that grew up hopeful and dreaming about their future through educational opportunities,” said Women for Afghan Women’s U.S. country director Naheed Samadi Bahram.

Non-fungible token company Bookblocks.io has partnered with a New York-based organization to help women in Afghanistan have access to education amid the Taliban takeover.

Bookblocks.io announced it would be releasing a non-fungible token, or NFT, on Oct. 5 with the proceeds given to Women for Afghan Women, an organization which helps provide women access to education and vocational training in both Afghanistan and the United States. The artwork, inspired by American author Louisa May Alcott, features half a woman’s face covered by a single butterfly wing with the quote “nothing is impossible to a determined woman.”

When the Taliban took control of Afghanistan in the 1990s, they banned education for almost all women and girls. History has practically repeated itself as the extremist Islamist group seized control of the government following the withdrawal of the U.S. military last month, only advising men and boys to return to school so far. The country’s Deputy Minister of Education Zabihullah Mujahidwhile has cryptically said the Taliban plans to give women and girls access to education “as soon as possible.”

“This is a generation that grew up hopeful and dreaming about their future through educational opportunities,” said Women for Afghan Women’s U.S. country director Naheed Samadi Bahram. “We are committed to serving Afghan women and girls in Afghanistan and Afghan refugees arriving in the U.S.”

According to Bookblocks.io, 100% of the money raised from the sale of the NFTs will go towards Women for Afghan Women, with a 5% residual for each subsequent sale. The company plans to mint 2,200 copies of the NFT in recognition of the reported 2.2 million girls currently unable to attend school in Afghanistan. The price starts at 0.025 Ether (ETH), or roughly $75.54 at the time of publication.

Related: Helping Afghanistan: Organizations currently accepting crypto donations

Afghan women, risking death, beatings, and imprisonment, have continued to protest the Taliban’s stance not allowing them to attend school, both through social media messages and in-person demonstrations. Code to Inspire, a school aiming to educate Afghan girls on coding and robotics, is continuing online classes as the situation develops.

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101 Bored Apes NFT auction at Sotheby’s closes at more than $24M

Yuga Labs auctioned off collections of Bored Ape Yacht Club and Bored Ape Kennel Club NFT that generated $24 million and $1.83 million respectively.

The auction of Yuga Labs’ 101 Bored Ape Yacht Club (BAYC) collection has smashed through expectations with a winning bid of $24.39 million.

The auction closed on Sept.10 and was hosted by the prestigious auction house Sotheby’s which had earlier estimated the collection would fetch between $12 million and $18 million.

The bundle of non-fungibles consists of 101 Bored Apes and three M1 and three M2 “Mutant serum” NFTs. When a Bored Ape token is combined with an M1 or M2 serum, it enables the holder to mint a new Mutant Ape NFT that keeps the same traits of the original Bored Ape but depicts it in a mutant format.

Taking the serum NFTs out of the equation as they are usually airdropped for free to holders, each Bored Ape in the collection was valued at an average price of roughly $241,000 or 69.4 Ether (ETH) at the time of publication.

The figure tallies in well above the floor price for Bored Ape NFTs on the secondary market, with data from OpenSea showing a minimum price of 38.99 ETH, worth around $135,000.

Yuga Labs also auctioned off a 101 NFT collection of its side project Bored Ape Kennel Club that closed on the same day with a winning bid of $1.83 million, at a price of $18,150 per NFT. The figure fell within Sotheby’s estimate of $1.5 million to $2 million, and beat the floor price on OpenSea of 3.09 ETH or $10.700.

Delaware-based Yuga Labs launched the BAYC on April 30, and it has since become a highly popular and sought-after project. Figures such as NBA star Steph Curry aped in by paying 55 ETH ($191,000) for a Bored Ape NFT late last month. Metaverse gaming firm The Sandbox also snapped up a Bored Ape for a record price of 740 ETH ($2.57 million) on Sept. 6.

Sandbox’s NFT depicts a golden ape with laser eyes wearing a sea captain’s hat. In a Sept. 8 blog post the firm revealed plans to port BAYC NFTs into its metaverse as playable avatars.

“The Avatar collections find additional utility for their NFT holders within our gaming virtual world. Through the interoperability of NFTs, they will be able to turn 2D collectible image NFTs into 3D playable avatars that are animated, can run, jump, socialize, play games, and interact with their other peer Avatars in The Sandbox,” the blog post read.

Bored Ape NFT 3749 Avatar: (Source: The Sandbox) 

Related: OpenSea bug appears to have destroyed nearly $100K in NFTs

According to data from OpenSea, NFT sales volume on the secondary market cooled down in September, with top projects such as CryptoPunks, Art Blocks and BAYC all seeing declines in seven-day volume of 85%, 82% and 69% respectively.

Only one NFT project out of the top 20 has seen an increase in seven-day volume, with Vine co-founder Dom Hofmann’s Loot (for Adventures) NFTs seeing an increase of 8.42%.

NFT sales volume: OpenSea

Data from Dune Analytics also shows that NFT floor prices are on a downward trend of late, dropping from 1.02 ETH on Aug. 30 to sit at around 0.40 ETH on Sept. 9. However, this doesn’t necessarily indicate a bearish trend for the NFT sector, as the price can be impacted by new projects emerging on the market that sell for lower prices.

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Russian State Hermitage raises $440K via Binance NFT auction

Da Vinci’s artwork has received the highest bid at 150,500 BUSD in the Hermitage’s first NFT auction on Binance.

Despite the Russian state maintaining a mostly unfriendly stance on cryptocurrencies like Bitcoin (BTC), a major state-backed museum is benefiting from the industry by raising hundreds of thousands of dollars with nonfungible tokens, or NFTs.

The Russian State Hermitage Museum, the largest museum in the world, has finished its first auction on the NFT platform by Binance — the world's largest crypto exchange — selling five tokenized collectibles depicting masterpieces from artists like Leonardo da Vinci and Vincent van Gogh.

The auction included five NFT copies of Hermitage-hosted artworks, including Wassily Kandinsky’s "Composition VI," Giorgione’s "Judith," Da Vinci’s "The Madonna and Child," Claude Monet’s "Corner of the Garden at Montgeron" and van Gogh’s "Lilac Bush."

According to data from the Binance NFT platform, the Hermitage’s auction has generated a total of more than $444,000 worth of Binance USD (BUSD), a U.S. dollar-denominated stablecoin operated by Binance.

The auction’s highest bid went to "The Madonna and Child," with the winning bidder placing a 150,500 BUSD bid to buy the digital representation of the famous artwork.

Source: Binance NFT

As previously reported by Cointelegraph, all proceeds from the NFT auction will go to the Hermitage. When announcing the NFT sale plans in July, the Hermitage said that its legal department was working with legal consulting company LFCS to create and sell NFTs using a model that “fully complies with Russian legislation.”

Related: Master-pieces: Swiss bank issuing NFT shares in Picasso painting for $6K each

Meanwhile, payments in cryptocurrencies like Bitcoin are far from being legally accepted in Russia. Earlier on Tuesday, Dmitry Peskov — the official representative of Russian President Vladimir Putin — reiterated that Russia has no reason to recognize Bitcoin as legal tender, as this would be detrimental to the country’s financial system. Russia officially prohibited residents from making payments in cryptocurrencies like Bitcoin as part of its crypto law, “On Digital Financial Assets,” in January.

A spokesperson for the Hermitage did not immediately respond to Cointelegraph’s request for comment.

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Nifty News: Dolce & Gabbana’s historic NFTs, ’26 minute’ CryptoPunk flip, FTX spammed

People on Twitter were accusing Pranksy of wash trading a CryptoPunk NFT, Dolce & Gabbana is auctioning luxury NFTs to “approved bidders” and FTX was spammed with tokenized fish.

Dolce & Gabbana knocking on the Dior of NFTs

Luxury Italian fashion house Dolce & Gabbana is entering the NFT sector with a nine-piece collection of tokenized fashion pieces in collaboration with the Polygon-based UNXD marketplace.

The firm was founded by designers Domenico Dolce and Stefano Gabbana in 1985 and has since evolved into a multinational giant that offers high-end fashion items for eye-watering prices.

Dubbed “Collezione Genesi” the collection consists of nine one-of-one NFTs that are up for auction starting Sept. 20. The NFTs depict illustrations and digital art of garments designed by Dolce and Gabbana, which can be utilized as wearables in an unspecified metaverse.

Ordinary NFT fans won’t be able to ape into this one as the firm is only allowing “approved bidders” to participate in the exclusive auction. The firm tweeted on Sept. 7:

“This is a celebration of human artistry and craftsmanship. Of what humans can do that machines simply cannot on their own. These creations, both digital and physical, are magical. They took thousands upon thousands of hours to craft. They will 100% end up in a museum one day.”

While details are sparse at the time of publication, the firm has hinted at long-term ambitions in the NFT space after stating that it will unveil an “exciting roadmap” next week.

“As with all successful NFT projects, this debut collection is not where the story ends, but where it truly begins. Winning collectors/hodlers can also be assured there will be more exclusive surprises for them in the future,” the firm said.

Temporary CryptoPunk mystery

There were reports this week that well known NFT whale Pranksy held a CryptoPunk NFT for just 26 minutes before selling for a $1.23 million profit.

Web Smith, a writer for online publication 2PMinc highlighted the half hour NFT trade via Twitter on Sept. 6 and noted that:

“If you went to school to specialize in wealth management or finance, you are likely paralyzed by this moment in time.”

The NFT in question is CryptoPunk 6275 which depicts a green zombie with a mohawk. Its transaction history shows that Pranksy bought the NFT for 1,000 Ethereum (ETH) worth $3.89 million on Sept.4.

Smith’s claim that the CryptoPunk was held for 26 minutes appears to be mistaken, as the transaction data shows that Pranksy held the NFT for six hours before selling it for $5.12 million later that day.

In response to Smith’s post, various users accused it of being a wash trade to pump the price of the asset. CoinGeek founder Calvin Ayre — who thinks everything is a scam and is rich enough to make defamatory accusations without any evidence — questioned whether it was “to manipulate the market or launder money, or both… that is the only real question.”

Pranksy himself posted about the trade via Twitter on Sept. 5, and emphasized that liquidity is key when dealing with NFTs:

Rakuten to launch NFT marketplace

Japanese e-commerce giant Rakuten is set to launch an NFT marketplace in the spring of 2022.

The Rakuten NFT marketplace will follow a similar route to Jack Ma’s Alibaba-based NFT platform, as it is aimed at enabling IP holders to sell their tokenized content from categories such as sports, entertainment, music and anime.

Along with ecommerce, Rakuten also provides services in sectors such as fintech, telecommunications and entertainment. The firm has stated that the new NFT marketplace will be linked to its other services, with users being able to acquire NFTs as prizes or rewards related to other products and services. There are also plans to enable users to redeem Rakuten points when trading on its NFT marketplace.

Rakuten is no stranger to crypto and blockchain tech, and Cointelegraph reported in March that the firm integrated its digital wallet with its e-commerce platform to enable customers to use Bitcoin for online shopping payments.

Related: 1inch Network sponsors crypto-themed animated NFT series

FTX spammed with fish

Following the launch of FTX’s new NFT marketplace, the platform was spammed with so many pictures of fish that it temporarily changed its NFT submission fee to $500.

Founder and multi-billionaire Sam Bankman-Fried tweeted on Sept. 6 that ”due to the massive number of submissions, too many of which were just a picture of a fish, we are now charging a one-time $500 fee to submit NFTs.”

In response to the move, a significant number of users pointed out that the expensive fee structure will deter people from using the platform while highlighting that there are cheaper alternatives on the market.

It appears that Bankman-Fried was responsive to the concerns of the community, and revealed on Twitter that the platform removed the $500 fee, and instead will charge a flat $10 per minted NFT.

Roundup

In rare NFT FUD, the NFL has reportedly barred all teams and members from crypto-related sponsorships and advertisements, as well as nonfungible token (NFT) sales until the league establishes a strategy “for sports digital trading cards and art.”

Cointelegraph reported on Sept.6 that Lobby Lobster NFTs depicting cartoon lobsters in suits raised more than $4 million to support lobbying efforts supporting the decentralized finance (DeFi) sector.

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3 reasons why Polkadot could be the next altcoin to hit a new all-time high

Rising trading volume, investor excitement over the upcoming parachain auctions and the success of KSM, have investors looking at DOT as the next altcoin to hit a new high.

Layer-1 smart contract platforms increased their market share throughout August after the Ethereum network London hard fork did little to solve the major issues of high transaction fees and network congestion. 

One top-10 protocol that has been gaining momentum, but has yet to experience a significant price breakout to new highs like some of its competitors is Polkadot (DOT), a multichain protocol focused on facilitating the creation of cross-chain bridges between separate blockchain networks.

Data from Cointelegraph Markets Pro and TradingView shows that after bottoming out at $10.36 on July 20, the price of DOT increased 205% to an intraday high at $31.70 on Aug. 31 as the chatter of an impending altseason begins to rise.

DOT/USDT 4-hour chart. Source: TradingView

Three reasons for the increasingly bullish outlook for DOT are its upcoming parachain auctions, a rapidly growing ecosystem of projects interested in launching on the network and a steady increase in daily trading volume.

Parachain auctions excite the community

One of the biggest drivers of momentum for the Polkadot ecosystem is the upcoming parachain auctions where projects vie for community votes to obtain one of the limited slots available to launch on the network.

Polkadot’s “wild cousin” Kusama has been in the process of conducting its auctions, with the first batch having been chosen at the end of July and the second batch of auctions scheduled to begin on Sep. 1.

As part of the parachain crowdloan process, users vote for projects by locking up DOT tokens for a designated term as a way to bootstrap funding for projects that are chosen to fill one of the limited slots.

This has the effect of reducing the circulating supply of tokens available adding pressure on the price of DOT. The Polkadot network will undergo its own parachain auctions once all auctions are complete on the Kusama network. The process has been fully audited and to date, the Kusama-bas parachains are running smoothly.

An entire ecosystem of projects are competing for a parachain slots

Another reason for the recent strength of DOT is the large number of projects interested in obtaining a parachain slot and launching on the network.

Polkadot ecosystem. Source: PolkaProject

As evidenced by the graphic above, the Polkadot ecosystem has seen extensive growth in terms of protocols and supporting infrastructure over the past year and this is outmatched by only a small number of competing networks in the space.

With the Polkadot parachain auctions expected, it’s likely that the ecosystem will continue to expand and welcome new projects and proof of this comes from the fact that the Kusama parachain process has thus far been a relatively smooth .

Related: Will Polkadot save decentralized finance from Ethereum’s scaling problems?

24-hour trading volume on the rise

A third reason for the bullish outlook for DOT has been its surging 24-hour trading volume which is now back at levels not seen since the market-wide sell-off in late May.

According to data from CoinMarketCap, DOT's 24-hour trading volume surged more than 300% on Aug. 31 to a high of $5.41 billion as anticipation for the upcoming Kusama parachain auctions excited the Polkadot investors who view KSM's success as a proxy of what can occur with DOT price.

If the Kusama network can continue the smooth rollout of its auction process and clear the way for the process to begin on the Polkadot network, the demand for DOT could rise and this could translate to higher prices for the asset. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Fetch.ai launches NFT platform for AI-generated art

Artificial intelligence could provide nonfungible token creators with a more streamlined approach for creating and selling their digital art.

Blockchain artificial intelligence lab Fetch.ai has launched a new NFT marketplace for AI-generated art, giving users the ability to create digital collectibles in a collaborative setting through machine learning technology. 

The new platform, dubbed Colearn Paint, allows groups of creators to automatically generate and collectively own NFTs designed by a machine learning algorithm. The platform is geared towards “abstract compositions,” according to Humayun Sheikh, CEO of Fetch.ai, who cited “collective learning” as a major trend for the future.

Collective learning is a concept within artificial intelligence that describes the application of deep learning algorithms to data and privacy.

Users of Colearn Paint will be taken through a three-step process for creating randomly generated NFTs. The first step entails bidding through a dutch auction to participate in the collective learning process. The winning bidders will input a “randomness pattern” and select art from the prearranged AI-generated options. The final step is the creation and sale of the NFT, which will allow users to distribute the profits among themselves.

Related: Fetch.ai (FET) hits a 2-year high after DeFi integration and Bosch partnership

NFTs have emerged as one of the most popular blockchain use cases, with investors and venture funds keen to back this so-called future of creativity. Several high-profile NFT marketplaces have launched this year, each with its own focus and desired utility. The nascent industry has truly hit its stride in 2021, with NFT sales topping $2.5 billion in the first half of the year.

As Cointelegraph reported, credit card giant Visa recently made a splash in the NFT space by purchasing a CryptoPunk for $150,000. In June, a CryptoPunk NFT sold for $11.8 million on Sotheby’s auction house. Fetch.ai believes that AI-generated art options could steer the direction of the NFT market by giving users a more streamlined process for creating and monetizing digital abstractions.

Related: Mark Cuban-backed Alethea AI closes $16M private token sale

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Minting, distributing and selling NFTs must involve copyright law

Nonfungible tokens would be problematic without the validation and verification of copyright ownership in the NFT-minting process.

Everyone is wild about nonfungible tokens (NFTs). The first half of 2021 alone saw NFTs from Andy Warhol, NFTs of the code for the World Wide Web, the first-ever Tweet and, of course, the famous $69 million NFT sale of Beeple’s “Everydays.” Whether this explosive rise of NFTs is a flash in the pan or the future of art and beyond is a hot topic of conversation. An emerging theme from that conversation is whether NFTs have a copyright problem. Copyright is engaged throughout the NFT process, but there is nothing inherent in an NFT itself to ensure that copyright rules are respected (or even considered).

The story of blockchain development in the cryptocurrency space is one of struggle against centralization and regulation. Cryptocurrency maximalists envision a “democratized” financial system, free from legislative control. NTFs grew out of this space and share some of this tendency to decouple from established institutions. With this decoupling of NFTs and copyright law, significant problems arise that affect both the purchasers of NFTs and the artists that create them.

Related: Nonfungible tokens from a legal perspective

Copyright problems

The first problem is ownership. Transferring an NFT does not — on its own — convey any property rights in the digital file linked in the NFT or any of the intangible rights associated with the artwork. Just like owning a painting does not give the owner the right to make copies of the painting, the owner of an NFT does not share in any of the exclusive rights that belong to the owner of the copyright in the associated work.

In many cases, owning the NFT does not even guarantee ownership of the digital file covered by the NFT (like the JPG of Beeple’s “Everydays”), which is not typically contained in the NFT. Instead, the NFT contains a link to the location where the digital file resides on an internet server. To mint an NFT, the minter stores a copy of the digital file on a server and then creates a blockchain token that contains a link to that file. If the hosting service closes its doors, the NFT will point to a dead link.

Second, the process of minting NFTs presents copyright problems for both copyright owners as well as NFT purchasers. Purchasers see the NFT as an imprimatur of authenticity, but anyone can mint an NFT of any digital file. Minting an NFT typically involves storing a copy of the digital file on a server, but only the owner of the copyright in the underlying work can make copies of that work. So, unless an NFT is minted by the copyright owner (or someone operating with their permission), the act of minting the NFT is an infringement of copyright. The promotion and sale of that NFT would likely involve additional infringements.

Unauthorized NFT minting is not just the result of malicious actors, either. A misunderstanding about copyright can lead to NFTs being minted without the proper permissions. As an example, the owners of a physical drawing by Jean-Michel Basquiat had intended to mint an NFT of the drawing until the Basquiat estate stepped in to point out that the owners of the drawing were not the owners of the underlying copyright.

Larger auction houses, like Christie’s and Sotheby’s, will offer assurances of an NFT’s provenance that is backed by their history and expertise. But most people aren’t buying their NFTs from established auction houses. Online NFT marketplaces like Rarible and OpenSea cannot verify that each NFT offered for sale was minted with the proper permission.

Related: Hot July at Christie’s: Over $93M in NFT sales and Art+Tech Summit 2021

The widespread distribution of unauthorized NFTs also weakens confidence in them, in general. If NFTs are to fulfill their potential as a new vehicle for building and exchanging the inherent value of creative works, the worlds of NFTs and copyright will need to start working together.

Potential solutions

The solution to these problems lies in bringing non-crypto expertise together with NFT development. Combining copyright knowledge with NFT development will lead to NFT solutions that understand, respect and leverage copyright law. One of the long-term potentials for NFTs is as a form of copyright ownership, and some firms are working toward marrying the worlds of copyright and crypto.

Related: Nonfungible tokens: A new paradigm for intellectual property assets?

One solution is to limit NFT sales to specialized auctions that deal with a limited number of NFTs. Firms that operate under this model limit NFT sales to auctions they control. These NFTs are curated and vetted by experts in advance. This solution solves the provenance problem with specialized expertise, but at the cost of accessibility for both artists and purchasers.

Validating and verifying copyright ownership must be a part of the NFT-minting process — for example, by bringing human beings into the minting process to gather evidence and support that serve as a package of proof that the person minting the NFT has the necessary permissions to do so. This package of proof is then stored online, and the NFT provides a link to the supporting documents. NFTs minted in this way are portable and can be sold and exchanged on any Ethereum-compatible NFT marketplace. In this way, artists are protected from unauthorized minting and purchasers can be sure that they are acquiring an NFT that has been responsibly minted by the authorized owner of the copyright.

Related: NFTs are a game-changer for independent artists and musicians

Bringing NFTs and copyright law

NFTs were conceived as digital assets, unique pieces of code that could hold value as a result of their scarcity. As the uses for NFTs expanded into the world of art and creativity, the ambitions for NFTs outpaced considerations of the legal consequences.

The technical process for minting, distributing and selling NFTs involves copyright law implications that have not been fully addressed. Without proper consideration for how copyright law applies, NFTs become problematic for both creators and consumers. In response, new firms are already emerging with solutions. Bringing copyright law expertise to bear on the creation and sale of NFTs will begin to solve these copyright problems and pave the way for NFTs to reach their full potential.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Harsch Khandelwal is the CEO at Ureeqa, a blockchain-based platform for protecting, managing and monetizing creative work. Harsch is an engineering gold medalist from the University of Waterloo and an Ivey scholar from the Richard Ivey School of Business. Over the past 20 years, he has built and managed companies in diverse industries, including technology, real estate and private equity.

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Kusama network set to launch its next five parachain auctions

The Kusama Council is set to announce a further five parachain auctions after a successful $450 million TLV in the first round back of June 2021.

Kusama is a platform that acts as a test environment, or a so-called “canary network,” for developers to experiment and determine the efficiency of their blockchain code and applications prior to their official release on the Polkadot network. 

Due to the trial-and-error nature of Kusama, developers can benefit from a less stringent governance framework, as well as lower staking requirements than they would experience on Polkadot.

Following the debut success of its parachain auctions back in June of this year, the Kusama Council is set to approach a further five auctions scheduled for the coming weeks.

Parachain auctions on Kusama adopt a rare historical method of auction analysis called the candle method, whereby users will bid during a fixed allocated auction time, staking their Kusama (KSM) tokens for their favored project. The winner of the auction is the project who receives the greatest funding total.

In the modern era, retail consumers will be familiar with this hourglass approach through its application in the bidding process on e-commerce platform eBay.

However, this method also comes with flaws. Most notably, the issues of front-running, which encourages characteristics of insider knowledge, and last-minute bidding wars skew the dataset since every bidder knows when the time will run out.

With the supplementation of blockchain technology, the case for candle auctions — as addressed in research at the Web3 Foundation this year — is two-fold: “front-running and the presence of smart contracts among bidders.”

Although bidding participants know the times of the start and end block, they do not know the time of the crucial termination block with the five-day ending period. This ensures that no participant can predict when the auction will be terminated, granting each project an equal shot at acquiring value.

The first parachain slot auction of this new round, and the sixth overall, will begin on Sept. 1. The initial bidding period will last for two days, followed by a five-day ending period. In total, five auctions will occur over a five-week period, with a scheduled pause to evaluate the network’s performance.

The auction times are scheduled for 12:00 pm GMT on Sept. 1, 8, 15, 22 and 29.

For the first round of parachain auctions between June 15 and July 20, 18 independent teams have registered to participate in the crowdloan campaign, receiving funding from almost 20,000 unique accounts that contributed to a total of over 1.3 million KSM (roughly $450 million).

Crowdloaning is a mechanism designed to promote decentralization across parachains by distributing tokens to users in return for their staked assets. The method draws similarities to liquidity mining on Ethereum, whereby participants can receive token grants from their favored decentralized finance project.

If a crowdloan campaign is successful, that parachain will be on-boarded to the Relay Chain, and the collective tokens will be locked in that parachain’s account for the entire duration that it is active.

In the case of the debuted five auctions, the majority of the slots were overpaid for, a positive marker for decentralization and the sharing of individual project value.

Cryptocurrency exchange Kraken announced its support of the parachain auctions, allowing customers to stake Kusama’s KSM tokens on its platform.

Of the teams involved, it was decentralized exchange platform Karura that took the top spot, registering an initial total value locked of over 500,000 KSM, valued at $90 million at the time of writing. The platform then advanced to launch on both Polkadot and Kusama the following month. Other notable auction successes were Moonriver and Shiden, which received over 205,000 KSM and 138,000 KSM, respectively.

Crowdloaning contributions of the three leading projects across a daily basis. Source: Polkadot

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British Auction House Christie’s to Auction Cryptopunks, Meebits, Bored Apes NFTs

British Auction House Christie’s to Auction Cryptopunks, Meebits, Bored Apes NFTsThe well known luxury auction house Christie’s has announced the company’s first non-fungible token (NFT) art sale in Asia on September 17. According to the announcement, the NFTs will feature Cryptopunks by Larva Labs, Meebits, and Bored Apes. Christie’s Reveals First NFT Auction in Asia Founded in 1766 by James Christie, the British auction house […]

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Oscar Mayer auctions one-off pack of ‘Hot DOGE’ Wieners

Oscar Mayer is auctioning off a one-of-one pack of “Hot Doge Wieners” on Ebay, with bids hitting $3050 before bidding was paused

American manufactured meat company Oscar Mayer is auctioning off a one-of-one pack of “Hot Doge Wieners” on Ebay.

The limited edition pack of Dogecoin themed wieners includes 10 sausages and a picture of the beloved Shiba Inu dog on the packaging, along with the “cash equivalent” of 10,000 Dogecoin (DOGE).

The auction is set to close on Aug. 7 however the listing has been temporarily taken down with the firm noting on Twitter today that “you guys really took this to the moon. The link is down but will be up soon!”

During the initial hours of bidding, Redditors in the r/dogecoin community spotted a bid of $3050 during the auction. That might seem like a lot considering the “collectors item” has a maximum shelf life of three months (if stored in a freezer) — and the winner needs to allow “3-5 weeks for delivery”. However the cash value of 10K DOGE is just over $2000, so that’s only $1050 for the chance to own some perishable hot "doges".

The auction is part of Ebay’s Auctions for Charity, and all of the proceeds from the sale will go to the food bank and hunger relief organization Feeding America. Oscar Mayer’s profile picture on Twitter currently contains a picture of Doge wearing Oscar Mayer shades.

Oscar Mayer’s charity efforts and DOGE-themed marketing campaign come at a time when the number one memecoin is struggling to recover from the crypto downturn which began back in May. DOGE hit an all time high of $0.73 on May 8 and has since declined by more than 70% to around 20 cents according to data from CoinGecko.

While the price of DOGE has struggled of late, another memecoin backed by a Reddit community has taken the lead on price. The price r/CryptoCurrency Moons (MOON) coins has increased by 112% over the past week, going from $0.16 on July 29 to $0.34 as of today.

While it's worth more than DOGE technically, it'll take a monumental shift to officially usurp the throne from DOGE, as MOON had a 24-hour trading volume of $79,000 compared to $931 million for Dogecoin.

Related: Brand executive posts discounted Utah home listing for Dogecoin

Oscar Mayer joins a long list of popular brands that have jumped on Dogecoin promotional bandwagon. Cointelegraph reported on July 20 that male grooming product manufacturer Axe launched a limited run of body spray cans dubbed “Dogecan”.

Other firms to join in on the fun include Slim Jims, Snickers and Milky Way, all of which celebrated Doge Day on April 20.

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