![Yuga Labs’ Acquisition of Proof Fuels Moonbirds NFT Sales Uptick Yuga Labs’ Acquisition of Proof Fuels Moonbirds NFT Sales Uptick](https://static.news.bitcoin.com/wp-content/uploads/2024/02/mbvvv67-768x432.jpg)
The native altcoin for a gaming-focused non-fungible token (NFT) marketplace surged more than 35% in a 24-hour period this week, defying the overall crypto market doldrums. Prom (PROM) bills itself as a “decentralized, confidential, and safe” ecosystem for exchanging and renting NFTs. The project’s native token, PROM, is up 36.3% in the past 24 hours […]
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"Never surrender!" the former U.S. President wrote.
Former 45th U.S. President Donald Trump is launching a third nonfungible tokens (NFT) drop center around the theme of his ongoing criminal indictments.
According to the December 12 announcement, dubbed "MugShot," the trading cards are purchasable via either credit card or Wrapped Ether (wETH) and are not transferrable until December 31, 2024. Users will need to provide know-your-customer (KYC) information to purchase the NFTs, even if they choose to pay with crypto. In explaining the rationale behind the collection, developers wrote:
Priced at $99 each, users who purchase 47 or more digital trading cards are eligible to receive "a piece of the president's ACTUAL suit from his famous mugshot & dinner at Mar-a-Lago with the [former] President." This is Trump's third NFT drop following previous successes. Melania Trump, former First Lady of the United States and wife of Donald Trump has also previously launched an NFT collection.
With a major rally expected sometime in 2024, industry watchers have shared the top signals they look for to indicate when crypto has reached peak euphoria.
Celebrities hocking nonfungible tokens (NFTs), big-budget crypto ads, and mainstream brands adopting crypto slang — these are the signs to watch for during the next bull market that could indicate a peak, according to crypto analysts.
The crypto industry is expected to see a major rally in 2024. In the past 90 days alone, Bitcoin (BTC) has surged to clock in a 74% price increase. Some analysts expect the next Bitcoin all-time high to come in late 2024.
But are there ways to indicate when the next bull market peak will come? Analysts think there is.
The protocol will expand to liquid staking and layer-2 solutions while retaining its NFT lending services.
Despite rebranding to Parallel Finance for a greater focus on the decentralized finance (DeFi) ecosystem, the nonfungible token (NFT) lending protocol ParaSpace will continue to focus on its core product amid sector woes.
In a conversation with Cointelegraph, Yubo Ruan, founder and CEO of ParaSpace (now Parallel Finance), explains that the protocol uses a combination of diversified liquidity pools, dynamic loan-to-value ratios, and price-discovery partnerships to mitigate the risks associated with high volatility, which can often result in a lack of bidders on the underlying asset.
"Despite the market downturn, we believe NFT margin lending remains viable," said Ruan.
During the past year, NFT trading volume has plunged by 99% from its peak in May 2022, although there have been signs of stabilization with blue chip collections. "Also, we're looking at the evolution of soulbound tokens that serve as non-transferable proofs of experience, skill, and reputation."
As the protocol rebrands to offer a greater variety of DeFi services, Ruan says the two main focuses are liquid staking and Parallel L2.
"Users receive a tradable derivative token, representing their staked investment, which can be traded or used like other crypto tokens. This approach addresses the typical liquidity challenge in staking, allowing users to engage in other investment opportunities without un-staking their assets."
Ruan founded ParaSpace in 2022.
We are still working in our SF office.
Bioniq operates on the Internet Computer Protocol, tapping into native Bitcoin integration to ease the network congestion and high fees associated with Ordinals inscriptions.
A new Bitcoin nonfungible token (NFT) marketplace aims to reduce network fees associated with the advent of Bitcoin Ordinals inscriptions by tapping into the Internet Computer Protocol (ICP).
Developed off the back of the creation of Bitcoin Ordinals in early 2023, Bioniq operates on the ICP and taps into its native Bitcoin integration to power the trade of Bitcoin-based Ordinals inscriptions.
Speaking to Cointelegraph on the eve of the platform’s launch, Bioniq CEO and co-founder Bob Bodily said the project has been in development since February 2023. The team has built a marketplace featuring Ordinals smart contracts auctions on the ICP, a complete cross-chain wallet between Bitcoin and the ICP, as well as an inscription tool.
“It had only been two weeks after Casey Rodarmor released Ord 0.4.0, and I knew Ordinals were going to be absolutely massive.”
The Bioniq team highlighted the growth in the market capitalization of BRC-20 tokens since their inception in Jan. 2023. The market cap now exceeds $3 billion, with over 42.6 million Ordinals minted to date. This has directly affected Bitcoin network congestion, leading to a spike in Bitcoin (BTC) transaction fees last seen since 2021.
Bioniq’s platform features a smart wallet for users to manage private keys using Web3Auth. This allows users to log into the platform using conventional Web2 Google accounts while maintaining noncustodial control of their wallets and assets.
The platform also uses partially signed Bitcoin transactions (PSBTs) through the ICP’s Bitcoin network integration. This unlocks smart contract capabilities for Bitcoin, removing the need for users to use centralized cross-chain bridges.
Building on ICP also allows Bioniq to claim transaction finality times below two seconds, as well as zero gas or network fees. Its architecture provides optimized storage costs, averaging around $5 per gigabyte of data stored annually.
Bodily added that Toniq, the studio behind Bioniq, has been developing on the ICP since May 2021 and has extensive experience building smart contract wallets, marketplaces, NFT launchpads and collateralized NFT lending protocols:
“ICP is a fantastic Bitcoin sidechain right now because it has wonderful Bitcoin primitives at the protocol layer.”
Bodily explains that ICP operates a Bitcoin light node running fully on-chain, which facilitates reading the Bitcoin blockchain via native smart contract calls. The ICP also has a threshold digital signature algorithm, known as an Elliptic Curve Digital Signature Algorithm. The implementation allows ICP smart contracts to sign layer-1 Bitcoin transactions and broadcast them to the mempool.
“These protocol primitives also enabled us to build an Ordinals wrapper entirely at the application layer; we didn’t have to touch the consensus layer of the protocol at all. So it is very fast to build Bitcoin tech on ICP right now,” Bodily added.
Cointelegraph also inquired whether Bioniq’s wrapping process could be a potential barrier to entry for users. Bodily admits that while the process is largely automated by the Bioniq wallet and only requires BTC, there are two considerations that are pertinent for more discerning users.
“Wrapping requires a Bitcoin transaction. This means you have to pay in order to wrap. This is a significant barrier. One way we are addressing the problem is by integrating open Nostr PSBT listings into Bioniq,” Bodily explained.
This integration means that PSBT listings stored on Nostr through decentralized Ordinals marketplaces OpenOrdex or Deezy Place will be accessible on Bioniq. He added that it removes the need to wrap Bitcoin transactions, as users could list directly on Bioniq using open PSBTs.
Perhaps more importantly, Bodily explained that the wrapping process requires “trust assumptions” on both protocols:
“Wrapping over to ICP means in addition to trusting Bitcoin, you are now trusting the Internet Computer Protocol. Some Bitcoin users won’t want the counterparty risk of bridging assets to another chain.”
Bodily adds that Bioniq is focusing on developing user experience ahead of inheriting Bitcoin’s security, which is ensured by the finality of layer-1 transactions. However, he envisions a “nice decentralization path” for applications like Bioniq.
This would involve the evolution from being built on a sidechain with additional trust assumptions to “becoming a Bitcoin sovereign rollup on ICP that is trust minimized.” The final step would see Bioniq becoming a Bitcoin zero-knowledge rollup (ZK-rollup) on the ICP with no additional trust assumptions, inheriting the full security and decentralization of Bitcoin.
“ICP fits perfectly into this plan as well because ICP can provide a replicated execution environment (decentralized sequencer) or validium (extra off-Bitcoin storage for rollups).”
A number of NFT marketplaces already offer Bitcoin Ordinals auctions and trading, which begs the question of what an exclusively Ordinals platform will bring to the ecosystem.
Bodily believes that existing offerings that featured “softer pivots” to Ordinals on their platforms were hamstrung by confusing user experiences. Developing a “dedicated Bitcoin Ordinals marketplace, built for Bitcoin users natively” hinges on developing a native cross-chain, BTC-ICP wallet.
In addition, Bitcoin’s unchallenged position as the preeminent and largest cryptocurrency by market cap remains another drawcard for the continued interest in Bitcoin NFTs into the future.
“If you look at the numbers, 89% of people in the world have heard about Bitcoin, Bitcoin accounts for around 50% of the total crypto market cap, and Ordinals have done over $500 million in volume this year — so there is massive demand.”
Bioniq joins the likes of Ordinals Market as a Bitcoin-only Ordinals marketplace. Gamma is another Ordinals marketplace that directly mints to Bitcoin’s layer-1 chain. Ordswap was an early Ordinals marketplace that has since closed down after losing control of its website to hackers. Meanwhile, multichain platforms like Magic Eden prominently list Bitcoin Ordinals NFTs.
Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon
The DAO previously proposed a lawsuit against Azuki creator Zagabond over a dilutive $39 million NFT minting that took place in June.
Azuki DAO, an unofficial community decentralized autonomous organization surrounding the namesake nonfungible token collection, has announced its rebranding to “Bean" as it drops a proposed lawsuit against the NFT collection’s founder, Zagabond, over a $39 million minting affair.
In a statement sent to Cointelegraph, Azuki developers said the DAO will rebrand into a memecoin project and become part of the Ethereum layer-2 Blast ecosystem. Developers also claims that Bean has also secured $10 million from “prominent investors” for its development and acceleration within the Blast ecosystem.
The proposed Bean memecoin will have a total supply of 1 billion. Forty percent of tokens are allocated to its treasury, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond. Minting is only available to Azuki NFT holders, who must do so within 24 hours of the token’s launch or face “token burn.”
The Azuki NFT collection represents 10,000 anime-themed profile pictures (PFPs). In June, a second series of 10,000 PFPs in the Azuki collection, dubbed “Elementals,” was released by Zagabond. Immediately after release, however, users noticed the close resemblance of Elemental PFPs to Azuki PFPs, thereby leading to the dilution of the latter through an increase in supply.
The price of Azuki NFTs reportedly fell 44% in the immediate aftermath of Elementals’ release. The move also triggered a community lawsuit proposal launched by Azuki DAO against creator Zagabond.
“Detailed information on financing and a roadmap for future developments will be disclosed shortly,” developers wrote.
Godspeed @cz_binance pic.twitter.com/jIaCj43sx8
— ZAGABOND.ETH (@ZAGABOND) November 21, 2023
Related: AzukiDAO proposes to recover 20,000 ETH from Azuki founder ‘Zagabond’
Explore the evolving world of NFT DApps: decentralized, blockchain-powered applications revolutionizing digital ownership and creative monetization.
The synergy between NFTs and DApps creates a dynamic ecosystem where digital ownership, decentralized finance and programmable assets converge, offering innovative solutions across various industries.
Decentralized applications (DApps) and nonfungible tokens (NFTs) are two important components of the blockchain and cryptocurrency ecosystems. Despite their disparate functions, there are several instances in which they coincide and enhance one another.
For instance, NFTs can be used in DApps to signify ownership or access privileges for both real and digital assets. DApps can tokenize unique goods, such as in-game assets, digital art or real estate, by utilizing NFT standards such as ERC-721 or ERC-1155.
NFTs are frequently used to represent in-game assets in gaming DApps. These assets are tradeable and buyable on secondary markets, which improves the idea of genuine ownership and compatibility across many virtual worlds or games.
Moreover, DApps built specifically to create, manage and trade digital valuables have become popular due to the rise of NFTs. Tokenizing their creations allows artists and content creators to produce one-of-a-kind digital assets that consumers can purchase, sell and own. This has given creators new opportunities to interact directly with their audience while providing collectors with a safe and verifiable method of obtaining digital asset ownership.
The programmable nature of smart contracts reinforces the convergence between DApps and NFTs. Smart contracts can be used by DApps to automate a number of NFT-related tasks, including content licensing, royalty distribution and even the implementation of dynamic features inside the NFT itself. The increased programmability of NFTs in decentralized applications improves their usefulness and functionality.
Related: The different types of NFTs: A beginner’s guide
Blockchain-based applications that integrate nonfungible tokens are known as NFT DApps. Using such apps, users can create, purchase, sell and trade original digital products, such as artwork, collectibles and in-game items. NFT DApps empower gamers, artists and content creators by utilizing the transparency and security of blockchain technology to transform ownership.
The importance of NFT DApps lies in providing a decentralized marketplace, fostering peer-to-peer transactions, introducing innovative ownership forms, disrupting established sectors and democratizing access to the global digital economy.
NFT DApps encompass a diverse range of platforms, each tailored to different facets of the digital and blockchain landscape.
Artists tokenize their works as NFTs on platforms like OpenSea and Rarible, which act as marketplaces for people to purchase, sell and exchange their original digital assets. As centers of the emerging digital art scene, these platforms enable artists to claim ownership and value within the blockchain ecosystem.
NFTs are used by DApps such as Decentraland and CryptoKitties to represent in-game objects, characters or items. These assets can be bought, sold and traded, creating a thriving virtual economy. The convergence of blockchain technology with gaming has resulted in the development of innovative concepts like play-to-earn, which allows users to earn money by engaging in blockchain-based games.
Platforms for virtual real estate give NFTs a distinctive spin. In addition to developing and making money off of their virtual real estate, users can buy, sell and trade virtual land and property. This novel idea has sparked interest in user-owned, decentralized virtual worlds and raised the possibility of a new era in digital property rights.
Marketplaces like Foundation and Mintable are an essential part of the NFT ecosystem, which provide artists and producers with the means to mint their NFTs and present them to a worldwide audience. These platforms act as intermediaries, bringing together creators and fans and fostering the general expansion of the NFT industry.
In addition to the creative realm, NFTs have found applications in DeFi. DApps like Aavegotchi and Rarible explore the integration of NFTs as collateral within DeFi protocols. By allowing users to lend or borrow funds depending on the value of their NFT holdings, this innovative use case opens up new possibilities at the nexus of digital ownership and decentralized finance.
Creating an NFT DApp involves a series of steps, as explained below:
It is imperative that the team thoroughly establish the NFT DApp’s concept before beginning development. This entails describing the goal, intended user base and distinctive characteristics that will make the DApp stand out in the crowded NFT market.
For developing an NFT DApp, choosing the right blockchain platform is a prerequisite. With its well-established infrastructure and broad support for NFT standards such as ERC-721 and ERC-1155, Ethereum is a well-liked choice. Alternatively, other blockchain platforms, such as BNB Smart Chain, may be considered based on specific project requirements.
Install the required dependencies and tools to set up the development environment. This covers smart contract development kits, blockchain development frameworks and any additional tools needed for testing and scripting.
Create the smart contracts that will govern the distribution, creation and ownership of NFTs. The terms and features of the NFTs, including minting, purchasing, selling and transferring, are outlined in these contracts.
Integrate wallets to allow users to safely handle their NFTs. To enable users to engage with the DApp via their cryptocurrency wallets, this entails connecting with wallets like MetaMask or Trust Wallet.
Develop the minting feature so that creators can tokenize their assets with NFTs. Developers need to design an intuitive user interface (UI) for creators and artists to easily upload their work, add metadata, and mint NFTs on the blockchain. This ensures a user-friendly platform navigation experience.
Additionally, implement features for purchasing, selling and trading NFTs if the NFT DApp includes a marketplace. Incorporate features such as auctioning, bidding and real-time pricing adjustments.
Users should be able to browse, purchase and sell NFTs with ease due to a user-friendly, entertaining UI. Consider adding functions such as filters, search and an easy-to-use wallet interface.
Before deploying the NFT DApp to the blockchain, ensure the NFT DApp is thoroughly tested to find and fix any flaws or vulnerabilities. When satisfied, deploy the related files and smart contracts on the selected blockchain. This entails engaging with the blockchain network to enable global user accessibility for the NFT DApp.
A strategic strategy is needed when launching an NFT DApp to spark interest and ensure a smooth launch into the market. Start by releasing well-crafted smart contracts over the mainnet to officially launch the NFT DApp. Plan a thorough marketing strategy at the same time to increase exposure.
Create a captivating story that highlights the special value proposition of the NFT DApp and share it via a variety of platforms, such as forums, social media sites and cryptocurrency communities. To grow your audience and establish credibility, get in touch with influential people and thought leaders in the NFT industry.
Establish a well-thought-out website that functions as a central information center and has guidelines and user-friendly interfaces to help new users get the hang of the platform. During the launch phase, it is imperative to implement a robust community feedback loop to resolve user complaints swiftly and promote a pleasant community climate.
Following the launch, the team must implement an open line of communication with users, respond to their issues, and modify the DApp to adjust to changing market dynamics.
Developing and launching an NFT DApp present myriad challenges. The main obstacle is technical scalability because of the growing demand and complexity of NFT transactions. It becomes imperative to ensure a smooth and effective user experience, necessitating creative solutions to deal with possible network congestion and sluggish transaction processing times.
Security for smart contracts is crucial since flaws might have permanent effects on users and NFTs’ integrity. In addition, it can be difficult to stand out in a saturated market where several NFT DApps are competing for users’ attention.
Another level of complexity is navigating legal ambiguities, particularly when it comes to intellectual property rights and regulatory compliance. To overcome these challenges, a careful fusion of technological know-how, security protocols, user-centered design and an acute awareness of the changing regulatory environment around NFTs is required.
The NFT platform, dubbed Disney Pinnacle, will go live later this year.
Disney has created a nonfungible token (NFT) platform together with blockchain and metaverse firm Dapper Labs.
According to the Nov. 14 announcement, Disney will tokenize its iconic cartoon characters from the past century onto its NFT marketplace, dubbed Disney Pinnacle. The platform will also include icons from Pixar as well as heroes and villains from the Star Wars galaxy, uniquely styled as collectible and tradable digital pins. “Fans anywhere will be able to collect dynamic pins on their phone and trade instantly and securely with each other no matter where they are in the world," Dapper Labs CEO Roham Gharegozlou explained.
The NFT platform will launch later this year on the Apple App Store for iOS, the Google Play Store for Android and on the web. Currently, only a waitlist and a landing site exist on its official page. Disney Pinnacle is built on layer-1 blockchain Flow, which Dapper Labs also created. Previously, Ticketmaster elected to mint NFT event tickets on the Flow blockchain.
Earlier this year, Disney pulled the plug on its metaverse division as part of a broader restructuring plan to cut its operating expenses by $5.5 billion and lay off 7,000 staff over two months. The metaverse division’s 50 or so members were left without a new employment contract.
Founded in Vancouver, Canada in 2018, Dapper Labs received a $15 million investment from Hong Kong Web3 creator Animoca Brands. In July 2023, Dapper Labs announced its third round of staff layoffs year-to-date. The firm is known for its NFT brands such as CryptoKitties and NBA Top Shot.