Značka: NFT

Can Metaverse technology enhance human-AI efficiency?

Conversational AI systems in the metaverse resemble human-to-human communication. Voice assistant AI has found its way to the metaverses of the new era, powering use cases like lifestyle assistance and personalized recommendations. For instance, rather than driving to a travel agency’s office or talking to their overburdened customer service, users can hop on the metaverse and take a tour of multiple awe-inspiring locations with the assistance of an AI-powered bot. An AI concierge in a metaverse is a personified machine that delivers unique recommendations based on the avatar’s preferences. Take into account the amount of data available on every person and you know the potential of this use case. Natural language processing in the metaverse makes it more personal than the real world. Voice AI can interpret avatar requests in a language that is more human and natural while factoring in individual tastes and preferences.  Speech technology has become more contextual and personalized, making the metaverse interface smarter in the process. For instance, Kai, the first AI concierge on Meetkai, has made voice assistance as easy as talking with a friend. Request a recipe for “steak” by saying, “Hey Kai, can you find me a nice recipe?” And you’ll receive the most delectable beef steak recipe in the world in seconds.

Čítaj viac

The community-centered approach to Web3 — Aave founder and CEO

Aave (AAVE) founder and CEO Stani Kulechov said the firm was continuing to develop its decentralized social media platform, with Web3 potentially changing the way many view ownership.Speaking to Cointelegraph at the Collision conference in Toronto on Thursday, Kulechov said Web3 — a buzzword often thrown around, which generally describes the next evolution of an internet based on blockchain technology — could impact how people use social media in much the same way cryptocurrency changed perceptions on finance. The Aave CEO remarked how developers had adapted protocols to handle custody, and the rise in nonfungible tokens, or NFTs, seemed to point to a community-centered approach.“I think Web3 is quite a lot related to the concept of ownership,” said Kulechov. “As we have ownership of […] financial protocols and communities and creators, what if we actually can have ownership on our own presence in social media — our profiles, our social identities?” Stani Kulechov speaking to Cointelegraph’s Sam Bourgi at Collision Conference in Toronto, CanadaKulechov added that Aave’s Lens Protocol was part of the firm’s expansion into Web3, as a decentralized social media platform in which essentially a network of “dynamic” NFTs acted as both users’ profiles and communications between followers. The Aave CEO said that there were more than 30 live projects built on the protocol.Related: What the hell is Web3 anyway?Despite the recent market downturn, Kulechov seemed to be hopeful about the future of the space. However, he said perceptions of crypto in the current climate could affect onboarding new users. “It’s not the first time I’m building in a bear market,” said Kulechov. “Web3 and crypto in general is very market driven, so you have highs and downs. When we build, we always are considering the long game. Regardless of market conditions, we’re building something that is bringing utility for the whole community.”

Čítaj viac

Nonfungible airdrops: Could NFA become the next big acronym in the crypto space?

Airdrops have become the bread and butter of the crypto world — for good reason.They’re an indispensable marketing tool for up-and-coming projects that want to create a buzz around their ecosystems.Done right, distributing free tokens to the public can help elevate demand — and unlock big benefits for recipients. After all, if these altcoins end up being listed on major exchanges at a later date, their value could explode.Unfortunately though, downsides have started to emerge. These campaigns aren’t just reaching enthusiasts who passionately believe in what a project has to offer, but “airdrop hunters” who are merely scouring for ways to turn a quick profit.Airdrop hunters typically want to sell off the tokens they’ve received for free — as soon as they can. And for cryptocurrency projects at their very early stages, this can be bad news — undermining carefully cultivated tokenomics and causing the value of a coin to fall.The current bear market has also unearthed another problem. Many projects are now postponing the schedules for unlocking new tokens — waiting until the economic climate improves slightly. And while this is usually in the best interests of a project and their investors in the long run, it can be disappointing news for those who won tokens in an airdrop. Why? Because they’re no longer able to freely trade or liquidate the digital assets they’re entitled to.So… what’s the answer? Can airdrops be revitalized, eliminating some of the downsides that have emerged in recent years? And is there a way for hodlers to benefit — even if they haven’t got their hands on tokens just yet?How NFTs can shake up airdropsRight now, projects are attempting to walk this tightrope between gaining publicity and engaging in marketing strategies that could damage their ecosystems. How can you get new users to follow a Telegram or Twitter account in order to be eligible for an airdrop, and incentivize them to stay involved with the community long term?Nonfungible airdrops — otherwise known as NFAs — could be the answer here. And, as you might expect, they incorporate some of the technology relied upon by NFTs to generate a “win-win” situation for projects and airdrop winners alike.NFAs aim to represent the true value of an airdrop reward when an initial DEX offering (otherwise known as an IDO) takes place. This is achieved through a model that’s not too dissimilar to a futures contract — an agreement to buy or sell assets that will be activated at a future date.The only difference is that the project owner releasing the NFA makes a promise to deliver the token or other digital assets on a future launch date. And as each airdrop winner ends up receiving different rewards under this model, there’s a one-of-a-kind gift that’s nonfungible.In this scenario, the nonfungible airdrop will boast a mechanism that allows holders to claim their tokens when a project launches — in effect, capturing the value of future tokens. Alternatively, it is possible to achieve instant returns by trading this NFA on a peer-to-peer marketplace. What makes this concept so compelling is that those who opt for an immediate transaction will miss out on perks in the long run.Nonfungible airdrops can be equipped with exclusive avatars and special benefits, such as discounts and free trials on the goods and services offered by a crypto project. Holders could also be granted exclusive early access to future features — and better still, their tokens will be waiting for them when they launch.Have your cake and eat itArken Finance says it is the mastermind of the world’s first nonfungible airdrop, a concept that has the potential to shake up the DeFi landscape immeasurably.The DeFi trading portal can be found across eight networks — and its goal is to arm investors with a greater number of trading tools, all while reducing friction.Arken had commenced an airdrop campaign back in November 2021, but this was postponed as the markets began to cool. Now, it’s pioneered NFAs as a way of igniting excitement about its future plans without falling into the common pitfalls of airdrops that have surfaced.Now, 2,000 winners of its trading competition have been rewarded with their very own NFA — each storing a different amount of tokens, and each with different benefits. They’ll be able to reclaim this cryptocurrency at a later date, but there’s plenty of exclusive advantages to keep them occupied in the meantime.”The team strongly believes in this application and is confident that this technology can be marketed to DeFi project owners in the future,” Arken said in a recent blog post.And while enthusiasts may have missed out on the chance to own one of the first-ever NFAs during the initial airdrop, the project says subsequent rounds are planned in the future.Some of the perks include an exemption from fees for the first 24 hours of a trading competition — and NFA holders will have their own special tier in the contest. On this mini-competitive track, they’ll subsequently be entitled to separate rewards. In addition, exclusive insights and fast-lane customer support is provided through a VIP Discord channel, and owners will have a front-row seat to the premium features that Arken Finance has in the pipeline.It’s a bold experiment, and one that could unleash new levels of loyalty in crypto projects that are getting off the ground for the first time. And for those who win airdrops, it delivers far more than tokens. Not only will they have a status symbol in the form of distinctive avatars that few members of the community own, but they’ll get an enhanced experience through VIP channels and front-of-the-line customer support. For those who really believe in a project’s potential, that’s gold dust in itself.There’s excitement as Arken Finance’s cutting-edge experiment continues — and the project’s hoping that “NFA” will be the next acronym to become prolific in cryptocurrency circles.Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Čítaj viac

This is what's standing in the way of DeFi's 'NFTification'

Ask someone what an NFT is, and they’ll instinctively think of digital art — the CryptoPunks, Bored Apes and Ether Rocks that have sold for eye-watering sums.In some circles, nonfungible tokens have been dismissed as a vehicle for speculation, with critics lamenting that demand for such assets is fueled by greed.But this argument doesn’t give us the full picture. We’re barely scratching the surface of what these one-of-a-kind tokens can achieve — and new use cases are continually emerging.The music industry is tentatively exploring what NFTs have to offer. Live Nation, one of the world’s biggest entertainment companies, has started offering digital versions of ticket stubs — giving fans a virtual memento of the gigs they’ve attended. Other platforms are allowing consumers to invest in new music and receive a share of the royalties. TV shows and films are being funded through NFTs too — and despite a backlash from players, gaming brands are also dabbling in this technology.NFTs also have the potential to improve existing crypto services, with DeFi being one of them. What if this technology could be used to unlock access to specific permissioned services… and could we see popular crypto collectibles be widely used as collateral? While the “NFTification” of the decentralized sector is seen as inevitable in some crypto circles, there are some hurdles that need to be overcome. Let’s explain why.NFTs cost a mintInevitably, any discussion of what’s holding NFTs from playing a bigger role in the DeFi ecosystem needs to begin with the cost of minting such tokens.Even on a robust Layer 2 network, transaction fees mean it’s often uneconomical to create, distribute and trade NFTs. This particularly explains why these crypto collectibles are so exorbitantly priced — not to mention why new use cases for nonfungible tokens are only being explored at a glacial pace.As traders impatiently wait for Ethereum’s Proof-of-Stake network to launch, this blockchain has become unaffordable for many everyday users. While faster, cheaper and more scalable rivals have emerged in recent years, some have been blighted by repeated outages — bringing their reliability into question.But what if users could be offered a completely gas-free experience while transacting? Could this be the silver bullet that attracts tens or hundreds of millions of users to the space — people who would be drawn in by the development this would encourage?Such an approach would be beneficial for NFTs and the DeFi sector alike, giving crypto enthusiasts the freedom to transact how they wish without worrying about the cost. But from an infrastructure perspective, there are other issues that need to be taken into account.Innovating in DeFiRight now, high gas fees mean trading and farming is financially impractical for smaller users — while slow bridges that connect the Ethereum mainnet to Layer 2s cause frustration. A lack of stickiness has also emerged in the DeFi space — with users frequently moving from platform to platform in search of the best short-term opportunities.Of course, an even bigger barrier involves getting people to see what decentralized protocols and automated market makers (AMMs) have to offer. A poor user experience — and more sophisticated features on centralized platforms — often give investors little incentive to make the jump into DeFi. The downside here is consumers end up relinquishing control over their own crypto as a result.But it doesn’t have to be this way — and one team says it has built the first NFT-powered AMM that has been designed “from the ground up to solve a series of critical problems for DeFi.” A gem of a productRuby.Exchange is building its infrastructure on SKALE, which is described as a powerful, multi-chain solution for Ethereum. SKALE’s chains have zero gas costs — and boast a fast, decentralized and secure bridge to the mainnet where transfers in either direction can take minutes, rather than hours or even days.And while the value of NFTs can be uncertain, with limited ways they can be used, Ruby offers gemstones — “beautiful, generative artworks that drive loyalty by embodying real utility as well as artistic value.” These assets have a starring role within its AMM. This exchange says it delivers a feature rich and gamified user experience where NFTs are minted for user profiles, as vouchers for trading fee rebates, and to ensure customers can access the premium features they’ve come to expect — native charting and advanced analytics among them. Yield farming boosts are another use case.What’s more, a gamified trading and farming experience delivers that elusive “stickiness” that DeFi protocols currently lack — rewarding long-term engagement and benefitting all users by helping prevent capital from migrating elsewhere, which affects liquidity.Looking ahead, new classes of NFT gemstones are going to be created — and as Ruby’s analytics and liquidity provider management dashboard is established, ownership of nonfungible tokens will be key to unlocking access.NFTs and DeFi have shown so much promise in their early days, transforming the worlds of art and finance. Ruby.Exchange is now determined to show how powerful the “NFTification” of decentralized finance can be.Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Čítaj viac

NEXO price drops 40% in three days on rumors of ties to 'insolvent' crypto fund

The price of Nexo (NEXO) continued to fall on June 15 as crypto lending firms continue to be shaken by the falling cryptocurrency market.Meanwhile, Nexo has denied rumors of exposure to Three Arrows Capital (3AC), a Dubai-based crypto fund facing insolvency risks.NEXO price suffers on DeFi contagion fears NEXO, which serves as a security token at a cryptocurrency lending platform of the same name, fell nearly 25% to $0.61 a unit, its lowest price reading since January 2021. The massive intraday decline came as a part of a broader downside move this week, which stretched NEXO’s losses to 40%.NEXO/USDT weekly price chart. Source: TradingViewAn ongoing contagion in the crypto lending sector contributed to NEXO’s underperformance. Traders fear that most DeFi/CeFi firms, which offer high yields to clients on their cryptocurrency deposits, will default on their debts due to the wipeout of nearly $1.5 trillion from the crypto market in 2022. The concerns continue to mount after the collapse of Terra, a $40 billion algorithmic stablecoin project, in May.A month later, Celsius Network, which offers clients up to 18% yields, paused withdrawals due to “extreme market conditions.” Its clients have pulled almost half of their assets out of the platform since October 2021, thus leaving it about $12 billion as of May 17 to meet debt obligations.I am definitely rooting for Celsius not to get liquidated. That is customer money. And fuck the funds who are hunting this stop loss. I hope they get rekt. #bitcoin— Lark Davis (@TheCryptoLark) June 14, 2022Meanwhile, 3AC, a crypto hedge fund, has witnessed liquidations of at least $400 million. In addition, on-chain data reveals that the firm may also have a minimum debt of $183 million against a collateral position of $235 million (derived in Staked Ether).The address uses USDT/USDC to repay the debt and withdraws ETH, and then converts ETH to USDT/USDC through “sinofate.eth” and repays it, and so on. In almost 24 hours, the address has sold about 50kETH. https://t.co/TUzqXBXBwF— Wu Blockchain (@WuBlockchain) June 15, 2022

The fund could transfer the economic risks to its lenders if it becomes insolvent.”The lenders will bear the PnL [profit and loss] difference between how much they are owed versus what they get in liquidating their collateral,” noted Degentrading, a market commentator known for highlighting the Celsius Network’s liquidation issues.He added:”That means defaults will cause SIGNIFICANT EQUITY erosion […] Not all lenders are made equal. Celsius is the worst. It has gone under. Nexo, I don’t know. BlockFi is pretty bad as well.”However, Nexo says it currently has no exposure to 3AC despite partnering with the fund over a nonfungible token (NFT) lending product in December 2021. The firm asserts that the partnership with 3AC did not take off.All Nexo has ever done with Three Arrows Capital is sign a partnership with their NFT fund, but it did not take off and we currently have $0 business and exposure with them.— Nexo (@Nexo) June 15, 2022

What’s next for the NEXO token?Nexo has 100% liquidity to meet its $4.96 billion worth of debt obligations, according to U.S.-based audit firm Armanino. That raises the firm’s potential to avoid a liquidity crisis in the event of a rising withdrawal rate, unlike Celsius.Nonetheless, NEXO price treads ahead under persistent bearish risks, primarily due to the crypto market’s dire state in a high interest rate environment. The NEXO/USD pair now eyes the $0.58-$0.69 range as its interim support due to its historical significance from December 2020-January 2021.NEXO/USD weekly price chart. Source: TradingViewA rebound from the $0.58-0.69 range could have NEXO bulls eye $0.883 as their interim upside target. This level was instrumental as support during the early-May price crash; it now coincides with the 0.786 Fibonacci retracement graph drawn from the $0.11-swing low to the $3.71-swing high.Related: Is the bottom in? Raoul Pal, Scaramucci load up, Novogratz and Hayes weigh inConversely, a decline below the $0.58-$0.69 range could have NEXO watch December 2020’s support level near $0.43, down around 35% from today’s price.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.

Čítaj viac

Axie Infinity: AXS price risks deeper losses despite 90% drawdown already

Axie Infinity (AXS) has dropped by roughly 90% after peaking out at $172 in November 2021.AXS’s sharp correction has made it one of the worst performing digital assets among the top-ranking cryptocurrencies. Moreover, it could undergo further declines in the coming months, according to a mix of technical and fundamental catalysts listed below.Low player count dampens AXS demandTo recap, AXS serves as a settlement token within the Axie Infinity’s gaming ecosystem, allowing players to purchase native nonfungible tokens (NFT), a flurry of digital pets called “Axies.” It also acts as a work token that players can spend to breed new Axies.New users that enter the Axie Infinity ecosystem need Axies to pit them in a battle against other Axies. When they win, the platform rewards them with another native token, called Smooth Love Potion (SLP) while winning larger tournaments grants them AXS.Axie Infinity’s working schematic. Source: Decentralised.co As a result, old Axie Infinity players rely on new ones to maintain demand for Axies. Otherwise, they could risk old players selling their SLP and AXS earnings in marketplaces (for example, crypto exchanges), thus adding downside pressure to their rates.But when the valuations of Axie Infinity’s native tokens drop, it also makes the game less appealing to new players, who would still need to pay for Axies to be able to earn lower-valued SLP and AXS units.The Axie Infinity ecosystem has gone through the stages, as mentioned above, in 2022, with its player count dropping to 8,950 in June from 63,240 in January—an almost 85% decline, according to data provided by Dapp Radar. Interestingly, that coincides with AXS’s 80% price drop in the same period.Axie Infinity statistics since March 2021. Source: Dapp RadarSimultaneously, Axie Infinity’s in-platform volume, measured after assessing its Ronin chain data, has dropped from $300 million in September 2021 to a mere $2.12 million in June 2022. At the same time, the project’s top executives have quietly changed their “play-to-earn” mission statement to “play-and-earn,” with its new head of product, Philip La, admitting in his August 2021 post that “Axie Infinity first needs to be a game.”Axie’s problem is that it’s always been a speculative tool wrapped in rhetoric about fun and community. The developers want it to go back to being just a game, when most players never saw it as a game in the first place. When the earning stops, the playing stops. 12/12— Joshua Brustein (@joshuabrustein) June 10, 2022Inflation ramps upFresh inflation data has further dampened upside sentiments across the top-ranking cryptocurrencies, which, in one way or another, boosts AXS’s bearish outlook.Notably, the U.S. consumer price index (CPI) rose by an annual pace of 8.6% in May versus 8.3% in the previous month, heightening investors’ fears that the Federal Reserve will be forced to hike interest rates aggressively in the coming months, which would push riskier assets lower across the board.AXS/USD versus BTC/USD versus SPX daily price chart. Source: TradingViewAXS dropped 7.5% after the report came out on June 10, and fell by another 7% on June 11 to reach its three-week low of $16.79. The prospect of lower cash liquidity, led by the Fed’s hawkish policies, could result in more losses for the Axie Infinity token.AXS price slips below key supportThe slew of negative fundamentals has sent AXS’s price below a key support level, which may lead to extended downside moves in the coming weeks.AXS plunged below $18-$19 support range this week, which was instrumental in capping its downside attempts since the beginning of May. Also, testing the range as support had followed up with a circa 800% bull run between July 2021 and November 2021, as shown below.AXS/USD weekly price chart. Source: TradingViewNow, the path of least resistance for AXS looks skewed to the downside with the next downside target at around $9 by September 2022, more than 50% lower than today’s price. Notably, the $9-level served as resistance during the April-June 2021 session.Conversely, a bullish cue comes from AXS’s potential “descending broadening wedge” (DBW) pattern on the weekly timeframe, confirmed by the token’s fluctuation between two diverging, falling trendlines.Related: Metaverse tokens up 400% year on year despite altcoin bloodbathTraditional analysts consider DBW as a bullish reversal pattern, which, as a rule of technical analysis, resolves after the price breaks above the structure’s upper trendline and rallies by as much as the pattern’s maximum height, as shown in the chart below.AXS/USD weekly price chart featuring “descending broadening wedge” setup. Source: TradingViewIf the pattern is confirmed, AXS would rebound on the path toward $465 within an unspecific timeframe, nearly a 2,500% increase from today’s price.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.

Čítaj viac

This key Ethereum price metric shows ETH traders aren’t as bearish as they appear

Ether (ETH) is down 25% in just a month and even the recent upgrade to a proof-of-stake (PoS) consensus on the Ropsten testnet failed to move the altcoin’s price. The merge is meant to address energy-use issues and open a path for higher transaction output, but the actual full transition for the Ethereum network is not expected until later in the year. Ethereum developer Parithosh Jayanthi also noted that some bugs on the PoS implementation emerged, but those should be fixed over the coming weeks.Luckily for Ethereum, two of its top competitors recently faced challenges of their own. The Solana network faced the fifth outage in 2022 after no new blocks were produced for 4 hours on June 1. Every decentralized application was halted until the validators were able to address the problem and re-sync the network.More recently, Binance’s native BNB token dropped 7% on June 7 after news that the United States Securities and Exchange Commission announced that it had opened an investigation into the initial coin offer (ICO) from 2017. According to Bloomberg, at least one U.S. resident claimed to have taken part in the ICO, which could be crucial for an SEC case.Regulatory uncertainty could be partially responsible for Ether’s sharp correction. On June 6, Hong Kong’s Securities and Futures Commission (SFC) released a note warning about the investment risks of nonfungible tokens. The regulatory agency highlighted the sectors’ opaque pricing, illiquid markets, and frauds.Options traders are still extremely risk-averseTraders should look at Ether’s derivatives markets data to understand how larger-sized traders are positioned. The 25% delta skew is a telling sign whenever whales and arbitrage desks overcharge for upside or downside protection.If those traders fear an Ether price crash, the skew indicator will move above 10%. On the other hand, generalized excitement reflects a negative 10% skew. That is precisely why the metric is known as the pro traders’ fear and greed metric.Ether 30-day options 25% delta skew: Source: Laevitas.chThe skew indicator has been above 10% since May 22, and it recently peaked at 20% on June 3. Those levels signal extreme fear from options traders, and despite the modest improvement, the current 17% delta skew shows whales and arbitrage desks unwilling to take downside risk.Long-to-short data is showing a few positivesThe top traders’ long-to-short net ratio excludes externalities that might have solely impacted the options markets. By analyzing these top clients’ positions on the spot, perpetual and quarterly futures contracts, one can better understand whether professional traders are leaning bullish or bearish.There are occasional methodological discrepancies between different exchanges, so viewers should monitor changes instead of absolute figures.Exchanges’ top traders Ether long-to-short ratio. Source: CoinglassEven though Ether has struggled to sustain $1,800 as a support, professional traders did not change their positions between June 5 and June 9, according to the long-to-short indicator. Binance displayed a modest decrease in its long-to-short ratio, as the indicator moved from 0.99 to the current 0.96 in four days. Thus, those traders slightly net increased their bearish bets.Huobi data shows a similar pattern and the indicator moved from 1.02 to 0.98 on June 9, which was a small change favoring shorts. At OKX exchange, the metric oscillated drastically within the period but finished nearly unchanged at 1.35. Related: DeFi contagion? Analysts warn of ‘Staked Ether’ de-pegging from Ethereum by 50%Mixed derivatives data provides hope for bullsOverall, there hasn’t been a significant change in whales and market makers’ leverage positions despite Ether’s failure to break the $1,900 resistance on June 6. From one side, options traders fear that a deeper Ether price correction is likely in the making, but at the same time, futures market players have no conviction to increase bearish bets.This reading is likely a “glass half full” scenario as the top traders’ unwillingness to short below $1,900 can potentially create a support level.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Čítaj viac

How to buy NFTs on Solana?

The burgeoning popularity of nonfungible tokens (NFTs) has led to issues like exorbitant transaction fees and congestion in the prevalent Ethereum-based ecosystem. The fee factor serves as a major deterrent to anyone wanting to execute transactions on the blockchain.A report published by Reuters revealed that the NFT sales volume was $24.9 billion in 2021, considerably more than the $94.9 million in 2020. The number of wallets trading in NFTs jumped to about 28.6 million, from a modest 545,000 in 2020. Recently, when Bored Ape minted its NFTs, the gas fee surged to $3300, showing a glimpse of how bad the costs were on Ethereum (ETH).Related: The NFT marketplace: How to buy and sell nonfungible tokensSolana (SOL) has emerged as a prominent challenger to Ethereum, performing amazingly better on two key metrics, speed and transaction cost, thanks to an innovative proof-of-history (PoH) timing mechanism along with a proof-of-stake (PoS) protocol structure.In this article, we will discuss the advantage Solana has over other blockchains and marketplaces as well as how to buy NFTs on Solana.The Solana advantageThis blockchain clocks block time (0.4 seconds) and block size (20,000 transactions) compared to Ethereum (block time: 13 seconds, block size: 70 transactions) allowing the network an incredibly low gas fee of just $0.00025 per transaction.The arrival of solutions like Solana enables buyers to purchase NFTs with a negligible transaction fee or few congestion issues. Practically, it means that Solana or SOL NFTs are more easily accessible than those on Ethereum.In the second half of 2021, the price of Solana NFTs began picking up. A Degenerate Ape NFT sold for around $1.1 million in September 2021, becoming the first million-dollar NFT sale on the Solana network. In October 2021, a Solana Monkey was sold for $2 million.Solana NFT marketplacesIf you are wondering where you can buy Solana NFTs, marketplaces are the answer. All functions related to NFTs such as minting, buying, selling and trading occur on specific marketplaces. This is quite like the usual cryptocurrencies, which are managed through exchanges and crypto wallets. OpenSea is the most popular NFT marketplace on Ethereum. SolSea, Solanart and DigitalEyes are three prominent marketplaces that support Solana NFTs. SolSea enables creators to choose and embed their licenses while minting NFTs. On Solanart, you can find, collect and trade NFTs. DigitalEyes is a popular platform featuring collections like the Solana Monkey Business and Frakt.How to buy Solana NFTsBusy thinking about how to buy and sell Solana NFTs? Purchasing NFTs on Solana involves a few steps, as explained below:Get a Solana walletThe first step you need to take is to get a Solana-based wallet. Two better known wallets are SolFlare and Phantom. Advanced users may use Sollet, an open source wallet. Each of these NFT marketplaces have collections, fees and terms to work that you need to take into account. So, you need to do adequate research at your end before committing your funds.Create a new wallet on your chosen solution and connect it with the Solana marketplace you have selected. The website of the market place will guide you through the process.An important thing to remember, don’t try to do anything on Solana via Metamask, a popular wallet on Ethereum, or else your SOL will disappear forever as MetaMask doesn’t recognize SOL tokens. Phantom is the Metamask of Solana Network.Get SOL coinsYou have to use SOL cryptocurrency on Solana NFT platforms, just like you use ETH on Ethereum-based marketplaces. SOL coins are for sale on various exchanges. The typical process involves connecting your fiat account with the exchange, moving funds and purchasing the required SOL amount. You need to withdraw this SOL to your wallet address.To be on the safe side, withdraw just what you need for buying the NFT. For instance, in case an NFT is available for 15 SOL, you may withdraw exactly that amount along with the transaction fee needed. Alternatively, you can change your stablecoins to SOL on an exchange and move the currency to your wallet address.Related: Altcoins vs stablecoins: Key differences explainedDevelop a strategyWhen it comes to NFT investment, there is no singular strategy. In line with your goals, you have to come up with your own. Collectibles are in demand as are artworks, achievements and other assets associated with renowned personalities as they help fans to feel connected with them. For someone interested in games, there are plenty of NFTs of sports stars or games memorabilia to make them feel elated and earn income as well.While buyers are putting in their funds for earning a profit, you may also prefer to ensure that your investments align with your interests. Someone who is fond of playing games will surely want an NFT right from a popular game, probably a reward NFT. And if you like spending time on metaverses, you may want to get one from the one you simply love hopping to.Finding what is trending on the Solana marketplaces will help you zero in on the pieces that are likely to get maximum traction. If you aren’t very used to the NFT world, this will help you to get a feel of the NFt world.Buy your NFTsWhatever platform you choose, you might like to check out the latest or trending NFTs. Go through as many collections as you can before arriving at a decision. If you want to keep the costs low, include this criterion in the filter when searching for top Solana NFTs.Just click on the NFT and go through the information available about the piece. Become apprised of the information like the owner of the NFT, the price and the offer you will make once the wallet connection is set.Solanart, the most stable of the NFT marketplaces on the network, takes around 20 seconds from start to finish and less than half a dollar transaction fee. The price history of all collections is available on the marketplace. Solana NFT marketplaces may still be nowhere near OpenSea, which has been around since 2017, but they are soon catching up.Update walletOn most wallets, you will find a Buy button that you need to click. The wallet will then usually seek approval of the purchase. It will show you the amount you are going to spend as well as the transaction fee you will incur. Once you approve and make the purchase, you can see it residing in the relevant section. On the Phantom wallet, for instance, it gets transferred to the Collection section.The process is quite straightforward and you shouldn’t have any problem in completing the transaction after transferring SOL into your wallet. A reason for the growing popularity of Solana platforms is that they are simple to use.The days aheadThe NFT revolution has just begun and there are still miles to go. As the ecosystem progresses, more marketplaces will emerge. We can say for sure that these marketplaces will be better than the current lot. User interfaces will be more intuitive and a wider range of features will be available, adding up to user experience.As the Solana community progresses with time, the number of NFT buyers will grow as well, giving a fillip to the growth potential of your NFT values. Just make sure you buy each SOL NFT only after giving it proper thought and you should do fine.

Čítaj viac
Načítava

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy