Značka: NFT

Nifty News: China’s lockdown protest NFTs emerge, Candy Digital cuts staff, and more

China’s COVID-19 protests cemented as NFTsNonfungible tokens (NFTs) depicting the ongoing protests in China against the country’s tough zero-tolerance COVID-19 policy have found their way to the NFT marketplace OpenSea.At least two collections have been created in November, the first is a Polygon (MATIC)-based collection called “Silent Speech” featuring 135 NFTs depicting images of protesters, signage, graffiti and even social media screenshots related to the ongoing protests up for auction starting at 0.01 Ether (ETH), or just under $11.50.A Silent Speech NFT titled “Beihang University” (translated) shows an image of multiple tealight candles within surgical masks. Candles are an often used symbol of remembrance.Another collection titled “Blank Paper Movement” of 36 Ethereum-based NFTs with a floor price of 10 ETH, or nearly $11,800, features a more artistic take as the images of the protests appears to be painted.Holding a blank sheet of paper has emerged as a symbol representing the suppression of speech in the rare and widespread protests which have flared up across China since Nov. 14, starting with residents of Guangzhou, one of China’s biggest cities, tearing down police barricades in response to COVID-19 related measures.Demonstrators in Beijing hold blank pieces of paper in a rally against the communist government.This idea developed during a student movement by a group of high school students in HK. pic.twitter.com/jRmnQ50Mlz— 鄉港 (@sabaocean) November 28, 2022The protests intensified on Nov. 24 as a fire that day in a high-rise building in the northeastern city of Urumqi killed 10 people. Some Chinese internet users believe residents weren’t able to escape due to extreme lockdown measures which have included authorities wiring or welding doors shut.Candy Digital lays off 100 staff NFT company Candy Digital has reportedly laid off a sizeable portion of its workforce amid turbulent crypto market conditions and a massive dip in NFT trading volumes this year.More than one-third of the company’s roughly 100 employees were cut according to a Nov. 28 report from the sports industry outlet Sportico.It’s unclear the reason for the layoffs and if any particular departments were affected as Candy Digital has not publicly addressed the layoffs. The former community content manager at Candy Digital, Matthew Muntner, in a Nov. 28 Twitter post publicly confirmed he was part of the staff cuts:I hate that I have to share this as much as I loved my job at @CandyDigital but I was part of the layoffs that occurred earlier today.I am quickly looking for a new role in Community Management, Graphic Design, or related Marketing.Thanks, Candy Fam for one hell of a ride ❤️— Muntner (@muntnerdesigns) November 28, 2022

Cointelegraph contacted Candy Digital for comment but did not receive an immediate response.Candy Digital was launched in June 2021, backed by sports e-commerce store Fanatics, crypto-friendly entrepreneur Gary Vaynerchuk and Galaxy Digital CEO Mike Novogratz.The company quickly gained partnerships with sports leagues including Major League Baseball, NASCAR’s collaborative Race Team Alliance, and several college athletes. It was valued at $1.5 billion in Oct. 2021 following a $100 million funding round.Candy Digital’s layoffs follow others across technology firms such as NFT protocol Metaplex’s Nov. 17 cuts of “several members” of its team, Meta’s Nov. 9 layoff of 11,000 employees, and Flow blockchain developer Dapper Labs’ Nov. 2 layoffs of roughly 130 employees.Bored & Hungry restaurant runs pop-up at Phillippine blockchain weekThe Long Beach-based NFT-themed burger restaurant Bored & Hungry has set up a pop-up shop at the Philippine Blockchain Week which kicked off on Nov. 28 local time.It’s the first time the restaurant has operated in South East Asia, the brand also operated a pop-up french fry stand at NFT.London in early November.Grilling in Manila for 3 days only!Home of the Trill Burger, America’s best burger of 2022: @BorednHungry is bringing their apes and burgers to Manila! pic.twitter.com/RuDBy6Ykjg— Philippine Blockchain week (@philblockchain) November 27, 2022

The restaurant first opened in April and is themed using the owner’s intellectual property of his owned Bored Ape Yacht Club and Mutant Ape Yacht club NFTs and accepted ETH and ApeCoin (APE) as payment.Around two months after its opening, in June, the store inexplicably stopped accepting cryptocurrency as a form of payment, likely due to the drop in crypto prices. Ripple’s XRP Ledger hits new record NFT saleRipple’s XRP Ledger blockchain has recorded a new record NFT sale, with an XPUNK NFT — a clone of the popular Ethereum-native CryptoPunk NFTs — selling for 108,900 XRP (XRP), about $44,000 at the time of sale on Nov. 25.The #XRPL has a new record! An @XRPLPUNKS NFT just got sold for 108900 $XRP (44000 USD). This is just the beginning for #NFTonXRP.— onXRP.com (@onXRPdotcom) November 25, 2022

The sale was a result of an open auction with over 20 people in a Discord voice chat according to the XPUNKS official Twitter account. It refused to disclose the purchaser but said “the community knows who it is.” Related: The metaverse is a new frontier for earning passive incomeThe XRP Ledger introduced NFTs on Oct. 31 with the introduction of the XLS-20 standard that was first proposed on May 25, 2021, the NFTs feature “automatic royalties” for creators.More Nifty NewsThe community-led decentralized autonomous organization (DAO) made up of ApeCoin holders launched its own NFT marketplace on Nov. 24 featuring only Yuga Labs-backed collections.Following the surprise win of the Saudi Arabian soccer team at the FIFA World Cup over Argentina on Nov. 22, the floor price of a Saudi Arabian-themed NFT collection unrelated to the team jumped by 52.6% with some appearing to view the tokens as an indirect way to bet on the success of soccer teams.

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Cointelegraph Historical Collection private sale is now live

Anxious to mint a piece of crypto history as a digital collectible? The time has almost come. After amassing a waitlist of more than 400,000 participants, spurring a delayed but fairer launch, Cointelegraph’s Historical nonfungible token (NFT) collection opened on Nov. 23 for waitlisters and will go live on Dec. 1 for the general public.Although the crypto and blockchain space is comparatively new in terms of world history, a number of memorable events have painted unforgettable headlines through the years. Cointelegraph’s Historical Collection gives the public a chance to look through Cointelegraph’s history of articles and immortalize those they would like to own or trade, turning them into digital collectibles. Fans are already eyeing certain Cointelegraph NFT articles on digital marketplace OpenSea, while others are compiling multiple pieces together into nonfungible token collections.On Oct. 14, Cointelegraph unveiled Cointelegraph Historical — an NFT collection that allows people to select past Cointelegraph articles from its history and mint them as digital collectibles they can own and trade. As of Nov. 23, 500 people who first joined the waitlist now have full access to mint their favorite Cointelegraph articles as NFTs. An additional batch of 500 top referrers can now get their shot at the action. The full public launch will take place on Dec. 1. Check out the Cointelegraph historical collection pageCointelegraph’s Historical Collection was developed with the help of Mintmade. As part of the prelaunch process, Mintmade awarded a token called “Minting Points” to people who carried out specific tasks. These tokens give holders the ability to mint free digital collectible Cointelegraph articles. Otherwise, the cost of article minting starts at $20, with a limited number of each Cointelegraph article available.Readers interested in Cointelegraph’s NFT product have already started conversing in the Historical section of Cointelegraph’s Discord channel.Not on the waitlist but want to be ready for Dec. 1? Browse the website and decide which articles would make good digital collectibles beforehand, then get to minting when the full launch begins.

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Nifty News: Chinese firms to offer World Cup metaverse viewings, X2Y2 backtracks on royalties, and more

Chinese firms bet on ‘Metaverse-like’ experiences for FIFA World CupChina-based technology companies are reportedly working on tech that would give Chinese soccer fans the ability to watch the FIFA World Cup within the Metaverse.The efforts are part of a five-year plan released by the Chinese government in early November to boost the capabilities and development of the local Virtual Reality (VR) industry.Video streaming platform Migu is one of six Chinese firms that has secured the rights to show the World Cup and plans to create a “Metaverse-like” space accessed through VR headsets for users to watch a live stream of the game, according to a Nov. 20 report from the state-run media outlet Global Times.ByteDance, who owns TikTok and its Chinese version Douyin received licensing rights to air the competition, with ByteDance’s VR headset subsidiary Pico offering live broadcasts of the World Cup with the ability for users to create and hang out in “digital rooms” to watch the game together.The World Cup is seemingly being used by China’s nascent VR industry as a testbed for the technology, as the country’s Ministry of Industry and Information Technology along with four other agencies pushed an ambitious industry plan on Nov. 1.The five-year plan from 2022 until 2026 outlined that China wants to bolster its VR industry and ship over 25 million units to the tune of $48.56 billion, although the plan doesn’t clarify if its unit target is annually or cumulative over the life of the plan.The stated plans don’t mention whether the Metaverse will utilize blockchain technology, such as the one posed by the Chinese city of Wuhan which was later revised to remove reference to nonfungible tokens (NFTs).X2Y2 rolls back optional royaltiesNFT marketplace X2Y2 has backtracked on its opt-in royalties play, saying in a Nov. 18 Twitter thread that it will again enforce creator royalties on all existing and new collections.The marketplace was one of the first to introduce optional royalties in August moving to a “Flexible Royalty” allowing buyers to set the amount they want to pay, receiving mixed reaction from the NFT community.2/We used to believe the best way to handle royalties is to give both parties, creators and traders, the right to choose.It is the rationale behind our Flexible Royalty feature. And we still believe so.— X2Y2 (@the_x2y2) November 18, 2022X2Y2 said it decided to reinstate royalty enforcement after taking a page from its peer Opensea, which decided on Nov. 9 to enforce royalties.X2Y2 also admitted many new collections are using OpenSea’s royalty enforcement tool that blacklists NFTs being sold on markets that don’t enforce royalties. In response, OpenSea said it was “proud to stand” with X2Y2 adding it removed the marketplace from its blacklist.Proud to stand with you–and the many brilliant creators in our community–on this critical measure. @the_x2y2 has been removed from our OperatorFilter and we hope other marketplaces will continue to join us. Onwards and upwards — OpenSea (@opensea) November 18, 2022

Givenchy drops ‘phygital’ NFTsFrench luxury fashion brand Givenchy has become the latest company to offer “phygital” NFTs — a physical good backed by a digital token.On Nov. 18, the company released a collection of physically backed NFTs as part of a collaboration with streetwear label Bstroy.The collaboration between the two brands sees a new limited “capsule collection” of six items that include a “complimentary NFT twin” of the physical piece.As expected of a luxury brand, the items don’t come cheap with the lowest priced item being a $595 t-shirt and the most expensive, a $5,450 wool and leather bomber jacket.Screenshot of a selection of items listed on Givenchy’s site that include an NFT. Source: GivenchyGivenchy Creative Director Matthew M. Williams was quoted saying how Bstroy’s founders are “longtime friends” who “share [his] vision of fashion” and that Givenchy and Bstroy “focused on creating streetwear with unexpected treatments” that “enters the realm of contemporary art on the street and in Web3.”Other recently offered “phygital” NFTs include the Azuki NFT project, which created a Physical Backed Token (PBT) standard that has sold skateboards and been used in streetwear collaborations. The sandals of the late Apple founder Steve Jobs were also sold as a “phygital” NFT at auction.Johnnie Walker keeps on walking into Web3Scotch whisky maker Johnnie Walker has continued its Web3 push by allowing NFT holders to vote on the design of a bottle for a limited-edition drop of its top “blue label” range.The whisky company has partnered with BlockBar, a luxury alcohol NFT marketplace, and streetwear designer Junghoon Vandy Son, known as VANDYTHEPINK, the latter of who will be creating the bottle’s design.Johnnie Walker has left the design up to NFT holders, who will vote on the final design or artwork that Son will make for the bottle. It’s the designers first time taking on a Web3-related project according to the brand.Related: Helping mainstream artists into Web3: The triumphs and strugglesOnce the physical bottles are made, they’ll be held by BlockBar who will only release the physical bottle to an NFT holder once they’re ready to swap, “burning” their NFT “bottle”, initially priced at $355, for a replacement of the real thing.The brand has delved into Web3 in the past partnering with Gary Vaynerchuk’s NFT project VeeFriends in May giving holders of particular NFTs spirits-related offerings. This collaboration was also spearheaded alongside Vayner3, Vaynerchuk’s Web3 consultancy firm.More Nifty NewsMetaplex is feeling the sting of the collapse of crypto exchange FTX with the NFT protocol laying off “several members” of its team on Nov. 18 citing the “indirect impact” of FTX’s fall. Its treasury wasn’t directly affected but Metaplex CEO Stephen Hess said a “more conservative approach moving forward” was needed for the company.A partner for the Australian arm of Big Four accounting firm KPMG, James Mabbott, told Cointelegraph on Nov. 18 he believes the Metaverse “explosion” will be driven by businesses. The company created a new Head of Metaverse Futures role that looks to build its own metaverse for the company’s internal business operations and business-to-business services.

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OpenSea to enforce creator royalties on all collections after community outcry

NFT marketplace OpenSea has announced it will continue to enforce royalties across all collections going forward, following outcry from creators earlier this week for considering otherwise. On Nov. 7 OpenSea announced they were launching an on-chain tool allowing creators to enforce royalties for any new collections on the platform, but stopped short of offering the same to existing collections.At the time, the marketplace said it would be considering options ranging from enforcing off-chain fees for “some subsets of collections,” to “allowing optional creator fees,” to “collaborating with other on-chain enforcement options for creators.”The announcement saw significant pushback from the community, urging OpenSea to clarify its stance, noting the messaging was unclear, while others took issue with its “optional creator fee” suggestion. Some NFT creators, such as Bobby Kim, co-founder of The Hundreds on Nov. 9 said they had decided to cancel the release of their upcoming NFT collection on OpenSea, noting they were “waiting to see if OpenSea would take a stand to preserve creator royalties for existing collections.””Unfortunately, that announcement has not arrived in time,” he said. On Nov. 8, Bored Ape Yacht Club (BAYC) founders including Wylie Aronow, Greg Solano and Kerem Atalay chimed in on the debate in a blog post, sharing that the move from OpenSea was “not great” and shows its intent “to move with the rest of the herd and remove creator royalties for legacy collections from their platform.”Related: Magic Eden defends launch of NFT royalty enforcement toolOpenSea appears to have heard the criticisms, and as part of a Nov. 9 post on Twitter, confirmed it will “continue to enforce creator fees on all existing collections” as well.OpenSea said it was “awed by the passion we’ve seen from creators and collectors alike this week. We were looking for your feedback, and we heard it, loud and clear.” According to the marketplace, they “will start open-sourcing our data on creator fees in the upcoming weeks for everyone to use.”12/ In short, we’re at a collective inflection point: if everyone left in this ecosystem who believes that creator fees are important to our future links arms on this, we WILL ensure that fees are durable.— OpenSea (@opensea) November 9, 2022

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Nifty News: Royalty-enforcing NFTs a 'new asset class,' South Korea buys NFTs with CBDC, and more

Royalty enforcing NFTs to be a ‘new asset class’: Magic Eden CEOJack Lu, the CEO of Solana-based nonfungible token (NFT) marketplace Magic Eden has floated the idea of NFTs designed to enforce royalties.Lu said in an address at Solana’s Breakpoint 2022 conference on Nov. 5 that these NFTs could “give rise to a new asset class” as the space grapples with the debate around opt-in royalties.He added that “creators need a sustained revenue model” and while royalties were one of those models there is “no way” to enforce them with the “current design” but added there are “many new innovations that could be made available to them.”Lu noted that over the past months, Magic Eden had spoken to “dozens, if not 100” NFT creators across differing NFT use case and that they found their needs “actually are very, very divergent.”“There is a real opportunity to give rise to a new asset class, and this asset class will have special properties but also have special trade-offs. So it could enforce royalties at a technological high technological level.”Those “trade-offs” would mean NFT creators would have “some level of control” Lu explained but added in the talks Magic Eden had with creators and holders that they were “willing to accept some of these trade-offs” in order to ensure that they could bring their business models to fruition.According to Lu, Magic Eden is set to launch an asset “next week” that can enforce royalties in partnership with Cardinal, a protocol enabling NFT conditional ownership and the privacy-oriented browser Brave.Jack Lu at Solana Breakpoint conference. Source: YouTubeSouth Korea tests buying NFTs with CBDCThe Bank of Korea (BOK) — South Korea’s central bank — has reportedly tested buying NFTs with its Central Bank Digital Currency (CBDC) according to a Nov. 7 report from Yonhap News.The BOK said it had completed a simulation and research project carried out over the past ten months since Aug. 2021, creating a simulated environment for its CBDC using distributed ledger technology (DLT).The project tested the usual functions needed for a digital currency, including issuing, transacting and remittances using the digital won, while the report also noted that “the process of purchasing NFTs with CBDCs was also implemented.”It’s reported that this process was done through the simulated environment and a “digital asset system” built using differing DLT platforms with smart contract functionality, without going into further detail. The BOK also tested the possibility of applying Zero Knowledge Proofs (ZKPs) to strengthen the protection of personal information. ZKP protocols can be used for forms of digital identities with some iterations using NFTs as a digital ID solution, although it’s unknown if the NFTs transacted in the project were related to digital identities.South Korea has stated its plan to allow its citizens access to blockchain-powered digital IDs in 2024 that could be used in finance, healthcare, taxes, and transportation.TinyTap NFTs sell out giving over $100K to teachersAn NFT project by Animoca Brands in conjunction with its subsidiary TinyTap has seen six NFTs featuring a children’s educational course sell at auction for a total of around 138 Ether (ETH) — around $228,000, Animoca said on Nov. 7.The project was created as a way for educators to create content and receive a share of revenues when their course is purchased and used by learners according to Animoca.The six teachers who created the courses were given a 50% cut of thes sale of the NFT, generating them around $111,000 in ETH, while the teachers will also receive a 10% ongoing share of revenue by their course.The teachers, courses, and sale price of the six NFTs sold at auction. Image: Animoca BrandsAnimoca calls the NFTs “Publisher NFTs” with each representing co-publishing rights to a course — which is a bundle of education-based games on a specific subject created by a teacher.The NFT owner is expected to promote their course and share the revenue and is entitled to keep up to 80% of future revenue generated by their own marketing and publishing of the course.Trademark filings show Rolex is timing a Metaverse playRolex isn’t wasting any time gearing up to launch a Web3 play with trademark filings showing the luxury watch brand is ready to tick over into the Metaverse.The United States Patent and Trademark Office (USPTO) filings shared by trademark attorney Mike Kondoudis on Twitter show Rolex is ticking off a list of crypto and NFT-related trademarks to protect its brand across virtual realms.Luxury watchmaker #ROLEX has filed a trademark application claiming plans for:⌚️ NFTs + NFT-backed media + NFT marketplaces⌚️ Crypto keys and transactions⌚️ Virtual goods auctions⌚️ Virtual and cryptocurrency exchange + transfer#NFTs #Metaverse #Crypto #Web3 #Perpetual pic.twitter.com/J8C93Qcybj— Mike Kondoudis (@KondoudisLaw) November 7, 2022The filings suggest Rolex wants to offer NFTs, crypto wallets, crypto transactions and hints at a potential metaverse as it wishes to provide an “online space for buyers and sellers” and hold “virtual interactive auctions” although time will tell what type of online space Rolex may build.More Nifty News:Companies are showing a big appetite for trademark applications as crypto, Web3, and related filings have soared in 2022, reaching 4,708 at the end of October compared to the 3,547 filed in all of 2021.Related: NFTs still in ‘great demand’ as unique traders rise 18% in Oct: DappRadarThe Chinese city of Wuhan, the epicenter of the COVID-19 breakout, has reportedly axed its NFT plans aimed to boost its economy ruined by the pandemic amid increasing regulatory uncertainty on crypto and Web3 technologies in the country.

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Cointelegraph Historical Collection launch nears as waitlist reaches 460K

Thinking back fondly about certain moments in the crypto and blockchain industry’s wild past? Folks will soon be able to own history via Cointelegraph article digital collectibles, immortalizing those moments while also allowing a type of ownership, but purchasers might have to wait a tad longer. Originally planned for release at the start of November 2022, Cointelegraph’s Historical NFT collection will slightly delay its start in an effort to provide a fairer launch, due to overwhelming demand. As things stand, the product’s waitlist includes over 460,000 users.Digital collectibles took the world by storm in 2021, providing a method of unique digital ownership through nonfungible tokens (NFTs). Cointelegraph announced its NFT collection on Oct. 14, 2022. Officially called “Historical,” Cointelegraph’s NFT collection will make it possible for readers to mint, own and trade specific Cointelegraph articles. This provides a way to collect memories from the crypto and blockchain industry’s exuberant history — memories that may later (or perhaps already do) provide nostalgia similar to that of old trading cards or newspaper articles.Initially, Cointelegraph opened a waitlist that would grant 500 participants early access in November. The list quickly filled to capacity — within a matter of hours — and has grown to more than 460,000 participants over the past several weeks. Therefore, given the extensive demand, Mintmade (the platform Cointelegraph is working with for the collection) has updated the launch process to benefit more people while still prioritizing the first 500 on the waitlist. The first 500 who joined the waitlist will still receive early minting access on day one. Additionally, Mintmade has decided to give randomly selected waitlist members early minting access for day two.Each Cointelegraph article mintable as an NFT is only available in limited quantities, with a starting price of $20 each at the time of minting, so users may want to prioritize their top choices early. Mintmade will also issue a utility token known as “Minting Points.” Anyone interested can complete certain tasks to earn Minting Points, which then allow free article NFT minting. These tasks will be announced in certain partner locations. Minting Points cannot be purchased, only earned, so be sure to get involved in the action. Related: An introduction to decentralized NFT catalogsWaitlisters will receive an email notification when it’s go time, which is expected in mid-November. Until then, however, readers can search for articles they would like to mint into NFTs and save those links so that they can jump right into minting when the doors open.

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OpenSea launches on-chain tool to enforce NFT royalties

Nonfungible (NFT) marketplace OpenSea appears to have taken a position in the NFT royalties debate — launching a new “on-chain” tool helping creators enforce royalties. The NFT marketplace, which according to CoinGecko commands 66% of the market share in NFT marketplaces, has been relatively silent on the issue of royalties and enforcement while others in the space have been implementing their own strategies over the last few months. In a Nov. 6 blog post, OpenSea CEO Devin Finzer noted that in marketplaces where fees are optional, they’ve “watched the voluntary creator fee payment rate dwindle to less than 20%”, while in other marketplaces creator fees are “simply not paid at all.”The OpenSea CEO announced the marketplace has launched a new tool that will allow creators to deliver “on-chain enforcement” of their royalties. There’s been a lot of discussion over the past few months about business models for NFT creators & whether creator fees (“royalties”) are viable. Given our role in the ecosystem, we want to take a thoughtful, principled approach to this topic & to lead w/ solutions. — OpenSea (@opensea) November 6, 2022Finzer described the tool as a “simple code snippet,” which allows creators to enforce royalties on new and future NFT collection smart contracts, and existing upgradeable smart contracts. The code will also restrict NFT sales to only marketplaces that enforce creator fees.”It’s clear that many creators want the ability to enforce fees on-chain; and fundamentally, we believe that the choice should be theirs to make — it shouldn’t be a decision made for them by marketplaces,” Finzer said. Finzer also said OpenSea will enforce royalties for new collections using an on-chain enforcement tool, but won’t do so for new collections that don’t opt-in. Finzer explained in an accompanying Twitter Spaces that OpenSea is “not requiring folks to use our specific solution,” creators can use “whatever solution you want and implement it anyway.” “We provide a template GitHub repo that helps you use a solution that basically blocks lists marketplace that doesn’t support creator fees, you don’t have to use that solution; the requirement is that if you want creator fees, you have to enforce them on chain.” The tool also won’t be rolled out for existing NFT collections for the moment due to implementation challenges. “To the best of our knowledge, the only way to achieve on-chain creator fee enforcement for existing collections with non-upgradeable smart contracts is to take drastic measures with their communities, like shifting the canonical collection to a new smart contract,” Finzer said.”In our opinion, by far the better option is for existing creators to explore new forms of monetization and alternative ways of incentivizing buyers and sellers to pay creator fees, and to ensure that future collections enforce creator fees on-chain,” he added. According to Finzer, this could include options such as continuing to enforce off-chain fees for some subsets of collections, allowing optional creator fees and collaborating on other on-chain enforcement options for creators. Related: OpenSea revises NFT rarity ranking protocol after community feedbackReaction among the NFT creator and Twitter community has been mixed. Wab.eth, founder of the Sappy Seals NFT collection and co-founder of The Pixlverse and Pixl Labs told their nearly 60,000 followers that while “I don’t fundamentally agree with the removal of royalties, I do appreciate this execution.” I don’t fundamentally agree with the removal of royalties though but I do appreciate this execution. There has to be give and take with these things.Recognizing you are making a (unavoidable) change that harms your audience but also simultaneously presenting a solution.— wab.eth ❁ (@wabdoteth) November 6, 2022

Others users had questions they felt were not answered. Betty, the pseudonym for one of the creators of the Deadfellaz NFT collection, told their 89,000 followers, “it feels like there is no plan and no clear answers were given in regards to existing collections & artist’s royalties.” Although later noted, “I look forward to reading more concrete communication from them soon in regards to proposed strategies.” After speaking with @opensea it feels like there is no plan and no clear answers were given in regards to existing collections & artist’s royalties. Communication has been misleading and facts are not there. Speak up if you feel a certain way about this because it has impact.— BETTY (@betty_nft) November 6, 2022

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What are crypto whale trackers and how do they work?

There are dedicated solutions to track the actions of crypto whales. These solutions can provide analytics on whale actions and, in some instances, can also make investment/trading decisions for the user. Crypto traders and investors constantly track the amount of cryptocurrencies going in and out of exchanges. When a cryptocurrency like Bitcoin or Ether (ETH) is moved in large quantities into an exchange, it is expected to see some sell action resulting in a fall in price. Conversely, if cryptocurrencies flow out of exchanges into wallets, it is considered a precursor to a rise in price. This is because when exchanges have a high net outflow of cryptocurrencies, they have reduced supply resulting in an increase in price. Oftentimes, a whale could buy cryptocurrencies on an exchange and move them into their wallets in large volumes. This could result in a bullish price action for the crypto. In some scenarios, whales may choose not to disturb the markets by buying or selling on an exchange. They would do an over the counter (OTC) transaction between two wallets. For instance, they may send Bitcoin to a wallet that will send USD Coin (USDC) back, resulting in a sale of BTC without the market spotting the transaction. When the blockchain records a large transaction, investors can study the transaction and pick up the wallets involved in it. If the wallets hold large cryptocurrency positions, they can be labeled as crypto whale wallets. From then on, a regular check on these wallets and the transactions that are conducted can be insightful in assessing price movements of the crypto held in the wallet.  Whale tracking can be equally beneficial in the NFT markets too. Most NFT communities have large holders of the collection. In many instances, these NFT holders are identified by the community. Tracking the behavior of wallets of these whales can help investors make quick buy/sell decisions. For instance, if a famous NFT collector or a whale sweeps the floor of a nonfungible token collection, that can indicate high convictions. Followers of the NFT collection and the whale would notice that and purchase the nonfungible tokens. This behavior was noticed with Gary Vaynerchuk several times during the NFT bull market in 2021. However, it can be overwhelming and time–consuming to manually stay on top of whale action, even when it is just for one cryptocurrency or NFT collection. This is where whale tracking tools come into play.

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NFT pricing strategy: How to price your NFTs?

Early in 2021, markets for nonfungible tokens (NFTs) started to gain some notoriety, and by the end of March 2021, this new market for digital assets had a total lifetime traded volume of about $550 million. Any digital asset can be an NFT including collectibles, artwork, video game characters, virtual world objects and digitized sports. A blockchain, often one on the Ethereum network, is where an NFT’s ownership is recorded. However, the sale of this digital asset will result in ownership transfers and the blockchain recording of the crypto payment received. This isn’t to say that NFTs and cryptocurrencies are the same. In general, one of the fundamental properties of cryptocurrencies and fiat money is fungibility or interchangeability, whereas the nonfungibility characteristic of NFTs makes them valuable.This article will discuss how to price NFTs with profitability, what makes NFT’s floor price go up, how to know if your NFT is valuable or not and how much you should charge for an NFT.How are NFT prices determined?As artists in the Web3 space begin their NFT journey, they may frequently find themselves considering the vital question: “How does one price their art?” or “what is the best strategy to sell NFTs?” Although there are no fixed strategies to price nonfungible tokens, NFT sellers may choose to sell them at the listing price in a secondary marketplace. Alternatively, they may conclude the sale at a price that a buyer is willing to pay, called buyer price.Regardless, being the creator, you have full authority to choose the best NFT pricing strategy. However, if you set your price too high, you risk never being able to sell that item, and if you select your price too low, it will be more challenging to raise it gradually. So here are a few things to consider to determine how much you should charge for an NFT or how to price your NFT art pieces.Understand different types of costs involvedDifferent kinds of costs are implied while producing and selling NFTs, including creation costs such as the wages of a professional 3D artist if one needs to learn how to create nonfungible tokens themselves. Using a zero code tokenization platform like TokenMint might be an alternative option for those with a non-software development background.Other costs involve minting costs that may vary with the fluctuating gas fees, marketplace fees for minting or listing nonfungible tokens, selling fees charged by NFT marketplaces and the cost of marketing nonfungible tokens.Rarity and functionalityA rare NFT is worth more than a common one because an asset’s supply and type determine if it is rare or not. For instance, a limited edition NFT may be priced higher than one with multiple copies. Similarly, a physical painting may be worth more than its digital image(s) available. In terms of functionality, utility tokens are more valuable because owners may use them to buy goods and services. Therefore, you must consider your clients’ needs when determining the price for these utility NFTs. Build your brand and improve visibilityThe NFT ecosystem is still developing and has enough room to grow. As consistency is one of the most crucial factors to accomplishment and success, the same goes for the nonfungible token artists, i.e., they need to display passion and trust in the process. To make a reputation in the NFT industry, one needs to market their artist’s name to the masses via different mediums such as Twitter, Discord and Telegram to familiarize people with the artistic journey. Additionally, working with other platforms, artists and businesses in the nonfungible token space may open further opportunities to sell your work at the right price.Makes sales your proof-of-concept to raise floor priceHaving an idea that, “if Beeple can sell his Everydays artwork for an astounding $69 million, why can’t I?” is good for motivation. However, overconfidence can be misleading as you may not garner the same sales that another artist in the space achieved. So, what makes the NFT floor price go up? In order to raise the floor price of an NFT, make some consistent sales to establish a proof-of-concept. The floor price is the lowest price for NFT collections and is constantly updated. A nonfungible token’s floor price is initially determined during the minting process by the NFT project’s founder or creator. Then, holders who list their work on a secondary market, once the minting procedure is complete, set the floor price. That said, the floor price for an NFT project rises as it gains popularity. And, proof-of-concept is evidence that intends to assess an idea’s viability or confirm that it will work as intended.Utilize multiple platforms and maintain some consistency in your pricingNFT artists can sell their artwork at marketplaces like OpenSea and Rarible, but their work is considered valuable everywhere, regardless of where it was minted. Therefore, leveraging multiple platforms with consistent prices for your work may be an ideal option to stay active and gain maximum traction.Add value to your NFTs by offering unlockablesFor NFTs, unlockable content creates utility for owners. The artist can enhance the NFT’s real-world worth by creating unlockable content outside of the digital token. There is a setting for unlockables when configuring nonfungible tokens. Unlockable content is the hidden content to be viewable by NFT owners only. Redeemable discounts, thank-you notes, physical objects like signed products and high-resolution video clips are all examples of unlockable content on nonfungible tokens. This strategy aids NFT sellers in building brand equity and selling their work at competitive prices.How to start selling NFTs like a pro?The first step to successfully selling and pricing your NFTs is to understand the industry, blockchains used in NFT development, marketplaces for nonfungible tokens, common types of NFTs already sold by artists in the space and their typical price range. The next step is to choose an NFT marketplace that suits your goals and determine the creation, minting, service and selling costs before defining your token’s unique value proposition. So, can you price an NFT at any price?Being a creator, you can price an NFT at any price you find suitable. However, understanding what makes your nonfungible tokens unique from the competition is critical to charge a higher price for your NFTs and attract more buyers if you have a distinct and appealing value proposition. Then, research the ways to sell NFTs. The techniques you can use to sell your nonfungible tokens depend on your preferences.NFTs can be sold utilizing two most common methods: at a fixed price or an auction, where nonfungible tokens are offered for sale on the open market. Fixed price can be set up for NFTs during the minting process or if you want to test the market, choose an auction in which your NFT is won by the bidder who makes the highest payment at the end, often called an English auction. However, one can opt for a timed auction, a particular kind of English auction in which an NFT is up for bid for a predetermined length of time, with the highest bidder winning at the end. Additionally, a dutch auction is another option available; it is a decreasing-price auction in which the price keeps declining until your NFT is purchased. If NFT sellers want to earn revenue each time their work is sold, they can choose the royalties option. Finally, set a fair price for your NFT after considering the above-mentioned substitutes.How to price your NFTs on OpenSea?Nonfungible token sellers can sell crypto art or NFTs on OpenSea by following the steps below:Click the “Profile” button in the top right corner of the OpenSea page, as shown in the image below. Choose the nonfungible token from your wallet that you want to sell, or learn how to create an NFT to get started. Click “Sell” on the top right of the item page, as shown in the image below.Select the price as a fixed price or timed auction, choose a default sale period or enter a specific duration using the calendar.The item can also be set aside for a specific customer by typing the wallet address into the “Reserve for specific buyer” field under the “More Options” section, as shown in the image below. For this sale, OpenSea charged a 5.5% fee, including a 3% creator fee and a 2.5% service fee.Sign a transaction to complete your listing. A pop-up confirmation will indicate that your item has been listed for sale.Can you sell NFTs without marketing?Marketing is at the heart of selling nonfungible tokens like any other product. So, if you are wondering why your NFT is not selling, it might be due to a lack of awareness among the nonfungible tokens community. But, how hard is it to sell an NFT?Every artist has their own personal preferences: Some choose to be publicly visible, while others like to remain anonymous. However, to raise an NFT project’s profile, informing buyers of your professional background, including name, experience with blockchain technology and crypto art or other nonfungible tokens, is of paramount importance. So, what kind of NFTs sell best? Although there is no definite answer, nonfungible tokens with a solid presence on different social media channels and displaying clear roadmaps may sell better than others. For instance, if an artist frequently tweets about their digital artwork and joins conversations about NFTs, it will help them build a brand and attract people to buy their work. Alternatively, an attractive website listing your NFT collection with an accurate description will indicate genuineness to the community and help convert website visitors to actual buyers. However, avoid under-promising or over-delivering to build customer confidence in your work.

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UK lawmakers open inquiry into NFT regulation — 'there are fears that the bubble may burst'

Members of the United Kingdom’s Digital, Culture, Media and Sport Committee have opened an inquiry to hear from the public on the potential benefits and risks of nonfungible tokens, or NFTs, and blockchain on the country’s economy.In a Nov. 4 announcement, the DCMS committee said its inquiry was related to the sudden growth of the NFT market, responding to fears the assets may be overvalued and at risk of the bubble bursting. According to the committee, NFT regulation in the U.K. is “largely non-existent,” with the DCMS planning to assess the assets ahead of a review by the treasury department.What are the risks, and benefits of NFTs and the wider blockchain? We want to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market and whether there is a need for regulation. For more details see https://t.co/C93XGBV7Ab pic.twitter.com/dvMTSwPYv1— Digital, Culture, Media and Sport Committee (@CommonsDCMS) November 4, 2022“NFTs swept through the digital world so fast that we had no time to stop and consider,” said committee chair Julian Knight. “Now that the market is veering wildly, and there are fears that the bubble may burst, we need to understand the risks, benefits, and regulatory requirements of this groundbreaking technology.” The lawmaker added:“Our inquiry will investigate whether greater regulation is needed to protect these consumers and wider markets from volatile investments. This inquiry will also help Parliament understand the opportunities presented by an exciting new technology which could democratise how assets are bought and sold.” Citing examples including the NFT of Jack Dorsey’s first tweet, the committee encouraged users to submit evidence before its deadline of Jan. 6 for an analysis of both the benefits and risks of the technology on the economy. DCMS noted that global NFT sales were roughly $17 billion at the end of 2021, but fell by more than 90% from August 2021 to March 2022.Related: The UK cannot afford to send mixed messages on cryptoThe U.K. government has also moved forward on its Financial Services and Markets Bill, which aimed to broaden the country’s regulatory framework on stablecoins. Prime Minister Rishi Sunak, though in office less than two weeks, previously expressed support for the creation of a Royal Mint NFT and the U.K. establishing a central bank digital currency.

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