NFTS
Bitcoin Ordinals Inscriptions Double
The number of Ordinals inscriptions on the Bitcoin network has almost doubled in the last eight days, largely due to the popularity of text-based inscriptions as the BRC-20 token standard. BRC-20 tokens currently have a total market cap of around $700 million, with experts predicting the market for "Bitcoin NFTs" may reach $4.5 billion by 2025.
Binance Adds Bitcoin Ordinals to NFT Marketplace
Binance has announced that it will soon support Bitcoin ordinals, also known as Bitcoin NFTs, on its NFT marketplace. This will expand Binance’s multichain NFT ecosystem to include the Bitcoin network. Bitcoin ordinals have been on the rise, with over 3 million inscriptions as of May 1, but they remain a controversial topic in the crypto community.
Cogni Launches KYC-Backed NFTs for Crypto Wallet Users
Cogni, a neobank with FDIC coverage, is rolling out nonfungible tokens (NFTs) containing KYC information to users of its crypto wallet. The NFTs are transferable to a Web3 environment, providing decentralized apps with bank-level KYC information without the need for further action.
The Sandbox partners with Ledger Enterprise for NFT security integration.
The Sandbox has partnered with Ledger Enterprise to develop security integration for its partners. The collaboration will enable the migration of nonfungible token collections to the Ledger wallet, and The Sandbox will appear as a DApp on Ledger Enterprise.
First Jury Hearing in OpenSea Insider Trading Case
Former OpenSea product manager Nathaniel Chastain faces charges of wire fraud and money laundering for allegedly using insider knowledge to buy and sell NFTs for a profit. The case may have a significant impact on the legal classification of NFTs, with concerns that they could be labeled as securities.
Unidentified Exploit Steals Over $10.5 Million in NFTs and Coins
An unidentified exploit has drained over $10.5 million in NFTs and coins from experienced crypto community members since December 2022. The exploit targets keys created from 2014 to 2022 and those who are "crypto native," with multiple addresses and work within the space. Crypto veterans are advised to use a hardware wallet or migrate their funds to safeguard their digital assets.
Cryptocurrency Soars in Q1 2023
CoinGecko's Q1 2023 Crypto Industry Report shows Bitcoin as the best-performing asset, with a gain of 72.4%. DeFi and NFTs have also surged, while stablecoins saw a drop in market cap due to Binance USD shutdown and USDC depeg. The overall market capitalization reached $1.2 trillion at the end of Q1.
Sotheby Alters Art Sale, Novice Player Makes Staggering Profit
Sotheby's has announced a new digital art sale, "Glitch: Beyond Binary," with a focus on diversity after criticism. Meanwhile, a newcomer to the game Illuvium: Beyond has made a huge profit by finding a rare character.
NFTs Get Security Boost with New Warranty Service
Wert and Avata have launched a new nonfungible token (NFT) warranty service, providing coverage for up to 90% of the value of compromised digital assets in a smart contract hack. The service will be available on 80 digital asset marketplaces and will be charged at 6% of the asset cost at checkout. The offering aims to encourage mass adoption of NFTs by reducing risk for both active and prospective collectors.
Polygon Emerges as Second-Largest Blockchain Gaming Network
Polygon, a layer-2 scaling solution for Ethereum, has become the second-largest blockchain gaming network with 138,081 unique active wallets engaging in games in March. Polygon surpassed third and fourth-ranked Hive and BNB Chain, with Wax in the first place with 314,000 UAWs. Polygon's surge in user activity was primarily due to Hunters On-Chain, which saw a UAW increase of over 17,000% in the past 30 days alone. Polygon is gaining recognition as a gaming blockchain and has notched big-name partnerships such as Warner Music, Starbucks, and Adobe.
Unreleased Version of David Bowie's "Let's Dance" Surfaces as NFT
Gala Music, in partnership with Larry Dvoskin and Warner Chappell Music, is set to launch a limited edition collection of NFTs featuring an unreleased version of David Bowie's "Let's Dance." Each NFT will give its owner exclusive access to the song, co-produced with Bowie in 2002, with initial profits going toward charity.
Reddit Avatars on Polygon Blockchain
Reddit has launched the third generation of its blockchain-based digital collectibles, Reddit Avatars, on the Polygon blockchain. The release has generated excitement and predictions of quick sellouts, but some users have criticized the payment process.
CryptoPunk NFT Accidentally Sent to Burn Address
NFT collector Brandon Riley accidentally sent a CryptoPunk to a burn address while attempting to borrow money against the asset.
Sony Files Patent for NFT Transfer Framework
Sony Interactive Entertainment has filed a patent for an NFT framework allowing users to transfer and utilize digital assets across multiple game platforms.
NFT Wash Trading Volume Surges to $580M Across Top Six Marketplaces
NFT wash trading has surged for the fourth consecutive month, with a total volume of $580 million across the top six marketplaces, according to a report from CoinGecko. The report attributed the rise in volume to the overall recovery of NFT marketplace trading, which reached $1.89 billion in February.