NFT Marketplace Archives - Times Tabloid

NFTs Demystified: Exploring Non-Fungible Tokens and Their Impact on Digital Art

Solomon Odunayo — Sat, 06 Apr 2024 06:11:32 +0000

The way digital art and collectibles are created and monetized has been changing with the development of blockchain technology and non-fungible tokens (NFTs). We’ve seen projects like next-gen NFT with creative virtual games and platforms like NBA Top Shot all integrating NFTs into various digital experiences. NFTs have made it easier for people to express themselves creatively and claim their work.

What Are NFTs?

NFTs are digital certificates of ownership entered into a blockchain, a decentralized and transparent log. Unlike other forms of digital media, which can be copied and shared easily, NFTs are unique, verifiable, and have a limited supply. This shortage, in conjunction with the indestructibility characteristic of blockchain technology, has enabled NFTs to possess a high level of value and genuineness in the digital space that was never seen before.

How Have NFTs Impacted Digital Art?

The most notable effect of NFTs has been in the field of digital arts. For quite some time, digital artists have been struggling with the issue of monetizing digital files because the files can be easily copied and spread out without permission. NFTs have come to the rescue of artists in this dilemma, enabling them to convert their digital artworks into special, indisputable assets that can be sold.

Creators can provide provenance, ensure scarcity, and keep a share of the profits from future sales by inputting their artworks as NFTs. The programmable nature of smart contracts has enabled artists to sidestep traditional gatekeepers and build strong connections with collectors and fans all over the world.

One such artist who has embraced the potential of NFTs is Beeple, whose digital artwork “Everydays: the First 5000 Days” by Banksy fetched $69.3 million at the Christie’s auction house in 2021. The record-breaking sale not only broke records for digital art but also pointed the way to a paradigm shift in how the art world approaches and values digital creations.

How NFTs Have Revolutionized Collectibles and Ownership

The NFT online world is currently defining how digital collectibles are created and slowly transforming what it means to possess something. NFTs have provided a new platform for collectors and enthusiasts to engage with NFT art and digital collectibles.

For example, the NBA Top Shot platform can be used by fans to purchase and trade NFTs, which are officially licensed video highlights from NBA matches. These digital assets have a special following among sports fans around the world, and some of these rare NFTs are selling for quite a lot of money on the secondary market.

Similarly, the use of NFTs is also a very popular area: CryptoPunks is a collection of 10,000 unique, algorithmically generated pixel art characters, which have proved the ability of NFTs to create flourishing digital economies and support a community of collectors and traders.

Expanding Horizons: NFTs Beyond Art and Collectibles

Although NFTs have seen early adoption in the art and collectibles market, the applications of this technology go much further and reach other domains. Through industries like gaming, NFTs have been found to have the potential to transform in-game economies and players’ sense of ownership of virtual assets.

For example, with next-gen NFT, the integration of gaming with NFTs is becoming the norm, so players can actually own and trade their items, avatars, and virtual real estate. It not only makes the playing experience better but also opens new sources of NFT income for the game developers and players.

Music firms are also looking at uses of NFTs; artists tokenize their songs, albums, and music videos for special purposes. This is an alternative way of earning money, and fans now have a chance to connect with artists by watching videos of them performing and being part of virtual experiences.

Challenges and Future Outlook

Despite the fact that NFTs provide a lot of courtesy using cutting-edge technology, they also have limitations. Many of these issues relate to the wasteful nature of how energy is used in some forges and in the trading of NFTs on specific blockchain networks. Despite this, blockchain technology introduced the concept known as seignorage consensus mechanisms like proof-of-stake, and this is predicted to be the future of coins with sustainable NFT.

Regulators and market players are worried about infringement charges and the fact that NFT tokens could be used in illegal activities. As the NFT market changes, it will be very important to create and stick to reliable rules for government and industry standards. The principle behind the protection of property rights and saving NFT market integrity will be primarily maintained.

In a nutshell, NFTs are the tools to create novel forms of art, avatars, gaming, and crypto collectibles. The endless opportunities that are to follow will be part of their future. The introduction of an AI future brings with it the creation of many unique uses that could help different fields. The NFT mechanism of such AR and VR products is digitized and tokenized, which thus plays a role in creating new digital experiences by allowing the owners to interface with real people and entities.

Furthermore, implementing AI & machine learning will make it possible to use digital art and collectibles to create different digital artist and creator paths, which are new forms of creative expression.

Conclusion

NFTs are changing art, memes, and the digital era. NFTs also uniquely enable such diverse kinds of artists to bring their previously unrealized digital assets out into the open. While we need to realize the issues of sustainability, we also need to be fair and to the point with this ground-breaking innovation. Whether we are artists, lovers, or fans, let’s take a look at the crossroads of art and technology in NFTs and ourselves in the digital world as owners and builders of digital expressions.

FAQs

What Is the Difference Between NFTs and Cryptocurrencies?

Cryptocurrencies, such as Bitcoin and Ethereum, are fungible. This means that each unit of the cryptocurrency is interchangeable with any other unit of the same cryptocurrency. NFTs, however, are unique digital assets. Each NFT has its characteristics and values.

Are NFTs Only for Digital Art and Collectibles?

No, while digital art and collectibles have been the early adopters, NFTs have potential applications across various industries, including gaming, music, fashion, virtual real estate, and more. Essentially, any unique digital asset can be tokenized as an NFT, and learning trading strategies is a smart move in the fast-changing digital world.

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Cardano News: Hoskinsea sells out 80% allocated token as private sale ends in few hours

Tobi Loba — Mon, 25 Apr 2022 07:51:00 +0000

Hoskinsea marketplace is the largest NFT marketplace building on the Cardano network, this marketplace is set to put in place all the advanced functionalities of the NFT marketplace drawing some of its features from other blockchain networks. Hoskinsea is set to solve the Cardano NFT minting problem by granting multiple minting access, limitless NFT purchase orders and so many more.

Hoskinsea announced the launch of its native token HSK token which will be used on the marketplace for different purposes, early birds can participate in the ongoing HSK token private sale.

HSK Token Utilities

Purchase of NFT – Token holders can be able to purchase NFTs from the Hoskinsea marketplace at a discounted price

Transaction Fees – NFT minting fees can be paid using HSK tokens

Governance & Voting – HSK token holders will be made part of the decision-making process on issues that affect our Ecosystem. As such only holders of our token will be given the ability to vote on the necessary decision-making process that will affect our ecosystem.

It is important to note that the amount degree of votes you can give and participation in said voting process will be dependent on the amount of tokens you hold.

Exclusive Privileges – Top holders of HSK tokens will be given Exclusive access to rare edition NFTs which will only be made available during the Public mint

Purchase AD Slots – Due to a large number of NFTs that will be on the platform, users will be able to purchase ad slots for their NFTs using HSK Token.

Transaction Fees Redistribution – Top holders will be able to benefit also on our platform by earning a fixed percentage of profits made from all the transactions carried on our platform using the HSK token.

Creator Verification and Voting – Users will always be more likely to buy or transact from verified creators on our platform. As such creators who will wish to verify their platform will be required to stake a preset amount of HSK token before they can apply for verification.

Stoking Platform – HSK token holders can choose to stake their tokens on our staking platform to earn more tokens

NFT Farming – Users will be able to stake NFTs on our platform and be able to earn rewards in limited/Rare NFTs which can be tradable on other NFT platforms too.

How To Buy HSK Token on Private Sale

HSK Private Sale is Live now!! Early birds who wish to acquire some $HSK tokens at the Private Sale before Exchange Listing can do so by visiting the $HSK Sale Page.

The Private Sale sale allocation is 10% (10,000,000) and will be made available for sale at a rate of 1 ADA for $HSK 200 tokens.

Minimum Buy: 200 ADA

Maximum Buy: 20,000 ADA

Purchase HSK tokens Here – https://sale.hoskinsea.io

About Hoskinsea NFTs & Collectibles Marketplace

Hoskinsea is the largest NFT and crypto Collectibles marketplace on the Cardano network. At Hoskinsea, we’re excited about a brand new type of digital good called a non-fungible token or NFT. NFTs have exciting new properties: they’re unique, provably scarce, tradeable, and usable across multiple applications. Just like physical goods, you can do whatever you want with them! You could throw them in the trash, gift them to a friend across the world, or go sell them on an open marketplace. But unlike physical goods, they’re armed with all the programmability of digital goods.

Hoskinsea is building tools that allow consumers to trade their items freely, creators to launch new digital works, and developers to build rich, integrated marketplaces for their digital items. We’re proud to be the largest marketplace for Cardano NFTs.

Hoskinsea Media Outlets:

Website: https://www.hoskinsea.io/

News channel: https://t.me/hoskinseanews

Telegram group: http://t.me/hoskinsea

Twitter: https://twitter.com/hoskinsea_io

GitBook: https://hoskinsea.gitbook.io/docs/the-company

Mail: Support@hosakinsea.io

Reddit – https://www.reddit.com/r/Hoskinsea/

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OpenSea Says Solana NFT Support is Coming In April 2022

Solomon Odunayo — Tue, 29 Mar 2022 20:38:21 +0000

OpenSea, the largest non-fungible token (NFT) marketplace, has recently told the crypto community to expect its Solana NFT support in April 2022.

The message was passed across today in a viral tweet on OpenSea’s official Twitter handle. In the tweet, the platform captioned “The best kept secret in web3.”

The best kept secret in web3 pic.twitter.com/xuZn64cZ4U

— OpenSea (@opensea) March 29, 2022

OpenSea to Become Direct Competitor with Magic Eden

As soon as OpenSea launches support for Solana NFTs on its marketplace in April as stated in the viral tweet, it will become Magic Eden’s direct competitor.

Rumors that OpenSea was preparing to launch support for Solana NFT widely circulated back in late January, after some screenshots appeared online. A popular blogger and hacker, Jane Manchun Wong, captioned screenshots to prove that OpenSea was on the verge to integrate Solana NFT.

Back then, the integration of the new network on OpenSea was most likely found by the reverse engineering of the platform, which allowed Wong to discover the hidden wallet connect feature that will allow users to connect to the platform with the Phantom wallet.

Although OpenSea tried to distance itself from the rumor, the latest teaser video has proven that the blogger was somewhat right. Though there is no specific date yet, Solana community members can rest assured that the integration would play out in the coming month.

According to data provided by Dune Analytics, in March 2022, OpenSea recorded over 1.6 million ETH in sales volume. This shows that OpenSea is still the world’s dominant NFT marketplace.

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NFTs worth Millions of Dollars Swiped On OpenSea by a Hacker. Investigation Ongoing

Solomon Odunayo — Sun, 20 Feb 2022 03:43:16 +0000

OpenSea, one of the largest non-fungible token (NFT) marketplace, has been hit by hackers once again. NFTs worth millions of dollars are reportedly stolen in the process.

At the time of press, it cannot be ascertained if the assets were stolen via a breach from a deficiency in OpenSea’s platform or a phishing attack.

OpenSea Is Currently Investigating the Issue

In a recent tweet, OpenSea reported a possible exploit in relation to its NFT marketplace, stating that investigation has started to know the extent of the attack.

According to the platform, the exploit appears to be a phishing attack from outside its domain. Phishing is a common means for thieves to access accounts through fictitious emails.

So, users are warned to desist from clicking any link different from its well-known official website address.

OpenSea tweeted, “We are actively investigating rumors of an exploit associated with OpenSea related smart contracts. This appears to be a phishing attack originating outside of OpenSea’s website. Do not click links outside of opensea.io.”

We are actively investigating rumors of an exploit associated with OpenSea related smart contracts. This appears to be a phishing attack originating outside of OpenSea's website. Do not click links outside of https://t.co/3qvMZjxmDB.

— OpenSea (@opensea) February 20, 2022

Hacker Steals Assets worth Around $3 Million

According to The Block, at this point, the hacker has stolen assets worth relatively $3 million, which includes popular NFTs such as Bored Apes, Azuki, and CloneX.

Alex Svanevik, the CEO of Nasen, estimates that about 19 users of the NFT marketplace are affected.

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OpenSea Upgrades Smart Contract To Delist Inactive Non-Fungible Tokens (NFTs) on Ethereum

Solomon Odunayo — Sat, 19 Feb 2022 05:59:00 +0000

OpenSea, the largest Ethereum-based non-fungible token (NFT) marketplace, has launched an upgrade to its smart contract, in order to delist inactive NFTs on the platform.

In this regard, it’s necessary for all OpenSea users to migrate their NFT listings hosted on top of the Ethereum blockchain to the new smart contract.

According to the official announcement, the upgrade became effective from 18th Feb. So, NFT listings created before this date will automatically expire within a week.

The announcement reads in part as follows:

“Beginning today, Friday, February 18 we’re upgrading the smart contract. This new upgrade will ensure old, inactive listings on Ethereum securely expire and allow us to offer new safety features in the future. This migration period will last for seven days, until Friday, February 25 at 2:00 PM ET.”

Once the migration is successfully done, the NFT listings will show the original date of posting. But failure to meet the deadline, users will be allowed to relist the delisted NFTs on the new smart contract.

In the process of migration, users will not be charged with the usual gas fees, but the old Ethereum-based smart contract will be invalidated and old offers on items will expire:

“During this migration period, old offers on items will expire, and offers made on the old smart contract will become invalid.”

NFT Listing Migration Is a Two-Step Process

It takes a two-step process to migrate the NFT listing. First, users need to migrate to OpenSea and click on the “Migrate listings” option.

Second, users will need to click on the “Confirm” button made available next to each listing, as described in the below screenshot.

After clicking the Confirm button, a notification will confirm the migration and users will be able to view the listing with a new expiration date.

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OpenSea Says Over 80% of Its Free NFT Mints Were Plagiarized, Spam or Fake

Tobi Loba — Wed, 02 Feb 2022 00:50:56 +0000

OpenSea, the largest non-fungible token (NFT) marketplace built on Ethereum blockchain, has revealed in a series of tweets about a week ago that over 80% of its free NFT mints were plagiarized, spam or fake.

In December 2020, OpenSea launched the free NFT minting feature known as “lazy minting”, which gives artists the ability to release NFTs without paying upfront gas costs.

OpenSea Introduces and Reverses New Rules

In order to combat the misuse of the free minting feature, a new rule was introduced on 27th January. The NFT marketplace introduced the new rule that limited free minting only to five collections of up to 50 NFTs each, but the community responded with backlashes, which later led to the reversal of the decision.

In order to clear the air over the issue and to clarify the reason for introducing the rule, OpenSea wrote:

“To all the creators in our community impacted by the 50 item limit we added to our free minting tool, we hear you and we’re sorry. We have reversed the decision. But we also want to offer an explanation

“Every decision we make, we make with our creators in mind. We originally built our shared storefront contract to make it easy for creators to onboard into the space.

“However, we’ve recently seen misuse of this feature increase exponentially. Over 80% of the items created with this tool were plagiarized works, fake collections, and spam.

“We didn’t make this decision lightly. We made the change to address feedback we were receiving from our entire community. However, we should have previewed this with you before rolling it out.

“In addition to reversing the decision, we’re working through a number of solutions to ensure we support our creators while deterring bad actors.”

It’s widely known that OpenSea is still recovering following an exploit tagged as a user interface issue, which caused some NFTs to be listed thousands of dollars below market price.

Some users lost their highly valued NFTs to this exploit, but OpenSea has devised a means to reimburse the victims of the unfortunate incident.

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VeChain-Based Non-Fungible Token (NFT) Projects and Marketplaces

Tobi Loba — Fri, 28 Jan 2022 08:04:55 +0000

Non-fungible token (NFT) is an emerging sector in the crypto industry. The sector is gradually becoming established, considering the growth and increase in adoption recorded on a daily basis.

Being the largest smart contracts platform, Ethereum blockchain clearly leads the NFT sector of the crypto ecosystem. However, VeChain is also growing to become a force to beat in the NFT sector.

A few days ago, VeChainVeFam, VeChain Ecosystem and vNFT Blog, broadly listed a number of NFT projects and marketplaces that are currently advancing on the Vechain blockchain.

According to VeChainVeFam, currently, there are over 100 VeChain vNFT projects, collections, and artists building on VeChain.

In the thread of tweets, the vNFT Blog shared the list of those projects for easy following, support, and discovery.

100+ VeChain #vNFT Projects/Collections/Artists

below for easy following, support, and discovery

DM me for any changes to your pic/description/etc

If I missed you, DM me #VeFam #VeChain #NFTCommunity #NFTCollection #VeSea #WorldofV #NFT $VET https://t.co/VjLRF5av5v

— VeChainVeFam.com ⓥ (@vechainvefam) January 24, 2022

Below are some of the VeChain-based projects and marketplaces published on VeChainVeFam.io:

World of V

World of V’s goal is to create an integrated ecosystem that allows digital content creators to share their work in an engaging, fun way. Whether you’re an NFT artist or a VeFam member, their platform will offer everyone the opportunity to bring your art to life and reach a broader audience.

The first green, zero-cost NFT platform focusing on Art built on the VeChain blockchain #GreenNFTs.

VPunks

VPunks is an homage to the original cryptopunks but with utility for long-term growth and user retention. Integrating gaming and tokenization into an 8-Bit ecosystem. It’s a cross between NFTs and decentralized finance, with gamification as the underlying business model.

VIMworld

VIMs are Smart NFTs that will deliver an immutable system of authentication, allowing their owners to both store and build value through play whilst building meaningful connections with others.

NFT Paper Project

NFT Paper Project is an interactive experience that contains 11,880 unique pieces of procedurally generated art, living both in the physical and digital worlds.

NFTs are available for minting and the canvas factory creates downloadable templates for cutting machines, giving everyone the ability to create a physical twin.

VeThugs NFT

VeThugs is a collection of 10.000 unique thugs with a maximum of 12 different traits.
Each of these traits will have unique extras, of course, some are rare to keep it interesting.

The first buyable collectibles will be minted in a 10,000 NFT’s strong set of collectibles.
These NFT’s will be minted using an artificial intelligence process that will randomly bring VeThugs to life. There are 12 traits that can be generated.

Vulcan Forged

Premium blockchain game studio, cross-chain NFT marketplace. Makers of @vulcanverse. Fueled by $PYR. With all 70,000 of their NFTs including Vulcan Verse on VeChain. The cost per NFT to mint is 1 $PYR.

Digital Village

Digital Village metaverse will create hundreds of use cases for NFTs and enable users to import and actually use them within games, events, and experiences in DV metaverse.

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Biggest NFT Marketplace OpenSea Working on Solana and Phantom Wallet Integration

Tobi Loba — Wed, 26 Jan 2022 10:56:50 +0000

As a report has it, OpenSea, the biggest non-fungible token (NFT) marketplace, is likely working on adding Solana network support. It’s also considering the support of the Phantom wallet.

This was revealed on Twitter by a popular blogger Jane Manchun Wong a couple of hours ago. Wong captioned screenshots to prove the likely integration.

Jane Manchun Wong wrote, “OpenSea is working on Solana integration, as well as Phantom wallet support.” In the same thread, “OpenSea’s Chains Filter showing Solana as an option.”

OpenSea’s Chains Filter showing Solana as an option pic.twitter.com/asQoYrfTm4

— Jane Manchun Wong (@wongmjane) January 25, 2022

The integration of the new network on OpenSea was most likely found by the reverse engineering of the platform that allowed Wong to discover the hidden wallet connect feature that will allow users to connect to the platform with Phantom.

While OpenSea has not officially confirmed or denied Solana support, the official Twitter account of the platform left a comment under Wong’s post tagging the blogger and Phantom wallet official account.

JPMorgan Says Ethereum Is Losing Ground to Solana in the NFT Sector

Due to notably high transaction fees on the Ethereum blockchain, JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, believe that the largest smart contracts platform is already losing ground to rivals such as Solana in the non-fungible token (NFT) sector.

JPMorgan pointed out that Ethereum’s volume share of NFT trading has fallen from around 95% recorded at the start of 2021 to 80%.

In a research note sent to clients, Panigirtzoglou wrote:

“It looks like, similar to DeFi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains.”

According to the major bank’s findings as stated in the report, the Solana network had been seizing market share from Ethereum in recent weeks.

Panigirtzoglou emphasized that if Ethereum keeps losing ground to rival blockchains, it would become a big problem for the market value of Ethereum:

“If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum’s valuation.”

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OpenSea Is Reimbursing Users Who Saw Their NFTs Snatched and Resold By Hackers

Tobi Loba — Tue, 25 Jan 2022 21:11:27 +0000

As a report has it, OpenSea has started reimbursing users who had their non-fungible tokens (NFTs) sold by attackers at prices far from market value on 24th January 2022.

It can be recalled that a bug in the OpenSea NFT marketplace enabled hackers to hijack a number of rare NFTs from owners for far below their market values and resell them for huge profits.

According to blockchain analytics firm Elliptic, at least three hackers were involved in exploiting a bug on the Ethereum-based NFT marketplace, OpenSea.

The report further stated that one of the attackers purchased a Mutant Ape Yacht Club NFT for $10,600 in ETH and resold it a few hours later for $34,800 worth of ETH.

In the report, Elliptic said, “The exploit appears to originate from the ability to re-list an NFT at a new price, without canceling the previous listing. Those previous listings are now being used to purchase NFTs at prices specified at some point in the past — which is often well below current market prices.”

The report pointed out that another attacker paid relatively $133,000 for seven NFTs and sold it quickly on the Marketplace for $934,000 worth of ETH.

OpenSea Starts Reimbursing Victims of the Major Exploit

In a conversation with The Block, an OpenSea spokesperson disclosed that the company has been actively reaching and reimbursing the victims of the major exploit, adding that the platform is taking the matter “incredibly seriously.”

According to the firm, there has been a ground effort to put the issue to rest for bad actors not to abuse it as scale. The company added that it’s working on product improvements to bring a lasting solution to the problem.

The company also clarified that the incident wasn’t an exploit or a bug, but a UI issue that surfaces when a user creates a listing, then transfers the NFT to a different wallet in order to avoid gas fees.

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What Makes Cardano the Most Anticipated Smart Contract Platform in the Blockchain Space

Tobi Loba — Sun, 28 Nov 2021 07:54:55 +0000

Robert Tran, the COO of Bondly Finance that signed a partnership with Cardano a couple of weeks ago, has stated that Cardano (ADA), the largest proof-of-stake (PoS) blockchain, is literally the most anticipated smart contract platform in the blockchain space.

The partnership was signed last month to build a cross-chain bridge between the network and Ethereum, as entertainment companies work to mitigate the environmental impact of blockchain, which is their primary criteria for choosing a network.

Describing the energy consumption of Ethereum, Robert Tran said:

“One transaction on Ethereum literally uses as much power as the conventional hospital uses in a day and a half. It’s simply just not sustainable.”

Cardano Could Be a Lasting Solution

Tran also described how Cardano cross-chain could help in easing the energy consumption concerns. He said, “The bridge has the potential to literally divert a significant portion of these transactions that are happening underneath onto the Cardano chain and that’s massive.”

According to the COO of Bondly Finance, there are other factors that are attracting projects to build on top of the Cardano blockchain.

Robert Tran noted:

“Environmental concerns and the speed of transactions we feel will be key drivers in onboarding major consumer brands in the future. The other one is you know our view as a company but the future of blockchain is interoperability.”

Tran further added that “Bondly has been built as an interoperable transparent portable swap protocol and we feel that this is the future of NFTs and Cardano is literally the most anticipated smart contract platform in the blockchain space.”

Cardano’s NFT Maker Has Made over a Hundred Thousand NFTs

During a recent Cardano 360 session, Josh Miller, Cardano’s commercial NFT lead, highlighted the various achievement recorded in relation to NFT on Cardano since the launch of Alonzo on the mainnet.

According to Miller, Cardano’s NFT maker has already made over a hundred thousand NFTs, most of which are built on Marketplaces native to the Cardano blockchain. The biggest of these marketplaces is CNFT, which is already a big rival to Ethereum.

Miller said, “We’re seeing a lot of tech come online… we’re seeing explosive growth in the CNFT community.”

He said CNFT recently attained a hundred thousand registrations in the Cardano community, including the minting of 1.7 million NFTs and 1.5 million of ADA traded within the ecosystem. These serve as an indication that the ecosystem is growing rapidly.

Miller also pointed out that the one major reason behind the growth of Cardano NFT products is the diminishing of Ethereum’s role in the sector.

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