Lưu trữ cho từ khóa: #NFT

NFT

ShardLab launches ZK-based tool for digital identity and NFT vouchers

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Blockchain developer ShardLab has rolled out a new web application aimed at simplifying voucher distribution in the form of NFTs.

ShardLab, a blockchain arm of web3 venture capital firm Hashed, has unveiled a web application leveraging account abstraction (AA) and zero-knowledge proofs (ZK) technology to simplify the use of decentralized identity and voucher distribution.

Leveraging zk technology, the application can confirm user identity without sharing private information. It also allows users to receive and redeem vouchers in the form of non-fungible tokens (NFTs) via QR codes, ShardLab explained.

The firm says the launch was the result of a successful release at the Southeast Asia Blockchain Week 2024, where attendees could integrate NFT vouchers with the point-of-sale (POS) systems at over 60 restaurants and shops at ICONSIAM, a themed shopping mall in Bangkok.

“This implementation demonstrated the practicality and efficiency of blockchain technology in a real-world retail environment,” ShardLab says.

The firm noted that thanks to account abstraction and NFTs, ICONSIAM’s attendees could natively redeem their vouchers by scanning a QR code, automatically deducting the voucher amount from the bill, without facing traditional hurdles tied to smart contract usage.

“By integrating cutting-edge technologies like zero-knowledge proofs and account abstraction, we are paving the way for a future where blockchain is not only secure but also straightforward and convenient for everyday users,” said Hojin Kim, CEO of ShardLab.

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Theo Crypto News

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Polygon surpasses Bitcoin, Solana in daily NFT sales volume

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Polygon’s NFT sales volume surpasses Bitcoin (BTC) and Solana (SOL) as the non-fungible token (NFT) market gains momentum.

According to data provided by CryptoSlam, the total NFT sales increased by 27% in the past 24 hours, reaching $18.21 million. The surge comes while the total number of transactions declined by 7%, currently sitting at 351,319. 

This movement might show heightened whale activity in the NFT sector.

NFT sales volume by blockchain – July 10 | Source: CryptoSlam

Moreover, Ethereum (ETH) has been leading the NFT scene since late May. Per CryptoSlam data, the NFT sales volume increased by 24% over the past day and is currently hovering at $5.1 million. 

Polygon overtook Bitcoin and Solana again after seeing a 173% rally in its NFT trading volume. Data shows that Polygon’s NFT sales surpassed the $4 million mark for the third time this year — first in January and second on July 3.

Solana secured the top spot with $3.9 million in NFT sales, recording a 50% surge in the past 24 hours. Notable, Solana is the only blockchain on this list with an increased number of buyers, rising by 62% and currently sitting at 20,946 unique buyers.

The amount of NFT sales on the Bitcoin network rose by only 11% over the past day, standing at $2.7 million, according to CryptoSlam data. At this point, Bitcoin has the least amount of wash trading volume among the leading four blockchains — only around $23,000.

Notably, the monthly NFT sales have been consistently decreasing since March this year — falling from $1.6 billion on March 1 to $127 million on July 1. 

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Theo Crypto News

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What are Cryptopunks: All about the mainstream NFT collection

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Over the past few years, the market for non-fungible tokens (NFTs) has gone through quite a journey – from initial global frenzy to a more stable yet somewhat subdued phase.

In 2021, NFTs first grabbed the world’s attention, creating waves in news headlines and cryptocurrency markets alike. Despite a cooling-off period in 2023, NFTs continue to drive significant trading activity, with sales consistently hitting the million-dollar mark. As of July 4, 2024, CoinMarketCap reported that the NFT market capitalization had surged past $3.697 billion. Some NFTs have fetched astonishing prices, making them some of the priciest digital assets ever sold. This includes well-known characters from the Cryptopunks collection, which have set benchmarks in the industry.

What are Cryptopunks?

Cryptopunks is the inaugural and widely embraced collection of NFT avatars. Launched in 2017 on the Ethereum blockchain, it comprises 10,000 distinct NFTs. The project was created by Canadians Matt Hall and John Watkinson from the Larva Labs, a company based in the USA. Cryptopunks include a variety of characters in a pixel-art style, such as humans, zombies, apes, and aliens. The buzz around the Cryptopunks art project was instrumental in propelling the NFT sector into the spotlight. 

Cryptopunks price history

The Cryptopunks price growth is notable. Originating as a free project where enthusiasts only needed to cover Ethereum gas fees for transactions, Cryptopunks NFTs have grown in both value and desirability. As of March 2024, the entire Cryptopunks value reached an incredible $1.5 billion.

Most expensive Cryptopunks 

Here are the top 3 Cryptopunks, standing out as the most expensive in history.

CryptoPunk #5822, considered the most valuable cryptopunk ever, fetched a staggering $23.7 million (8,000 ETH) on February 13, 2022. This specific NFT relates to rare Cryptopunks, as it is one of only nine ‘alien’ punks among 10,000 characters, which contributes to its high value.

On March 20th, CryptoPunk #7804, another of the nine “aliens,” was sold for 4850 ETH, which equated to $16.42 million at the time of the sale. 

This transaction ranks as the second most valuable in the collection’s history, both in terms of dollars and cryptocurrency. It occurred approximately two weeks after another Alien Punk, #3100, was purchased for 4500 ETH ($16.03 million).

Cryptopunks set the benchmark for tokenized avatars – a benchmark later built upon by projects such as Bored Ape Yacht Club and many others that followed. Even the cheapest Cryptopunks NFT currently on the market is priced at around 51 ETH or $177,000.

Where to buy Cryptopunks NFT

There are multiple online marketplaces available for buying and selling CryptoPunks. Larva Labs’ website serves as a primary hub, listing available CryptoPunks for sale. Alternatively, OpenSea stands out as the largest NFT market globally, offering extensive opportunities for CryptoPunk trading.

Source: OpenSea

To get started, you’ll need to create an account and link an Ethereum wallet such as MetaMask to the platform. With your wallet connected, you can trade on desired CryptoPunks. Winning bids require you to finalize the transaction using ETH from your wallet, thereby securing ownership of the CryptoPunk NFT. Storing the NFT directly in your wallet ensures its security.

For tracking CryptoPunks market trends and prices, resources like the Larva Labs website and CryptoSlam are invaluable.

Conclusion

NFTs have secured a prominent place in the art and collectibles market. Despite being only on the cusp of widespread adoption, impressive sales figures and substantial interest in renowned collections such as CryptoPunks underscore their burgeoning popularity and potential.

FAQs

How many Cryptopunks are there?

The Cryptopunks NFT collection comprises a total of 10,000 distinct NFTs.

Who created Cryptopunks?

The Cryptopunks NFT collection was designed by Matt Hall and John Watkinson, who are software developers from the Larva Labs studio.

When did cryptopunks come out?

Cryptopunks came out in 2017. It was one of the first NFT collections in the world.

How to buy Cryptopunks?

You can buy Cryptopunks on the main Cryptopunks marketplace, Larva Labs, or through the OpenSea platform. You need to create an account there, link an Ethereum wallet like MetaMask, place bids on desired Cryptopunks, and finalize transactions using ETH from your wallet upon winning a bid.

How much are Cryptopunks worth?

Cryptopunks have seen significant appreciation in value. As of March 2024, the entire Cryptopunks collection was valued at $1.5 billion. Some Cryptopunks have fetched millions of dollars each, with the highest sale reaching a staggering $23.7 million.

Why are Cryptopunks so expensive?

Cryptopunks are considered valuable due to their rarity, historical significance as one of the first NFT projects, and unique attributes. Certain types, such as the ‘alien’ punks, are extremely rare within the collection, driving up their market value.

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Theo Crypto News

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MOCA goes live on major exchanges. What’s known about Mocaverse, backed by Animoca Brands?

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The Mocaverse project token, MOCA, has begun trading on well-known centralized exchanges, including KuCoin, Gate, HTX, Coinlist, Bitget, MEXC, and Bitmart.

Trading began with a MOCA rate of $0.088. Listing on several major centralized exchanges is expected to increase MOCA’s visibility and significant trading volume, attracting a wider audience of investors and users.

Mocaverse will also introduce a staking feature alongside a Token Generation Event (TGE). Users can stake MOCA tokens to receive staking power or “soft stake.” MOCA Saving 1.0 participants will be able to accumulate staking power at a rate of 0.000001 per second.

“Staking Power grants holders exclusivity in terms of experiences and rewards. Higher Staking Power means better access to reward pools.”

Animoca Brands blog

A 50% early staking boost will be available from July 11 to July 25 to encourage early participation. However, withdrawing MOCA coin from staking during this period will reset the bonus staking power to zero.

What is Mocaverse?

Mocaverse is a project that aims to connect the company’s portfolio projects, subsidiaries, joint ventures, and partners through a unique collection of NFTs. MOCA NFT collection consists of 8,888 of characters named Moka, each of whom belongs to one of five factions: Angels, Builders, Dreamers, Connectors, and Neo-Capitalists.

Mocaverse members have access to the various features that allow them to learn, play, do well, and build. These include access to online training courses, interactive AMA sessions, game passes, in-game assets, and an acceleration program designed to develop projects. The platform also promotes social responsibility by encouraging NFT holders to participate in charitable projects.

Mocaverse also features Moca ID, a decentralized identification system (DID) that integrates with crypto wallets, making communication and collaboration within the ecosystem easier.

Mocaverse is governed through the Moca DAO, whose NFT owners exercise their rights to propose, vote, and implement changes, providing community-based governance and decision-making.

In addition, the project offers Mocana Missions, web3 platforms through which users can earn points for participating in various interactive and gaming activities. These missions are designed to keep users engaged in the ecosystem, and rewards are awarded upon successful completion.

Who is behind Mocaverse?

Mocaverse is a new NFT ecosystem from Animoca Brands designed to support a unified web3 community. Animoca Brands, a significant representative in the field of digital entertainment and blockchain games, operates metaverse leader The Sandbox and other web3 projects. Its portfolio includes more than 300 cryptocurrency and blockchain projects of various types.

In September 2023, Animoca Brands raised $20 million for the Mocaverse project through an additional issue of common stock.

CMCC Global led the funding round. The list of investors also included Kingsway Capital, Liberty City Ventures, GameFi Ventures, and several individuals, including Animoca Brands executive chairman and co-founder Yat Siu.

As part of the fundraising, the company signed simple agreements with investors for future equity capital, providing corresponding warrants in the form of utility tokens.

The funds received were used to promote the project, including product development and implementing web3 and partnership programs to expand the gaming, cultural, and entertainment ecosystem.

What’s happening to the NFT market?

According to the DappRadar analytical platform, in the second quarter of 2024, the volume of sales in the market of non-fungible tokens increased. Sales rose 28%, reaching levels last seen in early 2023. Between April and June 2024, $4 billion worth of NFTs were sold, up 3.7% from the fourth quarter of 2023.

Source: DappRadar

DappRadar blockchain analyst Sara Gherghelas emphasized that Blur remains the most popular NFT platform, with a 31% market share. However, the platform has lost almost 50% of its dominance since the last quarter.

Magic Eden is in second place, having succeeded thanks to Ordinals, which increased the platform’s dominance from 17% to 22%. OpenSea ranks third, although Gherghelas notes that the trading platform leads as the most popular NFT marketplace in terms of sales volume with a market share of 12%.

“The top 5 NFT collections by trading volume this quarter remain largely unchanged from the previous quarter, with the notable exceptions by Runestone and fantasy.top. Both of these collections have enjoyed incredible success and popularity in Q2 2024.”

Sara Gherghelas, DappRadar blockchain analyst 

What is Mocaverse planning?

The Mocaverse developers still need to publish a roadmap, and the exact plans for the project in the coming years can only be guessed. However, the big name of Animoca Brand, a recognized giant in the web3 industry, supports faith in the project.

One way or another, the community eagerly awaits news from the project regarding its immediate plans and long-term vision.

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Theo Crypto News

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Does Ebay’s NFT marketplace KnownOrigin shutdown raise storage concerns?

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KnownOrigin has announced its imminent shutdown, sparking fresh debates about the reliability and longevity of NFT storage solutions.

KnownOrigin bows out

KnownOrigin, since its inception in 2018 in Manchester, England, has been a major player in the digital art space. It offered an avenue for artists to mint, sell, and trade NFTs.

The platform looked set for even bigger things when eBay bought it in June 2022 for an undisclosed amount. At the time, many industry watchers saw it as a strategic move for the e-commerce giant to enter the burgeoning NFT market.

The deal was expected to leverage eBay’s vast user base and KnownOrigin’s platform to create a new marketplace for digital collectibles. However, less than two years later, KnownOrigin is closing up shop.

Signs of the NFT marketplace’s problems bubbled to the surface on Feb. 20, 2024, when it laid off 30% of its staff, as reported by crypto.news. The layoffs followed a cooling off of the NFT frenzy that had characterized the crypto space from late 2020 to mid-2022. 

Months later, on July 17, things came to a head, with KnownOrigin announcing through a series of posts on X that it would be winding down its on-chain marketplaces and minter. It also redirected users to secondary marketplaces, including OpenSea and Magic Eden.

The IPFS debate: on-chain vs off-chain storage

While the full impact of the KnownOrigin shutdown is yet unknown, one of the things it has caused is the asking of questions regarding the longevity and security of digital assets. 

The news has also raised concerns about the sustainability of the InterPlanetary File System (IPFS) as a storage solution for NFTs. 

Digital artist Ella, also known as BrightLightArt, took to X in the aftermath of KnownOrigin’s announcement to voice her concern. In her post, the artist stated, “Are eBay going to pay the IPFS storage bill forever? If they stop paying, the art will eventually die.” 

Ella’s sentiment highlights a critical issue in the NFT ecosystem: the misconception that NFTs and their associated media are entirely on-chain. 

The reality, as detailed by tech experts, is more complex and less reassuring. According to them, most NFTs are not stored directly on the blockchain. Instead, they contain metadata that points to an off-chain file stored on platforms like IPFS. 

While IPFS is a distributed file storage system that aims to be more resilient than traditional web servers, it still has its limitations. For instance, if the entity responsible for hosting the IPFS node goes out of business or stops maintaining the node, the data could become inaccessible, thereby rendering the NFT effectively worthless.

Understanding what you “own” with an NFT

In a past post on X, Jonty Wareing, a vocal critic of the current state of NFT storage, shared the results of an extensive analysis of how NFTs reference the media they represent.

His findings were eye-opening. According to him, when you purchase an NFT, you are essentially buying a token that points to a URL on the internet or an IPFS hash. In many cases, this URL points to a JSON metadata file that includes information about the media. This file, in turn, links to the actual media hosted on a server controlled by the NFT platform. 

Jonty used the example of a Beeple artwork that sold on Nifty Gateway for $66,666. The NFT points to a JSON file hosted on Nifty’s servers. Now, according to him, if Nifty Gateway were to shut down, the token would point to a non-existent file.

IPFS storage is not entirely secure for NFTs

The technologist also stated that even NFTs that use IPFS hashes for storage are only partially secure. While IPFS is a distributed file system, it only serves files as long as there is a node in the network that intentionally keeps hosting the file. 

If the startup or the entity responsible for pinning the file to IPFS goes bust, as is the case with KnownOrigin, the file could vanish from the network, similarly leaving the NFT pointing to an inaccessible file.

This dependency on third-party platforms for the longevity of NFT data is a significant vulnerability that needs to be addressed.

Jonty’s assessment was blunt: “Right now, NFTs are built on an absolute house of cards constructed by the people selling them,” the digital researcher said.

He further claimed that every NFT sold so far will likely be broken in the next ten years. This stark warning underscores the fragility of current NFT storage solutions.

Sam (@cloudonshore), an Ethereum engineer with extensive IPFS experience, acknowledged the criticisms raised by Jonty, stating that the technology is still evolving and that the industry needs better tools and practices to ensure the security and permanence of NFTs.

However, you should note that not all NFTs face this issue. Some projects are entirely on-chain, meaning they have a decentralized system to store both NFT metadata and their visual media.

Unfortunately, the biggest hindrance to more projects adopting such measures is the fact that full on-chain storage is not cheap, especially for projects with larger media files.

Potential solution and future considerations

The KnownOrigin shutdown has prompted a wave of introspection within the NFT community. In response to these concerns, some artists and collectors are advocating for the use of storage solutions like Arweave. Unlike IPFS, Arweave is a blockchain-based storage solution that aims to provide permanent data storage for a one-time fee.

When you store a file on such platforms, it is stored across a decentralized network of computers, theoretically ensuring its availability as long as the network exists. This makes it a more reliable option for storing digital art in the long term, though it still relies on the health and continuity of the underlying network.

What’s next?

The closure of KnownOrigin should serve as a wake-up call for the NFT community. It shows the importance of understanding how NFTs are stored and the risks associated with current practices. 

Furthermore, as the technology evolves, it will become imperative for NFT platforms, artists, and collectors to advocate for and adopt more secure and sustainable storage solutions for digital art.

The reliance on off-chain storage solutions and the potential for data loss if these services go offline pose significant risks to the value and integrity of NFTs.

Hopefully, the discussions sparked by this event may lead to significant improvements in how digital art is stored and preserved, ultimately benefiting the entire crypto art community.

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Theo Crypto News

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NFTs maintain upward momentum, sales volume exceeds $107m

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Non-fungible tokens, or NFTs, saw an uptick in sales volume for the second consecutive week, reaching $107 million — an 8.5% increase.

A substantial increase in the number of NFT buyers accompanied this growth, reaching 488,141 — a staggering 89.56% rise.

On the other hand, the number of NFT sellers also rose by 69.8%, totaling 198,450, signaling an improved trading environment and heightened market engagement.

Below is a breakdown of what happened in the NFT market over the past week.

Ethereum maintains lead while Solana, Bitcoin follow

Blockchains by weekly NFT sales volume | Source: CryptoSlam

Over the last few weeks, Ethereum (ETH) continued to dominate the NFT market with $36.6 million in total sales, bolstered by 35,236 buyers—a 46.31% increase from the previous week. 

Solana (SOL) emerged as a strong contender, recording $26.15 million in total sales, thanks to a substantial 114.07% increase in buyers.

The Bitcoin (BTC) NFT market also saw a notable rise, with total sales hitting $21.4 million, driven by a staggering 222.29% increase in buyers.

Polygon (MATIC), which registered the second-best performance in the previous week, saw its total sales volume drop by more than 15%, pushing it down to the #4 spot just ahead of Immutable (IMX).

Other notable performances came from Zora and Blast, which registered the two highest percentage increases in sales volume at 463% and 227%, respectively.

Top collections: Solana Monkey Business shines

NFT collection rankings by weekly sales volume | Source: CryptoSlam

Among the top NFT collections, Solana Monkey Business led the pack with $4.86 million in sales, representing a 168.38% increase. The collection also saw a significant uptick in transactions (137.34%) and the number of buyers (130.84%). 

Close behind was the DMarket collection on the Mythos blockchain, which recorded $4.01 million in sales. Interestingly, it was the only collection among the top 5 by sales volume that registered drops in the numbers of transactions and buyers.

Immutable’s Gods Unchained Cards also made headlines with $3.8 million in sales, reflecting a 61.35% increase. This collection saw notable growth in transactions (76.31%) and buyers (41.21%), showcasing the rising popularity of blockchain-based trading cards.

Top-selling NFTs and fan tokens

In terms of individual sales, Ethereum’s Autoglyphs #167 led with a sale of $274,561, followed by Bitcoin’s Protoshrooms at $148,574. Other significant sales included BNB’s kNFT: Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the NFT market across different blockchains.

Top 5 fan tokens by sales volume

As can be seen in the table above from CryptoSlam, fan tokens also continued to witness explosive growth, with Galatasaray’s token on the Chiliz blockchain recording a $280.5 million in sales. This reflects a 70149.47% increase.

FC Barcelona and Paris Saint-Germain followed with substantial sales volumes, indicating the growing popularity of sports-related NFTs.

Market implications

The NFT market’s latest performance marks a significant turnaround, showing resilience and renewed investor interest after a period of declining sales volumes. 

This is the second straight week of improved sales, suggesting a potential upward trend. Notably, this resurgence comes amid a broader rally in the cryptocurrency market, which is currently valued at $2.55 trillion. 

Major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana have all registered double-figure price jumps over the past week, further fueling optimism in the digital asset space.

The correlation between the rising crypto prices and the recovering NFT market could be an indication of strengthening confidence among investors, setting a positive tone for the weeks ahead.

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Theo Crypto News

Công nghệ

Celebrating ‘Plastic Free July’ with Tezos NFTs and art | Opinion

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Since its initial coin offering in 2017, the Tezos blockchain has become the art world’s favorite because of its energy efficiency and low cost. AI artists, including Refik Anadol, an internationally renowned media artist, director, and pioneer in data and machine intelligence aesthetics, use Tezos to execute peer-to-peer transactions and deploy smart contracts. The token is listed on crypto exchanges as Tezos (XTZ).

In addition to being part of Art Basel since 2021 and collaborating with environmental gallery Serpentine Arts Technologies since 2023, during this Plastic Free July, for the first time, Tezos blockchain is part of Ribela Love Nature, an open-air, sustainable techno event of art and music, that is featuring over 100 different artworks from more than 30 visual artists, more than 20 NFT artwork for sale, and music in more than 15 live acts and DJ sets.

Plastic Free July draws attention to the impact of plastic waste on nature. The ‘Plastic Free July’ campaign originated in Australia in 2011 to draw attention to the global problem of plastic waste, which is causing serious problems for animals, nature, and people’s health. The award-winning campaign is a key initiative of the Plastic Free Foundation, which works towards a vision of seeing a world free of plastic waste, as detailed in the “2023 Impact Report.”

The Plastic Free July campaign was instrumental in the adoption of the world’s first Plastic Treaty, which was supported by 175 nations at the United Nations Environment Programme (UNEP) meeting in Nairobi in 2022. UNEP’s Intergovernmental Negotiating Committee on Plastics Pollution is still negotiating the Treaty’s terms, so it could be implemented as soon as 2025.

My Plastic Free July art shows to draw attention to plastic pollution’s harm on marine animals are held at two museums:

  1. Putnam History Museum—Healing Waters by Selva Ozelli
  1. Havre de Grace Maritime Museum—Moody Blue Crabs by Selva Ozelli 

Scaling up Tezos

Parallel to participating in the sustainable techno event, Tezos X vision also announced a significant development in the Tezos ecosystem: the introduction of Jstz (pronounced ‘justice’), a smart rollup powered by JavaScript that will scale up and make Tezos an interoperable blockchain platform and an OP blockchain-based, cloud-like backend for all kinds of applications. 

Scaling the utility of blockchain is crucial to widespread adoption. After all, the fastest, most cost-efficient blockchain is useless if people have nothing to do or nowhere to go from there. And they’ll only have those things if someone builds them on Jstz, an L2 rollup being built on Tezos to allow developers to use JavaScript and its vast resources such as JavaScript APIs, battle-tested JS tools, npm ecosystem, and libraries with the best perks of web3, with built-in identity, wallet, and payments Jstz GitHub repository. 

NFT tax reporting regulations finalized

On June 28, 2024, the US Treasury Department and the US Internal Revenue Service issued final digital asset broker reporting regulations that mandate broker reporting for centralized exchanges and hosted wallet providers, providing extensive rules under which transactions in digital assets, which include NFTs, will be reported in the US. However, it set aside related rules for decentralized finance and unhosted wallets as it continues to study 44,000 comments to the agency. Defi operations and non-hosted wallet providers will have to wait for their own rules later in the year.

The final regulations will go into effect for transactions starting in 2025 and will require digital asset brokers to keep tabs on the cost basis for customers’ tokens starting in 2026. They will also need to file 1099-DA forms like their traditional investment firm cousins, with a $600 annual threshold on NFT proceeds before they need to be reported.

The final regulations provide NFT platforms with needed clarity about their reporting obligations while also creating transparency for both artist taxpayers and the IRS when it comes to tax filing and compliance. It is also an essential step in closing the estimated $50 billion crypto tax gap and will further legitimize digital assets. Artists will now know what they need to report for activity conducted with a digital asset broker NFT platform, and the IRS will know what to expect to see on tax returns.

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Theo Crypto News

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From views to value: The future of blockchain innovation in social media | Opinion

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The age of direct-to-consumer is here in all aspects of the game. The $250 billion creator economy isn’t immune to this change either.

For long, traditional social media platforms have acted as gatekeepers of revenue flows, limiting ways in which creators, their followers, and unassuming advertisers engage with each other.

After seeing multiple web2-based iterations fail to balance these three pillars, it would seem the future is rightfully leaning toward web3 to democratize social media.

Empowering creators, users, and advertisers

According to a report from Mordor Intelligence, the impact of blockchain in the media, advertising, and entertainment market is expected to soar to $27.29 billion by 2029, at a CAGR of 78.49%. This transformation, which we are witnessing live, has been made possible with the emergence of defi integrations, which cut out the middleman and lay the groundwork for a new era of creativity, engagement, and trust. 

From offering solutions to dated problems like digital piracy, skewed royalty distributions, and monopoly of user data, blockchain tech is now finding rampant use in redefining human interactions. It starts with empowering creators, without whom such platforms become just another community chat center.

By thinking beyond brand engagements, SocialFi platforms are helping create a model where loyal, paying communities sustain creative livelihoods. While existing solutions focus on only the creator, the other two legs of the system — users and advertisers — can no longer be ignored. 

Here is where a tokenized ecosystem comes into play. By enabling creators to earn directly through audience engagement and rewarding every user for their digital footprint, SocialFi’s next phase should create mutually rewarding processes for everyone involved. This approach not only democratizes earnings to ensure creators are compensated fairly but also boosts user engagement by blending the interests of creators and their audiences. 

Additionally, advertisers who are part of this ecosystem have greater control over their spending, getting to engage better with the entire user spectrum and thus projecting better returns on their investment.

NFTs for digital ownership

A few years ago, NFTs appeared with a bang but quickly sobered down as hype clouded their real-world applications in tokenizing digital assets. That being said, the sector continues to see healthy funding as investors bet on its applications in industries like art, real estate, photography, music, and social content — in essence, a connection with RWA.

We’re increasingly seeing that merely making content decentralized isn’t enough. There needs to be a way to stamp your IP on it, and monetize forever. In this regard, NFTs enable creators to have true ownership with the added prospects of merchandising and recurring revenue. 

Another point to consider is the emergence of short-form visual content as the most popular form of content on the internet today. Despite their popularity, copyright violations and lack of creator credits disregard the efforts of digital participants. By offering genuine scope for visual content to be instantly converted into NFTs, SocialFi platforms can add a layer of transparency and monetization, previously untapped. 

Despite such inherent potential, integrating blockchain into the media industry is not without its challenges. Issues like scalability and interoperability aren’t new, and much rides on emerging low-code solutions that enable developers to build scalable L2s, more effectively and at lower costs.

Several networks, like Sui, for example, provide a robust on-chain development environment and equip platforms with high throughput—a crucial factor in media applications that demand high transaction speeds for optimum user experience. 

Building on-chain also ensures that decentralized and mainstream fintech tools can be plugged into a common ecosystem. Not to mention the preservation of intellectual property and thwarting cyber attacks by governing such platforms on-chain. All these factors are especially useful for seamless real-time payouts, including for micro-payments, which traditional fiat based transfers cannot service due to high transaction costs. 

The complexity of web3 interfaces may be its biggest impediment for now, but with newer platforms incorporating the familiarity of web2 with the flexibility of defi, the opportunity to bridge two different worlds has never been more achievable. 

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Theo Crypto News

NFT

ApeCoin DAO votes to open APE-themed hotel in Bangkok

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Earlier this week, the ApeCoin decentralized autonomous organization initiated a proposal to launch an APE-themed hotel in central Bangkok.

More than 91% of the votes are for the proposal, signaling strong support for the hotel’s opening.

Screenshot of AIP-448 proposal | Source: ApeCoin DAO

Voting for the ApeCoin (APE) hotel, initially named AIP-448, started on July 18.

At press time, 4.6 million APE had voted “yes,” while 411 thousand APE had voted against the launch. The naysayers represent 8.16% of the total votes cast. 

AIP-448 will reportedly merge intellectual property applications, the hospitality sector, the arts, and cryptocurrency. The proposed hotel reportedly plans to offer a diverse range of ApeCoin-themed attractions and amenities. 

The establishment could feature ApeCoin-centric exhibitions, an APE-themed bar, and a variety of rooms decorated to represent different APE communities.

Additionally, it could include an APE-branded swimming pool and a dedicated area for exhibitions.

ApeCoin Hotel seeks 410,000 APE from the ApeCoin ecosystem fund to see the proposal through, and voting concludes on July 31.

ApeCoin hotel benefits

According to the DAO, the ApeCoin Hotel aims to promote ApeCoin, ApeChain, and various APE communities comprehensively. The DAO stated that the venture intends to provide numerous benefits to members of the APE community.

The DAO proposed that 50% of the revenue generated from themed rooms be directed to the ApeCoin DAO treasury for one year. Secondly, the hotel could accept ApeCoin as a payment method, which proponents claim would demonstrate the cryptocurrency’s real-world utility and potentially boost its circulation.

The hotel project also plans to incorporate various community-centric initiatives. These may include offering 50 complimentary nights of accommodation to APE holders and providing free access to certain hotel facilities for community members.

Moreover, the proposal has outlined a unique check-in process for ApeCoin holders at a themed hotel. Guests would reportedly need to verify their ApeCoin Forum membership and wallet balance at the front desk.

Guests are encouraged to share their experiences on X. Those seeking free stays would be required to post about their visit, including photos and positive feedback, to receive cashback.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News