Magic Eden Adopts cNFTs, Meta Launches Mobile Metaverse Game, Bitcoin Ordinals Seeks Protocol Overhaul and SEC Targets Stoner Cats
Summary:
This article covers a range of updates within the digital marketplace, including Magic Eden's integration of Solana's compressed nonfungible tokens, Meta's early-access mobile and web launch of its new shooter game, the Bitcoin Ordinals creator's proposition to change the inscription numbering system, and Atari founder Nolan Bushnell's views on play-to-earn games. It also discusses the SEC's accusation of NFT collection company Stoner Cats offering unregistered securities.
In the latest newsletter, delve into a story about the NFT marketplace, Magic Eden, introducing compressed nonfungible tokens into their platform and Meta's rollout of its metaverse game on mobile and web. Discover why the Bitcoin Ordinals creator suggests a shift in the protocol's numbering system and get insights from Atari founder Nolan Bushnell on play-to-earn gaming. Additionally, the U.S. Securities and Exchange Commission (SEC) has accused NFT collection Stoner Cats of trading unregistered securities.
Magic Eden, an NFT marketplace, adopted Solana's compressed NFTs (cNFTs) into its platform, which will allow users to experiment without high costs. These cNFTs are especially useful for mass-produced NFTs in industries such as music, gaming, and events. Unlike traditional NFTs, cNFTs store data off-chain, thereby enabling users to mint up to one million NFTs for just approximately $110.
Meta has commenced the rollout of Horizon Worlds on mobile devices and web browsers. The early access launch includes Super Rumble, a free shooter game for two to six players. The platform plans to gradually invite more people and expand its metaverse offerings in the imminent future.
Casey Rodarmor, chief coder and creator of Bitcoin Ordinals, proposed a revision of Bitcoin NFTs numbering system as the current system has been responsible for 'ugly code and delayed development'. In his proposal, he suggests making inscriptions permanently unstable, simplifying the protocol for easier upgrades. He also pointed out that the changes might somewhat affect the numbers' accuracy, but the numbering system won't be totally discarded.
Nolan Bushnell, the founder of popular 1980s video game company Atari, shared that play-to-earn (P2E) games are causing resentment towards crypto among "real" gamers. He suggested that instead of focusing on P2E, the Web3 gaming industry should concentrate on creating worlds powered by virtual reality and augmented reality.
The SEC has lodged a complaint against Stoner Cats, a company behind NFT collections, alleging that they have been selling unregistered securities. These NFTs were promoted as assets that could be sold secondarily and would potentially appreciate. However, not all members of the SEC are in agreement with this move. SEC Commissioners Hester Pierce and Mark Uyeda expressed dissent, arguing that the company's actions were better described as 'fan crowdfunding', which is a regular occurrence in the creator's domain.
Check back next Wednesday for a rundown on the latest happenings in the fast-evolving NFT space. Thanks for following!
Published At
9/20/2023 7:00:00 PM
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