Revolution in NFT Space: New Hybrid Token Standard, Celebrities' Crypto Ventures, & AI-NFT Fusion in Whisky Trade
Summary:
This digest covers developments in the NFT space, including a new hybrid token standard challenging ERC-404, Hong Kong's Stephen Chow's NFT collection reaching $23 million in trade volume, and professional athletes' need to comprehend NFT operations. The report also discusses a whisky distributor's use of NFTs and AI for selling a vintage collection and how Ordinals could benefit Bitcoin miners post-halving.
This week our digest covers increasing competition in the hybrid token standard field, with a new contender challenging ERC-404. We also bring you the story of Hong Kong personality Stephen Chow's NFT collection generating a trade volume of $23 million. We elaborate on why sports professionals should be well-versed with NFT operations before stepping into the realm and discuss a spirits distributor's innovative approach to selling a five-decade-old whisky assortment through NFTs and AI. Additionally, explore how Ordinals could provide a new revenue stream for Bitcoin miners post-halving.
With a new dual NFT standard cropping up post-ERC-404's unveiling, the competition in the hybrid token standard field is intensifying. Just like ERC-404, this new "Divisible NFT" standard is a fusion of ERC-20 and ERC-721. The proposed standard explains its edge with fractionalization, allowing NFT holders to buy and sell fractional parts of their NFTs. Developer "Cygaar" asserts that while ERC-404 is gaining popularity, it is faulty and flawed.
Renowned Hong Kong director, Stephen Chow, has seen his NFT collection named "Nobody" move close to an impressive 10,000 Ether in trade volume, equivalent to around $23 million. His collaboration with crypto market OKX on January 10, which resulted in an NFT giveaway, was joined by more than 125,000 people with 2,500 NFTs up for grabs. The total NFT supply from Chow's collection stands at 10,000.
Tom Fleetham of Zilliqa emphasized on athletes needing to grasp the underlying factors of creating NFT ventures. Citing the recent Dwight Howard issue, who faced backlash and accusations of a rug pull following his NFT release, Fleetham urged sporting bodies and athletes to spend time understanding NFTs.
Scottish whiskymaker, The Glenlivet, is employing NFTs and AI to auction a unique whisky compilation aged since 1974. The firm utilized AI to create distinctive labels for the assortment and a blockchain-backed platform to issue digital proofs of authenticity and ownership as NFTs.
Regarding new developments for Bitcoin miners, Grayscale investigator Michael Zhao proposed that Bitcoin Ordinals notations might offer a revenue uplift for them post the approaching Bitcoin halving. Meanwhile, NFT firm Yuga Labs pledged to refund gas prices for individuals who lost capital attempting to acquire "Loot", an NFT for individuals who finished a mission on the game 'Legends of the Mara'.
This sums up the week's most striking developments in the NFT sector. Join us again next Wednesday for more revelations and insights into this rapidly changing sphere.
Published At
2/14/2024 11:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.