Bitcoin Ordinals, a groundbreaking protocol launched earlier this year, has captivated the crypto community by offering a new way to inscribe assets like nonfungible tokens (NFTs) and Bitcoin-based cryptocurrencies on the Bitcoin blockchain. Recognizing the potential of this protocol, the team behind Bitcoin Ordinals has recently established the Open Ordinals Institute, a nonprofit organization dedicated to accelerating the development of NFTs on Bitcoin. Through providing crucial funding for Ordinals developers, this initiative aims to drive innovation and unlock the full potential of NFTs on the Bitcoin network.
Gas consumption in the realm of NFTs has experienced a significant decline, signaling a potential shift in user behavior and preferences. Data from prominent NFT marketplaces such as Blur, OpenSea, SuperRare, LooksRare, and Rarible indicates that their gas consumption accounted for a mere 1.85% of the total gas usage on the Ethereum network as of August 3rd. Interestingly, some NFT-related projects that were once leading gas consumers are no longer featured on the Etherscan charts. This suggests that users might be favoring a strategy of holding onto their NFTs rather than actively participating in trading activities.
The Sandbox, a leading metaverse project, has recently announced that it will be implementing a Know Your Customer (KYC) verification protocol for staking. This new measure requires users to undergo a KYC verification process before they can deposit The Sandbox (SAND) tokens and claim staking rewards. With approximately 6.7% of the circulating supply of SAND tokens currently being staked by users, the implementation of KYC aims to enhance security and regulatory compliance within The Sandbox ecosystem. By verifying users’ identities, this measure seeks to create a safer environment for participants and ensure the long-term stability of the platform.
The Intricate Art of Outsmarting Bots in NFT Trading
The world of NFT trading is not without its fair share of intriguing stories. One such tale involves NFT trader Hanwe Chang, who cleverly outwitted a bot and raked in a significant profit of 800 Ether (ETH), equivalent to approximately $1.5 million. Hanwe Chang noticed that a bot was copying his bids, prompting him to devise a strategy to exploit this situation to his advantage. By deliberately inflating the prices of his NFTs, the trader tricked the bot into purchasing these overpriced assets, resulting in a substantial windfall. This anecdote highlights the importance of vigilant trading practices and the potential opportunities that can arise in the ever-evolving world of NFTs.
For the latest insights and discussions on the world of NFTs, be sure to check out Cointelegraph’s NFT Steez Podcast. This podcast delves into the diverse facets of the NFT space, covering topics ranging from market trends and investment strategies to interviews with notable figures in the industry. Whether you’re a seasoned NFT enthusiast or a curious newcomer, NFT Steez provides valuable knowledge and perspectives that can help navigate the rapidly evolving landscape of nonfungible tokens.