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Digital Twin as the Beginning for Emergence of NFT

febrero 20, 2023 Leave a comment

Digital Twin as the Beginning for Emergence of NFT.

The concept of digital twin is becoming popular in the information technology community. Like many other technologies in the industrial revolution 4.0, digital twins are emerging rapidly thanks to the integration of technologies. This is one of the most advanced Industry 4.0 technology that has been applied to many current operating models of many businesses and giving the strengths in which NFTs came to life. Thanks to cloud technology, Internet of Things (IoT), crypto wallet may make money advanced simulation, and high computing power, the digital twins are definitely a reason that brought about NFT to be a hot emerging technology.

A lot of money is being brought in with the development of this technology. In this article, we take a look at the basics of the digital twin, as well as the potential application of the developing digital twins to figure out where this technology stands in recent years. Why digital twin is said to be a great digital clone of all models right now, details on how it works, all will be clarified in this article.

What are digital twin?

Digital twin creates models which represent systems, products or services, processes of the firms or any other physical things. The representation is implemented by the application of virtual reality or 3D graphic modelling technology. It allows us to create/copy tangible or intangible physical assets of the real world into only one digital version. For example, a T-shirt in real life is tokenized into a digital version which is unique and irreplaceable. And, the interesting thing is, the digital twins of this T-shirt would be an NFT of a T-shirt.

There is a data flow between the replica and the actual object. Through the sensors on the actual system, the replica is updated so that the state of the system can be monitored in real time. Specifically, the digital versions are updated in real time to create an exact replica of the real life version. Similar to the example on the T-shirt, a digital twin of a piece of land also becomes an NFT. When there is a change in that land, the digital asset is also updated and shown.

It’s a technology that can be applied to many environments, including monitoring products while they’re in use and throughout their lifecycle. Examples include but is not limited to: aircraft engines, processes and lines in the manufacturing industries etc. Some companies like Siemens see digital twin as a purely cloud-based asset due to the elasticity and out-of-the-box compute scalability required to run digital twin, while companies like ANSYS argue that the future of digital twins will be like a «hybrid» between cloud computing and edge computing.

The concept of digital twins was introduced by General Electric (GE) to predict damage. It incidents from which to plan for timely replacement and repair. For example, GE will know in advance when a plane’s spare part is broken. The information will be sent to employees to replace it to avoid the affect to flight schedules. They are able to do this thanks to aircraft’s digital twin data (speed, wind speed, fuel level, temperature…) recorded in real time.

Digital Twin and Non-Fungible Tokens.

It is no exaggeration to say that digital twins are the factors that create the uniqueness of the NFT. As we all know, NFT is a type of digital asset using blockchain technology to create unique chains of code. It represents a certain item and cannot be replaced. In fact, these NFTs can be encoded from physical assets to digital assets. These assets are converted and created in a digital world by means of conversion to become a digital twin. Those digital assets that correspond to those real assets are called digital twin NFTs.

There are many big brands that have also begun to make their mark on the digital space through the digital twin NFT. For example, Adidas recently partnered with supermodel Karlie Kloss to introduce digital Adidas shoes to users on Decentraland. Sotheby’s also bought a small piece of land in Decentraland’s art district and built a digital replica of its London galleries to host its first digital exhibitions.

With digital twin NFT, we can fully identify physical assets with IoT, using blockchain technology as a reliable protocol to check and confirm asset information. Besides, igital twin becomes the representation of real assets and brings stakeholders closer through the internet. At the same time, NFT also becomes authenticated and secured tokens. Scans of digital assets can be scanned through artificial intelligence.

Digital twin NFT marketplace.

The digital twin NFT Marketplace is a one-of-a-kind marketplace only to display digital twins and dedicated users to transact with them. Blockchain technology, such as Ethereum, Binance Smart Chain, Polygon, and others, is employed in digital twin markets. To retain the NFT’s uniqueness and indivisible properties, these blockchains include a token standard that solely supports NFT, such as ERC-721 and ERC-1155.

Development on digital twin NFT marketplace.

The establishment of a fully functional digital NFT marketplace entails a variety of components and integration.

Blockchain application.

For the Digital Twin NFT markets, the developers must choose the right blockchain technology and token specifications. The blockchain should be chosen based on its stability, dependability, and, most importantly, the cost. Ethereum is one of the most popular blockchain networks, but it comes with a heavy price tag. Many blockchains, like Binance Smart Chain, are aiming to provide the greatest services at extremely low transaction costs.

Illustration of store.

A digital twin NFT marketplace is required to have a storefront that attracts customers and provides a pleasant user experience. Because there are so many NFT markets popping up these days, the storefront is the only way to distinguish the marketplace from other competitors. The opportunity should be thoroughly used.

Admin panel.

The digital twin NFT marketplace should have an admin panel, which will be responsible for the multi-tier hierarchical databases. It will have priority access to the NFT marketplace platform’s digital counterpart to operate the marketplace in all conditions.

Dashboard.

The dashboard is used to acquire up-to-date information on the NFT marketplace. They will have comprehensive information on the traffic that the marketplace produces while also being quite useful in ensuring that the marketplace thrives.

Epilogue/Conclusion.

Digital twin represents the perfect fusion of software, hardware, IoT-enabled feedback. And most importantly, it enables users to apply 3D model data throughout the entire product lifecycle. There are different views from many analysts about digital twin. But one thing is for crypto wallet may make money sure, digital twin represents the uniqueness of NFT. This concept will continue to grow strongly over the next few years, based on different solutions to solve different challenges of each firm. Once the major players have mastered digital twin technology and achieved the impossible state of NFT, we can expect digital twin development to go deep into consumer goods and be widely adopted more than ever.

About Dandelion Labs.

Dandelion Labs is a blockchain product and research agency that leverages the power of blockchain technology. We support the businesses to create their projects in blockchain to power the next generation of decentralized commerce, paving the way for evolution and connection to the digital world. Stay update with our newest advancements by following us on social media:

Website – https://dandelionlabs.io/ Instagram – https://www.instagram.com/dandelionlabs.io/ Facebook – https://www.facebook.com/dandelionlabs.io LinkedIn – https://www.linkedin.com/company/dandelionlabs Twitter – https://twitter.com/dandelionlabsio.

Curious about the Bored Ape NFT Collection? NFT News Today

febrero 20, 2023 One comment so far

Curious about the Bored Ape NFT Collection?

Bored Ape Yacht Club burst onto the scene in April 2021 with a collection of 10,000 non-fungible token (NFT) avatars minted on the Ethereum blockchain. The Apes attracted high-profile celebrities and rode the crest of a crypto wave. Since then, their founding collection has sky-rocketed to the moon, with the current floor price for a Bored Ape NFT 98.5 ETH ($200k) and the total trading volume surpassing $1 billion on Opensea.

With Bored Apes infiltrating the world of Web3 and beyond, let’s explore what everyone needs to know about this extraordinary project.

Despite a volatile crypto market, Bored Ape Yacht Club (BAYC), a brand created by Yuga Labs, remains as relevant as ever. The journey of the Bored Apes has been remarkable and the feats that they’ve accomplished in the NFT space demand respect. Following the success of the Bored Apes, Yuga Labs has since launched two more two spin-off NFT collections, cryptocurrency Bored Ape Kennel Club and Mutant Ape Yacht Club.

Then, there’s ‘Apes v Mutants’, a free-to-play mobile game they created in collaboration with Animoca Brands. This game served as the Apes’ transition to the realm of video games and expansion in the digital realm. More was to follow.

Continuing their expansion in the Web3 space, ApeCoin was launched earlier this year, which is a product of ApeCoin DAO, an organisation governed entirely by the token holders. This is an ERC-20 token on the Ethereum blockchain and cryptocurrency will be the currency of choice in their new metaverse experience, which is currently under construction.

Speaking of which, Yuga Labs has started building their own gamified, interoperable metaverse called ‘Otherside’, which allows holders of multiple blue-chip NFTs (not only BAYC members) to participate in a community gaming platform.

Hence, an explosion of creativity and artistic brilliance has led us to this point and that’s all in the space of one roller-coaster year.

Who is behind the Bored Apes?

The Bored Ape Yacht Club was created by Yuga Labs, who comprise four men operating under the following pseudonyms: Gordon Goner and Gargamel – the two original co-founders – and two additional engineers they brought into the fold, No Sass and Emperor Tomato Ketchup.

The Bored Ape artwork, which has become so iconic in the community, was the work of a freelance artist called Seneca, who operates largely in the shadows, away from the public realm. According to Nicole Muniz, CEO of Yuga Labs, Seneca has been compensated for her work to the tune of «over $1 million».

The Bored Ape Yacht Club has captured the intrigue of the worldwide media. For example, an extended piece was written about them in the prestigious New Yorker magazine and their Apes featured on the front cover of the Rolling Stone magazine, as part of an interview/collaboration. Indeed, Rolling Stone lauded the famous NFT brand in the article.

Gus Wenner, President and COO of Rolling Stone said: «We are thrilled to collaborate with Bored Ape Yacht Club. The cultural groundswell associated with these artists is in line with movements Rolling Stone has covered for decades.»

«The Bored Apes’ shared love of music and counter-culture made them fantastic collaborators to bring this unique project to life with.»

Recently, Buzzfeed did some digging and reported that the real names of the two co-founders are Greg Solano (Gordon Goner) and Wylie Aronow (Gargamel). Greg and Wylie are two friends from Miami, who met in a dive bar, dabbled in crypto, enjoyed a beer and debated about literature.

Solano, a writer, co-authored a book about ‘World of Warcraft’ with one of the game’s designers and perhaps his passion has influenced their current RPG project. Both he and Aronow, Buzzfeed reported, are creatives who both did a Masters of Fine Arts (MFA) in Creative Writing. Apparently, only Solano completed his MFA.

Otherside, the Yuga Labs game currently under development, is going to be an expansive open-world experience, bringing to life, and expanding upon, the original idea of rich apes living in a swamp club.

The creative vision of the Bored Ape owners, which inspired the project, is set in the year 2031. The people who invested in the early days of cryptocurrency have all become billionaires and Goner said: «Now they’re just fucking bored. What do you do now that you’re wealthy beyond your wildest dreams? You’re going to hang out in a swamp club with a bunch of apes and get weird.»

When did the Apes become famous?

The Bored Ape NFT collection arrived on the scene in April 2021 at the price of 0.08 ETH (around $200 at the time) and following a series of high-profile endorsements, the snowball effect took over. Like dominos, they fell and the initial sale sold out in a matter of days, earning the team $2 million in revenue. Suddenly, the NFT market was rife with Bored Apes.

Then, the Bored Ape NFTs became status symbols among the rich and famous. Under the FOMO spell (fear of missing out), the brand has taken off among some of the world’s most renowned celebrities, including Eminem, Justin Bieber, Paris Hilton, Jimmy Fallon, Stephen Curry and Post Malone. Additionally, it could be argued that Bored Apes have become a proud symbol of counter culture and alternative thinking in the last year.

Why would I buy a Bored Ape NFT?

So, what can you do with a Bored Ape NFT? Firstly, BAYC holders can use it as a profile picture on Twitter.

Furthermore, you gain access to a private Discord channel, which the co-founders liken to an «online dive bar». This allows like-minded Ape enthusiasts to exchange ideas, draw graffiti and connect.

Perhaps the most interesting utility of all is that your membership – a Bored Ape NFT – gains you access to exclusive in-person events and random airdrops from the team.

For instance, Bored Ape Yacht Club NFT holders famously received a random gift – a bunch of ApeCoin – after the ApeDAO cryptocurrency had been launched. Many Bored Ape holders became wealthy overnight, cashing in their ApeCoin for close to $100,000 USD. Thus, they were rewarded for simply being a part of the NFT project.

Remember, some Bored Ape holders bought their NFTs when they were just $200 and thus, those who got in early, and sold their ApeCoin at its peak, reaped huge financial rewards.

What is next for the Bored Ape NFT project?

Bored Ape Yacht Club appears to be one of the definitive NFT art projects at the moment. The collection has taken on a life of its own and the community is thriving. Indeed, pictures of Bored Apes being proudly worn around the world are proliferating on Twitter. Now, this is more than a PFP phenomenon and the community believes in the future of the project.

Parent company Yuga Labs is showing no signs of stopping. In March, they raised $450 million in a seed funding round that valued the company at $4 billion dollars. Moreover, they recently acquired the «brands, copyright in the art and other IP rights» for two major NFT projects developed by Larva Labs: Cryptopunks and Meebits, their 3D counterparts.

This made Yuga Labs the owners of the two most successful NFT projects of all time. With Cryptopunks, they promised to add more «utility» to the brand, which could see those pixelated punks re-appear in various places in the physical and digital world.

Meanwhile, the Yuga Labs ‘Otherdeeds’ land sale on April 30th sent the Ethereum blockchain into a frenzy. Otherdeeds are parcels of land within Otherside, the metaverse project currently under development. In total, 55,000 parcels of land were sold for a total of $320 million. Another major triumph for invest in nft Yuga Labs, although the sheer volume of traffic on Ethereum sent the transaction fees soaring that night. A lesson learned, perhaps.

In truth, Bored Apes have already achieved so much with their brand and the scope of the project is limited only by their own imagination and motivation to continue.

Aping around in the metaverse.

We don’t currently know exactly what the Otherside will look and feel like, but we know that it will resemble a Massive Multiplayer Online (MMO) RPG game, with various places to roam and explore within the game and socialise with friends. Indeed, natural voice will feature in the game.

Otherside Teaser Trailer.

The artistic vision of Otherside was revealed in a tantalising teaser and from that teaser, we know that the game intends to support multiple NFT brands – including CryptoPunks, Mutant Ape Yacht Club, Cool Cats and World of Women, to name a few.

For the Otherside, Yuga Labs are partnering up with games developer and venture capital company Animoca Brands, who acquired The Sandbox in 2018 and have been making big moves in the development of the metaverse.

Bored Apes and big brands.

The most eye-catching collaboration achieved by Bored Ape Yacht Club to date was with Adidas Originals. The fashion and lifestyle subdivision of the German sportswear giant launched ‘Into the Metaverse’ as part of their bigger plan to enter Web3 culture. The poster boy for the project was a Bored Ape #8774 named Indigo Herz, sporting heart-shaped shades and a green Adidas tracksuit.

Adidas Originals Voyage ‘Into the Metaverse’

Into the Metaverse grants NFT holders benefits in the physical and digital world. Holders of these NFTs can claim exclusive real merchandise and also the NFT works as your ticket into the metaverse. Specifically, you will have access to The Sandbox, where Adidas are building experiences to enjoy. What is more, your avatar will be able to wear an exclusive, NFT branded pair of Adidas sneakers, which commemorate this collaboration with the Bored Ape Yacht Club.

The defining NFT collection.

BAYC holders will tell you that they’re part of something that feels special and whether you love or loathe these Bored Ape NFTs, their community has to be respected. From quirky profile pictures to worldwide fame and recognition, these Apes have infiltrated our subconscious and the success of this project is a testament to something profound.

It’s a celebration of creativity, of an imaginative idea, which a couple of guys hanging out in a bar came up with, and ran with it. They committed to their idea, found a wonderful illustrator to execute it, and found a couple of tech guys who could make their vision happen. The rest, as they say, is history.

For any creative person out there, this story has to be inspiring. The tale of the Bored Apes proves that your art and interest NFT projects creativity, thanks to the blockchain and NFTs, can reap financial rewards in the modern, Web3 era. 3 months ago

Top NFT blockchains in 2022 – NFT News Pro

febrero 20, 2023 Leave a comment

Top NFT blockchains in 2022. 1 year ago

Since the introduction of the Colored Coins in 2012, the real-world assets existing on blockchains were introduced to the digital world. Later, the ‘token’ element was added to these assets and non-fungible tokens or NFTs were created.

NFTs are digital assets that represent real-world objects, including art, media, in-game items as well as properties and invest in nft lands. In fact, NFTs make it possible to tokenize all real-world assets.

One of the primary benefits of NFTs is ‘proof of ownership’ of these digital assets. All data regarding NFT ownership is securely recorded on a blockchain that the developer has chosen to deploy their NFTs on. This made NFTs unique assets where not two of them are alike as each NFT has its own special characteristics.

In 2014, Kevin McCoy, the digital artist, minted the first-known NFT ‘Quantum’ on the Namecoin blockchain. This pixelated image got lots of attention and was followed by several successful NFT projects in the following years.

However, NFTs went mainstream mainly in 2021. There was a huge explosion and surge in NFT supply and demand during the year. Along with the hype in the NT world, blockchain technology also showed great progress to support the NFT market and allow the enormous amount of data on NFTs and their transactions. Therefore, some of the best blockchains were introduced to the market to satisfy the requirement of NFT traders and owners.

In this article, we aim to provide a list of the most popular Blockchains for NFTs. We also discuss their strength and weak points and explain why each of the blockchains is the most reliable to trade NFTs.

Table of Contents hide.

Top NFT blockchains.

1. Ethereum (ETH), Top NFT bllockchain.

The most popular blockchain for NFTs is Ethereum. In 2013, Vitalik Buterin, a Canadian developer, designed Ethereum as a new platform that allowed the decentralized applications for online transactions. Later in 2015, Ethereum was launched and 72 million ETH coins were minted. It included Smart Contracts and Dapps to provide greater blockchain possibilities.

Ethereum blockchain made it easy for NFTs to enter the mainstream with the ERC-721 NFT standard. ERC-721 has different properties and values such as accessibility of metadata associated with a token.

Ethereum also was the first to employ ERC-1155 multi-token standard. It allows tokens to behave not only as fungible ERC-20 tokens but also as non-fungible ERC-721 ones. The standards allow the decentralized functioning of the blockchain. Furthermore, this shows that Ethereum blockchain can adapt to market conditions.

Besides, Ethereum has managed to add huge infrastructure and developer tools and apps during the last two years. It ensures the accessibility of more apps and resources to both NFT developers and investors compared to its competitors.

Additionally, Ethereum also ranks high in terms of security. It is one of the most important features to be considered by NFT investors.

However, Ethereum blockchain is one of the most expensive choices in the NFT world. It asks for higher gas fees, especially when the demand for transactions is higher. Ethereum works using Proof-of-Work (PoW) mechanism that uses a lot of energy. PoW makes computers use lots of energy to solve complex puzzles and add blocks and transactions to the blockchain.

Considering its weakness, Ethereum has been the host to thousands of NFT collections such as Bored Ape Yacht Club and CryptoPunks. Besides, several successful NFT markets, such as OpenSea, make use of Ethereum blockchain to run their NFT transactions.

2. Solana.

Solana has proven itself as the fastest programmable blockchain in the NFT world. It is defined as a public blockchain system that is highly decentralized and operates in an open-source manner. Solana takes the advantage of combining Proof-of-history (PoH) and Proof-of Work (PoW) consensus mechanisms to offer faster operations and lower gas fees.

Solana was founded by Anatoly Yakovenko in 2017. He developed proof-of-history technique to help eliminate the problems with scalability and time required to complete transaction orders.

At the time of writing, Solana is considered the second largest blockchain for NFTs due to the lower price of its native token SOL, compared to ETH. Note that Solana does not rely on miners to solve complex puzzles to complete transactions. As the result, it is more energy efficient and faster. These make Solana the best choice for those who look to buy their first NFTs.

Solana also is the house for some of the most successful NFT projects such as Degen Ape Academy, Okay Bears and SolPunks. Solana attracts lots of NFT developers and investors as it is one of the fastest DeFi networks. It is capable of processing around 2,700 transactions per second on average. The processing rate along with Solana’s hybrid consensus model offers lower validation time needed in transactions and smart contract execution. Therefore, the transaction fees significantly decrease and more people intend to choose Solana for their NFT trades.

Considering all the advantages Solana brings to the NFT market, it is still less popular among mainstream media and celebrities. One reason could be that DeFi is not a popularity contest and Solana’s protocol that is lower user based has mainly led the blockchain to be less favorable in NFT marketplaces and, accordingly, receive lower trading volume or liquidity compared to other NFT blockchains.

For another reason, Solana has experienced several occasional slowdowns and network outages in 2022. It is essential for NFT investors and developers to choose a network that is highly reliable so that it can avoid interferences with potential trades. Therefore, such outages can be a major concern to the Blockchain.

3. Binance Smart Chain (BSC)

Binance Chain, also known as BNB smart chain, was first launched by Binance in April 2022. Binance Smart Chain mainly focuses on facilitating fast, decentralized NFT trades. This blockchain runs in parallel to the BNB Beacon Chain; however, BSC boasts smart contracts functionality and compatibility with the Ethereum Virtual Machine (EVM). Being EVM-compatible, BSC launched with support for the rich universe of Ethereum tools and DApps so that NFT developers can not only transfer their projects from Ethereum to BSC but also use various tools and decentralized applications. Therefore, this makes it easy for developers to port their projects over from Ethereum.

BSC employs BEP-721 token standard in the smart contracts which allow NFT creation on the blockchain. Besides, the standard lets many Ethereum-based NFT developers use similar tooling on BSC with few changes.

Binance Smart Chain, operates using Proof-of-Staked Authority (PoSA) consensus model. It enables Ultra-fast trading with lower fees. Although very few popular NFT collections have been released on BSC at the time of writing, the trading volume for NFTs has increased considerably in 2022 which puts BSC among the highest volume chains for NFT trading.

However, since BSC is not adopted as an NFT platform, there has been little chance to turn it into one of the best blockchains. Few successful NFT collections released on BSC causes the blockchain to gain a small share of the market compared to Ethereum or Solana.

On the other hand, Binance Smart Chain is restricted to allow only 20 active validators working daily on the network. These validators are selected randomly by Binance Chain. As the result, a larger number of potential developers are put off. This also leads the market to get a smaller share of the NFT market.

Conclusion.

As we mentioned, Ethereum currently dominates the NFT market followed by Solana blockchain. Some of the important factors which make these blockchains favorable to NFT developers and investors are gas fees and decentralization of the blockchains so that the rather high fees of Ethereum make it unfeasible for some smaller investors. Though, the wide range of tools Ethereum provides for its users helps it lead the market.

We suggest all developers and investors in the NFT landscape consider various aspects of a blockchain before choosing to use them with their NFTs.

He is a freelance writer based in Turkey. He loves NFTs, football, invest in nft film and technology.

With 11,000 NFTs Minted to Bitcoin, Are Bitcoin Maxis Coming Around?

febrero 19, 2023 Leave a comment

With 11,000 NFTs Minted to Bitcoin, Are Bitcoin Maxis Coming Around?

When Ordinals launched in January, it caused an uproar in the Bitcoin community as enthusiasts, advocates, and developers argued the merits of putting JPEG on the blockchain. While the heated debate continues, the number of Bitcoin inscriptions using Ordinals has already surpassed 11,000 on Tuesday, according to a Dune report.

Ordinals are the latest project aiming to bring NFTs into the Bitcoin ecosystem. The first project, cryptocurrency Counterparty, NFT first introduced non-fungible tokens to Bitcoin with the Rare Pepes collection in 2014, with Stack following in 2017. However, the Ordinals project is different because the assets, including JPEGs and To see more regarding cryptocurrency.copy-trade.website take a look at the web page. even video games, are inscribed directly on satoshis on the Bitcoin blockchain without needing a sidechain or additional token.

The Ordinals project has consumed the Bitcoin community and sparked new debates and questions about the ultimate purpose of the Bitcoin network. For some, Ordinals opened Pandora’s box of threats to the Bitcoin network, including malware attacks and skyrocketing transaction fees.

The Ordinals block explorer should be browsed with caution, IMO. It has auto executing, unvetted pieces of JS code executing in your browser that possibly could be malware. Seems like a minefield you should probably avoid. — Pledditor NFT (@Pledditor) February 7, 2023.

Other responses are not as apocalyptic.

Ordinals Launches NFTs on Bitcoin, Unsurprisingly Sparking Controversy.

Long-time Bitcoiner Dan Held tweeted his support of Ordinals, saying the project is «good for Bitcoin.» Held shared a screenshot from an email by the late Hal Finney, where he wrote about «crypto trading cards.» Held said Finney would like Bitcoin NFTs. Finney, who passed away in 2014, is one of many believed to have been the pseudonymous creator of Bitcoin, Satoshi Nakamoto.

Hal Finney would like Bitcoin NFTs. pic.twitter.com/z4cO468pcA — Dan Held (@danheld) February 6, 2023.

Unlike Ethereum and Solana, Ordinals calls its NFTs «digital artifacts,» with others in the Bitcoin space calling the digital asset simply «inscriptions.» Ordinal inscriptions are possible thanks to a feature introduced by the Bitcoin Taproot upgrade in November 2021 that allows storing arbitrary data to a satoshi’s witness.

Bullish on ordinals increasing the #Bitcoin fee market (even if temporarily). Miners could use a little revenue these days. — Dennis Porter (@Dennis_Porter_) January 30, 2023.

Interest in Ordinals has steadily increased since developer Casey Rodarmor launched the project on January 21, 2023, with some looking to push the limits of what can be inscribed on a satoshi.

Ordinal inscriptions of random JPEGs is boring Ordinal inscriptions of JPEGs containing text of banned books, the Bible, leaked documents from governments, etc is ALOT more interesting — Eric Podwojski 🟠 (@epodrulz) February 7, 2023.

«The Ordinals project is a milestone for bitcoin, demonstrating how innovation on the bitcoin network can give rise to a breadth of new applications beyond its use as sound money,» Lolli co-founder and CEO Alex Adelman told Decrypt in an email, calling Ordinals a homecoming moment for Bitcoin.

Sports Fans Twice as Likely to Buy Bitcoin, Ethereum, NFTs.

Adelman says that while Bitcoin still lags far behind Ethereum in the volume of investment and talent committed to innovating and developing new applications, Bitcoin NFTs will attract a new wave of interest and capital and create new opportunities for developers to build novel solutions to facilitate scalability and efficiency.

If Ordinals can kill Bitcoin, it was never alive in the first place — Spenny (@CryptoLanroc) February 7, 2023.

While the thrill of minting NFTs on the Bitcoin blockchain has drawn new attention from adherents to the OG blockchain, Ordinal inscriptions lack the features many associates with NFTs, like smart contracts, which the Bitcoin blockchain does not natively support.

Satoshibles developer Brian Laughlan believes the limitations of Ordinals will bring more attention to projects like Stacks.

«The reason I am bullish on Stacks even more now is because people will eventually start to feel the limitations of ordinals—high main chain fees, no smart contracts, etc,» Laughlan told Decrypt on Discord. «They will look to L2 solutions, and Stacks is ready to fill that gap.»

Laughlan says backlash from Bitcoin maximalists has made it hard for Stacks to «get its voice heard,» adding that Ordinals is the best thing Stacks could have asked for.

«Now more people are looking at Bitcoin than ever,» he said. «You got ETH Maxis running Bitcoin nodes and Bitcoin Maxis loving jpegs all of a sudden! The world has gone mad.»

As the debate surrounding Ordinals continues, inscriptions on the Bitcoin blockchain are clearly here to stay—whether Bitcoin maxis like it or not.

NFT и крипто-арт: что, где, когда и почему так дорого |

febrero 19, 2023 Leave a comment

NFT и крипто-арт: что, где, когда и почему так дорого.

Причинами недавнего бума NFT стали рост стоимости криптовалюты, появление социальной сети Clubhouse, где пользователи активно обсуждали NFT и косвенным образом повышали его популярность, а также выход на рынок селебрити и известных в арт-среде художников. Но страсти по Clubhouse довольно быстро улеглись, а NFT, кажется, пока не сдает позиции. За I квартал 2021 года продажи NFT превысили $2 млрд. Это в 20 раз больше, чем за предыдущие три месяца и в 131 раз больше, чем в I квартале 2020 года.

Новая жизнь диджитал-художников.

Что такое NFT? Дословно аббревиатура расшифровывается как non-fungible token, то есть невзаимозаменямый токен. По сути, NFT является аналогом ценных бумаг. Покупка NFT-токена закрепляет за человеком право на владение цифровым объектом в интернете: гифки, картины, фотографии, аудио или любого другого купленного им файла.

И стоимость этих объектов варьируется от сущих грошей до десятков миллионов долларов. Например, торги за коллаж из 5000 работ «Everydays» диджитал художника Майка Винкельмана, известного под творческим псевдонимом Beeple, начинались с сотни долларов и дошли до $69,35 млн.

До сих пор диджитал-художники зарабатывали, в основном, работами «на заказ» и реальными художниками их считали редко. Кроме того, их работы было попросту негде продавать. Появление NFT показало, что они создают настоящее востребованное искусство и могут зарабатывать, занимаясь творчеством.

Ethereum — новый Bitcoin.

NFT-токены продают и покупают, в основном, за криптовалюту Ethereum, которую придумал Виталик Бутерин. Ethereum — вторая крупнейшая криптовалюта в мире с рыночной капитализацией в $389 млрд. Ее обменные единицы называются «эфир» и сейчас они уступают только биткоину, капитализация которого составляет $1,1 трлн. Кроме того, Ethereum это и платежная система, и платформа для разработки приложений на базе блокчейна. Код таких приложений запускается в распределенной сети, а не на централизованном сервере. Благодаря этому приложение нельзя цензурировать.

С появлением эфира стали возможны сложные сделки с разными цифровыми активами, так что можно сказать, что Бутерин придумал и NFT. За 2021 год программист успел стать самым молодым крипто-миллиардером в мире и лишиться этого статуса. После скачка курса валюты состояние Бутерина сократилось почти на 40% и сейчас оценивается приблизительно в $850 млн.

В России у криптовалют пока еще не очень понятный статус. По словам адвоката по интеллектуальным правам, патентного поверенного России Екатерины Родионовой, у нас есть закон «О цифровой валюте и цифровых финансовых активах», согласно которому существует запрет на взаиморасчеты при помощи криптовалюты. С налогами тоже пока не очень понятно, хотя существуют судебные прецеденты, где криптовалюта была признана имуществом и теоретически налоги с него должны платиться.

NFT в России.

Современный художник Покрас Лампас одним из первых разместил на NFT-площадках и продал несколько своих работ. Самая дорогая из них, в переводе на реальные деньги, стоила около 2 млн рублей. Его «Transition» была продана на площадке Foundation. Для этого дропа (сделать дроп, значит выставить работу на продажу. — Forbes) Лампас сначала написал работу на холсте, оцифровал ее, спроецировал на Чиркейскую ГЭС (крупнейшую гидроэлектростанцию на Северном Кавказе), interest NFT projects а затем снова оцифровал. И только после этого, выложил на продажу за эфир, на производство которого тратится та самая электроэнергия, производимая на подобных ГЭС.

Но Покрас художник известный, и для него NFT — очередная ступенька в карьере, параллельно со многими другими, вроде росписи Lamborghini или мурала в родном Королеве. А молодой моушн-дизайнер Степа Brickspacer, номинант рейтинга Forbes «30 до 30 », c помощью NFT открыл для себя дверь в большую карьеру и продал уже несколько работ за десятки тысяч долларов. Его самые дорогие дропы — «Навальный» (продана за $10 000) и «NEXTA» (продана за $13 000). Brickspacer и до NFT был довольно успешным — работал с российскими и даже мировыми звездами и крупными брендами. Многие диджитал-художники из России называют его первооткрывателем NFT на просторах СНГ. Brickspacer рассказывал про свои первые шаги в мире крипто-арта коллегам в Clubhouse, создал тематический канал в Telegram и NFT-агентство «ARKA» для продвижения художников.

Еще один российский NFT-пионер — Миша Most, стрит-арт художник, известный как в нашей стране, так и за ее пределами. Именно он расписал фасад металлургического завода в Выксе, создав крупнейший в мире мурал, нарисованный одним художником, — 10 800 квадратных метров.

Pussy Riot тоже нашли свое место на российском NFT-небосклоне. Панк-рок-группа уже продала несколько работ, самая дорогая из которых обошлась покупателю в $224 000.

Рэпер Хаски такими суммами пока похвастаться не может. Он смог продать свою «Кашу из топора» за $4015. Купила «Кашу» Надежда Толоконникова из Pussy Riot. Это, кстати, распространенная практика в NFT-мире. Авторы активно поддерживают друг друга, делают первые ставки и даже покупают работы коллег по цеху. Brickspacer, например, crypto wallet may make money признается, что неравнодушен к традиционной 2D-анимации и как только у него появятся лишние деньги он откроет «сезон коллекционирования» и сразу же купит работы за которыми следит, но пока не может себе этого позволить.

Россияне основали и одну из площадок по продаже NFT-арта — Rarible. Алексей Фалин и Александр Сальников создали бизнес с выручкой в миллионы долларов. Оба стартапера учились в Высшей школе экономики в Москве, но в разные годы и по разным специальностям. Сальников — выпускник факультета прикладной математики и информатики, Фалин — кафедры «Бизнес-информатика». В конце 2019 года они запустили маркетплейс цифрового искусства Rarible. Предприниматели потратили на запуск меньше $50 000 из личных сбережений. Компанию зарегистрировали в американском штате Делавэр. В январе 2021 года Rarible привлек $1,75 млн от нескольких фондов, сфокусированных на блокчейн-проектах. Компания зарабатывает на комиссии от сделок пользователей, которая была введена в сентябре 2020 года. С того момента до марта 2021 года Rarible, по собственным данным, получила $5,9 млн. Ежемесячно платформу посещают 460 000 уникальных пользователей.

Кто и что продает в NFT.

В игру с крипто-артом вступили не только художники, но и медийные персоны. Большинство продают собственные фото, картинки со своими домашними животными и диджитал-полотна. Но есть и более интересные предложения.

Музыкант The Weeknd продал на NFT-аукционе неизданную песню за $2 млн. Счастливый обладатель невзаимозаняемого токена получил трек, который никогда не будет представлен ни на одной цифровой платформе. Диджей 3LAU пошел еще дальше и продал целый музыкальный альбом за $11,6 млн.

Крупные компании и СМИ тоже не остались в стороне. The New York Times сбыла колонку с говорящим названием «Купите эту колонку на блокчейне!» за $560 000. А шоу Saturday Night Live сделало клип по теме — он ушел с молотка за $360 000.

Не так давно на NFT-аукционах появилась и цифровая обувь. Три пары кроссовок, по дизайну напоминающие Nike Air Force, продали за $3,1 млн. Технически, кроссовки купил 621 человек — технология NFT позволяет каждому купить небольшую часть объекта. Недавно цифровую обувь выпустили и Gucci. Пару от этого премиального бренда можно купить всего за $12, сущие копейки по сравнению с ценами на физически существующую модель.

В NFT можно продавать что угодно и продавцом может быть кто угодно. 12-летний мальчик по имени Беньямин Ахмед, например, реализовал серию незатейливых работ-значков за $160 000. Еще можно приобретать цифровые земельные участки. Цены на них могут быть равны стоимости реальной земли.

Самый странный вариант использования NFT-токена показала компания Injective Protocol. Она купила работу Morons (White) Бэнкси за $95 000 и сожгла ее во время трансляции в Twitter. После этого Injective Protocol привязала невзаимозаменяемый токен к цифровой версии уничтоженного полотна. Теперь картина существует только в цифре.

Ну и, пожалуй, самый удивительный проданный лот — это обычный серый пиксель. Криптохудожник под псевдонимом Пак продал эту работу за $1,36 млн на аукционе Sotheby’s. За нее около полутора часов боролись сразу три коллекционера.

По мнению художника Покраса Лампаса, пока рынок NFT еще не до конца сформировался, а многие работы, выставленные на продажу, это результат спекуляции. Пока не появился вторичный рынок очень сложно определить реальную стоимость работ на первичном.

Где продают и покупают NFT.

Существует несколько площадок, где художники могут выставить свои работы в NFT на продажу.

Foundation — курируется самими художниками, они же могут приглашать коллег с помощью инвайтов, полученных после успешной продажи на площадке. Rarible — выставить свою работу на площадке стоит художнику около $100, что не всем по карману. OpenSea — самая демократичная площадка, пользователь платит только при регистрации и может выкладывать неограниченное количество работ. Но из-за этого на площадке довольно многолюдно, более 13 млн пользователей. Binince — самая большая крипто-биржа в мире запустила свою площадку для продажи NFT. Многие эксперты называют Binance площадкой-лидером. От российского цифрового искусства амбассадорами выступили все те же Покрас Лампас, Brickspacer c командой «Хата 111» и Миша Mosт.

Недавно в Интернете появилась информация, что Instagram ведет разработку и тестирование сразу нескольких новых функций, одна из которых — сервис для продажи, покупки и коллекционирования NFT-токенов. Скорее всего, он появится в специальной вкладке. В конце мая глава компании, Адам Моссери, подтвердил, что платформа «изучает» возможность ввести подписку и маркетплейс для NFT.

В конце марта Государственный Эрмитаж сообщил о том, что в 2021 году проведет первую в России выставку произведений искусства в формате NFT-токенов. Помимо выставки, музей анонсировал и выпуск серии токенов по мотивам произведений искусств из своей коллекции. Эрмитаж выложит на биржу Binance пять работ: «Мадонна Литта» Леонардо да Винчи, «Юдифь» Джорджоне, «Куст сирени» Винсента Ван Гога, «Композиция VI» Василия Кандинского и «Уголок сада в Монжероне» Клода Моне. Каждое произведение будет выпущено в двух экземплярах NFT, один из которых останется в музее. А флорентийская галерея Уффици недавно продала цифровую версию картины Микеланджело «Мадонна Дони» за €140 000. Итальянцы планируют таким же образом поступить и с другими произведениями из своего знаменитого собрания.

Несмотря на большой энтузиазм и восторг от появления NFT, есть и те, кто отказываются продавать свои работы таким образом из-за неэкологичности. Еще в 2017 году экоактивисты подсчитали, что майнинг Ethereum потребляет больше электроэнергии, чем некоторые страны, такие как Кипр или Исландия. Создатели Ethereum, кстати, много лет обещают перейти на более экологичный способ работы. Пока безуспешно.

Свергнутый Трамп и панки-инопланетяне: пять самых дорогих цифровых объектов на рынке NFT.

If you have any issues relating to the place and how to use Crypto Wallet, you can call us at the site. "Tension"

Announcing: On-Chain NFT Mini Games from Top Artists

febrero 19, 2023 One comment so far

Announcing LEVELS.art: On-Chain NFT Mini Games from Top Artists.

LEVELS. art is the home for interest NFT projects on-chain gen art mini-games. Where top NFT artists reinterpret their favorite retro arcade games as playable on-chain NFTs.

That’s right. Everything is fully on-chain. The art, game code, sound effects- all stored on the Ethereum blockchain.

Each NFT is one part game and one part collectible. While gameplay is similar across each edition, rarity comes into play with the visual attributes. Depending on what you mint, you may see different elements, backgrounds, colors, sounds, and invest in nft more.

All LEVELS. art NFT collections are on the Ethereum blockchain and purchasable in ETH.

Immerse yourself in a beautiful piece of art that is also a highly interactive video game. Anyone can play. But coming soon, holders of the NFT can have their high scores recorded on-chain.

A sneak peek of Cloud Poppers by Bryan Brinkman.

The First Drop.

The very first drop on the platform is Bryan Brinkman’s Cloud Poppers . It’s his take on the 80s classic space-themed multidirectional shooter. The gameplay may feel familiar, but in Cloud Poppers the objective is to shoot and destroy Bryan’s famed colorful clouds. One hundred unique editions will be minted.

Bryan Brinkman is an award-winning multi-media artist who utilizes his career in animation and cryptocurrency motion graphics to create fun and colorful works. Using a mix of traditional animation methods and crypto wallet may make money digital tools, he creates playful and crypto wallet may make money inventive ways to convey ideas that are both approachable and appealing.

«We’re big fans of Bryan’s and can’t think of a more perfect artist to kick off the LEVELS.art platform. His unique style is begging to be turned into an arcade game.» – Jordan Lyall.

Cloud Poppers by Bryan Brinkman will mint on February 16, 2023 (time TBD)

What’s to come?

Simple pixel games are just the beginning. Imagine if there were a a leaderboard tracking high scores across games. What if owners could earn exclusive rewards with a top score?

Stay tuned in the coming weeks as we make platform upgrades and announce future artist collections.

Who’s behind it?

LEVELS .art is a collaboration between VenturePunk , Jordan Lyall’s web3 studio, and fellow punk and builder, Cyberh49 .

Stay Connected.

Join the LEVELS.ART mailing list to be the first to know about drop dates and times.

Are you an NFT artist and interested in collabing on a future release on LEVELS.art? Get in touch with us.

Samsung and Ledger’s NFT Project: Here’s What to Know – Cryptoflies News

febrero 18, 2023 Leave a comment

Samsung and Ledger’s NFT Project: Here’s What to Know.

Samsung Germany and Ledger unveiled a Web3-related program for the forthcoming Samsung Galaxy S23 launch. $Cycle du hype \u2014 Wikip\u00e9dia$

by Cryptoflies February 9, 2023. $\u0645\u062f\u0648\u0646\u0629 \u0623\u0646\u0633 \u0633\u0645\u062d\u0627\u0646 | \u0643\u0627\u062a\u0628 \u0648\u0628\u0627\u062d\u0650\u062b \u0648\u0645\u064f\u062a\u0631\u062c\u0645$

written by Cryptoflies February 9, 2023.

Samsung Germany and Ledger, the maker of crypto hardware wallets, have launched a Web3-related program for the upcoming launch of the Samsung Galaxy S23 later this month.

The initial stage in their partnership was the release of the «MX1 GENESIS EDITION» NFT — the first Samsung NFT to be released in Europe — which serves as a key pass for the Samsung Web3 ecosystem. It is available in four rarities: standard, rare, epic, and ultra.

Although the allowlist registration time has already closed, MX1GE Polygon-based NFTs are still available for purchase on OpenSea.

Samsung and interest NFT projects Ledger also released a Web3 Starter Bundle on Amazon, which includes a discount coupon for purchasing a Ledger Nano X hardware wallet — for safeguarding digital assets — and minting an NFT artwork from the Phase 2 MX1 ART Collection.

The Samsung MX1 ART Collection, which will be available on February 17, features artworks of art by well-known artists, including Antoni Tudisco, Bruno Urli, Charlotte Taylor & Anthony Authié, and crypto wallet may make money Nico Chiara.

Those who ordered the limited edition Samsung x Ledger web3 Starter Bundle or the Samsung Galaxy S23 will receive a code that will allow them to access the mint phase, choose an artist, and receive at random one of the three artworks made by each artist.

The roadmap’s next phases include the launch of raffles, music NFT mint, educational workshops, a Twitter space, crypto wallet may make money and more to come.

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Cryptoflies.

We aim to keep you informed of the latest crypto, metaverse, and NFT trends by sharing the most relevant and recent news.

How to Create an NFT Marketplace: Step-by-Step Guide

febrero 18, 2023 Leave a comment

Key Steps to Building an NFT Marketplace: Our Detailed Guide.

Non-fungible tokens have caught on and made inroads into numerous domains. With this in mind, it is wise to start thinking about the development of your own NFT marketplace to be one step (or even further) ahead.

By now hardly anyone out there hasn’t heard about the seemingly ubiquitous non-fungible tokens. This blockchain-powered phenomenon has redefined what’s possible and made its presence felt in a wide range of industries and domains, including digital art, entertainment, fashion, sports, gaming, media, and real estate.

According to the DappRadar Industry Report, in 2021 non-fungible tokens experienced a tremendous boom, generating about $23 billion in trading volume. On top of this, Collins Dictionary chose the term NFT as its 2021 word of the year, giving it priority over other digital-revolution and pandemic-driven words such as crypto, metaverse, hybrid working, etc.

But it is not just NFTs that are stealing the show. NFT marketplaces are also getting more and more popular by the day.

Once you have made up your mind to ride the NFT wave, you will have a competitive edge over others if you start exploring the basics of NFT marketplace development. In this article, we will tell you why you should build an NFT platform, how to do it, what stages the development process consists of, and what features an NFT marketplace should include.

Let’s start building!

Defining an NFT marketplace: what makes it special?

A number of new NFT platforms popped up in 2021. According to some stats, that year saw total spending of $41 billion worth of crypto on NFT marketplace development.

So what is an NFT marketplace really?

Simply put, an NFT marketplace is a platform that allows users to store, showcase, trade, and even create (mint) non-fungible tokens. These platforms generally make use of blockchain technology in order to verify the provenance and authenticity of the digital assets represented on the NFT marketplace website.

The best thing about NFT platforms is that they allow for effective cooperation and interaction between buyers and sellers. Once a transaction has been successfully carried out, a buyer/investor receives a token — a unique identifier representing proof of ownership and containing data about its origin, transaction history, author, and authenticity.

As of now, it is possible to either obtain or put up for sale a wide variety of digital assets, including works of art, in-game assets, memes, video clips, virtual land plots, and so on. The range of opportunities is wide and diverse and it is likely that we will see much more in the future.

What types of NFT marketplace are out there?

All NFT platforms fall into one of two key categories, augmented or streamlined.

Streamlined NFT marketplaces provide support to a broad range of NFTs and offer merchants more limited, generic services. Essentially, this type of NFT platform gives users the freedom to opt for the most convenient means of payment — either fiat or crypto.

Streamlined NFT platforms are often compared to traditional eCommerce platforms like eBay and Amazon and they make it possible to hold both auctions and fixed-price sales for various non-fungible tokens. The most vivid examples of streamlined marketplaces include OpenSea and Rarible.

Augmented NFT platforms , on the other hand, cater to the needs and requirements of specific, narrower niches, meaning that they zero in on offering specialized services to a particular category of non-fungible tokens. They are considered exclusive and usually charge higher fees on transactions compared to streamlined NFT marketplaces.

NBA Top Shot and SuperRare are key examples of augmented platforms. NBA Top Shot focuses on unique basketball collectibles while SuperRare specializes in virtual works of art and offers all-encompassing organization and recommendation services.

Before venturing into NFT marketplace development, you should carefully analyze the intricacies of both streamlined and augmented categories and determine which option will best fit your needs and expectations.

Getting to know the key principles of NFT marketplace functionality.

Generally all NFT marketplace platforms are reliant on smart contracts which are responsible for defining the terms of sale between a buyer and seller. These terms are pre-programmed in a self-executing digital contract stored on the blockchain network. The transaction is considered to be valid only after those terms have been met.

On top of this, thanks to smart contracts it is possible to view all relevant data about an NFT, helping to inform the buyer about its provenance and trading history.

To operate on an NFT marketplace, users will be required to connect their crypto wallets . These digital applications store data about the location of owners’ files on the blockchain. A crypto wallet also performs other functions such as allowing users to store, send, and receive digital assets.

It is important to note that a crypto wallet should be compatible with the blockchain that the NFT platform is based on and support its functionality. These days, you can either choose from a variety of existing crypto wallets like MetaMask and Trust Wallet or create your own from scratch which will be customized to your NFT platform.

And how does an NFT marketplace work?

Despite the fact that there are multiple NFT marketplace websites out there, each of them has its own unique algorithm and sequence of steps that empower users to create and sell NFTs. Nevertheless, the operating principles are more or less the same:

Users sign up to an NFT platform, create an account, and link their crypto wallet Sellers upload and list their digital goods for sale then wait for the moderation process to finish Buyers can purchase those NFTs either for a fixed price or via an auction If an NFT is sold through an auction, the seller decides whether to accept the bid or not. If yes, the NFT platform carries out an NFT transfer from buyer to seller.

Is it a good idea to create your own NFT marketplace?

Yes, definitely, and here’s why.

In 2021 the NFT market surpassed $40 billion and since then the trend has shown no sign of slowing down. Brands around the globe are chasing after NFTs, trying to stay on the same page as their customers and, of course, promote their products. Gucci, Coca-Cola, Asics, McDonald’s, and Ray-Ban are just a few of them.

As well as this, in January 2022 OpenSea — the largest NFT marketplace — reported that its value reached $13 billion after a recent surge in its user base. Given these pretty amazing metrics, it is wise to start thinking about the creation of your own NFT platform and be ready to launch it.

You might argue that there are already enough NFT marketplaces that can cater to the interests and likes of various audiences. But they all have certain limitations and none of them can satisfy the needs of all users. On top of this, the majority of existing NFT marketplaces are like a crazy quilt, meaning that they specialize in providing generic services to the most popular NFT classes and prefer not to focus on exclusive NFT categories. So you can make a difference: there’s an opportunity to carve out a unique niche for yourself in this landscape, and create your own trailblazing NFT platform.

But what benefits will you and/or your business gain from it?

Well, first of all, apart from granting you a unique and highly feasible investment opportunity, your NFT platform — provided that it will skyrocket and gain wide traction — will help you establish a global presence, become a real game-changer in the entire NFT space, and diversify your business .

Importantly, one of the reasons why NFT marketplace development has gained such wide prominence is that these platforms can actually bring profit to their owners . NFT marketplaces charge fees and commission either on purchasing or selling NFTs. Consequently, NFT marketplace owners always ride high and can make use of these unique revenue streams.

Understanding what features an NFT marketplace should possess.

Now that you know how an NFT marketplace works and what makes it special, it is time to get to know more about the core features that an NFT platform should possess. In actual fact, you are free to define exactly what functionality and properties your marketplace-to-be will have.

If you fear making a mistake and missing out on some essential features, it is certainly better to reach out to an experienced consulting team that will assist you in making the right decision. They will analyze your needs and requirements and come up with the most appropriate set of technical characteristics.

Still and all, there are some universal features that any NFT platform is required to have in order to provide its users with positive experiences. They include a storefront, search bar, listings, bidding functionality, reviews and ratings, push notifications, and support.

Let’s consider each of them in detail.

Catchy and attractive storefront.

Normally, the job of a marketplace storefront is to feature relevant information about NFTs that are listed on the platform. This includes owner name(s), previews, value history, bids, and a myriad of other details.

Convenient search bar.

A user should be able to quickly and effortlessly find the desired NFTs along with their data. Therefore, it is important to plan the development of an elaborate search bar that will help categorize and sort NFTs by different parameters such as images, videos, works of art, etc.

Ability to create listings.

Users need to be able to mint their works and list them directly on the NFT platform. With this feature, customers should be able to effortlessly upload their digital assets as well as fill in necessary information such as product description, tags, title, and so on.

Bidding option.

An NFT platform should ideally provide buying and auction functionality that will empower users to both obtain digital items and bid on them. By holding online auctions on an NFT marketplace, digital artists have a chance of getting the highest price for their works.

Buyers, for their part, should be able to view current data and statistics on their bids in order to determine whether to purchase a certain artwork or place a new bid.

NFT ratings and invest in nft reviews.

By developing rating tools, buyers can objectively estimate a digital item and decide whether it is worth purchasing or not. What’s more, by viewing feedback and reviews about a particular platform participant, users can see how credible this trader is and whether they will be a reliable partner in the long run.

Push notifications.

By implementing push notifications, you will allow users of your NFT marketplace to keep abreast of the latest NFT collection bids, NFT status changes, price updates, and new arrivals on the market.

Continuous support.

The support service is an integral part of the platform. The support team needs to help users instantaneously eliminate any arising issues and help find answers to their questions.

You can include a FAQ section on your NFT marketplace website as well as a chatbot or email support service.

How to secure an NFT marketplace.

Ensuring top security is one of the primary elements of NFT marketplace development. Given that your platform will be responsible for storing users’ private keys alongside their digital assets, you should be able to guarantee adequate and effective protection from any malicious activities and threats.

Unfortunately, no marketplace is completely immune to hacks and frauds. For instance, crypto wallet may make money OpenSea recently suffered a massive attack with the exploiter withdrawing $800,000 worth of crypto, and there are many other similar cases.

By implementing two-factor authentication (2FA) alongside other cybersecurity techniques on your marketplace platform, you will mitigate the risk of fraud and forgery. You could employ other security techniques like DDoS and SSL striping to improve the overall security of your NFT platform.

Discovering how to develop an NFT marketplace.

Now that we’ve covered all the elements of an NFT platform in detail, it is time to delve into the specifics of the development process and find out what steps it consists of. Below, we will describe the key stages and provide greater insight into each of them.

Step one — execute ideation and market research.

Before creating an NFT marketplace, you must specify your target audience. To do this, you will need to decide which segment your NFT platform will cater to — music, video clips, works of art, sports collectibles and memorabilia, and so on.

Remember that your platform should stand out among others and be of particular interest to the specific audience who will use it to trade. If you find it a bit challenging to conceptualize your NFT marketplace, turn to a professional team who will help you make the best decision.

Step two — ensure high-quality UI/UX design.

Though it is essential to follow the «don’t-judge-a-book-by-its-cover» mantra, the UI/UX constituent of your platform will undoubtedly contribute to both the first and, figuratively speaking, second impression on your users.

An NFT marketplace should be both easy to navigate and appealing to look at. Make sure that the design of your platform will be understandable so that everyone can effortlessly figure out how to use it.

Step three — get down to the development.

Once you have come to terms with the design idea, you can move on to development. At this stage, you are expected to define the tech stack and frameworks. The key part of this process is to decide which blockchain your project will be based on.

These days, there is a wide variety of blockchain platforms that can serve as a basis for an NFT marketplace. Estimate the capabilities of each option and work out which will be the most viable.

During this stage you will also need to take care of smart contract development. It is highly advisable to hire experienced smart contract developers who will help you deploy bug-free and high quality smart contracts that will contribute to the frictionless functioning of your NFT marketplace.

Step four — carry out testing and deployment.

The purpose of this step is to detect any bugs and arising issues that might hamper the platform’s performance, and fix them promptly. A team of QA engineers will need to conduct all-encompassing software testing of all platform components and ensure that everything runs smoothly.

Upon completion of the quality assurance process, your NFT platform can be deployed.

Step five — provide post-launch support.

Once you have your project deployed, do not forget about post-launch support. Try to update and enrich your NFT platform with new and advanced features as often as possible.

Crucially, resolve any occurring bugs and inefficiencies asap. By doing this, you will ensure customer satisfaction and loyalty.

Lowdown on blockchains for NFT platform development.

The blockchain that you choose as the foundation of your NFT marketplace will strongly influence the overall success of your project. So far, the most popular blockchain platforms for NFT development are Ethereum, Flow, Binance Smart Chain, Cardano, Solana, WAX, and Tezos.

Below, we provide a brief overview of each and share which NFT platforms have been created on them.

Ethereum.

Currently, the majority of all existing NFT platforms are based on Ethereum, including big players such as OpenSea, Rarible, Nifty Gateway, KnownOrigin, SuperRare, and Decentraland.

The Ethereum blockchain also offers two popular token standards — ERC-721 (non-fungible tokens) and ERC-1155 (semi-fungible tokens) which have formed the foundation for the majority of existing NFTs.

Flow.

The brainchild of Dapper Labs, Flow is a PoS-enabled blockchain that can power entire ecosystems of applications, particularly those connected with games and digital collectibles.

NBA Top Shot, a prominent NFT marketplace for trading virtual basketball cards, is based on the Flow blockchain. Other prominent examples of Flow-powered NFT platforms include BloctoBay and xtingles.

Binance Smart Chain.

Binance Smart Chain is widely regarded as a viable and high-performing blockchain for the development of NFTs and NFT marketplaces. It even has its own token standard called BEP-721 which contributes to the creation of non-fungible tokens.

BakerySwap, Refinable, and Binance NFT are among the most popular present-day marketplaces created on Binance Smart Chain.

Cardano.

Cardano is a highly scalable and energy-efficient blockchain used in the creation of NFT marketplace websites. It also stands behind the introduction of non-fungible tokens of appreciation (NFTAs) which are minted in compliance with the Cardano CIP-721 metadata standard. Examples of Cardano NFT platforms include jpg.store, Tokhun, and Galaxy of Art.

Solana.

The Solana blockchain makes use of the unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms. It enables the creation of advanced and fully-fledged NFT marketplaces such as Solanart, Solsea, and Metaplex.

Solana also has its own custom token standard, called SPL, and a cross-chain bridge — Wormhole — that allows users to lock ERC-20 tokens in an Ethereum smart contract and then mint the corresponding SPL tokens on the Solana chain.

WAX.

Commonly referred to as a green NFT minting machine, WAX is a great option for developing NFT marketplaces. The blockchain is said to consume about 125,000x less energy per transaction compared to Ethereum. So far, it has been used to establish outstanding platforms such as NeftyBlocks and AtomicHub.

Tezos.

Tezos has provided a rock-solid foundation for multiple NFT marketplaces, including Kalamint, Hic et Nunc, Bazaar Market, OneOf, and Objkt. This blockchain has as many as three token standards, with FA2 being specially designed for non-fungible tokens.

Closing thoughts.

These days we are witnessing ever-increasing belief in the potential of non-fungible tokens. They have proven to be versatile and apt, capable of galvanizing and defining the fate of literally any industry. It is safe to say that NFTs are here to stay with us for a long time — maybe for good — and we are yet to explore all of their extraordinary superpowers.

The ever-growing popularity of NFTs will also spark the need for and interest in the development of more NFT platforms to facilitate trades and bring NFT evangelists together.

When creating an NFT platform, it is necessary to take numerous aspects into account such as target audience, core features, stages of the development process, marketplace security, the specifics and capabilities of the underlying blockchain technology, and so on.

If you want your entry into the trending NFT space to be effortless, get in touch with our team of seasoned NFT marketplace developers. We will help you evaluate your project idea, consult on the proper tech stack, and build a robust, secure, and feature-rich NFT platform that will empower you to seize ample opportunities and stay ahead of the NFT curve.

Drop us a line and let’s get your project started today!

Kira Belova Copywriter Follow us on Facebook and LinkedIn to keep abreast of our latest news and articles.Blockchain facebook twitter linkedin.

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