In this week’s newsletter, discover the emergence of a new hybrid token standard that aims to challenge ERC-404, as well as the impressive trading volume of Hong Kong celebrity Stephen Chow’s nonfungible token (NFT) collection, which reached $23 million. Learn why athletes should familiarize themselves with the workings of the NFT space before diving in, and explore the innovative use of NFTs and artificial intelligence (AI) by a liquor distributor selling a 50-year-old whisky collection. Additionally, find out how Ordinals could potentially benefit Bitcoin miners after the halving.
Beware ERC-404, a new hybrid NFT standard is on the rise
Just a week after the launch of ERC-404, an unofficial token standard that combines fungible and nonfungible tokens, a team of developers claims to have outdone it with their own “Divisible NFT” standard. Similar to its counterpart, this token standard seeks to bridge the gap between ERC-20 and ERC-721.
The proposed standard introduces fractionalization, enabling holders to trade fractionalized portions of their NFTs. The pseudonymous developer, known as “Cygaar,” argues that despite ERC-404’s popularity, it is “inefficient and prone to breaking in certain edge cases.”
Stephen Chow’s NFTs surpass 10,000 ETH in trading volume as the community expands
Stephen Chow, the renowned Hong Kong director, recently launched an NFT collection called “Nobody.” On February 7, this collection recorded a trading volume of nearly 10,000 Ether (ETH), equivalent to approximately $23 million. The project developers emphasize their dedication to building the intellectual property behind the collection, combining Chow’s past successes with innovative mechanisms.
Chow partnered with crypto exchange OKX on January 10 to organize a whitelist giveaway for the collection. Over 125,000 individuals participated in the airdrop, with 2,500 NFTs up for grabs. The total supply of the collection is set at 10,000.
Dwight Howard NFTs: Athletes must familiarize themselves with the workings of NFTs before diving in
Tom Fleetham, the head of business development for sports and gaming at Zilliqa, highlights the importance of athletes and sports organizations understanding the intricacies of NFT projects before getting involved. Fleetham points to the recent controversy surrounding basketball star Dwight Howard, who faced criticism and allegations of performing a rug pull after releasing an NFT drop on the Avalanche blockchain.
Whisky distributor leverages NFTs and AI to sell a 50-year-old collection
The Glenlivet, a distillery based in Scotland, is utilizing NFTs and AI to sell a rare collection of whisky. On February 13, the company announced its plans to sell 12 bottles from a collection that has been maturing since 1974.
To enhance the collection, the alcohol distributor employed AI to generate unique labels. The company is also utilizing a blockchain-powered platform to create digital certificates of authenticity and ownership in the form of NFTs.
Ordinals could boost BTC miners, Yuga NFT mint experiences setbacks, and more
Grayscale researcher Michael Zhao suggests that Bitcoin Ordinals inscriptions could provide a revenue boost for Bitcoin mining companies following the upcoming halving, which will cut mining rewards in half.
Meanwhile, NFT company Yuga Labs has announced that it will reimburse gas fees for individuals who lost funds while attempting to acquire the “Loot” NFT, which is awarded to those who complete a mission in the game Legends of the Mara.
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Thank you for reading this summary of the week’s most significant developments in the NFT space. Visit us again next Wednesday for more reports and insights into this rapidly evolving field.