This week’s newsletter offers an interesting glimpse into the world of nonfungible tokens (NFTs). We start by exploring how some NFT projects have decided to give away company equity to their holders. Pons Asinorum, the founder of “The Plague” NFT collection, and Ovie Faruq, also known as OSF in the NFT space, have both made this surprising move. While it may seem like a legal risk, Pons believes it is legal as it was unexpected and clarified that it was a gift.
In other news, internet celebrity Logan Paul has announced a buyback program for disgruntled holders of CryptoZoo NFTs. He has committed $2.3 million to repurchase the NFTs at their original purchase price. This comes a year after Paul promised to refund the investors of the NFT project. The announcement received mixed responses from the community, with some celebrating the win and others expressing skepticism about Paul’s motives.
The article also delves into the importance of choosing the right storage method for NFTs. Executives in the NFT space suggest creators consider whether certain NFTs should be stored on the blockchain or placed off-chain. The co-founder of Atlas Development (Enjin), Witek Radomski, emphasizes the need for creators to decide which NFTs deserve the “vault treatment” and which can be stored on the cloud. He also suggests a hybrid option using platforms like the InterPlanetary File System.
Furthermore, the article highlights an innovative project by developers at Ninjalerts who have inscribed the Super Nintendo Entertainment System (SNES) emulator on the Bitcoin blockchain. This allows the community to play classic games on the network and serves as a way to preserve these cultural artifacts for future generations.
Overall, this week’s newsletter provides fascinating insights into the world of NFTs, from equity distribution to buyback programs and innovative storage solutions. Stay tuned for more updates and insights in the rapidly evolving NFT space.