The use of cryptocurrency has been on the rise for some time now. But with prices struggling to find footing and most other coins seeing volatility too, it’s still not surprising that Ethereum would be getting more attention than ever before- its most popular application being nonfungible tokens or NFTs.
The launch of Otherside, a metaverse created by Yuga Labs and Bored Apes fame to be interoperable with other popular NFT collections was met with much anticipation. When it dropped on May 1st Ethereum saw $619 million in sales volume that day alone.
NFT marketplaces have seen a significant drop in sales for the month of May, but continue to be well above 2021 levels. Monthly NFT’s still beat out Ethereum-based Farms by selling more than they had possession of on Tuesday when Solana got its own version of Mutant Ape Yacht Club.
While the idea of NFTs has been around for some time now, it’s only recently that they have started to be used in a way that is really taking off. One such example can easily be seen at this year’s conference season- with many companies beginning their fall routes and others getting ready all over again after summer vacations end -as people start looking forward to events near them or farther away than ever before. With these new methods come opportunities; one such chance comes through owning “NFT tickets”. These types don’t just offer cool artwork, they also provide perks not found anywhere else.
Hotel Rooms NFT on PinkTada
The Wall Street Journal ran an interesting article on Tuesday about how some resort owners are using NFTs (non-fungible tokens) to avoid getting stuck with excess inventory when guests cancel at the last minute.
“It involves converting room nights for sale into nonfungible tokens, or NFTs, that can be bought or sold by hotel guests, similar to the StubHub market for concert and sporting event tickets,” writes WSJ’s Peter Grant.
The Wall Street Journal reports that Grant, a new booking platform for hotels and travelers has been experimenting with Ethereum-based payments. This means you can be sure your revenue is guaranteed whether or not the room is used because it’s final from both perspectives.
“By using this system, guests can book a room at a discount to what the hotel would charge for a refundable reservation… If travelers change plans, they can use the tokens for other Pinktada hotels or sell them to another traveler in the Pinktada network.”
The idea of re-selling a hotel room can be lucrative. But if you try and sell it on RoomerTravel, the site will only transfer your booking to another customer – not give either party full payment for their stay as intended by travel agents or hotels themselves when they list rooms up online. This has gotten many poor reviews from customers who thought there would always be some sort of collaboration between parties involved in such transactions but instead found themselves disappointedly denied any kind of resolution after making plans based around this service.
When you book your hotel stay as an NFT, it’s like owning a piece of property. You can sell or buy back the same room at market price when needed – if prices are rising then this might be profitable for someone; however they may also lose money if costs go down in relation to value received (e..g., due too much supply). PinkTada has already launched services across Dominican Republic and Hawaii with plans on expanding soon into San Francisco Bay Area plus other destinations around Mexico.
Conferenced & Concerts Gift Passes
NFT VIP Passholders have access to Permissionless without waiting in line. They can enjoy private Discord rooms and happy hours, plus exclusive items for their collection! Plus you get a free subscription to Blockworks Research after purchasing this pass.
The Permissionless NFTs- represented by unique digital art called “Permies” – were trading on OpenSea even after they sold out…and still are today for about $0.20-$1 dollars each (depending upon how popular it becomes). Future conference-goers can pick up their lifetime VIP Pass which includes entry into all future events.
It’s like Coachella Keys Collection (on Solana). In February, the festival made $1.5 million within one week with these tokens and they continue their success into this year’s event.
An Entirely NFT-Based Festival
This month, developers and Web3 builders gathered in the beach town of Šibenik, Croatia to attend BlockDown festival. The event was NFT-centric with an emphasis on crypto-collectibles such as tickets for $565 or more worth Ethereum that all sold out quickly at YellowHeart prices.
The ticketing industry is a competitive one, and it can be tough to keep up with all of the changes. One new company that has been making waves in this space; Yellowheart. They offer an innovative solution: buy your tickets through them as NFTs on Polygon (MATIC-USD) blockchain–only 5% goes towards secondary takes while 95% goes to the artist.
The programmable smart contract behind the NFT can be designed to limit ticket sales, stop scalpers from buying up all available inventory and keep prices reasonable.
The future of ticketing is blockchain.! It’s a more convenient way to buy and sell tickets without having them printed at the venue. If you see an ad that says “paperless,” don’t fall for it because this will only lead to trouble – always make sure there are no physical goods being offered beforehand by checking with your favorite search engine or marketplace website beforehand; NFT (non-fungible token) technology has made proving authenticity easier than ever.
Interoperability And NFTs
The seamless exchange of data between several blockchains is known as interoperability. When different blockchains can communicate with one another, they are interoperable. As a result, NFT interoperability entails the easy sharing and trading of NFTs across various blockchain networks and applications.
True blockchain interoperability is still a long way off, and the NFT ecosystem has some issues with it. Although Ethereum remains the most popular blockchain for NFTs, other blockchains like Flow, Cardano, and Solana are all seeing significant developments as the market changes quickly.
Interoperability issues are a major roadblock to a seamless web3 experience. Because they must switch between various chains in order to utilize, monitor, or trade their assets, many NFT holders view the NFT ecosystem’s multichain structure as problematic. For many people, comprehending the technical aspects of crypto wallets and other interfaces is a challenging step in this process.
Blockchain players are especially concerned about interoperability-related problems because they are unable to transfer their in-game NFT assets from one game to another. Players spend a lot of time and money acquiring such assets, yet they are restricted to a small number of blockchain games.
The current state of NFT markets is also not promising. In a perfect world, they could permit NFTs to be listed, bid on, purchased, and sold on any chain. The majority of markets currently only support one particular blockchain. For instance, CNFT is specific to Cardano, while Magic Eden is a market place for Solana NFTs. Some marketplaces, like Rarible, which supports Flow, Tezos, and Polygon, permit the incorporation of NFTs from various blockchains to some extent. However, there are few use cases even in these markets.
We can highlight two different strategies used by modern blockchain developers to boost interoperability.
NFT bridges no. 1
A two-way transaction channel is an NFT bridge. It permits the transfer of an asset between two distinct blockchains by connecting them. NFT bridges use a set of smart contracts to lock the asset that has to be moved on the first chain while minting an identical asset on the second chain and sending it to the wallet address of the original owner. To do this, the NFT owner signs smart contracts to deposit the NFT into the first chain. The identical smart contracts are called on the second chain to mint the duplicate of the original NFT because of these signatures.
The transfer of NFTs from the Ethereum mainnet to another blockchain is the most frequent function that blockchain bridges offer. The NFT bridge provided by Polygon is a well-known illustration. In order to stop hacks and issues with market liquidity, it integrates POS and Plasma security.
Meta blockchain, second
Bridges, which use a two-chain strategy to promote interoperability, go a step further and create the blockchain of blockchains. They provide services for creating a new internet made up of numerous connected blockchains.
By enabling asset exchanges between decentralized blockchains with the help of the IBC (Inter-Blockchain Communication) protocol, Cosmos provides a solution to the NFT interoperability issue.
Another option that makes it possible for blockchain apps to cross various chains is Polkadot. It is creating the XCM language, which will serve as the common language for various blockchains, for this purpose. When it comes to the compatibility of various blockchains, XCM will open up a lot of NFT features, including the ability to stake NFTs across several chains and pay fees using any token.
NFT applications will soon be able to utilize the greatest features of each blockchain thanks to bridges and multichain solutions. As a result, newer goods and services will be produced.
Read More NFT News Here
NFT Tools: Mint Scanners
Digital investment opportunities and the tools needed to discover them, continue to evolve around us. It started with cryptocurrencies through ICOs. The investment portal then evolved with the introduction of NFTs. The marketplace is making further advances enabled by web 3 development. As the evolution of digital investment continues, the necessity to learn new skills and decipher a new stream of information become critical for success. The digital trader has a new frontier and wide open pastures to lay claim to if he or she can plant his or her flag before the other guy or girl. Therefore if you decide to get involved with trading digital assets, it serves you well to accept the fact that you will be at a disadvantage if your access to pertinent information is limited. Knowing that a new NFT dropped a day late can leave you many dollars short. Or missing out on opportunities to see undervalued items instantly leaves you at an obvious disadvantage. Especially when your peers have access to that same information before you have access to it. It’s very difficult to compete in the digital arena if you’re not well informed.
NFT tools continue to evolve
As the digital marketplace evolves more and more entrepreneurs have developed high tech picks and shovels. Lessons from history have proven that those that sell the shovels most often earn more than those that do the digging. It has been discussed in previous blog posts what type of information is needed to create optimal trading opportunities. The expense of purchasing these digital applications has also been discussed. However there are platforms that provide access to timely information for free. Today we will look into the digital Swiss army knives that are available to the 21st century digital trader.
Mint scanners are extremely useful for the NFT collector.
Mint scanners aid you in obtaining information about upcoming drops that you may miss, as you build your twitter base. This tool scans the blockchain for mints. That info is then organized by the trading volume, and alerts can be sent to you. One of the more popular NFT mint scanners is whatsminting.live. Whatsminting.live gives you access to NFTs that are being minted, and the gas costs associated with the mint. Having knowledge about gas costs is helpful because it can help you to understand if the mint is being promoted or naturally occurring within the market. This tool gives you up to the minute information, real time. That’s as close as if you were minting an item yourself. If you choose not to stay fascinated by their website all day, you can monitor their Discord channel for alerts that inform you about what NFTs are trending. The Discord channel is named “Last Minute.”
A wallet scanner is also a useful tool to help you find out what new projects are hot in the NFT space.
It’s known that certain influencers will get information about upcoming projects before the general public. Therefore monitoring the wallets of these influencers to see what NFT project they are buying can lead you to the same well of wealth potential that they have interest in. It must be said that following a particular collector blindly and buying what they do may not be the best strategy. Although if you see 2 or three high profile collectors buying into the same NFT project. That project may have potential for gainful trading opportunities. Monitoring high profile wallets can also provide information to you before the general public. Icy.tools is a helpful free option to monitor digital wallets. You can navigate to their alerts page, provide the addresses of the wallets you wish to track. This will enable you to receive alerts every time they buy something. You can even forward those alerts to your Discord channel.
We will continue to keep you up to date with the latest tools for the NFT collector. These tools are continually evolving so stay tuned for more help in acquiring the equipment you need to give you the best chances for success within the NFT markets.
Read More NFT News Here
The Robot Face Backpack By Kanye West Sold For 50 ETH!
Elon.Space, the innovative and cutting-edge NFT initiative, has made an unexpected acquisition by buying Kanye West’s renowned “Robot Face” Goyard backpack. There is a twist in this recent sale of $100,000 (50 ETH), which is a rare investment for a brand-new NFT project. Everyone who purchases an Elon.Space NFT from the next mint will instantly be entered into a drawing to win the renowned Goyard backpack. Since there are only 420 of these special NFTs, holders will have a great chance of winning!
Superstar singer Kanye West commissioned and bought a 1/1 backpack from the ultra-luxury clothing line Goyard during Paris Fashion Week in 2010. In actuality, this was the company’s first backpack in its 1853-old history.
Kanye West at this time is represented by the backpack itself. He was the most popular musician in the world in 2010, and he was starting to use his inventiveness to transform the fashion business. The three front pockets, the zippers, and the renowned Goyard Chevron pattern are just a few of its distinctive features.
The name “robot face” refers to how much the backpack resembles a face. On the lower right, Kanye left his mark in the form of a painted K and star insignia.
The Kanye West Robot Backpack is incredibly important in the fashion industry because it is a unique and innovative piece by Goyard. The French trunk and leather goods manufacturer Goyard is renowned for its secrecy and exclusivity. They actually don’t have an online store, and only 35 stores worldwide are allowed to sell their products.
In 2021, the 1/1 Goyard backpack made a comeback and went on sale for $55,000. Justin Reed, a luxury consignor, later sold it to the Elon.Space group for $100,000. (50 ETH). “It was a pleasure to post this 1 of 1 piece for sale, and I am more than glad to see it go towards an exciting initiative like Elon.Space,” Reed remarked in reference to the transaction.
Why, therefore, has this new NFT project chosen to acquire such a noteworthy item of fashion history? Elon.Space claims that it is due to Kanye’s brilliance, which is consistent with how they see their brand.
Kanye is a creative genius who perfectly complements Elon’s ethos. According to Space, This was the product we were looking for because it embodied an iconic moment and related to the project. We knew we had to text Justin right away to order it as soon as he posted it.
All 420 NFT holders who pre-order the forthcoming mint of the Elon.Space NFT collection will be eligible to win a Kanye West Robot Face bag. Additionally, there will be a giveaway of other tangible goods. These include clothing, candles, and many other things.
The creators of Elon.Space used Elon Musk as well as the “meme culture” that surrounds the billionaire as inspiration for their first project.
Elon.Space will manufacture distinctive “phygital” products by fusing memes, fashion, and cutting-edge technology. One of the motives behind their purchasing of the Kanye West backpack is this.
Elon is the most approachable person in the Web3 and NFT arena because of his meme culture. He enjoys trolling, loves DOGE, and is heading to space. Elon.Space founder: “His personality is the prototypical Web3 millionaire.
The first NFT collection, which consists of 420 randomly selected and digitally generated photos, will be connected to tangible goods related to Elon Musk’s genuine commercial endeavors.
Sometime in September will see the Elon.Space NFT mint. There is a pre-mint procedure with a public mint and allowlist. Prior to the presentation, the team is also giving away “Mars & Beyond” candles in addition to the Kanye West backpack. To learn more, follow the official Elon.Space Twitter account.
Read More NFT News Here