The team behind Bitcoin Ordinals has taken a significant step towards driving the development of nonfungible tokens (NFTs) on the Bitcoin blockchain. With the launch of the Open Ordinals Institute, a nonprofit organization, they aim to provide the necessary funding for Ordinals developers. Since its introduction in January, the Bitcoin Ordinals protocol has gained immense popularity, attracting crypto enthusiasts who are keen on inscribing their assets, such as NFTs and Bitcoin-based cryptocurrencies, on the Bitcoin network.
NFT Gas Usage on the Decline
In the world of NFTs, gas consumption has been experiencing a downward trend. According to recent data, gas usage on various NFT marketplaces, including Blur, OpenSea, SuperRare, LooksRare, and Rarible, accounted for only 1.85% of the total consumption across the entire Ethereum network. This indicates a potential shift in NFT use, with users potentially opting to hold their NFTs instead of actively trading them.
The Sandbox, a prominent metaverse project, has implemented a Know Your Customer (KYC) verification protocol for staking. This means that only KYC-verified users can deposit The Sandbox (SAND) tokens and claim staking rewards. As reported by on-chain analytics firm Messari, approximately 6.7% of SAND’s circulating supply, equivalent to around 123 million tokens, is currently staked by users. The implementation of KYC aims to enhance user security and ensure compliance within the platform.
NFT Trader Tricks Bot, Earns $1.5 Million Profit
In a fascinating turn of events, NFT trader Hanwe Chang managed to trick a bot into copying his trades, resulting in a substantial profit of 800 Ether (ETH), approximately worth $1.5 million. Chang noticed that the bot was mimicking his bids and ingeniously used this knowledge to his advantage. By inflating the prices of his NFTs, the trader successfully convinced the bot to purchase them, ultimately earning him a significant profit.
If you’re intrigued by the world of NFTs and want to delve deeper, make sure to check out Cointelegraph’s NFT Steez podcast. This podcast provides a captivating exploration of the latest trends, developments, and stories within the NFT ecosystem. Whether you’re an artist, collector, or simply curious about the industry, the NFT Steez podcast is an excellent resource to stay informed and inspired.
With the establishment of the Open Ordinals Institute, the future of NFTs on the Bitcoin blockchain looks promising. As gas usage in NFTs shows signs of decline and security measures like KYC verification gain traction, the NFT landscape continues to evolve. Exciting opportunities and challenges lie ahead, and staying informed through platforms like Cointelegraph’s NFT Steez podcast is crucial for anyone interested in this rapidly expanding field. NFTs have come a long way, and their journey is far from over.
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