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2023-04-08 10:19:02 Solana To Launch State Compression: Store 100 Million NFTs For Only $1193

Solana’s ecological team launched a state compression function to store any data on the chain, starting with compressing NFTs. Storing 100M compressed NFTs costs only $1193. Solana, a blockchain platform, has announced its ecological team’s release of a state compression function. This innovative technology, which can be used to store any data on the chain, is expected to revolutionize the world of blockchain.

Compressed NFTs are just like regular NFTs, only drastically cheaper. The cost of minting 100 million compressed NFTs is only 1193 US dollars, compared to ◎1.2mm for their uncompressed counterpart. In fact, every incremental compressed NFT is solely a modification of an existing tree, which means the cost of an NFT on Solana is now as little as the cost of a single transaction (◎0.000005)! State compression makes elegant use of a well-known data structure and brings it to bear at the speed of Solana, once again proving Solana is the best place to build scalable, user-first web3 products. Although state compression can be used to store any data on-chain.

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2023-04-07 10:05:03 Meta says new focus on generative AI could boost metaverse development

Meta Platforms Inc., the parent of Facebook and Instagram, is investing heavily in artificial intelligence (AI) and this will benefit its metaverse businesses, which fell short of expectations last year, Meta’s Chief Technology Officer Andrew Bosworth told Nikkei Asia. Bosworth said generative AI will help develop the company’s metaverse plans, saying it will allow users to create their personalized virtual worlds based on text input to the AI.

The company formerly known as Facebook rebranded as Meta in October 2021 in a sign it was pivoting to metaverse-related businesses. Despite spending billions of dollars investing in its virtual platform, Horizo`n Worlds, its metaverse division Reality Labs posted a loss of US$13.7 billion last year. Meta’s Zuckerberg also announced that 2023 would be a “year of efficiency” for the company, winding down its non-fungible token (NFT) operations on both Facebook and Instagram. According to Google Trends, netizens have been gradually losing interest in metaverse as a search term over the last year, with its popularity decreasing 76% compared to its yearly peak in March 2022.

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2023-04-06 08:19:02 Donald Trump Pleads Not Guilty, NFT Collection Sales Increase 172% In 24H

Sales of Donald Trump‘s Trump Digital Trading Cards continued to surge as the former US president appeared to refuse to accept allegations related to his Mar-a-Lago estate. Former President Donald Trump pleaded not guilty to 34 felony counts of falsifying business records after being indicted by a Manhattan grand jury last week. Former US President Trump has been officially arrested and becomes the first former president in US history to be criminally charged.

Former President Donald Trump began a speech at his Mar-a-Lago estate hours after he was charged with criminal charges. Donald Trump claimed the “fake case” was made “just to interfere in the upcoming 2024 election” and said it should be “dropped immediately.” Later, CNN and other American media also reported that Trump was arrested. Trump left a Manhattan criminal courtroom after pleading “not guilty” to 34 felony counts of falsifying business records. According to OpenSea, the Trump NFT series sold a total of 30 units within an hour of his appearance in court and 47 within six hours. With jumps its sales jumped 172% in the last 24 hours.

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2023-04-05 05:48:02 NFT Platform OneOf Acquires Blockchain Rewards Company Tap Network

Non-fungible token (NFT) platform OneOf has acquired blockchain rewards tool Tap Network to help large companies connect with their consumers in Web3. As a part of the launch, OneOf is launching the OnePlatform, a turnkey option for companies looking to expand into Web3 that combines elements of e-commerce, data and loyalty programs.

Tap Network, founded in 2018, allows consumers to redeem loyalty points or cryptocurrencies for real world products and services from major brands. It has partnered with companies such as internet browser Brave, rideshare company Uber, entertainment firm Warner Music Group and more. Lin Dai, CEO and co-founder of OneOf, told CoinDesk that integrating Tap Network will help onboard more companies and customers into Web3 via e-commerce. Dai told CoinDesk that OnePlatform will include a multi-signature wallet, allowing Web3 natives and newer users alike to access.

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2023-04-04 07:14:02 Hangzhou Court Sentenced A Defendant To 3 Years In Prison For Stealing NFT

The Gongshu District Procuratorate of Hangzhou City, Zhejiang Province, filed a public prosecution a few days ago, according to the daily inspection report. The defendant Chen was sentenced to three years in jail, suspended for four years and six months, and fined 7,000 yuan by the court. On July 20, 2022, Chen unintentionally uncovered a flaw in the login procedure of a specific digital collecting platform.

Mr. Wang from Hangzhou is a player in the digital collection. Wang paid 299 yuan in July 2022 to acquire a digital collection on an internet site. Due to restricted sales, the value of this digital collection swiftly increased, and Wang was overjoyed. This heightened the network platform’s alertness, and platform experts promptly analyzed the server logs to see if there was any aberration in the database. The findings revealed that more than 30 user accounts were logged into the same IP address at the time, and 21 consumers’ digital collections were sequentially resold.

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2023-04-03 04:43:02 Amazon’s NFT Marketplace Launches Digital Collectibles From Beeple & Pudgy Penguins’s Creators

Beeple and Pudgy Penguins Could Appear on Amazon’s NFT Marketplace. The platform will release digital compilations from well-known encrypted producers in the NFT market, such as Beeple and Pudgy Penguins. Amazon will operate the NFT platform on a private and permissioned blockchain that it controls, according to the conditions of a non-disclosure service agreement.

Another classified document verified that the NFT marketplace will use a private blockchain, and that Amazon Web Services (AWS) will be the primary provider. According to numerous sources, the firm has entered into a number of secret agreements in preparation for the debut of the NFT marketplace. Amazon also disclosed to product partners that it will collaborate with Artifact Labs and Proof Collective, in addition to Beeple and Creator Creator. The blockchain powering Amazon’s digital collectibles is gas-free and read-only, and it puts stringent limitations on NFT creators, partners, and — ultimately — the firm consumers after debut.

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2023-04-02 14:44:02 Disney Reportedly Axing Metaverse Division Amidst Company Restructuring

The metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by the company. Per reports from the Wall Street Journal citing people “familiar with the situation,” the whole next-generation storytelling and consumer-experience unit, comprised of 50 people, has been axed — this being part of the 7,000 layoffs.

Disney, the well-known entertainment behemoth, seems to have lost interest in the metaverse. According to reports coming from the Wall Street Journal (WSJ), the metaverse unit of the company was wholly disintegrated in the latest round of layoffs that CEO Bob Iger announced on March 27. Disney’s headcount by 7,000, aiming to cut costs by $5.5 billion. In a memo sent to employees, Iger justified this move stating that it was “part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective.

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2023-04-01 14:13:02 MetaBirkins Artist Mason Rothschild's Latest NFT Project Is "Subject to Change"

Non-fungible token (NFT) artist Mason Rothschild has been keeping busy since his provocative MetaBirkins project pierced the cultural mainstream and grabbed headlines after Hermès filed a trademark lawsuit against the project. The NFT collection of 100 furry digital handbags named after Hermès' signature Birkin handbag was released in December 2021.

The 28-year-old artist, whose real name is Sonny Estival, told CoinDesk that the lawsuit represented a battle not just over Web3 technologies, but also over the future of art. "Just because it's an NFT doesn't mean it's not art," he said. "An NFT is kind of the vessel and the artwork that it's attached to is the art." The jury ultimately ruled in Hermés' favor last month, though he and his legal team have appealed the decision and have pledged to continue the fight for artistic expression. Dusting himself off, the Los Angeles native has continued to create art, curate fashion and advise brands in Web3. He continues to split his time between Terminal 27.

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2023-03-31 07:29:02 Bored Ape metaverse land sales dominance threatened by (what appears to be) wash trading

Sales for Bored Ape’s Otherdeed metaverse land NFTs — easily the hottest virtual property brand around — have been booming during the first quarter of this year, closing in on $120 million in volume. The rise in the collection's trading volume means Otherdeed tokens rank as the second-best-selling NFT collection during the first quarter of this year. Bored Ape Yacht Club , also tied to Otherdeeds.

Wash trading is when assets are traded between wallets owned by the same individual or company. It can create not only artificial volume but also manipulate the price. This month, however, sales volumes for a lesser-known collection, also tied to a nascent metaverse platform called MG Lands, have been holding their own; even outpacing Otherdeeds’ sales at one point. However, it appears MG Lands’ rapid ascendance from relative obscurity might be, instead of a feel-good business story, another case of artificial “wash” trading.

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2023-03-30 13:42:02 Square Enix is releasing a set of Final Fantasy 7 NFT trading cards

Square Enix has announced that it will be releasing a set of Final Fantasy VII trading cards that will include NFTs. The collection, which is called Final Fantasy VII Anniversary Art Museum: Digital Card Plus, consists of 207 cards. Each pack, which costs ¥440 ($3.30), contains six physical trading cards as well as one ‘digital exchange card’. This can then be redeemed for an NFT version of a card.

NFTs are unique non-interchangeable units of data stored on a blockchain (a form of digital ledger), which effectively allow users to buy and sell digital products like in-game items or artwork. Much like the previously announced Digital Plus Edition action figure of Cloud Strife, which will also come with an NFT version of the figure, those who buy the cards and want to redeem their digital one will have to create an account with NFT platform Enjin and download their Enjin Wallet app. Square Enix notes that “there is no upper limit” to the number of NFT cards that can be redeemed.

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