NFT gas usage drops, Ordinals nonprofit launches: Nifty Newsletter

In this weeks newsletter, read about how the group behind Bitcoin Ordinals plans to drive the advancement of nonfungible tokens (NFTs) on Bitcoin and find out why metaverse platform The Sandbox requires Know Your Customer (KYC) checks for staking. Bitcoin Ordinals group introduces not-for-profit to grow protocol developmentThe team behind Bitcoin Ordinals has released a not-for-profit aiming to enhance the advancement of NFTs on Bitcoin. Users rushed to inscribe their possessions like NFTs and Bitcoin-based crypto on the Bitcoin blockchain.

In this weeks newsletter, checked out how the team behind Bitcoin Ordinals prepares to drive the advancement of nonfungible tokens (NFTs) on Bitcoin and discover why metaverse platform The Sandbox needs Know Your Customer (KYC) look for staking. In other news, learn why NFT gas use is on a downward trend, and dont forget this weeks Nifty News, featuring an NFT trader deceiving a bot and bagging $1.5 million in profit. Bitcoin Ordinals team introduces nonprofit to grow protocol developmentThe group behind Bitcoin Ordinals has actually released a nonprofit intending to improve the development of NFTs on Bitcoin. Dubbed the Open Ordinals Institute, the not-for-profit will supply funding for Ordinals developers. The Bitcoin Ordinals protocol was introduced in January, and it rapidly ended up being one of the most popular trends in crypto. Users rushed to inscribe their assets like NFTs and Bitcoin-based crypto on the Bitcoin blockchain. Continue readingNFT gas use reveals down pattern, signals shift in landscapeNFT gas use continues on a down pattern. On Aug. 3, gas consumption of NFT marketplaces like Blur, OpenSea, SuperRare, LooksRare and Rarible only represented 1.85% of the total usage on the whole Ethereum network. Additionally, NFT-related projects that were once leading gas users on the Etherscan charts are now not noted. This suggests a potential shift in NFT usage, where users may be holding their NFTs rather of actively trading. Continue readingThe Sandbox executes KYC procedures for protocol stakingMetaverse project The Sandbox will implement a KYC confirmation protocol for staking. According to a statement, just KYC-verified uscane to deposit The Sandbox (SAND) tokens and claim staking rewards. On-chain analytics firm Messaris data shows that 6.7% of SANDs flowing supply– about 123 million tokens– is currently staked by users. According to the metaverse platform, the relocation aims to improve user security and compliance. Continue readingNifty News: Trader nabs 800 ETH by baiting a bot, NFT thefts slow and moreNFT trader Hanwe Chang deceived a bot into copying his trades, resulting in a profit of 800 Ether (ETH), worth around $1.5 million. The NFT trader saw that the bot was copying his bids. Because of this, the trader tricked the bot into purchasing his inflated NFTs. Continue readingCHECK OUT COINTELEGRAPHS NFT STEEZ PODCAST

Other Questions People Ask

What are the implications of NFT gas usage drops as discussed in the Nifty Newsletter?

The recent drop in NFT gas usage indicates a significant shift in how users are interacting with NFTs. As of August 3, NFT marketplaces accounted for only 1.85% of the total gas consumption on the Ethereum network, suggesting that many users may be holding onto their NFTs instead of actively trading them. This trend could lead to a more stable market environment, as fewer transactions may reduce volatility and speculation. Additionally, it raises questions about the future engagement levels within NFT ecosystems.

How is the Open Ordinals Institute contributing to NFT development on Bitcoin?

The Open Ordinals Institute, launched by the team behind Bitcoin Ordinals, aims to enhance the development of NFTs on the Bitcoin blockchain. This nonprofit organization will provide funding and resources to developers working on the Ordinals protocol, which has gained significant popularity since its introduction in January. By fostering innovation and collaboration, the institute seeks to drive the growth of NFTs within the Bitcoin ecosystem, potentially attracting more users and projects to this emerging space.

What recent events highlight the evolving landscape of NFT trading?

Recent events, such as an NFT trader successfully deceiving a bot into making profitable trades, underscore the evolving dynamics in NFT trading. The trader managed to trick the bot into purchasing inflated NFTs, resulting in a profit of 800 ETH, valued at approximately $1.5 million. Such incidents reveal both the opportunities and risks present in the NFT market, as traders adapt their strategies to exploit automated systems. This highlights the need for vigilance and strategic thinking among NFT participants.