Non-Fungible Tokens (NFT) – BeInCrypto

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Non-Fungible Tokens (NFT) – BeInCryptoNon-Fungible Tokens (NFT) – BeInCryptoMark Cuban: NFTs are ‘Game-Changing’Non-fungible Token (NFT) Market Explodes with 300% Yearly Growth: BNP Paribas StudyNon-Fungible Tokens (NFTs) the Star at Ethereum ConferenceValentine’s Day With CryptoFlowers and a Bitcoin ATHMicrosoft and Enjin Roll Out NFT-Based Reward System to Praise Women in ScienceAxie Infinity Gamer Sets New NFT Land Purchase Record: $1.5 MillionIs Ethereum a Victim of Its Own Success?Swiss Firms Tokenize Premium Wines Under New DLT LawBillionaire Mark Cuban Releases Personal NFTsSoviFinance AMA With BeInCryptoRick and Morty NFT Art Collects a Hefty $150,000 Bid on Nifty GatewayEnjin to Tokenize Celebrity Art as a Fundraising Mechanism

https://beincrypto.com Cryptocurrency News Mon, 15 Feb 2021 20:55:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.3 https://beincrypto.com/wp-content/uploads/2019/12/cropped-cropped-logofav-1-1-32×32.jpg.optimal.jpg https://beincrypto.com 32 32 https://beincrypto.com/mark-cuban-nfts-are-game-changing/

Mon, 15 Feb 2021 20:55:07 +0000

Mark Cuban: NFTs are ‘Game-Changing’


Cuban earned his fortune during the dot-com boom of the late 1990s and early 2000s. After witnessing how the internet developed during that period from a fringe novelty to a paradigm shift, he sees similar implications for blockchain technology. Cuban said on the podcast: “Smart contracts on blockchain remind me of the early days of … Continued

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Billionaire investor Mark Cuban appeared on a recent podcast with Decentralized Finance (DeFi) blog The Defiant, where he spoke at length about how his perspective on cryptocurrencies has evolved over time as blockchain technologies have developed.

Cuban earned his fortune during the dot-com boom of the late 1990s and early 2000s. After witnessing how the internet developed during that period from a fringe novelty to a paradigm shift, he sees similar implications for blockchain technology.

Cuban said on the podcast:

“Smart contracts on blockchain remind me of the early days of the internet when people realize that there is a network effect and that with just HTML, and then some basic JavaScript, you could do a whole lot of business and create a whole lot of new businesses”

Mark Cuban and NFTs

One such blockchain development that Cuban spoke of fondly was Non-Fungible tokens (NFTs), which are mainly built on Ethereum (ETH). NFTs are unique and digitally verifiable tokens that cannot be freely swapped between one another.

They have become particularly popular in the digital art world, enabling artists to tokenize digital editions of their work. Cuban described the ability for artists to receive perpetual compensation for their work via tokenization as “game-changing.”

“If you’re a professional photographer, you should be putting your stuff [on] Rarible (an NFT marketplace),” Cuban said, “and same with music or music video, instead of it being on YouTube, put it where you can tokenize it and keep on getting paid.”

In Cuban’s mind, just as accessibility and ease of use led to the widespread use of the internet, a similar approach is what will lead to the adoption of blockchain technologies. This is why he finds Ethereum to be a better store of value than Bitcoin (BTC).

“Because as more people get into NFTs, all they’re going to know is Ethereum, and they’re all going to have to buy Ethereum in order to do it.”

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Non-fungible Token (NFT) Market Explodes with 300% Yearly Growth: BNP Paribas Study

Mon, 15 Feb 2021 09:08:14 +0000

Non-fungible Token (NFT) Market Explodes with 300% Yearly Growth: BNP Paribas Study


In a study jointly conducted by NonFungible.com and foresight company L’Atelier BNP Paribas, it was concluded that NFTs are set to become a leading emerging asset class and a major driver of the virtual economy in 2021. This market niche demonstrated solid, consistent growth, with the total number of active wallets transacting NFTs grew 97%, … Continued

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Last year, the total value of transactions in the Non-fungible token (NFT) sector surged by 299% on a year-on-year basis, reaching over $250 million. This information comes per a report shared with BeInCrypto on Feb. 15.

In a study jointly conducted by NonFungible.com and foresight company L’Atelier BNP Paribas, it was concluded that NFTs are set to become a leading emerging asset class and a major driver of the virtual economy in 2021.

This market niche demonstrated solid, consistent growth, with the total number of active wallets transacting NFTs grew 97%, to 222,179 in 2020. For reference, in 2019, the figure was 112,731.

“The number of buyers and sellers rose from 44,644 to 74,529 (+66%), and 25,264 to 31,504 (+24%), respectively. The number of active wallets accelerated throughout 2020, suggesting even stronger growth ahead in 2021: Q4’s total growth was twice Q3’s, and three times that of Q2.”

The earnings of NFT traders escalated as well, with certain traders being able to generate annual profits of more than $100,000.

Big names and leading companies worldwide — like Nike, Louis Vuitton, and Warner Music, among others — are also experimenting with NFTs by creating online collectibles and games.

NFT NFTs

Just recently, tech giant Microsoft collaborated with gaming-based blockchain platform Enjin to launch customizable NFTs. The tokens will be compatible and transferrable with the sandbox-adventure video game Minecraft.

Billionaire Mark Cuban also wants a piece of this digital pie. He launched his first set of NFTs on Rarible for fans or haters alike to purchase. Titled ‘The RollUp 2021,’ the NFT artwork features a GIF of Cuban showing off his stellar dance moves while wearing a Dallas Mavericks tank top. 

Earlier today, BeInCrypto reported that a number of NFT projects were showcased at last week’s ETHDenver hackathon event. The hackathon brings the Ethereum community together and allows developers to showcase new projects, some of which end up integrating themselves into the Ethereum (ETH) ecosystem.

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Non-Fungible Tokens (NFTs) the Star at Ethereum Conference

Mon, 15 Feb 2021 06:00:53 +0000

Non-Fungible Tokens (NFTs) the Star at Ethereum Conference


This year’s ETHDenver event ran from Feb. 5 to 12 but due to the COVID-19 pandemic, it was hosted online. This year, non-fungible tokens (NFTs) have been all the rage and industry data provider DeFiPrime has been looking into what has been grabbing the attention. The hackathon brings the Ethereum community together and allows developers … Continued

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Non-fungible tokens have been gaining momentum over the past few months. Plenty of new projects were showcased at last week’s Ethereum Denver hackathon event.

This year’s ETHDenver event ran from Feb. 5 to 12 but due to the COVID-19 pandemic, it was hosted online. This year, non-fungible tokens (NFTs) have been all the rage and industry data provider DeFiPrime has been looking into what has been grabbing the attention.

The hackathon brings the Ethereum community together and allows developers to showcase new projects, some of which end up integrating themselves into the Ethereum ecosystem

NFTs Making an Impact

In essence, non-fungible tokens are uniquely distinguishable digital assets which means no two are the same. They are usually issued on the Ethereum ERC-721 standard which creates verifiable digital scarcity. An NFT for a virtual plot of land recently sold for a record $1.5 million.

Masterfile is a new platform that ties digital rights management to an NFT, securing it against copyright infringement. Its native MFT token is focused on Digital Rights Management (DRM) and the team hopes to enable permission-based NFT experiences.

Another interesting platform is NFTea Room which is a DAO for determining accurate prices and information for NFTs. Currently, there are several different marketplaces such as OpenSea and Rarible but no platform offering accurate pricing information.

A platform called HEATDEX aims to track the ‘hype’ and social sentiment of popular NFTs. Crypto artists can then use this to gauge what is hot and what is not in the world of digital art.

Multiple prizes were also awarded to the winners of a number of bug bounties and competitions held over the week-long event.

DeFi and Gas Savings

In addition to the big NFT presence were a number of DeFi-oriented projects and proposals.

Sublimate.Finance is one that lets users accept continuous financial support from anyone, paid automatically over time in ERC-20 tokens per block. FreeFund is a similar project that provides a decentralized crowdfunding platform that accepts crypto to kickstart projects.

A project called Gasless Wallet allows users to pay transaction fees in any ERC-20 tokens, which means they do not have to buy ETH to interact with smart contracts. The Gasless Chain Agnostic Minter also helps improve the NFT minting process by offering gasless transaction and cross-chain compatibility.

A protocol called Verager was introduced, allowing traders to use leverage without having to worry about liquidation. Another called JamBot works as a collective intelligence platform for DeFi education.

It’s likely that many of these projects and proposals will disappear into the digital dust, but one or two could become the next big thing in the ever-evolving crypto and DeFi landscape.

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Valentine’s Day With CryptoFlowers and a Bitcoin ATH

Sun, 14 Feb 2021 13:08:35 +0000

Valentine’s Day With CryptoFlowers and a Bitcoin ATH


Crypto enthusiasts are often hard put to find a way to combine their interest with their love interest. Fortunately, as the market develops, more options are appearing. NFTs Can Save the Day Non Fungible Tokens are on the rise, and for some, offer a way out of this conundrum.  Financial Times writer Jemima Kelly noted … Continued

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Valentine’s Day in the cryptocurrency community takes many forms. Use cases for NFTs and, of course, a Bitcoin ATH, all made an appearance, and that’s just the morning.

Crypto enthusiasts are often hard put to find a way to combine their interest with their love interest. Fortunately, as the market develops, more options are appearing.

NFTs Can Save the Day

Non Fungible Tokens are on the rise, and for some, offer a way out of this conundrum. 

Financial Times writer Jemima Kelly noted a use case for NFTs on Valentine’s Day from CryptoFlowers. She was skeptical, but for a certain virtual-forward type, they might work.

These one-of-a-kind flowers, based on ERC-721 standards, are unique, and unlike bouquets of physical cut flowers, don’t die. Moreover, there is a market for them, which makes growing and selling them possible. For those who don’t like the scent of Ethereum, CryptoFlowers takes TRON as well. 

Cryptoartists are creating works that fit the Valentine’s Day theme well, even if that was not the original intent. One such artist is Charles Grant, who tweeted this sentiment regarding his latest work.

Bitcoin for Valentine’s Day

Jemima Kelly did point to the potential age gap found in CryptoFlowers’ market focus. However, she made a case for BTC that only 2021 can bring.

Look, it’s true that we cannot speak for 15-year-old girls, but we can speak for grown women. Please, lads, if you’re going to spend $90,000 of your hard-earned money on something that runs on a blockchain this Valentine’s Day, well, we haven’t said this before but: just buy us some bitcoin or something? Doge’ll do too.

Jemima Kelly

Bitcoin ATH

DOGE is not much of a Valentine’s Day present at the moment. However, Bitcoin hit new all-time highs and breached the $49,000 level multiple times on Feb. 14 already. Will it go to $50,000?

The most recent boost to the Bitcoin price comes from the Bloomberg article that Morgan Stanley is considering an entry to the Bitcoin market. Morgan Stanley’s Counterpoint Global, a fund worth $150 billion, or roughly five times the entire BTC under management by Grayscale, will engage in the holding.

Cyber Box of Chocolates

In the “now for something completely different” department, and slightly away from stacking sats, is the U.S. Cyber Command’s Valentine’s Day greetings to the cryptography world. 

In a tweet that should get the crypto community’s developers rolling up their sleeves, USCC sent a link to 12 cryptography challenges “designed by the information security community.”

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Microsoft and Enjin Roll Out NFT-Based Reward System to Praise Women in Science

Fri, 12 Feb 2021 10:26:13 +0000

Microsoft and Enjin Roll Out NFT-Based Reward System to Praise Women in Science


According to an announcement made on Feb. 11, the initiative, the brainchild of both companies, has been launched to mark International Day of Women and Girls in Science. To mark the occasion, Microsoft has unveiled Enjin’s blockchain-based Azure Space Mystery mini-game which distributes exclusive NFTs as rewards among the community for performing learning tasks. “Players … Continued

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Microsoft has teamed up with gaming-based blockchain platform Enjin to roll out customizable non-fungible tokens (NFTs). The tokens will be compatible and transferrable with sandbox-adventure video game Minecraft.

According to an announcement made on Feb. 11, the initiative, the brainchild of both companies, has been launched to mark International Day of Women and Girls in Science.

To mark the occasion, Microsoft has unveiled Enjin’s blockchain-based Azure Space Mystery mini-game which distributes exclusive NFTs as rewards among the community for performing learning tasks.

“Players will work to save the International Space Station, while learning from and celebrating prominent European female scientists, including Caroline Herschel, Mary Somerville, Hypatia and Raymonde de Laroche,” the announcement reads.

Enjin’s Other Recent Developments

In recent months, Enjin has been actively partnering with tech companies around the world. Last December, the blockchain firm revealed a collaboration with Atari, one of the oldest names in the video game industry. The partnership is set to bring the development of a decentralized gaming ecosystem, wherein Enjin will be creating Atari-based NFTs usable in its gaming portfolio.

Last month, the world saw the partnership between Enjin and Kizuna and Miss Bitcoin to launch an NFT charity program. Kizuna is a hub for bitcoin (BTC) donations with no handling fees, and Miss Bitcoin is a popular blockchain entrepreneur.

As BeInCrypto previously reported, the first campaign of the philanthropic program will involve tokenized art created by Japanese artists. Funds raised from the campaign will be directed to the Dream Possibility (DxP), a non-profit organization providing help for teenagers facing coronavirus-related issues.

Moreover, in January, Enjin gained approval from the Japanese Virtual Currency Exchange Association to have its native ENJ token approved in Japan. To receive it, Enjin went through a year-and-a-half regulatory due diligence.

NFTs are indeed gaining traction these days. On Feb. 10, for example, Pokemon-inspired blockchain gaming platform Axie Infinity reported the largest NFT sale in history. A user going by the moniker “Flying Falcon” doled out 888.25 ethereum (ETH) (approximately $1.5 million, at the time). The new owner of the NFT set commented:

“We’re witnessing a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows.”

As DeFi researcher Cooper Turley outlined in his recent blog post, there are already almost 50 different platforms to mint NFTs.

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Axie Infinity Gamer Sets New NFT Land Purchase Record: $1.5 Million

Wed, 10 Feb 2021 18:30:28 +0000

Axie Infinity Gamer Sets New NFT Land Purchase Record: $1.5 Million


Since CryptoKitties went mainstream in November 2017, non-fungible tokens (NFT) have gained more traction. Some pundits argue they are tipped to dominate the industry in 2021. Pokemon-inspired blockchain gaming platform Axie Infinity has reported a record new NFT sale set by two gamers. A user flying by the moniker “Flying Falcon” has doled out 888.25 … Continued

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While tech behemoths are filling their bags with billions of dollars worth of crypto, gamers are breaking new grounds in the NFT scene.

Since CryptoKitties went mainstream in November 2017, non-fungible tokens (NFT) have gained more traction. Some pundits argue they are tipped to dominate the industry in 2021.

Pokemon-inspired blockchain gaming platform Axie Infinity has reported a record new NFT sale set by two gamers. A user flying by the moniker “Flying Falcon” has doled out 888.25 ethereum (ETH) (approximately $1.5 million) to user “Danny” in exchange for nine Genesis plots of virtual land.

The purchase is the largest NFT sale in history. It almost doubles the previous record of $800,000 paid by Polyient Games for “Citadel Of The Sun.”

Landmark NFT Purchase

In a follow-up tweet, Axie Infinity was quick to address comments
questioning the purchase. It claimed that “Axie is quickly becoming a
country with its own citizens, its own economy, and national identity.”

The new owner of the digital estate also made his voice heard:

“We’re witnessing a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows.”

The record sale comes within a week of the launch of the Ronin mainnet, an
Ethereum sidechain developed to solve scalability issues on Axie Infinity. The development was warranted by the need to improve the overall gaming experience and to grow the community.

Some key industry players, including Binance, will act as validators and ensure security by verifying transactions on the blockchain. A screenshot posted by Axie Infinity explains that it is already witnessing exponential growth. As of Feb 8, 2021, it had about 30,023 unique holder addresses, over six times the number from a year ago.

Non-Fungible Tokens have witnessed a meteoric rise in popularity in recent times. Their uniqueness and rarity have created an atmosphere for crypto gaming, arts, and collectibles to thrive.

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Is Ethereum a Victim of Its Own Success?

Tue, 09 Feb 2021 17:09:11 +0000

Is Ethereum a Victim of Its Own Success?


Many people are unable to execute their transactions due to a sharp increase in the price of ether and gas, a price that any user has to pay for their transaction to be validated, and are starting to look for alternatives on other networks. So if Ethereum is seeing success and people are using it, … Continued

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Ethereum (ETH) is the most widely used blockchain network, at the moment. Some would think that this is good news, but unfortunately it’s not.

Many people are unable to execute their transactions due to a sharp increase in the price of ether and gas, a price that any user has to pay for their transaction to be validated, and are starting to look for alternatives on other networks.

So if Ethereum is seeing success and people are using it, why could this be detrimental to its adoption?

First things first, we have to go back, look at how Ethereum-based transactions work, and understand why we have to pay for every transaction we send to the network. 

Why are there gas fees to pay for transactions?

There are two fundamental reasons: to reward miners who validate transactions and to avoid “useless” transactions. If they were free, anyone could make millions of transactions a day crashing the network, as miners would find no economic benefit or incentive for validating them.

Ethereum introduces two concepts when sending transactions: gas and gas price. Transactions do not always have the same price.

We can explain this by making a comparison with a car. If a car went at the same speed every day to make the same journey, it would consume the same volume of gas. Now, the price of gas is not the same every day, so the cost of the same transaction at the same speed is different depending on the price we have paid for gas.

Ethereum has the same concept. Transactions always consume the same gas depending on the destination of the transaction. But in the network, the gas is not always at the same price, since the price depends on how collapsed the network is.

As blockchain is a technology where incentive mechanisms are fundamental to its proper functioning, the network uses the price of gas to protect it from collapsing.

When the network is heavily used, it is designed to increase the price of gas and thus, discourage transactions from taking place. Likewise, when its usage is very low, the price of gas is very cheap to incentivize its use.

Ethereum’s price rise negatively affects the network

We have a blockchain network that, thanks to the new DeFi ecosystem, is generating a high volume of transactions. This high volume of transactions makes the price of gas go up and, in addition, this gas has to be paid in a currency that has also experienced a large increase.

This is what is causing great damage to Ethereum adoption, and is forcing many projects to either look for a blockchain network with a lower cost per a transaction or wait for the price of gas to drop and stabilize.

In October 2020, certifying a document using Ethereum cost around $1, generating a new collection of non-fungible tokens (NFTs) cost from $10 to $15, and making a swap on Uniswap could cost around $3.

Now, the cost of certifying a file has risen to around $15, the cost of generating a new collection of NFTs is more than $120, and on Uniswap, we have seen costs around $200 per a swap.

Because of this, projects that used Ethereum to certify information, perform process traceability, or create NFT sets, have been moving to other blockchain networks — for example, Cardano, Stellar, or xDai, among others — or are looking for some solution in Ethereum Layer 2.

If the price of ether continues to rise to $2,000, to $3,000, as some experts predict, Ethereum could remain a large network specialized in DeFi, but the certification, traceability, or video game projects will be looking for other ecosystems which are economically viable.

The question remains: if Ethereum specializes in DeFi, will it be good for it and confirm its definitive takeoff as a great financial global network, or will it make it lose users interested in other use cases, and all of this will hurt the adoption and use of the network?

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Swiss Firms Tokenize Premium Wines Under New DLT Law

Mon, 01 Feb 2021 19:08:23 +0000

Swiss Firms Tokenize Premium Wines Under New DLT Law


Sygnum Bank and Fine Wine Capital have tokenized premium investable wines as digital assets for trading. The asset will launch on Sygnum’s Desygnate platform, which follows the new legal proceedings set forth for DLT-based securities. A New Era of DLT Security Tokens With the new Swiss law going into effect today, 1 Feb 2021, Sygnum … Continued

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Today marks a first for Switzerland, with the issuance of the first asset-backed token launch following the implementation of a new Distributed Ledger Technology (DLT) law.

Sygnum Bank and Fine Wine Capital have tokenized premium investable wines as digital assets for trading. The asset will launch on Sygnum’s Desygnate platform, which follows the new legal proceedings set forth for DLT-based securities.

A New Era of DLT Security Tokens

With the new Swiss law going into effect today, 1 Feb 2021, Sygnum has created a fully compliant platform that facilitates the trading of tokenized securities. This is Sygnum’s first asset tokenization in the art and collectibles category, a sector that clientele highly favor, according to a Feb 1 press release.

By creating legally binding, easily trackable digital assets ownership, the measures may set a precedent for this up and coming space. Alexandre Challand, Fine Wine Capital co-founder, explains:

“Tokenization of wine assets enables us to expand our private collector investor base to new private and institutional investors interested in fractional ownership in distinctive real assets. This provides them the opportunity to hold, trade or request a physical settlement of this unique asset in an efficient manner.”

What is Asset Tokenization?

Asset tokenization is the process of creating digital tokens fully backed by a physical asset. This could occur in various assets like art, real estate, stocks, or commodities such as fine wine.

This, in turn, enables more options for traders, such as fractional ownership. In other words, portions of an asset can be traded on 24/7 markets. Asset tokenization is made possible by legally binding smart contracts, creating agreements between owners and the sellers on the blockchain.

This is all possible thanks to the breakthroughs of blockchain technology. Non-fungible tokens (NFTs), for example, can represent unique, verifiable assets. Regular cryptocurrencies exchange freely without losing any value. For example, anyone can trade 1 bitcoin for a completely different bitcoin.

NFTs, however, are unique and cannot be freely exchanged. This is observable in the case of an investable wine. Investors cannot trade it for any other wine-backed coin. The different bottles are different assets with different values.

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Billionaire Mark Cuban Releases Personal NFTs

Thu, 28 Jan 2021 15:46:18 +0000

Billionaire Mark Cuban Releases Personal NFTs


It seems that Mark Cuban wants a piece of this digital pie. He has just launched his first set of NFTs on Rarible for fans or haters alike to purchase. DeFi has been sweeping the cryptocurrency world, rapidly increasing in growth. It currently has over $25 billion in Total Value Locked (TVL). Titled ‘The RollUp … Continued

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Decentralized Finance (DeFi) enables many possibilities, one of them being the sale of unique digital artwork in the form of non-fungible tokens (NFTs).

It seems that Mark Cuban wants a piece of this digital pie. He has just launched his first set of NFTs on Rarible for fans or haters alike to purchase. DeFi has been sweeping the cryptocurrency world, rapidly increasing in growth. It currently has over $25 billion in Total Value Locked (TVL).

Titled ‘The RollUp 2021,’ the NFT artwork features a GIF of Cuban showing off his stellar dance moves while wearing a Dallas Mavericks tank top. He has a majority ownership in the NBA team.

Posted for auction yesterday 27 Jan 2020, the art sold out and is now being offered for close to $10,000 a piece. The current highest bid for one of the nine NFTs is 7.3 WETH, currently worth around $9,400.

This Isn’t Cuban’s First Entrance

Cuban has always been a fan of cryptocurrencies and blockchain technology. He has invested in various blockchain-based companies, even going as far as to accept crypto for Dallas Mavericks fans.

Cuban has always been an innovator, amassing wealth during the internet boom, and sees a similar trajectory for the blockchain industry. Cuban has continued to make public statements on what he sees as the massive potential that blockchain technologies can enable.

What are NFTs?

Non-fungible tokens are unique and digitally verifiable tokens that cannot be freely swapped between one another. Unlike cryptocurrencies such as bitcoin (btc) or ethereum (eth) where 1 btc always equals 1 btc, this doesn’t apply to NFTs.

Mainly built on ethereum using the ERC-721 token standard, NFTs allow fields such as art and gaming to differentiate their products to end customers.

NFTs have become particularly popular in the digital art world, allowing artists for the first time to release limited digital editions of their pieces. This has led to a surge in digital and NFT-based art marketplaces like Rarible, which facilitate transactions between creators and users.

Cuban isn’t the only big name creating his own set of NFTs, however. Famous digital artist Beeple created an NFT collection of his daily work in 2020 that sold for close to $1 million.

This is just the beginning of the digital art space, and it’s likely to continue growing when influential names like Mark Cuban get involved.

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https://beincrypto.com/sovifinance-ama-with-beincrypto/

Thu, 28 Jan 2021 14:57:43 +0000

SoviFinance AMA With BeInCrypto


Sovi Finance aims to introduce the possibility of combining liquidity mining and Non-fungible tokens (NFT) gamification, allowing users to participate in Decentralized Finance (DeFi) and enjoy the gaming experience.  Sovi delivers an open module for users to participate in the creation of the game story, as a player and a creator. Full details on the … Continued

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BeInCrypto held an AMA with SoviFinance in our public Telegram channel on January 19.

Sovi Finance aims to introduce the possibility of combining liquidity mining and Non-fungible tokens (NFT) gamification, allowing users to participate in Decentralized Finance (DeFi) and enjoy the gaming experience. 

Sovi delivers an open module for users to participate in the creation of the game story, as a player and a creator.

Full details on the project can be found herehttps://sovi.finance/

This AMA has been edited for clarity.

BeInCrypto: Welcome to our BeInCrypto AMA! Today we have Alan from Sovi Finance joining us! Thanks to everyone for being here.

First of all, I think it would be interesting to know a little more about your background so please feel free to write a short paragraph about your experience with blockchain, cryptocurrencies, and so on. By the way, can you also explain your current roles to us!

Alan:  I’m Alan Rose – Senior Community Manager Sovi Finance. I have been involved in the crypto market for a long time, about four years, and have been through two bull runs and I hope there will be many more bull-run in crypto in the future for us to participate in. 

1. BeInCrypto: That’s great, thanks for providing such info for us. Well, let’s get to the main topic of our session then. As far as I know, Sovi Finance created an interesting blockchain-based strategy game and I would like to start by asking some questions about it. Thus, how does SoviFinance differ from other current blockchain-based games?

Alan: Well I think SOVI has many different and stand-out advantages.

First of all, as mentioned above we are not just purely liquidity mining or NFT gamify but Sovi combines both of the popular DeFi models into this project.

Secondly, the DeFi revolution story that we want to build in the real world will be factored into the Sovi game, and each of the game participants can suggest the story direction as they want. Mining power is the key to deciding which direction the game should follow. In this way, we connect our users with us by creating an exciting user experience within the game.

Third, Sovi does not limit itself by launching only on ethereum (eth) but we recently launched as well on the Heco chain (Huobi) and we look forward to launching on other blockchains like Binance chain and Polkadot.

2. BeInCrypto: Awesome. So, I assume you have developed innovative tasks within the game in order to make it both interesting and valuable to the players. Could you please tell us what types of activities players are able to do and what they get from doing that?

Alan: There are lots of things a gamer can do within Sovi, not only play the game but also they can submit the story direction and vote for it. 

For example, just like how we want the Defi revolution to be, we want five years from now everyone using BUSD as digital cash and Heco Chain becoming the most popular blockchain in the game industry or even if they imagine most bank institutions will close down and we finally have full control of our money…. all of this they can write and submit and the community will vote for it through mining pool power. 

For more info about what participants can do within the game, I suggest everyone look at: https://docs.sovi.finance/game-mechanisms/commanders-guidance

3. BeInCrypto: This is really new to me! In fact, a token is surely needed in this game model. What tokens are used in Sovi Finance’s game? Also, could you please share some technical info about it?

Alan: The main token of Sovi Finance is $SOVI. Beside that, we have $hSOV and $hSOV2, h= hope. hSOV and hSOV2 are used for establishing ref or the relationship between users, transferred between people. That’s why it is called “Hope.” The campaign to claim free $hSOV2 is still ongoing.

I suggest everyone hurry up and claim it because you can also use $hSOV and $hSOV2 to mine the main token $SOVI. Please be aware that $hSOV and $hSOV aren’t for sale. The official contract address: hSOV on Ethereum:

https://etherscan.io/address/0x9D83D493688caF9D34f04B3c0d50D197d44aBbCA

hSOV on Heco:

https://scan.hecochain.com/address/0x96D4d7EbA4F7962A6355C32B752447Db61232e13

hSOV2 on Heco:

https://scan.hecochain.com/token/0x8f80ffe983802c230f9a0950cbd654ed04fef789

4. BeInCrypto: It sounds good! I like the idea to use SOVI, hSOV, and hSOV2 tokens in your project. However, let me ask you a question that is probably asked multiple times right now… What is the relation between SOVI and hSOV tokens?

Alan: $hSOV and $hSOV2 are the ingredients for your $SOVI earnings. You can use hSOV and hSOV2 at the mining pool on our main website to mine $ SOVI. Currently, we support two platforms: Ethereum and Houbi ECO Chain
Houbi ECO Chain – https://heco.sovi.finance/staking
Ethereum- https://sovi.finance/staking

5. BeInCrypto: Ok, got it. It looks impressive. This explanation provided lots of value to our session. I’m sure many members are curious about the current ways of getting tokens. So, without further ado, how do you get them? How do you make them available to the community?

Alan: Due to the great interest in SOVI Finance at its official launch, 45 million hSOV on Huobi ECO Chain were fully distributed in less than 20 hours after launch.

Currently, you can claim hSOV2 at Huobi ECO Chain at: https://heco.sovi.finance/claim

and hSOV at Ethereum chain: https://sovi.finance/claim

Also, you can earn more hSOV and hSOV2 by inviting friends. You can refer to our Gitbook: https://docs.sovi.finance/how-to-establish-an-invitation-relationship/how-to-invite-friends

Not only that, but you can also join our regular airdrop activities to receive more hSOV2: such as airdrops on telegram, twitter, joining AMA, …

You can follow the events on our media channel:

Telegram channel: https://t.me/sovi_finance_channel

Twitter: https://twitter.com/SoviFinance

Telegram group main chat: https://t.me/sovi_finance

6. BeInCrypto: Wow, it is definitely worth grabbing some tokens to enjoy this game. It’s very well structured and players can have some fun and also get real rewards at the same time. Good job, guys! By the way could you please tell us the main idea behind the Sovi Finance project? I mean, what do you expect to bring by launching your game?

Alan: Well, our team was formed by members who have a long and rich experience in the game industry and in blockchain technology, in total 20+ years experience.

Moreover, blockchain’s revolutionary potential reaches far beyond the financial sector. The gaming industry, ever-hungry for change, is now embracing blockchain – and the new technology looks set to disrupt the $100 billion-dollar global industry. 

We come up with this idea because we believe: 

  1. The potential of NFT as a virtual asset and real assets will generate value just with its own mechanism instead of just speculation.
  2. Gamification is about creating consensus of the virtual world, just like traditional games. SOVI intends to have users become a part of the world creation thus becoming the believers, this is what will truly bring value to NFT assets.

With Sovi we aim to become one of the most popular strategy games that have been built on blockchain to allow transferring the ownership of in-game assets from developers to players.

Not only that, by simulating the DeFi revolution into Sovi, we also want to memorize this revolution between the Decentralized Financial concept and the old. The process of this historical revolution should be told to the next generation. 

7. BeInCrypto: This is fantastic, it is good to learn more about your thoughts on this topic. You certainly have a long and successful path to go towards mass adoption. In order to make it true, what steps do you have in mind regarding a roadmap? Are there any exchange listings in sight?  

Alan: Yes, we have been working on what the roadmap should be in order for us to expand and gain more users in our game….SOVI looks forward to launching major mining by the end of Jan. 2021. There’s also the NFT battleground and the story creation competition starting in early Feb.

Then SOVI will steadily operate with the community to deliver a fancy story that users can participate in and recognize its value, by delivering more impressive NFTs and more innovative mechanisms for interacting with NFTs. We also will expand our network and collaborate with key players in the gaming and Blockchain industry.

Since the Sovi community is very strong and spreading rapidly every hour we look forward to getting $SOVI listed with some major exchanges like Huobi, Binance, or Gate.io.

Community: Smart contracts are prone to failure and many projects fall victim to this, costing users money and a bad reputation. How reliable and secure is your smart contract? Have you audited it through any of the parties?

Alan: The SOVI contract is being audited by Certik, and so will the upgrades.

Community: What is the thing that makes your project special and better than other similar projects?

Alan: SOVI tries to bring an Intelligent Property Feature as an added value to NFT assets. Instead of pure speculation, we believe the best way to bring true value to virtual assets is to make it generate value, and the holder of the asset is a fan of the story, just like peripheral products from movies and games, Pokemon cards for example.

Community: Your project has great features. There must be an experienced team behind it. Can you tell us about your team and their experiences in the market?

Alan: Yes, our tech team is based in Belarus and Germany, while our marketing team is located in multiple countries including Vietnam, Singapore and Europe.

On average we have over four years of experience in blockchain, we believe not only in financial tools, but more user scenarios are needed to enrich the ecosystem, and among those, the gamification assets is definitely an interesting idea and one with the most potential.

Community: What milestones do you have in place?

Alan: We are looking forward to launching the major NFT mechanism in early Feb, and then we look forward to implementing more varieties of characters (NFT) with functionalities.

This is a very exciting process because with an existing setting of SOVI, many more possibilities could be introduced, and so far we have established a good foundation for them. You would like it, not only staring at the APY, but truly like and enjoy it just like real games.

Community: Do you have any plans to attract non-crypto investors to your project? Because it’s the success of a project that gets more investors who are still not in the crypto world. What are your plans to increase awareness around the non-crypto space?

Alan: Good question, this is exactly what we are planning to do.

SOVI is about to announce a background story with a magnificent world view. Imagine you could participate within a financial product just like playing a card collection game, becoming one of the participants while the story unfolds page by page.

This experience would be completely fresh, we believe not only within blockchain, but also gamers and cyberpunk novel lovers will dive into SOVI. You will see.

Community: SOVI Finance is a really interesting project. But are there too many similar projects so I don’t know much about the technical issues. Can you give more practical reasons to become an investor?

Alan: Well SOVI intends to become the first of its kind, a DeFi gamification with a whole grand story that backs it up, and all NFT assets are objects and characters within the story.

Please feel free to read the first chapter, this should clearer for you to understand what difference SOVI is trying to bring.

https://docs.sovi.finance/story-line/background/chapter-1

Community: What are the biggest challenges you expect to face and how do you plan to overcome these challenges?

Alan: I would say the biggest challenge would be transferring real-game features onto a blockchain-based system. We understand the game very well, but in order to implement those mechanisms within a blockchain, many new issues would result.

For instance, a user needs to pay gas fees for every single action, therefore we need to design a mechanism that wouldn’t require a high frequency of operation, but still provide fun and a challenge. 

However, this process is challenging and we are so excited about it. Who wouldn’t love a game that you could enjoy while earning real fortune out of it? Blockchain made it happen.

Community: So many projects speak about the “long-term vision and mission” but what are your short terms objectives? What are you focusing on right now?

Alan: Instead of panicking and trying to clone others, SOVI focuses on its own goal, delivering the product and the story as promised. Nothing like this has ever existed, a path that no one ever stepped onto.

We are fascinated during the process of developing this project and you guys will also feel the same when experiencing it.

BeInCrypto: Thank you so much Alan. We’ve really learnt a lot from you.

Dear BIC members please make sure to follow Sovi’s social media channels:

Telegram Chat: https://t.me/sovi_finance

Twitter Profile: https://twitter.com/SoviFinance

The post SoviFinance AMA With BeInCrypto appeared first on BeInCrypto.

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Rick and Morty NFT Art Collects a Hefty $150,000 Bid on Nifty Gateway

Thu, 21 Jan 2021 14:36:11 +0000

Rick and Morty NFT Art Collects a Hefty $150,000 Bid on Nifty Gateway


The digital artwork titled ‘The First Ever Edition Of Rick And Morty Crypto Art’ sold for $150,000. The transaction was held via a silent auction on the popular NFT marketplace Nifty Gateway. The piece by Rick and Morty co-creator, Justin Roiland, features a doodle of the TV show’s main characters, Rick Sanchez and Morty Smith. … Continued

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Non-fungible (NFT) artwork featuring Justin Roiland’s iconic characters recently collected a hefty bid at the Nifty Gateway NFT marketplace.

The digital artwork titled ‘The First Ever Edition Of Rick And Morty Crypto Art’ sold for $150,000. The transaction was held via a silent auction on the popular NFT marketplace Nifty Gateway.

The piece by Rick and Morty co-creator, Justin Roiland, features a doodle of the TV show’s main characters, Rick Sanchez and Morty Smith. It forms part of a collection called “The Best I Could Do.” 

The collection also includes images of other iconic American animations, including The Simpsons, humorously referred to here as “The Smintons.”

The Smintons sold for $290,100 on Wednesday, pipping the previous bidder by $50 just before the auction closed. 

A non-fungible token (NFT) is a type of cryptographic token that is unique by nature and cannot be divided into smaller parts like other cryptocurrencies such as Bitcoin (BTC).

Nifty Gateway’s NFT marketplace allows for the trading of such tokens. The company also teams up with some top brands and artists worldwide to offer exclusive NFTs on its marketplace.

The Crypto-Art Renaissance

NFT-based art surged in popularity towards the end of last year as marketplaces such as Nifty Gateway provide unique digital art sales. This popularity has subsequently attracted rather large bids. 

The craze is reminiscent of the CryptoKitties mania seen in 2017. The feline-themed NFT collectibles are available on the Ethereum network. The traffic CryptoKitties initially generated briefly overloaded the network. 

The resurgence in NFTs may indicate a shift away from casual meme art, towards more ‘serious’ creations in the crypto-art world.

An NFT Future on Ethereum?

This crypto-art renaissance is likely to prompt fresh concerns about the capability of the Ethereum network to handle the increased throughput.

Ethereum fees and gas prices are already at record highs as cryptocurrency’s second-largest token trades close to its all-time high. For now, however, all seems well, and the industry will likely continue to grow.

The post Rick and Morty NFT Art Collects a Hefty $150,000 Bid on Nifty Gateway appeared first on BeInCrypto.

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Enjin to Tokenize Celebrity Art as a Fundraising Mechanism

Mon, 18 Jan 2021 13:51:53 +0000

Enjin to Tokenize Celebrity Art as a Fundraising Mechanism


The charity program, which is the first of its kind in Japan, will launch through Kizuna, a hub for bitcoin donations with no handling fees.  The first campaign of the charity program will involve tokenized art created by Japanese artists. Funds raised from the campaign will be directed to the Dream Possibility (DxP), a non-profit … Continued

The post Enjin to Tokenize Celebrity Art as a Fundraising Mechanism appeared first on BeInCrypto.

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Popular social gaming website, Enjin has partnered with popular blockchain entrepreneur, Miss Bitcoin to launch a non-fungible token (NFT) charity program.

The charity program, which is the first of its kind in Japan, will launch through Kizuna, a hub for bitcoin donations with no handling fees. 

The first campaign of the charity program will involve tokenized art created by Japanese artists. Funds raised from the campaign will be directed to the Dream Possibility (DxP), a non-profit organization providing help for teenagers facing coronavirus-related issues. 

The sale is expected to fetch over 200,000 Japanese yen (~$20,000). Notable figures will likely participate in the initiative, however, their names have not yet been released. 

The NFT charity project is based on the Japanese concept called ‘Sanpo Yoshi,’ a satisfaction of three parties. Enjin CEO Maxim Blagov commented on the partnership:

“Art tokenization is another great example of how blockchain can automate the sale and fulfillment of high-value assets. While traditional art can take years to sell, it can be minted, listed, sold, and distributed within minutes via the blockchain.”

According to Blagov, compared to traditional art which can take years before finding a seller, art tokens can be minted, sold, and distributed within minutes. 

Non-Fungible Tokens 

Non-fungible tokens (NFTs) are a particular type of crypto token that cannot be exchanged for other assets. Each NFT is unique due to how they are coded in the smart contract.

They are used to prove ownership of digital assets. NFTs exist mostly on Ethereum, NEO, and other blockchains that enable smart-contracts. 

DxP founder Noriaki Imai expressed her excitement in the future of NFT’s:

“This is my first time being involved in an NFT program. I strongly believe in the potential of cryptocurrency to change people’s lives, and I feel very honored for DxP to be part of this initiative and benefit from the application of blockchain technology.”

2021 the Year for Enjin & Non-Fungible Tokens? 

Enjin appears to be investing heavily in the NFT space. The project recently partnered with gaming icon Atari to integrate NFT’s and digital collectibles.

It seems that every year in crypto brings with it a potentially more disruptive technology. As interest in NFTs surge, this will likely be a space to keep your sights on. 

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