Categories
NFT

Hardware vs Software Wallet: Which Is Better?

Crypto wallets are used to buy, sell, and store digital assets on the blockchain. But not all wallets are built with the same features or security measures. The two main types of crypto wallets are software and hardware wallets. But which is better?

Below you’ll learn exactly what each of these wallets is, their pros and cons, and how to choose the right one for you.

What is a Hardware Wallet?

A hardware wallet is a physical device that stores your private keys offline. Since this device stores your wallet’s data offline, it remains isolated most of the time. That’s why these wallets are often referred to as “cold-storage” devices. The result is an extremely secure wallet that is difficult to hack.

Even if someone were to physically get a hold of your hardware wallet, popular brands like Ledger utilize robust technology to enhance security and protect against physical attacks such as power glitching, side-channel attacks, and software attacks.

In fact, reputable hardware wallets use a secure element that’s also found in our bank cards and passports to provide ultimate protection against hackers.

Also, most hardware wallets are compatible with numerous blockchain networks. This means you can use one hardware wallet to store multiple blockchain-based assets like crypto and NFTs regardless of which blockchain they live on.

Although hardware wallets are known as the most secure type of crypto wallet available, users may still be hesitant to try them as they’re expensive and there’s a slight learning curve to use them.

Moreover, only certain brands of hardware wallets should be entrusted with storing your digital goods securely.

Pros

  • The most secure type of crypto wallet available
  • Protects users and their assets from both software and physical attacks
  • Utilizes robust technology for enhanced security
  • Compatible with numerous blockchains 
  • Enables you to store multiple types of digital assets

Cons

  • Hardware wallets can be expensive
  • There’s a learning curve to set one up and use it properly
  • Not all hardware wallets are created equally

Examples of Hardware Wallets

When it comes to hardware wallets, choosing a reputable brand is crucial for security. If you choose an off-brand, you are putting your assets at risk by purchasing a potentially malicious device. Below are some of the most trusted hardware wallets on the market.

  • Ledger

Ledger is arguably the most popular hardware wallet you can buy. With over 5 million customers, Ledger has built a reputable brand as the most secure wallet for storing digital assets.

Each Ledger device is manufactured in France and ships directly to your door. This way you know you’re getting a device you can trust. Ledger offers two wallets: the Ledger Nano X and the new and improved Ledger Nano S Plus.

Both devices are capable of storing NFTs and cryptocurrency and support more than 5,500 kinds of tokens, all of which can be managed through its convenient Ledger Live App.

Price: 

  • Ledger Nano X – $149
  • Ledger Nano S Plus – $79
  • Trezor

Trezor is an equally respected cold-storage wallet solution that has been around since 2013. Notably, Trezor was the first crypto hardware wallet created and continues to be a popular option amongst crypto enthusiasts and serious investors.

Trezor currently offers two wallets: the Trezor Model One and the more luxurious Trezor Model T. Both wallets are capable of storing crypto and NFTs and have a friendly user interface, making setup and managing your assets an enjoyable experience. 

Every Trezor device is shipped with two security seals on the outside of the package to ensure the device you receive has not been tampered with. This level of care combined with a solid 10-year reputation is why Trezor remains one of the best wallets on the market.

Price:

  • Trezor Model One – $69
  • Trezor Model T – $219

It’s important to note that you should only purchase hardware wallets directly from the manufacturer. If you don’t, your risk buying a wallet that has been tampered with and may already be compromised upon receiving it.

The official websites for Ledger and Trezor are as follows:

What Is a Software Wallet?

A software wallet is a completely digital wallet that is available as a desktop extension or mobile application. Since software wallets are always connected to a device that’s linked to the internet, they’re more susceptible to hacks and various scams.

Though software wallets aren’t as secure as hardware wallets, they are still preferred by crypto enthusiasts for their ease of use and zero-dollar price tag.

That said, most software wallet developers do everything they can to create a user-friendly wallet that’s still secure as possible. Biometric features like facial recognition and thumb scanners, combined with two-factor authentication (2FA) help keep your assets safe when using most software wallets.

Of course, these wallets still generate a seed phrase that acts as your main line of defense against hackers. Additionally, many software wallets are compatible with hardware wallets, allowing for an even more secure storage solution.

However, some software wallets are limited to certain blockchains. For example, MetaMask only functions with networks and assets that are Ethereum Virtual Machine (EVM) compatible. So although they’re still compatible with both crypto and NFTs, they don’t work with all the networks on which these assets live.

Therefore if you interact with multiple blockchain networks you might have to utilize different software wallets, which can be a pain to manage.

Pros

  • Easy to set up and use.
  • Conveniently available as a desktop extension or mobile app.
  • Free to download and use.
  • Added security features like biometric software and 2FA.
  • Compatible with both cryptocurrency and NFTs.

Cons

  • Not as secure as a hardware wallet.
  • More susceptible to hacks due to their online status.
  • Some wallets are limited in their cross-blockchain compatibility.

Examples of Software Wallets

  • MetaMask

MetaMask is one of the most popular software wallets used by over 30 million people. It makes sense considering how easy it is to set up and even more simple to use. MetaMask allows you to manage your Ethereum-based crypto and NFTs using the browser extension or mobile app, available on both iOS and Android devices.

This wallet also provides users with an in-app browser that can be used to explore the decentralized web and interact with decentralized applications (dapps).

The only downside to MetaMask is that it only supports blockchains compatible with the Ethereum Virtual Machine (EVM), such as Ethereum, Avalanche, Polygon, and BNB Smart Chain, to name a few.

  • Coinbase Wallet

Coinbase is another popular software wallet that has managed to gain the trust of millions through their exchange (Coinbase Exchange) before releasing their software wallet, capable of managing Ethereum and EVM-compatible assets and interacting with dapps.

In terms of functionality, Coinbase Wallet is similar to MetaMask in that it’s easy to use and is compatible with equivalent networks.

One aspect that may put Coinbase Wallet ahead of others is its relation to the exchange. Having established a trustworthy and user-friendly exchange helped Coinbase Wallet gain traction quickly, and the funds from the exchange surely helped build a good product. 

Also, Coinbase’s support team is regarded as one of the better customer support channels, especially when compared to other, less popular wallets.

  • Trust Wallet

Created in 2017, Trust Wallet has been a respected software wallet for years. Staying true to its name, Trust Wallet has fostered over 25 million active users and still growing. It’s different from previous wallets mentioned considering it’s compatible with both Bitcoin and Ethereum networks.

In fact, Trust Wallet supports over 65 blockchains and more than 4.5 million assets. Notably, this multi-coin wallet supports popular blockchains within the Ethereum ecosystem and works with any ERC20, BEP2, and ERC721 tokens while providing users the ability to store Bitcoin.

Like most other software wallets, Trust Wallet is free to download, easy to use, and available as both a browser extension and a mobile application.

Hardware Wallets vs Software Wallets: The Key Differences 

Taking into consideration all that we’ve covered in this article, I think it’s time to point out the key differences between software and hardware wallets, to help you better determine which one is right for you.

Hardware wallet key differences

Below are key elements of a hardware wallet.

  • A physical device that stores your wallet’s private data offline.
  • Rarely ever connected to the internet.
  • Utilizes the most advanced security technology to prevent physical and software attacks.
  • Costs money and should be considered an investment.
  • Supports numerous blockchain networks and digital assets.
  • Compatible with many software wallets.
  • Best for advanced users who are serious about wallet security and hold high-valued assets.

Software wallet key differences

Below are key elements of a software wallet.

  • An all-digital software solution used to store your wallet’s private key.
  • Always connected to the internet.
  • Utilizes common security measures like biometrics and two-factor authentication.
  • Free to download and use.
  • Supports specific blockchain networks and digital assets.
  • Compatible with popular hardware wallets.
  • Best for beginners who are still learning how to use a crypto wallet and don’t have much to lose.

At the end of the day, deciding which wallet is right for you comes down to your personal preferences and where you’re at in your journey. 

If you’re a beginner who’s still learning the ropes and not yet investing a lot of money into digital goods, a software wallet might be a good fit for you.

On the other hand, if you are serious about protecting your digital assets and plan to store high-valued assets or have a lot of funds in your wallet, a hardware wallet is an absolute must.

Wallet Security

Regardless of which wallet you decide to use, wallet security should always be your number one priority. Luckily, you can take the same precautions whether you’re using a software or hardware wallet to increase your wallet’s security.

Common scams in the crypto space can be avoided if you put to use these wallet security tips below.

  1. Never share your wallet’s secret recovery phrase.
  2. Turn off Discord direct messages (DMs) to avoid scammers.
  3. Use a secure hardware wallet.
  4. Protect your passwords and store them in a safe place (not online).
  5. Enable 2FA for all your accounts.
  6. Never share your computer screen with anyone.
Categories
NFT

RTFKT Launches Cryptokicks iRL to The Sneaker World

RTFKT reveals a new prototype evolving the sneaker game into a new digital frontier.

Accelerating Nike’s culture of innovation, the Cryptokicks iRL is the first native Web3 sneaker featuring the latest technology which combines decades of Nike sneaker innovation with RTFKT’s vision to merge the digital and physical worlds. 

The Cryptokicks iRL is the first smart sneaker released from RTFKT featuring the next evolution of smart sneaker technology and innovation born from RTFKT and Web3. 

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The Cryptokicks iRL pay homage to the Nike Mag which debuted in 1989 with the release of the Back to the Future 2 film.The Air Mag was designed by sneaker legend Tinker Hatfield, then brought to life by Nike innovation teams in charitable auctions in 2011 and 2016 with auto lacing tech.

The Cryptokicks iRL feature auto-lacing, enhanced lighting, haptic feedback, gesture control, walk detection, App connectivity, AI/ML algorithms and wireless charging via the RTFKT Powerdeck.

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Further removing barriers of physical product, Cryptokicks iRL functionality will be unlocked through connection to the RTFKT iRL App. RTFKT has teased iRL Quests (in real life) hinting at an ability to execute unprecedented Move-to-Earn mechanics to engage sneaker holders in quests and events merging physical and digital, and connect with fellow community members / iRL kicks owners. 

In addition, the iRL sneakers will come with RTFKT’s WM (World Merging) NFC Chip that allows users to authenticate each physical 1-to-1 against its digital collectible counterpart to verify legitimacy and provenance. The Cryptokicks logo and branding was designed by the legendary designer Paul Nicholson (Number #3), who designed the infamous Aphex Twin logo. 

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Cryptokicks iRL is also the first sneaker born from Web3 culture, bringing together next generation technology, and a new layer of connected experiences, created by RTFKT. 

The sneaker comes in 4 unique colourways – Blackout, Stone, Ice and Space Matter. 

The sneakers will be limited to 19,000, and the colourway split will be defined by the collectors’ choices. They will be sold as digital collectibles (NFTs) that redeem the physical counterpart, in a process RTFKT calls a Forging Event. 

How to get them: 

There are two ways to get the latest Cryptokicks iRL sneaker release from RTFKT. 

To have guaranteed access you will need an RTFKT Lace Engine NFT to cop the Cryptokicks iRL colourway of your choice. 

Holders of this NFT are allowed to purchase the sneakers between 12th-16th of December, while supply lasts, via RTFKT.com 

Alternatively you can enter the public draw via (www.RTFKT.com) from the 7th-9th of December. Any leftover supply from the Lace Engine NFT private sale will be available for purchase to the winners of the public draw (notified by email) which starts December 14th. 

For more information, visit the lookbook here.

Categories
NFT

Custodial vs Non-Custodial Wallets – Here’s the Difference

Custodial and non-custodial wallets are the two main options for storing crypto and other digital assets. That said, both of these types of wallets have their fair share of pros and cons. So, how do you know which is right for you?

Below you’ll learn what a custodial and non-custodial wallet is, how they differ, and how to choose the right one for you.

What Is a Custodial Wallet?

A custodial wallet stores your private key for you. Hence, the wallet provider is in complete control of your wallet and any asset within. Most custodial wallets are provided to users by centralized cryptocurrency exchanges, which are often web-based.

These exchanges make it easy for users to interact with blockchain technology by managing the private key for you. Hence, if you forget your password you can easily reset it by answering some basic security questions—similar to any other online account you might have, such as social media.

With a custodial wallet, the exchange is tasked with signing blockchain transactions initiated by the user to ensure it’s completed successfully. With that, custodial wallets can easily connect to decentralized applications (dapps) along with staking and yield farming platforms.

To be fair, there are some cons to custodial wallets though. Since these wallets live online via a centralized entity, they’re often targeted by hackers. That’s one reason why billions of dollars have been stolen from such exchanges.

And it gets even worse. If the exchange that controls your wallet goes bankrupt, all of your funds could be instantly frozen leaving you empty-handed. This is exactly what happened with the popular cryptocurrency exchange FTX.

Using a custodial wallet without doing your homework first is like lending money to someone you just met—hoping they’ll return it to you the moment you ask.

A trusted and reliable exchange is generally federally regulated, meaning they adhere to numerous laws, and may even offer insurance coverage to protect its users.

Additionally, many custodial wallets require ‘know your customer’ (KYC) and ‘anti-money laundering’ (AML) verification. Although this is in place to keep the company and its users safe, it lengthens the time it takes to create a new wallet.

Pros:

  • Great for beginners who don’t want to manage their private keys.
  • Low barrier to entry for crypto for those new to crypto.
  • You can easily recover your password if you lose or forget it.

Cons:

  • Custodial wallets are often targeted by hackers.
  • Your private key and assets are controlled by a third party.
  • Requires KYC and AML verification prior to use.

What Is a Non-Custodial Wallet?

A non-custodial wallet enables the user full control of their private key and any assets within the wallet. Hence the saying, “not your keys, not your crypto”, meaning if you don’t own your private key, you don’t actually own your assets.

With this ownership comes more responsibility and technical know-how. That’s why non-custodial wallets are preferred by those with a deeper understanding and a greater curiosity about blockchain technology.

In addition to this increased responsibility, there are several types of non-custodial wallets, each with its own level of technical know-how required to use it. 

Browser and app-based wallets (aka software wallets) are in their own category and are often thought to be the least secure type of non-custodial wallet. The reason being is that the software is connected to the internet 24/7, making it more prone to hackers and various scams.

On the other hand, a physical device (aka a hardware wallet) is another kind of non-custodial wallet that’s known as the most secure wallet you can get. Since your private key is stored on the device itself and not online, it’s virtually impossible to hack.

Nonetheless, a non-custodial wallet’s greatest upside just happens to be its biggest downfall. That is, if you lose your private key, you lose access to your wallet and everything in it. There’s no recovery method and no one to reach out to for help. You’re on your own.

However,  every non-custodial wallet automatically generates 12-24 random words to create a secret recovery phrase. This phrase is used to restore your wallet, and anyone who knows your phrase has complete access to your wallet.

Of course, this phrase is equally as important as your private key considering it’s technically the same thing. So if you lose your private key and your recovery phrase, you lose your wallet and your funds.

Pros:

  • You control your keys and assets.
  • Funds remain secure even if an exchange is hacked.
  • No KYC or AML verification is required to create a wallet.

Cons:

  • No way to recover your wallet if you lose your private key.
  • There’s a greater learning curve to using a non-custodial wallet.
  • Non-custodial wallets may not be suitable for those new to crypto.
Custodial vs Non-Custodial Wallets: Which Is Right For You?

Now that you’re equipped with knowledge of both custodial and non-custodial wallets, you’re probably wondering which one is right for you. No worries, I’ve been in this same predicament myself. Here’s what you should consider. 

If you’re someone who is hesitant to get started and you’re just seeing if this is right for you, look to see if you check off all the boxes below. If you do, a custodial wallet is likely right for you.

  • I just want to buy some crypto to see what it’s like.
  • I want the ability to recover my wallet and assets if I lose my password.
  • I don’t mind trusting a third-party exchange with my funds.
  • I’m okay waiting for KYC and AML verification before being able to use my wallet.

If you’re looking for complete control over your wallet, you’re technically inclined, and you’re passionate about blockchain technology, see if you check off all the boxes below. If you do, a non-custodial wallet is likely the best choice for you.

  • I’m interested in investing more funds and time into crypto and blockchain technology.
  • I want complete control over my wallet and funds.
  • I’m willing to accept full responsibility for keeping my private key safe.
  • I don’t trust a third-party exchange to store my funds.
  • I want to create my wallet quickly, and use it instantly.

If you’re on the fence about both, then try both. There’s no harm in trying each one to see which experience better fits your needs.

3 Custodial Wallets to Know
  1. Coinbase

Coinbase is the largest centralized cryptocurrency exchange in the world with over 100 million active users. Moreover, Coinbase offers over 170 different cryptocurrencies for trade across 100 countries. If you’re looking for an easy-to-use wallet that’s trusted by millions of other beginners, it doesn’t get much better than Coinbase.

  1. Binance

Binance is another popular exchange founded in 2017 that quickly grew to become the largest crypto exchange in the world before Coinbase took the lead. As well, Binance.US is one of the highest-ranked exchanges for staking and holds high-security rankings, in addition to super low fees. If you’re looking for a trustworthy wallet that’s even backed by Forbes, Binance is it.

  1. KraKen

Although Kraken might not be as popular as other exchanges, they’ve upheld a strong reputation in the industry. With over 9 million active users, support for over 190 countries, and $207 billion of quarterly trading volume, Kraken is a superb option for anyone looking for a trustworthy custodial wallet.

3 Non-Custodial Wallets to Know
  1. MetaMask

MetaMask is by far the most popular and trusted non-custodial wallet available. With over 30 million active users and growing, MetaMask enables you to easily manage your crypto and NFTs using their browser extension or mobile app. Plus, MetaMask is easy to set up and free to download and use. 

So whether you’re a beginner or a pro, MetaMask is suited for everyone. The only downside is that MetaMask only supports blockchains compatible with the Ethereum Virtual Machine (EVM), including Ethereum, Avalanche, Polygon, and BNB Smart Chain.

  1. Coinbase Wallet

Coinbase Wallet is separate from the custodial exchange mentioned previously. Coinbase Wallet is a non-custodial wallet that gives users complete control over their private key, crypto, and NFTs, plus it serves as a Web3 browser.

That means you can use Coinbase Wallet to easily surf the decentralized web and connect to various dapps. Coinbase has already managed to gain the trust of millions via their exchange, so when they released their self-custody wallet, it became an instant no-brainer.

  1. Ledger

Perhaps the best wallet of them all is Ledger. This hardware wallet is recognized as the leading non-custodial hardware wallet in the industry. Ledger has sold over 3 million wallets worldwide and is a household name amongst blockchain enthusiasts and serious investors.

Not only is Ledger the most secure option for storing your digital assets, but it’s fairly affordable and is compatible with most software wallets such as MetaMask and Coinbase Wallet. 

Furthermore, Ledger supports more blockchains than any other wallet including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), LINK Chainlink (LINK), Litecoin (LTC), Cardano (ADA), Stellar (XLM), Polkadot (DOT), along with ERC20 and ERC721 NFT standards.

Although there’s a slight learning curve to setting up a Ledger hardware wallet, it’s more than worth the added security and compatibility in my experience.

Categories
NFT

How to Create an NFT

What Are Non-Fungible Tokens (NFTs)?

NFTs are a type of token that are going to completely revolutionize entire industries by changing the way we share and consume pretty much everything.

A “fungible” asset refers to something that is interchangeable with another unit of that same asset. A good example of a fungible asset is the US dollar. If I exchange my $1 bill for your $1 bill, nothing really changes. While they are two different pieces of fancy paper, both bills represent the same exact value. That’s fungibility. 

Conversely, a non-fungible asset refers to something of a distinct value. There are no two exactly the same. A good example of a non-fungible asset is a house or a car. 

A non-fungible token is where things get really interesting. We’ll teach you how to create one.

What is ‘Minting’ an NFT?

In essence, minting an NFT means to publish your token to the blockchain. Minting can refer to the creation or buying process. Either way, minting an NFT always results in a transaction on the blockchain. Let’s break down the two minting scenarios: creating and buying.

How Do You Create or “Mint” an NFT?

To create an NFT, you have to go through a publishing process. You can use platforms such as Opensea and Mintable to publish your own NFT creation so that it becomes available for others to buy. This self-publication process is known as minting.

If you are minting on the Ethereum blockchain, then you are also responsible for paying the gas fees to submit the transaction.

Step 1: Set up a Crypto Wallet

First thing’s first, you will need to get yourself an Ethereum wallet to store all your cryptocurrency and NFTs, before creating your OpenSea account. You can view a list of wallets accepted by OpenSea here.

One of the most common NFT wallets that people prefer to use is Metamask.io. If you would like some guidance on how to set up your Metamask wallet, check out this helpful guide: How to Set Up Your MetaMask Wallet.

Step 2: Buy Ethereum/or other cryptocurrency

How to Purchase Ethereum (ETH) on Coinbase And Send it To Your Wallet

  1. Go to Coinbase.com
  2. Sign in, or create an account
  3. Click Buy Sell, and select Ethereum
  4. Click, Preview Buy, to confirm your order and then select, Buy Now, to complete your purchase.
  5. When your ETH is available (up to 15 days), send it from Coinbase to your wallet
  6. Open up your Metamask (or any other acceptable wallet) account and copy your wallet address
  7. Go back to Coinbase and select Portfolio, and choose Ethereum. Click, Send, and then paste your wallet address that you copied into the To field. (Always double check you pasted your full wallet address)
Step 3: Choose an NFT Market Place to Create & List Your NFT

The most popular marketplaces include Opensea, Superrare, Foundation, and Rarible. We will be teaching you how to create an NFT on Opensea, but check out our article for the best 8 NFT marketplaces to explore.

Step 4: Create an Opensea Account

After you create your crypto wallet, Navigate to opensea.io and click the Profile icon. You’ll then be prompted to connect your wallet. You will continue through multiple prompts, finishing with the connection screen. When you see “Connecting…” OpenSea to your wallet, you’re almost done.

If you’d like to change your username, click the three-dot menu on the right side of the screen and select Settings. You will receive an extra security prompt, click Sign and you can begin updating your profile.

Now you can customize your bio, email address, profile photo, and more. 

If you ever have trouble viewing your items, make sure your wallet is connected correctly. OpenSea is a window into your wallet address, showing all the NFTs inside.

Step 5: Create Your NFT
  1. Sign into OpenSea
  2. Go to Create, or choose Collection if you’re minting a collection
  3. Enter the name of your NFT and/or collection
  4. Upload any desired media for your NFT 
  5. Customize your OpenSea URL
  6. Add a description up to 1000 characters
  7. Give your NFT a category to help others find it on OpenSea
  8. Enter in any social and website links
  9. Input a royalty percentage (up to 10 percent)
  10. Choose which blockchain you want to mint on (Ethereum or Polygon)
  11. Select Create

Congratulations, you have successfully minted your first NFT on the OpenSea NFT marketplace. Moving forward, if you created a collection, you can always mint new NFTs into that collection.

Keep in mind that you can not change the metadata of any NFT you mint. The metadata includes everything in the list above. So be sure to double check all of your work before minting your NFT.

Step 6: Determine the Listing & Sales Options

When you go to sell an NFT on OpenSea, you may notice that there are four different types of listing options available for you to choose from:

  1. Fixed price (Buy Now)
    The fixed price listing option will put your NFT on sale for a Buy Now price. This listing strategy is straightforward and good if you have a set price for the NFT you’re selling.
  2. Dutch auction (Begins high, ends low)
    When you list your NFT using the dutch auction strategy, you are simply setting a starting price, ending price, and the duration of the auction. As time progresses, the original price decreases until reaching the set floor price.
  3. Auction (Starting price, or reserve price)
    The Auction listing option is your standard English auction. You simply list your NFT for a minimum price and then you allow buyers to bid on it. You also have the ability to set a reserve price and you can accept any offer you would like.
  4. Bundle (list multiple NFTs as one bundle)
    Bundling your NFTs is a great choice if you are looking to sell more than one NFT to the same buyer. When you bundle multiple NFTs, only one transaction is required as opposed to multiple, meaning you the buyer saves on having to pay numerous gas fees.

There are no costs associated with creating and listing an NFT on Opensea. However, OpenSea takes 2.5% of every transaction involving an NFT that a user chooses to list using OpenSea.

Creators can set a collection-level fee of up to 10%. This means creators can earn revenue every time their NFT is sold using OpenSea. The creator can modify this fee percentage at any time.

Keep in mind that if you are making a collection for someone else or as part of a group, OpenSea does not support contract level splits. So, if you need to split revenue between two parties, you will have to do it outside of OpenSea. You can find more information on Openseas fees via their help center.

To cancel a listing, click on Cancel listing at the top right of your item page. Please note, canceling listings requires a gas fee to make the item unavailable to other users. Gas fees are constantly changing depending on the volume of transactions on the blockchain. You can read more about gas fees here.

Categories
NFT

Australian Open Art Ball NFT Serves New Season of AO23 Tickets, Updates, Rewards

As the market navigates the crypto winter, Grand Slam NFT project, Australian Open ‘ArtBall’ brings new heat in the midst of ‘crypto winter,’ staying on-strategy to commit investment and announce plans, set to significantly renew holder optimism. 

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In a demonstration of the most extensive rewards program on the blockchain, AO ArtBall serves holders an unprecedented level of tickets to major tennis and live sport events in a game changer year of member benefits that includes AO23 Ground Passes, exclusive behind-the-scenes streams and an enhanced fan experience. 

Designed by Tennis Australia and Web3 studio Run it Wild, AO ArtBall announces an unprecedented level of AO23 tickets for all NFT holders. Additionally, holders will also receive access to live sport and entertainment events that cover both virtual and real worlds, Australian and international events. This new frontier of token-gated experiences breaks new ground in rewarding holders with experiences-at-scale, they may not ordinarily have access to. 

Every ArtBall holder will be able to claim a pair of complimentary seven day Ground Passes to finals week of AO23 as part of the ArtBall Ground Pass to live events. Given the 6,776 collection size, this will be the largest release of tickets to an AO membership program in the history of the event. Holders of multiple ArtBalls will be able to claim multiple pairs of Ground Passes based on the quantity they own. For example, if someone owns three ArtBalls, they can claim six tickets, allowing them to treat their family and friends to an unforgettable finals week (23-29 January) at AO23.

Ridley Plummer, Senior Manager Metaverse, NFT’s, Web3 and Cryptocurrency, Tennis Australia

“We believe we’re delivering what an NFT should be. We’re offering fans truly unique experiences and creating memories that last a lifetime. We don’t believe any other project is offering Grand Slam tickets and the range of member benefits on this scale, to all holders. Whether it’s your first time in Rod Laver Arena, a heightened experience in a virtual world, seeing your favourite player, team, or artist play or learning something new in Web3, it’ll be rewarding,

Serving up a new way to experience sport, AO ArtBall exists at the intersection of sport and innovation, unlocking ways to keep fans in the game – on and off the court. Changing the way AO’s fervent fan base are invested beyond the 14 day tournament, ArtBalls already come with a plot on the court. If the winning shot from any of the ~400 AO matches lands on that plot, the ArtBall is updated in near real-time to highlight the match information and attach a holographic sticker to the ball casing showing it’s a Match Point ArtBall. 

“Last year we set a new precedent at the intersection of tech, art, tennis and live data. This year we’re breaking new ground in offering all holders a deeper fan experience. We’ve shifted gears to build out a sustainable membership platform for the future that adds in token-gated experiences as a given, founded on proof of ownership and holder demand,” said Adam De Cata, Run it Wild Founder and NFT Tech CEO. 

AO ArtBall raises the bar once more since becoming the world’s-first Web3 project to incorporate live match data and win an Entertainment Cannes Lions award for Sport. “We believe we’re one of the most extensive rewards program on the blockchain, the experiences on offer to ArtBall holders are truly memorable, unique and accessible,” De Cata added. Here’s a glimpse of what’s to come for AO ArtBall in 2023.

What’s new for AO ArtBall 2023 

ArtBall Ground Pass 

In addition to the pair of AO23 Ground Passes, ArtBall holders will get access to select United Cup matches in Sydney, Brisbane and Perth. United Cup is the first mixed teams event for equal points and equal pay, taking place from 29 December through to 8 January. 

“AO ArtBall continues to over deliver. Ground Passes to AO23 would be an unforgettable experience for my friends and family. I never expected to be rewarded with so many benefits. Thanks for ArtBall, I already own a rare signed t-shirt autographed by tennis legends, a number of POAPs[6] and wearables in addition to recently attending the Moto GP for the first time with my family,” said Discord member Justice Albatraoz, holder of four ArtBalls. 

The ArtBall SuperSight 

Artball SuperSight is an exclusive curated experience for AO Art Ball members. Aiming to deepen the fan experience, SuperSight will bring members behind the scenes of AO23. Supersight also offers an exclusive suite of streams and viewing tools for members located anywhere in the world, allowing them to engage with the AO remotely. This includes Player-cams, 3D Stats Explorer and AI personalized match highlights. 

All enhanced Match Point experience 

Using Chainlink VRF (Verifiable Random Function) technology, all AO22 & AO23 ArtBalls will be randomly allocated a new court position. This unique benefit ensures existing holders, in less desirable locations e.g. under the net, get a fresh opportunity to secure Match Points from their new plot. The ‘23 Match Point experience is set to include 3D match point visualization and digitized match footage. 

Expansion of international rewards 

2022 saw dedicated holders battle it out in rapid fire trivia to secure exclusive tickets to other Grand Slams including Wimbledon and Roland Garros. Testament to the vast partner network of Tennis Australia, ArtBall members could also access international experiences beyond tennis, including club tickets, stadium tours and signed merchandise from Arsenal and the New York Mets. To ensure international ArtBall holders are kept in the game, the ‘23 collection will see an expansion of international rewards for holders via collaborations with iconic Web3 projects and brands. 

Categories
NFT

What are Layer 1 (L1) Solutions in the Blockchain, and Why Are They Important?

But First, What Is Blockchain?

Blockchain is a system of recording information designed to make it difficult to change, alter, or hack the information once recorded. A blockchain is a digital ledger duplicated and distributed across an entire network of computer systems. All that information is stored in blocks that form a chain of historical reference. 

“The blockchain is a database that stores information from transactional records in a universal ledger. Assets are traded and tracked on the blockchain, reducing risk and cutting costs for everyone involved.”- Alex White-Gomez.

Alex has a more in-depth answer to the question in his article What are Layer 2 (L2) Solutions in the Blockchain and Why Are They Important?” I highly recommend taking a look if you are interested in learning more.

What is Layer 1 in the Blockchain?

A Layer 1 is the foundation level of blockchain architecture. Layer-1 blockchains validate and execute transactions on a consensus public ledger without support from another network while reimbursing validators or miners with cryptocurrencies. 

There are two types of Layer 1s, Proof of Work or POW and Proof of Stake or POS. When using proof of work networks such as Bitcoin or Ethereum Classic, there are users called miners that have computers set up to crunch answer complicated equations. The reason why all the systems compete to answer those equations is to update the ledger when things change. When the answer is found, a block is created. That block rewards the first miner for getting the solution with a cryptocurrency.

An example would be if you sent a Bitcoin to a friend, the Ledger worldwide has to be updated. So, for the next block, every machine answers the same question to agree that you sent that Bitcoin to a friend. When people talk about Layer 1s, however, they often refer to Ethereum, which has recently moved to Proof of Stake. POS is where a validator has locked up a certain number of coins and runs a validation node that will validate when changes are made to the network. Instead of crunching complicated equations for blocks, random validators are selected to simply recognize that a change has occurred in the ledger. In either case, POW or POS is the operational layer on which the network functions. There are some cases where Layer 1 is used to facilitate actions such as minting an NFT; however, those transactions require the use of the primary leisure for validation, unlike a Layer 2, which circumvents that validation with an often cheaper, sometimes faster system built on top of a Layer 1 network.

What is Layer 2 in the Blockchain?

Layer 2 solutions extend the functionality of the layer network they are built on. It is often an attempt to correct a limitation of a Layer 1 network—all of which can range from transaction speeds and fees to total throughput and security. 

Layer 2 is a term used for solutions created to help scale an application by processing transactions off of the Mainnet (layer 1) while still maintaining the same security measures and decentralization as the mainnet.

ONE37pm writer Alex White-Gomez has a more in-depth answer to the question in his article What are Layer 2 (L2) Solutions in the Blockchain and Why Are They Important?” I highly recommend taking a look if you are interested in learning additional information.

Layer 1 vs. Layer 2: What are The differences?

A layer one network is a network that acts as infrastructure for other applications, protocols, and networks to build on top of a public decentralized layer one network’s primary characteristic is its consensus mechanism. Different consensus mechanisms provide different levels of speed, security, and throughput.

There are just as many similarities as differences between Layer 1s and Layer 2s. Layer 1 systems are typically decentralized networks that use a consensus mechanism such as POS or POW to update their Ledger. Layer twos can be decentralized or centralized, but they often bypass the mainnets consensus mechanism In an effort to increase transaction speeds and reduce transaction costs or gas fees. 

One way to look at Layer 1 versus Layer 2 is by thinking of the Internet as a whole. If the Internet or the World Wide Web is Layer 1, where everything takes place, then Layer 2 would be the web browser you use. That is a gross oversimplification; however, it is the easiest way to view it. If you use the open systems interconnection (OSI) for reference, a Layer 1 could be levels one through six, whereas a Layer 2 could be seen as levels three through seven. The OSI is a conceptual model created by the International Organization for Standardization which enables systems to communicate using standard protocols. While not the same as blockchain, it gives you an idea of how similar Layer 1s and Layer 2s are to each other. 

Just as there are several versions or types of layer 1s (Bitcoin, Ethereum, Cardano), there are multiple types of layer 2s (Polygon, Arbiritum). Ultimately, Layer 1 is intended to be the backbone of the user experience. A Layer 2 solution is intended to improve the Layer 1 network by giving a solution to a problem that is believed to exist on Layer 1 for the user. Where Layer 1 is intended to be the backbone of the user experience.

Which is better, Layer 1 or Layer 2?

 It doesn’t appear as though either is better than the other. Where a Layer 1 mainnet is often the definition of security because of its consensus mechanisms, a Layer 2 solutions do not always carry that security. Instead, they strive to do so while improving the end-user experience.  Though Layer 2 solutions are intended to enhance the speed or throughput of the network, many updates to layer 1s, such as Ethereum’s move to proof of stake, can improve a Layer one directly. It is to each his own when it comes to which Layer 1 or Layer 2 network you choose to experience the best of web3.

Categories
NFT

Johnnie Walker Collaborates With VANDYTHEPINK and 88Rising to Release Special Blue Label Bottle

Through a first-of-its-kind collaboration with BlockBar, the world’s first direct to consumer NFT marketplace for luxury wine and spirits, and the Web3 consultancy Vayner3 – the NFT holders will have the opportunity to take part in a token-gated voting experience, giving holders the ability to inspire VANDYTHEPINK’s final design of the physical bottle. This will be the first time a Blue Label Bottle’s design has ever been influenced by an NFT community vote.

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This will be the first time artwork by VANDYTHEPINK will debut in Web3 and the first time BlockBar will host a community-impacted release where NFT holders will vote on artwork to be featured on the bottle. 

VANDYTHEPINK is a highly celebrated streetwear designer known for his progressive and playful take on icons derived from pop culture around the world.

With Johnnie Walker Blue Label as his canvas, VANDYTHEPINK created a series of iconographies and colorways in collaboration with Johnnie Walker and 88rising that holders will rank upon purchase of the NFT. Taking inspiration from his culture and personal experiences, VANDYTHEPINK focused on thematics of progress, harmony, balance, beauty and quality. He found beautiful synergies in these qualities in the craftsmanship of Johnnie Walker Blue Label and the community built around 88rising to conceptualize the artwork for this bottle release.

Junghoon Vandy Son, founder of VANDYTHEPINK

Johnnie Walker Blue Label has become a recognized symbol of prestige and I am excited to imprint my artistic vision on one of the most iconic blended Scotch Whiskies in the world. Inspired by the complex harmony and depth of character, I wanted my artwork to be emblematic of the balance within the bottle while representing the communities Johnnie Walker and 88rising bring together.

By purchasing the NFT on BlockBar.com, holders will also have VIP access to attend ‘V’ curated by Vayner3 at SCOPE Miami Beach on Friday, December 1st. NFT holders will have the opportunity to meet VANDYTHEPINK, vote on the final bottle artwork and receive a signed, serial numbered commemorative piece of artwork while enjoying an elevated Johnnie Walker Blue Label tasting experience. 

More on the Drop

After December 1, the Johnnie Walker Blue Label NFT will update to reflect the community voted on artwork and become the design on the VANDYTHEPINK edition Johnnie Walker Blue Label bottles. The physical bottles once created will be held securely by BlockBar with a record of authenticity held on the blockchain as a digital certificate of ownership until the NFT is redeemed.

The VANDYTHEPINK x Johnnie Walker Blue Label limited edition release will drop publicly on BlockBar.com at 10AM ET on Tuesday, November 22.

BlockBar’s Johnnie Walker token holders, Johnnie Walker POAP holders and select Web3 community members will have early access to purchase this release beginning 24 hours before the public sale.

The NFT priced at $355 USD (approx. 0.30 ETH) may be purchased by individuals who are over the legal drinking age in their respective jurisdictions from BlockBar.com with ETH or credit card. At 10AM, the first users to reserve the bottle will then have 10 minutes to check out. Users who successfully check out will receive an NFT (digital version) representing a proof of authenticity and ownership of the physical bottle, which is stored with BlockBar until the bottle owner is ready to “burn” the NFT to redeem. Bottle owners can gift or resell this NFT on the BlockBar.com marketplace. 

Sophie Kelly, Senior Vice President of Whiskies, DIAGEO North America.

I’m incredibly excited to see where the design of this Johnnie Walker Blue Label collaboration with VANDYTHEPINK ends up. We are thrilled to be pushing boundaries in Web3 as this is a first of its kind creator collaboration with an NFT marketplace, ultimately allowing the BlockBar community to play with unique VANDYTHEPINK icons to co-create a one-of-a-kind Johnnie Walker Blue Label bottle with us.

Categories
NFT

AXE and ONE37pm to Release Edition’d Digital Collectible with nes100pro, Providing Access to “V” at Art Basel

Blockchain Boom: Brands Taking Over Web3

In 2021, we saw the strength of web3’s takeover in mainstream culture— from Cryptopunks, VeeFriends, and Beeple to token-gated events and metaverse parties.

This year, despite the volatile economic times, the mainstream adoption isn’t slowing down. With thousands of new NFT projects emerging daily, and big-name companies entering the metaverse, the opportunities for brands in the blockchain space are endless.

Traditional and pre-blockchain brands like Nike, The Hundreds, and Adidas have jumped in on this cultural phenomenon. We’ve also seen new brands emerge during this time such as RTFKT, World of Women, and Doodles. Web3, what many thought was a passing fad, is now expected to permanently cement its presence in art and daily life.

Unless you live under a rock, it’s clear that the future of art is now both digital and physical. 

The world’s No.1 men’s fragrance brand AXE is also no stranger to web3*. In March of this year, its parent company, Unilever, filed several metaverse-related trademark applications.

And let’s not forget when AXE broke the internet in 2021, after releasing its Doge coin-inspired body spray. The spray, dubbed “Dogecan,” was a limited edition release marketed as a 48 hour crypto scent with a “Dank Musk.” 

AXE has solidified its brand as a mainstay in male culture, staying on top of both current and emerging trends. The brand recently teamed up with popular rapper Lil Baby to create “the Ultimate Drip Kit: The Limited Edition ‘WHAXE Pack,” along with a scent-inspired animated series.

AXE’s Upcoming Release

Now, AXE is continuing its innovation in the blockchain space through a limited edition digital collectible and experience at Art Basel.

To bring this vision to life, AXE and ONE37pm are collaborating with renowned 3D artist nes100pro, who will create a hyperrealistic digitally animated collectible with 137 editions. You have a chance to win one of these tokenized tickets by entering the sweepstakes here.

The sweepstakes, live now, will be open until November 21.

Nes100pro is a 3D Generalist and NFT Artist based in Switzerland. He is best known for his surrealist art style, as well as his project Rona’s Hands. He currently works with some of the world’s biggest music companies and brands— the latest being Nike’s latest virtual art gallery, Dunk Museum.

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Access and Utility

But wait, there’s more. Those who get the collectible ticket will also be gaining access to “V: The Experience,” presented by VaynerX, the most exclusive event at this year’s Art Basel.

While Art Basel remains the premier destination for traditional art, it’s recently taken on a crypto-centered overhaul. This year, “V” will serve as the epicenter of the web3 festivities and take place at SCOPE Miami Beach’s stunning pop-up pavilion on December 1st.

Within “V,” nes100pro’s token-gated ticket will also grant access to the AXE/ONE37pm Lounge, one of the premier activations at the event where attendees will be able to celebrate Web3 and culture with influencers, friends, and partners alike.

This unique space will showcase thought leadership and brand innovation, highlight and promote artistic diversity, and deliver access and exclusivity in one of the most creative and inspiring settings possible. There will be both a day and night portion of the event.

Follow ONE37pm on Instagram and Twitter as well as AXE for more updates on Token Ticket Giveaways and social sweeps as Art Basel approaches.

ENTER THE SWEEPSTAKES HERE
https://axe-giveaway.one37pm.com/

* Source: Euromonitor International Limited; Men’s deodorant & Men’s fragrances retail value sales combined; 2021 data, includes all Axe/Lynx sales

TRANSPORTATION NOT INCLUDED WITH PRIZE. NO PURCHASE NECESSARY. Open to 50 US/DC, 21+. Ends 11/21. Rules: https://axe-giveaway.one37pm.com/

Categories
NFT

Day One Helps Entrepreneurs Build Better Businesses — Here’s How They’re Democratizing Ownership with Crowdfunding and NFTs

The underlying technology that makes NFTs possible (blockchains + smart contracts) continues to prove useful in a widening array of applications. 

From loyalty programs to token-gated restaurants, and everything in between. 

It’s fascinating to watch NFTs become integrated into business models that strive to turn customers into communities and Day One is yet another example of a company to do this. 

I had the chance to interview Andrew Hutton, the co-founder of Day One, a community-focused virtual school for entrepreneurs in diverse stages and interests, about their approach of incorporating NFTs as part of their public crowdfunding campaign and beyond. 

Andrew co-founded Day One after working on the build side of a venture studio, advising entrepreneurs to help them start and grow their businesses. During that time, he worked with hundreds of founders and became fascinated by the process of what it took to go from nothing to something in business. 

After 3 years of this work, Andrew began thinking about his next step and realized that in Venture Capital, it’s very much a 1 in 100 or even 1 in 1,000 chance of investment and support, so he decided that he wanted to build a “spiritually and fundamentally similar place for entrepreneurs to get resources, community, coaching, guidance and learning that [founders] would get from a VC, but democratize the process.” 

You can check out upcoming Day One tracks here

Democratizing Day One Ownership With a Regulated CrowdFund 

Andrew and his team bootstrapped the first 18 months of Day One to validate their hypothesis that there was a need for their product and then raised their first institutional round toward the end of 2021. 

With their first formal fundraising round complete, they began to experiment with their business model and offerings. 

To date, Day One has launched 8 different tracks, focusing on various parts of the entrepreneur’s journey, with an emphasis on emerging industries (web3 is one of them), and is now expanding with partners who have deep expertise that can help people build better businesses. 

One of their early partnerships is with a familiar name, Gary Vaynerchuk (also an early investor), that will bring in expertise from Gary’s leadership team to help the group within the track “learn the VaynerX approach to business and entrepreneurship and get into things like how to scale, lead with empathy, etc”. 

And as Day One’s business model has progressed, Andrew and the team have kicked off another fundraising round, but this time, anyone can get involved. 

Day One launched a regulated equity crowdfunding campaign through Republic.com open to anyone who invests a minimum of $150. 

And yes, this investment does give you equity in Day One via a SAFE agreement

As part of this crowdfund, Day One offers perks to those who invest more in their company, including discounted access to tracks and the Day One Collective, an NFT membership card.

Creating Ambassadors with Incentives Through NFTs

“The first foundational owners of this NFT will also be owners of Day One.” — Andrew Hutton

The Day One team had been considering a web3 strategy for at least a year and wanted to be thoughtful about the approach. They had a track record of delivering utility to a community through their established product, but saw how effective web3 was at creating and sustaining communities.

The Day One Collective will consist of 505 NFTs initially, and the first wave of NFTS will be given to those who invest $2,000 or more in the company, which creates a scenario that rewards equity holders with a tradeable asset, that also grants access to an exclusive community. 

Typically, when you purchase equity in a business, you have to wait for a liquidity event (E.g. the business is sold) to recoup your investment and take your profit. 

But introducing an NFT to equity holders offers an asset that is immediately tradeable and tied to the value Day One brings to its holders. 

Andrew explained that it is a unique concept, because most NFTs are not owned by equity holders of the specific project or company. 

This scenario offers the best of both worlds — investors do not have to wait years for an exit of their investment that’s largely out of their control. 

They can sell their NFT anytime they please, while still retaining their equity ownership in Day One. 

This creates a strong incentive for those crowdfund investors and NFT holders to be active ambassadors of Day One: 

“When you have the NFT, it incentivizes you to make the community you’re apart of strong and market it. That’s huge for us as a business. It makes sense fundamentally, but we have to be really thoughtful about it.” — Andrew H. 

Andrew went on to explain that the benefits of holding the NFT will evolve over time, but it will act as a membership pass to a highly curated, high-touch community of entrepreneurs. 

And within that community, holders will have opportunities to get insider access to Day One fellows with opportunities to invest in the companies they launch and be part of the ecosystem of investors, mentors, advisors and founders. 

He also added: 

“One other thing we are excited about is that if and when we raise funds either through royalties or subsequent token sales, the funds could be pointed back to scholarships, capital, or seeding the next generation of founders.” — Andrew H. 

The goal is to use NFTs to create a group of people connected around Day One’s vision of helping entrepreneurs to build better businesses to pool their intelligence, connections and capital to create a winning ecosystem. 

Closing Thoughts

The Day One approach to web3 and NFTs is vastly different than most current NFT projects. 

They delivered utility through their product for nearly 2 years first, before issuing an NFT. 

And now, they are allowing crowdfunded owners of Day One to be a part of the exclusive NFT experience. 

Day One will not be reliant on secondary NFT sales to sustain the utility provided back to holders, instead, they have a proven, revenue-generating product as a foundation. 

So if someone believes in the Day One business model, they now have the ability to become an equity holder and NFT holder with a reliance on a proven product. 

Author’s Note: I have been part of Day One for four months as an entrepreneur and can attest to the community, coursework, knowledge sharing and support that’s helped me to grow my own business. 

Categories
NFT

Leading NFT Restaurant Flyfish Club Announces Permanent Location

The search is over. Flyfish Club’s permanent location is now secured: 141 E Houston St, NYC.

Flyfish Club

Located a few blocks east of Soho in Manhattan’s Lower East Side neighborhood within a modern development designed by acclaimed architect Roger Ferris, Flyfish Club will inhabit over 11,000 square feet across three floors.

The space will consist of a bustling cocktail lounge, upscale restaurant, intimate omakase room, and an outdoor space.

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What is Flyfish Club?
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Flyfish Club (FFC) is the world’s first member’s only private dining club where membership is purchased on the blockchain as a Non-Fungible-Token (NFT).

The concept is created by VCR Group (Gary Vaynerchuk, David Rodolitz, Josh Capon, and Conor Hanlon), a team of passionate operators behind several celebrated culinary concepts.

Token-holders are able gain access to Flyfish’s restaurant as well as other exclusive culinary, cultural, and social experiences.

So far, FFC members have been able to enjoy one-of-a-kind events such as private cooking sessions, pop-up events, wine tastings, and parties in the Hamptons and Miami.

How Do I Join Flyfish Club?
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To join FFC, purchase an NFT on Opensea.  After purchasing, create a member profile at Flyfishclub.com and connect your wallet to verify ownership of your token.

For more updates, follow Flyfish Club on Twitter and Instagram.