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NFT Tech

What is an ENS Domain?

The domain name is something we are all familiar with. If you want to visit a website, it is the website url that you type in. Ownership over that domain is something that companies and individuals pay a premium for. The significance of owning a domain like Nike.com enables Nike to control their intellectual property in a way that is familiar and accessible to consumers, not to mention it’s easy to find. In the early days of the internet, websites had IP addresses which made it difficult to easily visit a website. Domain Name Service (DNS) allowed the websites we are familiar with today to convert their IP addresses into readable text.

As the age of the internet continues and Web 2.0 evolves into Web 3.0, it is important to consider what the future of the internet will look like for online storefronts, brands, entrepreneurs, and artists. 

With the progression of web 3.0 technologies like cryptocurrency, decentralized marketplaces, and decentralized autonomous organizations (DAO) comes the need for a name service that makes crypto addresses memorable and quickly identifiable. 

Enter the ENS

Otherwise known as Ethereum Name Service, the ENS offers a secure way to translate the Ethereum addresses a user has into a text that is easily searchable from human memory. As of right now, ENS domains end in ‘.eth’ and can be registered at ens.domains. When creating an Ethereum wallet, users are given a long string of generated numbers and letters that they are able to send their Ethereum assets to and from. The difficulty with this is that these addresses are too difficult to memorize and use consistently. When registered, the ENS resolves the address and becomes the identifier for the specific address that the wallet is registered to. 

How to get an ENS domain:

Before you get started you will want to have a small amount of ETH to pay the transaction and ENS registration fees associated with the ‘.eth’ domain you want to acquire. 

1. Open an Ethereum-enabled Browser

You will need an Ethereum-enabled browser to access your crypto wallet. If you do not have a crypto wallet, you can set up yours by following this guide here

If you are registering through mobile you can use Trustwallet, Coinbase Wallet, or MetaMask mobile apps.

In order to access the ENS registration application, you must be signed in to your Ethereum browser with the same wallet that you want to have the ENS name registered to. (Note: If you register the ENS name to one address and you want to transfer it in the future, you can do that).

2. Go to app.ens.domains
ENS Domain
https://ens.domains/

3. Find and register an ENS

Once connected to the ENS registration app, start by searching for your desired ‘.eth’ name. When searching for a name, you will get one of two prompts: Available or Unavailable. If the name is unavailable you will be able to see the address that registered it and when the expiration date is. If the address is available you will be prompted with a way to register the domain and pay for the number of years that you would like to register the domain for. You can always log back into the ENS provider to extend the time that you have the ENS registered for so that it does not expire.

ENS Domain
https://ens.domains/

4. Confirm registration

This is the step that you will need to use your crypto wallet to sign the transaction. In order to register the ENS name, you will need to pay the registration fee associated with the name as well as for each year that you would like to register it for. You will need to wait for the ENS app to confirm your registration to make sure that no one else is trying to register the same name at the same time.

5. You now have your own ‘.eth’

Congratulations, you are now a registered ENS owner. 

Additional benefits of owning an ENS

A recent update now allows the owner of a DNS domain name to import the same name for use on an ENS name. The integration allows for the ENS name to be used for many more applications, including portable web3 username and profiles, payments in any cryptocurrency, and decentralized websites. This allows ENS to be a complete key to the future of web3. 

In addition, ENS domains are registered to the ERC-721 standard which allows them to function as an NFT. This utility allows you to treat ENS names the same way as you treat NFTs—meaning that you can buy, sell, trade, and transfer to other wallets, accounts, and exchanges. 

With an ENS name, you will never have to worry about entering the wrong wallet address, and it will allow other users throughout the world of crypto to easily interact with you.

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NFT Tech

Robinhood Announces A New Crypto Wallet

Robinhood has been a mainstay for people first getting into crypto trading for several years. It has become a financial boon for the company. In fact, more than half of their $565 million transaction-based revenue came from crypto trading. This is crazy when you consider this app is where a good chunk of the AMC to the moon memes started. More on that later.

Why is this a big deal? In crypto, it’s important to have ways for people to get into and out of with regular currency. Such as the ability to buy crypto with the money in your bank account and also send the money you made from trading crypto to your bank account The more options they have, then the more people that will join the overall cryptocurrency space.

Even though crypto trading brings in millions of dollars of revenue for Robinhood, the app was introduced as a way for newcomers to the stock market who wanted to trade stocks without paying commission fees.

Later as it grew it added the ability to buy and sell crypto which opened the doors for people who never experimented with investing in crypto before. Which made it different from its competitors like Coinbase or Gemini which were primarily crypto-focused. 

Previously crypto fans jumped through hoops in order to buy bitcoin and other cryptocurrencies. Fiat onramps are places you can exchange standard currency for crypto and have slowly become easier to use. Since I have joined the space connecting a bank account has become both more normalized and streamlined. But even with this groundswell of innovation, some banks have stiff-armed the change. Several banks have forbidden users from sending money/using money on these apps. Going so far as to decline the transfer. This is where it gets interesting with Robinhood. As stated before, they were initially a place for people to buy and sell stock without commission fees. It helped speed up adoption as more banks began to slowly accept the change.

In Robinhood’s announcement, they mention that you will be able to move your crypto in and out of the app. There is currently a waiting list and they’re planning on releasing it next month. Below is a screenshot from their announcement that shows what the user will be able to do with their new wallet functionality.  

Robinhood
https://robinhood.com/us/en/

Back when Robinhood introduced crypto trading a ton of users including myself bought crypto on the platform. Unfortunately, I quickly realized that what I bought was locked to the platform. Typically if I were to buy from a fiat onramp like Gemini I’d connect my bank account. Similarly, I purchased ETH I could then send it over to my Metamask wallet. And after transferring over the ETH I would then be able to buy NFTs on marketplaces like OpenSea.

If you want to learn more about Metamask and how to get started with your own, be sure to check my Metamask setup guide here.

But what if I had tried that now on Robinhood? Nope. In Robinhood’s current state I could either buy more crypto or sell at whatever the current price was but I’d be unable to transfer it out of the platform. Imagine the disappointment of a newbie grabbing ETH in order to invest in NFTs and other digital assets and realizing they just spent a few hundred dollars that can only be bought and sold within the Robinhood platform. 

There are other reasons too for why some users have soured on Robinhood. Just in the past year, Robinhood has had several app crashes when there was a huge market swing in cryptos like dogecoin. And who can forget when they strong-armed users into selling their GameStop stock? You can find a bemusing Reddit video assembled by the community r/WallStreetBets that visually explains the drama of what happened here.

How did they strong-arm their users and why? Earlier this year GameStop‘s stock price exploded past 500%. During the excitement, Robinhood refused to let consumers buy any GameStop stock while still letting institutional inventors like hedge funds like Citadel. 

Closing access to retail investors didn’t just lead to upset users, it led to a full-blown SEC investigation. At one point the CEO had to apologize for their handling of the affair.

All in all, this is an exciting development for users of Robinhood. But as the past year has shown it isn’t perfect. It’s important to check out different exchanges to find the one that works best for you. And if you want to store your crypto and NFTs safely in your own hands be sure to check out our hardware wallet article.

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NFT Tech

How to Set Up a Hardware Wallet

When we talk crypto and NFTs you have to bring up security. While there are several ways to protect yourself, you can lose your assets and even your NFTs due to things that are not your fault. One of the most famous hacks in the entire crypto-sphere was MT. Gox, at one point it was handling over 70% of all bitcoin transactions worldwide. Over the years, hackers were able to skim bitcoins from customer accounts stealing over 740,000 bitcoin (approximately 31 billion dollars today). All without the customers having any idea and without any fault of their own. 

One of the ways to prevent this from happening to you is to have a hardware wallet. Often referred to as ‘cold storage’ devices, a hardware wallet is a type of cryptocurrency wallet that stores your private keys in a physical device that you can keep within arm’s reach. Crypto and other assets like NFTs are stored in the device and kept offline so they are not vulnerable to hacking. Whenever the owner needs to access their coins and digital assets they can safely unlock their hardware wallet and interact with them through the wallet’s interface.

In the last year, NFTs have catapulted themselves into society as the next big craze for gaming, art, and collectibles. And with all the popularity around NFTs, a lot of fake accounts, scammers, and malware have emerged which when given the opportunity will take advantage of your information to gain access to your wallet. Hardware wallets allow you to be the sole person in control of accessing your NFTs and provides the necessary layer of security while interacting with Web 3.0 applications.

When it comes to which hardware wallet to use there’s a ton of good selections like Trezor or Ledger. But for this setup guide, we will be focusing on the Ledger and how to send your NFTs to it from A to Z. If you want to see a similar guide with other wallets let us know!

Here’s how to get started;

1. Get a hardware wallet from the verified vendor

Be sure to buy a ledger or any hardware wallet from the retailer. There’s a very common scam where ledgers are preloaded with viruses pose as cheap or second-hand hardware wallets. Supply chain hacks are common because suppliers know that the user will be using the hardware wallet to store their most valuable assets on the device. This creates a vulnerability in second-hand sales of hardware wallets. Ledger’s own website warns of phishing websites posing as them or their team. Ledger and other official vendors will never ask you for your seed phrase or any other private information about your hardware wallets.

Ledger

2. Set up ledger live on the device

Ledger has created custom software that helps with setting up your device and will help you with your crypto assets. Once you have your ledger go ahead and plug the USB cable into your device and into your PC. It should light up and carry you through the prompt that takes you to the ledger live site which you can find here.

3. Write down your seed phrase multiple places offline (never digitally, including photos)

Start the setup of the new ledger and be sure to follow the prompts until you get to the pin code. Make sure you write your pincode down somewhere you will not forget. Also, be sure to write down your 24-word recovery phrase offline. Most ledgers will come with little sheets that you can write your phrase on. Write your recovery phrase down in several places so that if you were to lose one there will be another stored somewhere else. Store your recovery phrase offline and somewhere secure. If you lose the recovery phase you lose access to your wallet and will not be able to recover it.

4. Confirm your recovery phrase

The automatic prompt should have you confirm your recovery phrase to make sure you wrote it down correctly. For extra security, after recording your recovery phrase you should reset your wallet and restore it completely using your recovery phrase. This step adds an extra precaution to make sure that you will always be able to safely recover your hardware wallet.

5. Create an ETH wallet on your ledger

Go to the manager section of the menu, from there search for Ethereum. Follow the prompts and after adding successfully you can jump to adding your first NFTs to your hardware wallet.

Ledger

6. Connect metamask

You will need to login into your Metamask on the computer. From there you need to click on the top right-hand corner and connect your hardware wallet. If you need a tutorial on how to set up a Metamask on your browser you can refer to this article here

Ledger

After you click continue, MetaMask will look for a Ledger device connected to the computer. Unlock your Ledger wallet to ensure that it is discovered. It will prompt you to select a Ledger account to link to MetaMask once it has discovered your wallet. Choose the ledger account you want to use or create one with ledger live.

On your hardware wallet display, click the Ethereum application. Then go to your settings and turn on contract data. If you skip this step the contract information will not function properly. Click on the account logo in the top right corner of the MetaMask window and scroll down to the settings menu. Once you are there click advanced settings, and select “use with Ledger Live” from the drop-down menu. This will allow you to see the balance of your Ledger wallet on your MetaMask extension. You will also be able to create transactions across all MetaMask-enabled blockchain applications. All you have to do is connect your Ledger wallet to your device, launch Ledger Live, and check and sign the transactions.

7. Enjoy

BOOM. Now you can use all of your favorite NFT marketplaces like OpenSea from the security of your hardware wallet.

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NFT Tech

How to Set Up Your Rainbow Wallet

With all of the new innovations and constant changes in the NFT space, it can be overwhelming to jump in. It seems every day there are new applications, blockchains and even new wallets. 

What is a Rainbow Wallet?

Meet the rainbow wallet—a wallet designed to be NFT facing. You do not even have to download anything just to use their search function and it will let you look at any wallet.

Rainbow Wallet

Rainbow wallet allows you to enter an ETH address in the search bar and will then display all of the NFTs that are held by that account. It shows off each individual asset so that the user can get a sense of every NFT collected by that specific account. However, this tutorial is aimed at how to quickly get started on the mobile app for Apple devices. There is a beta for android, but the instructions are relatively similar.

How to Set Up Your Rainbow Wallet:
1. Download Rainbow Wallet

Go into the app store on your Apple device and search for Rainbow wallet. There will be a few options to choose from, but you will want the wallet that has a rainbow icon for a logo titled “Rainbow Ethereum Wallet”.

Rainbow Wallet

2. Depositing to Rainbow

Once you have it downloaded, it will create an Ethereum address for you. To add funds, you can send ETH to the newly generated address. ETH or Ethereum can be purchased from exchanges or applications like Crypto.com or Gemini, among others.

3. Transferring to Rainbow

If you already have ETH, you can skip this step. To buy ETH from a crypto exchange like Gemini, you will need to sign up for an account and link your bank account. From there you can just send ETH to your Rainbow wallet’s ETH address. You can find the ETH address that you need to send your newly acquired ETH to by using the wallet address that’s displayed when you click ‘add funds’. It’s a long string of numbers so be sure to double-check that the first four and last fours numbers and digits are the same.

Alternatively, you can add cash. Add cash is associated with Apple Pay.

Rainbow Wallet

4. Buy NFTs

After you have added funds to the wallet, you can get started by sending NFTs from another wallet or buying some.

5. Explore Features

By far one of the most interesting features I have seen is the ability for users to listen to NFT albums inside the wallet. They are enabling users to experience the power of NFTs right from the app. That alone I feel is a reason why NFT lovers should keep an eye on this wallet.

Do you already have a Rainbow Wallet or did you get one after reading this? Be sure to let us know and follow us on Twitter to stay in the know about NFTs.

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NFT Tech

How to Set Up Your MetaMask Wallet

Identified by its fox logo that follows your cursor across the screen, MetaMask is a household name in the crypto community. Many crypto and NFT fans have been using the wallet since its inception in 2017. 

MetaMask is a software cryptocurrency wallet that interacts with the Ethereum blockchain. With it, users can access their Ethereum wallet using a browser extension or mobile app, which can be used to interact with decentralized applications. It has multiple use cases, like storing cryptocurrencies such as ETH, ERC-20 tokens like Enjin and even NFTs like Axies. MetaMask can even be used to swap tokens inside the application itself.

Below are the steps you can use to set up your own MetaMask wallet. 

Downloading the app for Chrome:

In order to create a wallet, you need to first install the extension. Most browsers support MetaMask (MM), including Chrome, Brave and Firefox.

I will be demonstrating how to set up your wallet via Chrome. These steps should be replicable across all other browsers.

MetaMask

Unfortunately in this industry, scammy apps will pretend to be legitimate. I recommend going straight to the MetaMask website to avoid any potential fake versions.

Once here, you can continue through to the Chrome webstore. The MetaMask website will redirect you to where you need to go. Once you’ve arrived at the webstore, click the blue “Add to Chrome” button. 

Google Chrome Store

Then you’ll click “add extension”. 

Creating your account:

Now that you’ve got the extension added to your browser, it’s time to head to MetaMask and create an account.

Click on the extension icon in your Chrome browser; the extension icon is located in the top right hand corner on Chrome and should be in a similar location on other browsers.

Once MetaMask is open, you may be prompted to either “Create a Wallet” or “Import wallet.” If you are first setting up your MetaMask account, select the former. If you have a wallet already, you can select “Import wallet” and then you will be asked to input your 12 word seed phrase to link your account; we’ll tackle the seed phrase below.

MetaMask

Once you’ve opted to create a new account, you will be asked to accept the terms of use, and then prompted to create a new password. Click Create.

IMPORTANT:

When MetaMask reveals your secret words, DO NOT FORGET to write them down. 

This section is bolded so that you don’t accidentally skim and lose access to your wallet forever. 

Click the “Reveal Secret Words” button.

You will see a 12 words seed phrase. 

DO NOT store these online, as that can always be a potential security risk. Instead, write these down in a notebook or something you will not misplace. Store it somewhere safe.

MetaMask

Now you’ll need to verify your secret phrase. Again, if you lose it, no one can help you recover the secret phrase, so it’s very important that you have it well-documented. Verify the phrase by selecting the previously generated phrase in order. 

How to set up MetaMask on mobile:

The process of setting up your wallet on mobile is almost entirely the same as the desktop method. Instead of needing to download an extension for your browser, you simply need to go to either the App Store or the Google Play store and download MetaMask.

Again, the most important part of the process is documenting your seed phrase so that you can get into your account from other devices.

Identifying your wallet address:

Now your MetaMask wallet is set up. What’s next?

You can use your wallet to house your NFTs and other tokens, but the unique (and public) wallet address associated with your account also allows other users to send you different kinds of tokens directly to your wallet.

MetaMask

Your address is easy to identify; both the mobile and desktop version have a button right next to the code that you can use to copy it to your clipboard.

If you have ETH on another platform like Coinbase (click here for more info on crypto wallets), you can also use your address to send your tokens to your MetaMask wallet. To do so, simply go to your Coinbase app, select the Portfolio section, find Ethereum and select “ETH Wallet” and then use the send icon in the top right to input your MetaMask address.

Congratulations! Your MetaMask wallet is set up and you’re ready to get in the game.

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NFT Tech

Why Does Shopify Matter for the World of NFTs?

What is Shopify?

Shopify is an e-commerce platform that allows users to create online storefronts. The brand also enables business owners to sell physical items at brick-and-mortar locations through their POS (point of sale) app. It has been a mainstay of the online entrepreneur community for everyone from business baddies to stay-at-home moms to streamers and sticker-loving artists. Unfortunately at this time, Shopify does not allow the sale of video games or video game items, but now, 3D artists who create NFTs will be able to join the fray and sell their art.

However, it is important to note mom and pop outfits aren’t the only sellers who like Shopify. Several big brands are already using the platform, from Tesla Motors to Penguin Books to Budweiser. 

This becomes an exceptionally fun domino if you’ve been paying attention to the platform over the past year. 

Last year, Shopify partnered with TikTok, the cultural phenomenon short video app. Down the road, users on Tiktok will be able to integrate/link their Shopify directly into their TikTok videos. But now, from the Shopify platform, users can advertise their store as an ad on TikTok.

How Does This Affect NFTs?

With businesses—and, most importantly, entrepreneurs—able to sell NFTS directly to consumers through a trusted platform like Shopify, expect there to be a 2nd wave of NFTs being traded in a more accessible way. One prominent NBA team has stepped up to the free-throw line for this new movement: the Chicago Bulls. That’s right, the NBA team that once had 2 threepeats in one decade with Michael Jordan. Shopify announced they will be starting with an offering by the Chicago Bulls.

While elements like TikTok’s integration aren’t set in stone, the collaboration with the Bulls begins to reveal the bigger picture. 

Just imagine all of the Championship and big game moments the Bulls organization will turn into NFTs, and eventually start advertising on Tiktok. As I’m writing this, I’m not sure if I could have written a more 2021 sentence. 

An NBA team using their mascot to advertise their NFTs on TikTok. Stranger than fiction, right?

But what is even cooler is the potential marketing campaigns and collectibles that can be offered by companies already on the Shopify platform that choose to create NFTs from their intellectual properties. 

For example, if I was part of the marketing team for Budweiser and we had access to NFTs, I would offer tokens of the infamous Game of Thrones/Bud Light Crossover commercial on our Shopify. By making that commercial—or at least parts of it—into an NFT, they can offer a great customer experience. This would be something that most customers of other brands wouldn’t have: the ability to show off their favorite commercials in their wallets. This collaboration opportunity could allow anyone who enjoyed that surprise GOT-themed death of the Bud Light Knight to own a piece of marketing history. 

Don’t forget NFTs are no longer just PNG files, WAX and Enjin, for example, let users create NFTs with MP4 files. So it would be rather easy to create something like this as an official Bud Light NFT. 

Maybe skip this video if you don’t like the sound of a beer can getting crunched. Or if you have a clinical fear of dragons, which makes more sense as a phobia than something like otters—yes, that’s a thing. 

Jokes and quips aside, Shopify’s commitment to making NFT exchange more accessible is a big confirmation of what we already knew. Non-fungible tokens are not going away. They are only getting more intricate as more use cases pop up. Other online platforms, like eBay and Alibaba, have already announced similar plans to let users sell digital collectibles directly.

The question that remains is whether or not Shopify can catch up with its competitors. We’ll have to wait and see.

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NFT Tech

Enjin Joins the Crypto Climate Accord: JumpNet Goes Carbon-Negative

One of the hottest topics in the NFT space and crypto world generally has been the environmental impact of numerous blockchain technologies. In recent months, many protocols have stepped up to address the issue; Ethereum has plans to move over to ETH 2.0, which is a proof of stake platform as opposed to proof of work, reducing the immense amount of energy required by the coin.

Jumpnet Goes Carbon Negative

Enjin’s blockchain, JumpNet, launched a few months back with the intention to take both the blockchain and its upcoming Polkadot parachain, Efinity, carbon neutral by 2030. Jumpnet achieved the goal of carbon neutrality 9 years early, but now they’re going a step further to make the technology carbon negative.

“It’s crucial to consider our planet first, even while innovating. The creation of new forms of technology should never come at the cost of destroying our environment,” said Maxim Blagov, CEO of Enjin. Aside from its environmental impact compared to other blockchains, Enjin’s JumpNet doesn’t rely on gas fees, making it a more accessible token for exchanging than some other options on the market right now.

JumpNet is now carbon negative; Enjin was able to accomplish this monumental feat by acquiring carbon offset credits through Beyond Neutral, meaning that—through the credits—JumpNet offsets a higher amount of carbon than it produces.

Crypto Climate Accord

This announcement was coupled with the news that Enjin has joined the Crypto Climate Accord, which is an initiative intended to decarbonize the crypto industry more widely.

The Accord, inspired by the Paris Climate Accord, is a joint effort from Energy Web, the Alliance for Innovative Regulation, and RMI. Their goal is to make the cryptocurrency industry 100% renewable, bringing together the crypto and fintech industries, with support from the UN Framework Convention on Climate Change (UNFCCC). Enjin will also be joining Gryphon Digital Mining on July 8th for a an event hosted by the United Nations Interregional Crime and Justice Research Institute (UNICRI), where they will further discuss the necessity of creating sustainable blockchain solutions to address inequality, discrimination, and unemployment in developing countries.

This is a huge step forward for Enjin and the crypto world generally; I’m excited to see other platforms begin to take similar steps so that we can live in a world that benefits from cryptocurrency while maintaining a commitment to environmental sustainability.

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NFT Tech

Yat Siu Discusses NFTs, Passions and the Inevitable Rise of the Introvert

As Co-Founder of the ever-growing and always innovating company Animoca Brands, Yat Siu is appreciative of the digital world and where it stands today.

While in Hong Kong during the 90’s, Siu admits the rise of the internet was overwhelming for someone like him who didn’t have the experience to navigate such technological advancements. 

While shooting the breeze with Tyler Schmitt on the ONE37pm podcast show “Huh?!”, Siu shed light on what the Animoca brand has given him power to do today, particularly in the NFT realm. 

One37pm
Animoca Brands’ NFT game F1 Delta Time, Power Rangers and’ REVV and SAND NFT tokens.

“ My idea for Animoca is that we could play a role in shaping how everything happens. So far we’ve done over 65 investments in the non fungible token space.”

Siu and his company also have exclusive rights to Olympic NFTs, and Olympic mobile games. It’s content will be featured around several different Olympic Games including Beijing 2008, Athens 2004, the Winter Olympics, and Paris 2024.

Ledger Rights
https://www.ledgerinsights.com/olympics-inks-nft-licensing-deal-with-animoca-subsidiary-nway/

” We have a multi-year license that is launching for exclusive rights to Olympic NFTs – items like pins and medallions. The company also has mobile gaming rights for the Olympics, so right now, the team is working on a cool Olympic video-game that will have NFTs incorporated within it.”

When asked if he was a collector himself, Siu gave a rather ambiguous response. 

“I think all of us are collectors in some way. People who don’t have a strong collecting DNA tend to think of collecting as a value driven experience. The majority of people who own NFTs are not in it for the value. Money becomes a validation layer because it is more universal.”

For Siu, the notion of meaningful collecting revolves around having something that drives you, a passion.

“ I think those items of passion and purpose are how you power through moments of doubt. You’ll take the criticism through the darkest days. It’s not about them, it’s you.

We all get that frowned upon question every now and then, “What is your passion?” 

Well Siu didn’t frown at the jab, nor did he hesitate to share his own.

South China Morning Post
https://www.scmp.com/magazines/post-magazine/long-reads/article/2101469/internet-whizz-yat-siu-programming-13-and-landing
Yat Siu

“ I collect musical notes. I grew up studying music. Classics. Mozart. It’s definitely not valuable, but I don’t do it for the money. It’s a moment of nostalgia.”

Once Siu identified his passion for music, he was able to become a practitioner in the space of digital ownership, becoming a digital creator and making a name for himself, all behind a computer screen. 

“ I remember when I was writing midi software growing up. I was able to compose music faster that way. I ended up putting that software on a digital bulletin board for people to see. Suddenly I started getting checks in the mail for my work. Because of this technology, it didn’t matter who you were or what you looked like, you could still do this wonderful stuff.”

The notion of a digital appearance being more important than a physical one also applies to the video-game universe. 

“At the end of the day, most of the world is playing games. The entire experience of being involved with games is becoming the dominant social experience. The global pandemic has accelerated the inevitable outcome of doing things from home. In my opinion, it brought the people who are much more introverted to the forefront. 

In all, Siu is confident in our ability to adapt, if need be, to this new social construct. 

“We as people have boundless imaginative ability, and live things through our mind that might not be physically there, but are there in our minds.”

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NFT Tech

ERC-721 vs. ERC-1155: The Great Contract Debate

These days, Twitter is abuzz with a divide as wide as the grand canyon on whether one should mint an NFT on a contract nicknamed the “gold standard,” aka ERC-721 or a contract labeled “lazy minting,” aka ERC-1155.

It seems nearly everyone has a strong opinion on this matter. So let’s delve into what the difference is between the two and why it does or does not matter.

ERC-721:

ERC-721 was the first standardized interface for creating NFTs. It’s the most widely used. It is immutable, transparent in ownership and security. Hence it is Non-fungible, a true NFT. It can’t be divided and represents a single asset that is in interchanged. It’s great for creating and tracking unique NFTs. Although transferable, trying to transfer an entire collection with it can be slow and inefficient.

However, the biggest issue with ERC-721 is that when gas fees are high, it can cost an artist a tidy sum in Etheruem to mint an NFT. Therefore, when you need to mint NFTs en masse, it doesn’t make much sense to use this contract.

ERC-1155:

ERC-1155 is a unique token that supports non-fungible (NFTs) and fungible tokens. It’s faster and more efficient to use in batch token transfers. Developed by Enjin, it is called, “the next generation multi-token standard.”

ERC-1155 can use a single contract to make various types of NFTs. Gas fees are cut by 90%, making it an affordable way for anyone to start minting on blockchain. The only real draw back is that the NFT is harder to track in terms of ownership—to save data stored on blockchain ERC-1155 has specifications on the Etheruem logs that have less robust information.

They both appear to be great contracts that can be used for non-fungible tokens, so why the big debate?

Is it just personal preference?

Which one should a new artist choose?

In a nutshell, it simply comes down to your use case for them, that’s all.

So while you may wonder what to do, there is no right or wrong answer. Some collectors will only choose to buy an NFT minted on ERC-721 and others will not have a preference about the issue. Your use case will usually determine which one is the best fit for minting your NFT.

As an artist in this space, I mint on both. I understand newcomers being drawn to platforms using ERC-1155 as they are open, easy and affordable. Many support their decisions if they choose this minting standard and believe their work should not be viewed as lesser than those who have been in this space longer and choose to mint only on ERC-721.

As a community, we should be a welcoming space for all to grow in. Artists should never be shunned for which contract they decide to mint with. In support and solidarity for all who wonder if choosing the “lazy minting” was the right thing to do or not, I minted my own Anatomy Shapes Collection on OpenSea under such a contract.

Regardless of what you choose to use, above all, remember to have fun. 

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NFT Tech

Enjin Announces Jumpnet, a Step Towards Democratized NFTs

The biggest headache for NFT users today (other than explaining the acronym 50 times a day) is gas fees. Luckily, the folks over at Enjin have provided a solution:

The problem with gas fees:

Imagine your grandma sending you a birthday card with $5 in it. How would you feel if she told you “My mail route so busy today I had to pay my mailman $60 to send the card”? 

You’d probably go looking for a mailman to “just talk”. 

No one messes with grandma. 

Take that ridiculous upcharge and apply it to sending NFTs. It can cost you upwards of $50-$60 in the crypto currency Ethereum (ETH) to send a $1 item. 

Enjin’s newest product Jumpnet makes Gas Fees as obsolete as late night Blockbuster runs.

What does Jumpnet do?

Jumpnet lets users mint (create NFTs with enjin coin) and send items to others without having to pay any ETH gas fees. 

Game developers and others adopting NFTs have had to calculate ridiculous exploding gas costs to distribute items. A single giveaway could cost thousands of dollars in Gas Fees. Not to mention people who want to trade with their friends. They’ve been subjected to the crazy Gas Fees too. 

Free to play games can now breathe easier knowing that they can distribute their items to players without having to manually check Gas Fees beforehand. Jumpnet allows companies to create easily scanned QR codes that they can post on their announcements and other social media. Once a user has scanned the code, their Enjin will receive a NFT of a random rarity from the person who created the “Drop”. 

This much more cost effective environment will create a new wave of content creators, gamers and brands that want to experiment with NFTs. It’s also a stepping stone for the future Enjin product, Efinity, which will grant Enjin NFT holders the ability to earn passively—but that’s for another article!

For future updates and showcases of people utilizing this tech, be sure to follow me on Twitter and the folks over at Enjin to keep up to date on what they’re cooking up.