Categories
Fashion NFT

Adidas Continues to Innovate into Web3 with NFT Collaborations

In the last week, Adidas has been extremely busy innovating in the web3 space.

The popular apparel brand has partnered with Coinbase, launched their very own POAP NFT, created their own space in The Sandbox, and are now teaming up with two of the most prominent brands in the NFT space—Bored Ape Yacht Club and PUNKS Comic—as well as NFT investor and influencer, Gmoney.

The official announcement of the Adidas, BAYC, Pixel Vault’s PUNKS Comic, and Gmoney collaboration was announced early this morning by said collaborators on Instagram and Twitter. 

This recent stream of collaborations has many excited, including members of the NFT space as well as people who aren’t quite as acclimated to the space. One glance at social posts displays an enormous amount of support from nearly everyone who is aware of these brands and their significance in the space.

Adidas provided just a bit of insight referencing their involvement in the metaverse within the description of their recently released POAP NFT:

Adidas

This is the first step in our journey to empower the creators of tomorrow to thrive in the Metaverse. A place where anyone can express their most original ideas and be their most authentic selves. It will take some learning, some building and a leap of faith. If you’re already here, show us the way. If you’re new, come and join us. We can’t wait to see what we do together.

I believe that this is just the beginning of something spectacular, not only for the brands involved in this specific collaboration, but for the entire web3 community and the metaverse in its entirety. 

Things tend to move at a very quick rate in the web3 space, so please be on the lookout for more information regarding this awesome collaboration and many more.

Categories
NFT Tech

What Are POAPs and Why Are They Important?

The NFT community is full of so many supporters and specialized events, wouldn’t it be cool if there was a way to prove and track your attendance to all these unique experiences, such as clubhouse rooms, discord servers, or attending an event like NFT.NYC? Now there is, thanks to the creation of POAPs.

We’ve all saved the ticket stub to a memorable concert, movie, or sporting event. Why not do the same in the metaverse?

What is a POAP?

POAPs, aka Proof of Attendance Protocol, are ERC-721 tokens that are used to give attendees a way to prove their record of life experiences. Think of this as the lanyard you take home from a conference, but recorded on the blockchain. 

POAP collectors get this digital badge that is supported by a cryptographic record in the form of an NFT, each with a unique design giving them a collectability aspect and allowing event holders to supply more value.

Originally, POAP was created in 2019 for the ETHDenver convention to reward attendees for showing up and supporting the event. Moreover, you can collect POAPs at both in-person and virtual events. It’s important to note that not every NFT given away at an event is a POAP.

In order to qualify as a POAP, an NFT needs to come from the POAPs official smart contract. Additionally, the POAP needs to have a custom image and include the metadata for a particular time and event. 

While these digital badges were originally built on the Ethereum mainnet, they moved to Ethereum sidechain xDai in October 2021. xDai allows users to claim the tokens by paying little to no gas fees. Furthermore, xDai also ensures a quicker transaction.

Why collect POAPs?

According to the creators of POAP, these types of NFTs have several use cases, such as community polls and allow Decentralized Automated Organization (DAO) to vote on proposals, where holders who own more POAPs have stronger voting power. 

POAP allows event organizers and brands to better engage with their consumers by providing a personalized experience. POAPs not only offer unique designs but allow for a variety of specialized services such as private chat rooms, airdrops, giveaways, and more. 

Users can even generate their own POAP NFT to prove the places they’ve been to and of course, earn bragging rights. What’s great about POAP NFTs is the fact that they are free to create and free to collect.

Creators of the POAP badge did not intend for these NFTs to be traded or sold, rather they are a way to prove your dedication to brands and provide a way to prove the journey that you have been on throughout life. 

If you have ever saved one of your ticket stubs from an event or perhaps your favorite vacation, then you understand the concept of POAPs.

Except, POAPs allow you to prove your attendance thanks to blockchain technology and store all your badges in one secure location.

How do POAPs work?

There are multiple ways you can use a POAP.  As an event organizer or as a collector. As an event organizer, you can distribute POAPs at your events to offer your community value and encourage engagement. As a collector, your POAPs are a record of your life’s greatest moments and digitized into a collectible and trackable token.

Organizers of events can create their own event on the POAP platform as well as customize designs and products they plan to offer attendees and their community. Collectors should always be on the lookout for special QR codes in POAP sponsored events in order to collect badges and participate in different activities and giveaways.

How to collect POAPs

If you are attending a POAP sponsored event or experience, holders will provide attendees with a QR code or a link that you can scan, which will allow you to claim the POAP using your Ethereum wallet address, or you can enter your email address instead and claim your POAP NFT at a later time.

Keep in mind that POAPs aren’t limited to just physical events and locations, but may also be found elsewhere such as at virtual events, or perhaps, hidden within content. If you are attending a known POAP event, be aware of any QR codes to claim your attendance token.
If you want to view upcoming POAP sponsored events, you can view publicly-listed POAPs on the POAPs event page.

How to view your POAPs

There are various methods for viewing your POAP collection. On your desktop, you can go to POAP Scan and enter your Ethereum address or connect your wallet. If you are on mobile, you can use the POAP App on iOS, Android, or use the MetaMask mobile app. To view all your POAPs on the MetaMask app, you can use this guide created by POAP.

Transferring your POAP to Ethereum Mainnet

If you want to move your POAP off the xDai sidechain, you can easily move them to the Ethereum mainnet by visiting POAP Scan, and then select the POAP you want to transfer, click it, and then scroll down to the Migrate button to initiate the transfer.

Once you hit Migrate, you will be asked to confirm the transaction. Remember, you will have to pay associated gas fees to transfer your POAP to the mainnet.

If you’re wondering why someone would want to transfer their POAP to the Ethereum mainnet, they may benefit from selling their POAP on a marketplace such as OpenSea. If you want to sell your POAP on the xDai sidechain, you can list it on Eporio.

Remember, POAPs are not generally sold. This isn’t to say that they can’t be sold though.

The future of POAPs

Ultimately, a POAP NFT is a digital badge used to record specific events and experiences in a person’s life and prove attendance.

Creators of POAPs can provide additional value to their consumers by offering POAPs and special perks that may come with collecting them. I wouldn’t be surprised to see more industries take advantage of this digitized proof of attendance, especially within the metaverse.

In fact, we asked the POAP Team what about POAPs excites them the most currently, and going forward? Here’s what they said:

POAP Team

The most exciting aspect of POAP for several of us is that it enables social interactions that are otherwise outright impossible.

We believe that web3 native applications will become mainstream and POAP will be powering several aspects of them.

ONE37pm’s 25 Days of POAP

The idea behind ONE37pm’s 25 Days of POAP was originally formed out of our love for the Holiday Spirit, and as a way to shed light on the NFT community.

Several unique brands and creators will come together to design special POAP NFTs that ONE37pm will release to the public, for 25 days in December.

Each day, a new POAP will be released. Keep in mind that depending on the day, there will be varying quantities of POAPs available to collect, so you will need to keep an eye out and pay close attention.

Of course, these POAPs will be available to the community free of charge and distributed by the ONE37pm team using several platforms.

25 Days of POAP will be a fun and interactive way for members of the NFT community, and even people from outside the community, to collect NFTs and not have to worry about going through the process of buying cryptocurrency, and then having to pay high gas fees to claim.

All that you need in order to collect POAPs is your email address. If you would like to collect your very own POAP NFT, you may claim a POAP in the ONE37pm Discord. We’ll see you there! 😊

Categories
NFT Tech

November 16th’s NF3: Barbados Goes Meta, Genie Swap, NFTfi and More NFT News

Thanks for joining us for today’s NF3 recap. If you haven’t already checked out our past NF3 recap, you can find it here.

Today’s NF3 is going to cover some very interesting topics that will not disappoint. Barbados is set to become the first sovereign nation with an Embassy in the Metaverse. Also, there’s a new NFT marketplace aggregator in town. Lastly, South Africa’s NFTfi raised an impressive $5 million so people can use NFTs as collateral for loans.

You can read all about this news plus more, in today’s NF3.

This article does not constitute formal financial advice. Always do your own research before investing.

1. Barbados set to become the first sovereign nation with an embassy in the metaverse

On Sunday, the Barbadian Ministry of Foreign Affairs and Foreign Trade inked a deal for the formation of a virtual embassy with Decentraland, one of the most popular metaverses to date.

Barbados will become the first government in the world to recognize digital sovereign land with the opening of the embassy, which is set for January.

The proposals were evaluated by the Ministry of Foreign Affairs, the Ministry of Science and Technology, and many other governmental entities for several months.

Barbados is one of the most welcoming countries when it comes to crypto and has been a leader in the creation of a central bank digital currency. It will be interesting to see how a virtual embassy will operate in the metaverse, and what the general guidelines will be. 

Will the VR aspect allow the process to be more frictionless, or will it lead to unforeseen complications? Only time will tell. Either way, it’s exciting and without a doubt a huge leap for the metaverse.

2. Genie Swap, Ethereum’s frist NFT marketplace aggregator

Genie Swap is Ethereum’s first NFT marketplace aggregator. Genie users may purchase, sell, and trade across all major NFT marketplaces with a single transaction, no matter how many NFTs they have. Currently, Genie Swap supports ERC-721’s and ERC-1155 support is coming very soon.

Genie Swap has been in private beta testing since August. Users of the Genie Swap platform will benefit from four primary advantages:

  1. In a single interface, you can access all of the major NFT markets
  2. In a single transaction, you may purchase and sell NFTs in bulk
  3. When buying and selling NFTs in bulk, you’ll likely save money on gas
  4. When purchasing and selling, more efficient routing is possible

Moreover, Genie Swap has what they call their Genie List. The Genie List allows users to batch their NFTs together and list them all on one or multiple marketplaces at the same time.

As of now, Genie only supports OpenSea and Rarible, but plans to bring more marketplaces online in the near future.

These batch listings are known as Meta Listings, which allows sellers to optimize their NFT listings and exposure, leading to faster sales and fairer pricing.

3. South Africa’s NFTfi startup raises $5M

NFTfi is a marketplace where users have the option to acquire a cryptocurrency loan on their NFTs and give loans to borrowers on their NFTs. Essentially, users may use their NFTs as collateral to obtain loans from other users.

The startup was founded in February 2020 by Stephen Young, and has received a seed round of $5 million to continue innovating and exploring the financial opportunity found within NFT technology.

The financing was provided by early-stage crypto fund 1kx, with participation from Ashton Kutcher’s Sound Ventures, Kleiner Perkins, Maven 11, Scalar Capital, and others.

Some of the most popular NFT loans on NFTfi are for Art Blocks, Bored Ape Yacht Club, Cryptopunks, Autoglyphs, Meebits, and VeeFriends. NFTfi completed its first loan in May 2020, and has since seen more than 1,500 transactions occur on the platform.

NFTfi isn’t the only NFT-backed cryptocurrency lender in the market, and we are beginning to see more of these types of businesses emerge. However, with such strong investors like Ashton Kutcher, NFTfi definitely looks promising.

Other cool stuff

If you haven’t been keeping up with all the crazy updates throughout the NFT and crypto community, then it’s possible that you have missed quite a bit. That’s why we enjoy mentioning other cool events that are going on, in and around the space.

One thing that we covered in our recent article is the ConstitutionDAO. This DAO has been on a mission to raise at least $20 million before Thursday, November 18, in order to purchase one of eleven original copies of the US Constitution, which is being auctioned off at Sotheby’s.

This is the only privately-owned US Constitution left, and the ConstitutionDAO is aiming to put this artifact back into the hands of the people. It’s expected to bring in anywhere from $20-50 million, hence the intense goal.

Currently, the DAO has raised an outstanding $5.9 million at the time of writing this article, and that’s within 48 hours of initiating the funding. 

I’m personally rooting for the ConstitutionDAO and everyone involved, as I believe this is an important example of how DAOs can give the power back to the people, and provide a way lower cost of entry for something that is generally recognized as unattainable.

Well, that’s it for today’s NF3 recap. Thank you for joining us and we hope to see you again for our next NF3. Feel free to join our amazing Discord community, and as always: stay curious friends.

Categories
NFT Tech

November 12th’s NF3 Recap: Universal NFT Band, Toys R Us NFT, and Discord

The NFT space never seems to have a dull moment, especially not this week!

In today’s NF3 Recap we are going to look into Universal’s NFT Band that has no musicians. Also, we learned that Toys “R” Us is launching their own Geoffrey Giraffe NFTs. Finally, we review the claims about Discord incorporating NFTs into their platform. Hang with us as we explore all these exciting updates, plus some cool extras.

If this is your first time joining us, make sure you stay up to date by checking out the previous NF3 recap

This article does not constitute formal financial advice. Always do your own research before investing.

1. Universal signs the band Kingship—a band with no musicians

Universal Music Group (UMG) stated on Thursday that it has signed Kingship, a collection of four human-like NFTs, not an artist. 

Kingship, which refers to itself as a “metaverse organization,” is a collaboration between Universal Music Group (UMG) and NFT investor Jimmy McNelis, who owns the four assets. It’s kind of similar to Gorillaz, the late-90s “virtual band” formed by electronic musician Damon Albarn.

Three of Kingship’s NFTs are from the Bored Ape Yacht Club collection, which is one of the most valuable NFT collections today. For the time being, the story of Kingship does not involve music. While Kingship is an official UMG signee, UMG emphasized that the idea is to offer consumers a taste of the IP first, creating the story of the four characters, before any music is used. 

It’ll be very interesting to see where this IP goes, with such a good head start I’d be surprised if Kingship didn’t do exceptionally well in the long run.

2. Toys“R”Us is set to launch their Geoffrey Giraffe NFT project

Yep! You read that right! Toys”R”Us announced they are offering a digital collection of the brand’s famous IP, Geoffrey the Giraffe.

Exacto, a digital artist who has over ten years of art experience, working mainly as a 3D modeler and animator in various settings, has created the one-of-a-kind Toys”R”Us NFT called The Geoffrey Stroll, which will be auctioned off live when the collection drops on November 13, 2021. 

Along with the 1/1 NFT, there will be 8 additional renditions of Geoffrey the Giraffe, ranging from 0.03 ETH (about $150) to more than 0.5 ETH ($2500). 

The collector and a friend of the one-of-a-kind NFT will also get the opportunity to attend the big opening of a Toys “R”Us shop in the United States in 2022, which will include transportation to the city and a two-night hotel stay. The drop goes live tomorrow 11/13 on Ethernity Chain.

3. Discord CEO Jason Citron on NFT claims

Citron Tweeted a screenshot of the crypto wallet MetaMask integrated into Discord’s user interface with the caption “probably nothing” — a known term in the NFT space for anything that may just be a huge deal. Discord clarified that the screenshot was part of a community hack week effort and was not a new feature for the social chat app, yet.

Users on Discord who are leery of the NFT space were pushing one another to cancel their Nitro memberships, Discord’s paid premium service. As well, upset Discord users linked to a recent survey from the firm requesting feedback on Web3 and NFTs. Probably nothing.

Discord was studying how blockchain technology may complement its present goal, even if the screenshot was simply a sample image of what the crypto wallet integration could look like. Some of that effort will now be put on hold while Discord rethinks how to best build their platform for the Web3 groups that have been joining lately.

Other cool stuff

In other fun news, the well-known TV host Jimmy Fallon, announced to the world live on television while he was interviewing Beeple, that he had bought his very first NFT, an Ape.

Jimmy also took his new purchase to Twitter, sending out a Tweet that says, “Permission to come a bored?” — a nice play on words I thought.

Which celebrity will join this elite NFT group next?

Seriously, all of these amazing brands I loved growing up as a child are being reintroduced in a new and innovative way and it’s really special.

If you know the feeling that I’m talking about, then you agree that brands are officially making the transition into this new space, and they are moving quickly.

Well, that’s all for today folks. Thank you for joining us here at ONE37pm, for our NF3 Recap. Have a great weekend. WAGMI.

Categories
NFT Tech

NFTs Created on Alt Chains that have Bridged to Ethereum

Many NFT collectors and creators are looking for a more efficient way to mint and collect their NFTs.

Although there are several blockchains to choose from, a majority of the NFT community is focused mainly on the Ethereum blockchain. However, the Ethereum blockchain is known to be inefficient and extremely expensive to transact on. 

That’s why many people are searching for a solution, and some have found that solution to be Ethereum sidechains. Some of the most renowned artists and brands are taking advantage of the ability to buy and sell on these alt-chains, as well as offering users increased efficiency and reduced fees while still being able to bridge their NFTs to the Ethereum main-chain, if desired.

Let’s take a look at some of the most popular NFTs created on alt-chains that have Bridged to Ethereum.

1. Damien Hurst’s The Currency (Palm side-chain)

Damien Hurst, a British contemporary artist originally released his 10,000 piece NFT art project, The Currency, on a platform called HENI—a technology company pioneering Art Markets and Information. 

Damien Hirst’s The Currency is the artist’s first NFT release. The Currency is a collection of 10,000 NFTs, also known as Tenders, that correlate to 10,000 unique physical artworks by Damien Hirst, with the NFTs holding high-resolution photographs of each of his 10,000 artworks’ both front and back sides.

The first day of trading on the secondary market saw trading volumes of more than $1.3 million, with the average sales price on that day being $7,128.

Although The Currency is now offered for sale on the popular NFT marketplace Opensea, it wasn’t always available there. HENI, which is the platform Hirst used to launch his NFT project, is built on top of the Palm side-chain. Palm is an innovative NFT ecosystem built with culture and creativity in mind. 

The Palm side-chain is known for quick throughput, low gas fees, and is over 99% more efficient than the Proof of Work system that the Ethereum blockchain uses. This makes the Palm side-chain a good option for both collectors and creators to use with NFTs.

Palm’s focus is on making NFTs easier and more efficient to use on the Ethereum blockchain. In fact, Palm NFT Studio was actually formed by ConsenSys founder and Ethereum co-founder Joseph Lubin, film producer David Heyman, and founder of the art-based tech group HENI, Joe Hage. 

With that being said, I firmly believe that Palm has potential to be one of the more popular side-chains, considering the company is overseen by such knowledgeable figures in the NFT space.

2. Candy Digital (Palm side-chain)

Fans and collectors may buy, trade, and share legally licensed MLB NFTs on Candy Digital, Major League Baseball’s official NFT marketplace. Candy’s objective is to create next-generation digital assets for sports and culture by offering authentic products and experiences that increase fan engagement and connect individuals to their passion for sports and collectibles. 

Candy Digital manufactures and distributes a variety of digitized sports memorabilia. These items include everything from digital trophies to personalized experiences, such as throwing the first pitch at a game for your favorite MLB team. Payton Manning and Gary Vaynerchuck are among Candy Digital’s investors.

When you buy an NFT on Candy.com, you can simply use your debit card to purchase, there is no need to buy cryptocurrency. Similarly to HENI, Candy Digital is also built on the Palm sidechain. 

Candy picked Palm technology because of its token-powered ecosystem, scalable infrastructure, and dedication to its creators’ and collectors’ experiences. Candy also picked Palm because of their desire to reduce environmental effects. Palm employs a rotating Proof-of-Authority consensus approach that enables for low-cost transactions and a carbon footprint of less than 1%.

3. Plasma Bears (Loom Network alt-chain)

When Plasma Bears was first released in 2019, they were advertised as a fun social game where you could gather, build, and go on adventures with your bears. Really, you collect bear parts to make one-of-a-kind bears, then send them on adventures to win prizes and more bear parts.

Plasma Bears were created on the Loom Network—a multichain interoperability platform that is associated with other major blockchains like Ethereum, Binance Chain, and Tron.

Loom shut down temporarily without warning, before becoming active again in 2020. “A lot of people lost their bears, myself included,’ deCourcelle explained in our interview with her, ​​who is the CEO and Co-founder of Blockade Games and Neon District, the parent company to Plasma Bears.

Since Loom is an Ethereum alt-chain, users could bridge their Plasma Bears over to the Ethereum mainnet, but because of pricey gas fees and the lack of activity in the market, practically no one bridged their bears over to the mainnet at that point in time. Once the game shut down shop and the sidechain closed, any bears on the Loom sidechain were lost.

A portion of entire bears, along with bits and pieces of various bears are available to trade on Opensea. However, it is unknown what will become of the bears and their random parts. For now, these bears are treated as abandoned collectibles, with a current floor price of 0.23 ETH for one leg or 1.19 ETH for a fully put together bear, at the time of writing.

Plasma Bears combined utility continues to inspire new innovators, and it is one of the numerous reasons for Plasma Bears’ relevance. Because of the importance of the Plasma Bear project, many collectors are collecting parts of Bears and complete Bears.

4. POAPs (xDai side-chain)

Proof of Attendance Protocols, or POAPs, are one-of-a-kind digital badges that attendees may use to establish their record of life events. POAP collectors receive a digital badge backed by a cryptographic record in the form of an NFT, each with a distinct design that adds collectability and allows event organizers to provide extra value.

POAPs are created on The xDai sidechain. xDai is a stable payments blockchain designed for fast and cheap transactions. POAP uses xDai to mint POAPs at a very low cost, especially when compared to Ethereum fees.

POAPs can be transferred from xDai to Ethereum. Despite this ability, most users choose to leave their POAPs on xDai, where they can view them on the POAP application, due to the high gas fees on Ethereum. Ethereum prime supporter Vitalik Buterin has implied that they could be facilitated on hopeful rollups later on. You can learn more about the future of rollups in our layer 2 article.

Respectably, some people may argue that side-chains aren’t as secure as a layer 2 solution, however, that doesn’t stop users from creating amazing NFTs on these various and appetizing alt-chains, offering users low fees and scalability that is unheard of when using the Ethereum mainchain.

Categories
NFT Tech

How To Make Your NFT Your ENS Profile Avatar

This article was repurposed—with permission—from a Medium post by Twitter user @BrantlyMillegan, Dir. of Operations at Ethereum Name Service.

If you hold your own ENS name, then you may be curious to know how to set one of your NFTs as your avatar for your ENS name. Using platforms like Opensea allows you to update your NFT to display on your ENS as your avatar picture. Here’s a step-by-step guide on setting up your NFT to display as your ENS avatar.

Step 1: Make sure you have an ENS name

First thing’s first. If you don’t already have your own ENS name, you’re going to need to get one. If you would like some assistance obtaining your own ENS name, you can view our step-by-step guide here.

Step 2: Set your Primary ENS Name Record to Your Ethereum Account

Next, you need to make sure to set your ENS Name Record (reverse record). This is simply to determine which one of your ENS names represents your Ethereum account. To set your Primary ENS Name record, go to app.ens.domains, then My Account, and use the tool on that page to set it.

Step 3: Set your NFT avatar record

To set your NFT avatar record all you need to do is go to app.ens.domains and search for your ENS name to get to the records page. Make sure you connect to the app with the wallet that owns the ENS name you are setting the NFT to. Then click Add/Edit Records. Next, go down to the Text section, where you will find the avatar record.

To set your NFT as your own ENS avatar, enter the required info from your NFT into the fields with this format: 

eip155:1/[NFT standard]:[contract address for NFT collection]/[token ID or the number that it is in the collection]

Opensea

You can find all of this information in the Details section of your NFT on OpenSea. If you select the blue text listed to the right of the Contract Address, it will take you to Etherscan where you are able to copy the full contract address.

Etherscan

Keep in mind that there should be no hyphen when entering the Token ID portion and also ensure all the letters are in lower case, otherwise it will not work. Opensea generally shows the token standard as ERC-721, meaning you need to enter it as erc721 for it to work. This will likely be automated in the near future.

Once you enter that into the avatar field, you can scroll down and click Confirm. You will then be required to digitally sign in order to approve the transaction. Once the transaction is confirmed on the blockchain, your NFT will be set as your new ENS avatar!

Categories
NFT Tech

What Are Layer 2 Solutions and Why Are They Important?

What are layer 2 solutions?

Layer 2 is a term used for solutions created to help scale an application by processing transactions off of the Ethereum Mainnet (layer 1) while still maintaining the same security measures and decentralization as the mainnet. Layer 2 solutions increase throughput (transaction speed) and reduce gas fees. Popular examples of Ethereum layer 2 solutions include Immutable X, Polygon, and Polkadot.

Why are layer 2 solutions important?

Layer 2 solutions are important because they allow for scalability and increased throughput while still holding the integrity of the Ethereum blockchain, allowing for complete decentralization, transparency, and security while also reducing the carbon footprint (less gas, means less energy used, which equates to less carbon.)

Although the Ethereum blockchain is the most widely used blockchain and arguably the most secure, that doesn’t mean it doesn’t come with some shortcomings. The Ethereum Mainnet is known to have slow transaction times (13 transactions per second) and expensive gas fees. Layer 2s are built on top of the Ethereum blockchain, keeping transactions secure, speedy, and scalable.

Each individual solution has its own pros and cons to consider such as throughput, gas fees, security, scalability, and of course functionality. No single layer 2 solution currently fulfills all these needs. However, there are layer 2 scaling solutions which aim to improve all these aspects; these solutions are called rollups.

What are layer 2 rollups?

Rollups are layer 2 scaling solutions that perform transaction operations off the main Ethereum blockchain, but still post the transaction data onto layer 1. Considering the transaction data is on layer 1, rollups are secured by the same layer 1 security measures. In fact, this is the defining feature that rollups offer to users.

There are three properties of a layer 2 rollup: 

  1. Transactions are executed outside of layer 1 (reduces gas fees)
  1. Data and proof of transactions reside on layer 1 (maintains security)
  2. A rollup smart contract which is found on layer 1, can enforce proper transaction execution on layer 2, by using the transaction data that is stored on layer 1

Ultimately, rollups require users like you and me to stake a bond in the rollup smart contract, which encourages users to verify and execute transactions correctly. 

Rollups are useful because they reduce fees, increase transaction throughput, and expands participation. There are two kinds of rollups with different security measures:

  1. Optimistic rollups assume transactions are valid by default and only runs computation, via a fraud proof, in the act of a challenge
  2. Zero-knowledge rollups runs computation off-chain and submits a validity proof to the main-chain
Optimistic Rollups:

Optimistic rollups sit in parallel to the Ethereum Mainnet on layer 2 and don’t perform any computation (mathematical equations) by default. Instead, after the transaction is complete, they submit the new state to the Ethereum Mainnet, essentially notarizing the transaction.

Optimistic rollup transactions are written into the main Ethereum blockchain, further optimizing transactions by reducing the cost of gas.

Advantages of optimistic rollups include:

  • Low gas fees 
  • Increased throughput
  • Smart contract capability
  • Security (guaranteed by the Ethereum Mainnet)

Disadvantages of optimistic rollups:

  • Long withdrawal time (challenge periods can last for weeks)
    • If a fraudulent transaction is discovered, the rollup will automatically call a fraud-proof and run the transaction’s computation using the available written data, leading to long withdrawal times if the transaction is challenged.

There are several applications of optimistic rollups that you can integrate into your own dapps:

Zero-knowledge rollups:

Zero-knowledge rollups (ZK rollups) bundle thousands of transactions off the main Ethereum chain and create cryptographic proof which is known simply as SNARK (succinct non-interactive argument of knowledge). This is called validity proof, which is posted to the Ethereum Mainnet.

The smart contract for a ZK rollup keeps the data of all transfers on layer 2 and the data can only be edited with a validity proof. Meaning, ZK rollups only need validity proof, opposed to all the transaction data. This function decreases the cost to transact due to less data being included.

When it comes to ZK rollups, there is minimal hesitation when moving assets from layer 2 to layer 1, considering the validity proof has already been approved by the ZK rollup and has already authorized the transaction.

Advantages of ZK rollups include:

  • Near instant transfers 
  • Not vulnerable to the attacks that optimistic rollups may be affected by
  • Still secure and decentralized

Disadvantages of ZK rollups:

  • Validity proofs are extreme to compute for smaller applications with less on-chain activity
  • A user can influence transaction ordering
  • Some rollups don’t offer Ethereum Virtual Machine (EVM) support

There are numerous applications of ZK rollups that you can integrate into your own dapps:

Ethereum layer 2 solutions have some serious potential to change the blockchain landscape for the better. Layer 2 solutions ensure that users are able to maintain all the safety measures used on the Ethereum Mainnet while still being able to transact quickly and at little to no cost for users.

This type of technology may encourage more people to try out the Ethereum blockchain and everything it has to offer. Also, keep in mind that many layer 2 solutions are still in their beta phase, meaning you should research everything in-depth and always remain curious and cautious when exploring the various layer 2 solutions.

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NFT Tech

November 5th’s NF3 Recap: NFT.NYC, EA Sports and Becoming Beeple Film Premier

What a week it has been for the entire NFT community! First and foremost, we will be taking a peek at all that has happened this week with the presence of NFT.NYC. Also, EA Sports’ CEO admits that NFTs will play a huge role in the gaming industry’s future. Lastly, our own team here at ONE37pm premiered their first short film titled, Becoming Beeple. Check out all of that and more in today’s NF3 Recap.

If this is your first time joining us, remember that you can always stay up to date by viewing our most recent NF3 Recap. Without further ado, let’s jump right in!

This article does not constitute formal financial advice. Always do your own research before investing.

1. NFT.NYC proved to be a huge success

NFT.NYC proved to be nothing but a huge success for anyone who attended the week-long event, as well as the entire NFT community in general. This was the third year of NFT.NYC, and also the busiest year so far, attracting more than 5,000 people, along with a 3,000 person waitlist—according to organizers of the event.

I think it’s really cool to see the creators of these large NFT brands, such as Bored Ape Yacht Club, interact and provide value to members of their community in real life. On Sunday, BAYC hosted a party on a real yacht on the Hudson River in New York.

BAYC wasn’t the only popular NFT entity hosting events this week though. Artists like FewOcious hosted his own paint party to allow friends and fans to create their own pieces of art with FewOcious himself.

Overall, I’d say that NFT.NYC has been an extremely successful event—from the hundreds of guest speakers, to the community who showed up to support each other and learn more about the NFT space.

2. EA Sports announced NFTs will play a massive roll in the gaming industry

The ultra-popular game publisher EA Sports announced yesterday that NFTs are “an important part of the future of our industry.” A statement like that from such a big leader in the gaming industry can’t be shrugged off. 

In fact, EA CEO, Andrew Wilson, stated in a teleconference earlier this week that “As a company, we have been leaders in the creation of digital content that has real collectible value in the embedding of that content as part of live services.”

He added: “What we know about collection over time is the collectibility is far more valuable to the collector where the collected item has utility. And I think that in the context of the games that we create and the live services that we offer, collectible digital content is going to play a meaningful part in our future.”

3. ONE37pm presents our first short film, Becoming Beeple

Our very own ONE37pm team had a blast this week with NFT.NYC, hosting a premiere for our first short film titled, Becoming Beeple. The 21-minute film is an exclusive documentary about artist Mike Winkleman, aka Beeple, and his journey from creating art as a child, to creating his Everydays—The First 5000 Days NFT art which sold for an astonishing $69M at Christie’s auction house on March 11, 2021.

People from all over showed up to watch this inspirational film, with the likes of Gary Vaynerchuck, Logan Paul, and even Lil Polo Tee showing up to share their love for Beeple and the entire ONE37pm crew.

Although this short film originally debuted November 1st in New York City, you can now view it on the ONE37pm official YouTube channel.

If you love NFTs, art, or inspirational stories in general, then I can’t recommend watching this amazing feature enough. If you want to read more about Beeple’s documentary, Becoming Beeple, make sure you checkout the official article here.

Other cool stuff:

In other exciting NFT news, the sought-after NFT play-to-earn game Axie Infinity has officially launched its new decentralized exchange Katana on the Ronin blockchain, allowing users to swap their tokens into ETH or AXS. The Ronin blockchain saw a huge increase in sales over the last 24 hours, up 105.54% with over $47M in volume.

Also something interesting is ​​The Financial Services Commission (FSC) in South Korea has reaffirmed in a public statement today that NFTs are not virtual assets, and will not be regulated as such. 

To be fair, not everyone approves of this public statement. Experts in South Korea believe that NFTs can easily be used to launder money.

However, since they are not recognized as digital assets, creators of these tokens are not required to comply with anti-money laundering rules, which also means that people in South Korea will not have to pay taxes on their NFTs.

That’s all for today folks. Please make sure to join us for our next NF3 recap. Remember, WAGMI.

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NFT Tech

What is Immutable X? Ethereum’s First Layer 2 For NFTs

What is Immutable X?

Immutable X is a layer 2 protocol for trading Ethereum NFTs that gives users instant trade confirmation, huge scalability (9,000 transactions per second), and zero gas fees without compromising user ownership. Immutable X’s goal is to make minting and trading NFTs easier than trading traditional digital assets.

In all reality, Immutable X is a layer 2 scaling solution that leverages the power and security of the Ethereum blockchain, rather than compete against it. Let’s take a look at what Immutable X offers their users.

Security:

Users are not required to do anything when they join this protocol, it’s very simple and you can use your existing digital wallet. This means that the private key that is required to power this protocol is generated by your existing wallet. So, you can use popular wallets such as MetaMask, or any other solution you’d like to use.

Liquidity:

What does liquidity on the blockchain actually mean? It means you can always buy and sell any asset on the blockchain for a reasonable price. That is exactly what Immutable X allows you to do. Even more so, Immutable has maximized liquidity by allowing the creation of virtual fungible markets, based on any subset of the tokens characteristics. 

For example, if you have a Rare Quick Quail VeeFriends NFT, then you can search for that asset using single terms like Rare, Quail, or just VeeFriends NFT. You can also list your assets in all the markets based on all those single traits, at the same time.

Listing your assets in all of these markets at the same time allows you to get the maximum price and most liquidity. Now, if you’re a buyer you can get exactly what you want, at the cheapest price, at maximum liquidity.

Scalability:

Technically speaking, if you want to achieve scalability on the blockchain then you’re either treading away from overall security, or you are moving away from decentralization.

That’s why Immutable X and StarkWare teamed up together to allow massive batching of trades off-chain, with users signing for the transaction, and then being put on-chain in a single proof that essentially compresses those trades into a single transaction at a fixed gas cost, which Immutable X pays.

This means that if you’re a user of Immutable X you pay zero gas fees for trading NFTs, and you pay zero gas fees as a developer as well.

On-chain validity-based proof:

Immutable X uses a validity-based proof. Validity-based proof means that your assets can never be traded without your permission, which is the same security measure as the Ethereum mainchain, and your items can never be taken from you either.

Immutable X for Developers:

What Immutable X has constructed for NFT developers is a super simple way to create digital assets. Immutable X is practically completely tradeable by APIs. As a developer, you can simply say that you want to mint (x) amount of assets, with (y) scarcity, making the development process very user-friendly.

What about general logic?

Perhaps developers want to implement complex logic in a scalable manner, or maybe they want to mint assets according to complex smart contract functionality. What Immutable allows through Kyro, is all of that to be programmed into Immutable X.

What about minting token sets?

When it comes to creating numerous NFTs on Immutable X, you have the ability to put them into an ERC-20 token in a blockchain environment, free of cost, so you can then transfer them to the main Ethereum chain. This means no gas fees when you are creating your massive NFT project.

Why not side-chains?

The problem with side-chains is that they are not decentralized. Many of them have as few as 5 central operators with their own consensus algorithms. They are typically just achieving throughput, by loosening the decentralization security properties. 

Point being, if an IP such as World of Warcraft was going to bring their community to the blockchain, then it would need to be secure. Otherwise, the chain could be attacked and all the assets could be stolen. At the end of the day, your assets are only as secure as the consensus mechanism at the side-chain. That’s why Immutable X is a layer on top of the Ethereum mainchain; it’s simply more secure.

How does Immutable X work?

Immutable X uses what is called a ZK Rollup, which takes thousands of off-chain trades, creates a proof that these trades were all valid (owners of the assets signed the trades), and then publishes that proof on chain, where it is then verified by a smart contract.

Throughout this process, the on-chain user assets are held in the smart contract and can only be released after a valid proof including the assets has been published in a batch.

Why use Immutable X?

There are several advantages of using Immutable X in order to buy, sell, and create NFTS. Here are some of the top reasons you may want to consider using Immutable X:

  • Zero gas fees for peer to peer trading
  • Set your own trading fees
  • Users keep their private keys
  • Huge scalability up to 9,000 transactions per second (TPS)
  • Decentralized L2
  • Secured by the Ethereum blockchain
  • 100% carbon neutral
How much does Immutable X cost?

Whether you are a developer or a consumer, Immutable X does not cost you anything to use. Although, keep in mind that outside applications are still able to charge users their own fees by default. Meaning, Immutable X will always be able to support these use cases for various platforms.

Immutable X and other NFT marketplaces

Alright, this all sounds great, but how about trading NFTs on other platforms such as OpenSea or Rarible, for example? Immutable X allows users to trade whatever they want to trade, wherever they want to trade it. 

As of now, Ethereum is the blockchain that is the most decentralized, has the best developer and community support, and is the chain which nearly every ICO has originally been drafted from.

Ultimately, the most important thing that Immutable X has done is create a solution that is not competing with Ethereum, rather it is built on top of Ethereum, ensuring that users still benefit from all the advantages which the Ethereum mainchain offers.

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NFT Tech

The NFT World Gets Its Own Affiliate Program with NFTY Tokens

The early days of the Internet were dominated by startups backed by investors excited at the presence of a “dotcom” at the end of a word. When those companies died away, the few that remained, such as Amazon and Google, turned into colossuses that ate the rest of the Web.

Until the arrival of the affiliate program. The ability for content creators to earn a commission for delivering traffic changed everything again. Now anyone could make money on the Internet. You just needed to have information that others valued, and when you recommended a product, your trust turned into cash.

Anyone with an entrepreneurial spirit could build a business, large or small, and earn a share of the profits generated by these giant corporations. It was a revolution that democratized Internet business.

A similar revolution is now taking place in the NFT world. At the moment, there are two primary ways to make money from NFTs: mint your own collection; or buy and sell NFTs for a profit. 

Both of those approaches are relatively expensive and require a willingness to take risks. Nor do they reward people who simply want to recommend a project they like and admire to their friends and families. 

The NFTY Protocol uses the NFTY token and a stablecoin to create a reputation layer for NFT transactions. Owners stake their tokens and earn a base reward of 13.579 percent. When they use their staked tokens to promote an auction, they receive an additional share of 7.5 percent of the auction sale price in proportion to the number of tokens staked.

The process then is slightly different to the one used by affiliate sellers. There are no special links or affiliate codes, and the rewards are connected to skin in the game. The more you believe in a project, the more tokens you can stake to earn from it.

Also, token holders no longer have to promote an auction in order to earn from it. As long as people are bidding, they’ll still receive a share of the sale. It’s as though instead of being a sales rep for a product on Amazon, affiliates are Amazon investors who earn revenue from particular sales.

The aim, according to NFTY, isn’t just to enable NFT enthusiasts and entrepreneurs to make money from their recommendations. It’s primarily to create a reputation protocol, to help people to find auctions in which they’d want to participate, and to enable sellers to find the markets they deserve. It’s a way to reward people for risking their reputation on individual auctions.

But while the goal might be to match recommendations to rewards and to improve the discoverability of NFT sales, the NFTY Protocol could end up doing much more. If reputation has a value, then enthusiasts can build that value by generating an audience and demonstrating the value of their expertise. 

NFTs might still be in their early days, but they’re already giving everyone a chance to earn—just like the Internet.