yesterday, #nftfi marketplace #blur  finally allowed users to redeem care packages for $BLUR, the platform’s native token. The event was highly anticipated and resulted in a significant market surge over the last month. Ultimately, the royalties-optional marketplace secured over $430 million in trading volume in the last 30 days. And yesterday, the money continued to flow.

The event saw several top traders rake in more than $1 million worth of tokens. According to data from DappRadar, Blur’s 24-hour trading volume was around $9.5 million, making it second only to OpenSea, whose trading volume was approximately $12 million.

Now, it seems that Blur is going toe-to-toe with #OpenSea in a new chapter of the Web3 royalty wars.

the Blur team told users that they should block #OpenSea’s NFT marketplace. Why? Because creators currently can’t earn full royalties on both Blur and OpenSea. Instead, they need to choose one to earn full royalties on — OpenSea or Blur, but not both.

This happens because OpenSea automatically sets royalties to optional when they detect trading on Blur. According to OpenSea, they have this policy to protect both creators and their own bottom line.

Non-Fungible Tokens (NFTs) have taken the world by storm in recent years, especially in the art world. #NFTs are unique digital assets that are stored on blockchain networks, making them secure, transparent and unchangeable. In this article, we will explore what NFTs are, how they work, and how they are revolutionizing the art world.



What are NFTs?



Non-Fungible Tokens (NFTs) are unique digital assets that are stored on blockchain networks. They are non-interchangeable and have specific characteristics that set them apart from each other. Unlike cryptocurrencies such as #bitcoin or #Ethereum which are fungible and interchangeable, each NFT is unique and represents a specific asset or piece of digital content.



NFTs can represent anything digital, including art, music, videos, games and more. They are often used in the art world as a way for artists to sell their work as a unique digital asset that cannot be replicated or duplicated.



How do NFTs work?



NFTs work similarly to other cryptocurrencies, such as Bitcoin or Ethereum, but with some key differences. Each NFT is unique and has its own metadata, such as the name of the artist, the title of the work, and the date it was created. This metadata is stored on the blockchain, making it secure, transparent, and unchangeable.



NFTs are bought and sold on specialized online marketplaces, such as #OpenSea or SuperRare where buyers can bid on or purchase specific NFTs. Once an NFT is sold, the transaction is recorded on the #blockchain and the buyer becomes the new owner of the unique digital asset.



How are NFTs revolutionizing the art world?



NFTs are revolutionizing the art world by offering artists a new way to monetize their work. Traditional art sales often require intermediaries such as galleries or auction houses, which take a percentage of the sale price. With NFTs, artists can sell their work directly to buyers, eliminating intermediaries and potentially earning more money.



NFTs also offer artists greater control over their work. By creating a unique digital asset, artists can ensure that their work is not replicated or duplicated without their permission. NFTs also allow for greater transparency in the art world, as each transaction is recorded on the blockchain, making it publicly accessible and auditable.



In conclusion, NFTs are unique digital assets that are stored on blockchain networks, offering artists a new way to monetize and protect their work. With the rise of NFT marketplaces and increasing interest in digital art, it is clear that NFTs are revolutionizing the art world and changing the way we think about digital ownership.

Enchanted Creatures Club's #NFT Collection Sells Out in Three Days, Helping Save Galapagos' Endemic Species

The Galapagos Islands in #Ecuador are a natural wonder, with endemic species found nowhere else on Earth. But the delicate ecosystem is under threat, and the Enchanted Creatures Club is stepping in to help.

Their unique NFT collection features the beauty and uniqueness of the Galapagos' creatures, with 10,122 Ethereum NFTs showcasing the archipelago's most iconic animals. And the best part? 70% of the royalties from NFT sales go towards supporting Galapagos' conservation efforts, while the remaining 30% will be used to sustain the Enchanted Creatures Club project.

The team behind the Enchanted Creatures Club is Ecuadorian and has partnered with the Charles Darwin Foundation to ensure that all funds raised through the NFTs go to the most influential NGOs operating in the area.

But Why NFTs?

The pandemic hit Galapagos' tourism-dependent economy hard, limiting resources for protection. With this in mind, the Enchanted Creatures Club's project aims to bring more tourists to the archipelago after the pandemic, and support the NGOs operating in the area effectively.

To kickstart their mission, the Enchanted Creatures Club offered one free mint of their NFTs per wallet, with additional mints to the same wallet at a fixed price of 0.01 ETH. As stated by the Enchanted Creatures Club team:

"Helping Galapagos is priceless, that's why we're doing this."

By minting their NFTs, supporters can make a real-world impact by helping to preserve the Galapagos. The Enchanted Creatures Club's innovative approach to raising funds for conservation efforts in the Galapagos has already garnered significant interest and support from the NFT community.

Join the movement to save Galapagos' unique and delicate ecosystem with Enchanted Creatures Club's NFT collection.

Fully Minted; Floor & Ceiling Prices In OpenSea

In just 3 days as per the above-mentioned, ECC sold out and went fully minted. It shows the value and support coming from the owners of the NFTs. A total of 7,645 ECC NFT owners were tallied with 76% of that being unique ones. The floor price listed on #OpenSea is at 0.001 #ETH or roughly $1.76, while the ceiling price is at 1 ETH or with an estimated value of $1,762.48 as of the writing.

This news is republished from https://coinaquarium.io/

Similar to a sad story in a soap opera, an NFT collector suffered the unfortunate fate of being careless in destroying Rp. 2 billion worth of CryptoPunk token assets, so they were destroyed forever.

Launching from Cointelegraph, while going through an unusual #NFT wrapping process, the collector named Riley accidentally sent assets to the burn address, permanently removing the NFT from circulation.

Nonfungible tokens (NFT) from the CryptoPunks collection worth 77 Ether are instead sent to the burn address to be permanently destroyed. “Now, an NFT collector named Brandon Riley intends to borrow some money to buy another NFT,” wrote Cointelegraph.

Riley added CryptoPunk #685 to his collection on March 13 by paying 77 ETH, hoping to keep it for the long haul. As a seasoned investor, Riley knows the importance of getting a new NFT right before the crypto market enters a new bull run.

As a result, he decided to borrow money against CryptoPunk #685 using a popular technique known as wrapping. While going through the unusual NFT wrapping process, Riley accidentally sent the asset to a burning address, which permanently removed the NFT from circulation, as shown below.

Riley’s NFT burning address

“I was told to follow directions exactly, so I did,” explains Riley, but in the process, he ends up losing 77 ETH, which is worth US$135,372.16.

“I didn’t wrap up this punk to sell it on Blur. It became my “punk forever”. The numbers are exactly the opposite of my monkey. I just wrapped it up because I needed to borrow a bit of liquidity from him,” he added.

While members of Crypto Twitter believed that NFT collectors must have deep pockets, Riley debunked the rumors by revealing that he had purchased CryptoPunk #685 through borrowed money. “I shouldn’t have tried this myself I guess,” admits Riley of the experience.

On the other hand, #crypto Twitter also blames a confusing user interface and complicated instructions for investors’ losses. As a result, the community unanimously agreed on the need to change the front-end process for the crypto ecosystem.

NFT laundering trades increased 126 percent in February, confirms the CoinGecko report.

The top six NFT marketplaces are Magic Eden, #OpenSea , #Blur , X2Y2, CryptoPunks and LooksRare. X2Y2, Blur and LooksRare saw increases in wash trading for the fourth straight month, with total volume of US$580 million.

As Cointelegraph previously reported, the problem of wash trading stems from a lack of clear regulations.

In an exciting development for fans of K-Pop star G-Dragon (Kwon Ji-yong), the South Korean rapper, singer, and songwriter is set to release a series of NFTs on the OpenSea marketplace. The series, called “Archive of PEACEMINUSONE,” will be released on the BNB Chain, and the first phase of the sale will be priced at 0.27 BNB, or roughly $88.

G-Dragon, who is also known as the “King of K-pop,” has millions of fans worldwide, and his artistic output has garnered numerous awards and accolades. This latest release is sure to generate considerable interest among his dedicated following, as it offers a unique insight into his personal evolution as an artist and individual.

The “Archive of PEACEMINUSONE” series will feature original paintings by G-Dragon, with the first drop, “ARCHIVE 2016,” already available for purchase on OpenSea. The painting is a representation of the identity of PEACEMINUSONE (PMO), the brand created by G-Dragon, and incorporates intimate details of his life and personal evolution. The painting has been a source of inspiration for G-Dragon and is reflected in the product design of PMO.

The details of the drops are as follows:

March 21st: 13,444 NFTs priced at $88 USD

April 22nd: 1,888 NFTs priced at $288 USD

April 29th: 654 NFTs priced at $488 USD

The mint schedule is as follows:

Allowlist Winners Stage: March 22nd at 8:00 AM GMT+7

1st Public Stage: March 22nd at 10:00 AM GMT+7

NFTs are a new and exciting medium for artists and creators to showcase their work, and G-Dragon’s foray into this space is likely to be watched closely by other artists in the K-Pop and broader music industry. The potential for NFTs to offer a new revenue stream and a way for artists to connect with their fans on a deeper level is significant, and this latest development by G-Dragon highlights the growing importance of this technology in the entertainment industry.

Fans of G-Dragon and K-Pop enthusiasts will undoubtedly be excited by this latest release, and it will be fascinating to see how the “Archive of PEACEMINUSONE” series is received by the wider art and music community. With the first drop already available for purchase, fans of G-Dragon will want to act quickly to secure a piece of this unique and personal collection.

#OpenSea #G-Dragon #NFT #nftcommunity #azcoinnews

This article was republished from azcoinnews.com

In recent months, the NFT market has witnessed intense competition between various marketplaces, with each platform vying for the attention of buyers and sellers. One of the most prominent contenders in this race has been Blur, a zero-fee NFT marketplace that has been steadily growing in popularity since its launch.

According to data analytics platform Nansen.ai, Blur surpassed OpenSea in daily Ethereum trading volume for the first time on Wednesday, Feb. 15, marking a significant milestone for the platform.

Data provided by Nansen shows that Blur achieved a staggering $117.7 million in daily trading volume at its peak on Feb 22, which is about 9 times OpenSea’s volume. The surge in trading volume on Blur’s marketplace comes after the release of its native token, which has further fueled the competition between the two NFT marketplaces.

The increase in trading volume on Blur’s platform followed a blog post from Blur recommending creators to block NFT listings on OpenSea, as a means of collecting full royalties on Blur’s zero-fee marketplace. Blur’s team has outlined the differences in royalty payment options between Blur and OpenSea.

Initially, Blur followed a royalty-optional model, but now requires collections to blocklist OpenSea in order for creators to collect full royalties on its platform. OpenSea automatically sets royalties to optional when it detects trading on Blur, which Blur suggests is a policy that should be discontinued.

Despite being a relatively new entrant to the NFT market, Blur has managed to capture a significant share of the trading volume in a short period. For their (slightly different) top 10 collections, Blur achieved about 46% of OpenSea’s volume in less than 5 months, according to Nansen’s data. The platform’s dashboards are publicly accessible, providing users with the option to select different marketplaces and time frames.

As the competition between NFT marketplaces continues to heat up, it remains to be seen whether Blur can sustain its impressive growth and compete with more established platforms like OpenSea in the long run. However, the platform’s success so far is a testament to the increasing demand for NFTs and the potential for new players to disrupt the market.

#Blur #NFT #OpenSea #nftcommunity #crypto2023

This article was republished from azcoinnews.com

Investment in MoonPay was similarly written down by Coatue by 90%.

OpenSea said on November 3 that it will be reducing its workforce by half.

Coatue Management, a technology investment business based in the U.S, has written down its investment in the OpenSea NFT marketplace by 90%.

Documents seen by The Information on November 7 revealed that Coatue had decreased its investment from $120 million to $13 million, suggesting that OpenSea’s on-paper worth had plummeted to $1.4 billion.

Investment in MoonPay, a Web3 payment processor, was similarly written down by Coatue by 90%. OpenSea’s $300 million Series C funding round was spearheaded by cryptocurrency venture capital firms Paradigm and Coatue in January 2022. The NFT platform was valued at $13.3 billion after the massive funding.

Struggle Continues

Moreover, OpenSea said on November 3 that it will be reducing its workforce by half as part of its relaunch as OpenSea 2.0. Also, this came after a prolonged bear market and a year-long decline in NFT trading volume.

According to OpenSea CEO Devin Fizner, the next edition of the platform would prioritize technological upgrades and speed and quality improvements. Fizner believes that keeping the platform’s staff small would help it stay “nimble and attentive.”

Back in August, OpenSea took heat for saying goodbye to the operator filter. A tool that let creators exclude out markets that didn’t enforce royalties.

In the midst of falling NFT trading volumes, Coatue has reduced their investment. Sales in the industry reached a high of almost $14 billion in 2021. Since March 2022, when this downturn began, NFT trade volumes have fallen by an astounding 80%.

The NFT market had its first monthly increases in almost a year in October, according to a study from crypto analytics company DappRadar published on November 3. The month-over-month rise amounted to $99 million.

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Nonfungible tokens (NFT) trading platform OpenSea has added support for the ERC-721C token standard that allows creators to set and enforce royalties.

According to the April 2 announcement, creators on OpenSea can now enforce earnings via one click. Invented last May by blockchain gaming company Limit Break, ERC-721C solves the problem of NFT wash trading by standardizing token transfer conditions, such as royalties, across all channels. Before their invention, users could easily bypass creator royalty commissions on secondary markets, such as OpenSea and Blur, by transferring NFTs through self-custody wallets or even other NFT marketplaces that did not honor creators' royalty requirements. 

"In the long-run, this allowed for the incentivization of zero-fee, royalty-optional trading with airdrops, effectively turning tokens intended to be non-fungible into proxies for fungible tokens," Limit Break explained in a Medium post, adding that "traders were incentivized to farm tokens by wash-trading NFTs among their own wallets, which is bad for the NFT industry."

As told by OpenSea developers, compatibility for ERC-721C was only enabled by the March 13 Dencun upgrade on the Ethereum network. "If you enforce your creator earnings according to the steps above, sales will only be supported on OpenSea and other marketplaces powered by LimitBreak’s Payment Processor," the platform stated. After ERC-721C contract deployment on OpenSea, creators can still manually list their digital artwork on other marketplaces, but OpenSea will also match the lowest royalties available on other platforms set by the creator.

The feature is also compatible with OpenSea's Seaport 1.6, which programs NFTs to be sold only under certain conditions, such as a changing metadata in reaction to sale volume. Although largely at the discretion of its creator, NFT royalties typically range between 2.5% to 10% per sale. The top 10 NFT collections have earned over $345 million in royalties since their inception.