Tag: Nfts

Bitcoin Ordinals Creator Casey Rodarmor Expands Ecosystem with “Runes”

by Blockchain News

Key Takeaways

Casey Rodarmor, known for Bitcoin Ordinals, introduces “Runes,” a new fungible token protocol for Bitcoin.

“Runes” aims for a simplified user experience and responsible UTXO management.

The announcement comes after the success of Bitcoin Ordinals, another innovative protocol by Rodarmor that transformed satoshis into NFTs.

Casey Rodarmor, who gained prominence for his creation of Bitcoin Ordinals, has announced a new fungible token protocol for Bitcoin named “Runes.” The announcement was made on September 26, 2023, and quickly gained over 250,000 views. This comes after the success of Bitcoin Ordinals, a system that transformed individual satoshis into non-fungible tokens (NFTs), adding another layer of innovation to the Bitcoin blockchain.

The Genesis of Runes

Rodarmor acknowledges the controversial nature of fungible tokens, describing them as mostly “scams and memes.” However, he believes that a well-designed fungible token protocol could bring “significant transaction fee revenue, developer mindshare, and users to Bitcoin.” Runes aims to offer a more streamlined, user-friendly experience while promoting responsible UTXO (Unspent Transaction Output) management, similar to the user-friendly journeys observed in Bitcoin Ordinals.

Technical Aspects of Runes

Runes is designed to be UTXO-based, fitting naturally into Bitcoin’s existing architecture. It aims to avoid the creation of “junk” UTXOs and does not require a native token for protocol operations. The protocol uses OP_RETURN followed by a data push of the ASCII uppercase letter “R” to contain protocol messages in transactions. Invalid protocol messages result in the burning of the input runes, allowing for future upgrades.

Runes and Bitcoin Ordinals: A Comparative Analysis

While Bitcoin Ordinals focused on transforming satoshis into NFTs based on ordinal theory, Runes aims to simplify the fungible token landscape on Bitcoin. Both protocols reflect Rodarmor’s commitment to innovation within the Bitcoin ecosystem. Bitcoin Ordinals had introduced unique identification and tracking for satoshis, and Runes aims to bring similar levels of innovation to fungible tokens.

Ethical and Practical Considerations

Rodarmor raises ethical questions about the existence of such a protocol. He describes the fungible token landscape as a “near totally irredeemable pit of deceit and avarice” but suggests that Runes might draw users away from less-efficient schemes, thereby benefiting Bitcoin in the long run.

Future Outlook

The introduction of Runes opens up new avenues for discussion within the Bitcoin community. It remains to be seen how the protocol will be received, but its focus on simplicity and efficiency could make it a strong contender in the evolving landscape of Bitcoin-based fungible tokens.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Magic Eden Embraces Compressed Solana NFTs

by Blockchain News

Magic Eden, a leading figure in the NFT marketplace, has unveiled its integration of cNFTs, a pioneering form of NFTs that are exclusive to the Solana blockchain. The term “cNFT” is an abbreviation for “compressed NFTs”, underscoring their unique capability to be crafted at a fraction of the cost of their traditional counterparts.

The announcement from Magic Eden delved deep into the potential of cNFTs. One of the primary advantages is their cost-effectiveness, which empowers creators to produce content on a grander scale without the hefty price tag. This not only paves the way for increased experimentation by creators but also provides a more accessible gateway for newcomers to the NFT realm. By making the entry point more affordable and less risky, Magic Eden believes that cNFTs have the potential to revitalize the NFT landscape, making it more vibrant and inclusive for collectors.

However, the introduction of cNFTs hasn’t been without its share of controversies. The choice of the term “cNFT” drew criticism from certain quarters of the digital community. A tweet from user @21e6Crypto on September 15 questioned Magic Eden’s decision to adopt an acronym that was already in circulation within the NFT ecosystem. Responding to the critique, Magic Eden clarified their stance, stating, “we didn’t create cNFTs, we integrated support for them.”

A deeper exploration into the mechanics of cNFTs reveals their foundational reliance on Merkle trees. This data structure is renowned for its ability to “compress” the verifiability of a vast data tree into a singular, identifiable “hash”. Solana Labs engineers have further refined this compression technique, introducing a capability that permits multiple simultaneous updates to Merkle trees within one block. This innovation is a hallmark of Solana, as detailed in their whitepaper.

For developers eager to harness the potential of cNFTs, a comprehensive understanding of Merkle trees is indispensable. Once the Merkle tree is initialized, NFTs can be minted using specialized tools. One such tool isBubblegum, a smart contract devised by Metaplex. To fetch the most recent data, developers would need to rely on RPCs, with platforms like Helius, SimpleHash, and Triton offering support for cNFTs. Lastly, to make any modifications to the NFTs, Merkle tree proofs are a prerequisite.

In conclusion, Magic Eden’s strategic decision to support cNFTs is a testament to the rapidly evolving dynamics of the NFT market. As platforms continue to push the boundaries of innovation, the broader community and industry stakeholders will be closely monitoring the adoption trajectory and broader implications of these compressed NFTs.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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BNB Chain: Driving the Next Billion User Revolution in Web3, NFTs, and the Metaverse – An Exclusive Interview

by Blockchain News

Blockchain technology has been a game-changer, fueling the rise of decentralized applications and introducing novel concepts like Web3, NFTs, and the Metaverse. Leading this significant transition is BNB Chain, a platform dedicated to creating cross-chain/multi-chain infrastructure and interoperability. They aim to lay the groundwork for the next 1 billion Web3 users, making it effortless for Web3 Gaming, NFTs, and Metaverse dApps to scale.

In our exclusive interview today with Walter Lee, Web3 Gaming Growth Lead  in BNB Chain Innovation, we delve deeper into the strategies BNB Chain is employing to reach this ambitious target, their plans to bridge the gap between decentralized technologies and traditional users, their approach to keeping transaction fees affordable, and a sneak peek into some upcoming updates and features. We also touch upon BNB Chain’s competitiveness in the rapidly evolving blockchain space and their unyielding support for the development of decentralized applications (dApps). Keep reading to discover their innovative strategies, upcoming developments, and insights on the future of Web3.

BNB Chain aims to reach 1 billion users. What strategies are in place to achieve this ambitious goal?

BNB Chain provides cross-chain/multi-chain infrastructure and interoperability to lay the foundation for the next 1 billion Web3 users making it super easy for Web3 Gaming, NFTs and Metaverse dApps to scale.

To accommodate a large number of users, BNB Chain will improve performance and scalability. In addition to its storage network BNB Greenfield, it has optimized its infrastructure by implementing layer 2 solutions including opBNB into BNB Chain’s modular stack. Its EVM-compatibility means that it will be a value-add to the network and handle increased transaction volume and user demand

Performance improvements including its Layer 2 solutions such as opBNB is able to hit around 4K TPS. Also, it has an estimated 90% reduction in gas fees at $0.005. This creates a responsive and low latency environment for users.The gaming industry is huge and growing at a rapid pace, there are an estimated 3 billion gamers out there and there has been a lot of growth for web3 gaming on BNB Chain in recent times. Hence, we believe that Gaming will be one of the key verticals for BNB Chain to achieve 1 billion users!

How does BNB Chain plan to bridge the gap between decentralized technologies and users who still rely on consistent, centralized relationships and identities?

Web3 technology is not exactly a revolution for existing industries, it is in fact a market expansion. BNB Chain understands that existing users cannot be disrupted instantly. There has been observable maturity in the development growth in the web3 space to bridge this gap, starting from the user journey. For most dApps, there has been a move away from “forcing” users to connect to a blockchain wallet. Instead, dApps could leverage social logins to generate wallets attached to the social identity and assets would be automatically dropped into the linked wallet. Users would then be empowered to make their own decisions in terms of managing the owned assets.

For developers, BNB Chain’s goal is to provide the best and most extensive infrastructure for true web3 developments. For example, BNB Greenfield, which is a decentralized storage platform designed to revolutionize the data economy by utilizing the power of decentralized technology for data ownership and management. Built within the BNB Chain ecosystem, this platform introduces a decentralized approach to data management that seamlessly integrates with BNB Smart Chain (BSC).

Features include:

  1. Native integration of data permissions and management logic onto BSC as exchangeable assets and programmable smart contract programs.

  2. Providing of developer-friendly API and performance equivalent to popular Web2 cloud storage solutions;

  3. Comprehensive incentivization of all participants of the network to ensure high-quality service and a sustainable ecosystem

Compared to other decentralized storage services like IPFS, Filecoin, Arweave, and Web3.storage, Greenfield offers several advantages. It is designed to be highly scalable, cloud-native, and compatible with both Web2 and Web3 standards. It provides strong performance and reliability regardless of the amount of data being stored. The integration with BSC and the EVM environment allows for fully programmable capabilities and a wide range of use cases.

Overall, the web3 industry is still very young so there will be continued innovations that will aid users and developers in adding benefits and features to various industries such as in Finance and Gaming.

Can you tell us about BNB Chain’s transaction fees, and what measures are in place to keep them affordable for users?

BNB Chain’s transaction fees have been one of the lowest in the industry, starting off at around 5 gwei. In recent times, BNB Chain’s validators have opted towards reducing that further in order to encourage competitiveness, which will result in positive ecosystem growth. As of April 2023, BNB Chain’s gas fees have further reduced to 3 gwei, and that is around a few cents per transaction.

On top of that, BNB Chain has recently launched the testnet for opBNB, which will further reduce the gas fees by around 90% to $0.005! This should be very exciting for both developers and users, opBNB is expected to launch into the mainnet in Q3 this year.

Can you discuss any upcoming updates or features that users can look forward to on BNB Chain?

opBNB – The opBNB Testnet is live and we are calling on testnet Validators and dApp Builders to try the Testnet and provide feedback.

opBNB represents our commitment to ensuring a seamless and efficient experience for users, developers, and projects on BSC. This development is part of our ongoing mission to bring the power of blockchain to everyone while embracing and driving forward innovation.

opBNB is BSC’s answer to the scalability challenge that has limited the mass adoption of blockchain technology. As an Ethereum Virtual Machine (EVM) compatible layer 2 chain, opBNB solution is based on Optimism OP Stack to further enhance BSC scalability while preserving affordability and security.

Optimistic Rollups was proposed to reduce the computational load on the main chain by executing transactions off-chain and only posting transaction data on-chain as calldata. This approach drastically improves scalability by bundling multiple transactions together before submitting them to the main chain.

The mix of BSC’s strong ability and opBNB’s dedicated new features, which includes making data access easier, improving the cache system, and adjusting the submission process algorithm to allow simultaneous operations (also known as batcher), allows OpBNB to push the gas limit up to a whopping 100M. This is a big jump from Optimism’s 30M (source: link). Thanks to these new features, OpBNB can handle over 4000 transfer transactions each second and keep the average cost of a transaction below 0.005 USD. By harnessing the power of Optimistic Rollups, opBNB moves computation and state storage off-chain, alleviating congestion and driving down transaction costs.

BNB Greenfield – The BNB Greenfield testnet is live and the community is calling on testnet Validators, Storage providers (SPs), and dApp Builders to join the decentralized storage tech stack to shape the future of data ownership in Web3.

BNB Greenfield is an innovative blockchain and storage platform that seeks to unleash the power of decentralized technology on data ownership and the data economy. It is a decentralized, open-source storage chain with BNB as its token.

With a focus on facilitating decentralized data management and access, Greenfield aims to revolutionize the data economy by easing the storing and management of data and linking data ownership with the DeFi context of BNB Smart Chain (BSC).

  1. Greenfield, a decentralized storage chain using BNB tokens is now Live, marking asignificant milestone as it implements core features outlined in the whitepaper. Developers can explore various features like account creation, data storage, access control, cross-chain communication, storage provision, node validation, and staking.

  2. Greenfield aims to offer the fastest data service among decentralized storage solutions with cost-effective features, comparable to Web 2 cloud storage. This sets the stage for widespread adoption.

  3.  A native relayer links BSC and Greenfield, enabling BSC Dapps to integrate with Greenfield using a simple SDK and minimal development. Upon Greenfield mainnet launch, thousands of Dapp data sets will be available, fostering rapid ecosystem growth and easing data-related innovation compared to other chains.

  4. Users will have control over their data, meaning they can decide who can access it and set the access fees. This broadens ownership from assets to data.

  5. The BNB token’s use will extend to large-scale data storage and trading, which will enhance its value over time

What sets Greenfield apart from existing centralized and decentralized storage systems are its three key components:

  1. Data Ownership: Users own the data and can grant permissions either manually or programmatically.

  2. EVM Compatibility by Integration with BSC : It allows Ethereum-compatible addresses to create and manage both data.It natively links data permissions and management logic onto BSC as exchangeable assets and smart contract programs with all other assets.

  3. High Performance Rich API/SDK: It provides developers with similar API primitives and performance as popular existing Web2 cloud storage. The performance is comparable to commercial cloud as well.

Hackvolution – BNB Chain are inviting all developers, researchers and scientists to participate in the online Hackvolution event that seeks to redefine and empower the next-generation of dApps with the potential of opBNB and BNB Greenfield.

Whether you are interested in Infrastructure, DeFi, Gaming, or AI, this hackathon provides the platform to explore, innovate, and make a lasting impact. This is your chance to demonstrate your creativity, technical skills, and entrepreneurial spirit as you work alongside a vibrant community of like-minded individuals.

The hackathon is supported by industry leaders such as COMBO, CyberConnect, Hooked Protocol, Alibaba Cloud, Google Cloud and Ultiverse. Generous rewards, including cash prizes, marketing packages, participation in the BNB Chain’s Gas Grant program, and discounted access to essential tools and services, are up for grabs.

It’s an exciting chance for dvelopers to gain recognition, network with industry experts, and propel their project to new heights.

How does BNB Chain plan to stay competitive as the blockchain space continues to evolve and new players enter the market?

BNB Chain is one of the most up to date and extensive infrastructure technology. A good example would be the launches of zkBNB and opBNB, as well as the fully decentralized storage layer, Greenfield. With an extensive infrastructure, developers and users get to build and experience Web3 in the best ways possible, building the strongest advantage of BNB Chain our large and fast growing community.

BNB Chain has more than 3 million in our social communities, and over 1500 dApps. This vibrant range of products and community size are the key contributions for over 1 million daily active on-chain users in this current market.

As “BNB” actually means “Build N Build”, we believe by continuously building with developers and community through support provision and engagements respectively, BNB Chain will continue to be a dominant ecosystem in the web3 industry.

How does BNB Chain support the development of decentralized applications (dApps)?

BNB Chain recognizes the importance of the community and hence, we have been constantly engaging developers and users. We understand that developers are our pillars for growth, and there are many challenges in developing Web3 products, so BNB Chain has been providing various supports including but not limited to:

  1. Marketing collaborations and support – BNB Chain plays an active role in bringing useful information and knowledge of its Web3 dApps to the community

  2. Grants – For projects that are in need of funding, BNB Chain offers the Builders’ & Gas Grants. The Builders’ grant aims to encourage projects to bring value and growth to the ecosystem, while the gas grant helps projects to run growth campaigns by offering grants based on gas fees incurred by the on-chain transactions

  3.  Developer Programs – the industry is ever-changing and the BNB chain is agile in its program creation and implementation to help developers in the space. One of the most popular programs would be the Kickstart program, where providers of various essential web3 services such as on-chain wallet development and security audits are able to list and get connected to new developers. This helps start-ups in web3 navigate and develop their projects effectively

There’s no doubt that BNB Chain is making significant strides in propelling the mass adoption of blockchain technology, particularly in the realms of Web3, NFTs, and Metaverse. The platform’s cutting-edge features such as opBNB, BNB Greenfield, and upcoming initiatives like Hackvolution, promise to revolutionize not just the world of blockchain but the larger digital ecosystem as well.

BNB Chain’s commitment to remaining agile in the ever-changing tech industry, their comprehensive support to developers, and their dedication to building a robust, active, and vibrant community all testify to their potential for continued growth and success. As the blockchain space continues to evolve, we look forward to seeing more innovative developments from BNB Chain and its dedicated team. 

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What is Bitcoin Ordinals?

by Blockchain News

Bitcoin Ordinals, also known as digital artifacts, are a way to inscribe digital content on the Bitcoin blockchain. They were introduced in January 2023 by Casey Rodarmor, a programmer and artist, who saw an opportunity to create a unique experience on the Bitcoin blockchain similar to non-fungible tokens (NFTs) on Ethereum and other blockchains.

What are Bitcoin Ordinals?

Bitcoin Ordinals are a system for numbering and tracking individual satoshis (the smallest unit of Bitcoin), transforming them into non-fungible tokens (NFTs). Ordinals are based on ordinal theory, which gives individual identities to satoshis and allows them to be tracked, transferred, and imbued with meaning.

The Ordinals protocol assigns a unique number to each satoshi based on when it was mined. Smaller numbers correspond to older satoshis. As transactions occur, the Ordinals protocol tracks each satoshi through subsequent transactions in a “first-in-first-out” scheme. The satoshis’ identifying numbers are called Ordinals, as both the identification and the tracking mechanism are dependent on the chronological order of creation and transactions.

How do Bitcoin Ordinals work?

Ordinals simply refer to the system for numbering and tracking satoshis. Each satoshi is assigned a unique identifying number when they are created (mined) which can be traced through every subsequent transaction. Each satoshi identified by the Ordinals protocol can also be referred to as an Ordinal.

The Ordinals protocol assigns a number to each satoshi based on the order in which it was created, called the integer. It also assigns a decimal based on the satoshi’s position in the block height of its Bitcoin block. Finally, its position in the entire Bitcoin supply is expressed as a percentile, and its name is assigned using the letters a-z. The names of satoshis get shorter as time goes on, such that the last satoshi ever mined will be “a.”

After a satoshi has been identified by the Ordinals protocol, users can inscribe a satoshi with arbitrary data to give it its unique characteristics, defined as a digital artifact. Writing arbitrary data into a satoshi only became possible after the SegWit (2017) and Taproot (2021) upgrades to Bitcoin Core.

How to buy, sell, and trade Ordinals?

Much like the process of minting Bitcoin Ordinals, the trading process hasn’t had matured tooling. Yet there are a few tools to trade these digital artifacts. As Bitcoin Ordinals grow in popularity, most of the trades have been largely over-the-counter. However, tools like the Ordinals Wallet, Hiro, and Xverse allow users to buy and sell Bitcoin Ordinals.

Ordinals Wallets

Ordinal wallets provide a simple way to store and collect digital artifacts created using Ordinals. Here are some of the trusted Ordinal wallets:

The Ordinals Wallet: Launched on February 16, 2023, the Ordinals Wallet is a Bitcoin wallet that allows users to hold, store, view, transfer, send, inscribe, and buy and sell Ordinals directly from within the wallet. It has a user-friendly interface and is a community-funded project.

Hiro Wallet: Launched on February 14, 2023, Hiro Wallet allows users to securely store, send, and receive Bitcoin, and create and store Ordinal NFT inscriptions in minutes. It is compatible with popular Ordinals platforms such as Gamma, OrdinalsBot, and other emerging apps, allowing for inscription directly in the web browser.

Ordinals vs. traditional NFTs

Ordinals are different from traditional NFTs from a technical design perspective. There are several features that make the pricing for ordinals a different exercise. Bitcoin Ordinals help identify satoshis uniquely and have content or art stored on-chain. Ethereum’s ERC-721 standard, which is used to create NFTs, typically holds the metadata or a pointer to the art, which is generally held off-chain. Some Ethereum NFTs are experimenting with on-chain storage, but they are more of an exception.

Future of Bitcoin Ordinals

Bitcoin Ordinals are a new technology and the use cases for them keep growing. They have been used to port Ethereum (and other chain) NFT collections to Bitcoin, but unique projects are also beginning to stake a claim to digital artifacts tied to the original cryptocurrency. As demand from ordinary users and followers increases, the ecosystem and the tooling should start maturing with more user-friendly journeys.

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JR Kyushu Railway Company Launches NFTs on Astar Network To Boost Customer Engagement

by Blockchain News

Tokyo, Japan, May 11th, 2023, Chainwire

The initiative will bring real-world utility to NFTs in Japan, enabling the railway operator to strengthen its customer relationship

Kyushu Railway Company (JR Kyushu) – part of Japan’s largest rail network, the Japan Railway Group – today announced that it will issue NFTs on top of the Astar Network, the smart contract platform for multichain, in collaboration with P.R.O. Co., Ltd. By distributing NFTs to its users, JR Kyushu aims to create new touch points with its users and enhance its existing relationship with its customers.

The JR Kyushu NFT project will kick off in July 2023 and provide riders with new ways to enjoy Kyushu while maintaining a holistic track record of their travel experience. As a first proof-of-concept, JR Kyushu and PRO will distribute a free NFT during the Blockchain Expo in Tokyo from May 10th-12th displaying the new Nishi Kyushu Shinkansen. 

As part of Japan’s largest railway network, JR Kyushu runs intercity rail services in the country’s third largest island Kyushu. It is also engaged in freight services, bus transportation, hospitality, and other related services. JR Kyushu serves more than 330 million people a year. 

The collaboration will bring real-world utility to non-fungible tokens (NFTs) in Japan. While NFTs are often used for trading and digital art, JR Kyushu aims to leverage the technology to provide visitors with memorabilia and proof of visiting, riding, and using their system. 

Astar Network Founder Sota Watanabe said, “At Astar Network, we’re excited to see more real-life use cases of enterprises exploring and leveraging NFTs to build closer relationships with their customers and provide new value. We look forward to supporting PRO Japan and JR Kyushu in their endeavor.”

The railway operator chose Japan’s first public blockchain Astar Network for its low fees, high scalability, and the team’s deep understanding of the Japanese market. Astar is at the forefront of the NFT craze that’s sweeping across Japan as dozens of leading brands embrace the possibilities of Web3. In the past, Japan’s leading corporations including Toyota Motor Corporation and Sony Network Communications have worked with Astar Network to explore the opportunities in Web3.

Once the project launches in July, riders will be able to purchase commemorative NFTs or obtain them through the usage of the railway system. Depending on the NFTs held, riders might qualify for further benefits and access to limited NFTs. Users will be able to purchase NFTs using the Japanese yen. 

Astar Network is the leading Layer-1 in Japan, having been voted the most popular blockchain in the country by the Japanese Blockchain Association. It is also the first public blockchain from the country to be listed there despite Japan’s strict listing regulations. Astar’s native token ASTR is registered as a cryptocurrency, not a security, by the Japanese government.

About Astar Network

Astar is Japan’s most popular smart contract platform, supporting both EVM and WebAssembly (Wasm) environments, and interoperability between them using a Cross-Virtual Machine. Astar Network is friendly to all kinds of developers, and the tools and languages they already know. Backed by the shared security of Polkadot, Astar shines brilliantly on its own within a vibrant and healthy ecosystem, and is a leading star in the blockchain industry overall, driving international corporate adoption, and consumer interest in web3 technologies.

Astar’s Build2Earn program is designed to grow the network in an innovative way, while simultaneously rewarding participants and builders. It allows developers to earn incentives for building and maintaining their decentralized applications, and users to earn incentives for supporting their favorite projects, all while encouraging growth of the ecosystem overall.

For more information, visit: Website | Twitter | Discord | Telegram | GitHub | Reddit | YouTube 

Contact

Maarten Henskens
press@astar.network
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Bitcoin Ordinals Inscriptions Double

by Blockchain News

The rise of Ordinals inscriptions on the Bitcoin network has sparked new interest and debate around its impact on the ecosystem. Initially used to mint images as non-fungible tokens (NFTs), users have now realized that text-based inscriptions can create fungible tokens similar to ERC-20 token standard on the Ethereum network. As a result, the number of Ordinals inscriptions on the Bitcoin blockchain has almost doubled from 2.5 million to 4.78 million in just the last eight days.

Glassnode co-founder and chief technology officer Rafael Schultze-Kraft noted that text-based inscriptions are the most popular form of Ordinals inscription, with over 2.8 million text-based inscriptions as of May 5. Recent data from blockchain data hub Dune Analytics shows that 99% of all new Ordinals inscriptions since April 25 have been text-based, popularized as the BRC-20 token standard.

According to brc-20.io, a new tool that tracks BRC-20 tokens, there are currently 14,200 new tokens hosted on the Bitcoin blockchain. The most popular Bitcoin-based tokens include “ordi,” “nals,” and a Bitcoin-based version of the memecoin Pepe (PEPE), which is ranked third by total market cap.

The total market cap of BRC-20 tokens currently hovers around the $700 million mark, with Galaxy Digital predicting the market for “Bitcoin NFTs” may reach $4.5 billion by 2025. The rise of Ordinals over the last few months has sparked debate around whether it is ultimately positive for the Bitcoin ecosystem. Some Bitcoin proponents believe that Ordinals offer a wider range of financial use cases for Bitcoin, while others argue that it strays from Satoshi Nakamoto’s original vision for Bitcoin as an electronic, peer-to-peer cash system.

In the meantime, miners have enjoyed a surge in revenue due to transaction fees related to the burst of new activity on the network. As the popularity of Ordinals continues to grow, it remains to be seen whether it will have a positive or negative impact on the Bitcoin ecosystem.

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Binance Adds Bitcoin Ordinals to NFT Marketplace

by Blockchain News

Bitcoin ordinals, also known as Bitcoin NFTs, are gaining popularity in the Web3 space as more marketplaces adopt and offer digital assets. Binance, a leading cryptocurrency exchange, has recently announced that it will soon support Bitcoin ordinals on its NFT marketplace, expanding its multichain NFT ecosystem to include the Bitcoin network. This move follows other decentralized networks that the Binance NFT market has already integrated, including BNB Chain, Ethereum, and Polygon.

Mayur Kamat, the head of product at Binance, commented on the new offerings in the marketplace and Bitcoin’s crypto legacy, stating, “Bitcoin is the OG of crypto.” With this update, Binance users will be able to purchase and trade Bitcoin ordinals from their existing accounts. The announcement also states that the update will include royalty support and additional revenue-generating opportunities for those creating Bitcoin ordinals.

Prior to Binance’s announcement, OKX, another cryptocurrency exchange, announced in late April that it would bring Bitcoin ordinals to its marketplace and wallet ecosystem. Initially, OKX users could view and store ordinals using their accounts, with the option to mint ordinals being hinted at in the future, according to Haider Rafique, the chief marketing officer at OKX.

Bitcoin NFTs are available on marketplaces such as Magic Eden, which integrated the feature back in March. Recent data shows that inscriptions of Bitcoin ordinals have been on the rise in recent months, reaching 58,179 inscriptions on April 2, up 83.5% from the previous month. As of May 1, the total number of Bitcoin ordinal inscriptions had skyrocketed to exceed 3 million.

However, Bitcoin ordinals remain a controversial topic within the crypto community. Some Bitcoin maximalists criticize them for deviating from Bitcoin’s original peer-to-peer ethos. Nonetheless, Bitcoin ordinals offer unique opportunities for creators and collectors to buy, sell, and trade digital assets on the blockchain.

The rise of Bitcoin ordinals also reflects the growing interest in NFTs and digital art. In March, the digital artist Beeple sold a digital artwork for a record-breaking $69 million at a Christie’s auction. The sale of this NFT sparked a frenzy in the NFT market, with artists, musicians, and other creatives exploring the potential of blockchain technology to authenticate and monetize their work.

In conclusion, Binance’s move to support Bitcoin ordinals is a significant step for the NFT market, expanding the availability of digital assets to include the Bitcoin network. With the rise of Bitcoin ordinals and NFTs, we can expect to see continued innovation and experimentation in the world of blockchain and digital art.

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Cogni Launches KYC-Backed NFTs for Crypto Wallet Users

by Blockchain News

A recent upgrade has made it possible for users of the noncustodial multichain crypto wallet offered by Neobank Cogni to have access to a previously unavailable feature. Users of the wallet that the bank provides will soon be able to receive soulbound nonfungible tokens (NFTs) that incorporate information from the Know Your Customer (KYC) protocol. The NFTs, which will be constructed on the Polygon network, will provide customers the chance to convert their “Web2” KYC verification, which was performed by the bank when the client established their account, to a Web3 setting. This will be made possible via the Polygon network.

The cryptocurrency wallet that was introduced by Cogni in January allows users to send, receive, and store cryptocurrencies as well as NFTs. These capabilities were first made available to users. Users of wallets will now have the option to mint non-transferable soulbound NFTs, which can only be decrypted by decentralized apps (DApps) with the owner’s explicit authorization. Wallet users will be able to do this by using their private keys.

According to Ganesh Ravishankar, the Chief Executive Officer of Cogni, the user experience and a lack of faith in the ecosystem are the reasons why a lot of people have not jumped on the decentralization bandwagon just yet. This data was provided by the Chief Executive Officer of Cogni. The information about bank-level KYC that is contained on the NFT, on the other hand, satisfies the KYC rules in the United States, and it will be made available to cooperating DApps without the need for any further action on the part of those DApps.

Cogni’s mission is to provide a marketplace for decentralized apps (DApps) that can be connected to with just a few clicks, and this will include the KYC verification procedure. The use of wallets that do not contain custodial services has been on the rise, especially in light of the failure of large cryptocurrency organizations to escape bankruptcy during the crypto winter. This failure led to the money of customers being frozen in custodial wallets, which resulted in the increased popularity of wallets that do not include custodial services.

It is planned that sometime over the summer, the Cogni soulbound NFT will be made available to the general public. Initially, however, it will only be accessible to a select group of users. The objective of the firm is to improve the user experience of decentralized finance (DeFi) by creating a platform that is easy to use, has security on par with that of banks, and validates the identities of users.

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The Sandbox partners with Ledger Enterprise for NFT security integration.

by Blockchain News

In its latest move to bolster security and enhance its partners’ experiences, The Sandbox has partnered with Ledger Enterprise to develop security integration. This partnership will enable The Sandbox’s partners to migrate their nonfungible token collections to the Ledger wallet, ensuring the highest level of security for these assets.

The collaboration will also see The Sandbox appear as a decentralized application (DApp) on Ledger Enterprise, and a specific widget will be integrated into the Ledger Live desktop application. This will allow for the transfer of all NFTs in The Sandbox collection wallet to the Ledger Enterprise wallet, thereby ensuring their security.

As part of the partnership, The Sandbox will recommend Ledger Enterprise to its LAND owner ecosystem, while Ledger will promote The Sandbox metaverse to its clients. The initiative extends the recently established partnership between The Sandbox and Ledger to promote crypto education in the metaverse.

This partnership follows a successful collaboration between The Sandbox and Ledger in 2022, which saw the two companies promote crypto security education through a game called School of Block in The Sandbox’s metaverse. According to the VP of Communications at The Sandbox, Ariel Wengroff, the company was thrilled with this experience.

Ledger recently raised $109 million (100 million euros) in a Series C funding round extension, placing its valuation at $1.4 billion (1.3 billion euros). The capital, provided by investors such as VaynerFund, Cité Gestion SPV, True Global Ventures, and Digital Finance Group, will be used to expand the company’s distribution network, increase production, and develop new products.

The Sandbox is actively broadening its partnerships network and signed a memorandum of understanding with the government of Saudi Arabia in February to explore, advise and support each other in metaverse development. The Sandbox has also previously partnered with some of the biggest names both inside and outside of the Web3 space, including Snoop Dogg, Gucci, Tim, Atari, HSBC, and Warner Music Group.

In conclusion, The Sandbox’s partnership with Ledger Enterprise is a significant step in ensuring the security and safety of nonfungible token collections on its platform. The collaboration will enable The Sandbox’s partners to enjoy the highest level of security and enhance their overall experience on the platform. With its growing list of partnerships, The Sandbox continues to position itself as a leading decentralized metaverse platform in the Web3 space.

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First Jury Hearing in OpenSea Insider Trading Case

by Blockchain News

On April 24th, the Southern District Court of New York held the first jury hearing in the case against former OpenSea product manager Nathaniel Chastain. Chastain is facing two counts of wire fraud and money laundering, with allegations of insider trading with non-fungible tokens (NFTs). The case has garnered attention from the cryptocurrency and legal communities alike, as it may have a significant impact on the legal classification of NFTs.

The allegations against Chastain were filed by the U.S. Manhattan Attorney’s Office on May 31st, 2022. The prosecution claims that Chastain used his insider knowledge to secretly purchase 45 NFTs just before their listing and sold them immediately afterward for a profit. One such example cited in the filing was the case of NFT “The Brawl 2.” Chastain allegedly bought four of these NFTs “minutes before” they were featured on OpenSea and sold them within hours for a 100% profit.

Chastain’s defense attempted to remove the “insider trading” references from his charges, arguing that the term only applies to securities and not to NFTs. However, prosecutors noted that the allegation of insider trading can be used to reference multiple types of fraud in which someone with non-public knowledge uses it to trade assets. The use of the term “insider trading” to describe NFT-related charges is a new development, and the outcome of the trial may have implications for the legal classification of NFTs.

If the case against Chastain results in a conviction for insider trading, it could set a precedent for similar charges in the future, potentially leading to NFTs being classified as securities. Alma Angotti, a former U.S. Securities and Exchange Commission (SEC) lawyer, predicted this outcome in 2022, citing the Howey test, which determines whether a financial instrument is a security. Another former SEC employee, Philip Moustakis, expressed a similar concern, stating that “if this case sticks, there is precedent that insider trading theory can be applied to any asset class.”

In another recent court case, cryptocurrency exchange Coinbase supported a motion to dismiss insider trading charges against the brother of the platform’s former product manager. The defense argued that the SEC had no jurisdiction to file a lawsuit because the tokens in question did not pass the Howey test. This case highlights the uncertainty surrounding the legal classification of NFTs and the potential impact of Chastain’s trial on the industry as a whole.

The trial is expected to last several weeks, and its outcome may have far-reaching consequences for the NFT market. The case has drawn attention to the need for clear regulations surrounding NFTs and cryptocurrency in general. The outcome of this case could set a precedent for the legal classification of NFTs and have a significant impact on the future of the industry.

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