The complexity of crypto accounting and integration with traditional financial systems pose significant barriers to broader adoption.
NFT News
What are NFTs? NFTs explained in brief: Nonfungible tokens, or NFTs, are verifiably unique representations of digital and physical goods. Each NFT generally differs in makeup, and therefore likely differs in value as well.
In the physical world, U.S. dollars are fungible. No value is forfeited if a person trades any given paper U.S. dollar for a different paper U.S. dollar. On the other hand, something such as artwork is generally nonfungible. The “Mona Lisa” is not of equal value to “The Persistence of Memory,” as both artworks are unique, deriving value as such.
Based on distributed ledger technology, NFT crypto assets serve as a method of authentication for buyers of unique items, proving aspects such as ownership. NFTs became much more well known in 2020 and 2021. NFTs have potential for other use cases as well, such as companies tracking their internal resources or platforms verifying subscriptions and use.
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ERC-6551 enables NFTs to function as smart contract wallets that can own and transfer other tokens and also have trackable histories.
Starbucks’ decision to end its NFT rewards program aligns with similar moves by other major companies in the last year.
8399The self-proclaimed Queen of the Metaverse sold nearly half a million emotes on Roblox off a viral TikTok campaign.
2695The hackers illegally accessed funds on NFPrompt, including a portion of the NFP treasury and ecosystem fund.
1814The Indian Railway Catering and Tourism Corporation will provide train tickets in the form of NFTs to the passengers of two newly launched semi-high-speed trains.
4081SuperRare Labs’ Zack Yanger said being able to help artists connect with a new class of collectors is “a massive win.”
3854Readyverse Studios, a project co-founded by the author and producer of the hit film Ready Player One, released a trailer for a battle royale game.
1836The U.S. Patent and Trademark Office and Copyright Office jointly concluded that existing IP laws cover emerging technologies such as NFTs.
1916The Starknet Gaming Committee will look to bankroll game devs as the blockchain’s activity keeps sliding and NFT floor prices drop even as ETH rises.
8420The development of Open could bring the world one step closer to bringing the “Ready Player One” experience to reality.
3297Existing music NFTs can only represent one song and can’t be updated, limiting artists who want to offer evolving content.
27677The blockchain gaming sector is starting to pick up steam.
37905A Sony patent proposes video game assets tracked with a “super-fungible token,” and dogwifhat punters are close to buying an ad on the Las Vegas Sphere.
7757The legendary hip hop artist who once rapped on A Tribe Called Quest’s seminal hit “Scenario” is now in the metaverse.
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