Discover the latest happenings in the world of NFTs in this week’s newsletter. Learn about a new hybrid token standard that aims to compete with ERC-404 and how Stephen Chow’s NFT collection achieved a trading volume of $23 million. Find out why athletes need to familiarize themselves with the NFT space before getting involved, and explore how a liquor distributor is using NFTs and AI to sell a 50-year-old whisky collection. Additionally, learn about the potential benefits of Ordinals for Bitcoin miners after the halving.
Introducing a New Hybrid NFT Standard: Say Goodbye to ERC-404
Just a week after the launch of ERC-404, a token standard that combines fungible and nonfungible tokens, a developer team has come up with an even better solution: the “Divisible NFT” standard. Like its predecessor, this token standard aims to bridge the gap between ERC-20 and ERC-721.
What sets this proposed standard apart is its fractionalization feature, which allows NFT holders to trade fractionalized portions of their tokens. Developer “Cygaar” claims that despite ERC-404’s popularity, it has certain inefficiencies and limitations.
Stephen Chow’s NFT Collection Surpasses 10,000 ETH in Trading Volume
Renowned Hong Kong director Stephen Chow recently launched an NFT collection called “Nobody.” Within a day of its release on February 7, the collection achieved a trading volume of nearly 10,000 Ether (ETH), equivalent to approximately $23 million. The project’s developers are committed to building the intellectual property for the collection, combining Chow’s past successes with innovative mechanisms.
To promote the collection, Chow partnered with crypto exchange OKX on January 10 to organize a whitelist giveaway. Over 125,000 individuals participated in the airdrop, with 2,500 NFTs up for grabs. The collection’s total supply is 10,000.
Athletes Must Familiarize Themselves with NFTs Before Jumping In
Tom Fleetham, head of business development for sports and gaming at Zilliqa, emphasizes the importance of athletes and sports organizations understanding the intricacies of NFT projects before getting involved. While there are benefits to NFTs, recent incidents like basketball star Dwight Howard’s NFT drop on the Avalanche blockchain, which faced criticism and allegations of a rug pull, highlight the need for thorough comprehension.
Whisky Distributor Utilizes NFTs and AI to Sell Vintage Collection
The Glenlivet, a renowned Scottish distillery, has adopted NFTs and AI to sell its rare whisky collection. On February 13, the company announced the sale of 12 bottles from a collection that has been maturing since 1974.
Using AI technology, the alcohol distributor generated unique labels for each bottle in the collection. Additionally, the company leveraged blockchain-powered platforms to create digital certificates of authenticity and ownership in the form of NFTs.
Ordinals Could Boost Bitcoin Miners, Yuga NFT Mint Faces Challenges, and More
Grayscale researcher Michael Zhao suggests that Bitcoin Ordinals inscriptions could provide a revenue boost for Bitcoin mining companies following the upcoming halving, which will cut mining rewards in half.
In other news, NFT company Yuga Labs announced that it will reimburse gas fees for individuals who lost funds while attempting to acquire the “Loot” NFT within the game Legends of the Mara.
Don’t Forget to Check Out Cointelegraph’s NFT Steez Podcast
Thank you for reading this digest of the latest developments in the NFT space. Join us again next Wednesday for more reports and insights into this rapidly evolving field.