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Mainstream NFT adoption will be driven mostly by their utility
Hype may have been a factor in the rise of NFTs, but the actual utility will be the catalyst for the mainstream adoption of the technology.
Nonfungible tokens (NFTs) have seen a stratospheric surge in popularity accompanied by sky-high values, giving rise to legitimate and ongoing worries about a market bubble, as many projects lacked real-world application or utility.
NFT utility is an essential component because it adds value and functionality to the technology. One of the most well-known use cases for NFTs is the ownership of digital art pieces like CryptoPunks. Play-to-earn (P2E) gaming is another use case that had massive popularity in 2021.
NFTs can assist firms in various sectors with their operations since, at their core, they contain evidence of ownership and proof of provenance. In addition, collections have access to a strong branding strategy that works in conjunction with their public image due to granting commercial rights to NFT owners for their assets.
However, the market needs additional use cases for NFT technology to reach mainstream adoption as it adds value and usefulness to NFTs, helping them to stand out among the crowded digital asset projects. Read More
JPEGs Are 'Not the Future of Web3 and NFTs': Polygon Studios Metaverse Lead
Polygon’s Brian Trunzo sees a broader array of NFT use cases taking hold in the future, from fashion to gaming and beyond.
In the early years of the NFT space thus far, it’s been profile pictures and artwork that have yielded top-dollar sales and consistently dominated headlines. But as the market evolves and the immersive future internet of the metaverse takes shape, will tokenized images continue to be the most prominent use case for NFTs?
Brian Trunzo, metaverse lead at Polygon Studios, doesn’t think so. In an interview at the Chainlink SmartCon 2022 conference, he told Decrypt’s Dan Roberts and Stacy Elliott that the crypto industry will have achieved mainstream adoption of Web3 technology, NFTs, and the metaverse when “we stop saying it”—when those terms are no longer necessary.
Trunzo believes that sceptics of the technology are informed by a limited understanding of Web3 and suggests that a wider set of NFT use cases will take hold in the future. “It's because their understanding of it is that which the mainstream media reports to be right-click-save JPEGs, an investable asset class—which is not the future of Web3 and NFTs, in my mind,” he explained. Read More
After 2 Years of Debate, Europe Finalizes Landmark Crypto Rules
“This marks the end of a heated but necessary discussion between the EU co-legislators,” said the European Crypto Initiative on today’s news.
European Union officials have agreed on the final wording for its landmark crypto legislation which could pave the way for a Europe-wide regulatory approach.
The full legal text of the Markets in Crypto Assets Regulation (MiCA) was approved at a meeting of EU ambassadors on Wednesday, according to a letter from committee chair Edita Hrdá.
In the letter addressed to the European Parliament’s chair of the Committee on Economic and Monetary Affairs Irene Tingali, Hrdá said that cooperation between the Parliament and the Council should enable the regulation to be approved on its first reading in Parliament.
In June, policymakers agreed to a deal on the legislative package after two years of back-and-forth.
The regulation, in its current form, will require anyone seeking to issue crypto to publish a “crypto-asset white paper” containing information about their project. Read More
QANplatform Collaborates With API3 to Integrate API3 Oracles
QANplatform recently announced a partnership with API3 to integrate API3 Oracles. The collaboration will see the QANplatform integrate the protocol within its quantum-resistant smart contracts.
As a quantum-resistant L1 hybrid blockchain, QANplatform helps enterprises and developers to build multiple quantum-resistant tools. These include NFTs, DeFi solutions, dApps, Web3, metaverse, and smart contracts on the QAN blockchain using any language.
It also rewards the developers after every new public blockchain transaction and smart contract deployment for a lifetime if their codes are reused. With the collaboration, QANplatform will become ready to tackle global adoption.
It will build integrations to existing and globally known programming languages that can be compiled to run on Linux Kernel. In addition, it will support major cloud platforms, DevOps technologies, Band Protocol, API3, and Chainlink. Read More
Innovations that will change the way we work and interact online.
The Markethive Social Market Broadcasting Network becomes more prominent daily as the blockchain-driven ecosystem for entrepreneurs with a non-adversarial, bi-partisan free speech ethic and the collaborative culture we rarely see on social media platforms today. Even the newer acclaimed, free speech platforms are partisan to the left or right and deal with de-platforming and boycotts from payment providers.
Unlike the social media giants, which only have one primary news feed algorithmically set by the central authorities, Markethive is integrating four news feeds to accommodate the multi-functional platform within the Markethive ecosystem.
The individual feeds are General, Video, Blogging, and Content Curation, and they are all accessible from the main page and can be algorithmically set by the individual user. The scope that Markethive has is enormous as it integrates all the vertical systems of the other platforms under one roof.
Social + Video + Blogging + Marketing + Curation + Broadcasting + Affiliate + Gamification + Cottage Businesses = Markethive: A Powerful Blockchain-driven Ecosystem
There is nothing out there like Markethive. We are an Inbound Marketing (automated marketing platform) like Marketo, Paragon, and even the wannabee MLM Onpassive platform. We are like Youtube, Instagram, LinkedIn, Twitter, etc., but will be superior to these legacy Web 2 media when we release all the aspects and layout of Markethive 2.0.
We have a dynamic social media interface and growing community with a strong collaborative ethos, with SaaS and broadcasting capabilities already operational. We are not waiting for the launch to access the services; they are already there for you to use to help you facilitate your business and increase your reach and following.
Markethive is enhancing and bringing the platform into the future internet with our new technology and interfaces, but still in keeping with the human touch. Read More
Blockchain App Diamond Launches To Bring Decentralized Social to the Masses
A novel Web3 social platform called Diamond is launching on DeSo, a new blockchain that has raised $200 million from Coinbase, Sequoia, and Andreessen Horowitz.
Diamond is the first platform ever to host its content and social graph on a decentralized blockchain.
By publishing content to the DeSo chain, writers, and creators can own and control their content the same way they own and control their Bitcoin. This means they can be free from censorship and gain new ways to monetize that have never been possible before.
For example, posts on Diamond can be minted as NFTs, can earn crypto tips, and much more. Creators on Diamond can very easily launch social tokens that allow their followers to invest in their success. All with an onboarding that is as easy as creating an account on a web2 platform like Instagram.
Nader Al-Naji, the founder of DeSo, said:
“Diamond’s choice to use the DeSo blockchain for hosting all of its content showcases DeSo’s unique strength in content storage. Existing blockchains cannot store content efficiently. It costs about $50 to store a 200-character Tweet on Ethereum, and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social, blogging, and even marketplaces.” Read More
Security and interoperability, the challenges ahead of Web3 mass adoption
Analysts forecast a market size of $81.5 billion for Web3 by 2030, but the growth comes with obstacles along the way.
By 2030, Web3 is expected to reach a market size of $81.5 billion, according to Emergen Research, but the industry still has challenges to overcome, including security and interoperability, said players interviewed by Cointelegraph.
Interoperability, in short, provides communication between blockchains, aiming to offer a similar experience to users as Web2, hiding infrastructure complexity away and ensuring they don't have to know what solution is powering the mobile app they use, explained Derek Yoo, CEO of PureStake, a development team for the layer-1 blockchain Moonbeam.
However, interoperability also brings more moving parts to any system, and security is one of the greatest challenges. Justin Hulog, chief studio officer at Immutable, explained:
"Basically, the more links there are in a chain, the higher chances are that one of them will break. One of such links when it comes to interoperability is the need for “bridges” that facilitate transfers of assets between blockchains — and often get attacked by hackers."
Major steps have been taken to bring interoperability and security solutions to the crypto space this year, specifically with cross-chain general message passing systems, including the ones introduced by Cosmos IBC, Polkadot XCM, Axelar, LayerZero and Wormhole, noted Yoo. Read More
Fed-Fueled Crypto Bear Market Could Last 12-18 More Months: Solana Co-Founder
Solana co-founder Anatoly Yakovenko joins Decrypt’s gm podcast to talk crypto winter vibes and the value of Solana’s Breakpoint conference.
Solana Labs co-founder Anatoly Yakovenko appeared on the latest episode of Decrypt’s gm podcast.
He discussed the current crypto bear market and why the Breakpoint conference is an important event for Solana’s development scene.
It’s been a rough few months for crypto following the collapse of Terra in May, sending shockwaves throughout the wider market. But crypto prices had been trickling down for months at that point, and financial markets across the board have been hit hard this year as inflation rises.
How much longer will the bear market last? Estimates vary widely, but many in the crypto space don’t believe that we’ll see another bull run anytime soon. And you can count Solana co-founder Anatoly Yakovenko among them.
On the latest episode of Decrypt’s gm podcast, Yakovenko pointed to continued pain in the markets for some time to come, citing the impact of the U.S. Federal Reserve’s ongoing rate hikes. But Yakovenko also told co-hosts Dan Roberts and Stacy Elliott that he’s optimistic about an eventual return to crypto market growth. Read More
Water Labbu Malware Targets Scammers to Steal Their Ill-Gotten Crypto
Security specialists discovered another malware that loots crypto wallets. This time, though, it's robbing scammers of their ill-gotten funds.
It's a dog-eat-dog world for crypto scammers.
New reports have just revealed how one individual identified crypto scammers in order to rob them of their ill-gotten funds.
Crypto scammers often employ social engineering techniques to interact with victims and convince them to part with their hard-earned money. Scammers do this either by sending funds directly to fraudsters or by providing the permissions needed to get access to wallets.
Water Labbu, the name of the individual who robbed the scammers, reportedly leveraged a similar method to steal cryptocurrencies, obtaining access permissions to their victim’s wallets. They, however, didn’t use any kind of social engineering, leaving the dirty work to the original fraudsters.
Instead of creating their own scam websites, Water Labbu compromised the websites of other scammers that were posing as legitimate decentralized applications (dApps) and injected malicious JavaScript code into them. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
