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Feature: Behind the record sales, the NFT space is evolving
As the cryptocurrency market tanks more than £1 trillion from its November all-time high of £2.2 trillion, the NFT world shows no signs of slowing down.
In fact, the most widely used NFT marketplace, OpenSea, had a monthly trading volume of £3.5 billion in January, well surpassing its previous trading record of £2.5 billion in August 2021.
What’s more, the market is seeing major structural changes thanks to the launch of LooksRare, a decentralized NFT marketplace that rewards both the seller and the buyer in any given NFT trade.
Taking to an aggressive marketing campaign on social media, the platform has been directly comparing its favorable services to that of OpenSea’s and reaping the benefits.
Since its launch on January 10, LooksRare has axed OpenSea’s utterly dominant 99.4% market share to a lowly 20-30% on any given day.
It has done so by catering to the absurdly wealthy and dominant NFT elite, seeing its trading volume almost triple OpenSea’s with only a fraction of the amount of users and transactions.
As the market booms, there has been a lack of inflationary pressure on NFTs despite the massive price drops that Ether – down 32% this month – and other tokens are facing.
Somehow, through close-knit community ties and a relentless desire to be self-sustaining, the NFT economy has managed to detach itself from the crypto world that birthed it. Read More
Driving digital transformation: The power of blockchain
Exploring the advantages of blockchain technologies across sectors
As we acclimate to hybrid ways of working, it is imperative for organizations to understand the potential for emerging technologies such as blockchain, to add value to digital transformation initiatives.
Even without the pandemic as a factor, the explosion in global trade that we witnessed in recent years is evidence of a pivot in consumer preferences for digital platforms for all aspects of life including leisure and work. As such, traditional transaction models will no longer be adequate.
Data security, therefore, is an increasingly important factor in driving digital growth. Technologies like blockchain, or Distributed Ledger Technology (DLT) solutions, provide one of the most robust services to ensure data security, transaction authenticity, and traceability while sharing data across global trade channels. Research reveals that global spending on blockchain-based solutions will reach $11.7 billion by 2022. But before investing in DLT, organizations must first understand how exactly it will accelerate digital transformation. Read More
Blockchain-based “online voting system” for free, fair election
Blockchain is an emerging technology that can perform trustful transactions among parties that lack trust. The act of voting is like a financial transaction -- a voter casts a vote and a candidate receives that. Satoshi Nakamoto, in his paper "Bitcoin: A Peer-to-Peer Electronic Cash System" concluded with a line "We have proposed a system for electronic transactions without relying on trust". This is a transaction processing system that is difficult or nearly impossible to change, hack or cheat.
The main characteristics of a blockchain transaction are immutability, anonymity, timestamped, unanimous, and security. Blockchain technology allows for transparent and incorruptible data without a single point of failure or being controlled by a single entity, making it potentially an ideal platform for digital voting. Such a voting system has already been implemented fully in Sierra Leone, to some extent in Russia and Thailand, and partly in some places of the US. There is no reason why such a voting system can't be implemented in Bangladesh. Read More
Food Waste Startup Uses AI And Blockchain To Fight Food Waste
Nosh Daily, the blogging and news platform of Nosh Technologies, reported that the Nosh team uses blockchain as one of their core technologies in developing solutions to reduce food waste.
Nosh Daily, the blogging and news platform of Nosh Technologies, reported that the Nosh team uses blockchain as one of their core technologies in developing solutions to reduce food waste. The Nosh team has developed an intellectual property called FoodSQRBlock that aims to digitize food supply chain data using blockchain, QR code, and cloud computing to help farmers and consumers to be able to trace their food easily for improved food safety.
The Nosh Daily editorial team also reported that Dey and Nosh Technologies are using Bitclout.com, the cryptocurrency and social media platform based on the DeSo blockchain, with the hope to raise funds to support their projects through ICO. Upon reaching out for comments Dey, who is also the CEO of Nosh Technologies, mentioned,
"One of the key reasons we are one of the first companies to be on Bitclout is because it is a new social media platform where the engagement rate is much higher compared to other already established popular social media platforms such as Facebook, Instagram and Twitter. Bitclout’s team shares our vision for investing in technology such as blockchain to serve consumers better." 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.
It’s widely notorious that the actions of the tech giants have divided nations and are the source of countless societal harms, including rampant censorship, promoting violent extremism, spreading false information, and unfairly stamping out its competition.
Instead of improving the user experience to one that users would welcome, legacy big tech is somewhat distracted by its self-induced problems. It’s now under scrutiny by government policymakers with the overall consensus that something should be done to reign in the centralized power or structurally break up the technocracy.
Facebook is focused on updating the internet with new regulations to appease critics and leverage its Oversight Board to circumvent this. At the same time, Twitter grapples with the idea of integrating a more decentralized approach to the platform, explicitly giving users an algorithmic choice by opening up its news feed to third-party algorithms selected by its users. This could undoubtedly customize the user experience but still be under a central authority. Read More
Litecoin is finally launching its major Mimblewimble upgrade
Privacy opt-ins are coming to Litecoin even as regulators continue to scrutinize anonymity-boosting protocols.
After two years of development, Litecoin (LTC) has finally launched its highly anticipated Mimblewimble upgrade, opening the door to more privacy-oriented transactions on the network.
Mimblewimble’s integration into Litecoin came by way of the Mimblewimble Extension Block, also known as MWEB, which allows the network’s users to opt-in to confidential transactions. MWEB lead developer David Burkett, who has been sponsored by the Litecoin Foundation, said the upgrade improves Litecoin’s viability as a fungible currency that can be used for everyday transactions, pay employee salaries and even purchase real estate.
Mimblewimble is a privacy-focused decentralized protocol that derives its name from a tongue-tying spell that was first made famous in the Harry Potter book series. The protocol has a confidentiality feature that allows users to conceal transaction information. It also provides a framework for other blockchains to enhance the usability of their cryptocurrency. Read More
Role of blockchain technology in supply chain
We should not underestimate the disruptive power of blockchain technology. It is possible to incorporate blockchain into any industry, and this article will focus on Supply Chain Management.
Compared to a few years ago, the global reach of this sector is increasing. This expansion has also brought some complications. To thrive in the coming years, industries will need to integrate solutions like blockchain because consumer expectations and patterns constantly change.
For the supply chain market to stay relevant, blockchain technology can provide capabilities such as origin tracking. Our article will outline how blockchain can contribute to such changes and how it will affect Supply Chain Management. Discover all you need to know about blockchains in SCM. Read More
WisdomTree set to launch a blockchain native mobile app
WisdomTree is set to launch a blockchain native mobile app designed to allow users to save, spend and invest in 1) certain crypto assets like bitcoin or ether, 2) blockchain-enabled funds (which may include stocks or bonds based on WisdomTree’s indexes), and 3) tokenized versions of physical assets like gold, all in the same place that they can send instant payments, make transactions and more.
The firm writes that WisdomTree Prime is a place where crypto interacts with traditional assets. Building on the tenets of “Responsible DeFi,” and investor-friendly innovation, the goal of Prime is to offer a better financial services experience, embodying choice, transparency, and inclusivity, the firm says.
WisdomTree is targeting a beta launch in Q2 2022, with the goal of a US national rollout later in the year. The beta testing waitlist is now open. Read More
PsyOptions Acquiring Tap Finance Is A Crucial Milestone For Decentralized Options Trading On Solana
The Solana blockchain is home to some interesting and exciting decentralized finance opportunities. For example, solutions like Tap Finance and PsyOptions go beyond traditional liquidity provision and yield farming. Instead, they provide exposure to cryptocurrency-related options, tapping into a significant market.
The concept behind PsyOptions is rather interesting. The options protocol on the Solana blockchain uses physically settled contracts. Following a recent IEO on FTX and Gate.io - and subsequent listings for spot trading of $PSY - the protocol now looks to expand its footprint. The acquisition of Tap Finance and its Decentralized Options Vault (DOV) technology puts a different spin on the options trading industry.
The main appeal of PsyOptions is how it provides exposure to options "the American way". However, its upcoming undercollateralized options protocol borrows elements from the European market model. PsyOptions will also serve as the main settlement layer and clearinghouse for Decentralized Options Vault when it launches on the Solana blockchain. Acquiring Tap Finance is a crucial step toward becoming the go-to on-chain financial services provider for DeFi enthusiasts globally. 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.
