This week, there have been new reports indicating a significant deceleration in NFT trading. Additionally, Etihad Airways is set to introduce a fascinating initiative, allowing its community of frequent fliers to stake NFTs in exchange for miles.
Elena, a pseudonymous NFT researcher and artist, openly acknowledged incorporating traced pixel art into her highly anticipated collection, Atomic Ordinals.
Nike's .SWOOSH NFT drop encountered several stumbling blocks, whereas a Bitcoin NFT collection soared to the top of the charts, and the momentum of NFT lending continues to grow.
Data from CryptoSlam, a platform tracking cryptocurrency statistics, reveals that NFTs built on the Bitcoin network have generated an impressive $167 million in the last month, rapidly approaching Ethereum's leading position.
Lightning Labs was forced to change the name of their project from 'Taro' to 'Taproot Assets' due to a trademark infringement lawsuit. The newly rebranded offering is currently on a testnet and is said to come with a 'core set of features to bitcoinize the dollar,' according to the company.
Bitcoin-based meme coins created using the new BRC-20 standard have contributed to rising Bitcoin fees, as they require more data than a standard transaction. However, proposals by some members of the Bitcoin community to block Bitcoin NFT projects through a filtering mechanism may undermine Bitcoin's fundamental principles of openness and decentralization, warns Michael Casey, CoinDesk's Chief Content Officer. While Bitcoin's governance challenges are becoming more complex, balancing innovation with the core values of the community will remain a critical task for its future success.
While there have been voices in favor of censorship, a considerable faction of developers argue that sticking to the status quo is the most judicious decision at this moment.
NFT enthusiasts can now acquire tokens on the Bitcoin network via their Binance accounts, as the top cryptocurrency exchange enables direct purchases, eliminating the requirement of setting up a separate wallet for transactions.
The BRC-20 mints have had various repercussions, ranging from the suspension of bitcoin withdrawals on Binance to dissatisfaction with the unexpected surge in fees for bitcoin transactions in regions such as Africa and South America.
Although the largest cryptocurrency exchange in the world has resumed withdrawals, issues persist with the Bitcoin protocol.