Cointelegraph Consulting: Hype for NFTs is real, but what about transaction v...
The top two NFT marketplaces, OpenSea and Rarible, differ considerably in daily transaction volume. Covalent’s latest findings in Cointelegraph Consulting’s biweekly newsletter indicate that the nonfungible token, or NFT, market has whales of its own.The largest user on OpenSea makes up $192 million in reserve capital, while the other users in the top 20% by value transacted only account for $8 million. Similarly, Rarible has a whale with $311 million in their wallet, and the other top 20% of active users collectively have $9.2 million. OpenSea describes itself as the largest NFT....
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The true potential of NFTs lies beyond profile pictures and art and into solving real-world use cases, implying the need for brainstorming fresh ideas. With cryptocurrency prices wavering this year, nonfungible tokens (NFTs) and other sub-ecosystem investors have also found themselves in the grips of a bear market.However, looking beyond the trading value of Ether (ETH), NFTs were primarily created to represent assets and ownership in the real and virtual world. The bear market, as a result, has reignited discussions around how NFTs can backtrack and focus on attending to use cases while....
NFTs present a revolutionary and innovative technology, but their real value has been obscured by hype. It's 2021. Super Bowl champion Tom Brady is starting an NFT company, Christie's is explaining CryptoPunks to everyone, Saturday Night Live is creating jams about NFTs, Beeple and Mark Cuban are advocating NFTs’ use case — yet, here I am, the CEO of a company that helps users securely store their nonfungible tokens and I still think the actual value of NFTs is to be decided. It's important to back up and remember that, although it seems like we have all always known about NFTs, the....
Cost efficiencies, improved liquidity, 24/7 market access, and the removal of intermediaries were the main advantages' cited which blockchain infrastructure has over current legacy systems. In five to ten years, almost every “real world” asset class could be tokenized in the form of a nonfungible token (NFT) according to Cynthia Wu, co-founder of digital asset service platform Matrixport. Speaking to Cointelegraph, Wu said the best case for NFTs would see the widespread representation of real-world assets to be stored and traded on-chain:“Eventually all the major financial asset classes....
Breitman revealed that Tezos’ solution to the blockchain trilemma is using optimistic rollups in an exclusive interview with Cointelegraph. Arthur Breitman, the co-founder of Layer 1 protocol Tezos, spoke with Cointelegraph's Jackson DuMont at the Paris Blockchain Week Summit (PBWS) last week about what it will take to unlock decentralized finance, or DeFi's true potential. Brietman delivered a keynote speech following this interview about the company's strategy.Related: Paris Blockchain Week, April 14: Latest updates from the Cointelegraph team on the groundAccording to Breitman, "people....
The average cost of sending a transaction over the Ethereum blockchain has fallen by 82% from a September 2 peak of $11.61, down to $2.09 as of October 4. The decline may be the result of a slow down in the hype around decentralized finance (defi) protocols. According to data from Glassnode, ethereum (ETH) miners have also seen a corresponding sharp drop in total earnings from fees over the past three weeks. On Sept. 17, miners raked in 42,763 ETH, or $14.97 million, in fees, but that tanked to just 5,898 ETH, or $2.06 million, as of Sunday. As a percentage of miners’ total revenue,....