In this week’s newsletter, read about how another hybrid token standard aims to rival ERC-404 and how Hong Kong celebrity Stephen Chow’s nonfungible token (NFT) collection recorded $23 million in trading volume. Find out why athletes need to understand the workings of the NFT space before jumping in, and check out the liquor distributor selling a 50-year-old whisky collection using NFTs and artificial intelligence (AI). In other news, learn how Ordinals could boost Bitcoin miners after the halving.
Watch out ERC-404, there’s another hybrid NFT standard in town
A week after the launch of ERC-404, an unofficial token standard blending fungible and nonfungible tokens, a developer team claims to have done it better with a “Divisible NFT” standard. Like its rival, the token standard also aims to be a hybrid between ERC-20 and ERC-721.
The proposed standard includes fractionalization, allowing holders to trade fractionalized portions of their NFTs. Pseudonymous developer “Cygaar” claimed that despite ERC-404’s popularity, it’s “inefficient and breaks at certain edge cases.”
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Stephen Chow NFTs eclipse 10,000 ETH in trading volume as community expands
Hong Kong director Stephen Chow launched an NFT collection called “Nobody.” On Feb. 7, the collection recorded an almost 10,000 Ether (ETH) trading volume, worth about $23 million. The developers of the project claim that they are committed to building the intellectual property for the project, combining Chow’s previous success with new mechanisms.
Chow partnered with crypto exchange OKX on Jan. 10 to create a whitelist giveaway for the collection. More than 125,000 participated in the airdrop, with 2,500 NFTs up for grabs. The collection’s total supply is 10,000.
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Dwight Howard NFTs: Athletes need to “take the time” to understand how they work
Tom Fleetham, head of business development for sports and gaming at Zilliqa, said that while there are benefits to NFTs, sports organizations or athletes must spend time understanding the intricacies behind creating NFT projects.
As an example, the executive pointed toward the recent debacle with basketball star Dwight Howard, who released an NFT drop on the Avalanche blockchain only to attract criticisms and allegations of performing a rug pull.
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Whisky distributor uses NFTs and AI to sell 50-year-old collection
The Glenlivet, a distillery based in Scotland, is using NFTs and AI to sell a rare whisky collection. The company announced on Feb. 13 that it will sell 12 bottles from a collection maturing since 1974.
The alcohol distributor used AI to generate unique labels for the collection and is using a blockchain-powered platform to generate digital certificates of authenticity and ownership in the form of NFTs.
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Ordinals to boost BTC miners, Yuga NFT mint goes wrong, and more
Grayscale researcher Michael Zhao argued on Feb. 9 that Bitcoin Ordinals inscriptions could provide a revenue boost for Bitcoin mining companies after the upcoming Bitcoin halving when mining rewards will be cut in half.
Meanwhile, NFT company Yuga Labs announced that it will reimburse gas fees for those who lost funds trying to acquire “Loot,” an NFT for those who were able to complete a mission on a game called Legends of the Mara.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
