Tag: non fungible tokens

What Are Utility NFTs: Here’s What We Know

The market for non-fungible tokens (NFTs) has seen major ups and downs this year, after the crypto markets plummeted severely and NFT marketplaces recorded losses. Amid dropping sales values, the popularity of utility NFTs seems to have become quite the topic of discussion. Essentially, utility NFTs have a value that goes beyond them just being digital collectibles. These virtual pieces come with special use cases, that gives its owners advantages in the virtual world. Supported on the blockchain system, NFTs can be inspired by art, games, or products among others.

Utility NFTs work very similarly to normal NFTs. They represent unique digital assets stored on blockchain, but they come with premium benefits for their holders.

“Precisely, utility NFTs refer to virtual assets that offer privileges, benefits, or rewards to their owners which are otherwise not available for use. They bestow upon a ‘right’ to extract a service or an advantage to the asset holder,” the Blockchain Council has explained in a blog post.

The e-gaming and metaverse sectors are definite beneficiaries of utility NFTs. Utility NFTs, for instance, can be used to work as inbuilt assets representing the digital land pieces. Purchasing these could help the owners with exclusive access and unlock different unique features linked to the game or the metaverse.

The factor of utility can be added to NFTs by also offering access to physical rewards and meet-ups to the owners of these digital pieces.

Switzerland-based GainForest organisation present utility NFTs representing the real locations of the rainforests. The holders can use the NFTs for minting governance tokens and keeping a track of the forest’s health easily.

Other similar projects like VeeFriends and Doodles also offer utility NFTs to their holders, that allows them to take part in the project governance as well as relevant VIP conferences.

RobotEra, Tamadoge, Silks, and Lucky Block have been named as the ten best utility NFT projects for this year, a report by Cryptonews had showed earlier this week.

As per a Reuters report, monthly sales volume on OpenSea plunged to $700 million (roughly Rs. 5,500 crore) in June, down from $2.6 billion (roughly Rs. 20,600 crore) in May and a far cry from January’s peak of nearly $5 billion (roughly 40,000 crore).

The NFT market will be a $231 billion (roughly Rs. 18,41,300 crore) behemoth by 2030 and it’s too big a business to be ignored, believes, Tarusha Mittal, COO and co-founder of UniFarm, as stated in conversation with Gadgets 360. UniFarm is a multi-token reward staking programme.

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OpenSea NFT Marketplace Adds Bulk Purchase Feature, Details Here

OpenSea, the biggest NFT marketplace, is now allowing users to list and buy up to 30 digital collectibles in one go. In case of bulk buying, OpenSea will let buyers add up to 30 NFTs, built on the same blockchain, to their cart and finalise the transaction at once. This would not only make the purchase of multiple NFTs seamless, but will also significantly reduce the gas fees deducted on all transactions as a service charge.

For creators looking to list up to 30 NFTs at once will also be able to use this new feature on OpenSea.

The NFT marketplace, launched in December 2017, posted an official announcement on this bulk buy-and-sell feature on Twitter.

In recent times, OpenSea has seen sales volume on its platform nosedive amid market volatility.

According to crypto analytics community Dune data, OpenSea’s trading volume hit a peak of around $5.8 billion (roughly Rs. 46,408 crore) in January. However, trading on the platform saw a steady declined throughout the first two quarters of the year, sliding to $3.1 billion (roughly Rs. 24,805 crore) in May.

A separate analysis by Be[In]Crypto also reveals that Solana NFT volumes also saw a dip in June with sales volume figures of $91.52 million (roughly Rs. 732 crore) in June, down by 64 percent from $261.07 million (roughly Rs. 2,089 crore) in May 2022.

Amid dropping sales, OpenSea has been adding a bunch of new features on the platform.

Earlier in September, the NFT marketplace began ranking digital collectibles on the basis of their rarity. Named OpenRarity, this feature will enable collectors to find legitimately rare digital collectibles, that have been drowning in the sea of NFTs out there.

The NFT market will be a $231 billion (roughly Rs. 18,41,300 crore) behemoth by 2030 and it’s too big a business to be ignored, believes, Tarusha Mittal, COO and co-founder of UniFarm said in conversation with Gadgets 360. UniFarm is a multi-token reward staking programme.

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Sony Music May Soon Integrate NFTs With Artists and Songs, Here’s What We Know

Sony Music Entertainment may be looking to venture into the sector of non-fungible tokens (NFTs). The company, formed in 1929, is looking to bring artists as well as music together with the NFT industry. The American music giant has filed a trademark application asking permission to cover ‘audio and video recordings featuring live musical performances authenticated by NFTs.’ With the likes of several music celebrities like Snoop Dogg, Justin Bieber, and Madonna, among others — the NFT industry seems to be gaining popularity on a global level.

Sony has filed a trademark application for the Columbia Records logo, intending to use it around NFT-backed media.

While Sony is yet to reveal its NFT-related plans, trademarks attorney Mike Kondoudis has shared screenshots of the company’s filings on Twitter.

The application also seeks relevant approvals to covers marketing services, promotion, distribution, marketing, advertising, and online entertainment.

This filing from Sony adds to the big list of already filed patents from companies seeking to explore the NFT arena this year.

This year, so far, number of NFT applications have surpassed those submitted in the crypto, Web3, and metaverse arenas.

By this time, over 5,800 applications and patents concerning NFTs have already made it to the United States Patent and Trademark Office (USPTO). In 2021, this number stood at 2,087.

Sony Music has been making inroads in the virtual assets sector.

Earlier in March, the music company partnered with Solana-based NFT marketplace Snowcrash and fellow music giant Universal Music Group to release Bob Dylan and Miles Davis NFT collections sometime in 2022.

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World’s First NFT Museum in Seattle Aims to ‘Pull Back the Curtain’ on Blockchain Art

The world’s first permanent NFT art museum has opened in Seattle, aiming to “pull back the curtain” on blockchain-based digital art.

Non-fungible tokens (NFTs) are a type of digital asset that has exploded in popularity recently, with NFT artworks selling for millions of dollars. NFTs exist on a blockchain, a record of transactions kept on networked computers.

The museum opened its doors on January 14, and has been providing an outlet for artists, creators, and collectors to display their NFTs in a physical setting, while aiming to educate the public about this fairly new market for digital art.

“We really realized the impact of being able to look at this type of art in a way where you actually slow down, you see all the details,” said Jennifer Wong, a co-founder and curator at Seattle NFT Museum.

Local digital artist Maksim Surguy attended the opening of the museum’s ‘Climate Conversation’ exhibition on April 16, which features his designs that are sold as NFTs online, but can also be printed in physical form.

“Previously, if you make a digital artwork or physical artwork, there were a lot of limitations about who can see the artwork or how they can own it,” said Surguy, who works in Seattle’s tech industry and ventured into crypto-based art a year and a half ago.

According to a March report from Ireland-based Research and Markets firm, the global NFT market is expected to grow to over $21 billion (roughly Rs.1,606,98 crore) in 2022.

“An NFT is really just a contract that signifies the ownership of an asset of some kind,” said Peter Hamilton, who co-founded the museum. “These tokens… are basically a contract that says this serial number belongs to this piece of art, and if you own this token, you are the rightful owner.”

The museum has programming planned throughout the year.

“I can’t emphasize enough how important the educational part of this museum is,” said Hamilton. “We’re trying to onboard folks and help them see what the value of NFTs are and help people pull back the curtain a little bit on what blockchain is and what its utility is.”

© Thomson Reuters 2022

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