Connect with us

Cointelegraph

‘Wild west’ as developers MacGyver highly popular NFTs on Cardano

Just like ETH developers before ERC-721s, Cardano devs have found ways to create and distribute nonfungible token experiments.

Published

on

Despite not yet having functional smart contracts on the layer-one, intrepid Cardano developers have recently hacked together methods to mint bootleg nonfungible tokens. These experiments in hosting unique data on the blockchain are reminiscent of the pre ERC-721 standard era for Ethereum — and, what’s more, so far they’ve proven to be enormously popular with token drops routinely selling out.

In a post on Reddit today, ADA Technology Management (ATM), a staking pool operator for Cardano, revealed what they claimed to be two NFT images they’d minted on the chain. In the thread the company said they were planning to offer NFT minting as a service to pool delegators.

The so-called NFTs come with a number of caveats, however. Because Cardano doesn’t yet support smart contracts or have a NFT token standard, in order to create a NFT users mint a native token one-of-one native token.

“Tokens on Cardano are native and are on the same level as ADA. Instead of smart contracts, so called “minting policies” control the flow of a certain token group. NFTs are basically tokens on Cardano with a quantity of 1,” explained Alessandro, the self-described “brains” behind SpaceBudz, a Cardano-native collectibles project and the author of a Cardano Improvement Proposal to establish a Cardano NFT metadata standard.

— NFT Room (@NFTRoom) March 30, 2021

Developers can then embed in the token metadata a link to an Arweave and/or InterPlanetary File System address where an image is stored. One example NFT shows that the “metadata” section of a mint transaction includes a link to a IPFS address which displays the associated SpaceBud. The end result is a wholly unique token permanently recorded and transferrable on the Cardano blockchain — a NFT by many, if not all, definitions.

Thriving community

Despite the extra hoops developers have to jump through to create them, the NFTs have proven to be enormously popular with users.

According to Alessandro, SpaceBudz sold out all 10,000 NFTs in just three days at a price of 50 ADA per, and there’s already an eager secondary market where especially rare SpaceBudz have sold for as high as $40,000.

Even before SpaceBudz, CardanoKidz was working on Cardano-native NFTs as early as August 2020. Multiple pre-sale rounds sold out “within hours of launch,” according to Zac, a member of the CardanoKidz marketing team. One Satoshi-inspired Kid sold for 32,000 ADA even before the tokens were minted, and the NFTs themselves went live in late March.

First Full Colour (FC) 001 minted. @IOHK_Charles pic.twitter.com/FThPDvDNZX

— CardanoKidz | Cardano NFTs (@CardanoKidz) April 2, 2021

Zac credits tools like a community-developed token and minting policy tracker for helping to make developers’ lives easier. The official Cardano developers, IOHK, appear to be embracing the new vertical as well, as lead engineer Polina Vinogravoda gave a quick tutorial on minting NFTs on the chain on Tuesday.

A host of other projects round out the upstart ecosystem, including CryptoPunk-inspired CardanoBits, and minting platform CNFT. While still rudimentary, the NFTs on Cardano are cheaper than those on Ethereum as well: minting a native token costs roughly 2 ADA, or $2.50.

While the developers working in this nascent community have managed so far, ultimately they’re excited for smart contracts to make their lives easier.

“We can’t wait for smart contracts to arrive for more functionality but we had JUST enough tools and experience to make NFTs work on Cardano,” said Zac. “It’s been an incredible journey so far.”

Source: https://cointelegraph.com/news/wild-west-as-developers-macgyver-highly-popular-nfts-on-cardano

‘wild-west’-as-developers-macgyver-highly-popular-nfts-on-cardano

Cointelegraph

Ethereum co-founder Vitalik Buterin becomes billionaire as Ether hits $3K

Ethereum co-founder Vitalik Buterin officially becomes a crypto billionaire following Ether’s meteoric rise above $3,000.

Published

on

Vitalik Buterin’s crypto holdings have doubled since January 2021 to surge above $1 billion.

6101 Total views

46 Total shares

Ethereum co-founder Vitalik Buterin becomes billionaire as Ether hits $3K

Vitalik Buterin, a co-founder of the world’s most popular smart contract platform, the Ethereum blockchain, has officially become a crypto billionaire.

Buterin’s public Ether address, which he described as his main wallet back in 2018, has hit $1 billion on its balance following Ether’s meteoric rise above a $3,000 price mark on Monday.

At the time of writing, the address holds around 333,500 Ether (ETH) now worth $1.029 billion, according to on-chain data from Etherscan, as ETH more than quadrupled in value from around $700 at the beginning of 2021.

At publishing time, the world’s largest altcoin is trading at $3,144, up 8.6% over the past 24 hours, with gains of 36% over the past seven days, according to data from CoinGecko.

Ethereum price chart over the past 180 days. Source: CoinGecko

According to some online crypto players, 27-year-old Buterin now could be the youngest self-made billionaire in the cryptocurrency industry.

Vitalik Buterin is the youngest crypto billionaire #ETH #Ethereum #Crypto pic.twitter.com/7PfyPvbiC9

— JUSTIN (@justintrimble) May 2, 2021

Amid surging prices, Buterin has been generous with his crypto holdings. In late April, the Russian-Canadian programmer donated 100 Ether and 100 Maker (MKR) tokens to a COVID-19 relief fund for India.

According to some online crypto players, 27-year-old Buterin now could be the youngest self-made billionaire in the cryptocurrency industry.

Source: https://cointelegraph.com/news/ethereum-co-founder-vitalik-buterin-becomes-billionaire-as-ether-hits-3k

ethereum-co-founder-vitalik-buterin-becomes-billionaire-as-ether-hits-$3k

Continue Reading

Cointelegraph

2 key Ethereum price metrics prove pro traders are behind ETH’s new highs

Ethereum futures data suggests that pro traders believe $3,500 ETH is the next stop for the top altcoin.

Published

on

Ethereum futures data suggests that pro traders believe $3,500 ETH is the next stop for the top altcoin.

20272 Total views

46 Total shares

2 key Ethereum price metrics prove pro traders are behind ETH’s new highs

As Ether (ETH) made a $2,800 all-time on April 29, so did its futures open interest. The $8.5 billion figure marks a 52% monthly increase and shows robust trading activity behind the meteoric price rise.

Some analysts might dismiss Ether derivatives, considering CME’s future has $355 million in open interest compared to Bitcoin’s $2.4 billion. However, Ether contracts were only launched a couple of months ago. Both FTX and Deribit require 100% full-KYC for their clients, and these markets hold a combined $2 billion in ETH open interest.

Ether futures aggregate open interest, USD. Source: Bybt

To this in perspective, the open interest on silver futures currently stands at $22.6 billion. The precious metal has decades of trading history and a $1.4 trillion market capitalization. However, a simple analysis of the number of outstanding contracts isn’t really helpful as these can be used for hedging.

Growth in futures is positive but not a guaranteed bullish indicator

To assess whether the market is leaning bullish, there are a couple of derivatives metrics to review. The first one is the futures premium (also known as basis), which measures the price gap between futures contract prices and the regular spot market.

The 3-month futures should usually trade with a 10% to 20% annualized premium, which should be interpreted as a lending rate.

24-hour average OKEx 3-months ETH futures basis. Source: Skew

As the above chart depicts, ETH’s futures premium went berserk in mid-April, peaking at 45% annualized. Although traders’ FOMO played a role, this also signaled extreme optimism. While professional traders most frequently use monthly futures contracts, perpetual contracts are the go-to instrument of retail investors.

Retail investors are flat at the moment

Perpetual contracts are also known as inverse swaps, and these contracts have a funding rate usually charged every 8 hours. This fee increases as longs (buyers) use higher leverage, so their accounts get drained little by little. When a retail buying frenzy occurs, the fee can reach up to 5.5% per week.

Ether perpetual futures 8-hour funding rate. Source: Coinalyze.net

As the above chart displays, the 8-hour funding rate recently peaked at 0.18% on April 14, equivalent to 3.8% per week. While this certainly contributed to the highly optimistic monthly futures’ basis, the impact has completely faded as the funding rate has been negligent over the past couple of days.

This data suggests that, compared to retail investors, professional traders are more bullish on Ether as the 3-month basis currently stands at 25% per year. This rate is higher than most stablecoin lending services offer, meaning longs (buyers) are willing to pay a premium to keep their positions open.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/2-key-ethereum-price-metrics-prove-pro-traders-are-behind-eth-s-new-highs

2-key-ethereum-price-metrics-prove-pro-traders-are-behind-eth’s-new-highs

Continue Reading

Cointelegraph

Uzbek presidential agency proposes legalizing domestic crypto trading

The National Agency for Project Management under the President of the Republic of Uzbekistan has proposed to allow residents to buy crypto on regulated exchanges.

Published

on

Uzbekistan wants to lift its ban on cryptocurrency purchases after barring residents from buying crypto in 2019.

4354 Total views

21 Total shares

Uzbek presidential agency proposes legalizing domestic crypto trading

A major governmental agency in Uzbekistan seems to be rethinking its stance on cryptocurrencies.

The National Agency for Project Management under the President of the Republic of Uzbekistan, or NAFT, issued an official document proposing several amendments to licensing procedures for crypto trading.

NAFT proposed to officially allow local residents to conduct “all types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency.” The authority stressed that crypto investors would trade and invest at their own risk.

The proposal also aims to establish processes for the registration, issuance and circulation of digital assets, authorizing licensed crypto companies in Uzbekistan to issue their own tokens. According to official records, the proposed amendments are open to discussion until May 14, 2021.

The latest news shows an apparent change of heart toward cryptocurrencies at the NAFT. In late 2019, the agency banned the country’s residents from purchasing cryptocurrencies like Bitcoin (BTC) . Despite barring crypto purchases, the authority reportedly still allows locals to sell their crypto holdings.

In January 2020, Uzbekistan debuted its first regulated cryptocurrency exchange, Uznex, which is only open to non-residents. The platform was launched by Kobea Group, a technology company from South Korea acting as a tech adviser to the government of Uzbekistan.

Source: https://cointelegraph.com/news/uzbek-presidential-agency-proposes-legalizing-domestic-crypto-trading

uzbek-presidential-agency-proposes-legalizing-domestic-crypto-trading

Continue Reading

Title

Ventureburn12 hours ago

West African tech startup launches app in Gabon 

West African tech startup Gozem has announced the launch of 'Super App' taxi booking service in Libreville enabling consumers to travel...

Business insider14 hours ago

Spark Networks Announces Conference Call to Discuss First Quarter 2021 Results

BERLIN, May 5, 2021 /PRNewswire/ -- Spark Networks SE (NYSE: LOV), one of the world's leading online dating companies, announced today that...

Coinpedia17 hours ago

Dogecoin Price Close 70 Cents, Will the Whales Allow Rally To Hit $1?

Dogecoin price rallies more than 50% for the second consecutive day, may smash $1. The doge price may flip BNB...

Bioengineer20 hours ago

Benefits of AstraZeneca COVID-19 vaccine outweigh its risks

Pausing AstraZeneca vaccinations because of suspected links to deadly blood clots could allow COVID-19 to continue to spread, cause more

Reuters22 hours ago

U.S. Commerce Dept. pressing Taiwan to supply more chips to U.S. automakers

The U.S. Commerce Department is pressing Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) and other Taiwanese firms to prioritize the needs...

Blockchain news1 day ago

Total Value Locked in Maker Reaches a Record High as Maker Foundation Returns Dev Fund to DAO

Maker's total value locked (TVL) surged to $12.02B, hitting a record high amid Maker Foundation's announcement that it would refund...

Techcrunch2 days ago

Indian online teaching platform Teachmint raises $16.5 million – TechCrunch

An Indian startup that began its life after the global pandemic broke last year said on Tuesday it has concluded...

ZDNET2 days ago

Adobe Flash: Microsoft lays out plans to remove it from Windows 10 PCs for good

Microsoft's July Patch Tuesday security update will include the Flash removal update for all versions of Windows 10.

CNBC2 days ago

Berkshire Hathaway’s annual meeting is here: What to expect from Warren Buffett and Charlie Munger

The 90-year-old Buffett is taking the "Woodstock for Capitalists" to Los Angeles, marking the first time the annual meeting will...

CNBC2 days ago

Why investors should ignore the old Wall Street adage ‘Sell in May’

The "sell in May, and go away" strategy isn't getting much love on Wall Street this year.

Review

    Select language

    Trending