NFTs Hit a Rough Patch

Over the past few months, the market for NFTs has experienced a significant dip. Many attribute this to the recent surge in popularity of NFTs, and the subsequent oversaturation of the market. Buyers have become more selective, and prices have dropped accordingly. However, this dip is not indicative of the end for NFTs – it simply means that the market is still evolving.

The Cryptocurrency World Reacts

As with any shift in the cryptocurrency world, the dip in the NFT market has caused a ripple effect. Many investors and enthusiasts are questioning the value and longevity of NFTs. However, the true value of NFTs lies in their ability to provide proof of ownership for digital assets. As the market continues to evolve, NFTs will continue to play a critical role in the world of digital art and beyond.

Alternative Blockchains Offer Solutions

Enter alternative blockchains – a new solution to the current challenges facing the NFT market. These blockchains offer faster transaction times, lower fees, and a more accessible user experience. This is all made possible by their unique consensus mechanisms, which differ from the traditional proof-of-work model used by Ethereum. By leveraging these alternative blockchains, NFT creators and buyers can enjoy a more streamlined experience.

Binance Smart Chain Leads the Way

One of the leading alternative blockchains is Binance Smart Chain. This blockchain offers fast, low-cost transactions and is quickly gaining popularity among NFT creators and buyers. Many popular marketplaces, such as OpenSea and Rarible, have already integrated with Binance Smart Chain, and more are sure to follow. This blockchain is a prime example of how alternative blockchains are leading the way in the world of NFTs.

NFTs on the Rise Again

Thanks to the innovation of alternative blockchains, the market for NFTs is once again on the rise. NFT creators and buyers alike are taking advantage of the faster transaction times and lower fees offered by these blockchains. As a result, the market is becoming more diverse and accessible, with new creators and buyers entering the space all the time.

A Bright Future for Blockchain Technology

Looking ahead, the future of blockchain technology and NFTs is bright. As more alternative blockchains emerge, the market for NFTs will become even more accessible and diverse. This will lead to greater adoption and innovation, driving the growth of the industry as a whole. With the power of blockchain technology behind it, the world of digital art is poised for a bright and exciting future.

In conclusion, the dip in the NFT market is not the end of the story. Alternative blockchains offer a powerful solution to the current challenges facing NFTs, and are paving the way for a brighter future. As the market continues to evolve, NFTs will continue to play an important role in the world of digital art and beyond. With innovation and accessibility being the driving forces behind this growth, there has never been a more exciting time to be a part of the blockchain community.

The post NFTs Take a Dip, But Alternative Blockchains Offer Hope appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In response to the data leak, OpenSea NFT claimed that an employee of its e-mail provider, Customer.io, had taken advantage of its employee’s malicious access to download and share email addresses with unauthorized third parties.

“This applies to e-mail addresses provided to OpenSea NFT users as newsletter subscribers,” the team explained.

In addition, OpenSea informs its users that if their email address is getting a bad impact, they will receive an email from the ‘opensea.io’ domain. They encourage investors to be wary of potentially harmful emails. “Malicious actors can use this information to mimic OpenSea in phishing attempts via email.”

OpenSea NFT fears future attacks and goes so far as to add that they will only send emails from the ‘http://opensea.io’ domain.

Also, Users should be aware of attempts to emulate OpenSea NFT. They can slightly modify the domain name. This may include but is not limited to, addresses such as opensae.io, opensea.org, and opensea. XYZ.

Furthermore, the company also warns its users against downloading any OpenSea email files. They ask everyone to check the URL of each page linked to the OpenSea NFT email.

Moreover, other warnings include concerns about signing email wallet transactions and interacting with e-mails and files sent by strangers.

As data leaks have become more dangerous, crypto companies are increasing security protocols. Among other things, the experience of OpenSea could serve as a roadmap for future data protection standards. 

Suggested Reads: First-Ever Tweet NFT on Sale for $48 million on OpenSea- Stated By Sina Estavi

The post OpenSea NFT Suffers Data Breach, Warns Users About Phishing Possibility appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The blockchain gaming company Sandbox has announced a partnership with the TIMEPieces, TIME Magazine NFT Arm. 

The main purpose of the partnership is to reimagine the iconic New York City Landmark of Times square as a virtual hub for commerce and art in the metaverse. 

After the collaboration, TIME has also acquired the land in the Sandbox. This land will be the house in the new virtual TIME square Landmark. Further, this land will also be functioning as a platform. 

As a part of the collaboration, the magazine has also acquired land in the Sandbox. Further, TIMEPiecers holders especially would be able to attend exclusive meetings. The TIME studios host the event for recreational and educational purposes. 

TIME’s Big Foray to the Metaverse

This is TIME’s first big foray into the metaverse. Ever since they are agreeing to produce metaverse-related content in its partnership with the galaxy digital that is called “ Heart of the Metaverse”. 

Further, TIME president Keith A.Grossman also calls this project a “natural bridge”. This initiative will bring the TIME virtual community, historical coverage, global relationships, and real-life events. 

Grossman has also issued an open call for architects who could design the TIME Square location as a voxel creation. The intent is to capture the essence of the original Times Square location in NYC and reinterpret it for the metaverse. 

The high energy and visual spirit inspire this project. This is also referring to as the “Heart of the New York”. The upcoming location is set to be TIME’s first-ever metaverse destination. The Sandbox’s Strong Metaverse Game

The Sandbox’s blockchain platform has helped many leading brands and institutions to enter the metaverse, including financial giants like HSBC and Standard Chartered Bank. In fact, it has even opened a gateway into the metaverse for K-pop music by partnering with Cube Entertainment.

Suggested Reads: Metaverse in Hong Kong: Yahoo Announces Metaverse Activities

The post The Sandbox Is Bringing TIME Square To The Metaverse appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Creators and artists are using the Non-Fungible tokens to take charge of their work. They are taking control of their work, improving their relationships with their communities, and monetizing them.  

In the future, there are fair chances that will be crucial for the people who are buying, using and sharing virtual objects and experiences. 

However, even after getting so much content on the Non-Fungible tokens, this word can sound like a buzzword most of the time, and it can be confusing for the people who are new to the Non-Fungible Tokens.

In this short article, let’s find out more about Non-Fungible tokens : 

What Are Non-Fungible Tokens?

Basically, Non-Fungible Tokens are the smart contracts that represent the ownership of the unique digital items like videos, pictures, digital art, music, tickets to an event, and unique legal documents) or anything digital with a unique identity. 

If something is Non-Fungible Tokens, it simply means that it is unique and it can’t be replaceable with anything else. 

For instance, a dollar bill is a fungible item as any dollar can be replaceable by another with the same worth. Non Fungible items outside the crypto world could be assets like land, diamonds or even baseball cards. Further, an

is not interchangeable with a different item because of its unique properties. 

Non Fungible Tokens only have one official owner, and the contract and transactions are recorded and secured on the Ethereum blockchain. 

Now, if you have questions like others: can I take screenshots or download them? 

Yes, you can. You can take the screenshot of the NFT images just like you can take the photo of the original Mona Lisa photo. 

But, you are not the original owner of the NFTs of the Mona Lisa. 

How do NFTs have a Unique Identity? 

Every NFT has a unique signature that authenticates the NFT and any of the transactions related to it. 

The transaction details include who created it, owns it, sold it and how much it costs. 

The creation of the NFT is called minting, and when a digital file gets minted, the Non-Fungible Token is generated and stored on the blockchain. 

In addition, blockchain technology offers a record of the ownership of a public and distributed database that anyone can see.

Suggested Reads: Is it possible to reverse the Fractional NFTs?

The post A Beginner Guide For the Non Fungible Token in 2022 appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

It is noticed by a significant drop in floor prices for some of the biggest collections in the NFT market.

In the recent crypto meltdown, the NFT market has taken a hit!

The floor prices for many of the most valuable NFT collections have tanked along with Bitcoin and Ethereum, with the entry price for some collections dropping by more than 17%.

Here the “floor price” refers to the cheapest piece available on the secondary market. It’s a popular metric for determining the value of NFT collections. 

What Different NFT Data Shows in the Crypto Meltdown?

According to NFTGo data, the floor price for Bored Ape Yacht Club NFTs is down 12.57% in the last 24 hours, falling from around 84 ETH to 73.43 ETH. Meanwhile, the floor price for Moonbirds, one of the standout collections of the year, has plummeted to 14.88 ETH, down 17.33%. Interestingly, CryptoPunks has come out relatively unscathed, with the price for the cheapest Punks falling only 2.67% at the time of writing.

Furthermore, as NFT specialist punk9058 pointed out on Twitter earlier today, OpenSea has seen its wrapped ETH (wETH) trading volume as a percentage of total volume reach a yearly record of 0.2%. wETH trades frequently occur when sellers accept low bids on their assets, indicating that holders may have sold in panic in search of liquidity during the weekend downturn. 

The NFT market has been suffering from the broader crypto meltdown this year. While a handful of collections have defied the downward trend at different points, with Bored Ape Yacht Club leading after topping $430,000 on May 1, the market has struggled to hold up in the latest crash. At a 73.43 ETH floor price, with ETH trading at around $1,260, the cheapest apes are now going for about $92,450. That’s a 78.5% drop from the peak.

Note: These prices may vary later.

Read More From This Week: Why is Crypto Crashing and Will It Recover?

The post NFT Market Suffers in Crypto Meltdown! appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

STEPVR has released a gate to the Metaverse. Through this gate, you can buy one for your house.

STEPVR is the company behind a string of VR Entertainment centers in China. For instance, there is a massive shed in Beijing that covers an area of 1,000 square meters. In it, up to 40 players can be playing the same game at the same time.  All the while, they are fully immersed in the Metaverse. And it’s not the only venue. There are 140 other sheds like this across China, although they vary in size.

In these games, you can roam freely in virtual reality, use virtual doorknobs to open doors and press elevator buttons. It has life-like sight, touch, smell, and hearing. Players have said that the authenticity is not the same as VR goggles. It is way wilder than that.

The game they are playing is called Future Battle. It is a large-scale VR e-sports game under STEPVR. Players can roam as they act out the game.

This has been a massive success. The game Future Battle has attracted 1 million customers, with no sign of slowing down. 

STEPVR Game’s Details

In these games, you can roam freely in virtual reality, use virtual doorknobs to open doors and press elevator buttons. It has life-like sight, touch, smell, and hearing. Players have said that the authenticity is not the same as VR goggles. It is way wilder than that.

The game they are playing is called Future Battle. It is a large-scale VR e-sports game under STEPVR. Players can roam as they act out the game.

This has been a massive success. The game Future Battle has attracted 1 million customers, with no sign of slowing down. 

This is the daddy gadget of gadgets. This is fully immersive VR in our homes that we dream of. And the whole idea is that you don’t get motion sick from using it.

The company says it has an omnidirectional motion system with accompanying equipment that allows you to use your five senses in the virtual world. You can use the device for sports, work, entertainment, or education.

STEPVR say they are the world’s first company to offer massively multiplayer online games (MMO) in the VR world. They also say their tech has surpassed companies such as Meta and “taken the lead in launching software and hardware systems that enter the metaverse.”

STEPVR say they are the world’s first company to offer massively multiplayer online games (MMO) in the VR world. They also say their tech has surpassed companies such as Meta and “taken the lead in launching software and hardware systems that enter the metaverse.”

Gates01 covers an area of approximately 3m2. The deck can be used to run freely and achieve instant stopping movements. In addition, Gates01 can also restore the sense of vestibular balance in the virtual world. This means you can have a genuinely immersive experience without getting motion sickness in a small and convenient space.

The post STEPVR Releases the World’s First Metaverse Gate, For in Your Home appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Card payments for NFTs were first announced in association with Coinbase’s latest NFT marketplace in January.

International payment processing giant Mastercard is expanding its payment network for nonfungible token (NFT) markets and Web3.

The financial service provider announced that it has been working on expanding its payment networks to NFTs over the past year. The firm has partnered with a number of leading NFT markets. Through these platforms, they want to allow 2.9 billion cardholders to directly make NFT purchases without buying crypto first.

Currently, users need to buy crypto to bid on and buy NFTs. However, with the latest Mastercard partnership, billions of cardholders can now bypass the process of buying and transferring crypto.

Furthermore, Mastercard stated that it has partnered with multiple NFT marketplaces. It is namely Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway and Web3 infrastructure provider Monday.

Mastercard Following the Coinbase!

The NFT card-purchase service was first launched in January this year. It was in partnership with Coinbase, allowing users to buy NFTs directly using credit cards.

MOreover, the decision to expand its payment network to the rapidly growing NFT ecosystem was also based on the company’s latest survey of 35,000 respondents from 40 countries, which showed that 45% of the consumers have either bought an NFT or arconsidering doing so. 50% of the surveyed consumers also showed interest in getting more flexible options to make purchases.

The firm claimed they are also working on offering world-class security to customers with its latest payment option, similar to “when making transactions in a store or online with a Mastercard card.”

The payment processing giant has shown keen interest in the crypto and NFT markets over the past couple of years. Earlier in April this year, Mastercard filed for 15 metaverse and NFT-related trademarks.

The post Mastercard to allow 2.9B cardholders to make direct NFT purchases appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Avatar influencers work the same way traditional influencers do. For instance, Yves Saint Laurent’s collection appears on the runway, and the Avatars model it. The biggest names in fashion journalism feature front row and central in avatar form. They will try to show the rest of the world the latest digital wearables, some of them corresponding to real-life pieces and others simply existing in NFT format. 

The metaverse might seem like some dystopian future similar to Ready Player One, where we live out the rest of our days in the realm of virtual reality. Further, the truth is the metaverse is totally and well upon. Whether in the fashion or healthcare industry, many industries are rapidly transacting to the metaverse. 

For instance, many of the major fashion houses have already joined Metaverse Fashion Week (MVFW) last March in Decentraland.

In short, Decenterland is hosting daily shows, after-parties and talks. Further, the fashion industry is pushing the boundaries of what people believe to be possible. Thus, virtual influencer marketing is becoming the new norm. 

Influencer Marketing: Is It The End?

But what about influencers and models who have already built up a social media presence? They don’t want to be left behind. How can they make the transition over to the metaverse and continue to be included in fashion shows – rather than brands creating their own avatars?

Similarly, how can other brands access things like front-row seats? They need to ensure their brand is at the forefront of new tech and how it’s applied to fashion. How can everyone use digital PR to create their brand image within the metaverse? How can they solidify it as an extension of their social image? 

Avatar Influencers: The future of digital PR

Digital PR is a relatively new field in itself, but the metaverse will undoubtedly change the playing field. With brands increasingly using virtual fashion shows and influencers, digital wearables in the form of NFTs will become increasingly significant too.

Some of these have identical real-life pieces that the NFT can be traded for. Others are one-off digital wearables. They can potentially provide access to specific events, like gated after shows or front-row seats.

The future of digital PR will change rapidly as Future PR packages have the potential to be completely digital. Models and influencers may receive high-value NFTs rather than traditional gifted items like clothes and makeup. 

Ultimately this will only occur when the metaverse becomes more normalized within society and is easily accessible by the masses. In the meantime, we’ve seen brands like Roksanda launch an AR function. It virtually allows consumers to try on an NFT outfit via an Instagram filter. This merges traditional social media with the potentiality of the metaverse. Social media allows traditional influencers to share this with their following. It gives the consumer access whilst maintaining exclusivity. 

Avatar Influencers

There are obvious benefits to using Avatar influencers who are completely computer-generated. They can be used as a complete visual representation of a brand and its values. 

Not only this, but they are also completely under the control of the brand and do not have separate opinions in the same way that real-life influencers do. Therefore, this can also be a way for the brand to comment on social and political issues without directly involving the brand. This adds new layers to the brand’s image and builds rapport with its target audience. 

Read More: Corporations in the Metaverse: Innovative? Or Maintaining the Monopoly

The post Avatar Influencers: Is This the End of Traditional Influencer Marketing? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Ren is an internet celebrity who has long advocated for mental wellness, women empowerment, and the environment. Her previous involvement with Web3 has already been well-entangled with these topics.

As per Forbes, Ren co-created the tech platform STAGE, where she hosts the female community We Are Warriors (WAW); this platform is mainly focusing on “online fitness & mental wellbeing.” The platform offers courses and events mostly related to at-home workouts.

Similarly, the NFT project Sirens, built on Solana, takes this idea to a bigger scale. This time, Ren aims for NFTs with eco-friendly, real-life use cases.

Members of Sirens NFTs Community

The members of the NFT community will have access to the NFT gated STAGE platform and “have access to a private calendar of events with monthly yoga classes, breathwork classes, meditations and other healing modalities.”

The community will also give access to “crypto 101 courses. These courses are demystify and break down the space through tutorials, videos, and training on the fundamentals of web3 technology.”

Sirens also aim to build an eco-friendly village for all members.

Eco-friendly and NFTs are not two topics that go along so well nowadays. Especially among environmentalists. However, the Sirens team wants to build a wellness retreat in Texas with 100% sustainable homes for the community. They will be building the local materials and built with the focus of being off the grid.”

This interesting approach shows how NFT creators are waking up to the need for real-life cases. This is where holders can justify the purchase of a non-fungible token with an exclusive experience.

NFTs, or a least a market sector, could be evolving into a sort of membership pass. Maybe the titanic idea we now have of the metaverse could reshape itself, trying to find balance with real-life experiences.

NFTs And Women-Empowerment Check

The money minted by the Sirens NFTs is supposed to get invested into businesses. It will be given to the community members. Then, the leaders claim they will guide the members by providing resources to help them “make businesses successful in addition to just a money investment.”

This all seems innovative and even exciting. One can only hope that female-led projects find a way to disrupt the current male-led dominant models. It opens doors for more women to dream big, support each other in business projects, and succeed. That sounds great, but there are a couple of things about Sirens that do not meet my personal expectations.

When looking into the, We Are Warriors offered courses and the Sirens NFTs I could not help but notice that this does not seem to be that kind of ‘love-yourself/wellness’ community. This is the kind of community where you will find any trace of the body-positivity movement that public figures like Lizzo lead.

Read More: Key Advantages of Holding the Fractional NFT?

The post These Sirens NFTs Have Ecological Use Cases, But What About Taste? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

NFTs are changing the dynamics of how the creative industry operates, enabling artists and creators to monetize their work in the digital realm. 

So, before going into the other details, why not know how you can begin minting your first NFT. 

What You Should Consider Before

The first thing you need to do is to carry out market research on what kind of NFTs are in the market. You should need to do the research, especially for your specific niche of art. Having an idea of what is already there can be an inspiration. You can take inspiration of what your own NFT or NFT collection call looks like. 

Or even how your work(s) can fit into the scene. 

Secondly, decide on what you want to sell. Is it a visual art piece? A book? Music? Because for minting NFT, you have to make sure that you can have the item in digital form. 

Thirdly, look at the blockchains and marketplaces that can help you mint your NFT. There are many blockchains on which you can mint NFTs, including Ethereum, Solana, BNB Smart Chain, and more. Also, while doing this research, look at the way each blockchain operates, the financial implications, and the size of its NFT community.

Once you have the information, it will be time to move on to the next step. 

Minting

Minting your first NFT: A Step-by-Step Guide

To make sure you are getting a clear idea of minting your first NFT, we’ll look at how you can mint NFT on OpenSea, the most popular NFT marketplace. 

Basically, OpenSea lets people mint, sell and buy NFTs in its marketplace. It is on the Ethereum blockchain and powered by the Wyvern protocol. Recently, the platform has also started supporting additional chains.   

Step 1: Visit the OpenSea Website

First, head over to the OpenSea website and click on the ‘Create’ button located on the top right side of the screen.

Step 2: Enable Your Ethereum Wallet

After clicking on ‘Create’, you will work on an Ethereum wallet such as MetaMask, Coinbase Wallet, WalletConnect, and more.

Since we are using a PC in this example, you can install any of the above as a browser extension. OpenSea gives you several alternatives, also showing the ones that are PC compatible. We will use MetaMask in this case. 

The importance of having this wallet is so that you can store your NFTs and pay for transaction fees (gas fees). Simply click on your wallet of choice. We will use MetaMask in this case. 

Once you have downloaded and installed MetaMask, be sure to keep your recovery phrase safe and secret. This is important to help you keep your NFTs and crypto safe from theft.

Step 3: Connect Your MetaMask

Next, click on the ‘Profile’ tab on OpenSea. The site will ask you to connect to a wallet, which then you click on ‘MetaMask’. 

MetaMask will ask you for your password. After the verification, you will connect successfully to OpenSea and create your new profile. 

Step 4: Create Your NFT

Next, you will click on the ‘Create’ button on the OpenSea website. This is to help you to create your NFT. Clicking on the button will bring up a MetaMask prompt asking to connect to your wallet, which you need to approve. Then, you will be taken to a page where you can upload and describe your NFT or collection.

Once you are done filling in all the details, click on ‘Create’. And that’s it!

At this point, you can decide whether to keep your NFT private or put it up for sale in the OpenSea marketplace. 

Something to note while in this process are the fees incurred during minting and selling. When you sell an NFT for the first time on the platform, there will be two transactions that you will need to pay for. The first will help to activate your account for orders, while the second will grant access to OpenSea so that they can access your NFT after a sale. Lastly, you OpenSea will also deduct a 2.5 percent fee.

How & Where to Market Your NFTs as a Budding Crypto Artist

Once you are done with minting your NFT and have put it up on the OpenSea marketplace, the next step is to get it into the market.

This step requires you to come up with a marketing strategy. While that sounds complex, it can be really simple. 

The main thing you need to look at in the strategy is the channels you will use to communicate that you have created an NFT collection. Social media channels are the easiest way you can do that. Some social media channels you can look into using include Instagram, Twitter, Reddit, Telegram, and Discord. These channels might also give you the option of paying for an advertisement to reach more people. 

Another channel you can use is online blogs and newsrooms. You can create a press release outlining the story of your NFT and/or collection, then reach out to relevant blogs or newsrooms to ask them to publish the release for you. In many cases, this might incur a cost, which will be in the communication by the publication. 

Using Word of Mouth is yet another way to market your NFT. In this case, you can ask the people around you, such as friends and family, to hype up your release to their friends. Similarly, you can also enlist the help of a social media influencer who you can pay to mention your NFTs in one of their posts or even create a campaign around it.

Lastly, it is important to have your own supporters. Perhaps by starting a social media page or website and sharing your work consistently. This consistency will help you build a ‘fan-base’ or potential market before you decide to drop your NFT or NFT collection. 

Since NFTs will likely remain a part of the creative industry, you should know how you can create and sell your own NFTs. In fact, we can say it is an essential skill set in any creative’s life.

Read More: Launching of Binance NFT collection by Dubai Museum of the Future!

The post Minting Your First NFT: A Beginner’s to Mining NFTs as an Artist appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.