Arbitrum is one of Ethereum’s layer-2 scaling solutions designed to improve smart contracts’ efficiency and transaction execution on the network while reducing fees drastically and adding extra privacy features. L2 networks are software that sit on top of the base layer of a blockchain like Bitcoin or Ethereum to boost the platform’s efficiency and offer inexpensive transactions. In recent years, Ethereum’s surge in the development and adoption of Web3, nonfungible tokens (NFTs) and decentralized applications (DApps) has resulted in the platform’s excessive congestion leading to skyrocketing fees. Different solutions have been explored to resolve Ethereum’s scalability, including layer-1 dedicated upgrades. …

Highly anticipated medieval strategy massively multiplayer online (MMO) game Blocklords is out, unraveling iconic characters, pitched battles and engrossing drama. A genre-defining grand strategy game of MetaKing Studio, Blocklords introduces players to a universe where players' actions have a bearing on their characters, other players and the medieval world around them. A captivating multi-player play-to-earn (P2E) game, Blocklords gives players the freedom to play the way they want. It is a distinct world in which the players drive the story, deciding the destiny of their heroes with their playing skills. Blocklords is not only brimming with fun but also enables …

American music giant Sony Music Entertainment has signaled intentions to utilize non-fungible tokens (NFTs) after filing a trademark application covering music and artists under the Columbia Records logo. According to an Aug. 30 trademark application to the United States Patent and Trademark Office (USPTO) shared by trademark attorney Mike Kondoudis on Sept. 6, the application covers "audio and video recordings featuring live musical performances authenticated by NFTs." #SonyMusic has filed a trademark application for the Columbia Records logo claiming plans to use it for: ▶️ NFT Backed Media ▶️ Music + Podcast Production ▶️ Artist Management + Music distribution services …

Gaming retailer GameStop is partnering with United States crypto exchange FTX US to bring more customers to crypto and work together on online marketing initiatives. In a Sept. 7 statement, the gaming retailer noted that the new partnership will introduce GameStop’s customers into the FTX ecosystem, including its marketplaces for digital assets, while also seeing the retailer become FTX’s “preferred retail partner in the United States.” The partnership will also see certain GameStop retail stores carrying FTX gift cards. As of Aug. 31, there are 2,970 GameStop stores across the United States. In its Q2 earnings call, GameStop CEO Matt …

In this week’s nonfungible token (NFT) newsletter, read about OpenSea and its commitment to the Ethereum Merge. Check out a project that aims to introduce Web3 to the opera scene and how ENS domains surpassed Bored Apes in terms of trading volume. In other news, learn about how the NFT giveaway of Rug Pull Finder was exploited. And, don’t forget about this week’s Nifty News roundup featuring how American actor Bill Murray’s wallet was attacked after his NFT drop. OpenSea says marketplace won’t support forked NFTs post-Merge NFT platform OpenSea has announced that it will not be supporting NFTs on …

According to data from cryptoslam.io, the number of unique buyers for the nonfungible tokens (NFT) collection Bored Ape Yacht Club (BAYC) has fallen to 263 for the month of August, with 438 total transactions. These metrics were the second-lowest on record since the collection's launch in April 2021. Since crypto winter began earlier this year, the average transaction value of BAYC NFTs has fallen to $106,456, compared to a peak price of $312,101 per ape collectible in April 2022. In May 2021, the collection saw the peak number of buyers and transactions, at 3,550 and 9,255, respectively. An estimated $55 …

The metaverse has potential to transform the way we work, socialize, party and even do business — but looking at the infrastructure that exists right now, and some would accuse this industry of running before it can even walk. Many virtual worlds are making bold promises about what they plan to achieve in the years to come, yet lack a tangible product people can try out now. Even those that have launched often suffer from poor graphics, a disappointing user experience, or a lack of quality content. This is a bigger problem than meets the eye. If a customer's first …

All facets of a token's production and management, including its allocation to various stakeholders, supply, token burn schedules and distribution, are managed through tokenomics analysis. Tokenomics help to determine the potential value of decentralized finance (DeFi) projects. Since the law of supply and demand cannot be changed, tokenomics dramatically impacts the worth of each nonfungible token (NFT) or cryptocurrency. Related: What is Tokenomics? A beginner’s guide on supply and demand of cryptocurrencies However, there are various loopholes in the tokenomics design, such as a substantial initial supply allocation to insiders, which may be a pump and dump warning sign. Also, …

The Argentine Grand Lodge of Free and Accepted Masons is jumping into nonfungible tokens (NFTs), but with a philanthropic twist. The secretive society is releasing 77 digital art NFTs under the name CryptoMasons, with profits going back to local charities supported by the chapter. According to the announcement, it is the first official NFT project supported by a local Grand Lodge. A Masonic Grand Lodge is the governing entity of a given fraternal freemasons group in a specific region. While this project comes from an Argentinian branch, there are hundreds in existence around the globe. The collection contains esoteric images …

Sales of recently launched Reddit blockchain-based avatars are rising on nonfungible token (NFT) marketplace OpenSea, outperforming the platform’s proprietary store. Reddit, the “front page” of the internet, plugged into the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars became available to users in August and are already generating thousands of dollars in sales for artists. Reddit users are able to purchase a variety of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, with credit and debit cards accepted to make payments for the blockchain-based NFTs. Reddit Avatars are created by a number …

Ethereum Name Service (ENS) domain names have surpassed Bored Ape Yacht Club (BAYC) as the most traded asset on NFT marketplace OpenSea over the last seven days — seemingly ahead of the Ethereum Merge. According to OpenSea data, the weekly volume of the Ethereum domain NFTs eclipsed 2,249 ETH at the time of writing, beating out RTFKT Clone X (1,992 ETH) and Bored Ape Yacht Club (1,777 ETH). ENS domains are a distributed, open and expandable naming system on the Ethereum blockchain that allows users to turn a long string of keys for a crypto address into a single ENS …

The first known case of a nonfungible token (NFT) created and shared by a “terrorist sympathizer” has come to light, raising concerns that the immutable nature of blockchain tech could help the spread of terrorist messages and propaganda. In a Sept. 4 article in The Wall Street Journal (WSJ), intelligence experts said the NFT could be a sign that Islamic State and other terror groups may also be using blockchain technology to evade sanctions and raise funds for their terrorist campaigns. The NFT in question was reportedly discovered by Raphael Gluck, co-founder of the U.S.-based research firm Jihadoscope, who discovered …