Starbucks Odyssey is the company’s Web3 rewards beta program, which is currently only available to select individuals

Link: https://blockworks.co/news/starbucks-airdropping-more-nfts

Source: https://blockworks.co

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At the end of 2021, Nike (NYSE: NKE) became one of the first brands to launch a metaverse store. In its first five months after going live, Nikeland was visited by over 7 million people worldwide. Visitors to Nikeland, which is built on Roblox, can create an avatar and try on and purchase virtual products and interact with other visitors.

Meta (NASDAQ: META), the parent company of Facebook, and Jio Platforms have launched e-commerce capabilities inside WhatsApp, allowing residents of India to purchase items while in the app from JioMart, an online grocer.

Shopping in the metaverse may be in its infancy, and likely not understood by many at this point, but it represents the future of online shopping. Whether that is buying virtual goods, NFTs or physical goods and services, brands are flocking to the metaverse.

“Google Trends data suggests that worldwide searches for the topic of the Metaverse have spiked since October 2021. But do consumers understand the Metaverse? More importantly, are they ready to shop on the Metaverse?” asked BigCommerce in its Global Consumer Report: Current and Future Shopping Trends survey.

The survey tackled a broad range of topics, but one section was devoted to the future of online shopping. In the results, 26% of respondents said they had a strong understanding of the metaverse and another 25% reported a mild understanding.

“While knowledge of the Metaverse remained relatively consistent regardless of country, we found that Gen Z and Millennials reported a stronger understanding than Gen X and Baby Boomers. Moreover, consumers with an income of $100,000 or more per year tend to have a stronger understanding of the Metaverse, while those who make less than $25,000 per year have little to no understanding,” BigCommerce wrote.

The survey, written by Shelley Kilpatrick, asked 4,222 people in five countries (the U.S., U.K., Italy, France and Australia) a series of questions on their current shopping habits as well as their understanding and willingness on future shopping trends. The survey was conducted by ProfitWell in March and co-branded with Google.

Unsurprisingly, Gen Z and millennials were most willing to shop in the metaverse, and 58% of those making more than $100,000 annually were willing to shop or had already done so.

The metaverse is a virtual world, but 51% of shoppers in the space would like to purchase a combination of both physical and virtual goods. Again, age makes a difference, with Gen Z more likely to prefer virtual goods (19%) compared to just 6% of baby boomers.

BigCommerce (NASDAQ: BIGC) pointed to Balenciaga as an example of a company that is successfully combining virtual and physical worlds. Last year, the apparel brand launched a collection of virtual outfits and accessories inside the popular game Fortnite and paired those virtual offerings with limited-edition versions in its store and online.

What of NFTs?

NFTs, or non-fungible tokens, are all the rage online. These virtual items have become popular with sports stars and artists, allowing them to sell authenticated digital versions of their works or likenesses. They are usually purchased using cryptocurrency.

With so little understanding of the NFT market broadly, and those with interest most focused on music, gaming or fashion, BigCommerce cautioned brands about jumping too fast into the world of NFTs.

“It’s worth noting though that the NFT market is still extremely new — and prone to volatility. In fact, as of right now, many news outlets — both mainstream like The Wall Street Journal and niche like Decrypt — are reporting a significant downturn in the NFT market,” Kilpatrick wrote. “Brands might be wise to enter with caution, or at the very least with a solid understanding of their target consumers and a close eye on the state of the market.”

Payment trends with cryptocurrency

The COVID-19 pandemic really accelerated the use of cryptocurrency such as bitcoin as shoppers and retailers sought contactless methods of payment. While only 5% of shoppers use cryptocurrency to pay online, according to the survey, BigCommerce found that of those that used crypto, 66% said it was their preferred online payment method.

Cryptocurrency was more likely to be used by consumers that had a better understanding of the currency method. Unfortunately for global brands, that understanding varies by country, as does the preferred cryptocurrency. U.S. consumers were least likely to understand crypto payments while in France and Italy, brands that offer only bitcoin were at a disadvantage as consumers prefer a choice of which cryptocurrencies to use.

“One thing for brands to consider though is that similar to NFTs, the cryptocurrency market is also in flux, and time will tell if cryptocurrency will hit the mainstream in a similar fashion as digital wallets,” Kilpatrick wrote.

BigCommerce’s takeaway from the report is that brands need to stay agile and focus on trends that will have the greatest impact on their e-commerce business.

“When looking to the future, it’s still too early to predict whether or not the Metaverse, NFTs and cryptocurrency will move from futuristic to mainstream. For now, consumers show a growing interest in these emerging technologies, and overall, a willingness to explore shopping on the Metaverse and paying with cryptocurrency,” Kilpatrick concluded.

Link: https://www.freightwaves.com/news/the-metaverse-and-the-future-of-e-commerce?utm_source=pocket_mylist

Source: https://www.freightwaves.com

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While the crypto market crash is one of the main reasons for the collapse of the NFT market, it is not the only reason that led to the decline, there are various reasons for it.

How did the Crypto crash influenced the NFTs?

The decline of cryptocurrencies is one of the main reasons for the decline in investor confidence and interest. There is a strong correlation between cryptocurrencies and non-fungible tokens which makes NFTs dependent on Crypto. Due to the falling prices of cryptocurrencies and non-fungible tokens, volatility and all these declining values ​​have affected several large organizations which announced massive layoffs. After such events, people, evidently, got sceptical when it came to investments. Although experts mention that this could simply be an economic cycle issue as well, as all types of economy suffer recessions and the NFT market is no exception, it does not seem to recover well.

Other 2 main reasons for the NFT collapse

1. Mistrust in cyber security

One of the main reasons why non-fungible tokens have always plagued people is the general mistrust of the security of non-fungible tokens. Although NFTs are usually considered safe, some cases have raised questions about their safety. One such case occurred last year, in the midst of an already existent crypto crisis, when $100 million worth of non-fungible tokens were stolen.

2. Inflation

An overvalued or inflated market for non-fungible tokens is also partly responsible for the decline in NFTs trading volumes. Looking at the development of the market over the past three years and by simply watching the news, it’s easy to understand that NFT interest grew based on a hype. A very good example that stands for this reason is the Bored Ape Yacht Club. NFTs in this collection were individually sold for millions of dollars. And there are several similar cases.

Current situation and predictions

The decline of the NFT market has impacted various sectors. Before this collapse, non-fungible tokens were considered an exciting new thing to invest into around the world and were especially popular with celebrities, thus greatly influencing the masses. Although the NFT industry is working to restore consumer confidence following the demise of cryptocurrencies and the FTX failure, the market downturn has severely affected investor confidence and rebuilding this kind of confidence may take time.

Aside from investors and collectors, the NFT crash has also badly influenced the prospects of NFT creators. Blockchain technology and non-fungible tokens have paved the way for artists to display their talents and work across a wide range of platforms and helped them receiving significant financial benefits and recognition. But trust in such a financial resource have taken a big hit with the collapse of the whole market.

Non-fungible tokens have retreated, but recent reports suggest the market is recovering. It’s still too early to predict whether the market will return to its former glory, which is doubtful, but experts say such setback may simply be temporary, insisting on having patience while the market recovers, shining a light on the picture of the NFT market.

Trading volume for non-fungible tokens grew 38% from January to February 2023, reaching $946 million, while Ethereum blockchain transaction volume grew 37.29% from January up to $659 million. Up to this month, NFT sales increased 42%, to reach 9.2 million units.

The post Why is the NFT market down? appeared first on Fintech News.

Non-fungible tokens (NFTs) are having a moment. From digital art to music, NFTs have become the buzzword of 2021, with some selling for millions of dollars. But exactly how does NFT work and why do they cost so much?

What is an NFT Marketplace and How Does it Work

At the very beginning of the NFT movement, digital art was one of the first forms to emerge. This is because it’s easy to represent a piece of digital art as a unique token that can be traded or used on its own.

In general, an NFT marketplace is a platform where users can buy and sell various digital assets such as gaming items, works of art, music, etc.

The value of NFTs is determined by some factors, including the uniqueness and rarity of the asset being traded. For example, an artwork that’s been hand-painted by a famous artist would likely be worth more than one created using a machine or computer program. Additionally, demand drives the prices of NFTs up, as users are willing to pay more for scarce or exclusive assets.

Why do they cost so much?

Several factors contribute to the high cost of certain NFTs, including rarity and demand. In general, rarer assets tend to fetch higher prices in the marketplace than those that are more common; this is because collectors and investors are willing to pay top dollar for scarce or exclusive items.

Additionally, some NFTs are worth more because they come with certain features or capabilities. For example, NFT that can be used to play a highly-anticipated game would likely cost more than one with fewer in-game benefits.

The value of NFT on the market is also determined by how many people are actively buying and selling their NFTs. If a particular platform is popular, more users will be trading NFTs on it, which drives up the demand for these digital assets.

Finally, the value of each NFT is also determined by the platform on which it’s being sold. Some platforms offer exclusive assets or features, which can drive up the price of a particular NFT.

Some people have even speculated that the value of NFTs could eventually surpass that of traditional currencies like the dollar or euro since they represent real-world assets with a tangible value. Whether or not this happens remains to be seen, but for now, NFTs are here to stay and businesses that want to tap into this growing market should explore launching their own NFT marketplace development platform.

Key Components for Building a Successful NFT Platform

So, of course, if you want to build your own NFT platform, you’ll need a development team with the skill and experience to create it from scratch. In addition to technical expertise, your team should be familiar with current trends in this marketplace, including which types of assets are most popular and what aspects of those assets drive up their prices.

At this point, many businesses are also looking into using blockchain to securely track and record the ownership of NFTs. This way, users can always be sure that their assets are safe and untampered with.

Also, a team of professionals that you hire should be able to help you build a user-friendly platform that makes it easy for users to browse and purchase NFTs. And JatApp is here to help you do all of this and more. With years of experience in the blockchain space, our expert developers can create a platform that is not only secure and reliable but also easy for users to navigate. So if you want to join the NFT marketplace movement and start earning from it, JatApp can help you build your platform that’s sure to succeed!

Overall, there’s no doubt that NFTs are here to stay, so businesses interested in launching an NFT marketplace should consider working with a reputable development team to get started. With the right team and platform, you can tap into this growing marketplace and potentially reap the benefits of increased sales and profits.​

Tips for Launching a Successful NFT Marketplace:

1. Start by researching the current trends and demand for NFTs in your target market or industry. This will help you determine which types of assets are most popular and what aspects of those assets drive up their price.

2. Next, build a team of developers with the experience and skills needed to create an effective platform that’s easy for users to navigate. This will help ensure that your platform can stand out in the NFT marketplace.

3. Finally, work with a marketing team to promote your platform and make it more visible to potential users. By promoting your platform effectively, you can grow your customer base and increase sales over time.

4. And above all, be patient and stay focused on the long-term goals of your NFT marketplace. With the right approach and dedication, you can build a successful platform that will continue to thrive for years to come!

5. Good luck !Also, if you are interested in this theme, you can find more useful information on the website of professional developers! We wish you all the best as you launch and grow your NFT marketplace. May it be a huge success!​

Final Thoughts

NFTs are a growing and exciting new marketplace that offers businesses the opportunity to tap into an untapped market of potential customers. If you’re looking to join this market, we recommend that you start by researching the current trends in the NFT space and then building a team of developers with the experience and skills needed to create a successful NFT platform.

Link: https://www.analyticsinsight.net/why-are-nfts-valuable-and-what-makes-some-cost-so-much/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

The post Why are NFTs valuable, and what makes some cost so much? appeared first on Fintech News.

What corporate Web3 initiatives can learn from the announcement of Starbucks Odyssey.

Link: https://www.coindesk.com/layer2/2022/10/04/can-starbucks-bring-web3-into-the-mainstream/?utm_source=pocket_mylist

Source: https://www.coindesk.com

The post Can Starbucks bring Web3 into the mainstream? appeared first on Fintech News.

By  Poonam Garg

Historically, traditional banking has relied heavily on brand reputation and its financial products to retain customers. However, businesses and individuals continue to embrace new technology in the third decade of the 21^stcentury.

Together with new technology and the onset of the COVID-19 pandemic in March 2020, there has been a marked change in customer behavior. Customers are now more inclined to operate remotely and in the digital world. Consequently, traditional banks are facing new challenges when it comes to both their methods of interacting with clients and the products they offer. With these new expectations, banks will need to embrace and focus on the new digital wave known as the metaverse.

The metaverse (combining the words ‘meta’ and ‘universe’), is currently in development stage. Known as Web 3.0l, it is defined as a network of 3-D virtual worlds or a virtual reality space where users can interact with a computer-generated environment as well as other users. According to Gartner VP Analyst Marty Resnick, by 2026, 25 percent of people will spend at least one hour a day in the metaverse for work, shopping, education, social media and/or entertainment.

When it comes to banking, the metaverse provides a prime opportunity for traditional banks to compete against challenger banks. They can focus on recovering lost ground, resulting from lagging behind on innovations such as WhatsApp payments, as well as embedded finance. Banks also need to innovate in ways that will allow their customers to spend time in the metaverse and make purchase decisions, such as allowing the conversion of fiat currency into metaverse’s cryptocurrency, particularly when it comes to extending loans to customers.

Kumar Ghosh, who is a software engineering director at a Fortune 100 Bank believes that in the future, multiple financial transactions will happen in metaverse. “These transactions,” he says, “will be mobile, frictionless, cashless. They can even onboard a customer or verify their identity. That’s one reason why there is a call for banks to create an unparalleled customer experience. Banks that can use cutting edge technologies like virtual reality (VR) to create a realistic and immersive environment for their customers will be able to provide an unbeatable service and will win the race.”

The importance of an immersive customer experience

Forward-thinking banks can create a powerful, immersive customer experience within the metaverse space by utilizing the cloud and sharing resources such as virtual call centers to address customers’ requests. While it may sound like something out of science fiction, ultimately, banks will be able to create avatar representatives and officials in the metaverse, thereby allowing customers to have personalized chats with bank agents and access in one place, in real time, to all their financial institution’s services.

This, in turn, will provide a whole new experience for customers: offering them a 360-degree view of their financial institution without them ever having to physically set foot in a physical bank.

Exploring NFT and cryptocurrency opportunities

Cryptocurrencies, virtual credit cards and non-fungible tokens (NFT), will be the new currency in the metaverse. They are an integral part of Web 3.0 and will go hand-in-hand in this virtual new world. Banks will be able to take advantage of this by recognizing that NFTs provide a potential asset when it comes to wealth management, particularly in launching mutual funds where investments seem promising.

According to Forbes, as more and more people embrace the metaverse and cryptocurrencies, banks and financial institutions will be investing time and energy in facilitating cryptocurrency or blockchain-derived financial models, especially when people will want to send money to others without the current, traditional banking fees that exist.

With cryptocurrencies already finding their way into public usage (both Paypal and Mastercard already utilizing them), there are already discussions being undertaken on how to regulate cryptocurrency in the metaverse. However, Publicis Sapient, argues that rather than wait for regulation, banks should already embrace the metaverse economy, and they should do so by leveraging trust and brand recognition (as Paypal and Mastercard are currently doing); embrace metaverse payment platforms (such as Meta’s WhatsApp transactions); and start integrating with VR and augmented reality (AR) platforms, particularly as many people already are comfortable utilizing these things in sports or gaming environments.

The need to create a trusted banking environment

While the possibilities for banking in the metaverse are exciting, nonetheless, banks should proceed with some caution. Trust is the number one issue people look for when it comes to both choosing their financial institution and ensuring that their funds and their identity are safe. Creating trust in the banking metaverse is crucial.

Security has always been a team sport. No single vendor, product or technology can go it alone when it comes to protection. The culture of information sharing and collaboration in the security community that currently exists is a monumental achievement, but it did not happen overnight.

Identity theft is always where intruders strike first. There are already plenty of sophisticated phishing scams when it comes to financial institutions, and over time people have been warned about what to look out for. In the metaverse, phishing scams can potentially take on entire new realms. No longer will someone receive a fake email that appears to be from their financial institution telling them to please reset their password. Rather, customers could find themselves speaking with a hijacked avatar of a teller in their virtual banking lobby asking for their personal information. Or someone impersonating the bank’s CEO could invite a customer to a meeting in what turns out to be a malicious virtual conference room.

Consequently, banks, along with other institutions must invest time and energy and manpower in solving these identity issues in the metaverse. It must take top priority. Constructive steps that financial institutions can undertake to achieve this, include creating multi-factor authentication (MFA) and password-less authentication integral to platforms. Banks can also build on recent innovations in the multi-cloud arena, where IT administrators can use a single console to govern access to multiple cloud app experiences that their users rely on.

Getting ready for the future

While there are still issues that need to be addressed, the metaverse is the future, and banks can truly benefit from this up-and-coming technological innovation by getting in on the ground floor. Doing so, will allow banks compete on a par with other more-forward thinking institutions. The time is now. The coming metaverse is an opportunity for banks to radically alter the way they currently do business, and both retain and recruit new customers.

Finally, financial institutions should embrace the coming metaverse as leaders, rather than followers, particularly at this early stage. It is the perfect opportunity for them to create the future of metaverse banking on their own terms.

Link: https://www.bankingexchange.com/news-feed/item/9353-why-the-banking-industry-needs-to-embrace-the-metaverse

Source: https://www.bankingexchange.com

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Cryptocurrency is rapidly rising in popularity, leading to increased interest in blockchain technology, which underpins digital currencies. In this article, we’ll share an overview of blockchain technology and explore its implications for global finance and communities.

What is a Blockchain?

A blockchain is a distributed ledger technology that is maintained by a peer-to-peer network of computers. Each computer in the network acts as a node, meaning that it stores a copy of the ledger and is connected to all other nodes in the network. It’s famous for being decentralized. 

A blockchain is uniquely secure because it can’t be altered once a transaction is confirmed on the blockchain, making it incredibly difficult for anyone to modify or delete a transaction. This makes blockchain an ideal technology for securely storing and transferring financial data. 

How Can Blockchain Revolutionize Global Finance? 

Blockchain has the potential to revolutionize global finance by making financial transactions more efficient and transparent. Let’s take a look at four ways blockchain can change the world.

Blockchain Allows for Simple and Easy Banking

Blockchain technology could enable instant payments, help reduce transaction costs and fees, and eliminate the need for middlemen and third parties. It also allows people to perform specific tasks that require entering a bank, such as clearing a check instantly or opening an account.

By integrating blockchain into banking institutions, consumers can see their transactions processed in under 10 minutes, which is the time it takes to add a block to the blockchain. If major banks decide to adopt the blockchain, they’ll be able to clear crypto transactions quickly.

Blockchain Allows for the Creation of Smart Contracts

Blockchain technology could facilitate the development and implementation of smart contracts. Created for the Ethereum blockchain, smart contracts enable customers to automate payments and agreements and allow parties to quickly and easily execute contractual obligations.

Coders can quickly learn how to code smart contracts via a web3 blockchain developer bootcamp that teaches Solidity, but why use them? Because they eliminate tedious processes.

For example, if a person wants to rent out an apartment, but the landlord won’t provide the door code until they receive payment, the landlord could provide a smart contract. The door code will be revealed the moment the tenant pays first and last month’s rent per the contract’s terms.

If the landlord doesn’t provide the code before the tenant is supposed to take possession of the apartment, the smart contract could automatically refund payment. This would eliminate fees and remove the need for a mediator or attorney, as the refund was already processed.

Blockchain Won’t Deny Incomplete Transactions

Banks reserve the right to deny transactions for various reasons, which can be a positive thing. For example, if they notice purchases from an unusual location, they’ll deny the transaction. But sometimes, the bank will freeze your account without recourse, which leaves you in a bind.

Since the blockchain and its receptive cryptocurrency networks don’t dictate how it can be used, users can transact with it in any way they wish. Since blockchain doesn’t technically have to abide by the rule of a governing body, its guidelines, laws, and regulations don’t apply.

Blockchain Allows for the Creation of New Assets and Currencies

Blockchain technology could also enable the creation of new assets and currencies that can be used for financial transactions, providing alternative forms of investment and payment.

Two of the most famous assets and currencies on the blockchain include NFTs and common cryptocurrencies like Bitcoin and Ethereum. When a cryptocurrency exists on the blockchain, it can operate without a central authority, which reduces risks and eliminates processing fees.

Countries that have unstable or low-valued currencies can exchange crypto, opening its citizens up to a wider network of goods and institutions to do business with on an international scale. 

NFTs or Non-Fungible Tokens are another type of investment that can be traded for crypto or bank currency (if earned through a video game) or could be sold at a later date for a profit.

Blockchain Allows Everyone to Participate

You may not think that opening a bank account is difficult, but for people who can’t afford the monthly fees or don’t have a permanent citizenship, it’s basically impossible. Not only that, but banks require “Know Your Customer” procedures, which require them to record a customer’s ID before opening an account. If a person is deemed risky, they can’t store funds at a bank.

Plenty of people don’t have a credit score, home citizenship, or a well-paying job due to no fault of their own, but these factors prevent well-meaning people from succeeding. Blockchain and crypto wallets could potentially level the playing field for everyone, whether they’re rich or poor.

Blockchain Allows for Secure and Reliable Financial Services

In addition, blockchain technology could enable more secure and reliable financial services, such as immutable records and digital signatures. This could prevent cases of fraud and counterfeiting, helping to reduce the cost of compliance and regulatory overhead. 

In fact, one of the blockchains’ biggest benefits is its security and transparency, but it’s important to note that they aren’t full-proof. If a person gives out their wallet number, someone else could hack it or remove money out of it. And you can’t contact a bank to reverse these charges.

With that said, the blockchain is exceptionally private, so even if the wallet is hacked, it’s impossible for the hacker to gather more information about the wallet holder or the user.

That’s because blockchain technology achieves decentralized security by storing new blocks linearly and chronologically. A person can’t go back and alter the blockchain unless the majority of the network agrees to do this. For this reason, hacking the blockchain is incredibly difficult.

Blockchain Won’t Allow for Account Seizures

Thanks to “Know Your Customer” procedures, governments can track people’s bank accounts and seize their assets for a number of reasons. Some of these reasons are understandable, but a corrupt government could seize your assets simply for disagreeing with their right to rule.

A crypto wallet cannot be tied to an individual unless said individual reveals their crypto wallet, but even when they do, it would be very difficult for a government to seize it. Since transactions are completed anonymously, they can feel safe knowing their funds will stay in their wallet.

The post Understanding Blockchain technology & its implications for global finance appeared first on Fintech News.

Polkadot, a well-established player in the cryptocurrency market, has faced its share of challenges in recent times. The platform has been working on a series of initiatives to regain its position as a frontrunner in the industry. Among its efforts are enhancing its infrastructure, focusing on community engagement, and exploring partnerships with other projects. Despite these attempts to regain its footing, Polkadot faces stiff competition from emerging projects such as DigiToads.

DigiToads (TOADS) Continues Climbing

DigiToads, a newcomer in the crypto space, has been drawing the attention of investors with its unique features and strong value proposition. The project revolves around a deflationary token, which ensures a gradual decrease in supply and an increase in value over time. Additionally, the project’s Play-to-Earn (P2E) game allows users to earn rewards while participating in an engaging gaming experience, further piquing investor interest.

The integration of Non-Fungible Tokens (NFTs) within the DigiToads ecosystem has also contributed to its appeal. Users can stake their NFTs to earn additional rewards, providing an added layer of value to their holdings. The memecoin aspect of the project, fueled by social media and internet culture, has the potential for huge price increases and attracts investors seeking high-risk, high-reward opportunities.

The exclusive Platinum Toads within the DigiToads project offer significant value for investors, as these rare and valuable tokens can provide considerable returns. Moreover, the project’s commitment to charitable and environmental causes sets it apart from other crypto projects, as it aims to contribute positively to the world while expanding its user base.

The DigiToads presale has generated significant interest, raising $560,000 so far. This success showcases the project’s growth potential and ease of access for investors. With many major cryptocurrencies accepted for payment, the presale has made it convenient for a wide array of investors to participate. The fully doxxed team behind DigiToads offers a sense of trust and confidence in the project, while the absence of a vesting period allows investors to trade their tokens without restrictions.

While Polkadot continues to work on reviving its reputation, the competition from newcomers like DigiToads presents a challenge. The innovative features, commitment to transparency, and potential for high returns make DigiToads a strong contender in the crypto space. As more investors flock to projects like DigiToads, it remains to be seen how Polkadot will fare in the face of such competition.

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Join The TOADS Community Today

In conclusion, the landscape of cryptocurrency is ever-changing, and Polkadot’s efforts to revive its reputation may prove to be an uphill battle. On the other hand, DigiToads continues to attract new investors with its unique features, growth potential, and commitment to social and environmental causes. Those looking to invest in crypto projects should participate in the DigiToads presale, as it presents a better option than its competitors, and has 100X potential. 

For More Information on DigiToads visit the website, join the presale or join the community

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NFTs are the hottest craze in the crypto space, and a third of the projects take advantage of the Ethereum protocol.

Ethereum is the standard in smart contracts platforms and is utilized in various functions, from NFTs to Decentralized Finance. Solana is the closest competitor in the NFT space. Nevertheless, Ethereum remains king.

As Ethereum is the first smart contracts platform, it positioned itself as the undisputed king of DeFi and also did the same with NFTs. Often new protocols come along dubbed as “The Ethereum Killer”, but none have ever challenged ETH’s dominance.

The recent Ethereum merge changed the consensus mechanism from Proof of Work (POW) to Proof of Stake (POS). The change has reduced the blockchain’s carbon emissions by 99%, but on the other hand, it makes Ethereum more centralized.

In light of the news of the Ethereum merge, new NFTs will be minted on either the ETHPOW or ETHPOS. Current NFTs before the merge will be duplicated on both blockchains.

Relationship Between Ethereum and NFTs

Many celebrities and sports teams have launched an NFT. Snoop Dogg and Billy Ray Cyrus are the latest celebs to drop an NFT collection, with holders receiving great artwork, as well as other freebies.

As NFTs are often a collectors’ item, the future is bright. In addition to NFTs, Ethereum is the standard smart contract platform in a whole host of different industries, from Ethereum gambling at online casinos to decentralized exchanges. The Metamask plugin aids in making payments and collecting ETH by using your browser, thus, the simplicity of the ETH product has helped in further mainstream adoption.

NFTs are the latest way for artists and sports stars to connect with their fans, and Ethereum is the protocol of choice because of its highly secure network, data architecture, and brand recognition.

Why Ethereum is a Favorite for NFTs

Many wonders why Ethereum is used for NFTs and how the protocol has such a huge market share. As the Ethereum blockchain is now 8 years old and has the highest number of active monthly developers (220), Ethereum has all the ingredients to make NFTs mainstream.

Some of the biggest names in sports have even partnered with Chiliz, a decentralized app that uses the Ethereum blockchain. The Socios app allows fans to purchase fan tokens which, in turn, gives them access to the latest NFTs at their favorite clubs, from PSG to Juventus.

In the sports space, the most popular type of NFT are trading cards, and these continue to grow exponentially. The current record is the Lionel Messi Golden One trading card sold for $1.1m. In fact, during the auction, the artist, Bosslogic, only set a reserve of $50K, but a bidding war ensued.

At present, the relationship between Ethereum and NFTs is synonymous, but with Solana challenging the ETHs crown, the future is unpredictable. Nonetheless, it can be argued that competition is good for Ethereum, as it will motivate the protocol to improve further.

Threats to Ethereum as NFT King

The latest threat to Ethereum, Solana, claims it’s able to perform 50,000 TPS, and because of this, many NFTs are switching to the SOL platform. Examples of this include the famous artwork Degenerate Ape Academy and Degen Trash Pandas. However, Ethereum still remains the first choice for NFTs, with Vitalik Buterin’s blockchain commanding a 76% market share.

The major disadvantage of Ethereum currently is the speed, with the protocol only able to perform 18.93 transactions per second (TPS). Compared to the gold standard of transactions, Visa, the TPS at Ethereum is tiny. Visa can execute 24,000 TPS, nevertheless, with Ethereum’s recent merge, Vitalik Buterin announced that the protocol would be able to do 100,000 TPS in the near future. Only time will tell if this is the case.

Conclusion

In the next decade, we will see NFTs enter the mainstream, and if the metaverse becomes a thing, the demand for NFTs will skyrocket. The rosy future is only good news for Ethereum, and if it can keep its market share and continue to innovate, ETH will be in an excellent position going forward.

The post Ethereum is the NFT king: but… how come? appeared first on Fintech News.

DigiToads has already gained significant attention in the cryptocurrency community, with many investors eagerly anticipating its presale, which is set to take place in the coming weeks. With the success of Bancos (BNT) and IOTA (MIOTA) presales, there is a lot of speculation about whether DigiToads can replicate their success.

>> Buy DigiToads Now <<

Bancos (BNT)

Bancos (BNT) is a DeFi protocol that aims to provide users with a secure and reliable platform for exchanging cryptocurrencies. The platform has been incredibly successful since its launch, with many investors seeing significant investment returns. The success of Bancos has led many to speculate that DigiToads may be able to achieve similar levels of success with its presale.

IOTA (MIOTA)

IOTA (MIOTA) is another cryptocurrency with significant success in recent years. The project aims to provide a secure and scalable Internet of Things (IoT) platform. The success of IOTA has been driven by its unique approach to solving the challenges faced by IoT devices. The success of IOTA’s presale has led many to believe that DigiToads could follow a similar trajectory.

DigiToads (TOADS) The Next Explosive Presale?

DigiToads is a project that aims to provide users with a platform for NFT staking. NFTs, or non-fungible tokens, are unique digital assets that cannot be replicated. NFTs have become increasingly popular in recent years, with many investors seeing them as a valuable investment opportunity. DigiToads aims to capitalize on this trend by providing users with a platform for staking their NFTs.

The platform will also include a P2E gaming component, where players can collect and battle unique DigiToads. Players can acquire DigiToads by buying, trading, or winning them. Each DigiToad has its own set of characteristics, strengths, and weaknesses, giving players a wide range of options to choose from when selecting their digital companion. Players will be able to use TOADS tokens, the platform’s native currency, to purchase food, potions, and training equipment for their DigiToads, allowing them to increase in size, strength, and learn new abilities, providing a competitive edge in battles against other players.

DigiToads Pays Users

At the end of every DigiToads season, which lasts for a month, the top 25% of players on the leaderboard will receive TOADS tokens as a reward. Additionally, 50% of the funds raised from the sale of items in the game will be allocated to the prize fund and distributed among the top 25% of players, providing players with the chance to earn real money while playing the game.

Community is a big focus for DigiToads, and as such, the project is built to continuously reward the community of TOADS holders. TOADS holders will be rewarded monthly from the prize pool, with 10% of funds raised being airdropped to token holders.

To fund its NFT staking platform 2% of every TOADS transaction that takes place is added to the staking pool, ensuring that the project can always reward its DigiToad community members. The staking pool is then released to NFT holders who have decided to stake their NFTs at regular intervals. The longer an NFT is staked, the more the holder will earn in rewards.
TOADS Presale Live Now

Analysts have been bullish on DigiToads, seasoned traders have already targeted the presale aggressively, and investors who do not participate in the presale today will, unfortunately, get left behind on one of 2023’s best launches. 

For More Information on DigiToads visit the website, join the presale or join the community

The post DigiToads Presale Set To Raise Millions Like Bancos and IOTA appeared first on Fintech News.