The market-driven rarity structure for specific NFT collections, according to a member of the community, is destroyed by the new rarity ranking algorithm. Rarity ranking of nonfungible tokens (NFTs) on an online marketplace may help collectors decide whether or not to purchase NFTs, but some believe that doing so may do more harm than good.
An NFT investor raised a number of concerns about OpenRarity, the new rarity ranking system used by NFT marketplace OpenSea, in a tweet. The community member claimed that including “rank” in the NFT listing without mentioning “rarity” anywhere could be misconstrued.
By enabling the OpenRarity ranking mechanism, the community member said, the Moonbirds NFT collection destroyed its own market-driven rarity structure and transformed every NFT into a “floor Moonbird.” The community member offered the collection as an example. The NFT collector also criticised Proof CEO Kevin Rose for not disabling the OpenRarity rating function for the collection. The proof is the firm that produced Moonbird.
Several days after receiving the suggestions, the NFT marketplace made some adjustments to the ranking system. NFT listings currently show “rarity rank” rather than just the rank. The NFT marketplace has also included a trait count to the ranking algorithm as well as a way to categorise items based on their unique characteristics before utilising any other data to boost their rating.
After the changes, OpenSea indicated that it will make the function for determining rarity available to all chains’ eligible collections. On October 25, the adjustment will go into effect. The most common type of feedback received, according to the NFT market, is questions regarding how to acquire access. To make this access available to more collections, the marketplace will add the feature to each supported blockchain.
On September 21, the NFT marketplace initially developed the NFT ranking system in order to provide collectors with a reliable rarity ranking. The OpenRarity protocol, which aims to standardise the rarity technique across NFT platforms, was developed through cooperation amongst NFT groups.
There are authorities who argue that the ‘insider trading’ allegation in the OpenSea case is true.
An ex-employee of nonfungible token (NFT) marketplace OpenSea requested that references to “insider trading” be removed from his charges, but US prosecutors objected to the request.
According to the prosecution, the sentence accurately sums up the offences that former OpenSea product manager Nathaniel Chastain is charged within a memo that was submitted on October 14.
According to Law360, it was in response to Chastain’s motion to stop using the phrase on October 3.
A jury may be swayed by the term “insider trading” if Chastain’s case goes to trial, he claimed, adding that the term is “inflammatory” and has nothing to do with the claims against him.
In August, his legal team also asserted that “insider trading” only applied to securities and not to non-financial transactions, and that the phrase was used to attract media attention and sway the jury’s perception of him. He further noted that the term only applied to stocks and not to NFTs.
The phrase “accurately conveys” the allegations made against him, according to the prosecution, and the term is not “so fundamentally provocative” as to require the “extreme measure” of having it deleted from his charges.
They also criticised his assertion that insider trading solely applied to the trading of securities, calling it a “legal mistake” and an “unduly constricted understanding of the phrase,” and asserting that it can pertain to a variety of frauds in which someone with inside information trades assets.
Before Chastain’s accusations, the phrase “insider trading” had never been used in connection with cryptocurrency or NFTs.
Alma Angotti, a former U.S. Securities and Exchange Commission (SEC) lawyer, said the possibility of NFTs being categorised as securities in this case in June, not long after Chastain was charged.
Yes, there is a possibility that a blockchain can die and leave behind a lot of stress for people. Before you all over exaggerate, let us tell you that by the term death of a blockchain is the point when all the investors leave it and just a few of them remain. Blockchains, then, are fragile financial ecosystems of investors, validators, developers, users and many other people with their participation directly linked to the block chain token’s appreciation and success. The whole process works in a way that as soon as more participants get involved in it and the activity increases, coin values will also increase, which will result in attracting more users and creating a virtuous circle. However, on the other hand, if a blockchain’s token starts going down, everyone’s decision to support the chain changes with it. If the loss of value appears to be permanent, only a few investors will remain while everyone else will leave. That’s how a blockchain can end up dying
If we look back at the crypto market history then there are many such events that we can consider as the death of the blockchain. Just like the recent market crash, in which the Terra blockchain was the one that was the highly and negatively impacted one. After this market crash, Terra is considered as a dead blockchain. Reason?
Well, the reasons are several but to be clear and simple, the main reason behind it is that it went straight 100% down and now the majority of people don’t trust this blockchain. The millions of dollars of investments of a huge number of people drowned and they just went bankrupt just because of this market crash and now, there is very negative feedback regarding Terra. Terra’s co-founder, Do Kwon, is still attempting to revive the effort and come up with plan B. Even though the team behind Terra is trying hard and coming up with different restoration plans, there is still no chance that it can be back anytime in near future. So yes, we can simply state that Terra blockchain is dead for at least now.
After a blockchain dies…
Now, let’s talk about what happened afterwards.
After a blockchain dies, it can leave long lasting impacts on the whole crypto market. Not just the ones that invested in that particular blockchain will face the circumstances but the entire crypto investors will have to face the negative impacts due to the sudden change in overall market. When a particular crypto asset starts going down with such long jumps then people start panic trading and that affects the overall market. Just like it happens with Terra. To save Terra (LUNA) from going down, the co-founder of the blockchain sold bitcoins worth millions of dollars that turned down the BTC value and created panic among the BTC investors. The value of BTC is still not recovered just because of that. So, you all can imagine how the whole crypto market assets are depending on one another.
There is no prediction about the death of blockchain and it can happen to any chain out there however, the scars it leaves on the hearts of investors can stay there for years
Before we jump into this list it is important to know what meta verse coins are. When broken up, the term meta verse means a virtual world. Most of these coins are a result of various games that monetize the levels of the game with rewards of tokens or coins. To trade in these mete verse you must know the top metaverse coins by market cap.
Let us now get into the list of the top metaverse coins by market cap.
ApeCoin (APE) – Its price is 9.49 dollars. In the past twenty-four hours, its value has increased by 0.99% and in the past seven days, its value has decreased by 35.01%. Its market cap value right now is more than 2.70 billion dollars.
The Sandbox (SAND) – Its price is 1.85 dollars. In the past twenty-four hours, its value has increased by 2.05% and in the past seven days, its value has decreased by 14.72%. Its market cap value right now is more than 2.60 billion dollars.
Decentraland (MANA) – Its price is 1.20 dollars. In the past twenty-four hours, its value has increased by 2.73% and in the past seven days, its value has decreased by 20.31%. Its market cap value right now is more than 2.21 billion dollars.
Theta Network (THETA) – Its price is 1.90 dollars. In the past twenty-four hours, its value has increased by 5.01% and in the past seven days, its value has decreased by 18.62%. Its market cap value right now is more than 1.90 billion dollars.
Axie Infinity (AXS) – Its price is 26.71 dollars. In the past twenty-four hours, its value has decreased by 5.39% and in the past seven days, its value has decreased by 10.12%. Its market cap value right now is more than 1.62 billion dollars.
Stacks (STX) – Its price is 0.6996 dollars. In the past twenty-four hours, its value has increased by 0.73% and in the past seven days, its value has decreased by 25.02%. Its market cap value right now is more than 917.48 million dollars.
Enjin Coin (ENJ) – Its price is 0.8758 dollars. In the past twenty-four hours, its value has increased by 5.44 % and in the past seven days, its value has decreased by 18.79%. Its market cap value right now is more than 774.56 million dollars.
Ontology (ONT) – Its price is 0.3894 dollars. In the past twenty-four hours, its value has increased by 2.64% and in the past seven days, its value has decreased by 14.65%. Its market cap value right now is more than 340.13 million dollars.
WAX (WAXP) – Its price is 0.1571 dollars. In the past twenty-four hours, its value has increased by 2.04 % and in the past seven days, its value has decreased by 27.36%. Its market cap value right now is more than 310.46 million dollars.
Render Token (RNDR) – Its price is 1.19 dollars. In the past twenty-four hours, its value has increased by 4.65 % and in the past seven days, its value has decreased by 22.36%. Its market cap value right now is more than 301.85 million dollars.
With the metaverse’s growing popularity and use, the crypto market has inevitably been introduced there. This article provides a list of top metaverse coins by market cap to help you trade. Also keep in mind, that these values are varying.
If you’ve been on social media these days, you are sure to have come across a word called “NFTs”. They are gaining wide popularity due to the surge in their trading. People are opting to acquire NFTs and sell them to gain profits. But among all this, have you wondered what exactly an NFT is? What does it do? How is making money from NFTs possible? NFT stands for non-fungible tokens. They are based on the Ethereum blockchain. Let’s break it down a bit. ‘Non-fungible’ essentially means something unique and can’t be replaced; in other words, one of its kind. Here’s an example, if you’re deciding to trade a piece of art such as a painting or a drawing with another person, it is unlikely that the two of you have the same piece. Even if your art is based on the same thing, there are many differences between them. Here, in this case, the art piece is a nonfungible token.
How to make money from NFTs?
Lately, social media has been buzzing with talks of making money from NFTs. But how exactly is that possible?
NFTs have grown valuable as unlike the ETH coins, they serve the extra purpose of saving information. NFTs can take the form of anything digital, digital art being the most popular form.
To make money from NFTs, you need to have knowledge of what an NFT is, which has been provided to you. Next, you need to make one and sell it on platforms that you deem most appropriate. After that, you should link your crypto wallet and then finally list it on your chosen platform to sell it.
Another way of making money from NFTs is to rent them out. You should keep in mind that these NFTs are irreplaceable and thus cannot be duplicated. In this process, you can give them out for a fixed period in return for money.
The most popular way of making money from NFTs is selling them on marketplaces such as CryptoPunks, Raible, Axie marketplace, and OpenSea among many others.
Have you ever come across the term ‘royalties’? Royalties are legally binding payment that is given to the original creator whenever their assets get sold or used. This can also be applied to NFTs. Using royalties in the trading market will sure to gain you huge profits.
NFTs provide a platform for trading in almost every domain. Trading NFTs in the world of sports can gain profit. They can be used to increase fan engagement, documenting memorable moments of the players and the viewers. They can also be used to sell merchandise.
Trading NFTs is a highly profitable way of making money. Think of it as a business. A shop seller buys an item at a much lower price than what they sell it for. People have known to make a profit of about a thousand times the original price. Although some NFTs can gain you millions, some of them can also be quite worthless. That’s something you need to look out for.
In today’s market, NFTs are becoming a common way of trade. NFTs are helping people get rid of debts, travel, achieve their dreams, have a stable and secure life, and also provide a lot of money. Even though NFTS has grown popular tremendously, it is safe to say that they are not the mainstream. Better to jump on the ship sooner rather than later. Using NFTs as a way of making money is sure to gain explicable levels of success and profit.
Sports fans have shown a significant increase in non-fungible tokens. All the credit goes to non-fungible technology because of it we have seen enormous growth in the sports sector as it provides fans to interact with their favorite sports person. But the main problem arises when fan interaction is only held between famous big names in sports person and ignoring small athletes.
Everyone focuses on big names of sportspeople who are already famous that they are getting rich day by day while the other side is left aside, this is why Ethereum-based NFT focuses on the less-famous side. Ex sport is a great platform that provides fans to buy and sell these non-fungible tokens. Fans can get various athlete cards that they can use to make an album.
For users, these cards are like rewards that they can use to provide an opportunity for early athletes to support in their sporting careers. Ex sports provide a platform by just signing it, any athlete can issue their collectibles for fans to buy, sell and trade by doing so athletes can create a revenue source. Sports federations also can get NFT on behalf of athletes.
ADOPTION OF BLOCKCHAIN IN SPORTS
Blockchain technology is a wonderful solution for many industries and the sports industry is also taking interest in this field with the help of non-fungible tokens it gives a new type of digital assets which help in the growth of sports industries. There are more than 8000 different kinds of sports are played all over the world and NFT is making an amazing ecosystem for fans, brands, clubs, players, and more.
Initially, NFT are first started around 2012 and started gaining popularity by increasing years. Now NFT is providing great opportunities in the sports field like graphic avatars, 3d arts, videos and event ticketing, and many more. It is not one-sided by giving fans engagement with their favorite players. Other forms of NFTs are also getting famous like autographs of a favorite player, and awards trophies, that are attracting many fans’ attention.
THE SPORTS INDUSTRY IS NOW READY TO ENTER NEW WORLD
This is a whole new world where not only players can get an advantage by increasing revenue but also fans get a chance to engage with their favorite players directly. It is also beneficial for brands as they are looking for NFTs to use for sponsorship. The use of digital collectibles it provides fans to make their connections more strong with their fans.
With the help of blockchain, it enables tokenization which increases loyalty while retaining its original value it automatically increases the value. For every person who is close to sports, it’s like dream to get a customized autograph or to get a shirt from their favorite team or player. With the help of NFT, this dream is now possible. But the best part of the blockchain tool is it makes the process smooth without any fear of authenticity being compromised.
NFTs ARE PERFECT INVESTING OPPORTUNITY
If you are interested in collecting trading cards then NFTs are providing an opportunity to invest. It does not only provide fans to showcase their digital collectibles but also they can own them and trade them in return give money. NFTs are not only benefited fans but also allow investors and traders to make more money.
With the help of NFTs and blockchain, the sports sector is experiencing a new level of growth in the coming years which changes the whole experience of fans and investors. This is the new market for sports and collaboration of NFT which not only benefits fans but also brans, investors, and many more people who are connected with sports.