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In this week’s newsletter, read about how the team behind Bitcoin (
$77,189.00 ) Ordinals plans to drive the development of nonfungible tokens (NFTs) on Bitcoin ( $77,189.00 ) and find out why metaverse platform The Sandbox requires Know Your Customer (KYC) checks for staking. In other news, learn why NFT gas usage is on a downward trend, and don’t forget this week’s Nifty News, featuring an NFT trader tricking a bot and bagging $1.5 million in profit.
Bitcoin ( $77,189.00 ) Ordinals team launches nonprofit to grow protocol development
The team behind Bitcoin ( $77,189.00 ) Ordinals has launched a nonprofit aiming to boost the development of NFTs on Bitcoin ( $77,189.00 ) . Dubbed the Open Ordinals Institute, the nonprofit will provide funding for Ordinals developers.
The Bitcoin ( $77,189.00 ) Ordinals protocol was launched in January, and it rapidly became one of the most popular trends in crypto. Users rushed to inscribe their assets like NFTs and Bitcoin ( $77,189.00 ) -based crypto on the Bitcoin ( $77,189.00 ) blockchain.
NFT gas usage shows downward trend, signals shift in landscape
NFT gas usage continues on a downward trend. On Aug. 3, gas consumption of NFT marketplaces like Blur, OpenSea, SuperRare, LooksRare and Rarible only accounted for 1.85% of the total consumption on the entire Ethereum (
$2,416.45 ) network.
Moreover, NFT-related projects that were once top gas users on the Etherscan charts are now not listed. This indicates a potential shift in NFT use, where users may be holding their NFTs instead of actively trading.
The Sandbox implements KYC measures for protocol staking
Metaverse project The Sandbox will implement a KYC verification protocol for staking. According to an announcement, only KYC-verified uscane to deposit The Sandbox (SAND) tokens and claim staking rewards.
On-chain analytics firm Messari’s data shows that 6.7% of SAND’s circulating supply — about 123 million tokens — is currently staked by users. According to the metaverse platform, the move aims to enhance user security and compliance.
Nifty News: Trader nabs 800 ETH by baiting a bot, NFT thefts slow and more
NFT trader Hanwe Chang tricked a bot into copying his trades, resulting in a profit of 800 Ether (ETH), worth around $1.5 million. The NFT trader noticed that the bot was copying his bids. Because of this, the trader tricked the bot into buying his inflated NFTs.
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