NFT News Official TheBitTimes.com

The Chinese government says theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data. The Chinese government released a statement on Nov. 10 declaring that anyone stealing digital collections, such as nonfungible tokens (NFTs), will be subject to theft sentences.  It outlines three views on the type of crime that theft of digital collections falls under, the first two classifying it as either data or digital property. However, the statement stresses the third view which sees digital collections as both data and virtual property that would fall under the umbrella of “co-offending.” The statement explained that stealing a digital collection includes intrusion into the system on which it is housed, therefore also committing the crime of illegally obtaining computer information system data and theft . “The theft of digital collections violates the protection law and interests of the crime of illegally ob...

Applications will be accepted for consideration until November 30. Solana Labs unveiled an all-new incubator program for project development on the Solana blockchain on Oct. 26.  Title simply “Solana Incubator,” the program will offer fundraising , development, networking, and marketing support for web and blockchain projects seeking to build on Solana’s platform. Building a web3 startup on the Solana network? ️ Today, @SolanaLabs introduces their Solana Incubator, so you can get hands on technical, go-to-market, and funding support! Learn more and apply https://t.co/W10WnEgDwQ — Solana (@solana) October 26, 2023 The Solana Incubator will accept applications through Nov. 30. Those accepted will purportedly receive support from the Solana Labs team and its partners throughout the development, marketing, and launch phases of their projects. According to Emon Motamedi, Product Manager at Solana Labs: “Our priority with the Incubator program is to remove the biggest obstacles current...

Snook, a multiplayer game, is launch ing on Arbitrum, an Ethereum layer-2. The move is aimed at expanding its player base and introducing USDC, a stablecoin, to complement its native token, SNK. Snook deploys on Arbitrum, enhance gaming experience Snook is a fast-paced blockchain game focused on rewarding gamers based on their skill and effort to thrive in a kill-or-be-killed environment.  The player’s ability to perform directly decides the value of their non-fungible token (NFT) character that can be sold in the secondary market.  You might also like: US SEC may approve Ethereum futures ETFs next week The platform aims to enhance  gaming experience by ensuring that each player’s in-game character is an NFT with immutable records of their skills and achievements.  If a player’s NFT survives, they can continue participating in games, enhancing their traits and continuously increasing their value. The launch on Arbitrum allows the NFT-based game to e...

Ava Labs head of product Nick Mussallem explained how Japanese company Loyalty Marketing is aiming to introduce Web3 to its 100 million users. Proof-of-stake (PoS) blockchain platform Avalanche is expecting 5-10 million transactions on a subnet as a Japanese loyalty program company that claims to have 100 million users has partnered with the network to bring their mass-scale loyalty rewards program into a blockchain.  Cointelegraph’s Andrew Fenton interviewed Nick Mussallem, Ava Labs' head of product at the Korea Blockchain Week 2023, held in Seoul, South Korea. The duo spoke about various topics including the recently announced partnership with blockchain services provider PlayThink and Japanese points service provider Loyalty Marketing to onboard more than 100 million users into the Web3 space. Nick Mussallem at the Avalanche House area of the Korea Blockchain Week 2023. Source: Cointelegraph According to Mussallem, Loyalty Marketing is expecting up to 10 million mints for its...

TinyTap, a subsidary of Animoca Brands, rolls out new AI features for educations and parents to generate educational games and images based on prompts. TinyTap, an ed-tech subsidiary of Web3 developer Animoca Brands, announced on Aug. 30 the integration of new artificial intelligence (AI) and nonfungible token (NFT) tools aimed at educators and parents.  The integration of AI will now allow educators, and anyone using the platform, to create an educational game via a topical prompt which will then generate the game within minutes. It also introduced a text-to-image tool allowing for the creation of dynamic educational images to enhance games and graphics. A text prompt being entered into the TinyTap AI game generator. Source: TinyTap A TinyTap AI generated game based off the text prompt entered. Source: TinyTap It says the data used in the AI generator tools draws on over a decade of data within the TinyTap system based on the “ learning architecture of over 250,000 games, million...

First-gen blockchain games prioritized crypto-earning over gameplay, leading to an unsustainable growth model. Now, a Web3 gaming platform is about to change that. Many first-generation blockchain games were more concerned with crypto-earning than providing a great gaming experience. In contrast, Gala Games, a blockchain gaming platform with a proven history in the Web3 space, prioritizes fun and aims to address concerns about GameFi adoption. Decentralized gaming, better known as GameFi, has been quickly identified as one of the clear use cases for blockchain technology that has yet to see mass adoption. However, while the benefits of GameFi, like greater control and offering tangible rewards, have been well marketed, most gaming is still done on a centralized platform. To put things in perspective, Fortune Business Insights estimates that the global gaming market size was valued at $249.55 billion in 2022 and will grow from $281.77 billion in 2023 to $665.77 billion by 2030. In ...

The key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Nonfungible tokens (NFT) adoption is picking up steam across the food and beverage industry, with many fast-food chains displaying interest in this new asset class.  A report by ResearchAndMarkets.com states that the global food & beverage NFT market size is expected to reach USD 2,134.04 Million by 2032. These statistics have been evident as recently, Global fast-food brands , including Pizza Hut and Papa John’s, are discovering new ways to integrate NFTs into their marketing strategies.  The report states that the key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Unique ownership opportunities, using NFTs in virtual reality and video games, promotions and advertising from food companies and restaurants are o...

The United Nations body called on all member states to implement the Travel Rule “without delay” to close “loopholes” not currently protected by regulation. A renewed call from the Financial Action Task Force (FATF) has asked countries to implement the “ travel rule” to combat money laundering and terrorism financing activities enabled by cryptocurrencies. On June 23, the United Nations body — whose role is to promote strategies to combat money laundering and terrorist financing — explained that “many” member states have failed to implement the rule. The call comes after a series of FATF meetings at its headquarters in Paris. The FATF plenary has concluded. Delegates of governments from around the world discussed a range of money laundering and terrorist financing issues. See the outcomes of the plenary here️ https://t.co/s0nmYw1ca6#FATFWeek #moneylaundering #terrorismfinancing #followthemoney pic.twitter.com/DTerSET5QT — FATF (@FATFNews) June 23, 2023 FATF claimed “more than hal...

Through a new initiative, Cointelegraph Accelerator and the bitsCrunch Startup Program aim to help startups in the NFT data space by providing free data tools. As nonfungible token (NFT) trading volumes begin to pick up again in Q1 2023 and marketplaces battle it out for a piece of the pie, more projects are coming into the space to assist market actors with infrastructure and analytical tools. And with evidence of wash trading and other abuse by bad actors becoming apparent, there is a demand for forensic tools to aid traders and investors in making informed, financially secure decisions. Cointelegraph Accelerator is assisting in further developing the NFT sector by teaming up with bitsCrunch’s startup program to help Developers and Startups in their journey. Through the joint initiative, members will participate in and reap the benefits of both initiatives. Founded in 2013, Cointelegraph is a long-standing player in the world of cryptocurrency and blockchain media. Cointelegraph Acc...

New data from research by eBit Labs and LiveArt marketplace reveals that the previous estimates of creator royalty losses, which were around $35 million, may be much higher. The nonfungible token (NFT) space has been a proven gateway for helping users take their first steps into the Web3 space. This is particularly true when it comes to artists and creators using Web3 tools to enhance their work.  However, new data from eBit Labs and LiveArt marketplace reveals that the loss of creator royalties over the past year in the NFT space could be higher than estimated. According to the data, after the emergence of the Blur marketplace in October 2022, two of the leading NFT collections - Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) - experienced shortcomings in royalties of around $20 million alone The new data involving BAYC and MAYC shortcomings then points to previous estimates of $35 million in royalty shortcomings likely being too small. Figure 1: Fees paid vs shortfall ...

Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency. Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency (CBDC). Florida Governor Ron DeSantis — expected by many to throw his hat into the ring for the 2024 U.S. presidential race — has called for a ban on a digital dollar in the state. DeSantis spoke out against the Federal Reserve issuing and controlling a CBDC, claiming the initiative would grant “more power” to the government.  Texas Senator Ted Cruz went even further, introducing a bill to block the Fed from launching a “direct-to-consumer” central bank digital currency. Cruz stated it’s “more important than ever” to ensure U.S. policy on digital currencies protects “financial privacy, maintains the dollar ’s dominance and cultivates innovation.” The anti- CBDC bill is a second attempt by Senators Cruz, Braun and Grassley, who introduced a similar bill on March 30, ...

Binance has established its authority and presence in the cryptocurrency realm since its inception. With the popularity of artificial intelligence on the rise, Binance has jumped on the bandwagon to make the most of the popularity of AI. Recent times have witnessed a surge in AI image-generating platforms where users upload an image to generate different images of the same person in creative ways. Apart from the hype of ChatGPT, these AI-powered image-generating websites definitely held traction. Also read: Ripple CLO Says Gensler Must Refrain From Voting on Any Enforcement Case According to the latest details from Binance CEO Changpeng Zhao , Binance has unveiled a new platform called Bicasso . The platform generates NFT profile pictures based on the images provided to it. JUST IN: #Binance launches AI NFT generator beta version named Bicasso. pic.twitter.com/bEjS4jYPno — Watcher.Guru (@WatcherGuru) March 1, 2023 Will Binance’s Bicasso be the end of ot...

A firm called OVR Technology showcased a virtual reality headset that contained eight aromas that can be combined to generate various scents. The sense of smell has been added to the Virtual Reality (VR) experience as showcased by metaverse -focused companies at the Consumer Electronics Show (CES) 2023. A recent report from consulting firm McKinsey & Company predicted that the metaverse could potentially generate $5 trillion in value by 2030. However, the report noted that metaverse success would need a more developed human aspect that delivers positive experiences to its users. One of these catalysts may be the integration of the sense of smell and touch into VR experiences which were showcased at the recent CES. As reported by Fortune, one of the firms called OVR Technology showed a headset with a container for eight aromas that can be mixed together, creating various scents. The VR headset is reportedly scheduled to be released later in 2023. An earlier version that was us...

With the start of a new year, the crypto market is bracing itself for the unknown. What are the main challenges and goals? If 2022 was any kind of template for gauging what the crypto market might offer for investors going forward, it proved to be terribly difficult to predict. The space saw a brutal shock to the global crypto market capitalization, which fell just over 60% from $2.2 trillion to about $797 billion year to date. It also saw the two largest cryptocurrencies by market cap, BTC and ETH, fall by 64% and 67%, respectively, during the same time frame, with the concurrent slide in the alt market too. These price drops, combined with the demise of the FTX exchange, were not events that many, if any, foresaw. Furthermore, the fallout from the FTX debacle is not yet over, given that some crypto projects and venture funds have retained treasury accounts on the exchange. That said, if 2022 was indeed messy, then 2023 has to offer something more positive, but growth is likely to be...

NFTs were expected to boom this year. Sadly, the fervor that the industry started off with did not persist throughout the year. While this came as a blow to the industry, a few OpenSea artists had to deal with the abrupt blocking of the platform. As per recent reports, a whopping 30 artists as well as collectors were banned from OpenSea. All of them were from Cuba. Therefore, the latest ban was affirmed to be due to the sanctions imposed by the United States. It should be noted that the largest NFT firm is headquartered in New York. Speaking about the same, an OpenSea spokesperson reportedly said, “We comply with U.S. sanctions law. Our terms of service explicitly prohibit sanctioned individuals, individuals in sanctioned jurisdictions, or services from using OpenSea.” The NFT platform even confirmed that Cuban artists weren’t the only ones facing a ban. OpenSea pointed out that artists and collectors from Venezuela, Iran as well as Syria were subject to this policy....

The collective sales volume of NBA Top Shot NFTs has dropped 99% from its February 2021 peak. NBA Top Shot is a nonfungible token (NFT) marketplace that enables basketball fans to buy, sell and trade NBA-themed digital collectibles. These collectibles are "Moments" — NFTs of NBA video clips and digital art — available per their degree of rarity. In other words, users can trade NFTs that feature anything from a winning three-pointe from Luka Dončić to a dunk from Lebron James, depending on their availability. A NBA Top Shot Moment listing example. Source: Official Website The concept is akin to traditional sports collectible where fans attempt to acquire the rarest of items associated with teams, with an aim to either collect or sell it later at a higher price. Except, in the case of NFTs, these collectibles are digital — unique cryptographic tokens that exist on a blockchain and theoretically cannot be replicated. How does NBA Top Shot work? NBA Top Shot is officially licen...

In this article, we describe what unlockable content is, how it works, and how to add it to your NFT collection correctly. After a spectacular run in 2021, almost everyone at least superficially knows what nonfungible tokens (NFTs) are. Although not many people are aware that NFTs constantly get new entrancing functionality and use cases. This article will highlight the role of an exciting feature: unlockable content in NFTs. We will break down for you its advantages and use cases and show how to add unlockables to your NFT collection. What is an NFT? Traditionally, NFTs are described as unique cryptographic digital assets on a blockchain that can be bought and sold online. They could be nearly anything, including digital pictures, songs, videos, in-game items, real estate or even personal genomes. Most notably, NFTs provide advantages for artists, such as decentralization, verification and management of ownership, ease of transferability and trade, rarity and scarcity. Most important...