NFT
This week, Ordinals moved further into the mainstream after leading cryptocurrency exchange Binance announced it would soon add support for Bitcoin-based non-fungible tokens (NFTs) to its marketplace. Meanwhile, Miladys, the terrifying wide-eyed NFT project that has spawned a cult following, saw a brief spike in rock bottom prices after Elon Musk tweeted a meme featuring an avatar from the collection.
In addition, Aegis Custody, the digital asset custodian, is offering free custody services to women for six months, worth a total of $28,000, to make it easier for women to join Web3.
Binance Dives Into Bitcoin NFTs: Leading cryptocurrency exchange Binance will soon add support for Ordinals on its NFT marketplace, highlighting the growing demand for Bitcoin NFTs. The platform already supports NFTs built on Ethereum, Polygon, and its own BNB Chain. To simplify the process, Binance allows traders to buy Ordinals through their Binance accounts without having to set up a taproot-compatible Bitcoin wallet.
Bitcoin NFTs Are Going Mainstream: Popular NFT marketplace Magic Eden recently expanded support for Bitcoin NFTs, while the Gamma.io platform has made minting and buying Ordinals easier. Yuga Labs recently released its own Bitcoin NFT collection called TwelveFold, which raised $16.5 million from the auction.
A Milady from the Dogefather: Twitter CEO Elon Musk tweeted a meme featuring a Milady NFT, which caused the floor price of the wide-eyed avatars to skyrocket on OpenSea. The project, which has been experiencing a resurgence among the NFT community for several weeks, saw the bottom price briefly reach an all-time high of 7.3 ETH (approximately $13,700) before falling back to around 4.25 ETH at the time of writing.
Pumping power: Historically, when Musk tweets about a crypto project, that project sees a temporary spike in value. He has long been an outspoken advocate for Dogecoin, which soared after briefly replacing the Twitter logo with the Shiba Inu mascot. The coin fell again when he reinstated Twitter’s blue bird.
Crypto Women Support Women: Custodian of Digital Assets Aegis Custody offers 6 months of free services to crypto companies founded or led by women. Serra Wei, CEO and founder of Aegis Custody, told CoinDesk that she was inspired to offer end-to-end custody and security services to other women after reflecting on the challenges she faced when entering Web3.
Lowering barriers to entry: Wei said the initiative was designed to make it easier for women to enter Web3 by freeing up resources so they can focus on growing and building. “Women in the crypto industry often face an uphill battle to receive the same level of support and respect as their male counterparts,” she said.
Emerging projects
Chubby penguinsWhat: Pudgy Penguins, a collection of 8,888 adorable penguin characters, has exploded in popularity in recent days following a $9 million round of funding led by 1kx. In the past seven days, the project’s trading volume has increased by 39%, with the number of sales increasing by 34%.Why: The project, which initially launched in July 2021, changed hands in January 2022 after the community voted to evict the founding team for failing to deliver on their promises. Entrepreneur Luca Netz purchased the project in April 2022 for $2.5 million. Since the acquisition, the project has expanded its licensing deals and has had a merry Christmas rally.Here’s the history of the project and how it came about.
In other news
Boss Barbie: NFT Project Boss Beauties teamed up with Mattel to release a 250 edition collection celebrating Barbie and her many careers.Unstoppable Alliance: Digital identity provider Unstoppable Domains has joined the board of directors of the Open Metaverse Alliance for Web3, which is creating standards for a decentralized metaverse.World of Women spoke to The Block about expanding into a global brand, including releasing a custom Monopoly board and their partnership with House of Harlow.Jumping for JOMO: Digital collective for mental health Peace Inside Live is releasing a wellness-inspired NFT collection to raise money for mental health in Web3.
Non-fungible toolkit
What is NFT Loans?
The launch of Blend, Blur’s peer-to-peer NFT lending platform, has sparked renewed interest – and money – in borrowing or leasing NFTs for profit. It has also raised new concerns about the health of the ecosystem’s liquidity as millions pour into a type of financial instrument previously used by relatively few in the space.
So before you get involved in financing the purchase of an NFT or lending your NFT for quick liquidity, make sure you understand how it works and what the risks are.
