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Non-fungible tokens (NFTs) are a fleeting trend and a gateway for creators to unlock an array of special features. This vision transcends the initial euphoria around NFTs as only digital collectibles. Consequently, steering towards a horizon where functionality and utility reign supreme. This evolution in the NFT market has been championed by industry experts who opine that NFTs, when designed with utility in focus, can drastically enhance user engagement and community building. NFTs As Utility Tokens The essence of NFTs as keys lies in their unique digital DNA. Indeed, each token is a distinct entity, a singular point in the…

This article is part of Blockworks’ Web3 Watch, a weekly roundup of the highlights and lowlights from the culture side of crypto. The wireless provider NETGEAR is teaming up with SuperRare for its Meural Opus, $800 digital picture frames that can connect to wallets and display NFTs. NETGEAR acquired Meural and its smart frame technology in 2018 and made its NFT play in force in 2022, partnering with Metamask and joining SuperRare’s DAO. The launch combines a growing market and a shrinking one. Persistence Market Research predicts smart frames to grow by 3.1% annually over the next decade while the…

While the portmanteau phygitals may eventually (hopefully) fade from existence, never to be spoken again, as a concept they look like they’re here to stay. The primary example of that may be Nike and RTFKT’s non-fungible token universe which has, in less than two years, while facing a bear market much of the time, generated more than one billion dollars in trading volume and more than one hundred million dollars in earnings. Since December 2021, Nike-RTFKT NFTs have spurred close to $1.4 billion in trading volume, according to The Block Research data. At the same time, RTFKT’s more than two…

Multi-chain NFT marketplace Magic Eden announced Saturday that it will launch a new Ethereum platform by the end of the year in collaboration with Bored Ape Yacht Club creator Yuga Labs—with a firm commitment to honor creator royalties on NFT sales. The companies said in a statement that Magic Eden will have a “contractual obligation” to pay Yuga Labs its share of secondary market sales of its future NFT collections. “We’re very much happy to put our money where our mouth is,” Magic Eden co-founder and CEO Jack Lu told Decrypt. Lu said that Magic Eden’s overhauled Ethereum marketplace would…

American Non-Fungible Token (NFT) marketplace OpenSea has announced the company’s decision to reduce its workforce in an attempt to redirect its focus to foster innovative OpenSea 2.0. The company’s decision was revealed through an official X post by OpenSea co-founder and CEO Devin Finzer, who wrote about the shift to “a smaller team with a direct connection to users.” 1/9OpenSea is making some big changes today to focus on the next version of our product. — Devin Finzer (dfinzer.eth) (@dfinzer) November 3, 2023 As part of introducing the marketplace upgrade OpenSea 2.0, intended to enhance the platform’s underlying technology, reliability,…

In a significant step toward achieving a harmonized traditional and decentralized finance landscape, Arta TechFin Corporation Limited has announced its initiative to develop regulated, interoperable fund tokens on major blockchains. The move sees them collaborating with Chainlink Labs, the primary developer of the decentralized computing platform Chainlink. Arta TechFin and Chainlink are Fusing the best of both worlds: DeFi and TradFi Arta TechFin is set to combine the benefits of Decentralized Finance (DeFi) and Traditional Finance (TradFi) by offering fund tokens that facilitate secure transfers across both public and private blockchains. One of the highlights of this partnership is the…

SubQuery’s Polygon network integration with the Mumbai Testnet advances blockchain and dApp development. SubQuery just endorsed Polygon, showing its commitment to helping developers build and deploy apps for testing and production in the ecosystem. Polygon’s Layer 2 Boosts Decentralized Apps Blockchain enthusiasts recognize Polygon, an Ethereum Layer 2 scaling solution, for enhancing decentralized application efficiency. Using an efficient infrastructure, this technology lets developers improve dApp functionality. Thus, Web3 commerce, DeFi, NFTs, and related sectors are easier to reach. SubQuery’s latest product allows projects to smoothly switch from Ethereum to Polygon, giving a complete infrastructure platform for both networks. Data indexing…

The NEAR Foundation, a non-profit organization dedicated to fostering the growth of the NEAR blockchain ecosystem, has joined forces with Berklee College of Music, a global leader in contemporary music and performing arts education. Together, they’re introducing an app called RAIDAR (Rights and Asset Information in Decentralized, Authoritative Repositories), designed to revolutionize how musicians and creators navigate the world of music licensing.—RAIDAR, conceived at Berklee under the guidance of Professors George Howard and Andrea “Ani” Johnson, leverages NEAR’s blockchain technology, known for its rapid scalability and cost-effectiveness. This innovative app aims to create a marketplace where musicians can seamlessly upload…

With Validation Cloud’s novel institutional staking-as-a-service platform, large investors can enjoy on-demand deployment, smart-contract powered rewards automation and SOC2 security on the top of Ethereum (ETH), the most popular blockchain for staking. Validation Cloud launches ETH staking-as-a-service module for enterprises Validation Cloud, a new-gen blockchain infrastructure service, launches the staking-as-a-service product for institutions. Its customers can effortlessly stake ETH in order to receive periodic rewards for contributing to network integrity. Validation Cloud, the fastest global node provider, has launched its Staking-as-a-Service platform! ????Unlocking limitless potential, we bring smart contract-powered rewards management to the world’s largest staking market! Stake with us:…

The mint is now open for the third class of Avatars and Starfighters for Phantom Galaxies! There is no gate or whitelist involved. Just head over to the website and mint as many as you like, though you will need some ASTRAFER tokens to pay for it! Minting for ‘Third Class’ Avatar and Starfighter NFTs is now open on the Phantom Galaxies website! There are five mintpasses available — two for Avatars and three for Starfighters. The Avatar mintpass types include Third Class Zveta Gene Sample and Unspecified Origin Gene Sample. The Starfighter mintpass options are Veteran Fleet, Pristine Fleet,…