Tag Archives: ordinals

Bitcoin Ordinals sales dip, Roblox adds AI translation to metaverse: Nifty Newsletter

Bitcoin Ordinals sales dip, Roblox adds AI translation to metaverse: Nifty Newsletter

In this week’s newsletter, read about how Bitcoin-based nonfungible tokens (NFTs) had a sales dip in January and how Roblox will allow real-time translations in the metaverse. Check out how GoDaddy and the Ethereum Name Service (ENS) collaborated to enable the linking of Web3 and Web2 domains and how Japan Airlines’ NFTs can let you live the virtual life of a samurai.

Bitcoin Ordinals sales dipped 61% in January, halving sparks hope

Bitcoin -based NFTs fell from $868 million in December 2023 to $335 million in January, dipping by 61% in 30-day sales volume. In a Cointelegraph interview, NFT book author Anndy Lian said that new projects entering the game give buyers a plethora of options, suggesting that the market is becoming more saturated.

Despite the slowdown, Lian expects the upcoming Bitcoin halving to bring renewed interest in Bitcoin-based NFTs. “The reduced supply of Bitcoin could make each satoshi more valuable and scarce, thus increasing the appeal of Ordinals as unique and collectible assets.”

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Roblox builds in-house LLM, adds real-time AI translation to metaverse

Gaming platform Roblox developed a new unified translation model powered by artificial intelligence. This lets players communicate through text in real time despite speaking different languages.

Roblox chief technology officer Dan Sturman said the firm built its own large language model (LLM) in-house to allow instantaneous translations. Currently, the LLM supports the translation of 16 languages.

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GoDaddy to charge $0 for ENS .eth name pairing

ENS and domain registrar GoDaddy collaborated to allow Web3 users to link their .eth domains to Web2 domains without extra costs. The partnership eliminates the high gas fees that used to deter users from bringing domain names to ENS.

ENS domains, which are popular among NFT holders, simplify complex wallet addresses into human-readable names. With the partnership, new smart contracts are deployed for the resolution process, allowing a cost-free transition.

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Nifty News: Samurai NFTs take flight with Japan Airlines, Solana slows down

Japan Airlines collaborated with marketing firm Hakuhodo on Kokyo NFT, a project that aims to tokenize local experiences and real-world assets. According to its site, the project aims to help its holders develop connections with the local communities. The NFT project promised various experiences, including immersion in a samurai mansion and being part of a samurai family.

Meanwhile, data shows that NFTs performed better than Ether in January. NFT indexes showed almost 10% gains in the month, while ETH only moved by 2.3%.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space. 

Source: https://cointelegraph.com/news/bitcoin-ordinals-roblox-metaverse-japan-airlines-nft-newsletter

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Bitcoin Ordinals sales dipped 61% in January, halving sparks hope

Bitcoin Ordinals sales dipped 61% in January, halving sparks hope

Bitcoin Ordinals inscriptions have been losing steam despite the interest in Bitcoin exchange-traded funds (ETFs) and the upcoming halving event.

Monthly Ordinals sales fell 61% to $335 million in January, down from $868 million in December, the month with the highest sales in Ordinals history, according to NFT data aggregator CryptoSlam. Ordinals are the first iteration of nonfungible tokens (NFTs) minted on the Bitcoin network.

The oversaturation of the NFT market and collections from other blockchains are among the main reasons behind the decline in Ordinals sales, according to Anndy Lian, an intergovernmental blockchain expert and author of the book NFT: From Zero to Hero.

“With an influx of new projects and artists entering the space, buyers now face a plethora of options. The spoil-for-choices situation got more obvious when other blockchains like Solana were picking up more steam,” Lian told Cointelegraph.

While monthly Ethereum NFT sales also declined by 2.2% to $355 million, NFT sales on Avalanche rose 89% to $46.7 million in January, up from $24.7 million in December.

Dokyo NFTs accounted for the lion’s share of the sales volume, as the collection generated $31.4 million for the Avalanche network in January, which represents 67% of the blockchain’s monthly sales. In comparison, Dokyo only generated $7.64 million worth of sales in December. Dokyo is a collection of 5,555 NFTs launched by pseudonymous creator 0xBrando.

Dokyo NFT sales started surging in November. Dokyo’s 24-hour sales volume surpassed Bored Ape Yacht Club sales on Nov. 24, as it briefly became the most traded NFT collection across all blockchains. Dokyo also climbed to the top of the sales leaderboard on Jan. 15, according to CryptoSlam data.

Beyond competing NFT collections, Lian believes that Ordinals sales were also affected by their controversial status in the Bitcoin community and their technical complexities:

“The launch of Ordinals has been controversial in the Bitcoin community because some believe the activity to be similar to spam email. This could have affected the reputation and legitimacy of Ordinals among some Bitcoin enthusiasts.”

On the other hand, Sebastien Guillemot, co-founder of Web3 gaming engine Paima Studios, said that interest from Ordinals is moving to Bitcoin layer-2 solutions. Guillemot said:

“Many who were working on Ordinals have pivoted to Bitcoin layer 2s, especially with the hype around BitVM and OP_CAT. It wouldn’t surprise me if developers and investors were rotating into this narrative.”

Despite the sales slump, total Ordinals inscriptions keep growing. According to Dune data, there are over 59 million ordinal inscriptions on the Bitcoin network.

Will the Bitcoin halving reignite interest in Ordinals?

Mirroring the sales decrease, the average Ordinals sale price also fell 25% to $1,340 in January, from $1,793 in December. Despite the decrease, large crypto firms continue showing interest, as Binance, the world’s largest crypto exchange, announced the launch of its Ordinals marketplace on Feb. 1.

Lian expects the upcoming Bitcoin halving to reignite interest in Ordinals. He said:

“The reduced supply of Bitcoin could make each satoshi more valuable and scarce, thus increasing the appeal of Ordinals as unique and collectible assets. Additionally, the halving could drive up the transaction fees on the Bitcoin network, which could incentivize miners to process Ordinals transactions and secure the network.”

In the 11th edition of the “State of Crypto” report published on Feb.1, 21Shares, the world’s largest crypto exchange-traded product (ETF) provider, wrote that Ordinals could offer Bitcoin more use cases, beyond just being a store-of-value asset:

“We expect innovations like Ordinals and BRC-20 tokens to drive more demand for Bitcoin and expand use cases on the network.”

Source: https://cointelegraph.com/news/bitcoin-ordinals-sales-decline-january-halving-hope

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bitcoin Ordinals profitability falls in July, but total inscriptions pile on

Bitcoin Ordinals profitability falls in July, but total inscriptions pile on

Revenue for NFT services on the Bitcoin network, or the aggregate value of marketplace fees and creator royalties, declined over July even as total Ordinals inscriptions crossed 20 million.

A screenshot of Ordinals Punks, from Bitcoin Ordinals Market
Image: Ordinals.Market

The profitability of Ordinals inscriptions, an iteration of non-fungible tokens (NFTs) on the Bitcoin network, declined throughout July, Forkast Labs data show.

Monthly NFT services revenue, or the sum of marketplace fees and creator royalties on the Bitcoin network, fell to US$1.22 million in July from US$3.13 million in June, suggesting lower profitability for Ordinals sales on the Bitcoin network.

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Ordinals is an iteration of NFTs on Bitcoin, the world’s first and largest blockchain network by market capitalization. Bitcoin had a market capitalization of US$562 billion as of Tuesday, dominating 48.2% of the total cryptocurrency market.

Despite lower profitability, Ordinals broke a daily inscriptions record on July 30 with 422,164, after reaching 20 million total inscriptions on July 28, showing the market’s continued support and interest in Bitcoin-native NFTs, according to data from Dune Analytics. The network exceeded 21 million total inscriptions on Tuesday.

Kadan Stadelmann, chief technical officer of blockchain infrastructure firm Komodo, said that the oversaturation of Ordinals is among the main factors contributing to the declining profitability of Bitcoin NFTs.

“With an influx of new projects and artists entering the space, buyers now face a plethora of options, diluting the value and appeal of individual pieces,” Stadelmann told Forkast.

Tom Tirman, the chief executive officer of NFT rental platform IQ Protocol, suggested that the persistent creation of Ordinals could be a strategic move by investors who — having missed out on prior opportunities — are aiming to position themselves advantageously for the anticipated future expansions of Bitcoin NFTs.

“As we often see in other vital innovations recorded in the industry in the past, Ordinals are bound to regain their momentum after a remarkable use case is tagged with them,” he said.

Profits from secondary market sales have also been declining. The average sale price for Ordinals fell to US$214.03 in July from US$900 in June and US$1,178 in May, according to CryptoSlam data. At its peak in March, Ordinals traded at an average value of US$9,357.

According to Yehudah Petscher, NFT strategist at Forkast Labs, the weaker Ordinals price reflects lower NFT sales volume, as declining interest from buyers pushes sellers to lower prices.

“There’s too much potential on the crypto side of things for traders to want to trade NFTs or Ordinals right now, and there’s also a bit of a liquidity issue. Simply put, traders are out of money. Bitcoin and crypto in general running will fix both of these issues,” said Petscher.

Not just Bitcoin

Although key performance indicators for Ordinals tumbled in July, the Bitcoin network maintained its position as the month’s second most active blockchain in the world for NFTs ranked by sales volume with over US$64.9 million, trailing Ethereum’s US$273.9 million, CryptoSlam data shows.

“The decline in total revenue for NFT services on the Bitcoin network after May does not necessarily signify a lack of interest in Ordinal inscriptions specifically,” Anndy Lian, author of NFT: From Zero to Hero, told Forkast. “Instead, it points to a broader trend in the NFT market as a whole. The decrease in revenue is likely indicative of a general downturn in the NFT market, affecting all types of NFT services and not just Ordinal inscriptions.”

David Atterman, the chief executive officer of crypto-based engagement platform Most.Fan, agreed with Liann, attributing the falling profitability of Ordinals to the poor performance of the overall NFT market.

“Projects that do not carry utility for new users and that do not focus on mass adoption, quickly lose their significance and are unlikely to recover at the next bull run,” said Atterman.

According to Petscher, the next NFT bull run will follow the cryptocurrency market.

“We also need to see some type of innovation happen in NFTs to bring back traders who have realized that currently, there’s not much substance that’s worth investing in,” he said.

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Standard Chartered, a British multinational bank, said in a July research report that Bitcoin prices will top US$120,000 in 2024, fueled by Bitcoin’s halving event set to occur in April 2024. The halving will reduce Bitcoin’s current supply inflow of 6.25 BTC every 10 minutes to 3.125 BTC. Each halving cycle to date has resulted in a new price record for Bitcoin.

Source: https://forkast.news/bitcoin-ordinals-profitability-inscriptions/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j