NFT

Breaking NFTs to Pieces

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs

While non-fungible token (NFT) collectibles have been all the rage, a few projects have been developing the concept of fractionalized NFTs so investors without deep pockets can purchase shares of an expensive collectible. Otis announced that anyone can now invest in a NFT made by Grimes, a world-famous Canadian musician. The platform allows anyone to purchase a small fraction of the recording artist’s artwork called “Newborn 1 & 3.”

Grimes’ Artwork ‘Newborn 1 & 3” Gets Fractionalized

During the last 30 days, statistics from nonfungible.com’s market history show that there was $219 million in NFT sales. Over 48,000 active wallets recorded 214,654 sales which is a steady increase in sales from the start of the month’s 120,150 sales. The website also shows that a Meebits NFT recently sold for 1,000 ETH or $2.1 million and a Cryptopunks NFT character sold for 450 ETH or a touch over $1 million.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs — Unicly offers a dex that allows people to trade fractionalized NFTs.

The well known NFT artist Beeple made history when he sold his “Everydays: The First 5000 Days” NFT for $69 million via the luxury auction house Christie’s. However, these prices increase the barriers to entry, and only the rich can participate. This has led to NFT projects and developers to create fractionalized NFTs, which allow people to purchase shares of collectibles.

Bitcoin.com News has reported on the fractionalization of NFTs in the past as the protocol Unicly fractionalizes NFT collectibles via the use of a native token called utoken. These tokens can be traded via the Unicly-developed automated market maker (AMM). “[Unicly is a] protocol for combining, fractionalizing, and trading NFTs,” says the website. The protocol description states that you can transform your NFT collection into a tradable asset, with guaranteed liquidity.

Another project that fractionalizes non-fungible token collectibles is a platform called Otis. On Thursday, Otis introduced a limited edition Grimes’ NFT on the platform and revealed that “anyone can invest in Grimes’ “Newborn 1 & 3” for just $10.” The announcement details:

“Newborn 1 and 3 are part the first-ever NFT drop by Grimes, and represent an important cultural milestone within the NFT landscape,” the announcement noted. “Otis believes Grimes’ art will continue to be an icon in her artistic career and the overall legacy NFT artists .”

Claire Boucher, known professionally as Grimes, is Elon Musk’s wife and the mother of his child “X AE A-12.” Otis highlights that the Grimes’ NFT “Newborn 1 & 3” is valued at $6,400 and the collection is entitled “Warnymph Collection Vol. Creators of the project believe that the NFT art will “keep continued relevance as an important milestone in Grimes’s artistic career, and the overall legacy NFT artists .”

.”

The Otis platform is available via iOS and Android operating systems and the app allows anyone to buy shares of “cultural assets.” The Otis platform has roughly 100 assets available from Banksy originals to Michael Jordan’s ‘Shattered Backboard’ sneakers.

Projects Like Fractional and Daofi Hope to Bolster the Fractionalized NFT Concept

Otis, Unicly and Unicly are just two of the protocols that are exploring fractionalized NFTs. There are many other projects working on this idea. A project called Fractional believes that fractionalization can help with price discovery.

“[If] the asset is extremely valuable and they want help finding price discovery, fractionalizing the item and selling 20% on the market can be a valuable tool to help understand how the market values the NFT,” the Fractional creators detail in a blog post about the subject.

Another project that is also fractionalizing non-fungible tokens is a protocol called Daofi which breaks NFTs down into fungible ERC20 tokens. Daofi’s blog post in mid-March also gives people an understanding of how the fractionalization process works.

Daofi states in his post that the NFT ecosystem must address “lack liquidity in NFT secondary market,” “centralized exchanges taking extremely large drop fees,” “[the] “lack of utility other than owning the collectible” and “content curation,” Andrew Lee, a Daofi representative stresses in the post.

What do you think about fractionalizing NFTs and the projects attempting to push this idea further? Please share your thoughts on this topic in the comments below.

This story contains tags

android, Artwork, Banksy, Beeple, cryptopunks, Daofi, Elon Musk’s Wife, Fractional, fractionalized NFTs, fractionalized non-fungible tokens, Grimes, Grimes’ NFT, IOS, Michael Jordan’s sneakers, Millions, nft, NFT Auctions, NFT sales, NFTs, Non-fungible Token, Non-fungible-token art, nonfungible.com, Otis, Otis Market, Unicly

Image Credits: Shutterstock, Pixabay, Wiki Commons, Grimes, Otis, Fractional, Daofi, Unicly,

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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NFTs Enrich Gaming Communities, Drive Stronger Engagement, Says Gaming Veteran

According to Luke Paglia, the COO at AGMI Studios, while traditional non-fungible token (NFT) art has lacked real utility, which explains its declining popularity, NFTs still have an important role to play in the gaming industry. To back this assertion, Paglia cites game developers’ use of NFTs “to innovate and bring new forms of value [……
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Futurama’s new season struggles to make NFTs and AI funny

It only takes a few minutes before Futurama’s new season starts explaining non-fungible tokens, or NFTs, a concept most people probably haven’t thought about for more than a year.

Despite being set in the far future, Futurama has always been comfortable commenting on modern life. There have been episodes about smartphones and 3D printers that use sci-fi nonsense to complicate the concepts in a way that makes them funny. That has largely continued to be true over many years (and cancellations). But in its Hulu revival last year, the show really started to mess up the balance, and its topical jokes began to overshadow the sci-fi gags. The upcoming 12th season struggles even more to find a Futurama-style twist on absurd ripped-from-the-headlines storylines about NFTs and AI. It makes for an uneven season that often feels like it’s missing what originally made the show so special.

The NFTs are the most egregious example, and they also happen to be featured heavily in the debut episode, which makes for a terrible first impression. The convoluted plot involves Bender selling a CryptoPunks-style collection to make a quick buck, which somehow leads him on a quest to discover his origins in Mexico. Meanwhile, the rest of the Planet Express crew attempts a heist to liberate Bender’s NFT collection from an art museum, only to be thwarted by the complexities of the blockchain and digital ledgers.

The problem is that these aren’t some sort of quirky Futurama take on NFTs — they’re just regular NFTs as we know them now, terrible art connected to a digital receipt. The episode spends an annoyingly large part of its runtime explaining the concept — which, to be fair, is hard to do succinctly — without offering much by the way of jokes or commentary. It just assumes NFTs in and of themselves are enough to make people laugh.

More than a decade ago, when we all thought Futurama was really over for good, executive producer and head writer David X. Cohen explained to me how the show was able to successfully translate modern problems into its retrofuturistic world. “We always like it when the real world gives us ideas for episodes,” he said. “Setting the show 1,000 years in the future does not mean you’re not going to comment on society today, it just makes it one step removed.” As the NFT episode proves, it’s that “one step removed” part that’s so important. Without it, the episode is a bunch of dull jokes that are also painfully dated.

I’ve seen the first six episodes of the season (there will be 10 in total), and things fare slightly better later on. There’s a Squid Game spoof that explores Fry’s childhood through some kind of bizarre time travel and a fast-fashion episode that turns Cara Delevingne into Frankenstein’s monster and the professor into a style icon. I wouldn’t say these are examples of Futurama at its best — the jokes are hit or miss, and most are lacking the heart that keeps the show grounded. But they at least understand Futurama’s original premise: using this weirdo future as a lens to exaggerate modern issues.

This is less true in the most unoriginal episode of the bunch, when the show turns an AI chatbot into Leela’s jealous friend. It’s just about every AI movie trope rolled into 20 minutes of animation. It’s also pretty weird to tackle AI as a new thing at all given Futurama is swarming with sentient robots.

Maybe there’s more heart and wit in the later episodes, as Hulu does promise the season will explore “the next chapter in Fry and Leela’s fateful, time-twisted romance.” But from what I’ve seen, the balance is too far askew. There’s too much focus on being topical and not enough on the oddball humor, long-running characters, and warmth that has made it all work so well before. Like the rest of the world, Futurama should’ve left NFTs in the past.

Futurama season 12 starts streaming on Hulu on July 29th.

NFT

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