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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.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
On Thursday, Otis dropped the Grimes’ NFT art called “Newborn 1 & 3” which can be purchased in shares at $10 per share.

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.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
Otis also offers other types of fractional shares on items from Banksy to Michael Jordan’s ‘Shattered Backboard’ sneakers.

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 .”

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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.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
Fractional is another project aiming to bolster the idea of fractionalized non-fungible tokens.

“[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.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
The Daofi project also fractionalizes non-fungible tokens.

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.

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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Singapore High Court Injunction Blocks Sale or Transfer of BAYC #2162 NFT

The Singapore High Court has granted a court injunction which stops or blocks the sale of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that one man claims was wrongfully taken away from him.

NFT Used as Collateral

A Singapore man has won a court injunction that blocks the sale or potential transfer of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that he claims to be rightfully his. According to a report, the NFT is currently in the possession of an online lender named Chefpierre.

The man, who has been identified by the Strait Times (ST) as Janesh Rajkumar, is seeking to recover the BAYC 2162 NFT which he pledged as his security for a loan obtained from Chefpierre. Rajkumar claimed the NFT was wrongfully taken from him.

The Bored Ape Yacht Club NFTs are popular with celebrities, some of whom have paid large sums of money to acquire them. The ST report notes Madonna is the latest celebrity to become the owner of a BAYC non-fungible token, after she reportedly paid 180 ETH.

BAYC’s Rare Attributes

Detailing the NFT’s uniqueness, Rajkumar argued the collection is rare even among BAYC NFTs because it has attributes that enable the holder to create another exclusive series. Leveraging the NFT’s rarity and high value, Rajkumar was able to use the BAYC as collateral when borrowing.

In his arguments before the Singapore High Court, Rajkumar insisted his loan agreement with Chiefpierre stipulated he was not relinquishing ownership of the NFT. In the event he failed to pay back on time, Rajkumar would inform the lender who then had to provide a reasonable extension of the repayment period.

The agreement also specified that the lender could not exercise the foreclose option, Rajkumar argued.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons, mundissima

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Dvision Network Announces New Land Staking Feature to Bolster Virtual Plot Utility

press release

PRESS RELEASE. The Dvision Network has recently announced the new ‘LAND Staking Feature‘ in their Dvision Metaverse, with the development being finalized to present a new use case to the virtual plot owners. Officially, Dvision LAND NFT users can now stake their plot and receive DVG points or additional NFT items through the new LAND staking program. This is a crucial component of the entire project and its ecosystem as Dvision currently has about 10,000 LAND owners, as a result of 3 finalized rounds of the LAND Sales, eager to deliver fascinating and advanced content to Dvision World.

Important details to note

Dvision Network launched a new NFT staking solution to improve the usability of the digital plots, and the team has hence already completed three successful LAND sales across several platforms. Furthermore, over 10,000 LANDs have been sold through platforms such as Shopify, Binance NFT, OpenSea, and NFTb.

The LAND staking function, in fact, is the first utility to link to virtual plots before the formal launch. The ‘MetaCities’ will use the LANDs to eventually introduce content created by individuals within Dvision Metaverse.

What else is there to know?

The Dvision team created DVG (Dvision Gold) a new rewards program. This is a digital reward currency which is needed to improve PETs and allow consumers to use P2E (Play to Earn) in Dvision World. The staking period can be broken down into three stages: one month, three and six months. Users will get a higher payoff if they stake longer. ‘Random Building Boxes’ will also be distributed beginning with the 90-day staking period. There is no difference in the type of building. However, users will always receive one regardless of whether they open a random box.

It is worth mentioning Dvision Network’s technological advancements in recent times. They have integrated Coinbase Wallet and Bitski with Wallet Connect, Wallet Connect, and Fortmatic which allow their metaverse users to have a simplified and varied access to their virtual world. Dvision Network previously announced that they are going completely on-chain and integrating Filecoin and IPFS data storage solutions to securely store their data.

About Dvision

Dvision Network, a blockchain-enabled NFT network, aims to be the best in business. Dvision utilizes its VR technology to create a cutting-edge metaverse environment that is accessible to all users worldwide. Designers, companies and all users can enjoy a dynamic and rewarding metaverse experience. Visit Dvision’s website, Medium, Telegram and Twitter channels for additional information and frequent updates.


This is a press release. This is a press release. Readers are responsible for their own research before making any decisions about the promoted company, or any of its affiliates. Bitcoin.com does not assume any responsibility for any loss or damage caused or alleged by the use or reliance of any content, goods, or services mentioned in this press release.

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Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon

Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon

The blockchain firm Aave has launched the Lens Protocol, a social media project with applications built on the Polygon blockchain. Lens is similar to the social media platform Twitter but Lens profiles are linked to a non-fungible token (NFT) that can be ported into decentralized applications.

Lens Protocol Is Live – Aave Founder Believes People Are ‘Ready for a Better Social Media Experience’

On Wednesday, the blockchain company Aave announced that the Lens Protocol is now live and roughly 50 applications have debuted on the platform. Aave first revealed the Lens Protocol during the first week of February 2022 and the first applications are built on top of the Polygon network.

Stani Kulechov, CEO and founder of Aave Companies said the recent Twitter ordeal with Elon Musk shows that people are looking for something different than the incumbent social media platforms. “The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform,” Kulechov said in a statement sent to Bitcoin.com News.

The Aave founder added:

But ultimately, as seen from Elon Musk’s bid to purchase Twitter, people are ready for a better experience than what they’re used to. Ownership over not only the content you create online, but also your profile and social network is long overdue, and empowering users is what Lens aims to achieve.

Lens Boasts 50+ Social Applications and Creator Monetization Tools Built on Polygon

The 50 applications built on Lens covers social applications to creator monetization tools, the announcement notes. Lens users that have already minted their NFT profile can access any of the applications such as Peerstream, Lenster, Swapify, Spamdao, and more. “Building a Web3 social media platform on Lens Protocol has opened up a new realm of possibilities for our development team and users,” @yoginth.eth the founder of lenster.xyz remarked during the announcement.

Lens Protocol will provide users with the foundations to leverage full ownership over their “profile, content, and relationships” while plugging into any decentralized application. G.Money, the NFT filmmaker and creator, detailed that lens will empower the platform’s userbase. “An open social graph will allow creators and brands to fully own content distribution and their audiences in a truly multi-platform way. Lens empowers platform choice and opens up wider audiences through direct creator/brand-community relationships,” the NFT filmmaker said.

What do you think about Aave’s Lens Protocol? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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