Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitcoin (BTC) miners have earned over $5 million by producing nonfungible token (NFT)-like inscriptions through the Ordinals protocol.
According to data from Dune Analytics, transaction fees for Ordinals transactions surged by 240%, increasing from $1.5 million on March 10 to $5.2 million by April 12.
This increase followed a relatively sluggish phase from February 16 to March 10, where fees grew from $1 million to $1.5 million. Prior to this, transaction fees reached the $1 million threshold within the first four weeks after the Ordinals protocol launched on January 21.
Transaction fees for Ordinals inscriptions achieved the $5 million milestone on April 11. Source: Dune Analytics
Approximately 1.1 million Ordinals have been inscribed on the Bitcoin network, predominantly featuring JPEG images and text, but also including PDFs, video, and audio formats.
Each Bitcoin block typically processes around 100 to 500 inscriptions, with an average of 2,000 to 3,000 transactions. Block 783,758 on April 3 recorded an unprecedented 3,785 inscriptions, accounting for nearly 87% of the total block.
This is Bitcoin block 783,758.
It currently holds the record for the highest number of inscriptions.
3,785 inscriptions to be precise.
That’s 86.7% of its transactions.
Ordinals are literally on track to become the leading use case on Bitcoin. pic.twitter.com/BxcfbcBWeM— Leonidas.og (@LeonidasNFT) April 12, 2023
Reddit’s Gen3 NFTs troubled by botting allegations
Online community platform Reddit introduced its third series (Gen 3) of NFTs on April 12 — a “Futures Realities Collection” featuring Collectible Avatars created by over 100 artists.
In its announcement, Reddit clarified that the creators behind each limited edition Avatar would receive royalties for every sale, and no cryptocurrency was required for purchase.
#RedditCollectibles enthusiasts, the wait is over! Gen 3 is officially out with limited-edition designs from over 100 different artists. Step into the next dimension and secure yours now. pic.twitter.com/QcCSAUs8rE
— Reddit (@Reddit) April 11, 2023
However, the release encountered some difficulties. Numerous Reddit users reported missing out on the sale due to spam bots that took action almost immediately.
Some users believe the bots were responsible for the crash of Reddit’s NFT shop shortly after it launched.
“They didn’t implement any sort of spam or bot prevention, like a simple captcha. Naturally, the site got overwhelmed,” one user commented, while another noted there was “no way you all didn’t consider preventing bots during this drop.”
Twitter user “Pastel Alpha” mentioned they managed to acquire “a good amount” of the NFTs “even though the site completely crashed” and expressed gratitude to their “bot partners” for the assistance.
Even though the site completely crashed, we managed to secure a good amount before the hour thanks to our custom Reddit monitor by our member @CheekyZoot.
No need to guess links
Checkouts courtesy of our bot partners @orcarobot and @MinTechBots
Pastel on top pic.twitter.com/vVd45om8ZW— Pastel Alpha (@PastelAlpha) April 11, 2023
Previously, Reddit released a collection of Halloween-themed avatars in October, followed by Super Bowl avatars in February.
Adidas launches first installment of dynamic NFTs
Footwear brand Adidas has unveiled the inaugural part of its new dynamic NFT collection “ALTs by Adidas,” marking the company’s latest effort to broaden its NFT ecosystem.
Related Posts
According to an announcement made on April 11, the dynamic NFTs will evolve based on the actions and engagement of the owner, and the collection is described as the “first step” towards acquiring an “ALTS by Adidas” identity.
Chapter 1: ALT[er] Ego starts now
This is your first step on your journey towards your own ‘ALTS by adidas’ identity.
At the conclusion of Chapter 3, you will receive a unique PFP comprising numerous trait combinations with a rarity rank.
ALTS by adidas is a dynamic NFT… pic.twitter.com/0D9lrvIy6y— Indigo Herz (@indigo_herz) April 11, 2023
The starting price for each Adidas NFT is set at 0.666 Ether (ETH) ($1,275), generating a trading volume of 351 ETH ($672,000) to date. The collection boasts 8,989 owners, with 56% being unique.
Related: NFT warranties can facilitate broader adoption of the technology, according to Web3 executive
There are a total of 16,000 items available, with the creators taking a 10% share from each sale.
The “ALTS by adidas” NFTs are listed at a minimum price of around 0.66 ETH. Source: OpenSea
Collectors must purchase and burn Phase 1 and 2 of Adidas’ “Into the Metaverse” tokens to obtain the ALTS by Adidas NFT.
Be nonfungible, my friend: Bruce Lee enters Web3
A NFT collection celebrating the late Kung-Fu legend and actor, Bruce “Little Dragon” Lee, has been launched by the Bruce Lee Estate in collaboration with Shibuya, a video platform focused on NFTs.
The release plans were disclosed on April 11 when Lee’s Twitter account, managed by his family, shared an old video clip of Lee that transformed him into an animated version of himself.
My last name is Lee. Bruce Lee. pic.twitter.com/hc678dzRgO
— Bruce Lee (@brucelee) April 11, 2023
The NFTs were initially priced at 0.008 ETH, or $15, and 13,907 were minted within the first 24 hours, totaling over $205,000 based on its smart contract address on Etherscan.
The NFTs were illustrated by artist Emily “pplpleasr” Yang and designed by Shannon Lee — Bruce Lee’s daughter.
Cover album of “House of Lee: Genesis” NFT. Source: Manifold
Even though it is an “open edition” collection, collectors can mint a maximum of 100 of the NFTs.
Other Nifty News
NFT marketplace OpenSea launched “OpenSea Pro” last week, a new specialized NFT marketplace aggregator designed to cater to the demands of professional NFT traders. This service was made possible by OpenSea’s acquisition of fellow NFT aggregator, Gem, in April 2022.
An NFT trader mistakenly placed a bid for a free NFT, purchasing it for 100 Ether ($191,000). The token was part of NFT marketplace OpenSea’s Gemesis NFT collection to celebrate the launch of OpenSea Pro on April 4. Some speculate the trader intended to bid for the token at $100 instead.
NFT Creator, Emily Xie: Crafting ‘organic’ generative art using robotic algorithms
