Bitcoin is doing NFTS — big.
Bitcoin is now the second-largest chain by NFT volume.
joshyote ✌️👽
May 25, 2023
gm ✌️
Bitcoin is doing NFTs — big.
Bitcoin is now the second-largest chain by NFT volume. Yeah, that Bitcoin.
Let’s jump in and see what’s going on with Bitcoin NFTs — plus, we’ll check out GoogGang Labs raising big bucks and get a word of Caution from Vitalik Buterin.
But first, here's a quick tutorial on how to be an upstanding NFT Degen for the uninitiated, or the super forgetful:
Step 1 is always "gm" — degens have manners
Step 2 is to pull up icy.tools, the best resource in the universe for discovering, tracking, and analyzing NFTs.
Bitcoin Makes Strides in the NFT Market
A serious shift has been observed in the force — NFT-world.
With the introduction of Ordinals, Bitcoin has now become the second-largest chain by NFT volume. As per The Block, this trend began in the first week of May, with the NFT volume rising to $51 million by May 8, although it fell to $31 million the following week. While Ethereum continues to dominate NFT volume, Bitcoin has indeed carved out a significant market share for itself.
Will this growth continue until Bitcoin dominates everything? Unlikely, but who knows?
NFT Volume: (Source: The Block)
GoodGang Labs Raises $2 Million in Seed Funding
Singapore's GoodGang Labs, an avatar communications start-up, successfully raised $2 million in seed funding from Kakao Investment, a subsidiary of the renowned South Korean tech giant, Kakao. The funds are set to propel the growth of their flagship product, 'Kiki Town', a platform transforming the landscape of virtual interactions with its unique feature of transmitting only voice and avatar motion data1.
Kiki Town offers an immersive 3D environment for users, creating a novel spin on virtual engagement1. The company is also readying to unveil GangHouse for Web3, a technology allowing users to converse in real-time using their NFTs, a step that could potentially revolutionize communication within the NFT ecosystem1
Ethereum: Vitalik Buterin's Word of Caution
In a recent blog post, Ethereum inventor Vitalik Buterin expressed his concerns about expanding Ethereum’s consensus beyond its core purpose. He highlighted the potential risks this could pose to the mathematical construct of the blockchain and warned against incorporating Ethereum’s social consensus into external applications due to the systemic risks it could create for the ecosystem.
Buterin suggested case-by-case solutions to address these challenges and urged caution in expanding Ethereum's consensus beyond its core functionality. This guidance is crucial for developers to help them find alternate security approaches for their applications.
Read the full blog post here: https://vitalik.ca/general/2023/05/21/dont_overload.html
Ordinals creators be like:
Want to see something else from our newsletter, let us know! dm us on Twitter @icy_tools
And if you want to share this newsletter with a friend, that would be super duper! Just send them this link: