Bitcoin Ordinals launches a nonprofit, while metaverse platform The Sandbox introduces KYC for staking. All that and more in this week’s Nifty Newsletter!
In this week’s newsletter, read about how the team behind Bitcoin Ordinals plans to drive the development ofon Bitcoin and find out why metaverse platform The Sandbox requires Know Your Customer checks for staking. In other news, learn why NFT gas usage is on a downward trend, and don’t forget this week’s Nifty News, featuring an NFT trader tricking a bot and bagging $1.5 million in profit.
The Bitcoin Ordinals protocol was launched in January, and it rapidly became one of the most popular trends in crypto. Users rushed to inscribe their assets like NFTs and Bitcoin-based crypto on the Bitcoin blockchain.NFT gas usage continues on a downward trend. On Aug. 3, gas consumption of NFT marketplaces like Blur, OpenSea, SuperRare, LooksRare and Rarible only accounted for 1.85% of the total consumption on the entire Ethereum network.
Moreover, NFT-related projects that were once top gas users on the Etherscan charts are now not listed. This indicates a potential shift in NFT use, where users may be holding their NFTs instead of actively trading.Metaverse project The Sandbox will implement a KYC verification protocol for staking. According to an announcement, only KYC-verified uscane to deposit The Sandbox tokens and claim staking rewards.
On-chain analytics firm Messari’s data shows that 6.7% of SAND’s circulating supply — about 123 million tokens — is currently staked by users. According to the metaverse platform, the move aims to enhance user security and compliance.NFT trader Hanwe Chang tricked a bot into copying his trades, resulting in a profit of 800 Ether (
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