In this week’s newsletter, read about Ethereum founder Vitalik Buterin’s proposal for stealthy no-frills (NFT) ownership. Check out how CryptoPunk will be split into thousands of bits to allow smaller investors to access it, and how NFT play-to-earn game Axie Infinity plans to double down in South Korea despite regulatory hurdles. In other news, learn about how NFT storage works according to two NFT experts. Finally, check out how a Redditor turned criticism of the NFT space into NFT.
Vitalik Buterin proposes stealth addresses for anonymous NFT ownership
Ethereum co-founder Vitalik Buterin proposed what he calls a “low-tech approach” to add privacy to NFT transactions. According to Buterin, smart contract wallets can add a mechanism that allows senders to hide their addresses from third parties.
In a tweet, Buterin wrote that, for example, an NFT can be sent to an address like vitalik.eth without anyone but the new owner being able to see where the NFT was sent. However, with this method, senders need to have enough Ether (ETH) to pay five to 50 times in fees.
A slice of the punk: CryptoPunk NFT that will be split into thousands of shares
As NFTs become more expensive, sharding is becoming a solution that allows smaller investors to own a stake in popular NFTs like CryptoPunks. With the new campaign, Punk’s ownership will be in the 56,000 wallet addresses that signed up to get a share.
This effort gives NFT users the opportunity to participate in an NFT portfolio that was once beyond their reach but has now become affordable through fragmentation. The campaign is facilitated by Unique Network, an NFT infrastructure built on top of Kusama and Polkadot.
Axie Infinity plans to “double down” on the South Korean market
Jeffrey Zirlin, co-founder of Sky Mavis – the company behind the NFT play-to-earn game Axie Infinity – spoke to Cointelegraph at Korea Blockchain Week. He said that despite the regulatory hurdles in South Korea, the team is still exploring the region and how the team can tailor the game to serve its players in the region.
Zirlin noted that their team wants to “double down” on the area. He said that since Koreans don’t really speak much English, there are barriers for Korean players to get their hands on the game. Because of this, founder Sky Mavis said the company wants to position itself.
Immutable tokens don’t live on the blockchain, experts say
In a Cointelegraph interview, NFT experts Jonathan Victor and Alex Salnikov discussed misconceptions surrounding NFT storage. According to the two, NFTs are not stored on the blockchain but on other distributed storage platforms, such as the InterPlanetary File System (IPFS) and Filecoin.
Salnikov explained that because NFTs are a relatively new concept, many people don’t know how NFT storage works. To clarify the topic, Salnikov said that the NFTs in a user’s wallet only point to the file it represents. The actual file, called NFT metadata, is stored elsewhere, according to the CEO of NFT marketplace Rarible.
Worthless JPEG: Redditor turns NFT criticism into NFT
On a mission to mock NFT critics, a Reddit user who goes by the name u/busterrulezzz introduced his NFT collection to the r/cryptocurrency subreddit to entertain community members as critics rejoiced in the bear market.
A Redditor compiled a collection called “Worthless JPEG!” and collected quotes from around the internet along with lines from prominent critics, such as Warren Buffet, Peter Schiff, and Dan Olson, who put their anti-NFT sentiments into NFT.
Thanks for reading this roundup of this week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this actively evolving space.
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