Magic Eden, a popular marketplace for nonfungible tokens (NFTs), has recently integrated compressed NFTs (cNFTs) into its platform. This integration allows users to experiment with NFTs without having to spend a significant amount of money. cNFTs are particularly ideal for industries like music, gaming, and events, where mass production of NFTs is desired.
One of the advantages of cNFTs is that their data is stored off-chain. This means that users can mint as many as one million cNFTs for just around $110. This significantly reduces the cost associated with creating NFTs and makes it more accessible to a larger audience.
In other news, Meta, the parent company of Facebook, has launched its metaverse game called Horizon Worlds on mobile devices and web browsers. The game is currently in early access, and only a limited number of people can join. However, Meta plans to gradually roll out the game to more users and add more experiences and worlds to the metaverse in the near future.
Another interesting development in the NFT space is the proposal by Casey Rodarmor, the creator of Bitcoin Ordinals, to change the numbering system of Bitcoin NFTs. Rodarmor argues that the current system has led to “ugly code and stalled development.” His proposal aims to make the inscriptions of Bitcoin NFTs permanently unstable, making the protocol simpler and easier to upgrade. While this change might make the numbers inaccurate, it will not entirely scrap the numbering system.
Atari founder Nolan Bushnell recently expressed his views on play-to-earn (P2E) games, stating that they are the reason why “real” gamers dislike cryptocurrencies. Bushnell believes that P2E games rely too much on grinding, which is not favored by skilled gamers. Instead, he suggests that Web3 gaming should focus more on building worlds powered by virtual reality and augmented reality.
In regulatory news, the United States Securities and Exchange Commission (SEC) has charged the NFT collection Stoner Cats with offering unregistered securities. The SEC claims that the NFTs were marketed as having potential for secondary sales, thus implying that their value would rise. However, not all SEC commissioners agree with this action. Commissioners Hester Pierce and Mark Uyeda argue that the project’s activity constitutes fan crowdfunding, which they believe is a common occurrence in the world of creators.
The NFT industry continues to evolve and face new challenges and opportunities. These recent developments highlight the integration of cNFTs into existing marketplaces, the expansion of metaverse games, proposed changes to numbering systems, and the ongoing regulatory scrutiny faced by certain NFT projects. As the space continues to grow and innovate, it will be interesting to see how these developments shape the future of NFTs.