The meme coin phenomenon, where communities produce tokens with no other support than a meme behind it, has given rise to opposing opinions. These range from the most positive ones, which regard them as value-affirming elements, to the negative ones, which state that there is no value behind them. Bitcoin.com News examines the views of […]
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The Sandbox introduces CATALYST tokens on Polygon, replacing gems in NFT minting. These ERC-1155 tokens enable users to mint, monetize, and sell creations, enhancing platform capabilities.
In a significant move within the metaverse, The Sandbox introduces CATALYSTs, ERC-1155 tokens aimed at empowering creators. These tokens enable users to mint ASSETs with defined rarity and properties across five tiers.
The all-new CATALYSTs tokens on Polygon Layer 2, serve as a replacement for gems in the NFT minting process. These ERC-1155 tokens also empower users to mint, monetize, and sell their creations, ushering in a new era of enhanced capabilities within the platform.
We’re excited to introduce CATALYSTs 💎 a new ERC-1155 token designed to empower creators on our platform.
The new CATALYST token will allow their owners to mint ASSETs and define their rarity & properties according to different tiers.
— The Sandbox (@TheSandboxGame) December 10, 2023
With CATALYSTs, users also gain the ability to mint their published ASSETs, allowing for the monetization of their collections. Moreover, each token corresponds to one copy of an NFT, and users can mint multiple copies based on the number of CATALYSTs in their wallet, with token required per copy of the ASSET.
The CATALYSTs system introduces five distinct types, each influencing the outcome of the minting process:
The type of CATALYSTs used determines the rarity of the resulting ASSET. For equipment-based NFTs, CATALYSTs also provide a fixed amount of points that users can distribute among different attributes, thereby enhancing gameplay.
Notably, CATALYSTs play a pivotal role in determining the rarity and performance enhancement of minted equipment. They also hold Attribute points that users can allocate to Power, Defence, and Speed, with the Tier of each token determining the number of Attribute points awarded. Thus, this innovative feature adds a dynamic and strategic layer to the minting process, offering users a more engaging and customizable experience within The Sandbox platform.
The Sandbox will introduce CATALYSTs through a strategic distribution to ecosystem contributors, enhancing the engagement of its community. The distribution is as follows:
The introduction of CATALYSTs through this distribution underscores The Sandbox’s commitment to fostering community involvement and enhancing the overall user experience within its virtual ecosystem.
The Sandbox is a virtual gaming platform utilizing the Ethereum blockchain, enabling players to generate, possess, and monetize their gaming experiences through its utility token SAND. Users can design voxel assets, transform them into Non-Fungible Tokens (NFTs), and subsequently introduce them to the Marketplace.
Throughout its existence, The Sandbox has formed partnerships with notable brands such as Warner Music Group, Adidas, Gucci, Atari, and Snoop Dogg, all of whom have made investments in virtual lands on the platform.
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One of YouTube’s new tools that already shows signs of becoming a big hit among creators is what it calls the Dream Screen.
Much to the delight of video content creators, YouTube has announced that it is adding some new editing features. The move is in line with the efforts of the parent company Alphabet toward incorporating generative artificial intelligence (AI) technology into its products and services. It also follows an earlier announcement in March when the Google-owned video platform first revealed its intention to develop the tools.
Per the September 21 announcement, YouTube seeks to render a helping hand to video creators as they strive to take their creative skills to the next level. This goal was further corroborated by Toni Reid, YouTube’s vice president for community products, who said in a blog post:
“We’re unveiling a suite of products and features that will enable people to push the bounds of creative expression.”
One of YouTube’s new tools that already shows signs of becoming a big hit among creators is what it calls the Dream Screen. According to the firm’s announcement on Thursday, Dream Screen uses generative AI to add video or image backgrounds to short-form videos popularly known as YouTube Shorts.
The firm also unveiled some other video production tools that are fully backed by AI. It says those will help creators with editing and are compatible with all video formats on the platform. That is both short- and long-form videos on its platform.
It might be worth noting that Google has been under some pressure of late regarding the practical applications for its generative AI products. As a fact, many believe that the company, which is supposed to be a leader in artificial intelligence, now lags behind the likes of OpenAI or rival Microsoft. Although Google has also rolled out a couple of products, they are nowhere as popular as OpenAI’s ChatGPT or Microsoft’s new Bing chatbot.
To this end, Google has been making frantic efforts to live up to its name. It recently launched its own ChatGPT competitor, Bard, and released some updates to the product. It also incorporated experimental generative AI features into its world-famous search engine.
Therefore, the announcement of the new features is, without a doubt, another competitive move by the company. That is considering that YouTube already has serious competition from ByteDance’s TikTok and Meta Platforms’ Instagram Reels. So, YouTube will be looking to gain a giant share of the vertical, short-form video market.
Presently, YouTube says it sees more than 70 billion views on Shorts daily. So, with the new generative AI tools, which will undoubtedly attract even more users, it may just completely knock its rivals over.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
Friend.tech (FT), the web3 social token platform that saw a resurgence in user activity recently, has seen an increase in “sniper bots,” causing significant shifts in share prices.
According to a detailed analysis performed by X user @unexployed_ of Castle Capital, these bots, beyond their normally expected functionality, are deploying a technique of ‘sniping’ to gain control over high-value profile shares.
In the case of DappRadar’s recent registration on FT, Unexployed revealed that the share prices started at an unusually high point of 0.26 ETH. This was not triggered by a registered account but seemingly by a sniping address interacting directly with the smart contracts, demonstrating the influence of these bots on the market.
Digging deeper into basescan.org, Unexployed was able to trace the chronological order of buyers and sellers. Within the first four blocks, there were already 65 shares on the market. And DappRadar was not alone. Other entities, such as Moonshilla and Rektdiomedes, also faced a similar situation where snipers gained immediate control over their FT supply.
The primary sniper, identified as 0x081…951, executed over 20,000 transactions to acquire the shares. The first 46 transactions failed with the error “Fail with error ‘Insufficient payment” and were reverted, according to Basescan.
A CryptoSlate analysis of the transactions revealed that the account attempted to purchase the shares before the owner of the account had purchased the first share (a requirement of FT.) The transaction log states Fail with the error, “Only the shares’; subject can buy the first share”
Such spamming behavior was already evident during the first week of FT. According to Bert Miller from Flashbots, spamming the chain and mempool leaks are key factors leading to this phenomenon.
The sniper’s massive control over the supply allowed them to earn a profit of 1.84 ETH by selling their shares. However, the bot’s actions led to a significant reduction in supply, and another sniper incurred a loss of 0.5 ETH, illustrating the competitive nature of these bots.
In the wake of these revelations, concerns are being raised about the fairness of the platform for individual users and high-value profiles. Unexployed suggests FT should consider solutions such as allowing creators to purchase more of their shares upon registering to mitigate the effects of these bots.
It’s clear that despite the drastic drop in initial hype and challenges with ‘sniper bots,’ the platform is making considerable strides. The revenue surged to $5.6 million on Sept. 9, showcasing a 30-day high for the blockchain-based social network.
The revenue spike was propelled by consistent growth in use over the previous two weeks, which is an encouraging sign in light of the substantial decrease in initial excitement that followed after its launch.
The platform’s daily active users tally reached 9,000, with 2,000 new sign-ups recorded on Sept. 9. The same day witnessed a trading volume of $12.3 million, positioning it as the third-highest trading day since its inception. Furthermore, FT collected fees amounting to $1.23 million, making it one of the highest fee-generating days for any dApp in the crypto market.
However, the rise in ‘sniper bots’ has been causing significant shifts in share prices, with the impact unidentified at this time.
It’s worth noting that FT’s beta version made quite a splash when it debuted on Coinbase’s layer-2 Base on Aug. 11. Within ten days, the platform’s fees skyrocketed — surpassing Uniswap and the Bitcoin network. Despite this short-lived success, FT is demonstrating resilience and adaptability in the face of challenges.
As the phenomenon of increasing bots on FT unfolds, how it will respond to the bot activity remains to be seen.
Blockchain technology has recently penetrated a number of sectors, altering the way we do business, store data and interact with digital assets. The decentralized and transparent nature of blockchain also benefits content creators, including authors, musicians, artists and photographers.
Blockchain-based platforms offer unique opportunities for content creators to protect their intellectual property, receive fair compensation, and engage with a global audience. This article will explore seven blockchain-based platforms that enable content producers to earn money from their work while retaining creative control.
A blockchain-based social media site called Steemit pays content producers in cryptocurrency. By publishing creative material, supporting worthy content and engaging with the platform’s community, users can earn “Steem” tokens.
The decentralized nature of the network ensures that content producers retain ownership and control over their creations. As a blogging platform, Steemit has grown in popularity, drawing content producers from a variety of industries.
LBRY is a decentralized platform for publishing and sharing information that makes use of blockchain technology. By eliminating intermediaries, it enables content producers to publish their work directly on the platform.
Thanks to LBRY’s blockchain-based system, creators have complete ownership over their creations and receive fair compensation for their contributions. Additionally, users can find and access a variety of information thanks to LBRY’s distinctive architecture because no centralized authority controls what is made available.
Related: What’s next for NFTs and Web3 in the age of the creator economy?
Ujo Music is a blockchain-based platform specifically designed for musicians and other music industry professionals. It provides an environment where musicians can publish their work, own their rights and receive payment from customers directly.
To make sure that artists are appropriately compensated for their work and have more control over licensing and royalties, Ujo Music makes use of the transparency and smart contracts offered by blockchain technology.
Po.et is a blockchain platform that seeks to establish a decentralized, unchangeable database for artistic productions. It enables content producers to timestamp all of their digital assets on the blockchain, such as texts, photos, videos and more.
Creators can demonstrate ownership and a record of the existence of their work by doing this, which can be extremely helpful in situations involving copyright infringement. Po.et gives content producers the ability to enforce their intellectual property rights and offers a market for licensing and remuneration for their productions.
Digital art can be purchased on SuperRare, a blockchain-based marketplace. It enables artists to produce and market original digital works of art in the form of nonfungible tokens (NFTs).
Thanks to blockchain technology, each NFT represents a one-of-a-kind work of art and is indubitably rare. SuperRare gives creators a platform to share and make money from their digital works, and collectors may buy and possess unique digital artworks.
Related: The NFT marketplace: How to buy and sell nonfungible tokens
A decentralized music streaming service called Audius seeks to upend the established music business. It allows musicians to share and profit from their work without using intermediaries. Audius uses blockchain technology to make sure that creators are in charge of their content and are fairly compensated for their efforts.
The platform’s decentralized structure makes it possible for a more inclusive and diverse music ecosystem, which also aids up-and-coming musicians in gaining visibility and forging connections with their audience.
Content producers can monetize their social media presence with BitClout, a blockchain-based social media platform. It uses a novel business model where users can purchase and exchange “creator coins” that represent significant figures on the platform.
Fans can support the development of their favorite creators by purchasing creator coins. BitClout gives content producers a fresh method to interact with their audience and open up revenue streams.