Home Ethereum CryptoPunk will be split into chunks: Nifty Newsletter, August 3-9

CryptoPunk will be split into chunks: Nifty Newsletter, August 3-9

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CryptoPunk will be split into chunks: Nifty Newsletter, August 3-9

In this week’s newsletter, learn about Ethereum co-founder Vitalik Buterin’s proposal for ownership of non-fungible stealth tokens (NFTs). Find out how a CryptoPunk will be split into thousands of coins to allow retail investors access to it, and how play-to-earn NFT game Axie Infinity plans to overtake South Korea despite regulatory hurdles. In other news, find out how NFT storage works according to two NFT experts. Finally, find out how a Redditor turned reviews from the NFT space into NFT.

Vitalik Buterin offers stealth addresses for anonymous NFT ownership

Vitalik Buterin, co-founder of Ethereum, offered what he calls a “low-tech approach” to adding privacy to NFT transactions. According to Buterin, smart contract wallets can add a method for senders to hide their addresses from third parties.

In a tweet, Buterin wrote that, for example, one can send an NFT to an address like vitalik.eth without anyone except the new owner being able to see where the NFT was sent. However, with this method, senders must have enough Ether (ETH) to pay five to fifty times the fees.

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A slice of punk: CryptoPunk NFT will be split into thousands of pieces

With NFTs becoming more expensive, splitting becomes a solution that allows small investors to have a share of popular NFTs like CryptoPunks. Thanks to a new campaign, ownership of a Punk will be in 56,000 wallet addresses who have signed up for a share.

This effort gives NFT users a chance to participate in an NFT collection that was once beyond their reach but has now become more affordable through splitting. The campaign is facilitated by Unique Network, an NFT infrastructure built on top of Kusama and Polkadot.

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Axie Infinity is looking 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 during Korea Blockchain Week. He said that despite regulatory hurdles in South Korea, the team is still studying the region and how the team can adapt the game to serve their 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 obstacles for Korean gamers to get their hands on the game. For this reason, Sky co-founder Mavis said the company wants locate.

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Non-fungible tokens don’t live on the blockchain, experts say

In a Cointelegraph interview, NFT experts Jonathan Victor and Alex Salnikov spoke about the misconceptions surrounding NFT storage. According to both, NFTs are not stored on the blockchain but on other decentralized storage platforms, such as the Interplanetary File System (IPFS) and Filecoin.

Salnikov explained that since NFTs are a relatively new concept, many people don’t know how NFT storage works. Clarifying the matter, Salnikov said that NFTs in a user’s wallet only point to the file it represents. The actual file, called the NFT’s metadata, is stored elsewhere, according to NFT Marketplace CEO Rarible.

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Worthless JPEG: Redditor turns NFT reviews into NFT

In a mission to poke fun at NFT critics, a Reddit user who goes by the name of u/busterrulezzz has featured his NFT collection in the r/cryptocurrency subreddit to entertain community members as critics rejoice in the market. bearish.

Compiling a collection dubbed “Worthless JPEGs!” the Redditor curated quotes from the internet as well as lines from prominent critics, such as Warren Buffet, Peter Schiff, and Dan Olson, enlisting their anti-NFT sentiments in NFTs.

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Thanks for reading this roundup of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and information on this evolving space.