An overview of the NFT space from critics complaining that BAYC lacks innovation to NFTs increasing on Bitcoin And Opensea facing upgrade issues.
Bored Apes started out with an NFT project, took on gobs of VC money and ETH and royalties and the only thing they’ve built for “this space” is a game where you race down a toilet.
Owen started with an NFT project and shipped a fucking primitive for all creators to use. https://t.co/0SQ3MBZX6T
— zerobeta (@zerobeta) February 19, 2023
Acording to critics, Bored Apes started with an NFT project, took loads of VC money and ETH and royalties, and the only thing they’ve built for the NFT space is a game where you race down a toilet.
Since November last year, BAYC has only made one significant development to better and grow its endeavors. they announced on Twitter in November that the company would launch the Apecoin NFT marketplace.
This would enable trades for popular Yuga Labs-developed collections such as the Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside metaverse game. To our knowledge, it is the only substantial breakthrough that the NFT company has made thus far.
Yet, unlike BAYC, Opeansea and Seaport are having issues with their innovations.
Seaport v1.4 has been deployed and is ready for production use!
Version 1.4 addresses a few issues on Seaport v1.2 & v1.3, "developer preview" versions not recommended for production use
Let's go over v1.4 changes & lessons learned ⤵️
— 0age (@z0age) February 21, 2023
Seaport version v1.2 contained a bug in which, under some circumstances, token transfers might take place after zone checks. This problem was the fundamental motivation for the deployment of Seaport version 1.3.
however, the patch supplied in version 1.3 led OpenSea to discover a new problem during the final round of testing.This underscores the significance of evaluating, testing, and carefully analyzing every code change because resolving one problem might lead to other issues.
According to Opensea’s Oage, developing marketplace protocols that were performant, expressive, and durable proved to be a complex undertaking. However, he adds that this challenge was one of the most important aspects that led to the creation of Seaport.
BTC and Ordinal have made strides in their NFT innovation on BTC’s blockchain.
My prediction came true in 21 days.
A single inscription in block 777945 a few hours ago just paid _$18,000_.
Compare this to block 777876 also mined today. That block was full and still paid only *$800* in transaction fees.
Do you get it now? pic.twitter.com/65sFm2DZ6V
— Eric Wall 🧙♂️ Taproot Wizard #2 (@ercwl) February 23, 2023
The new trend of embedding NFTs on BTC has been getting more attention lately. Software engineer and Ethereum researcher Eric Wall tweeted about an NFT being embedded on a Bitcoin block, stating that the buyer had paid $42,000 for the privilege.
So what exactly does it mean to embed an NFT on a Bitcoin block? Simply, it means adding a unique piece of digital art or asset to a specific block in the Bitcoin blockchain. This is done by adding a small piece of data, known as the transaction output, to the block. The NFT is then permanently recorded on the blockchain, ensuring its authenticity and ownership
However, there are also potential downsides to this trend. For one, embedding NFTs on Bitcoin blocks can be expensive, depending on the size and complexity of the NFT. This can make it prohibitively expensive for smaller artists and creators to participate.