OpenSea collector pays 100 ETH for a free NFT: Nifty Newsletter, 5-11 April
In this week’s newsletter, find out why a nonfungible token (NFT) collector paid $192,000 for a free NFT. Check out how community members reacted when Reddit distributed their contract for their Gen 3 NFT avatars, and how a previously unreleased David Bowie song has been turned into an NFT. In other news, discover how LooksRare plans to compete with rival NFT marketplaces through a new upgrade, and how NFTs can unlock a biodegradable vinyl record.
Reddit distributes Gen 3 NFT avatar contracts on Polygon
Social media forum site Reddit recently deployed the smart contract for third-generation digital collectibles known as Reddit Avatars. The contract was distributed on the Polygon blockchain, with community members excited for the long-awaited drop.
Some praised the discussion site’s marketing efforts for changing the dominant narrative within the platform, with many anti-NFT community members becoming neutral and pro-NFT through Reddit Avatars.
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The OpenSea collector gets a bid of 100 ETH for a free NFT
An NFT collector has apparently mistakenly bid 100 Ether (ETH), worth around $192,000 at the time of writing, for a free NFT released to celebrate the launch of OpenSea Pro.
Some community members believe the transaction was a wash trade, while others claimed the trader mistakenly bid 100 ETH instead of $100. Meanwhile, another community member argued against theories that it was a wash trade as it was too risky.
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David Bowie unreleased record debuts as music NFT
Legendary singer David Bowie’s “Let’s Dance” has had a previously unreleased version become part of a limited edition NFT collection. Gala Games subsidiary Gala Music partnered with Larry Dvoskin and Warner Chappell Music to make the unreleased version of the song an NFT.
In addition, Gala Music revealed plans to release NFTs of artwork inspired by the singer on April 14, the 40th anniversary of the original release in 1983.
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NFT Marketplace LooksRare Launches v2, Cuts Fees from 2% to 0.5%
NFT platform LooksRare has apparently joined what the community is currently calling the “NFT Marketplace Wars” and has reduced its fees by 75%. The platform also announced that its gas fees are “50% cheaper” than Blur, which has recently made progress in the NFT space.
Many LooksRare supporters believe that the new upgrade positions the NFT market as a strong challenger to both OpenSea and Blur. However, some believe that the effort is not enough to attract the users of the other two platforms.
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NFTs unlock physical biodegradable vinyl records
While the NFT hype seems to have calmed down, some continue to try to explore use cases for the technology. A new project used NFTs to unlock vinyl made from plastic-mimicking bacteria. The material can be broken down anywhere, including in the sea. The vinyl differs from the usual materials, which release 12 times more greenhouse gases.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
