News
ByAuthor J.D. SmithPosted on
19
0

Ripple-Backed Developer Launches Proposal To Bring Red-Hot NFTs to XRP Ledger

BY
img-ads

The Founder of Ripple-backed development studio XRPL Labs Wietse Wind is announcing plans to add non-fungible tokens (NFTs) to the XRP Ledger.

In a new tweet, Wind calls the attention of XRPL developers to share their ideas on how to bring the increasingly popular unique digital assets to the XRP Ledger.

ADVERTISEMENT

NFTs hold unique cryptographic properties and as such no two are alike. Therefore, the ownership and scarcity of digital items such as collectibles, artworks, and parcels of virtual lands can be verified.

Wind notes that the non-fungible attribute of an NFT makes it different from other crypto assets like XRP, which is divisible and replicable.

Wietse Wind also highlights that NFT transactions on the XRP ledger will work differently from those on other blockchains such as Ethereum. He says users can only receive specific tokens from another user if they opt in by signing a TrustSet transaction that lists the issuer’s account and the token code to trust.

Wind launches his proposal amid growing interest in the ballooning NFT space. Recently YouTube star Logan Paul, who released his own NFT artwork, sold more than $3.5 million worth of digital items in less than 24 hours.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

ADVERTISEMENT

ADVERTISEMENT

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/MarkOfShell

img-ads

Leave a Comment

Your email address will not be published.

You may also like

Bitcoin Opinion Tech
ByAuthor J.D. SmithPosted on
41
0

Here’s how the Purpose Bitcoin ETF differs from Grayscale’s GBTC Trust

BY

Since 2017, investors have been anxiously awaiting a Bitcoin ETF approval as the existence of such a fund was an important symbol of mass adoption and acceptance from the realm of traditional finance. 

On Feb. 18, the Toronto Stock Exchange hosted the official launch of the Purpose Bitcoin ETF and the fund quickly absorbed more than $333 million in market capitalization in just two days.

Now that the long-awaited Bitcoin ETF is here, investors are curious about how it will compete with Grayscale Investments GBTC fund. On Feb. 17, Ark Investment Management founder and CEO Cathie Wood said the likelihood that U.S. regulators will approve a Bitcoin exchange-traded fund has gone up.

Although exchange-traded funds (ETF) and exchange-traded notes (ETN) sound quite similar, there are fundamental differences in trading, risks, and taxation.

What is an exchange-traded fund?

An ETF is a security type that holds underlying investments such as commodities,…

View More Article
Bitcoin Opinion
ByAuthor J.D. SmithPosted on
12
0

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

BY

Bitcoin (BTC) price has been correcting in the past few days and traders are curious to know whether this is a minor pullback or the start of a deeper decline. The problem is that no one has a crystal ball and analysts can only point to critical support levels that may hold based on historical data and evidence. 

However, in a bear phase, the price tends to slip below key support levels as traders panic and sell out of fear, similar to how the price exceeds the upside targets during a bull run as traders buy due to FOMO.

March has historically been a weak month for Bitcoin, which suggests seasonal traders may prefer to wait and watch rather than jump to buy on dips. This lack of demand may be one of the reasons for the Grayscale Bitcoin Trust premium dipping into the…

View More Article
Bitcoin Markets Policy & Regulation
ByAuthor J.D. SmithPosted on
36
0

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

BY

Google Finance has added crypto prices to the finance.google.com domain. The section, titled “Crypto,” now appears in the “Compare Markets” category alongside conventional stock and currency markets. The section provides key pricing information for various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Google Finance users can now track the performance of various cryptocurrencies in just one click.

Google’s parent, Alphabet, also owns video platform YouTube — which has consistently irked crypto users by banning educational and news content, often seemingly at random. Cointelegraph and CoinDesk, the two largest publications in the crypto news space, have both been subject to suspensions that have subsequently been overturned after the video streaming platform confirmed they were not in violation of YouTube’s terms of service.

The cryptocurrency market has attracted mainstream attention over the past year, as institutional investors and corporations have…

View More Article
Blockchain Markets
ByAuthor J.D. SmithPosted on
24
0

NBA Top Shot leads NFT explosion with $230M in sales

BY

Dapper Labs, the creator of the CryptoKitties game, is helping the National Basketball Association, or NBA, become a magnet for digital collectibles. 

NBA Top Shot, a marketplace for non-fungible tokens, or NFTs, has generated over $230 million in sales, according to Dapper Labs. NBA Top Shot is built on Dapper’s Flow blockchain, allowing users to purchase “packs” that feature in-game moments. With packs almost always sold out, a secondary marketplace is the only way for users to access specific moments.

Recently, a LeBron James highlight sold for $200,000. A Zion Williamson spotlight sold for around the same amount.

NFTs, which exist entirely on the blockchain, are revolutionizing the traditional model of trading cards. In the case of NFTs, the value of a particular moment is governed by the same laws of supply and demand, though ownership is entirely digital. The blockchain also…

View More Article
Bitcoin Business
ByAuthor J.D. SmithPosted on
34
0

OLB Group enables crypto payments for thousands of US merchants

BY

OLB Group (OLB), a New York-based e-commerce merchant service provider, is making it easier for businesses to accept cryptocurrency payments.

OLB’s more than 8,500 merchants are now able to accept Bitcoin (BTC), Ethereum (ETH), USDC and DAI at the point-of-sale through the company’s OmniSoft business management platform. Customers wishing to pay with cryptocurrency in-store or through their mobile phones can simply elect to do so with their cryptocurrency wallets. All payments are processed through SecurePay, a payment gateway that authenticates the transaction, converts the cryptocurrency to U.S. dollars and approves the final sale.

The decision to integrate cryptocurrency payments was partly driven by the growth of contactless and online orders during the Covid-19 pandemic. With the OmniSoft platform already providing merchants with several options to facilitate payments, cryptocurrencies were the next logical step. 

Ronny Yakov, OLB Group’s CEO, says the payment gateway and point-of-sale architecture are “familiar territory for…

View More Article
Bitcoin Blockchain Opinion Policy & Regulation Tech
ByAuthor J.D. SmithPosted on
29
0

Transparent stablecoins? Conclusion of Tether vs. NYAG raises new questions

BY

A long-standing legal drama finally found resolution on Feb. 23, with the New York Attorney General’s office announcing that it had come to a settlement with cryptocurrency exchange Bitfinex after a 22-month inquiry into whether the company had been trying to cover up its losses — touted to be worth $850 million — by misrepresenting the degree to which its Tether (USDT) reserves were backed by fiat collateral.

According to the terms of the announced settlement, which now marks an end to the inquiry that was initiated by the NYAG back in Q1 2019, Bitfinex and Tether will pay the government body a fixed sum of $18.5 million but will not be required to admit to any wrongdoing. That being said, the settlement clearly states that henceforth, Bitfinex and Tether can no longer service customers in the state of New York.

Furthermore, over the course of the…

View More Article
%d bloggers like this: