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NFTs

Whales hoarding NFTs? 80% of Ethereum NFTs bought by only 17% of Addresses

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  • Around 16 percent of addresses snatched up 80.98 percent of all NFTs on Ethereum between April and September.
  • Moostream argues that there is still room in the NFT space for ‘small investors.’ 

Moonstream, the open-source blockchain analytics platform, has revealed that about 80 percent of all non-fungible tokens (NFTs) on the Ethereum blockchain between April 1 and September 25 were owned by a minority of wallets. According to the October 21 report, four-fifths of NFTs in that time period was owned by 17 percent of wallets.

The reported analysed data from 7,020,950 million NFT transactions on Ethereum in a period of close to six months. It revealed that a significant number (80.98 percent) of NFTs on the blockchain were owned by whales, NFT platforms and exchanges which make up 16.71 percent of all wallets. The rest were distributed amongst the remaining 83.29 percent. This trend seems to follow the Pareto Principle or 80/20 rule as pointed out by one Reddit user. This is a principle that asserts that 80 percent of consequences are as a result of 20 percent of the causes.

It is worth noting that the data used in the report is based exclusively on the Ethereum blockchain and not Layer 2 networks or centralised Application Programming Interfaces (APIs). The report explains this in it’s ‘Caveats’ section.

The Ethereum NFTs dataset is constructed purely from events on the Ethereum blockchain. It does not include any data from Layer 2 networks like Polygon. Nor does it include any data from centralized APIs like the OpenSea API. It does not account for events or data from any non-ERC721 smart contracts associated with these platforms on the Ethereum blockchain. This means that two parties could exchange a positive amount of funds for a transfer off-chain and conduct the transfer on-chain and we would not be able to distinguish the transfer from a gift. It is also possible for a single transaction to involve multiple NFT transfers.

Still early for ‘small-time’ investors and individuals?

While the unevenness in NFT distribution is glaringly obvious, Moonstream insists that there is still room for participation from small investors.

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What this data shows us is that the Ethereum NFT market is open in the sense the vast majority of its participants are small-time purchasers who likely make their purchases manually. There are few barriers to entry for those who wish to participate in this market.

Contrary to what many may believe, purchasing and holding NFTs is relatively easy. Individuals can open a wallet on an NFT marketplace and fund it. After this, they can easily bid on available NFTs. Some popular NFT marketplaces are OpenSea, Rarible and Foundation.

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NFTs

Silk Road Founder’s NFTs to be Sold with Novel FreeRossDAO

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New decentralized autonomous organization launches to fight for clemency for Ross Ulbricht

Shortly after the release of the inaugural non-fungible token collection by Ross Ulbricht, PleasrDAO launches a special decentralized autonomous organization to distribute his artwork and to coordinate the campaign for his freedom.

From NFTs to prison reform: What is FreeRossDAO?

PleasrDAO, a community of top-tier DeFi and NFT leaders (its members include Su Zhu, Rober Leshner and Stani Kulechov), announces a unique initiative.

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Its team launches FreeRossDAO, a community focused on the promotion of non-fungible tokens by Ross Ulbricht, funding the campaign for his clemency and advocating prison reform in the U.S:

FreeRossDAO Manifesto
1. We will Free Ross.
2. We will advance prison reform.
3. We will share Ross’s work with the world and give everyone a unique opportunity to own a piece of it.

PleasrDAO seeded a 240 ETH endowment for FreeRossDAO and will donate another 240 ETH when the amount of funds raised reaches 2,400 ETH.

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With the auction, all artwork by Ross Ulbricht will be fractionalized and distributed to all participants proportionally to their contributions.

The funds of FreeRossDAO will be held in 3/7 multisig with renowned devs and NFT enthusiasts as multi-signers. One of the keys is held by Nadezhda Tolokonnikova of Pussy Riot, a Russian political activist and former prisoner of conscience.

“Huge moral booster for him”

Yesterday, on Dec. 1, Ross Ulbricht released his first NFT drop, “Genesis Collection,” on the SuperRare platform; by press time, the highest bid exceeds $1.2 million.

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One of Mr. Ulbricht’s friends shared the information about the DAO launch with the prisoner:

Thank you all for your support. I talked to Ross tonight and it’s a huge morale booster for him.

Ross Ulbrict was arrested in 2013 and sentenced to a double lifetime penalty for conspiracy to traffic in narcotics, conspiracy in computer hacking, money laundering and so on.

At the same time, he is a man and a myth in the global crypto community as he was among the first to demonstrate the real disruptive power of digital assets economics.

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Gaming

GameX Ecosystem: Emerging DAO in World of Gaming and DeFi

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GameX is an emerging protocol that was built by gamers in a bid to promote the integration of games in today’s fast-growing decentralized finance (DeFi) ecosystem. Despite the fact that the blockchain and specifically the DeFi ecosystem is still in its infancy, the past year has seen the emergence of innovative projects that are notably disrupting mainstream finance. GameX is no exception.

Built on the Binance Smart Chain (BSC) network, the GameX protocol seeks to become a one-stop-shop for many aspects of decentralized gaming. This includes developing games that users can play, incorporating Non-Fungible Token (NFT) capabilities, and also rewarding users for contributing to its ecosystem development.

Gamex NFT Marketplace

GameX protocol is in the last phases of developing its NFT marketplace where digital artworks and collectibles built through the BEP-721 standard will be supported. The GameX NFT marketplace is a dynamic one and permits creators to mint their digital piece, with additional permissions that can let them list it for sale immediately or at a later time in the future.

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The protocol maintains a very good standard for the operations of its NFT marketplace and will provide a verification capability to enable users to deal with trusted creators only. While the verification badge will be obtainable easily by just filling out a form, the applicant or creator will be required to provide enough documentation in order to get verified.

According to GameX, “verified badges are granted to creators and collectors that show enough proof of authenticity and active dedication to the marketplace. We are looking at multiple factors such as active social media presence and following, dialogue with community members, number of minted and sold items.”

GameX NFT marketplace listed items will also be subject to royalty rewards which are charged when a listed item is resold.

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XGameX

The XGAMEX token that is designed as a reward system for GameX game players, as well as the buyers and sellers of listed NFTs.

Future Plans

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Over the next months, the platform is set to release a play-to-earn racing game (META RACE) in which players will be able to compete against each other. Drawing from its broad capabilities, there is bound to be an NFT incorporation into the racing game, a move that is billed to further enhance the broad embrace of the gaming outfit.

Website: https://game-x.co/

 Twitter: https://twitter.com/gamexofficial1?s=21

Telegram: https://t.me/GameXTokenOfficial

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NFT

Duelist King to Conduct Its Second NFT Card Sale on Dec. 15

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Duelist King, a novel play-to-earn ecosystem, shares the details of its second NFT card sale campaign.

Duelist King is a cross-chain NFT-powered card game launched simultaneously on Binance Smart Chain (BSC) and Cardano (ADA). It also supports Fantom, Polygon, and Crypto.com’s Cronos. Now, the team has shared the details of its second NFT sale.

Duelist King will release 20,000 NFT boxes on Dec. 15, 2021

According to the official announcement shared by the Duelist King team, on Dec. 15, 2021, its second NFT cards sale will be open to all cryptocurrency enthusiasts.

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This release will boast 20,000 NFT boxes, or 40% of the number of boxes sold in the first round three months ago. The team will offer new cards in various rounds, and each round will have its own design.

In all, NFTs will be distributed in 25 phases with 20 card designs released in every phase. The Duelist King team reiterates that not all cards from previous rounds will make a return in the latest distributions.

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Every NFT box will include five cards of random rarity levels: the randomness of this distribution will be guaranteed by the purpose-built on-chain mechanism by Duelist King.

Duelist King CMO Nicole Nguyen stresses the importance of this round for building the Duelist King community in 2022:

By adding a new variety to our existing characters as well as our integration of Fantom enabling faster and more secure transactions, we believe this has paved the way for even more community members to get their hands on our new batch of cards as well as appeal to our existing members who are looking forward to power up their decks for the soon-to-be-launched game.

New use cases for native token DKT

To join the club of Duelist King GameFi players, a crypto holder should own at least 22 NFT cards. These cards can be obtained from both distributions on native platforms and secondary sales campaigns on Refinable, OpenSea and, very soon, on Binance’s NFT platform.

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Players can take part in online tournaments and challenges in order to win stablecoins and DKT, a core native utility and governance asset of the platform.

Also, DKT token can be used by Duelist King newbies to participate in the second sales campaign.

As covered by U.Today previously, the Duelist King private sale raised $1 million from a clutch of high-profile VCs.

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