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Buyers shell out $7M for unseen NFT collection

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Nonfungible token (NFT) investors have poured $7 million into a dutch auction that sold 50 tokens conferring ownership over digital artworks that will not be minted until December.

Tyler Hobbs, the artist behind the popular NFT series Fidenza, will launch 100 one-a-kind digital artworks in his latest collection Incomplete Control at the New York City-based Bright Moments gallery from Dec. 9 to Dec. 13.

On Oct. 22, Hobbs’ fans contributed 1,800 ETH (worth more than $7 million) in exchange for 50 of 100 “Golden Tokens” that grant its holder ownership rights to one of the artworks slated to be minted during the event. Each of the tokens features a number between one and 50 that corresponds to a specific artwork from the collection.

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The Golden Tokens were sold via a dutch auction hosted by Mirror Protocol that lasted just 90 minutes. The tokens were initially priced at 500 ETH each, with the price scheduled to decline by non-linear intervals every 5 minutes until reaching a floor of 5 ETH. All 50 tokens were sold at prices of between 30 Ether (roughly $120,000) and 80 Ether ($320,000) each.

Nonfungible token (NFT) investors have piled $7 million into a dutch auction that sold 50 tokens allowing buyers to mint digital artworks they have not seen.

The remaining Golden Tokens will be randomly distributed to 50 of the wallets that currently hold artworks from Hobbs’ previous series Fidenza or the CryptoCitizens NFT project on Nov. 5. Individuals who receive the tokens will be entitled to purchase an Incomplete Control NFT at for 15 ETH a 50% discount compared to the auction’s final clearing price.

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Hobbs describes his Incomplete Control series as exploring themes of imperfection, and how the digital sphere is able to transcend many of the imperfections present in the physical world. Hobbs’ website states:

“The forces of chaos and entropy give the natural world a certain warmth, and there are patterns and lessons there that we can use. I like to introduce these elements into the digital world, and Incomplete Control continues that work.”

Hobbs’ previous NFT series Fidenza comprises a curated drop of 999 NFTs that comprise unique generative artworks created using the purchaser’s transaction hash as a data input. The collection was sold for more than 37,000 ETH (roughly $400,000) and is being showcased on the generative NFT platform, Art Blocks.

During September, Solana-based NFT project SolBlocks came under fire from Hobbs for using Fidenza’s open-sourced code to generate images for commercial purposes without Hobbs authorization. Hobbs has since rejected SolBlocks’ offer to share profits from their sales with him. 

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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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NFT

Jailed Silk Road founder set to auction NFT series

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  • Jailed Silk Road founder sat to auction NFT series
  • The NFTs will be auctioned from December 2 to 8
  • Twitter users are torn over support for Ulbricht

Non Fungible Tokens, or NFTs as they are fondly called, have been crushing the entire crypto markets, gaining popularity. Although it is not something that has gained massive popularity, the adoption is increasing by the day. In recent news about NFTs, jailed Silk Road boss Ross Ulbricht has announced that he will float his NFTs starting December 2. Going by his post earlier today on Twitter, Ulbricht will sell his Ross Ulbricht Genesis Collection.

The NFTs will be auctioned from December 2 to 8

According to further details, the drop is scheduled to drop on the famous marketplace, Superare, and will last from December 2 through December 8. The NFTs, as explained in the post, were arts made by the Silk Road founder, which were minted into NFTs by some of his fans. The arts that make up the NFTs consist of various arts that Ulbricht made while growing up and even after he was convicted and sent to jail.

The first few arts were majorly comical drawings he made while growing up, with the rest just bits and pieces from his court appearances and all-around art drawings. According to the statement, all the money made from the auction will be put into efforts geared towards making sure that Ulbricht regains his freedom from custody. Some of the funds have also been earmarked to be paid to Art4Giving, a charity organization tasked with helping jailed victims and their families.

Twitter users are torn over support for Ulbricht

Ulbricht has been in the news for bad and controversial reasons after being sentenced to jail in 2015. Before jail, Ulbricht was the founder of Silk Road, a dark web marketplace where most activities carried out were illicit. For example, since the marketplace launched in 2011, it afforded all types of users access to legal and illegal stuff provided they can pay with leading digital asset, Bitcoin. The update on Twitter took most by surprise as people have now started to choose sides. While a small part of the population does not support Ulbricht, most users think he should use it to get freed from prison.

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According to a user, even though Ulbricht’s cause for the auction is good, normalizing Ponzi NFTs is now overreaching as regulators need to do something. Others with the same school of thought think that although there are more immoral things to do, NFTs are also a greater evil than most. Some think that even though those that favor Bitcoin might be against Ulbricht, he was integral in pushing for the adoption of the asset during the early period.

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