The definitive NFT and GameFi news outlet

Miners Profit from NFTs; Sotheby’s Sale Glitch & Collector’s Pricey Mistake

Miners Profit from NFTs; Sotheby's Sale Glitch & Collector's Pricey Mistake

In the ever-evolving world of digital art and collectibles, NFTs continue to make headlines and create new opportunities for various market participants. We delve into how Bitcoin miners have profited handsomely from creating NFT inscriptions, the successful relaunch of Sotheby’s Glitch digital art sale after addressing diversity concerns, and the costly mistake made by an NFT collector during a recent auction. 

Join us as we explore these fascinating stories that showcase the highs, lows, and lessons of the thriving NFT market.

Sotheby’s Glitch Digital Art Sale Back in Action with a Fresh Focus on Diversity

Get ready, art lovers! Sotheby’s has announced that its updated digital art sale, “Glitch: Beyond Binary,” is kicking off on April 19. This event is a reboot of the “Natively Digital: Glitch-ism” auction that was put on hold last month due to diversity-related backlash.

Sotheby’s took to Twitter on April 13 to share the news, highlighting that the sale would “showcase the diverse artist communities that make up Glitch Art.” In their statement, they made it clear that they’re all about inclusivity, featuring artists from every imaginable background.

The original sale was paused on March 27 when famous NFT artist Patrick Amadon said he’d withdraw his work from the auction to protest the lack of female representation.

Illuvium Newbie Stumbles Upon $49,000 NFT

How’s this for beginner’s luck? On April 12, Illivium shared that a newbie to their online game, Illuvium: Beyond, found the rarest Illuvitar yet – the coveted “Holo Blazing Rhamphyre” – and sold it for a jaw-dropping $49,128.85. The lucky gamer discovered the rare Illuvitar inside a “D1SK,” a digital loot box filled with random illiviators and accessories, which cost them just $32. Talk about a profit – they raked in around 140,525%!

Ukraine’s President Signs First NFT to Support Military

On April 9, Ukrainian President Volodymyr Zelenskyy signed the country’s very first non-fungible token (NFT) as part of the “UACatsDivision” collection. Featuring cool cats representing the Armed Forces of Ukraine, all the funds raised will go to support Ukraine’s military services. As of now, 3,026 NFT cats out of 10,000 have found new homes.

In a unique twist, NFTs are now being used to support military services in Ukraine. The “UACatsDivision” collection features a series of quirky, cat-themed NFTs representing the Armed Forces of Ukraine. By purchasing these digital collectibles, supporters can contribute funds directly to the country’s military. This innovative approach not only adds a touch of creativity to fundraising but also raises awareness about the cause in the wider NFT community. It’s a win-win for both art enthusiasts and those who want to support Ukraine’s military services, as they can participate in the booming NFT market while contributing to a meaningful initiative.

Related news: Ukraine sells a Cryptopunk NFT to aid war efforts

Collector’s Costly Blunder on April 5: A Lesson to Be Learned

On April 5, an NFT collector experienced an expensive lesson when they mistakenly bid 100 Ether (worth around $192,000 at the time) for an NFT that was supposed to be free. The Gemesis NFT collection offered the NFT for free to commemorate the launch of OpenSea Pro, but the collector’s error turned what should have been a celebratory event into a costly mistake.

This incident has sparked discussions and debates within the NFT community. Some argue 

that the collector’s blunder was a wash trade – a form of market manipulation where an investor simultaneously buys and sells the same asset to create misleading activity. However, others believe it was an honest mistake where the collector intended to bid $100 but accidentally placed a 100 ETH bid instead.

Regardless of the true nature of this incident, it serves as a valuable reminder for NFT collectors and traders to double-check their bids before finalizing any transactions. With NFTs gaining traction in the mainstream, newcomers and experienced collectors alike should be cautious and attentive to avoid such costly errors in this volatile market. This particular case highlights the importance of diligence, patience, and attention to detail when navigating the exciting but sometimes risky world of NFTs.

Bitcoin Miners Rake in $5 Million with NFT Inscriptions: A Lucrative Venture

Bitcoin miners have found a profitable niche by creating NFT inscriptions using the Ordinals protocol. In a remarkable turn of events, these miners have managed to earn over $5 million by tapping into this growing market.

The Ordinals protocol allows users to create NFT inscriptions on the Bitcoin network, which can take various forms, including JPEG images, text, PDFs, videos, and audio formats. As NFTs become more popular and the demand for unique digital content grows, the value of these inscriptions has skyrocketed, leading to a significant increase in the transaction fees associated with Ordinals transactions.

According to data from Dune Analytics, transaction fees for Ordinals transactions surged 240% from $1.5 million on March 10 to $5.2 million by April 12. The data also revealed that nearly 1.1 million Ordinals have been inscribed on the Bitcoin network. This impressive growth is a testament to the increasing interest in and demand for NFTs and their various applications.

Read also: What is Bitcoin NFT: Guide To The Emerging Crypto Asset

Bitcoin miners, always on the lookout for profitable opportunities, have been quick to capitalize on this trend. By creating NFT inscriptions using the Ordinals protocol, miners can benefit from the high transaction fees and increased demand for unique digital assets. This lucrative venture has allowed them to diversify their income streams and tap into the booming NFT market.

However, as with any profitable market, the rapid growth of NFT inscriptions has raised concerns about the environmental impact of these digital creations. Bitcoin mining is known to consume vast amounts of energy, and the increased demand for NFT inscriptions could exacerbate this issue. Critics argue that the environmental footprint of NFTs must be taken into account when weighing the benefits of this thriving market.

Despite these concerns, there is no denying the impressive profitability of NFT inscriptions for Bitcoin miners. As the NFT market continues to expand and evolve, it is likely that miners will continue to explore innovative ways to participate in this exciting space. This includes not only creating inscriptions but also investing in and trading NFTs, as well as supporting the development of new platforms and technologies.

Previous Article

Flow Secures $3M Seed Funding To Build A Rollup Centric NFT Ecosystem.

Next Article
end of nft

NFT Sales Take a Nosedive, Hitting Rock Bottom in Almost a Year – Is This Just a Phase or the Beginning of the End?

Related Posts