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Why Solana’s New Token Extensions Are a ‘Game Changer’ for NFTs – DL News

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Why Solana's New Token Extensions Are a 'Game Changer' for NFTs – DL News
  • A new token extension allows Solana developers to natively embed metadata into NFTs.
  • The development disrupts Metaplex’s monopoly, says a Solana infrastructure developer.
  • The new token extensions could help Solana’s NFTs catch up to those on other blockchains like Ethereum.

Solana recently launched 13 new token extensions that bring a host of new features for developers to build on.

In developer circles, one of these new features is generating significant excitement: the ability to natively embed metadata into Solana NFTs.

Metadata is an essential tool in blockchain protocols. Among other things, it allows additional information — such as images and characteristics — to be attributed to NFTs.

Previously, Solana tokens only had the ability to include minimal metadata, such as the supply of a given token.

Solana’s new token extensions enable a generic metadata interface, not affiliated with any interested party. Developers can now create their own custom NFT standards, enabling more competition and innovation within the Solana NFT ecosystem.

It didn’t take long for developers to make use of this new ability.

Ming Ng, a developer working on the popular Solana decentralized exchange aggregator Jupiter, has already released a new Solana NFT token standard in collaboration with NFT fractionalization protocol Ovols.

A Metaplex monopoly?

Since there was previously no way to natively attach more metadata to Solana NFTs, companies independent of Solana created their own solutions.

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Metaplex, a protocol that allows the creation and minting of NFTs, was the biggest of these. It allows Solana developers to attach additional metadata to tokens. Due to the high costs of doing so, many NFT creators have chosen not to build their own metadata protocols and have instead chosen to use Metaplex.

Although much of Solana’s history $4.8 billion NFT market would not exist without Metaplex, this situation was not a good long-term solution, according to Mert Mumtaz, CEO of infrastructure provider Solana Helius Labs.

“A single, centralized, for-profit entity – Metaplex – has a complete monopoly on the NFT standard on Solana right now,” said Mumtaz DL News. “Lack of competition leads to lack of innovation.”

Nhan Phan, co-founder and CTO of Metaplex Studios, a for-profit company that uses the Metaplex protocol in its products, said DL News that Metaplex has “never been a monopoly” and that there have been several NFT standards alongside Metaplex’s that have been released in the past.

The Metaplex protocol is owned and maintained by the Metaplex Foundation, a non-profit entity. Although the Metaplex protocol code is open source, those who use it cannot withdraw its mandatory fees.

“Our focus has always been to innovate and revolutionize ourselves – for example, with compression – and this is what has kept us as the preferred option for digital asset developers,” said Phan.

One September 2022 White paper published by the Metaplex Foundation claims that its protocol has been used to mint over 20 million NFTs, representing over 99.9% of the Solana NFT market.

Phan also said that the Metaplex protocol includes more than just a metadata extension, and also provides Solana NFT tools, as well as on-chain NFT collection launches and on-chain NFT data storage.

‘There is a lot to improve’

With the ability to include NFT metadata natively, Solana’s NFT ecosystem can now keep up with that of other networks like Ethereum, where several distinct NFT standards such as ERC721, ERC1155 and most recently ERC404gained popularity.

“The new token extension is a game changer for Solana NFTs,” said a spokesperson for NFT marketplace Magic Eden. DL News. Magic Eden said the new metadata interface will empower builders and allow them to easily innovate with new token standards.

One way to do this is by combining the Metadata extension with the Transfer Hook extension. This would allow NFTs to run custom logic when they are transferred and could be used to create permissioned tokens or NFTs that automatically distribute royalties.

Magic Eden isn’t alone in highlighting the power of token extensions.

“There is a lot to be improved regarding Solana NFTs,” said Armani Ferrante, creator of the Mad Lads NFT project and the Backpack NFT exchange. DL News.

Ferrante said the new token extensions will make it easier to explore “important features like royalty enforcement” and that Backpack plans to support the new standards.

The application of NFT royalties – a small portion of each NFT sale sent to their creators – has historically been a controversial issue.

Some markets, like OpenSea, ended up choosing do not impose royalties for NFTs sold on the platform due to other popular NFT marketplaces that make royalties optional.

Some NFT collectors argue that not enforcing royalties harms NFT creators and prevents them from generating a steady stream of income from their work.

Update, February 13th: This article has been amended to clarify the differences between the Metaplex protocol, the Metaplex Foundation and Metaplex Studios.

Tim Craig is DeFi correspondent for DL ​​News in Edinburgh. Get in touch with tips at tim@dlnews.com.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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NFTs

Top 10 Amazing Ways NFTs Are Changing The Game In Web 3.0

TokenTalk Staff

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NFTs NFT Products NFT-based DAOs

In the ever-evolving landscape of Web 3.0, non-fungible tokens (NFTs) have emerged as groundbreaking technology that is transforming the way we perceive and interact with digital assets. Initially popularized as a means of owning and trading digital collectibles, NFTs have now paved the way for an even more revolutionary concept: the creation of decentralized autonomous

In the ever-evolving landscape of Web 3.0, non-fungible tokens (NFTs) have emerged as groundbreaking technology that is transforming the way we perceive and interact with digital assets. Initially popularized as a means of owning and trading digital collectibles, NFTs have now paved the way for an even more revolutionary concept: the creation of decentralized autonomous organizations (DAOs). This article explores how NFTs are being used to establish DAOs in Web 3.0, delving into their potential benefits, challenges, and real-world examples of successful NFT-based DAOs.

Key Takeaways

  • NFTs are not just digital collectibles; they are now integral to forming decentralized autonomous organizations (DAOs).
  • NFT-based DAOs enable community-driven decision-making, ownership rights, and collective financing.
  • Real-world examples of NFT-based DAOs include Friends With Benefits, PleasrDAO, and FlamingoDAO, among others.
  • These DAOs are revolutionizing industries by fostering collaboration, funding, and fair compensation for creators.
  • As technology matures, NFT-based DAOs have the potential to reshape industries and empower communities.

1. Friends With Benefits

Friends With Benefits (FWB) is an exclusive social club that you pay to enter. This DAO is a unique blend of social networking and decentralized governance, creating a community where members can connect, collaborate, and share resources.

Road to Fest: NYC

Road to Fest: NYC is a member-led initiative that will provide value to NYC-based members and friends and to reestablish FWB as the premiere social DAO in NYC. This initiative is a testament to the community-driven nature of FWB, where members actively contribute to the growth and success of the DAO.

Exclusive Membership

To become a member of FWB, individuals must hold a certain amount of the FWB token. This token acts as both a membership pass and a governance token, allowing members to vote on proposals and shape the future of the DAO.

Community Events

FWB regularly hosts events, both virtual and in-person, to foster connections among members. These events range from casual meetups to large-scale festivals, providing ample opportunities for members to engage and collaborate.

FWB exemplifies how DAOs can create vibrant, engaged communities through decentralized governance and shared interests.

2. PleasrDAO

PleasrDAO is a collective that has gained significant attention for its strategic investments in rare and valuable NFTs. One of its most notable acquisitions is the historic purchase of “CryptoPunk #7804.” The ownership of this NFT is shared among the DAO members, and decisions regarding its display, loaning, or selling are made collectively through voting. This highlights how NFT-based DAOs can address the need for interoperability and coordination in the decentralized ecosystem.

Collective Ownership

PleasrDAO demonstrates the power of NFT-based DAOs in enabling collective ownership, strategic investments, and the democratization of access to valuable digital assets. Instead of a select few having the majority of say, members of each DAO can vote on decisions together, typically on equal footing.

Strategic Investments

The DAO has also made headlines for its purchase of the Wu-Tang Clan album. After acquiring the album, they created an NFT to represent a deed of ownership. The members of PleasrDAO co-own the NFT deed, and in turn, share ownership of the album.

Democratization of Access

PleasrDAO showcases the potential of NFT-based DAOs to redefine traditional ownership models. By pooling funds and making collective decisions, they democratize access to high-value digital assets, making it possible for more people to participate in the ownership and decision-making processes.

3. FlamingoDAO

FlamingoDAO is a prominent player in the NFT space, known for its unique approach to collecting and investing in digital assets. FlamingoDAO collects NFTs and has a significant influence on the market, often setting trends and driving demand for specific types of digital art.

DAO Structure

Each DAO is structured differently, but usually, when joining a DAO, you agree to the code in place. It isn’t easy to change that code, and any changes typically require a vote between members. FlamingoDAO is no exception, operating under a transparent, community-driven decision-making process.

Participatory Nature

DAOs are “very participatory,” says Aaron Wright, co-founder and CEO of OpenLaw, a blockchain-based protocol for the creation and execution of legal agreements. Wright has helped launch several DAOs, including FlamingoDAO, which collects NFTs.

Influence on the Market

FlamingoDAO’s activities often set trends in the NFT market. By strategically acquiring and promoting certain NFTs, they can drive up the value and demand for these digital assets. This influence makes FlamingoDAO a key player in the evolving landscape of Web 3.0.

FlamingoDAO exemplifies how DAOs can leverage collective decision-making to impact the broader NFT market, showcasing the potential of decentralized governance in the digital age.

4. JennyDAO

Introduction

JennyDAO is a unique decentralized autonomous organization that focuses on fractional ownership of NFTs. This approach allows members to collectively own high-value digital assets, making it more accessible for a broader audience.

Fractional Ownership

One of the standout features of JennyDAO is its emphasis on fractional ownership. This means that the high cost of iconic artworks or rare NFTs is no longer a barrier, as members can own a fraction of these valuable assets. This model democratizes access to high-value NFTs, enabling more people to participate in the digital art market.

Community Governance

JennyDAO operates on a community-driven governance model. Members have a say in the decision-making process, ensuring that the DAO’s actions reflect the collective will. This participatory approach fosters a sense of ownership and responsibility among members.

Investment Strategy

The DAO’s investment strategy is another key aspect. JennyDAO carefully selects NFTs to invest in, aiming for a diversified portfolio that balances risk and reward. This strategic approach helps in maximizing returns for its members.

JennyDAO exemplifies how fractional ownership and community governance can revolutionize the way we interact with digital assets.

Conclusion

In summary, JennyDAO is a pioneering force in the world of NFT-based DAOs. Its focus on fractional ownership, community governance, and strategic investment makes it a standout example of how DAOs can democratize access to valuable digital assets.

5. WhaleDAO

WhaleDAO is a unique decentralized autonomous organization that focuses on the acquisition and management of high-value NFTs. WhaleDAO’s mission is to democratize access to rare and valuable digital assets by pooling resources from its members. This allows individuals to own a fraction of high-end NFTs that would otherwise be out of reach for most people.

Structure and Governance

WhaleDAO operates with a completely flat hierarchy, ensuring that all members have an equal say in decision-making processes. Each member’s voting power is proportional to their stake in the DAO, making it a truly participatory organization.

Key Achievements

  • Successfully acquired several high-value NFTs, including rare CryptoPunks and Bored Ape Yacht Club pieces.
  • Implemented a transparent and efficient governance model that allows for quick decision-making.
  • Fostered a strong community of NFT enthusiasts and investors.

Future Plans

WhaleDAO aims to expand its portfolio by targeting emerging NFT projects and artists. The DAO is also exploring partnerships with other DAOs to enhance interoperability and coordination within the decentralized ecosystem.

6. FingerprintsDAO

FingerprintsDAO is a respected group of art collectors that focuses on acquiring and curating blockchain-based art. This DAO is unique in its approach, as it not only collects NFTs but also supports artists and projects that push the boundaries of digital art. FingerprintsDAO has become a significant player in the NFT art world, known for its discerning taste and commitment to innovation.

Mission and Vision

FingerprintsDAO aims to create a decentralized art collection that is both diverse and cutting-edge. The DAO’s mission is to support artists who are exploring new mediums and techniques, particularly those that leverage blockchain technology.

Key Projects

  • Maschine: An exploration of the intersection between art and technology.
  • Art Grants: Providing funding to artists who are pushing the boundaries of digital art.
  • Collaborations: Partnering with other DAOs and art institutions to promote blockchain-based art.

Community and Governance

FingerprintsDAO operates on a community-driven governance model. Members who own NFTs from the DAO have voting rights, allowing them to participate in decision-making processes. This ensures that the DAO remains transparent and that its actions reflect the community’s interests.

FingerprintsDAO exemplifies how DAOs can revolutionize the art world by leveraging blockchain technology to create a transparent, community-driven platform for art collection and curation.

7. Yield Guild Games

Yield Guild Games (YGG) is a decentralized autonomous organization (DAO) that invests in virtual world and blockchain-based game assets. YGG aims to create the largest virtual world economy by optimizing its community-owned assets for maximum utility and sharing profits with its token holders.

8. MetaCartel

MetaCartel is a pioneering investment DAO that has made significant strides in the Web 3.0 ecosystem. MetaCartel Ventures has invested in multiple blockchain startups, showcasing the potential of collective decision-making in venture capital. This DAO serves as a framework for coordinating decision-making across multiple other DAOs, addressing the challenge of fragmentation and coordination by creating a higher-level governance structure. Metagovernance token holders can participate in meta-decision-making processes, enabling collaboration and alignment among various DAOs.

9. ConstitutionDAO

ConstitutionDAO was a unique and ambitious project that aimed to purchase one of the original copies of the U.S. Constitution from Sotheby’s. Despite the group’s best efforts, they ultimately found out they were not the highest bidder and lost the auction. However, members were able to receive a refund of their initial investment, showcasing the transparent and community-driven nature of DAOs.

DAO Structure

Each DAO is structured differently, but usually, when joining a DAO, you agree to the code in place. It isn’t easy to change that code, and any changes typically require a vote between members. DAOs are very participatory, and every decision within the DAO is pitched, discussed, voted on, and documented publicly.

Decentralized Governance

A decentralized autonomous organization is exactly what the name says; a group of people who come together without a central leader or company dictating any of the decisions. They are built on a blockchain using smart contracts. Members of DAOs often buy their way in, most of the time purchasing a governance token specifically for the DAO that gives them the ability to vote on decisions.

Community and Participation

Sometimes, in larger DAOs, teams may form to tackle different aspects of the organization with leaders that have been voted in. This ensures that not every single member is needed to vote on every nuance, making the process more efficient. The most important aspect of DAOs is transparency. Every decision within the DAO is pitched, discussed, voted on, and documented publicly.

10. Krause House

Introduction

Krause House is a unique NFT-based DAO with a mission to purchase and operate an NBA team. This ambitious goal has captured the imagination of many in the Web 3.0 community.

Community and Governance

The DAO is governed by its members, who hold Krause House NFTs. These NFTs grant voting rights and a say in the decision-making process, ensuring a decentralized and democratic approach.

Funding and Strategy

Krause House has implemented innovative strategies to raise funds, including NFT sales and partnerships. The community’s collective effort is directed towards achieving their ultimate goal of owning an NBA team.

Challenges and Future Prospects

While the goal is ambitious, the journey is fraught with challenges, including regulatory hurdles and the sheer scale of the financial requirements. However, the community remains optimistic and persistent in their pursuit.

The blockchain magazine explores challenges and promises of on-chain reputation systems. Top 10 intriguing aspects highlighted.

Conclusion

Krause House exemplifies the potential of NFT-based DAOs to bring together a community with a shared vision and transform ambitious dreams into reality.

Krause House is revolutionizing the way we think about decentralized organizations. Dive deeper into the world of blockchain and discover how Krause House is making waves in the industry. For more insights and the latest updates, visit our website.

Conclusion

In conclusion, NFTs have transcended their initial role as digital collectibles and are now at the forefront of a paradigm shift in Web 3.0, enabling the creation of decentralized autonomous organizations. NFT-based DAOs offer opportunities for community-driven decision-making, ownership rights, collective financing, and fair compensation for creators. As the technology matures and more real-world examples emerge, NFT-based DAOs have the potential to reshape industries, empower communities, and redefine collaboration and ownership in the digital realm. It is an exciting time as we witness the transformative power of NFTs and DAOs converging to shape the future of Web 3.0.

Frequently Asked Questions

What is an NFT-based DAO?

An NFT-based DAO (Decentralized Autonomous Organization) leverages non-fungible tokens (NFTs) to enable decentralized decision-making, ownership, and governance within a community. Members use NFTs to represent their voting power or stake in the organization.

How do NFTs enable decentralized decision-making in DAOs?

NFTs provide a secure and transparent way to represent ownership and voting rights within a DAO. Members can use their NFTs to vote on proposals, participate in governance, and make collective decisions without relying on a central authority.

What are some benefits of NFT-based DAOs?

NFT-based DAOs offer several benefits, including community-driven decision-making, ownership rights, collective financing, and fair compensation for creators. They empower communities and enable more democratic and transparent governance models.

What challenges do NFT-based DAOs face?

Challenges include scalability and efficiency of blockchain networks, legal and regulatory uncertainties, and the need for user-friendly interfaces. Overcoming these challenges is crucial for the widespread adoption of NFT-based DAOs.

Can NFT-based DAOs be used in industries other than art and collectibles?

Yes, NFT-based DAOs have the potential to revolutionize various industries beyond art and collectibles. They can be used in finance, gaming, real estate, intellectual property, and more, enabling decentralized collaboration and ownership.

What is the future outlook for NFT-based DAOs?

As the technology matures and more real-world examples emerge, NFT-based DAOs have the potential to reshape industries, empower communities, and redefine collaboration and ownership in the digital realm. The future looks promising for this innovative approach.

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Vatican Library Adopts NFTs to Preserve Manuscript Collection

TokenTalk Staff

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Vatican Library Adopts NFTs to Preserve Manuscript Collection

Vatican Library Adopts NFTs to Preserve Manuscript Collection

Future Application and Vision for Accessibility

A proof of concept in Open sea shows that PolygonNFT-based NFTs have been distributed to 419 owners so far.

NTT DATA Italia has collaborated with the Vatican Library since 2014 to preserve its historical documents, using its digital archive service, AMLAD, which includes more than 2 million assets.

Don Mauro Mantovani, Prefect of the Vatican Library, recognized the role of NTT DATA Italia in conserving the library’s cultural heritage and shared possible future applications, such as immersive experiences to visualize historical assets through extended reality.

Ludovico Diaz, CEO of NTT DATA Italia, emphasized his objective of making the cultural heritage of the Vatican Library accessible through this initiative. “We will continue this important work of conservation and dissemination of cultural heritage, aiming to connect institutions holding valuable digital content with users around the world, extending the use of digital blockchain technology to other sectors such as education and entertainment,” he said. declared according to a translation Press release.

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INTA: NFTs must be protected as ‘commodities’ in Bored Ape case | Trademarks

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INTA: NFTs must be protected as 'commodities' in Bored Ape case |  Trademarks

Association archived friend brief to Ninth Circuit in support of plaintiff Yuga Labs | The Lanham Act does not limit the definition of goods and services, INTA said.

Non-fungible tokens (NFTs) must be considered “goods” under the Lanham Act, in accordance with the International Trademark Association (INTA), which stated that this approach would maintain the protection of trademarks registered on digital platforms, in line with the expectations of consumers and brand owners.

INTA provided its opinion in an amicus brief filed yesterday with the U.S. Court of Appeals for the Ninth Circuit, regarding Yuga Lab’s allegations that two defendants made millions of dollars from counterfeit versions of its ‘Bored Ape Yacht Club’ NFTs.

In October 2023, a California federal judge ordered the defendants pay more than $1.5 million in damages for their copies of Yuga Labs NFTs, which they said was an art project aimed at criticizing allegedly racist images in Bored Apes tokens.

The case continued this year, with the California district court imposing a $9 million fine on the defendants in February, covering damages, fees and costs, and the defendants filing an appeal.

Opposing Yuga Labs’ motion for summary judgment on its false designation of origin claim, the defendants argued that the NFTs were ineligible for trademark protection because they were intangible goods.

They said the US Patent and Trademark Office rejected several of Yuga Labs’ applications to register trademarks because NFTs are not traded goods, and argued that the Supreme Court required tangibility for trademark protection in the case Dastar v Twentieth Century Fox (2003 ).

‘No limit on definition’ in the Lanham Act

INTA urged the court to avoid an “excessive extension of restricted participation” in Dastar, which it said dealt with communicative content rather than communicative products.

The association argued that the Lanham Act refers to the registration and use of trademarks in connection with any goods or services, without limiting definition – which therefore included NFTs.

The law focuses on consumer perception and the meaning of trademarks to consumers, INTA said, also pointing to the qualities that digital goods share with tangible goods, as noted by the district court.

“In summary, the district court here correctly held that NFTs, if understood as digital goods comprising a set of tokens that reference underlying digital assets through token metadata, are goods for purposes of the Lanham Act,” INTA told the court.

It stated that this approach would advocate for the protection of trademarks in new digital ecosystems in a way that benefits consumers and brands.

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NFT Market Crash: Values ​​of Cryptopunks and Bored Monkeys Plummet Over 90 Days – Market Updates Bitcoin News

TokenTalk Staff

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NFT Market Crash: Values ​​of Cryptopunks and Bored Monkeys Plummet Over 90 Days - Market Updates Bitcoin News

https://news.google.com/./articles/CBMiYGh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9uZnQtbWFya2V0LXNsdW1wLWNyeXB0b3B1bmtzLWFuZC1ib3JlZC1hcGUtdmFsdWVzLXBsdW1tZXQtb3Zlci05 MC1kYXlzL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

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