NFT gas usage drops, Ordinals nonprofit launches: Nifty Newsletter

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NFT gas usage drops, Ordinals nonprofit launches: Nifty Newsletter
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In this week’s newsletter, read about how the team behind Bitcoin Ordinals plans to drive the development of nonfungible tokens (NFTs) on Bitcoin and find out why metaverse platform The Sandbox requires Know Your Customer (KYC) checks for staking. In other news, learn why NFT gas usage is on a downward trend, and don’t forget this week’s Nifty News, featuring an NFT trader tricking a bot and bagging $1.5 million in profit. 

Bitcoin Ordinals team launches nonprofit to grow protocol development

The team behind Bitcoin Ordinals has launched a nonprofit aiming to boost the development of NFTs on Bitcoin. Dubbed the Open Ordinals Institute, the nonprofit will provide funding for Ordinals developers.

The Bitcoin Ordinals protocol was launched in January, and it rapidly became one of the most popular trends in crypto. Users rushed to inscribe their assets like NFTs and Bitcoin-based crypto on the Bitcoin blockchain.

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NFT gas usage shows downward trend, signals shift in landscape

NFT gas usage continues on a downward trend. On Aug. 3, gas consumption of NFT marketplaces like Blur, OpenSea, SuperRare, LooksRare and Rarible only accounted for 1.85% of the total consumption on the entire Ethereum network.

Moreover, NFT-related projects that were once top gas users on the Etherscan charts are now not listed. This indicates a potential shift in NFT use, where users may be holding their NFTs instead of actively trading.

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The Sandbox implements KYC measures for protocol staking

Metaverse project The Sandbox will implement a KYC verification protocol for staking. According to an announcement, only KYC-verified uscane to deposit The Sandbox (SAND) tokens and claim staking rewards.

On-chain analytics firm Messari’s data shows that 6.7% of SAND’s circulating supply — about 123 million tokens — is currently staked by users. According to the metaverse platform, the move aims to enhance user security and compliance.

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Nifty News: Trader nabs 800 ETH by baiting a bot, NFT thefts slow and more

NFT trader Hanwe Chang tricked a bot into copying his trades, resulting in a profit of 800 Ether (ETH), worth around $1.5 million. The NFT trader noticed that the bot was copying his bids. Because of this, the trader tricked the bot into buying his inflated NFTs.

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