Bitcoin Ordinals Sales Dip, Roblox Adds AI Meaning To Metaverse: Nifty Newsletter
In this week's newsletter, read how Bitcoin-based intangible tokens (NFTs) had a sales dip in January and how Roblox is allowing real-time translations in the Metaverse. See how GoDaddy and Ethereum Name Service (ENS) teamed up to enable the linking of Web3 and Web2 domains, and how Japan Airlines' NFTs are living the virtual life of a samurai.
Sales of Bitcoin Ordinals fell 61 percent in January, cutting that spark of hope in half
Bitcoin (BTC)-based NFTs fell from $868 million in December 2023 to $335 million in January, a 61 percent drop in 30-day trading volume. In an interview with Cointelegraph, the author of the NFT book, Andy Lean, said that new projects entering the game will give buyers more options, which indicates that the market is growing even more.
Despite the slowdown, Leanne expects the upcoming Bitcoin halving to bring renewed interest in Bitcoin-based NFTs. “The reduced supply of Bitcoin makes each satoshi more valuable and scarcer, thereby increasing the appeal of Ordinals as unique and collectible assets.”
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Roblox builds in-house LLM, adding real-time AI meaning to the metaverse
Gaming platform Roblox has developed a new unified translation model powered by artificial intelligence. This allows players to communicate through text even if they speak different languages.
Dan Sturman, Roblox's chief technology officer, said the company has built its own large language model (LLM) in-house to allow faster translations. Currently, LLM supports translation of 16 languages.
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GoDaddy charges $0 for an ENS .eth domain name
ENS and domain registrar GoDaddy have teamed up to allow Web3 users to link their .eth domains to Web2 domains at no additional cost. The partnership will eliminate the high gas fees that prevent users from bringing domain names into ENS.
Popular among NFT holders, ENS domains simplify complex wallet addresses into human-readable names. With the partnership, new modern contracts have been developed for the solution process, which allows a cost-free transition.
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Knight News: Samurai NFTs start flying with Japan Airlines, Solana slows down.
Japan Airlines has partnered with marketing firm Hakuhodo on Kokyo NFT, a project to simulate domestic experiences and real-world assets. According to the site, the project aims to help the owners connect with the local communities. The NFT project promises a variety of experiences, including immersion in a samurai mansion and becoming part of a samurai family.
Meanwhile, data shows that NFTs outperformed Ether (ETH) in January. NFT indices showed gains of almost 10% during the month, while ETH moved only 2.3%.
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Check out the Cointelgraphs NFT SteEZ podcast
Thanks for reading this recap of the week's most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing space.
