Metaversal is bankless newsletter Weekly level-ups for NFTs, virtual worlds and collectibles
Dear country without banks
Some of the popular NFT platforms of the 2017-2018 era, such as Ascribe, Digital Objects and Editional, eventually went bankrupt.
These projects stored their metadata on their own servers, so when it failed, the token visuals were lost over time.
Lost NFTs are nothing new. But these early losses have since led to many advances in decentralized storage networks, as well as fully on-chain NFTs that can retrieve metadata from the blockchain forever. Spurred.
However, not everyone has heeded the lessons of cryptocurrency history. For example, consider FTX’s infamous Sam Bankman-Fried. Here’s what his first NFT looks like he created on his FTX around September 2021.
You’re not Picasso, are you? Certainly not, but at least we had visuals and metadata back then. Fast-forward to today, and in the wake of FTX’s demise, the metadata of the same NFT plus all other FTX-created NFTs is broken.
why? This is because SBF and FTX rely on a centralized server system and do not run those servers. This system used to be “good enough” but now does not exist.
So this episode is the latest big reminder. decentralization Metadata is part of the magic of NFTs, whether through nodes on decentralized storage networks like Arweave or IPFS, or on-chain through Ethereum nodes.
Having said that, Backup possible NFTs when possibleIn the meantime, let’s catch up on all of the Space’s latest headlines. Have a great weekend everyone ✌️
-WMP
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Blur started billing for 2nd Airdrop.
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coin ledger introduced NFT Tax Loss Harvestooor:
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gigamarta new generic NFT marketplace, launch.
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ledger introduced Ledger Stax, a new crypto hardware wallet that can display NFTs.
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manifold Added Token activity dashboardto Manifold Studio to track recent payments and royalties.
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SansaA new marketplace for generative art has arrived.
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Urb CompaniesAave’s Parent Company, Acquires Mobile mobile metaverse sonar There are plans to integrate the web3 social infrastructure lens protocol into the platform.
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Decentraland Added support for land rental to that market.
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NFTfi Borrowers can now mint, transfer or sell their assets loan debt.
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Tesseraa protocol for collective ownership of NFTs, launch.
William M. Peester is a professional writer and creator of metaversal— Bankless newsletter focused on the emergence of NFTs in the crypto economy. Recently, we also provide content to Bankless, JPG, etc.
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It is not financial or tax advice. This newsletter is strictly educational and is not investment advice and is not a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Please consult your accountant. Please do your own research.
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