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NFT DIGEST: Magic Eden New Strategy, Ethereum NFTs on Bitcoin, Binance Introducing Crypto Loans, F1 to Use NFT Tickets, Starbucks NFT Airdrop

NFT DIGEST: Magic Eden New Strategy, Ethereum NFTs on Bitcoin, Binance Introducing Crypto Loans, F1 to Use NFT Tickets, Starbucks NFT Airdrop
By Luigi Savarese
Luigi Savarese

6 Min

June 1, 2023

Magic Eden to Pay You for Trading Solana NFTs

Key Highlights:

  • With “Chapter II” initiative, Magic Eden aims to offer free SOL for buying and selling NFTs.
  • The platform plans to open-source its marketplace smart contracts and aggregate listings from other platforms.

Multichain NFT marketplace, Magic Eden, is reshaping its focus towards Solana, its original base, through an initiative termed "Chapter II." This movement includes facilitating users with free SOL tokens for buying and selling NFTs.

As part of this initiative, Magic Eden is expanding its platform by aggregating listings from other marketplaces, providing a unified location for traders to manage their listings across platforms and gain insights into prices and listings throughout the Solana NFT market.

The company, valued at $1.6 billion in June 2022, plans to open-source its marketplace smart contract in the near future, enhancing transparency. It will also remove a "co-sign" feature, which previously impeded its marketplace listings from being aggregated by other NFT platforms.

A significant change includes a temporary amendment of the "maker fee" to -0.25% for certain transactions, incentivizing users to buy and sell NFTs. The "Chapter II" initiative is seen as a promising approach to addressing criticisms and enhancing cross-platform composability.

From Ethereum to Bitcoin: NFT Migration Enabled by BRC-721E Standard

Key Highlights:

  • BRC-721E token standard allows the migration of Ethereum-based NFTs to Bitcoin.
  • Bitcoin Milady and Ordinals Market's collaboration led to the BRC-721E standard.

Bitcoin users can now harness enhanced utility with the introduction of a new token standard, the BRC-721E, designed to enable the transition of Ethereum-based NFTs onto the Bitcoin platform. A collaboration between NFT collection Bitcoin Milady and Ordinals Market, this new standard enables users to transfer their favorite digital collectibles directly to Bitcoin from Ethereum.

Users must initiate a bridging contract that triggers an on-chain inscription request to migrate their Ethereum ERC-721 NFTs to Ordinals. The process requires sending the NFT to a burn address, rendering it unusable on Ethereum, after which valid BRC-721E data can be inscribed onto Bitcoin.

While the BRC-721E standard doesn't initially store metadata directly on the Bitcoin network, there's capacity for evolution, according to the creators. They also propose solutions to preserve provenance information, including the possibility of embedding lower-quality images and essential data about digital items on Bitcoin's public ledger.

This development follows the launch of the Ordinal Inscriptions protocol, adding digital art use cases to the Bitcoin network, contributing to a record number of transactions processed in a day.

Binance NFT Marketplace: Introducing Crypto Loans against NFT Collateral

Key Highlights:

  • Binance NFT marketplace steps into NFT lending by facilitating crypto borrowing using NFTs as collateral.
  • Binance NFT aims to extend its blockchain support to Ordinals, or Bitcoin NFTs.

Binance's NFT marketplace has unveiled a groundbreaking feature that allows users to borrow cryptocurrencies using NFTs as collateral, marking the platform's debut in the burgeoning NFT lending space. The current model enables users to borrow Ether (ETH) against "blue-chip" NFTs, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles, according to a recent announcement.

The interest rate on NFT loans is set at 7.91% per annum, and the loan-to-value ratio varies between 40% and 60%. Furthermore, users will not be subject to gas fees or Ethereum transaction charges.

Having introduced its NFT marketplace in April 2021, Binance NFT has planned to add support for Ordinals, Bitcoin's NFTs, complementing the existing support for Ethereum, Polygon, and its native BNB Chain. This development follows the recent launch of NFT lending protocol Blend by the NFT marketplace giant, Blur.

NFT Ticketing for the Monaco Grand Prix

Key Highlights:

  • Platinium Group to introduce NFT race tickets for the Monaco Grand Prix.
  • Collaboration with Elemint and Bary promises a secure, adaptable ticketing solution.

Platinium Group, a top-tier ticket provider for Formula 1, is revolutionizing sports ticketing with the introduction of NFT race tickets for the Monaco Grand Prix. Through strategic partnerships with Elemint, a leading blockchain infrastructure corporation, and Bary, a foremost Web3 company, they aim to establish a new era of ticketing experience, utilizing Polygon for minting.

This trailblazing integration promises not only race admission but also enduring utility for NFT ticket holders, including post-event benefits like hospitality privileges and future race discounts. This strategy is intended to nurture brand loyalty among collectors.

As per Elemint's CEO, Jacques-Henri Eyraud, the implementation of blockchain in event ticketing transcends Formula 1, indicating a broader influence on the sports and entertainment world. "Web3 technologies enable us to devise ticketing solutions that are more secure, more adaptable, and tailored to each event's unique demands," Eyraud explained in a press release.

This inaugural implementation during the Monaco Grand Prix foretells a transformative shift in ticketing for high-profile sporting events globally.

Starbucks New NFT Airdrop for Odyssey Rewards Members

Key Highlights:

  • Starbucks Odyssey, the company's Web3 rewards program, preparing for a new NFT airdrop.
  • Only U.S. residents with Starbucks rewards membership and enrollment in Starbucks Odyssey are eligible.

Starbucks is extending its reach into the Web3 space by planning an NFT airdrop for members of its Odyssey rewards program. The coffeehouse giant communicated to its members via email about the upcoming airdrop, exclusively available to U.S. residents who are members of the Starbucks rewards program and enrolled in Starbucks Odyssey.

Starbucks Odyssey is a waitlisted Web3 rewards platform that initially launched in beta in September 2022. As of now, the program remains available to a select group of individuals.

Eligible members must complete two "journeys" and already possess at least one limited-edition NFT stamp. Journeys refer to challenges users undertake to win stamps embedded with reward points. The terms of the airdrop mention that members are not guaranteed a specific stamp; Starbucks will determine the stamp allocation.

This initiative follows Starbucks' ongoing interest in digital ownership, exemplified by last month's release of the "First Store" NFTs. These collectibles, depicting the original Seattle Starbucks store, have achieved the highest sales volume on Nifty Gateway in the past 24 hours.