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NFT DIGEST: NFTrade’s New Feature, Sorare Adapts to French Laws, Bitcoin Ordinals Momentum, Sotheby's NFT Auction, StepN Integrates Apple Pay

NFT Cross-Chain Transactions Experience
By Luigi Savarese
Luigi Savarese

4 Min

May 26, 2023

NFTrade's Innovative Cross-Chain Purchases

NFTrade, an innovative Nonfungible token marketplace, is redefining the boundaries of Web3 with its new feature allowing cross-chain purchases

This breakthrough, developed in collaboration with Rarimo, allows users to purchase NFTs on one network while paying through another, offering unprecedented flexibility in transactions. The process, entirely decentralized, supports EthereumPolygonAvalanche, and BNB Chain, and ensures security by never taking custody of buyer’s funds

A testament to the evolving user-experience in Web3, the feature also integrates Circle’s Cross-Chain Transfer Protocol (CCTP), which allows buyers who pay with USD Coin to burn their tokens on one chain and have them be re-minted on another chain. This development promises further expansion to networks like Immutable X, Skale, Palm, and Moonbeam in the future.

Sorare Adapts to French NFT Regulation

Sorare, a leading Web3 fantasy sports firm, showcases its innovative prowess by developing an alternate entry method for French-based players amidst tightening NFT regulations

Partnering with the French National Gaming Authority (ANJ), Sorare ensures legal onboarding while adhering to France's proposed regulatory framework. This temporary solution is now live for its flagship category Sorare: Football, and soon for  Sorare: MLB and NBA

Despite restrictions altering gameplay, French players can continue enjoying their fantasy games, now with non-blockchain versions of cards. This move, part of Sorare's roadmap, reaffirms its mission to foster a global, inclusive ecosystem for sports fans. Additionally, it signals Sorare's adaptability to regulatory changes, underscoring its dedication to providing free access to Web3 gaming within legal boundaries.

Bitcoin Ascends Solana as Second-Most Popular NFT Blockchain

Bitcoin has emerged as the second-most popular blockchain for nonfungible tokens (NFTs), outpacing Solana

This advancement is primarily driven by the escalating trading volume of Bitcoin’s NFTs and memecoins. According to CryptoSlamBitcoin's trading volume in May surpassed Solana, reflecting a growing interest in memecointrading. Interestingly, BRC-20 tokens have played a substantial role in Bitcoin's rise. These experimental tokens have fuelled excitement for memecoins, catapulting the total market capitalization of BRC-20 memecoins past the $1 billion mark. 

However, while Bitcoin's NFT ecosystem is expanding, it's essential to note that its success still lags behind Ethereum, which boasts integration with a robust decentralized finance ecosystem and supports decentralized autonomous organizations.

Sotheby's NFT Auction: A Striking $2.4M Win from Bankrupt 3AC’s Collection

Renowned auction house Sotheby's recently concluded its sale of several rare non-fungible tokens (NFTs) from bankrupt crypto hedge fund Three Arrows Capital's (3AC) collection, securing an impressive $2.4 million

This sale was part of a multi-part auction featuring NFTs from the Grails collection, which 3AC formed predominantly in 2021. Notable NFTs auctioned this round included generative art pieces such as Tyler Hobbs’ Fidenza #725 and Larva Labs' Autoglyph #187. Valuations by Deep NFT Value, a machine learning tool, valued these unique digital assets significantly. 

This event serves as another example of Web3's growing prominence in the global art market, as major players like Sotheby's increasingly embrace blockchain technology and NFTs.

StepN First Blockchain Gaming App to Integrate Apple Pay

StepN, a product of Find Satoshi Lab, has become the first blockchain gaming app to embrace Apple Pay, in a move indicative of increasing convergence between Web2 and Web3 technology. This integration allows users to purchase virtual sneakers and earn rewards without needing to link a crypto wallet, thereby streamlining transactions and bolstering payment security. 

Despite experiencing a decline in active users, StepN continues to push boundaries in innovation, illustrating its commitment to facilitating broader user growth and advancing Web3 technology’s mainstream accessibility. The integration is expected to pave the way for novel Web3 audiences, underlining the need for similar solutions that reduce barriers to Web3 entry.