The Debate of ETH vs. SOL and the Overlooked Layer 2 Conversation

In the bustling realm of Non-Fungible Tokens (NFTs), the debate between Ethereum (ETH) and Solana (SOL) often garners significant attention. However, an equally pivotal discussion lies in the evolution of Ethereum’s network, particularly its expansion from Layer 1 (L1) to a diverse ecosystem of Layer 2 (L2) solutions. This shift addresses two primary criticisms of Ethereum’s L1: high gas fees and slower transaction speeds.

Ethereum’s Layer 1: The Foundation of Trust and Security

Ethereum’s L1 is often criticized for its high gas fees and relatively slower transaction speed. However, it’s crucial to understand that Ethereum’s L1 serves a specific purpose. It acts as a settlement layer, ensuring the highest level of trust and security for large-scale transactions, not typically intended for everyday retail use.

The Emergence of Ethereum’s Layer 2: A Spectrum of Affordable and Fast Solutions

The evolution of Ethereum has led to the emergence of various L2 solutions, each offering lower costs and higher transaction speeds. These include:

• Optimism and Arbitrum: Focused on scaling Ethereum while ensuring security.
• Polygon: Known for its versatility and wide adoption.
• Base, zkSync, and ImmutableX: Offering innovative approaches to scaling and cost reduction, with ImmutableX achieving literally zero gas fees.
• Linea and Scroll: New entrants providing additional options for users seeking efficiency.

All these L2 solutions utilize ETH for gas and settle on Ethereum’s L1, contributing to the Ethereum ecosystem by burning ETH and generating revenue.

The Misconception of Ethereum’s Inefficiency

It’s a misconception to claim Ethereum as a whole is plagued by high gas costs and slow speeds. The high-cost, slower L1 is designed for specific use cases, while retail activity increasingly moves to the more efficient L2s, especially during the bear market.

Security, Decentralization, and Specialization: The L2 Advantage

L2s are not just about lower fees and faster transactions. They experiment with various levels of security, decentralization, and specialization, adding richness to the Ethereum network. This experimentation includes the development of new technologies like the SVM, MOVE, and fully private chains.

Interoperability: The Bridge to a Unified Network

Critics often point to the poor user experience of bridging between networks and the fracturing of liquidity. However, advancements in interoperability, like Chainlink’s Cross-Chain Interoperability Protocol (CCIP), intentions-based bridges, and decentralized exchanges (DEXs), are paving the way for seamless integration between these networks. This integration hints at a future where specialized chains operate harmoniously, enhancing the user experience.

Conclusion: Ethereum’s Transformation into a Network of Networks

Ethereum’s evolution into a network of networks, rather than a single shared state, aligns with the broader vision of a modular, interconnected blockchain ecosystem. This development not only addresses the limitations of its L1 but also opens up a world of possibilities for users and developers alike.

TL;DR: Ethereum’s expansion from Layer 1 to a diverse Layer 2 ecosystem addresses its high gas fees and slower speeds, offering a range of solutions with varying costs, speeds, and features. This evolution transforms Ethereum into a flexible, secure, and interconnected network, paving the way for a more efficient and user-friendly blockchain experience.

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The Genesis: A Canvas for Innovation

At its inception, Nifty Gateway offered something extraordinarily different— a platform where artists, who were curious about the blockchain, could interact with it effortlessly. The blockchain was still relatively novel and the cryptomarkets hadn’t reached their all-time highs. The freedom to experiment and create was immense. High-quality artists flocked to the platform, contributing stunning yet affordable pieces that collectors could acquire without burning a hole in their pockets.

During this initial phase, Nifty Gateway was an exciting art bazaar that combined the promise of emerging tech with the ingenuity of the creative mind. The platform encouraged groundbreaking work and brought artists and collectors closer than ever before.

The Nifty Summer: The Craze and the Haze

Enter the phase that many in the community now nostalgically refer to as the “Nifty Summer.” Top artists like Beeple, xcopy, Trevor Jones and more saw their work experience parabolic growth, and NFTs like Bored Ape Yacht Club (BAYC) and the ever-iconic Crypto Punks surged in popularity. The market went wild, and tools started emerging that made the creation of NFTs easier than ever.

The Nifty Summer wasn’t just a season; it was a phenomenon. It marked a tipping point where NFTs went from being a niche fascination to a cultural mainstay. However, this explosive growth came with its challenges.

The NFT Winter: The Thawing of the Hype

As quickly as the NFT summer had escalated, the ensuing NFT winter brought a sobering chill. During this period, some celebrities and public figures began to take advantage of the hype, sometimes at the expense of the art and the collectors. Comedian TJ Miller, for instance, came under fire for allegedly capitalizing on the NFT craze. Critics argue that such entries into the NFT space, devoid of any real artistic value, have the potential to dilute the ecosystem and exploit collectors who are here for the love of art and innovation. The platform became flooded with numerous NFT projects that seemed to focus more on extracting Ethereum value rather than contributing to the art world. Trust wavered and provenance—the historical record and ownership details of an art piece—became murky.

Moreover, the lack of curation became evident. Virtually anyone could mint anything, making it difficult to separate the wheat from the chaff. Meanwhile, artists with no provenance history started charging exorbitant fees for their artwork. To make matters worse, the rising gas fees made it almost impossible for new entrants to participate in the NFT world, further cooling off the market.

The Great Reset: Nifty Gateway’s Comeback

Recognizing these challenges, Nifty Gateway went back to the drawing board and emerged with a refined focus on quality. It has become a haven for top-tier art and artists, serving as a benchmark for what an NFT platform should aspire to be.

In parallel, other platforms like Tezos have started to gain prominence for offering a space for exploration and affordable art. Tezos addresses many of the concerns that arose during the NFT winter, particularly those related to high gas fees and accessibility.

TL;DR

Nifty Gateway started as a platform that encouraged artistic innovation in the NFT space. Despite the highs of the Nifty Summer and the lows of the NFT Winter, the platform has realigned its focus towards quality art and artists, setting an example for the industry. As platforms like Tezos rise, offering solutions to past problems, Nifty Gateway remains a leader in curated, top-tier NFT art.

The post The Rise, Fall, and Resurgence of Nifty Gateway: A Tale of Art, Technology, and Market Cycles appeared first on NFT CULTURE.

Non-fungible tokens (NFTs) have taken the digital art world by storm, but they are now struggling to maintain their position as the hype cycle shifts and gas fees rise on the Ethereum network. In this blog post, we will explore the reasons behind these challenges, who is most impacted, and potential solutions for artists and collectors alike.

Shifting Crypto Trends

The crypto markets are known for following trends, and this year has been no exception. We’ve seen the emergence of farming NFTs on BLUR, the shift to Open Edition and burn mechanics on manifold, and a renewed focus on altcoins. The ease of creating ERC-20 contracts has shifted the narrative back to high-risk gambling for the crypto community. Consequently, the attention that was once focused on NFTs has waned, and artists are left grappling with these changing market dynamics.

High Gas Fees and Its Impact

The influx of funds chasing altcoins and meme coins has made the Ethereum network incredibly expensive for NFT participants. Profile Picture (PFP) projects, Web3 Games, and especially 1/1 artists are hurt the most. The constant appearance of memecoins and the competition among power users to get in quickly have led to skyrocketing gas fees that impact the entire network.

Artists are greatly impacted by high gas fees

One option for artists to circumvent high gas fees and the uncertainty surrounding NFTs is to work directly with collectors and facilitate private sales of art. If the art is already minted, fees can be lower in this scenario, as long as there is trust between the artist and the collector. However, adding a middleman or escrow service negates much of the potential savings due to the additional transaction involved.

High gas fees on the Ethereum network have significantly impacted both artists and collectors. For artists, the cost of minting new NFTs has become prohibitively expensive. Settling auctions and transferring ownership of NFTs can also incur high fees, discouraging collectors from participating in auctions or purchasing artwork directly. This, in turn, can lead to reduced demand and lower prices for NFT art.

Fear, uncertainty, and doubt (FUD) can further exacerbate the challenges faced by artists and collectors. As the hype around NFTs subsides and crypto trends shift, speculators may lose interest, causing the market for NFTs to contract. A decline in demand can lead to lower prices, making it even harder for artists to recoup their initial investment in minting and marketing their artwork.

Working directly with collectors can help artists bypass some of these challenges by establishing personal connections and building a loyal customer base. Artists can also use this approach to gain valuable feedback from collectors, helping them to refine their work and better understand market preferences.

Furthermore, by engaging directly with collectors, artists can educate them about the value of their work beyond mere speculation and hype. This can help to build a more sustainable market for NFT art, as collectors come to appreciate the artistic merit and intrinsic value of the pieces they acquire.

To mitigate the impact of high gas fees and the challenges posed by FUD and speculation, artists can explore various strategies such as offering discounts for bulk purchases, providing exclusive access to future work, or bundling digital and physical goods as part of the sale. By offering added value and fostering a sense of community among their collectors, artists can better navigate the uncertainties and fluctuations in the NFT market.

Exploring Alternative Blockchains

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With the use-to-save feature, users holding Kirobo’s NFTs will be able to raise the reimbursement limit of their tokens over time and access multiple perks in the Liquid Vault

• Raise the cap of reimbursements with a use-to-save feature that rewards users for every action done on their Liquid Vault, such as trading tokens and minting NFTs, thus enabling them to save more on their transactions.
• Get access to Kirobo’s Safe Transfer service, adding an “undo” button to their crypto transactions.

Kirobo’s NFT art will present the story behind the company’s name featuring the antique Kirobo coin of Madagascar meaning “a quarter” in Malagasy.

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Another day, another token.  GM, LOOKS, SOS, and now WTF.

Fees.wtf (referral link attached) is claiming to be more than just an airdrop token. Honestly, the further we get into token season the more it starts feeling like 2017 again.  Everyone should be cautious of these mechanics especially when referrals and service fees start becoming attached to them.

Here is an update: watch our video. please like and subscribe!

via GIPHY

By claiming your airdrop, you are not only claiming your free WTF tokens, you’re also claiming several other items and perks, including:

• An official fees.wtf ‘rekt’ NFT
• Access to the upcoming Pro Dashboard at fees.wtf (while holding the rekt NFT)
• Referral link with scalable ETH rewards

Prior to claiming the airdrop, users are required to pay a service fee (0.01 ETH) to reward the development team for the work
they have performed on the project. This service fee will not be used to generate a financial return or any other benefit for
airdrop claimers, token holders, or users of the fees.wtf platform, but will instead go directly to the development team and
any referrer, if applicable (see above).

Pro Dashboard WTF

The goal of the token is to help the team created a Pro Dashboard that will be multichain allowing users to see insights into how they are being impacted by gas fees with leaderboards and more.

Having a healthy treasury creates many potential opportunities. The treasury will be seeded with 40 million WTF at launch and supplemented over time by a proportion of the internal WTF transfer fees incurred on token transfers. At launch, the treasury will be locked while a DAO is established to provide governance. Once unlocked and controlled by the DAO, there are multiple strategies and options the DAO can explore, including but not limited to using treasury funds for:

• Token buybacks;
• Token burns;
• Increasing liquidity depth; and
• Activities on other protocols on and/or chains (e.g. staking pools).

The Fees.wtf whitepaper is available here.

Ultimately it’s another DAO

A DAO is an organization that is run by rules encoded as computer programs called smart contracts. DAOs can be considered as a new form of corporation that is not controlled by any one individual and would use the power of the blockchain to provide complete transparency and accountability to its stakeholders. DAOs are different from traditional corporations because they are not bound by a physical location, have no traditional management hierarchy, and do not issue shares to raise funds.

The post Fees.WTF Token Goes Live Today appeared first on NFT CULTURE.

On the heels of tokens like $ENS, $RADAR, and the recent success of $SOS comes $GAS.  This token is allotted based on Ethereum Gas Fees spent.  the Gas DAO has a self proclaimed purpose:

 to be the heartbeat and voice of the Ethereum network’s active users through on and off-chain governance, launched as a decentralized autonomous organization with a free and fair initial distribution 100x bigger than the original DAO. The eligible wallets form a broad union between the most active users in Defi, DApps and NFTs, giving Gas DAO the potential to be one of the most diverse and impactful communities in the history of Web3

The governance token for the ΞGAS DAO, a super-DAO formed with the vision of being the heartbeat and voice of the largest community of Web3 native users on the Ethereum Network, bridging the worlds of Defi, NFTs and DApps.

Gas DAO Token Distribution

• 55% airdropped to 634,429 eligible wallets according to the following formula rewarding network usage based on a snapshot ending at block 13880000 (December 26th, 2021):
  • Minimum of $1559 USD spent on transaction fees
  • Allocation is proportional to .1 * min(eth, 7.6) + .8 * min(usd, 105000) + .1 * min(tx count, 745)
• 30% Reserved for the DAO Treasury available immediately
• 15% Reserved for 25 Core Contributors with the following vesting schedule:
  • 80% Vesting linearly in a Timelock Contract over 6 months
  • 20% available immediately

How to claim your $GAS Airdrop:

• Claim https://gasdao.org/
• Dextools https://www.dextools.io/app/ether/pair-explorer/0x65a3209f9e962858b51edf3a54ad18af67e57962
• Etherscan: https://etherscan.io/address/0x6bba316c48b49bd1eac44573c5c871ff02958469#code
• Contract address: 0x6bba316c48b49bd1eac44573c5c871ff02958469

Dont forget to use Revoke upon completion of claim:

https://revoke.cash/

More details coming soon

The post $GAS DAO launches . Spend GAS claim $GAS appeared first on NFT CULTURE.

tl:dr Check current ETH Gas Prices here.

What is ETH Gas?

Gwei is a unit of gas that is used in the Ethereum network. Gas is used by miners to process transactions and it is one of the key differences between Ethereum and other cryptocurrencies like Bitcoin.

“The amount of gas you need depends on how large of a contract you’re trying to execute and how fast you want to execute it.”  If you’re willing to wait for a transaction to complete, the price typically drops.  Understanding this concept is important for both NFT art creators and collectors alike.

To get technical: gas fees are paid in Ethereum’s native currency, ether (ETH). Gas prices are denoted in Gwei, which itself is a denomination of ETH – each Gwei is equal to 0.000000001 ETH (10^-9 ETH). For example, instead of saying that your gas costs 0.000000001 Ether, you can say your gas costs 1 Gwei.

Why does Gas exist?

Ethereum’s gas is an essential regulator that prevents anyone from spamming the network. All computation over Ethereum stretches a measure meant to maintain security in place. Gas limits, paid for by each computational execution, help make sure that malicious individuals can’t use unsorted loads of computation power to become de-facto coders on the Ethereum network and hijack the future they helped build together.

The impact of Gas on NFT art and artists

Gas is a double-edged sword.  When gas prices are high, it becomes prohibitive for up and coming artists to create, mint, and even buy other pieces of work.  Some artists attempt to price in the cost of gas into their works (meaning they are willing to lower the overall cost of their art, making it more accessible.)  This presents a catch-22 as the perceived “value” of the art is diminished when collectors are deciding if they’re willing to spend 25-57% of the total acquisition cost on gas fees. Which presents a challenge for artists trying to make a name for themselves. On the other side of the coin, artists may overcharge for their art (paying larger marketplace fees and gas fees) to publish their art before they have a reputation of being able to charge that much.

Extreme NFT Gas Situations

In some scenarios we’ve seen gas prices even exceed the price of a piece of art that is being created making it irresponsible for an artist to even mint their art online.

Possible NFT Gas Solutions

Give the NFT Artists more control of when they mint pieces of work.  Many of the marketplaces only allow artists to produce work at the time they click mint.  There should be ways for artists to select how long they are willing to wait for the network congestion to die down before publishing.  NFTGateway (we believe) already incorporates this.  They don’t mint the art until after it’s purchased during a drop.  They have explicit disclaimers that the art may take up to 24 hours to appear in wallets.  While we haven’t seen this lengthy of a delay, we have experienced first hand waits of up to 2 hours for expensive drops to appear.

Unused Gas is returned to the User

Finally, it’s important to understand that not all transactions use the entirety of the gas. This could be explained better and we need to do deeper analysis to understand what percentage of gas is returned on average.  But essentially, you’re agreeing to a maximum prices of gas fees you’ll spend to complete the transaction.

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