Trump cashing out NFT earnings, Ordinals debate goes to 'shit' and more in the era of Web 3.0.
Nifty News: Trump cashing out NFT earnings, Ordinals debate goes to ‘shit’ and more

What is Web 3.0?

Web 3.0, also known as the Semantic Web, is the third generation of the World Wide Web, which focuses on providing meaningful information to users. It is based on the idea of connecting data in a way that can be understood by machines, allowing them to process and interpret data to provide users with more relevant and accurate results. Web 3.0 is different from Web 2.0 in that it focuses on providing a more meaningful experience for users, as opposed to just providing content.

Web 3.0 is often represented using a diagram to illustrate the relationship between data, users, and machines. This diagram helps to explain the concepts behind the Semantic Web and how it works. Additionally, Web 3.0 can be seen in the development of platforms such as SAPien, which is designed to provide users with a more personalized and meaningful experience.

The main difference between Web 2.0 and Web 3.0 is that the latter focuses on providing a more meaningful experience to users. This is done by connecting data in a way that can be understood by machines, allowing them to process and interpret data to provide users with more relevant and accurate results. Additionally, Web 3.0 is often represented using a diagram to illustrate the relationship between data, users, and machines.

Trump starts shifting ETH earned from his NFTs

Former United States President Donald Trump seems to be cashing out a large amount of Ether (ETH) he made via selling his NFTs — with his related wallet transferring 1,075 Ether (ETH) to Coinbase since Dec. 8.

Trump earned the ETH from his NFT collections, which recently included his notorious mugshot that was taken when he gave himself up to the police in Georgia in August.

According to the blockchain intelligence platform Arkham, the Trump-associated wallet has sent 1,075 ETH, worth approximately $2.4 million, to Coinbase through 13 transactions since Dec. 8. Most withdrawals were done in batches of 100, 125 and 200 ETH.

Trump’s ETH balance had been growing steadily since October, reaching a peak of $4 million before the selling spree started.

Years ago, Trump referred to cryptocurrencies as “fake” and “a disaster waiting to happen” in August 2021 when he defended the United States dollar as a key to the country’s economic success.

He’s running for president again in the upcoming 2024 election but his campaign was hit with a recent roadblock when Colorado’s Supreme Court removed him from the state’s ballot.

The concept of Web 3.0 is to create an open, decentralized web that is controlled by users instead of corporations. It is a platform for users to exchange data, access content and create applications without the need for third-party intermediaries. Web 3.0 technology is based on blockchain and other distributed ledger technologies, which are used to store and transfer data securely.

Web 3.0 is also known as the Semantic Web, which is a web of data that can be processed by machines. It is a web of data that is linked together and can be used to create applications that can be used to automate processes, such as financial transactions or other business processes.

Web 3.0 also includes other technologies such as artificial intelligence, machine learning, and natural language processing, which are used to create more intelligent applications and services. Web 3.0 is a platform that will enable users to interact with each other in a more efficient and secure way.

Bitcoin Ordinals debate turns to “fecal matter” (and flatulence)

Commentators on Bitcoin Ordinals have come up with a new way to describe the ever-changing Ordinals discussion — and this time it’s rather unpleasant.

Since Ordinals was launched in January, Bitcoin advocates and opponents have been debating whether it adds value to Bitcoin’s network or is simply spam.

Tomer Strolight, editor-in-chief at Bitcoin financial services firm Swan, used a graphic analogy on X to describe the conflict:

Another Bitcoiner, “GregZaj1”, compared Ordinals creators to people paying to “start defecating in the pool”.

The comment is probably referring to Taproot Wizards — a digital art collection inscribed by Bitcoin Ordinals — which has been a major driving force behind Ordinals adoption in 2023.

“There’s nothing funnier to me than there are genuine Bitcoiners out there right now who are suffering every day because they feel like Bitcoin has been filled with flatulence and they are powerless to do anything about it,” said Bitcoin developer EricWall, a co-founder of Taproot Wizards, in a Dec. 28 post on X.

The Ordinals craze is still causing heated debate in the cryptocurrency community.

Opponents of Ordinals such as OCEAN Mining’s Luke Dashjr continue to argue that Ordinals inscriptions are “spam” and not only clog up the Bitcoin mempool, but pose a real security threat to Bitcoin Core.

Dashjr also played a role in Ordinals being added to the United States National Vulnerability Database — a repository of cyber security risks managed by the U.S. government.

On the other hand, Ordinals supporters still argue that it brings real economic traffic to Bitcoin and encourages miners to stay for higher fee rewards.

Ordinals enthusiast spends $7K to fulfill Elon Musk’s NFT request

An anonymous Ordinals fan has completed a task posed by Elon Musk to encode a video clip on the blockchain, paying a hefty $7,223 for the privilege.

The challenge came after “DogeDesigner” posted a video on X with the caption “Does anyone still remember NFTs?” to which another X user replied, “Web links to data you don’t own.”

The video, which lasts 1:18 minutes, shows a 3D rotating diorama with gold-plated text saying “computers never sleeps” and “HODL” on different plates.

That prompted Musk, who said: “Yeah, at least encode the jpeg on the blockchain!”

Around 15 hours later, inscription number 51,887,020 was added to the Bitcoin blockchain at block 823,142, containing the video in MP4 format.

It wasn’t cheap either, costing the inscriber 16.9 million sats, or $7,223, according to Ordinals developer Leonidas.

The Tesla CEO recently criticized NFTs on a podcast with Joe Rogan in October, arguing that JPEGs should at least be encoded on web 3.0 networks. This indirectly supported the concept of Ordinals, which is encoded in the Bitcoin blockchain.

“If the company hosting the image goes out of business, you don’t have the image anymore,” Musk explained.

Ethereum NFT dominance wanes after recent Ordinals and Solana surge

The cryptocurrency venture fund Dragonfly’s managing partner, Haseeb Qureshi, has observed that Ethereum’s dominance in the nonfungible token (NFT) market has “completely disappeared” in light of the recent surge in NFT activity from Ordinals and Solana.

CryptoSlam data shows that Bitcoin has generated $796.7 million in Ordinals sales NFT volumes this month alone, beating out Ethereum’s $319.7 million. Even Solana has outdone Ethereum with $334.2 million in volume.

Qureshi commented that it is “really striking” to see the difference between the February to April period this year, when Bitcoin Ordinals was still relatively new, and the present. During the former timeframe, Ethereum tallied nearly $2 billion in NFT trading volume compared to $137.3 million on Ordinals.

However, Bitcoin Ordinals have had a tumultuous year. Their volumes rose to $196 million in May but dropped to as low as $11.9 million in August. The two months following were also low, with volumes below $20 million.

The 3.0 Web is a concept that has been gaining traction lately, and it includes the use of technologies such as blockchain and decentralized applications to create a more secure, open, and transparent web. This is in contrast to the 2.0 Web, which is focused on centralizing data and applications. The differences between the two web versions are vast, and they can be seen in the Sapien Web 3.0 diagram and the definition of Web 3.0.

Other Nifty News

The hacking incident involving the All Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs from the NFT Trader peer-to-peer trading platform has been resolved after a ransom payment. The stolen NFTs, worth nearly $3 million, were taken on Dec. 16. According to public messages, the attacker claimed that the exploit was executed by another user. “I came here to pick up residual garbage,” they wrote, and asked for a ransom to return the NFTs.

Base, a blockchain powered by Coinbase, announced a partnership with the blockchain music platform on Dec. 19. This allows artists to mint music via the Base ecosystem, with the cheaper gas fees on the Ethereum layer 2 blockchain allowing them to upload and withdraw without having to buy crypto or bridge their funds.

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