In this week’s newsletter, read about how marketplace Magic Eden integrated compressed nonfungible tokens (NFTs) into its platform and how Meta launched its metaverse game on mobile and web. Check out why the Bitcoin Ordinals creator proposes changing the protocol’s numbering system and learn about Atari founder Nolan Bushnell’s perspectives on play-to-earn gaming. In other news, the United States Securities and Exchange Commission (SEC) has charged NFT collection Stoner Cats with offering unregistered securities.
Meta’s Horizon Worlds launches on mobile and web in early access
Meta has announced it has started rolling out Horizon Worlds on mobile devices and web browsers. The launch to mobile and web includes a free-for-all shooter game called Super Rumble, where two to six players can play together in fast-paced shooting matches.
The launch is only in early access, meaning only a few people can join. According to Meta, it will slowly roll the game out to more people and add more experiences and worlds to the metaverse in the near future.
Bitcoin Ordinals creator proposes to change inscription numbering system
Bitcoin Ordinals chief coder and creator Casey Rodarmor proposed to change the numbering system of Bitcoin NFTs. The coder highlighted that the current system has led to “ugly code and stalled development.”
Because of this, Rodarmor initiated a proposal to make inscriptions permanently unstable, making the protocol simpler and easier to upgrade. The Ordinals creator added that while the change may make the numbers inaccurate, the numbering system will not be scrapped entirely.
Magic Eden integrates Solana’s compressed NFTs into marketplace
NFT marketplace Magic Eden has integrated compressed NFTs (cNFTs) by Solana into its platform. According to Magic Eden, cNFTs will allow users to experiment without spending too much money and are ideal for mass-produced NFTs for industries like music, gaming and events.
cNFTs are different from standard NFTs, as their data is stored off-chain. Because of this, users can mint as many as one million NFTs for just around $110.
Play-to-earn games are the reason “real” gamers hate crypto: Atari founder
Nolan Bushnell, the founder of Atari, a video game company that peaked in popularity in the 1980s, recently spoke with Cointelegraph and expressed that play-to-earn (P2E) games are the reason why “real” gamers dislike crypto.
The executive claimed that “good gamers” don’t like to grind and said that Web3 gaming needs to move away from P2E and focus on building worlds powered by virtual reality and augmented reality.
Stoner Cats NFTs are “fan crowdfunding,” not securities — SEC’s Peirce, Uyeda
The SEC has charged the company behind the NFT collection Stoner Cats with offering unregistered securities. According to the SEC, the NFTs were marketed as having potential for secondary sales and implied that the value would rise.
However, not everyone in the SEC agrees with the action. SEC commissioners Hester Pierce and Mark Uyeda published a dissenting statement, arguing that the project’s activity constitutes fan crowdfunding, which they believe is a common occurrence in the world of creators.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.