NFT, which consists of 100 individual works from 100 different artists, is sold in minutes on the Rarible platform and earns $ 89,000.
Although the sales volume is far from record, the project is known for the fact that this is a massive collaboration, which crystallized through a simple, non-exchangeable token or NFT.
Loopify told NFT curator Cointelegraph that the work is inspired by the current restrictions on lesser-known artists to instrument and sell their NFTs, such as high gasoline taxes, limited technology awareness and low visibility.
“The main idea was that I had chosen a lot of artists, and they had a huge barrier [Sk’s fee] that would allow them to continue making NFT.”
Pokéed on NFT Rarible, Loopify originally released 150 editions worth 0.3 ETH (about $ 475 USD) every March 3rd. After less than 24 hours, the editions have already increased in price by about 7 times and trade for 2 ETH, with most of the more expensive issue currently traded by “Artist” at 4 ETH. That’s more than 13 times the original price.
While the identities of all 100 artists have not been revealed, Loopify told Cointelegraph that the group includes the work of Vexx, whose YouTube channel has nearly three million subscribers and a quarter of a billion views, adding:
“We have two great artists and another newcomer to NFT.”
The funds raised will be transferred to USDC stablecoin and then distributed equally among the artists. Loopify explained that this process allows artists to enter the room and reap the benefits without paying for the gas or understanding the technology behind NFT.
Engin runs faster
The engine, whose team has created the ERC-1155 symbol, or the semi-interchangeable symbol, also addresses the issue of tackling gas charges for new NFT practitioners. The project has just announced plans to launch a new metering solution called JumpNet, which will use the ERC-1155 token to enable users to coin and transfer tokens across multiple chains without paying for gasoline.
“These technologies will enable developers to reach regular users and deliver groundbreaking experiences without worrying about unexpected gas costs,” explained Enjin CTO Vitek Rodmoski, adding:
“JumpNet is a high-speed bridge network that will allow creators to distribute thousands of NFTs on a scale for free. JumpNet tokens can switch between Ethereum or Efinity (the future NFT backbone) when launched later this year.”
Although the first phase is scheduled to start on April 6 and will support free mining and trading with NFT on Ethereum, the solution will only support “assets from * any * blockchain” in phase 2 of Efinity.
Interest in NFT rose this week, with Banksy, Grimes, Paris Hilton and Deadmow taking part in Game 5.