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Decentralised Stablecoins: Curve, Acala and Tron’s innovations

New stablecoins coming in 2022 and those in crisis: Curve, Acala and Tron

We present stablecoins arriving in 2022 as well as those in crisis. What happened to FEI and aUSD? What are the plans for Curve and Aave?

The desire of DeFi platforms to create stablecoins is certainly one of the trends of the moment. Stablecoins are cryptos that remain pegged to the price of fiat currencies, usually to the value of the dollar. They fall into two categories: algorithmic ones and those that base their value on reserves of funds that serve as the underlying collateral. The former maintain their peg to the dollar price through algorithmic trading systems, such as seigniorage. The latter, on the other hand, manages to maintain a stable price by holding reserves of currency in a 1:1 ratio with the tokens issued. 

Collateral-backed stablecoins are in turn divided into two subcategories, centralised and decentralised collateralised stablecoins. The main difference between the two types relates to the type of currency that acts as collateral. For centralised stablecoins, the collateral is made up of fiat currency, usually US dollars or equivalent financial instruments. By contrast, for decentralised stablecoins, the collateral is composed entirely of other cryptos. The most famous centralised stablecoins are USDT and USDC. However, it is the decentralised stablecoins that are stealing the show within the DeFi sector nowadays. Let’s look at the new stablecoins coming in 2022 as well as those going through a period of crisis.

New decentralised stablecoins on the way: Curve, Aave and Shiba

A few weeks ago, Aave, a DeFi ecosystem specialising in decentralised loans, published a proposal to create its own stablecoin. This provoked a quick response from one of their most famous competitors Curve finance, who announced their own stablecoin. Curve is one of the most famous and widely used DEXes in the industry. The announcement was made quietly, unlike Aave’s, and was not posted on the platform’s social networks. It was made by the CEO and founder of the world’s most widely used DeFi protocol, Michael Egorov, during a crypto-themed summit. In addition to announcing the launch, Michael Egorov stated that Curve’s stablecoin will operate according to the over-collateralisation mechanism and will be fully decentralised.

The information so far is not very detailed, but it is rumoured that the overcollateralisation mechanism will be similar to the one used by Maker DAO with its DAI stablecoin and which Aave plans to implement with GHO. Another ecosystem, completely different from Curve, has announced that it too is working on a stablecoin: Shiba Inu is planning to create a Defi ecosystem complete with everything a user could ever want. After Shiba‘s decentralised exchange, Shibaswap, there should soon be a metaverse and the SHI stablecoin that will also be over-collateralised.

Stablecoins in crisis: aUSD and FEI

The basic idea behind stablecoins is simple but its implementation is complex. When depending on large collaterals, failure is just around the corner. Especially during bear market phases like the one we are in now. The Terra (LUNA) Ecosystem is a great example of this. Two other stablecoins have since also recently fallen under the attack of malicious actors. The protocol named FEI for example is closing its doors. In early 2021, Fei Labs had raised $1.3 billion equivalent in Ethereum to build a decentralised stablecoin. The collected Ethereum was used as collateral for the FEI stablecoin. In December, the DeFi protocol decided to start collaborating with another project called Rari Capital, together creating a lending platform called Fuse. The lending platform allowed users to borrow FEI stablecoin by depositing collateral in crypto. This collateral was then used to keep the price of FEI stable. Unfortunately,  in April 2022, the Fuse lending protocol was hacked. Hackers stole $80 million, causing the stablecoin’s dollar-anchoring mechanism to fail. This resulted in the failure of the Fuse platform and thus the end of the Fei Labs project.

Similarly, the stablecoin of the Polkadot Acala parachain called aUSD also suffered a crash recently. On Sunday, the 14th of August 2022, a bug caused by a misconfiguration of the iBTC/aUSD liquidity pool made a hack possible. The hackers in question managed to break into the liquidity pool and stole approximately 1.27 billion aUSD. After being made aware of the exploit, the Acala team disabled the transfer functionality of the erroneously issued aUSDs remaining on Acala’s parachain. This greatly limited the damage, in fact 99% of the stolen aUSDs remained on Acala’s blockchain. The damage is valued at around $1.6 million. The team is still working hard to recover the lost funds by tracking and monitoring transactions and wallets.In the meantime, the stablecoin seems to be slowly recovering its dollar price. 

The change of course of USDD, Tron’s stablecoin

Speaking instead of algorithmic stablecoins, the star of the moment is definitely Tron‘s decentralised USDD stablecoin, which is often compared to UST, the stablecoin of the Terra ecosystem. 

The two stablecoins function very similarly, or at least they did until recently. USDD was launched a few days before the collapse of the Terra (LUNA) ecosystem with the aim of offering even better returns, up to 30% compared to the 20% once offered by Anchor Protocol. The Tron DAO Reserve’s goal was to make inroads into the market by intercepting users attracted by high APY rates on stablecoins. Remember that the UST stablecoin had a market cap of about $19 billion. However, following the collapse of UST and LUNA, USDD and other algorithmic stablecoins such as USN (developed by Near) also had to change their dollar peg mechanism. USN was totally transformed and became an over-collateralised stablecoin. Meanwhile, USDD decided to remain in limbo, adopting a hybrid system that shares features with both types of mechanism. 

The initiative of the Tron DAO Reserve was to maintain the algorithmic aspects of the project, hence the creation of a system based on the coexistence of two tokens TRX and USDD. They make use of processes such as arbitrage and seigniorage to keep USDD pegged to the dollar price. In addition to this system, a decentralised reserve greater than the total value of all USDD in circulation has been implemented in order to keep the protocol secure. This counts especially in times of crisis and for avoiding bank runs like the one that happened to UST. Currently, USDD’s market cap is just over $700 million, and it holds more than $2.3 billion USD in collateral reserves. According to the Tron DAO Reserve website, the stablecoin currently holds 990 million USDC, 140 million USDT, 10.9 billion TRX and 14,000 Bitcoins. 

The development of decentralised stablecoins by protocols that were not initially created for that purpose is a path taken by many crypto projects. The goals that projects aim to achieve through these initiatives are varied. First and foremost, the ecosystems aim to give their users the opportunity to shelter themselves from volatility without leaving the ecosystem, and thus to hold stable value in a decentralised manner. Another goal is to reach new customers through advantageous rewards applied to a capital that should remain stable. We will see if more new stablecoins will appear in 2022, perhaps on a  completely algorithmic basis. Or perhaps the market will remain dominated by collateralised stablecoins, which are certainly more popular to date!

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DOGE: even meme coins have a roadmap

Doge: the roadmap of Elon Musk's favourite meme coin

What is the world’s most famous meme coin up to? Find out Dogecoin’s next steps!

Dogecoin is a cryptocurrency created by computer engineers Jackson Palmer and Billy Markus. Dogecoin’s blockchain works via the Proof-of-Work consensus mechanism. To date, it is the third placed crypto in terms of market cap to work with this mechanism. Following Ethereum’s Merge to Proof-of-Stake, it will likely move to second place. In addition to its market cap, DOGE also stands out due to its longevity. It is in fact a first generation project: it saw the light of day in December 2013. Elon Musk’s favourite crypto was initially fashioned as a joke, but over time it gained illustrious supporters such as the South African tycoon and Ethereum founder Vitalik Buterin. This growing popularity convinced the team to develop a real roadmap, called in this case “trailmap”, to define the protocol’s future moves. The main objective? To turn Dogecoin into a universally accepted payment method and achieve mass adoption!

Buying with Dogecoin, will it soon be possible?

The history of Elon Musk’s favourite crypto has been quite troubled. After working on the early phase of the coin’s life, the core development team abandoned the project for some time. However, they resumed it during the strongly bullish phase at the beginning of 2021. This phase saw a real explosion of Dogecoin, which went from a market cap of about 1 billion to more than 75 billion dollars. Dogecoin’s explosion came as a result of the decision by some big brands to accept crypto. Among these brands are AMC, Twitch and of course Tesla and SpaceX owned by crypto’s number one fan: Elon Musk. It is precisely the expansion of Dogecoin as a payment method that seems to be the key point of the project’s roadmap. The slogan repeated several times on the official site is in fact: utility -> adoption! But how is the Doge team working to ensure that adoption actually happens?

Adoption through GigaWallet and Libdogecoin

One of the ways the Doge team is working to achieve mass adoption is through the Gigawallet service. The Gigawallet project is an open-source initiative that aims to make the process of accepting crypto as a payment method as simple as possible. Thanks to this service, which can be set up in seconds by a developer, sellers will be able to receive Doge transactions as easily as they receive payments in other currencies. If you are thinking of buying a new pair of headphones, or a case for your smartphone in Dogecoin, perhaps you will be able to do so soon! The other project the Doge team is working on is Libdogecoin. Libdogecoin will be a library of best practices for the complete implementation of Dogecoin protocols. The library will be written in the C programming language and will allow anyone to build Dogecoin-compliant products without having to worry about deeper specifications or cryptographic functions.

The roadmap of Elon Musk’s favourite crypto is largely focused on expanding the infrastructure to help DOGE become a more robust payment solution. The team does not seem to have any plans to work on other features as some rumours suggested. In the meantime, a new blockchain named Dogechain was founded in the last few days. This network was built on Polygon Edit, a framework that can be used to build blockchains quickly. The Doge development team has already stated that it has nothing to do with the project.

The number of transactions, users and active wallets grew incredibly in the network’s first days. Users have been attracted by the large number of tokens launched on the network, almost all of them Doge-themed. Beware however, in projects like this, which enjoy instant and seemingly unfounded hype, risk is always just around the corner!

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Young Monday: Telegram and Reddit’s NFTs, MTV and Beijing in the Metaverse

Young Monday: Telegram and Reddit's NFT, Beijing’s metaverse

What is happening with Telegram and Reddit’s NFTs? Beijing and MTV interact with the metaverse

September is just around the corner and the last Young Monday of August cannot fail to talk about this summer’s hottest topics: NFTs and the metaverse. As far as NFTs are concerned, Reddit has started distributing its avatar collectibles on Polygon‘s blockchain, while Telegram is planning to turn usernames and channels on the platform into NFT domains. Speaking of the metaverse, the MTV Video Music Awards are adding a new category, ‘Best Metaverse Performance’, and the city of Beijing is signing a two-year plan to enter the metaverse.

Reddit starts distributing its NFTs on Polygon and Telegram plans its entry into the industry with TON

Reddit’s NFTs take centre stage again for this edition of Young Monday. On Thursday the 25th of August 2022, the airdrop of Reddit avatar collectibles began. These NFTs had already been created by users on a dedicated page of the social network and will be fully managed by the Vault portfolio also developed by Reddit. The four available collections were ‘The Singularity‘, ‘Aww Friends‘, ‘Drip Squad‘ and ‘Meme Team‘. The NFTs are on the Polygon blockchain and it is already possible to trade them on OpenSea. We knew for a while that Reddit chose Polygon for its NFTs, but we can now finally enjoy the new Avatars designed by independent artists on the most popular NFT marketplace! CEO Pavel Durov also plans to answer the call in a slightly different way for Telegram NFTs, by collaborating instead with the TON ecosystem. The TON blockchain was initially designed by Telegram. However, in June 2020 following some legal disputes, it broke away from the social network, becoming a separate entity called The Open Network. Telegram’s idea, proposed by CEO Pavel Durov, involves the migration of all usernames and channels to the NFT market.

The aim of the initiative, which will be made possible by the concept of digital ownership, is similar to that of ENS domains on Ethereum. ENS is a protocol for the creation and management of decentralised domains. Thanks to ENS, any individual can purchase one or more domains on the Ethereum blockchain. These domains also serve as wallets for cryptos and NFTs. The Open Network has already developed an initiative almost identical to ENS’s called Ton DNS, which has so far sold very well. But how will this technology work in relation to the Telegram social network? Each username or channel will be an NFT, whose ownership will be immutably registered on the blockchain. Furthermore, there will be the possibility to put them up for sale on a secondary market. The messaging platform with more than 700 million users expects unbridled competition for the most sought-after Telegram user-names!

MTV introduces an award for the best performance in the Metaverse

The second hot news topic in this edition of Young Monday is all about musical performances in the metaverse. This summer, we finally got back to enjoying live events and concerts, and it was awesome. However, interest in virtual events has not waned at all. MTV has picked up on the trend of many famous artists performing in the metaverse and created an ad hoc award within its Video Music Awards 2022: the ‘Best Metaverse Performance‘ award. This award is in addition to the more traditional accolades of ‘Video of the Year’, ‘Artist of the Year’ and ‘Song of the Year’ and will be in place from this year! There are six artists competing in this category: Ariana Grande, Justin Bieber, Twenty One Pilots, Charlie XCX, BTS and Blackpink.

But the news doesn’t end there. In addition to awarding prizes, the TV programme has embarked on its first experience in the metaverse. The Paramount Media Networks-owned company recreated the VMA experience on Roblox. The VMA Experience comprised three games through which players could accumulate tokens that will grant voting power during the VMA event scheduled for tonight. Although Roblox is not a Web3 game, and it does not use blockchain technology or cryptocurrencies, the process is certainly reminiscent of the DAO mechanism. We will see who will prevail tonight and win the first ‘Best Metaverse performance’ in history!

Beijing: a plan to enter the metaverse

Our last (but not least) news item is that Beijing intends to enter the metaverse. China’s Web3 declarations always make the crypto sector’s ears perk up. We all remember the May 2021 ban on cryptocurrencies. This time, however, the news seems favourable, at least as far as technology is concerned, as the Chinese government has announced a plan for the city of Beijing to enter the metaverse. The plan will last two years, from 2022 until 2024, and is aimed at increasing the development and innovation of metaverse technology.The plan calls for all districts of the city to build a city-wide technology infrastructure and to promote its use in various fields, including education and tourism. This is not the first time China has shown interest in this type of technology; in 2021, it was the city of Shanghai that planned investments in the metaverse. However, China has already shown in the past that these policies are often aimed at large Tech companies, and not at individual users. Moreover, the concept of decentralisation does not seem to fit into the government’s idea of Web3. Financial instruments such as the digital yuan, a CBDC (Central Bank Digital Currencies), i.e. a digital currency controlled by the country’s central bank, and government control of the NFT market do not actually incentivise decentralisation and do not embody the core values and principles of blockchain technology and cryptocurrencies.

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What are Azuki? Everything you need to know about the most famous anime-NFTs!

Azuki: discover the best NFT Anime PFPs!

What are the best Anime NFTs on OpenSea? The Azuki! Discover the history of the most popular PFP anime on the Web3!

The most iconic collections in the NFT world are referred to as blue chips, precious pearls that tower above the peaks of the market. Bored Ape Yacht Club and Crypto Punks are certainly part of this exclusive club, but if we scroll through the OpenSea rankings we find plenty of would-be members. Among them is a prominent collection of anime PFP NFTs.

The Azuki collection is based on Ethereum and has 10,000 pieces inspired by anime aesthetics. PFP is an acronym that stands for “profile picture” and it is used to describe NFTs that are designed to be used as such.

What really distinguishes Azuki from other projects is its history and roadmap. The project first appeared on social networks : particularly in January 2022 on Twitter. It quickly won the hearts of fans online and offline. However, in May 2022, the founder, known on Twitter by the handle Zagabond.eth, made a statement that generated controversy and debate. Find out more about the compelling story of Azuki NFTs!

What are Azuki NFTs: anime PFPs that conquered the market

Like most PFP NFTs, Azuki are the result of a random selection of traits. These traits were drawn according to a particular mix of styles. On the one hand, there is the clear inspiration from the anime-style RPG The World Ends with You. On the other hand, especially when it comes to outfits, the NFTs are reminiscent of the style of the famous skateboarding magazine Thrasher Magazine. The Web3 company behind the development of Azuki NFT is Chiru Labs, a Los Angeles-based collective of developers and artists. The collection of 10,000 Avatars was launched on the 12th of January 2022, according to the Dutch Auction method: a type of NFT sale where a starting price is set as well as a time period after which the price of the NFT decreases. The Azuki started with a price of 1 ETH per NFT, and it was supposed to decrease by 0.05 ETH every 20 minutes. Thanks to the hype generated by the collection in the days before the launch, this did not end up happening and the collection was sold out within 3 minutes. The final price per Azuki avatar was therefore 1 ETH. Chiru Labs also aims to expand outside the world of Web3 and the Azuki brand could embrace various sectors, both online and in the real world.

The Mindmap and the real-world usefulness of Azuki NFTs

The Azuki NFT collection already shared its roadmap before launch, which helped to ensure the project’s immediate trust from the part of the NFT world. The roadmap, called Mindmap by the team, shows the goals that the anime PFP project aims to achieve by working closely with the community. There are no clear timelines outlining the brand’s evolution process, but there are macro-areas on which the developers and artists are working to make the experience for users in The Garden special. The Garden is the exclusive club dedicated to those who own at least one Azuki NFT. Highlights of the Azuki journey will include immersive 3D experiences, exclusive streetwear collections, physical and virtual art exhibitions and a token named BEAN. Azuki is also looking to create its own unique metaverse, in which interactive multimedia experiences and games will be available.

Chiru Labs’ main intention, however, is to create a bridge between the virtual world of Azuki and the real world. Azuki’s event at the NFT week in New York is certainly an example of this. Through various art installations, the team created a Japanese-style scenario where it was possible to listen to live music, taste different foods and even get a tattoo! In terms of the creation of physical-digital products, the Azuki team has already offered a glimpse of what seems to be its intent with the ‘Twin Tigers Jackets‘ and the ‘Golden Skateboard Shrine‘. The first physical-digital product of the Azuki anime NFTs was launched in May 2022 and consisted of NFTs depicting Japanese-style silk jackets. These NFTs were distributed to Azuki PFP holders, with whom they could redeem physical jackets as of the 19th of July. Members of The Garden chose or to ‘burn’ it and receive the Japanese silk jackets, which are expected to be shipped by December 2022. For those who did not request the physical jacket and therefore still hold the token, the team promises an unknown future utility as of yet. The second initiative was launched in October 2022. This time, instead of jackets, the NFTs represented skateboards. The collection was dubbed ‘Proof-of-Skate‘ by the NFT Azuki Anime team. There were only 9 NFT skateboards available and they too will be redeemable for physical skateboards in the future. The Golden Skateboard Shrines were auctioned off, their selling price ranged from a low of 200 ETH, about $260,000 to a high of 309 ETH, about $400,000. .

The controversial Zagabond issue

The story of Azuki NFT collection has nevertheless also seen some dark moments, when it was thought that the project might be abandoned. In May 2022, shortly after reaching new all-time highs and establishing itself as a true blue chip, it emerged that Zagabond (a member of the core team and innovation lab Chiru Labs) was the owner of three previous NFT projects that were abandoned. The NFT collections in question are: Tendies, CryptoZunks and CryptoPhunks. Following the release of the news, the floor price – the minimum price at which an anime PFP can be purchased – which was of around 30 ETH, dropped by half which fuelled further distrust in the collection. The debate on Twitter was very heated, Zagabond apologised and tried to explain that the abandonment was intended to leave the decision-making power completely to the community and that there were no fixed rules for NFT creators forcing him to continue the projects he had previously created. 

Despite general community scepticism about Zagabond’s past, the Azuki brand continues to work and build, and it remains in OpenSea‘s top 20 list in terms of both volume and floor price. In addition, it is the sixth largest project by total volume in the history of the NFT marketplace, with more than 250,000 ETH traded.

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From Defi Kingdoms to Ragnarock: how Avalanche’s subnets enhance crypto gaming

Avalanche revolutionises crypto gaming with subnets

DeFi Kingdoms and Crabada are already using their respective subnets. See how crypto gaming on Avalanche attempts to solve the scalability problem

Avalanche, Polygon and Solana are fighting for hegemony in the crypto gaming industry. Let’s see where Emin Gün Sirer‘s blockchain stands.

Avalanche is an open source Proof-of-Stake blockchain that enables the development of decentralised applications. The goal that Avalanche has set itself since its inception is to solve the blockchain trilemma. Lately, much of the work of the Ava Labs team, the Web3 company that started the network, has been aimed at improving one of the three sides of the trilemma: scalability. This increase will be crucial for developing the infrastructure needed for one of the sectors that Avalanche is focusing on the most, crypto gaming! DeFi Kingdoms and Crabada have already moved onto their respective DFK Chain and Swimmer Network subnets, and other big names such as Ascenders and Ragnarock are in the process of doing so. Find out how the subnets intend to revolutionise crypto gaming!

What are subnets and how do they contribute to network scalability?

So, what exactly are Avalanche subnets? Are they Layer 2 blockchains like Polygon or Rollups like Arbitrum or Optimism? Actually, subnets are a way to use different sets of validators in order to create new subversions of the main blockchain. Each subnet is located within the main Avalanche network, but in addition to its own set of validators it has its own currency and security system.

Subnets allow video games and other decentralised applications to take advantage of Avalanche’s existing infrastructure by easily creating their own blockchain environment, tailored to the needs of their users. But why is this important for the crypto gaming industry? To achieve lasting success, Web3 games must achieve a fluid user experience that we see in traditional games today. This fluidity can be achieved through two elements that are non-negotiable:

  • High scalability
  • Low gas fees

Scalability is the ability of a blockchain to handle high network use without compromising the user experience. It is a fundamental requirement for a game that wants to establish itself on a large scale. Gas fees, on the other hand, are the ‘fees’ a user has to pay for transactions to be processed. Low gas fees make it possible to carry out the frequent interactions that a Web3 video game requires almost free of charge. For example, an average transaction on DeFi Kingdom costs about 0.005 JEWEL, and one JEWEL is worth about $0.2. So it usually costs a thousandth of a dollar to interact with the DFK Chain.

Which crypto games are migrating to subnets?

There are currently two games already active on Avalanche’s subnet: DeFi Kingdoms on the DFK chain and Crabada on the Swimmer Network. Together, DFK and Swimmer process about half of the transactions that take place on the Avalanche network. DeFi Kingdoms is a play-to-earn RPG video game originally released on Harmony. Crabada on the other hand is one of the first games to be created on Avalanche and was the first to move onto its Swimmer Network subnet. Crabada features two main game modes: active battle mode and inactive mode (mining battle and looting). As the name suggests, active battle allows players to pit their Crabs – cute hermit crabs – against each other or against AI-controlled enemies to earn in-game rewards. Two other games, however, are set to use their respective subnets. Both are part of the list of the best play-to-earn games on Avalanche and are Ascenders and Ragnarock.

Ascenders is a sci-fi RPG that will be launched directly on its own subnet, a trial version of which is already available. Ragnarok, on the other hand, is a browser-based role-playing game in which players interact with an open-world environment. Although initially launched on Ethereum, the game aims to expand to Avalanche’s subnets in the future. In this mad scramble to conquer the crypto gaming sector, each protocol is thinking of different solutions, but all have the same goal: to increase the scalability of networks to be competitive with off-chain games. Will the subnets manage to prevail or will they be defeated by Layer 2s or even the mighty Solana?

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How do you choose your first NFT? A Beginner’s Guide

Which NFT should I buy? A Beginner's Guide

What should you consider when shopping for collectibles for the first time? Here is the guide to figuring out which NFT to buy!

NFT trading is very popular these days. The NFT market exploded in 2021 – the NFT Golden Year – and non-fungible tokens have now become a cultural phenomenon. This is partly due to the attention NFT’s are getting from celebrities, who can afford to buy blockchain artwork at exorbitant prices to then show them off on their social media. However, there are also people who, despite being intrigued by this technological innovation, do not know where to start when it comes to collecting NFTs. 

Which NFT to choose? If you are a beginner, read on and find out what you should consider before buying a non-fungible token!

Buying NFTs: you don’t necessarily need to spend millions

To give you an idea of the amount of money circulating around the non-fungible token market, just think that the Rare Pepe series piece, ‘Pepenopolous’, which was auctioned for $3.65 million, doesn’t even rank in the top 10 most expensive NFTs! NFTs, however, are not all worth six-figures. Some collections and blockchain artworks are affordable to everyone. It is a good idea to follow some simple rules to make sensible purchases and avoiding buying NFTs blindly, but first of all, you must set your budget. 

Which NFT to choose? The 4 basic questions to ask yourself

When presented with a single piece in the form of a non-fungible token – which can be an image, a video, an audio file and much more – you may ask the questions of ‘who’, ‘what’, ‘how’ and ‘why’ is its value at that level. You can often find the answers in the project’s presentation pages and sites as well as in their official communication channels, bearing in mind that the NFT community moves mainly on Twitter. 

1) Who created the collection?

If you are a potential buyer and are wondering which NFT to choose to kick off your collection, you should look into the people behind the various projects offering non-fungible tokens. NFTs can be presented by individual artists on popular marketplaces, art collectives, brands or charities. The key thing is to ask yourself about their trustworthiness and mission. After all, you are going to give them your money and it is fair to ask if it is safe. 

If you are interested in an NFT drop, i.e. a new collection launch event, take into consideration the NFT creators’ growth and development goals. Will the creators be able to enhance the work? How do they plan to release the tokens onto the market? What is their strategy?

2) What kind of NFT is it?

Answering the question of ‘what’ will give you a clear idea of the product you are going to buy. What type of NFT is it? Dynamic, PFP, collectible? What does the work consist of? What is the artist’s identity? Also, if you imagine reselling it, to which potential market or audience is the non-fungible token addressed?

3) How and where do you buy the NFT?

The ‘how’ question illustrates the process of buying the NFT. The steps must be described in a simple and transparent manner, without using vague or ambiguous language. This is crucial to further establish the seller’s trustworthiness. Before buying an NFT make sure that both the NFT and the marketplace are trustworthy.

4) What is the NFT’s value?

The value of an NFT can be measured by several parameters such as aesthetics, utility, prestige or rarity of the work. Non-fungible tokens are not all the same, it can be useful to ask yourself about the idea behind a collection, why a certain design is worthy of purchase over others, what its key features are.

How to choose your first NFT: further considerations

Once you have the answers to the initial questions, there are further points you need to consider to make an informed decision on which NFT to buy. If you plan to buy an NFT for future returns, you may ask yourself whether the token in question is capable of maintaining or gaining prestige over the long term. It is not easy to evaluate this aspect, however, you can weigh up the solidity of the project, the existence of an outlined roadmap and the cohesion of the relevant community. For instance, the Bored Ape Yacht Club has built an entire ecosystem – ranging from a Metaverse to the native token, ApeCoin – around its NFT collection, which is why the cult around its works is constantly growing. Another feature that could affect the value of the token is the connection to physical works or artefacts. This is the case with Damien Hirst’s collection The Currency, which has associated paintings to non-fungible tokens. It is also good to investigate the management of artwork ownership – once purchased, can it be resold? As far as Soulbound NFTs are concerned, it might not be possible to transfer ownership.

Finally, if you want to start collecting NFTs, familiarise yourself with the concept of rarity, which is widespread in this industry. Most collections of non-fungible tokens are generated through the mechanisms of Generative Art which randomly combines more or less rare elements. This means that you will find NFTs with different degrees of rarity within the same collection. As you might guess, the rarity of a token raises its price considerably. A very famous example of how rarity works is the CryptoPunks collection, which distinguishes each NFT by the number of occurrences of an attribute. 


These thoughts and considerations will lead you to make an informed purchase and choose your first NFT with full knowledge of the facts. It is essential to keep up to date with the changes and novelties in the ever-changing NFT world to be able to decide which NFT to buy in the multitude of collections that are coming out these months.

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Damien Hirst’s NFT artworks

Damien Hirst NFT: all art pieces and collections

Damien Hirst’s NFT pieces combine his subversive art with blockchain technology – explore the British artist’s pieces and collections

Damien Hirst is one of the most influential contemporary artists of our time, his controversial and provocative artwork has been the symbol of British art since the 1990s. Hirst has distinguished himself in his career by his tendency to break away from the traditional art world channels such as galleries, preferring instead to address the audience directly. Perhaps this is precisely why he decided to experiment with NFTs, which promise to revolutionise the transmission, fruition and market of art. In a recent tweet, Hirst explained that he believes in art in all its forms and that the NFT world is very exciting. For the artist, the Web3 community is doing great things and has exciting ideas. A technology that disrupts the canons of art like NFT can only intrigue such a subversive artist! This article looks at all of Damien Hirst’s NFT pieces and collections.

The Currency, the first of Damien Hirst NFT pieces

Damien Hirst’s first NFT collection is called The Currency. What are NFTs? NFT stands for ‘non fungible token’ and refers to a particular type of token, i.e. an asset registered on the blockchain. NFTs differ from cryptocurrencies in that they are not fungible, i.e. they cannot be exchanged for other equivalent NFTs. Each NFT is unique, which is why they are used to create unique digital products like works of art. The Currency art project takes two different shapes, in that it consists of 10,000 NFTs attached to as many physical art pieces painted by Hirst in 2016. The physical pieces are A4 sheets depicting compositions of polka dots. These paintings were categorised by AI based on four variables: how much the polka dots overlap, the amount of sketching, the texture and the density of the drawings. The same AI also assigned titles to the paintings based on the lyrics of Hirst’s favourite songs. The NFT collection was sold in 2021 at $2,000 per piece.

The Currency is not just artistic expression in two mediums, but an experiment on the public’s perception of digital art – Hirst posed the question of whether people value digital or physical art more. Buyers of The Currency were asked to choose by 27th July 2022 whether to keep the art piece in NFT format only and destroy its physical counterpart, or vice versa, so that they would only have one version of the piece. The experiment resulted in physical art winning out slightly, with 5,149 collectors opting to keep the physical version and 4,851 choosing the NFT version. Hirst then began to ‘burn’ the NFTs and the physical pieces that hadn’t been picked, to destroy them permanently. The practice of ‘burning’ is widespread in the crypto world and involves destroying tokens or cryptocurrencies to increase their scarcity and thus their value. 

NFTs having an economic value is difficult to grasp for some. At the same time, the idea of digital property equating to physical property is still deeply rooted. In this regard, the Injective Protocol project bought Banksy‘s 2006 piece Morons for $95,000, transformed it into NFT and then burned the physical copy. Their aim was to highlight the indestructibility, immutability and uniqueness of NFTs, and encourage the exploration of a new artistic medium. Banksy’s piece NFT was then sold on Opensea for 228.69 ETH. 

One month after its launch, Damien Hirst’s first NFT collection The Currency has generated $25 million in sales. It was the artist himself who announced the milestone on Twitter with a graphic in the shape of a shark – recalling his iconic piece The Physical Impossibility of Death In the Mind Of Someone Living, which depicts a tiger shark preserved in a formaldehyde case. To date, sales of The Currency’s NFTs have reached almost $67 million, with a 50% spike after the late July 2022 burning (data from CryptoSlam). 

Great Expectations, an ode to life’s possibilities

Great Expectations is Damien Hirst’s second NFT collection. The artworks were distributed free of charge in November 2021 to people who already owned at least one of The Currency’s non-fungible tokens. Aesthetically, the Great Expectations digital pieces echo the Certified Lover Boy album cover that Hirst made for American rapper Drake. The NFTs in question are made up of emojis depicting 12 pregnant women, each created using the same sketch and smudge technique. Each NFT features emoji attributes – there are various accessories, backgrounds and physical characteristics such as hair or skin colour. In his own words, Hirst wanted to create ‘An NFT that could communicate to people who haven’t been born yet what’s it’s like for us to be living in the complicated world of today. I figured that everybody loves their mother (well almost everybody), everybody loves babies and the future, everybody loves colour, everybody loves art, everybody loves freedom and everyone loves emojis. What’s life about? If it isn’t about the hope of motherhood?’. The artist imagined the 12 pregnant bellies as 12 gifts representing infinite possibilities, like Pandora’s boxes in which so many different paths can be explored. 

The Empresses: NFT to narrate women of power

Damien Hirst’s most recent NFT collection is The Empresses and it was released in February 2022. The Empresses consists of five prints depicting images of butterflies composed in the guise of mandalas. The prints are named after five sovereigns, the empresses in fact, who exerted a particular influence: Wu Zetian, Nūr Jahān, Theodora, Suiko and Taytu Betul. Their story is rebuilt by the tones of red and the themes such as “life, war, power, anger, love, joy and fortune,” which Hirst chose to represent in the collection. The butterfly has always been one of the most recurring subjects in Hirst’s work; in The Empresses collection, he used it to express female vitality and power through “dazzling visual celebrations.” 

What blockchain are Damien Hirst’s NFTs built on?

To make his NFTs, Damien Hirst relied on Heni, a platform based on the Palm blockchain. It is an Ethereum sidechain specialising in cheap and environmentally friendly NFT minting. 

Damien Hirst has also involved his son in his passion for NFTs – Cassius Hirst is in fact collaborating with Prada on limited edition digital clothing.

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Are all NFTs the same? Here are the main types

Types of NFTs: PFP, Blue Chip and Dynamic

Due to differences in technicalities, applications and purposes, non-fungible tokens are not all the same. Find out about all types of NFTs!

The term NFT often comes to mind quickly, but it can actually mean many different things. In fact, non-fungible tokens have different nuances and peculiarities. In general, each NFT represents a specific digital asset that has value. The ownership, uniqueness and authenticity of the asset is certified by its inscription on the blockchain. That being said, NFTs can differ from one another in terms of criteria such as their application, their technical characteristics, their applications and finally their price.

In this article you will explore all the main types of NFTs: from PFPs to Blue Chip to dynamic NFTs.

1.   Applications: NFT for all tastes

NFTs have become popular as digital collector’s items, but they can represent many other things: 

  •     the ownership of a music file,
  •   a photograph
  •     a document such as a diploma or the deed to a house,
  •     a plane ticket or concert ticket,
  •     an object from a video game,
  •     a meme,
  •     access to exclusive experiences,

The list goes on and on and, as is often said in such cases, the only limits for creating NFTs are the limits of one’s own creativity. The applications of non-fungible tokens are potentially endless.

2.   Technical specifications

NFTs can also be distinguished by their technical characteristics, which in turn determine their properties and make them suitable for different purposes.

  • ERC-721 vs ERC-1155 standards

The majority of NFTs follow the Ethereum ERC-721 standard, which unlike ERC-20 does not allow the token to be interchangeable. This means that each token that follows the ERC-721 standard is unique and there will never be an identical one. Since their inception, NFTs have always had this standard as a reference, but the industry is also experimenting with new means. One of these is the use of the ERC-1155 standard, which allows for the creation of semi-fungible tokens. They can be useful for instance when creating a digital work of art in the form of several copies that are equivalent to each other but still limited in number.

NFTs exist on numerous blockchains, not just Ethereum! All major blockchains that support smart contracts can host NFT minting, i.e. the process by which a non-fungible token is created on a blockchain. Among these blockchains are Polygon, Avalanche and Polkadot.

  • Soulbound: is NFT ownership forever?

The first to speak about Soulbound NFTs was Vitalik Buterin, co-founder of Ethereum. According to Buterin’s vision, NFTs can only be truly useful if they cannot be transferred in any way. The term ‘soulbound’ was taken from the video game World of Warcraft. Soulbound NFTs are non-fungible tokens that are not tradable and as such guarantee effective, perpetual and non-transferable ownership of what the NFT represents. Buterin finds them particularly useful when it comes to recording personal achievements such as degrees or diplomas on blockchain and for digital identity certification.

  • What are dynamic NFTs?

Of all the types of NFTs, another peculiar one from a technical point of view are dynamic NFTs, i.e. tokens that change over time on the basis of characteristics programmable by their developers. In what sense do they change over time? Dynamic NFTs can interact with certain external data and conditions that alter their configuration. For instance, the hat worn by the character in an NFT image may change colour depending on the average daily temperature in Madrid, or the expression of a footballer in an NFT sticker may change based on the results of his last match. In a nutshell, the metadata of dynamic NFTs embedded in smart contracts adapt to information from sources that monitor the outside world such as weather forecasts or sports results. Oracles are very often used to program dynamic NFTs.

One of the most famous examples of a dynamic NFT is Crossroad by Beeple, the artist made the final appearance of his piece dependent on the outcome of the 2020 US presidential election. Dynamic NFTs make it possible to have a collection that evolves over time!

3. What are NFTs used for? Use cases and purposes

NFTs started out as collectibles, i.e. items like stamps, figurines or comics. A bit later, when non-fungible tokens encountered the world of art, their use cases also became of an aesthetic nature. Today, NFTs go beyond the world of art. They can be used for many different purposes, even more practical ones such as buying a ticket or keeping a diploma.

  • Blue chip NFTs

Some see NFTs as an alternative way to deal with the bear market, in fact even when markets are not the most favourable, some blue chip collections retain their value. In a similar vein to the more general definition for companies, blue chips are NFTs that have proven over time to have a certain price stability and solidity of design. Among such collections are certainly those of Yuga Labs, such as the CryptoPunks and the Bored Ape Yacht Club. Within these collections, there are NFTs that are seen as more ‘blue chip’ than others, often those with the rarest attributes. Blue chips are considered by some to be the only NFTs that are truly valuable over the long term!

  • PFP: Web3 profile images

The term PFP (profile picture) refers to NFTs that are used as profile pictures in social networks. PFPs can be individual NFTs or entire collections designed for this purpose. Typically these collections are based on a common character or theme to be replicated in all works. Among the most famous PFPs is the Bored Ape Yacht Club but also Doodles, World of Women or Meebits. The popularity of using NFTs as profile pictures led Twitter to introduce the possibility of certifying the NFTs used on its platform.

  • POAP, NFTs of events

Our list of all types of NFTs would be incomplete without mentioning POAPs! The acronym stands for Proof of Attendance Protocol and represents unique NFTs that are distributed at events to certify people’s attendance. Organisers of courses, conferences, concerts, fairs can make POAPs to distribute to participants. POAPs are considered as the ‘bookmarks of your life’ because they build a map of your experiences and achievements on your wallet. POAPs look like medallions and badges. Their main utility is to ensure people’s involvement in some project or activity.

4. Why are NFTs so expensive?

A final criterion to distinguish different types of NFTs is the price difference. Although the media puts the spotlight on astronomical sales, there are NFTs for all budgets. Crypto art is worth millions, but not all non-fungible tokens are necessarily expensive. The difference in price depends on factors such as the utility of the token, the quality of the reference project, the size of the metadata, and gas fees. Beyond these right now, the price of NFTs is determined by their rarity and prestige.

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Young Monday: Google invests in the world of crypto, Gordon Ramsay on The Sandbox and Dogechain

Young Monday: Google, Gordon Ramsay and Dogechain

Google invests more than 1.5 billion in the world of crypto, Hell’s Kitchen and Gordon Ramsey enter The Sandbox metaverse and Dogechain makes an appearance

Google is the leading company when it comes to investments in the world of crypto! Thanks to its parent company Alphabet, it has invested some 1.5 billion USD in Web3 projects from September 2021 to June 2022. Speaking of The Sandbox, after having ended their collaboration with Paris Hilton last week, now it is Gordon Ramsey’s turn. If you ever wondered how many restaurants Gordon Ramsey has, he will soon have one more, but in The Sandbox metaverse! Finally, what is Dogechain? A network on Polygon Edge created in honour of the Web3’s most famous doggo!

Google’s investments in the crypto world

Google is the leading investor in the Web3 sector. According to a report published on the 17th of August 2022 by Blockdata, Alphabet, Google’s holding company, has invested USD 1.5 billion in the world of blockchain. The investments focused on four Web3 companies. The companies are custody provider Fireblocks, NFT company Dapper Labs, a scalability solution for Bitcoin called Voltage, and venture capital firm Digital Currency Group. If you don’t recognise these companies, don’t worry, among the brands they have invested in are some names that will sound familiar. For example Dapper Labs is the platform that has spawned successful projects such as CryptoKitties or NBA Top Shot. While the venture capital firm Digital Currency Group has financed famous realities within the Web3 such as The Graph, Decentraland, Brave and Etherscan. Beyond Google, other companies are also continuously increasing their investments in the crypto sector. Among the big names, which rank right behind the US giant, are other iconic brands such as Samsung, Paypal and Microsoft.

Gordon Ramsay is the first Chef in The Sandbox metaverse

If you want to learn how to make Gordon Ramsay’s Beef Wellington, forget about YouTube videos, you can do it in the metaverse of The Sandbox! Hell’s Kitchen and TV chef king Gordon Ramsay have teamed up with ITV’s The Sandbox. The goal?  To open the first digital restaurant in history. It will not, however, be ‘just’ a digital restaurant. A special LAND based on Hell’s Kitchen, will be built by the metaverse’s development team. There will be not only avatars of chef Gordon Ramsey, but also other virtual tools for those who want to build culinary experiences in the spirit of Web3. Gordon Ramsay said, “There is nothing more exciting for me than to venture into new territory, whether it’s creating an iconic dish, a new restaurant concept, a new show, and now a virtual experience in The Sandbox,” the chef continued, “I have been fascinated by The Sandbox and its offering in the metaverse. I couldn’t think of a better platform to convey the great energy that characterises my Hell’s Kitchen brand.” To answer the question in the introduction, how many restaurants has Gordon Ramsay actually opened in his career? Twenty-six if you count the in on The Sandbox too. Who knows, maybe he will be able to earn Michelin stars in Web3 as well.

Dogechain, what is it and how does it work?

There has been a lot of talk lately about the new blockchain platform that allows users to use their Dogecoin on DeFi platforms and to buy NFTs. This platform is called Dogechain, but what is it and how exactly does it work? Many thought that Dogechain was a Layer 2 built on Doge’s blockchain. Wrong! It is not a Layer 2, but a simple network built on Polygon Edge. Polygon Edge is a Polygon framework that can be used to build Ethereum-compatible blockchain networks. In addition, it should be specified that this is not an ‘official’ Dogecoin product: the team has tweeted about it, declaring itself to be completely uninvolved in the project.

To use the blockchain, you simply have to move your WDOGE onto the network via a Bridge, and in doing so you will receive WDOGE Wrapped Dogecoins in return. Thanks to these tokens it will be possible to interact with DeFi applications, NFT marketplaces, and perhaps some games in the future. In the first days since its inception, the blockchain recorded a very high amount of transactions, around 500,000. The platform’s main DEX, DogeSwap, has exchanged almost 20 million dollars worth. Beware though! Roc Zacharias, co-founder of one of the most widely used DEXs on Polygon, QuickSwap, who collaborated on the Dogechain project, expressly stated to be very careful when interacting with the network. He called it a wild ‘place’ where risks are always around the corner! The tokens that have been launched on Dogechain already number more than 600 and the names are practically all memes, e.g. DogeEat Doge and Doge Shrek. We will see if Dogechain will have the strength to establish itself, and be recognised by the Doge team, or if it will remain merely the realm of meme coins.

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A guide to Mirandus, Gala Games’ top class play-to-earn

Guide to Mirandus, Gala Games’ play-to-earn videogame

Free to play, open world and play-to-earn, Mirandus is Gala Games’ centrepiece. Read on and explore the GameFi project!

Gala Games’ play-to-earn game Mirandus is among the five most eagerly awaited video games on the GameFi scene. Although the video game is still in development, it has already gathered a very enthusiastic community and its first NFTs have long since sold out. How does the quest-free fantasy role-playing game Mirandus work? 

Gala Games and the GALA token: on-blockchain gaming

Mirandus is developed on Gala Games, a game-making network on blockchain. The Gala Games platform functions as a marketplace where users can explore different video games and purchase game tools and items in the form of NFTs. The Gala Games network runs on GALA, the Ethereum-based utility token.

Most of Gala Games’ video games are in development or testing. The platform does not only host video games by the Gala Games team, but is also open to developers from outside the project. Currently, Gala Games has directly made Mirandus, Town Star and Town Crush. For Gala Games, fun comes first, which implies that the blockchain must be ‘invisible‘ in their play-to-earn games. The complexity of this technology should not be an obstacle for those who want to play, which is why, despite being based on blockchain, the game dynamics are simple and accessible to everyone, even non-experts. Players only need to know that everything they own in the game is also their property outside it. Gala Games boasts great community involvement and aims at full decentralisation based on active user participation – ‘Through decentralisation, players not only own their in-games items, but they have a voice in how the Gala Games roadmap develops’, all through voting mechanisms. 

Mirandus, an unpredictable fantasy Metaverse 

Mirandus is described as a Fantasy RPG and is set in a world ruled by five monarchs, based in five different cities. The play-to-earn video game itself has no quests, missions or levels to overcome. Players are free to venture into the wilderness and try their luck in the Mirandus metaverse. You can participate in the game with your own avatar, you can go on a monster hunt in the forests, lend your services to some knight or run a small village shop. All possibilities are open on Mirandus. All these features make Mirandus by Gala Games an open world. 

How does Mirandus play-to-earn work? 

The peculiarity of a play-to-earn video game like Mirandus is the possibility of obtaining crypto rewards while playing. Gala Games has devised a sophisticated internal economy for Mirandus, based on the two tokens GALA and Materium (MTRM), both ERC-20. While GALA is used to purchase all the NFTs that ‘beautify’ the game, Materium is the token that moves actions and characters in Mirandus. Everyone in the game is looking for Materium, which on a technical level is a token that can also be traded on the free market, but within the game is a powerful ‘mother’ substance. Materium is, indeed, a concentrate of magic with amazing powers that can be used to increase your abilities, prepare spells, create artefacts and teleport. Mirandus populations claim territories and citadels in order to grab the miraculous substance. So, prepare to unearth Materium in every corner of the Metaverse to get your rewards! However, Mirandus is also a play-to-earn because you receive tokens every time you achieve small objectives, such as founding a city or defeating monsters. 

Mirandus’ NFTs

Mirandus is fundamentally a free-to-play crypto game, which means that you do not have to pay a fee or buy components to start playing. Avatars are available as free versions for all players, however, you have the option to buy NFT characters with increased powers – the Exemplars. There are 5 types of Exemplar, the Elves, Halflings, Orcs, Dwarves and Humans. Each category is divided into ‘families’ and each avatar is unique. Orcs are best suited to exploring the wilderness, while Dwarves are the most Materium-hungry. At the time of writing, 90% of the Exemplars have been sold but can be bought on secondary markets. To give you an idea of the average price, an Orc on Gala Games costs about 19 thousand GALA (about €1100), while you can find Humans for 0.06 ETH on OpenSea. 

The game is based on the core principle of resource property, be it land, buildings, or means of transport. NFTs in Mirandus also include land (‘property is power’ on Mirandus), ships and docks. 1650 pieces of land are available and once the game is launched, owners will be able to choose in which geographical area of Mirandus to place theirs. You can build dwellings or offer services on the land, and it is also crucial to have suitable walls to protect yourself from enemies and monsters. At a glance, Mirandus NFTs can be characters, land (Deeds), buildings, docks or ships. Each non-fungible token is distinguishable by characteristics, rarity and ‘value’ within the game. The network has pledged to plant a tree for every purchase on the Gala Games marketplace through the One Tree Planted platform.


The videogame’s release date has not yet been announced. Gala Games’ play-to-earn Mirandus trailer features a mysterious traveller in worn-out clothes and a filthy face, everything about him seemingly screaming ‘strenuous endeavour in progress’. Indeed, everything is yet to be built on Mirandus, and there is nothing more intriguing than the power to create. Unlike other MMORPGs like Warcraft or Final Fantasy, players are not invited to explore cities or places imagined by the developers. Everything on Mirandus is in the hands of the players!