This week’s Web 3.0 Woundup sees someone pick up a free NFT for $190,000, OpenSea open up to pro traders, and Solana launch NFT compression tech.
Let’s be like Joel and just mercilessly slay this week’s Web 3.0 Woundup.
Genesis Buyer Spends $190,000 on Free NFT
Was it a fat finger? Was it a wash trade? Whatever the reason, a free collectible from OpenSea Pro’s free Gemesis NFT collection this week fetched 100 ETH (close to $190,000) on Blur.
Plenty of theories came forward for the odd sale, which sale came as a sideshow to the growing rivalry between OpenSea and Blur, with the latter advising creators on the platform to block OpenSea in exchange for full royalties.
OpenSea Launches Pro Trading Platform
As we just alluded to, OpenSea this week launched OpenSea Pro, essentially an upgrade of Gem, an NFT aggregator OpenSea acquired in April last year. OpenSea revealed that the new marketplace will be run “by the same Gem team,” an indication that it will be a separate offering from the standard marketplace.
Of course, many platforms appeal to professional crypto traders, but this marks the first attempt to appeal to professional NFT traders.
Solana Introduces On-chain Compression Tech
Solana this week took a break from perpetually pressing ‘restart’ on its blockchain to launch ‘state compression’, a technology it says will drastically reduce the cost of on-chain storage. Solana Foundation tech lead Jon Wong explained that the state compression will allow developers to “store a small bit of data on-chain and updates directly in the Solana ledger, cutting the data storage cost down dramatically while still using the security and decentralization of Solana’s base layer.”
The technology promises the ability to bring down the cost of minting one million NFTs on the Solana network to just $110, something that AI NFT farmers will find a great use for in no time at all.
