Blockchain
The MonkeyFirm introduces ‘Token Backed NFTs’ for sale of digital assets
The MonkeyFirm (recently rebranded from MemeFarm) (http://www.mfrm.io/) today launched its ‘Token Backed NFT’ wrapping platform in an effort to promote ease of peer-to-peer trading and create a new way for creators of virtual items to commercialize their digital assets, without having to worry about getting scammed or finding an escrow solution.
Peer-to-peer or OTC (Over the Counter) trading has become a major part of crypto transactions, but not without its share of problems; particularly for the multi-billion dollar illiquid or low-cap alt-coin market. To complete a transaction buyers and sellers need to find someone to trade with, build trust and negotiate terms, find a trustworthy escrow agent, and coordinate across multiple time zones. To solve this issue The MonkeyFirm has introduced Token Backed NFTs that will simplify peer-to-peer trading by creating a means to ‘wrap tokens’ in the form of an NFT, put them up for sale at a desired price, and have the entire transaction handled via smart contracts.
“With the Token Backed NFT structure you can cut out the drama and stress out of peer-to-peer trading, and go to bed knowing your trade will be fulfilled by a serious buyer on a secure and reliable platform,” said Mark Berisha, CEO of The MonkeyFirm and APEcoin, and a founding member of BUSTA. “The MonkeyFirm has focused on a low fee structure, as the seller will not be paying a third party to facilitate the exchange, ultimately creating a seamless trading experience.”
“The simplest ideas in crypto are the biggest. Like the advent of the ERC-20 (tokens) or the AMM (Automated market-maker). Token-Backed-NFT’s are very simple and highly scalable solving a real market problem,” Berisha added.
Notably, the funds of the sellers will never be withheld and the tokens can be redeemed at any time, with The MonkeyFirm simply providing a streamlined solution for peer-to-peer exchange.
Wrapping a token is exchanging one set of standards for token interaction, with another set of standards – Most NFTs are defined using a standard called ERC-721, which maintains each token as a unique id and defines how to exchange them individually. Compared to the standard for cryptocurrency tokens, ERC-20, which allows tokens to be sent as multiples and fractionalized. Wrapping allows NFTs to be stored in a wallet, exchangeable in multiples. It also allows for base liquidity to be established in exchange for other tokens.
Creators seeking a peer-to-peer trade for the sale of their tokens can visit mfrm.io to create a Token Backed NFT sale. To the community visit their Twitter, Github, Medium and Telegram.
Blockchain
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Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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