THE IMPACT OF ENVELOP NIFTSY ON THE NFT SPACE
In 2007, Winkelmann set a goal of posting a new piece of digital art every day for the rest of his life, and he hasn't missed a single day since. "The First 5,000 Days" collected the first 5,000 of these works, dubbed "Everydays."
"The First 5,000 Days" was the first work to sell at a major auction house.
The Beeple NFT became the most expensive NFT ever sold before then after fetching more than $60 million at auction.
Mike Winkelmann, also known as Beeple, had never sold a print for more than $100 until October.
Though NFTs existed prior to Beeples selling his work for a record fee, his sales brought NFTs to the attention of the public, resulting in a slew of self-taught artists becoming millionaires.
The Merge, designed by renowned artist Pak, was available for purchase on the NFT marketplace Nifty Gateway between December 2 and 4, 2021. It was the most expensive NFT ever sold as an artwork, fetching a record sum of USD 91.8 million. Instead of a single owner, the Merge is held by 28,983 collectors.
ENVELOP is a versatile cross-chain toolset that adds new functionality to any NFT (economic setup, on-chain royalties, rental mechanism, time/value/event-locks), scoring, and anti-fraud system.
The new features may include:
1. Economic setup: With Envelop NIFTSY, NFTs can be configured to constantly increase in value by retaining a portion of each transaction.
Once wrapped, the intrinsic value is unaffected by market volatilities until it's unwrapped thereby making the NFT constantly growing in value.
2. Onchain royalties:
Onchain royalties: Using Envelop NFTs, artists can create an inbuilt royalty plan for their NFTs, ensuring they benefit from all future transactions automatically and without hassle.
3. Rental mechanism: NFTs are evolving, and their usecases are expanding by the second. NFTs can now be rented to other users for a set period of time, with the original owner receiving a royalty from the rent. In essence, NFTs have already matured to the point where they have de facto landlords, and envelop provides a protocol to regulate the terms of rentage and ensure both sides are fairly protected by using a blockchain contract to seal every rental deal.
4. Time/value/event-lock: NFTs are not widely understood, and there are few potential buyers and sellers. As a result, NFTs can be extremely difficult to trade, particularly during times of distress. It also means that NFT prices can be extremely volatile. The value of NFTS can be time-locked to ensure that it retains its inbuilt value once unwrapped, regardless of market volatility.
5. Scoring: Oracle is an Envelop NIFTSY feature that scores collateral and assesses the quality of assets within NFTs. The Oracle assists in filtering spam transactions and detecting/regulating the true value of each NFT, ensuring that the value of the NFT does not decrease over time.
6. Anti-fraud system: Envelop NIFTSY has the best NFT security system that protects each owner from fraud.
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