Ethereum News Daily Official TheBitTimes.com

An NFT trader who noticed a bot was copying his trades tricked the bot out of 800 ETH, worth around $1.5 million. In this week’s newsletter, read about how the team behind Bitcoin Ordinals plans to drive the development of nonfungible tokens (NFTs) on Bitcoin and find out why metaverse platform The Sandbox requires Know Your Customer (KYC) checks for staking. In other news, learn why NFT gas usage is on a downward trend, and don’t forget this week’s Nifty News, featuring an NFT trader tricking a bot and bagging $1.5 million in profit .  Bitcoin Ordinals team launches nonprofit to grow protocol development The team behind Bitcoin Ordinals has launched a nonprofit aiming to boost the development of NFTs on Bitcoin. Dubbed the Open Ordinals Institute, the nonprofit will provide funding for Ordinals developers. The Bitcoin Ordinals protocol was launched in January, and it rapidly became one of the most popular trends in crypto. Users rushed to inscribe their assets like NFTs and Bitcoi...

Despite a surge in Ether gas prices in May, NFT marketplaces only accounted for 3% of the entire Ethereum gas consumption. Ethereum gas consumption by nonfungible tokens (NFTs) has dropped significantly since its high in 2021. NFT marketplaces and projects that occupied top spots in gas consumption at the time have declined sharply in the past two years. Data shared by the on-chain analytics platform Glassnode shows that gas usage by NFT marketplaces is currently on a downward trend . This indicates a possible shift in terms of NFT use, where more users may be opting to hold on to their assets instead of trading them on marketplaces. Etherscan’s top 10 contracts or accounts consuming gas on Aug. 4, 2021. Source: The Wayback Machine In 2021, NFTs were leading the charts in terms of Ethereum gas usage, according to blockchain explorer Etherscan. On Aug. 4, 2021, NFT gaming project Axie Infinity placed second in terms of gas usage due to its Ronin bridge, which transfers assets from ...