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In this week's newsletter, you will learn how the MegaETH project uses soulbound non-fungible tokens (NFTs) to provide ownership stakes within its network, and how the artificial general intelligence company Sentient has completed one of the largest NFT minting events with 650,000 participants. Check out OpenSea's response to rumors regarding its airdrop terms and conditions, as well as other news about NFT infrastructure provider Reservoir raising funds to scale.
The Ethereum Layer 2 project MegaETH has unveiled an NFT collection called "The Fluffle," which grants ownership stakes to network participants. The collection consists of 10,000 pieces, representing 5% of the MegaETH network. These assets are soulbound, meaning they cannot be transferred.
NFTs will be sold at a price of 1 Ether, which means the project could net around $28 million. MegaETH launched the "soulbound" series to avoid "intrusive" Know Your Customer (KYC) requirements, maintain anti-Sybil characteristics, and implement strict anti-money laundering procedures.
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The open-source artificial general intelligence company Sentient has completed one of the largest NFT minting events, with over 650,000 users gaining partial ownership of its decentralized AI model Dobby.
Participants minted "fingerprint" NFTs, requiring them to prove their humanity through a random IQ test. This effort aims to create a community-owned AI protocol. According to Sandeep Nailwal, founder of Polygon and a core contributor to Sentient, the first AGI should be controlled by the community to "ensure its loyalty."
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Community members flagged a website on OpenSea that included airdrop terms and conditions. Users reported that the site included KYC and anti-money laundering checks, suggesting that certain countries might be banned from participating. This sparked backlash, with users expressing dissatisfaction online.
OpenSea CEO Devin Finzer denied the rumors circulating on X, stating they are "completely false." The executive said that what the community saw was merely a "test site." Finzer mentioned on X that the displayed terms and conditions contained "template language" and were not actual rules.
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NFT infrastructure provider Reservoir, which serves clients like Coinbase, MetaMask, and Magic Eden, has completed a $14 million funding round to expand its infrastructure into new markets. This round was led by tech venture capital firm Union Square Ventures, an early investor in Polygon, Dune Analytics, Matter Labs, Arweave, Dapper Labs, and Algorand.
The funds will be used for expansion, allowing more networks to integrate NFT trading. This also includes providing token image and data indexing tools.
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Thank you for reading this week's summary of the most noteworthy developments in the NFT space. Next Wednesday, we will bring you more reports and insights on this rapidly evolving field.
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