Smart Contracts, the utility and how they work.

April 25, 2022

Hey, Allstar here! Where we give you the knowledge needed to succeed or to try at least.  😉

Today's estimated read time is 2 minutes and 26 seconds.

We’re gonna be getting into:

  • 🎊 YugaLab’s New metaverse

  • 👟 Nike releases their own sneaker NFTs! 

  • 📄 Smart Contracts, the utility and how they work.

YugaLab’s New Metaverse

If you haven't heard about Yuga Labs, they are a pretty big name in the Web3 space. Working on notable projects like BAYC, CryptoPunks and Meebits, they just announced 'Otherside' their very own metaverse! Launching on April 30th at 12 pm ET, Otherside will be an open-world RPG that's compatible with all kinds of NFTs and runs on $APE.

First teased on March 18th in a 1-minute trailer. It showed an open world with different traits and characteristics, featuring projects such as Mutant Ape Yacht Club, World of Woman, Cool Cats, CryptoPunks and Meebits, which might be the result of the integration with other projects.

There will be a total of 200k plots of land for sale, with each one having its own unique traits. The price that was leaked said it was 1000 $APE per lot, roughly around 1Ξ, though this is just speculation as of now. But this isn't the only thing they have coming, 'Kodas', the new brainchild of YugaLabs, will be launching with a new revolution in the market! Haha, we're getting off track. Make sure you read the next newsletter where we will go over that! 

Nike releases their own sneaker NFTs! 

The initial release of the famous 'MNLTH' NFT in February, a metallic cube decorated with the Nike logo and after a series of challenges/quests, the cube has opened and adds another dimension to the sneaker game!   

MNLTH holders are able to burn their NFT for a Cryptokick and an MNLTH 2 (4.5Ξ floor). Thanks to Skin Vial technology, owners can customize their CryptoKicks Genesis according to the vial they own. Currently, there are only eight different skin vials corresponding to different "DNA" of their CloneX collection, with plans of expanding through collaborations with artists and the community. Over time, the vial will evolve the sneakers, earning upgrades and special "powers." The floor of the kicks with no vial/skin is around 2.99Ξ (https://opensea.io/collection/rtfkt-nike-cryptokicks), and the floor of the vials is 1.2Ξ (https://opensea.io/collection/skinvial-evox) with notable sales of 70ETH sales of Murakami Skin Vials.

How do you think this will evolve the way people see sneakers? And seeing that Nike is adapting to blockchain technology, do you think other companies will follow and do the same? 

How this Project Lost $34 Million Dollars

This weekend, AkuDreams recently released a project and found themselves in an unfortunate situation. 11539Ξ ($34M) was locked in their smart contract, and no individual can retrieve it. All due to a wrong line of code. https://twitter.com/0xfoobar/status/1517680400142716929

With all that being said if you were to check out that Twitter link you would've seen how these guys lost $34 million dollars. Now no one can access this. With that being said, each NFT is still currently selling for currently 3Ξ. Surprisingly, even with all of these errors, they still have a lot of volume on their project. Are you bullish or bearish on this? Would you be willing to invest in a project even after a mess up like this?

So what are smart contracts, and why are they so important?

To put it simply, a smart contract is a computer program stored inside a blockchain that activates if there are the proper requirements (set up by the coder, of course). 

Being applicable to anything, if X happens, Y is done. 2 keys aspects: immutable, once created, it cannot be changed, distributed, evaluated by everyone. NFTS are basically smart contracts interacting with each other, providing provenance and ownership. IF you pay 145ETH you WILL receive a BAYC. IF you give access to your wallet on a fishy website, you WILL get scammed. They cannot be hacked, and they are public to be checked by anyone. 

With an immense potential to change the way we see the world, different industries such as banks can use them for loans or postal for Payment on delivery. In these cases, the possibilities are endless. But mistakes can be expensive like it happened to AkuDreams and their locked $34 million, all for one line of code. 

More detailed explanation here :

Learn from the mistakes of others! How else do you see the integration of Smart Contracts? How fast do you think it will take for this technology to become mainstream?

Well that’s all we have today folks. Make sure to remember to always check the website you're connecting your wallets to! We’ll see you next time :)  

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