BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

TIME magazine’s NFT collection sells out in one minute, bot activity suggested

TIME magazine’s launch of an NFT collection did not go smoothly on Thursday. 
Not only did the collection of 4,676 NFTs sell out in one minute, users experienced gas prices reaching 9,000 gwei for a rapid transaction.  When minting finished, there were roughly 700 holders of NFTs. 
Anish Agnihotri, a researcher at Paradigm, claimed that bots were at play. “Any NFT drop that is First Come First Serve is bound to experience the same level of bot activity and push the auction into the gas markets,” Agnihotri said on Twitter . “Additional on- or off-chain information only makes botting easier.”
TIME magazine announced their NFT collection, called TIMEPiece, yesterday. The collection held over 4,676 works from 40 artists. In regards to why the magazine chose to release the art collection as NFTs, TIME president Keith A. Grossman wrote : 

“TIMEPieces is our latest foray into NFTs, this time with the goal of also fostering community, loyalty and rewards. While many of the NFT drops that have happened to date within the media space have focused on high-end single editions or multiple versions of collectables, the release of TIMEPieces marks the first time a major media brand has taken on a Web3 approach toward building community and using this technology as an innovative extension of our current Digital Subscription efforts.” 

The minting took place on Thursday, September 23 at noon ET. The cost to mint each NFT was 0.1 ETH, and those who owned a TIMEPiece obtained a lifetime membership to Time.com and other perks.
TIME has not commented on the activity that occurred during the minting process as of press time. © 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ TIME magazine’s NFT collection sells out in one minute, bot activity suggested


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News