RGB, the smart contract protocol built on Bitcoin’s Lightning Network, is preparing to issue new tokens, including NFTs, which are causing a frenzy worldwide. Meanwhile, several well-known companies are joining this trend, launching their own crypto collectibles.
The non-fungible tokens or NFT They are taking over all spaces, and have become a practically unstoppable trend worldwide, although some assume that it is a new “bubble” born in the crypto world.
Whatever the case, this sector of the crypto space is drawing everyone's attention and inviting them to participate in this new form of digital economy. In the NFT sector, there are not only fans and supporters of crypto, but also artists, musicians, celebrities and well-known companies from all over the world, coming from all sectors and industries of society.
The newest entrants to this growing sector are: the open source protocol RGB, which is preparing to accept and issue this kind of tokens; the professional football club Manchester City who will be releasing Fan Tokens for his fans and followers through Chiliz and Socios; and comic book artist Rob Prior, known for his work at companies such as Marvel, DC Comics and Todd McFarlane, and who will launch a collection of crypto collectibles in NFT. As we can see, the companies, businesses and members that join and participate in the NFT industry are very varied.
It may interest you: RGB launches a test version of its protocol to allow smart contracts on the Bitcoin blockchain
RGB, smart contracts and NFT
The open source protocol, RGB, designed on top of the RGB network, Lightning Network to admit smart contracts and new Tokens of the RGB-20 type on Bitcoin, announced the launch of its project Bitcoin Pro, which will allow RGB to issue new next-generation tokens, such as NFTs, in the future.
Maxim Orlovsky, lead developer of RGB, and Olga Ukolova, a Bitcoin enthusiast and contributor to the project, were the ones who they presented Bitcoin Pro on its GitHub repository.
Through Bitcoin Pro, the protocol is preparing to support this new class of tokens, although the issuance of NFTs on RGB is not possible at the moment. According to its presentation, this is a feature that will be activated in the future. At the moment, RGB developers recommend using Bitcoin Pro on the Bitcoin test network, since this is the first version and it is possible to find bugs and errors that can put funds at risk. The developers also clarified that Bitcoin Pro is a management tool for accounts and smart contracts, and does not function as a wallet or wallet.
RGB is a protocol aimed at promoting the development of standards and improvements within the blockchain to implement smart contracts. Now, this protocol is aiming towards NFTs, as a new class of tokens, with multiple use cases, that are capable of taking full advantage of the disruption caused by blockchain technology.
In mid-2020, RGB launched its beta version to support smart contracts, which allows the exchange of tokens in Bitcoin through smart contracts.
More companies and fans are getting into NFTs
Chiliz, the leading blockchain platform for sports and entertainment, announces the launch of the Fan Tokens of the professional football team Manchester City, through its engagement platform for sports fans, Socios.com.
In its statement, Chiliz noted that fans of the team will be able to use the Fan token $CITY to earn rewards and prizes within the platform; in addition to accessing exclusive promotions from the sports club and its sponsors, participating in games and taking part in the decision-making of some team or club events or vacations.
Manchester City confirmed the partnership with Chiliz and Socios through a blog post, where he highlighted that this is a digital engagement layer, allowing fans to get even closer to the club they love.
Stephan Cieplik, Senior Vice President of Global Partnership Sales at City Football Group, noted that the new Manchester City Fan Token on Chiliz will open up value opportunities for fans of the team around the world to have access to “fantastic competitions and VIP experiences.” Additionally, he highlighted that $CITY holders will be able to vote on Club initiatives, and as a surprise, Cieplik revealed that all registered “Cityzen” will be eligible to receive free Fan tokens, with which they will be able to access a full range of benefits and rewards.
With Manchester City, Chiliz integrates several of the most recognized professional football teams, such as FC Barcelona, Juventus, Paris Saint, AS Roma, Galatasaray, Atlético de Madrid, and several others.
Rob Prior and Mogul Productions, merging blockchain and entertainment
The latest artist to announce his arrival in NFTs is Rob Prior, known for his work on Marvel and DC Comics, and who will launch a collection of crypto collectibles in NFT, which will be auctioned on the decentralized film financing platform (DeFiFi), Mogul Productions.
The digital collectibles will be inspired by movies such as Star Wars, the Marvel Universe and the Wolf of Wall Street. The latter of particular importance, as Mogul Productions points out, due to the recent events seen with GameStop and Robinhood.
The vision of both the artist and the platform is to immortalize art and creation in non-fungible and immutable pieces within a blockchain. Gagan Grewal, CEO of Mogul Productions, noted that the auction of digital art inspired by blockbuster films is the “fusion of the blockchain and entertainment worlds”.
Mogul Productions is a funding platform created to connect content creators, film fans and funders, leveraging the potential of blockchain technology in a single space where the participation of all members and collaborators can be guaranteed. This platform seeks to produce films with absolute transparency of resources, and giving voice and vote to everyone.
A booming market
Interest in NFTs seems to be just beginning, with many companies, businesses, artists, and more jumping into this booming market. As stated by the creator of the Nyan Cat meme, Chris Torres, late February: NFTs are opening up the opportunity for creators, artists, and more to easily monetize their content.
Today, the crypto industry is rife with non-fungible tokens everywhere, which are attracting more and more attention from users and collectors every day. So far, Beeple is the crypto artist with the highest NFT sale record of all, with the auction of his work “Everydays: the First 5000 Days” for nearly $70 million.
Continue reading: Is NFT immutability and trust at stake?
