Tag: NFTs

Solana’s SIMD-0228 inflation proposal collapses as smaller validators rebel

On Thursday, a proposal to reform Solana, a high-performance blockchain network, hit a snag after SIMD-0228 failed to secure the supermajority votes needed for implementation.

The proposal, which aimed to replace Solana’s static 4.7 percent inflation rate with a dynamic system, faced strong opposition from smaller validators, preventing what could have been a drastic reduction in staking rewards.

Read also: The Rise and Fall of Solana’s Valuation After $DAVIDO’s Entry

High-stakes battle over inflation

The failed proposal raised intense debate within the Solana ecosystem. Stakeholders, including major investors and influential validators, argued that reducing staking rewards would stabilise SOL’s price by limiting token supply.

“Fewer emissions mean less selling pressure,” said Max Resnick, an economic researcher at Anza Labs and a co-author of the proposal.

However, opposition from smaller validators proved decisive. Many feared that a drastic reduction in staking rewards would undermine their revenue, potentially forcing them out of operation.

“This was rushed and didn’t fully consider the impact on smaller operators,” said SolBlaze, a validator operator who opposed SIMD-0228.

Moreover, the vote saw one of the highest turnouts in Solana’s history, with over 66 percent of validators participating and collectively wielding 75 percent of the network’s voting power. According to blockchain analytics, 60 percent of validators with less than 500,000 SOL opposed the proposal, while 60 percent of larger validators voted in favor.

This divide raised concerns over decentralisation, as many warned that cutting staking rewards could consolidate power among wealthier validators.

“Many feared this would drive out smaller participants, making Solana more centralized,” said Jonny, the operator of Solana Compass.

However, despite this setback, advocates for economic reform are not backing down. “We are going to chat with the ‘no’ voters and find a compromise,” Resnick said, hinting at future proposals with broader community input.

For now, Solana’s high staking rewards continue to shape the network’s economic system amid ongoing debates over sustainability and decentralisation.

Read also: Could a Trump mention ignite Pi Coin? Experts predict a potential 200% price surge

About Solana

Solana is a high-speed, low-cost blockchain known for its Proof of History mechanism, scalability, and smart contract functionality.

The blockchain platform was founded in 2018; It powers decentralised finance (DeFi), NFTs, and decentralised applications.

March 15, 2025
Telegram introduces NFT gifts, advanced search filters in new update

With its first update of the year, Telegram has introduced additional message search filters, the ability to convert presents into NFTs, and a new third-party-powered account verification method.

In addition to its program for verifying public figures and organisations on the platform, the chat app has started a project to allow third-party agencies, including educational consortiums or food-quality regulators, to validate accounts that have previously been confirmed.

Read also: Telegram surpasses $1 billion in revenue, achieves profitability for the first time in 11 years

A new emblem to replace the blue checkmark

A new emblem will appear next to account names that have been verified by a third party, replacing the previous blue checkmark.

“This decentralised platform for additional verification will help prevent scams and reduce misinformation — with a unique proactive solution that sets a new safety standard for social platforms,” Telegram said in a blog post on Thursday.

To be eligible to get the verified mark, individuals or organisations seeking authentication must first go through verification and fill out an application.

According to Telegram, entities can assign or remove verification via its Bot API. This is similar to how businesses purchase verification on X and validate the accounts they are associated with.

Following verification, the organization’s logo will appear on the profile of these associated profiles.

Read also: Over 15 million offensive channels, groups were removed in 2024: Telegram

Conversion of gifts to NFTs

Additionally, Telegram introduced a method for converting gifts into NFTs with personalised icons and backgrounds.

Telegram Stars, which can be purchased via the app or by connecting their TONNE crypto wallet to the Fragment website, are used by users to send presents.

Users will be able to trade these NFTs across several platforms, according to Telegram.

Notably, to pay for blockchain transaction expenses, Telegram charges users to upgrade their presents to collectibles.

Cryptocurrencies have been utilised by Telegram to pay for games and micro apps on the network as well as to monetise creators.

Additionally, the firm has included new search filters for private chats, group chats, and channels, as well as an emoji reaction option for service notifications, such as someone joining a group.

January 4, 2025
Smart TVs from LG Electronics will soon have NFTs

Today, LG announced that it has released LG Art Lab, its “very own non-fungible token (NFT) platform.” In a news release, the company talked about how the NFT platform gives people who have smart TVs at home a simple, all-in-one way to watch and trade NFTs. “The platform is now available in the United States only to those with LG TVs running webOS 5.0 or later and is accessible directly from the home screen,” LG said. “The platform is now available only to those with LG TVs in the United States.”

Hashgraph is a blockchain alternative utilised on the LG Art Lab platform. LG says that the “most used, sustainable, enterprise public ledger for the decentralized economy” is the “hashgraph.” Users can buy, sell, and trade NFTs, and these transactions may be viewed on the smart TVs produced by the brand.

Read Also: The Top 5 Cryptocurrencies to Watch Out For in 2022

What blockchain are they using?

The blockchain being utilised is called Hedera, and LG is a member of the Governing Council for Hedera. After users have completed the most current software update, they can work with the platform. TechCrunch said in a report that the partnership between Hedera and LG Electronics started in 2020 when LG joined the governing council of Hedera. Google, IBM, Deutsche Telekom, the Indian Institute of Technology, and several other groups are also on this council.

How will LG Art Lab and NFTs work?

LG is working to make it easier for customers to access NFTs.
Everyone who has an LG TV that supports WebOS 5.0 or higher will be able to gain access to new digital artwork thanks to LG’s Art Lab, which will simplify the process of purchasing and selling NFT collectibles. It will use Wallypto, LG’s mobile cryptocurrency wallet, and NFTs can be bought by scanning a QR code. Then, they can be sold on the LG Art Lab Marketplace. Accessibility is a crucial aspect of LG’s strategy.

The platform also gives users detailed descriptions of the artwork and short films that show how their favourite NFTs were made by the artists who made them. This is done so that users can learn more about the people who made their favorite NFTs and how they came up with them. Users will be able to follow each artist and learn more about them through the profile section of the app, and they will also have the opportunity to meet some of the artists at upcoming art events supported by LG.

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When will it be available?

The first NFT collection was created by artist Barry X Ball, known for reinterpreting classical and modernist sculptures using the most recent advancements in 3D scanning and printing technology. It will be available on September 22. Because it is so new, the platform does not yet have many features. Nonetheless, consumers can obtain one NFT by scanning the associated QR code with LG’s Wallypto app.

In January of 2022, LG made the initial announcement that the firm would be working with digital art. With the launch of LG Art Lab, the company is now a key competitor to LG’s local tech rival Samsung in the market for selling NFTs through its televisions.

About LG

LG Electronics, Inc. is a multinational electronics corporation based in Yeouido-dong, Seoul, South Korea. LG Electronics is a subsidiary of LG Corporation, South Korea’s fourth largest chaebol and the company’s crown jewel. There are four divisions within the company, all of which serve different markets: consumer electronics, wireless networking, HVAC systems, and auto parts. LG Display was the leading display manufacturer in the world by revenue in 2020, and LG Electronics purchased Zenith in 1995 to become its major shareholder. If you can’t find a citation, LG Electronics is the world’s largest producer of televisions, behind only Samsung Electronics. The firm operates in 128 locations and employs over 83,000 employees.

September 11, 2022
Event: FREE 2days NFT Workshop for African Artists by ABU
Africa has missed out on several global opportunities and is now only a bystander to technical progress. In the Fourth Industrial Revolution (4IR), the narrative must change, particularly with Blockchain Technology. It’s exciting to see how Cryptocurrency adoption is increasing across the continent, albeit slowly in other use cases, such as using the Blockchain to solve institutional problems. Now vast global opportunities are unlocked for artists — Musicians, Visual Artists, Photographers, Videographers and other creatives. Thanks to the innovation of Non-Fungible Tokens (NFTs).

Artists in Africa have traditionally been undervalued, with their work battling for recognition, sufficient exposure, and adequate compensation. Furthermore, in many African states, inadequate or non-existent intellectual property legal frameworks expose many of these Artists’ work to exploitation. Artists’ rights to enjoy the results of their labour are limited since they have no practical ways of protecting their artistic creations from theft.

Non-Fungible Tokens (NFTs), on the other hand, offer a solution to the problem that African artists are facing. NFT Afrika Initiative, a project of the Africa Blockchain University, presents:

NFT Workshops for African Artists — How to utilize NFTs for sustainable benefits and monetize your artistic works

The workshop aims to lead African artists to understand NFT better and utilize it to bring their works to a global marketplace and secure their intellectual property. ABU is working with Art Associations, Museums, and academic institutions to train their leaders to train other artists in their organizations and communities in the flagship program — Training of Trainers (ToT).

ABU will be working with attending artists to build a movement of NFT African artists, creating wealth and securing Africa’s heritage. It will also provide tools and networks for artists to seamlessly enter the NFT market with its local partners across Africa.

The workshop is an immersive and practical function that will allow participants to grasp the concept of NFTs and mint their digital art right at the training site. Artists will learn the fundamentals of Blockchain technology, what makes it thick and why NFTs are opening opportunities for artists and collectors.

So far, ABU hosted two series of this workshop last year — the first took off in Tanzania and the second in Uganda, in which over 100 African artists have benefitted.

Who Can Attend

The workshop targets — Musicians, Visual Artists, Designers, Illustrators, Photographers, Videographers, and other creatives — that want to learn how NFT can benefit their artistic works.

Workshop Modules

The program is a 2 days workshop (28th Feb – 1st March) that can be attended in-person at Landmark Event Centre, VI, Lagos State or via Zoom. Below are the modules:
- Blockchain 101
- Introduction To Crypto
- Beginners Guide To NFTs
- How To Create NFTs
- Minting NFTs – Live at the workshop
- Successful NFT Artists
- Cashing Out Your Earnings Into Fiat
- Investing Your Earnings In DeFi
- Understanding Crypto Wallets & Which One To Use
Click here to register for the NFT Workshop for Artists –

PS: Free AfricaNXT CampusPLUS ticket (value $30) will be given to the first 30 participants of the workshop — courtesy of African Blockchain University in celebration of our Chief Reporter’s birthday Olanrewaju Okunola.
February 27, 2022