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Crypto News: Mercedes launches NFT collection together with Dutch artist

Crypto News: Mercedes launches NFT collection together with Dutch artist

Welcome to another new crypto news summary. All the important news and events within the world of cryptocurrency from last week (May 29, 2023 to June 2, 2023) are summarized for you below, so that you are completely up to date again before you head into the weekend.

Do you want to know what news there was within the world of cryptocurrency this week? Then read on quickly!

Mercedes releases NFT collection with Dutch artist

More and more large companies worldwide are delving into the possibilities offered by non-fungible tokens (NFTs). A new way of interaction and growing engagement with customers is drawing many companies to the world of NFTs. One of the largest car brands in the world, Mercedes-Benz, announced that it will soon release its own NFT collection. The car brand also announced that there is a Dutch touch to this launch.

At the beginning of the month of May, the German car company introduced its Web3 branch named: 'Mercedes-Benz NXT'. According to Twitter, Mercedes-Benz NXT plans to release three 'core' collections. The development of these collections will be managed by the creative studio 0xNXT.

The very first collection, named "Maschine," consists of 1,000 unique Ethereum (ETH)-based tokens and plays on several themes, including speed and perception. This collection was created through a collaboration with digital art organization Fingerprints DAO and Dutch artist Harm van den Dorpel.

Network of Bitcoin Ordinals counts 10 million inscriptions

The development of Bitcoin (BTC) Ordinals is moving at a tremendous pace. As a result, people sometimes forget that this technology was created only four months ago. In addition to NFTs, it is now possible to create and trade BRC-20 tokens on the Bitcoin blockchain. Data can now be added to individual satoshi's, also known as an "inscription," this no longer limits the network for the value transfer of the cryptocurrency itself.

Ordinals was originally launched as a way to mine NFTs on the network. However, the advent of the BRC-20 token standard accelerated the number of inscriptions. The number of inscriptions has now passed the magic 10 million mark. The BRC-20 token was created as an experiment and allows users to create new tokens on the Bitcoin network for the first time in history.

Ethereum NFTs can now be transferred to Bitcoin

The Bitcoin (BTC) network brings yet another new capability to the world of cryptocurrency. In addition to BRC-20 and the first stablecoin on the Bitcoin network, a new standard has now been added: BRC-721E. The BRC-721E token allows transferring NFTs from Ethereum (ETH) to Bitcoin's network.

To move NFTs from Ethereum to Bitcoin, users must "burp" their NFTs on Ethereum's network. This means that the token is permanently removed on the Ethereum network. The NFTs are then transferred to the Bitcoin network via inscription. Using the Ordinals protocol, it is possible to link information to individual satoshi tokens. Once the tokens are linked, users can find the token on the Ordinals Market.