Bitcoin Daily: Ethereum Software Upgrade Aims To Stabilize Crypto Fees; Luxury Brand Burberry To Release NFT Collection

A new software update for Ethereum, the second-largest blockchain network, will likely stabilize transaction fees and cut down on the supply of the tokens, according to Reuters.

Ether was trading lower prior to the news but gained afterward and was up 2.6 percent to $2,796, Reuters reported.

The adjustment is called the Ethereum Improvement Proposal (EIP) 1559. It entails changing how transactions are processed on Ethereum by offering more transparent pricing for transaction fees in ether paid to miners to validate transactions, along with “burning” a small amount of the tokens and taking them out of circulation, according to Reuters.

After the upgrade, there were 539.29 ether tokens burned by late morning in New York, Reuters reported.

In other news, Burberry, a luxury fashion brand, has rolled out a nonfungible token (NFT), CoinDesk reported.

Burberry will feature its items with Blankos Block Party, a game with digital vinyl toys living on the blockchain. The digital collection will be called Burberry’s “B-Series” and will come with limited edition product drops, according to CoinDesk.

The NFTs will be available via the game as of Aug. 11, and Burberry has said it plans to add value for the gaming community via encouraging players to interact with the company brand in a different environment, CoinDesk reported.

Meanwhile, Nigeria has been the flag-bearer for Bitcoin adoption in Africa, according to Bitcoin Magazine, with users moving almost $40 million in transactions there just in the past month.

That comes despite a government campaign to cut down on access to Bitcoin, with the Central Bank of Nigeria in February continuing a rule from 2017 prohibiting regulated financial institutions (FIs) from dealing in Bitcoin, the report stated. But Nigerians have been using peer-to-peer (P2P) trading in order to move Bitcoin.

Data from analytics platform UsefulTulips showed the Nigerian naira was the most traded Sub-Saharan African fiat currency in exchange for Bitcoin, according to the report.