The rise of non-fungible tokens (NFTs) has spurred exponential growth in the number of projects harnessing this dynamic application of blockchain technology. Through the [Gemini Frontier Fund (GFF)](https://www.gemini.com/frontier-fund), we’ve invested in several teams that use NFT technology in various ways across their products. 

Last month, we brought together five founders of GFF-funded projects to discuss how they use NFTs today and how they expect use cases to evolve. Here, we highlight some of the most interesting takeaways from that discussion.

Panelists included: Sohrob Farudi of [Fan Controlled Sports + Entertainment](https://www.fcf.io/), Amir Sarhangi of [Supermojo](https://supermojo.com/), Nick Vale from [reNFT](https://www.renft.io/), David Beiner of [Hume](https://www.wearehume.com/), and Arif Khan of [Alethea AI](https://m.alethea.ai/). For the full panel discussion check out the [Twitter Spaces recording here](https://twitter.com/Gemini/status/1582770028633391115?s=20&t=ihs7SIOVp2Pq4APmi2-kqA). 

### Where NFTs Started and Where They Are Going

Many panelists first entered the world of NFTs by breeding CryptoKitties and purchasing Wizards, among the first popular NFT projects that notoriously clogged up the Ethereum blockchain in 2017. While these early projects showed the ability to transfer unique value on-chain (a core benefit of NFTs), other innovations have since been applied to NFTs that create wholly new immersive experiences. 

Arif Khan is the founder and CEO of Alethea AI which aims to create an intelligent Metaverse inhabited by interactive NFTs (iNFTs). He elaborated on this point: 

__*“With NFTs, the value of an on-chain asset is certainly there. The moment you can transfer it, buy it, sell it, you can unlock a lot of value from that aspect alone, which is a very important revolution. Another revolution that's occurring right now … is being termed as a generative AI.”*__

We’ve started to __*“really see the power of the value that can come from combining AI and interactive characters. And when I started looking at NFTs as a static image, it was really just an insight that came from looking at what a static image is and how it can evolve over time.”*__

### Redefining Online Communities

Community has become central to the NFT experience. From social clubs to artist fan groups, there is unlimited opportunity for building NFT-based communities. 

Sohrob Farudi, co-founder and CEO of Fan Controlled Sports + Entertainment, spoke of his experience using NFTs to build an interactive sports entertainment platform:

__*“Community is really powerful [in sports], and so I think that's where we're gonna see really a lot of innovation come from — the players themselves — over the next couple of years as they want to get closer to the fans.”*__

__*“[Players] want to stay relevant. They want to build communities and their own personal brands and I think these different versions of NFT communities and experiences are going to allow them to do that and I think that's where fans are going.”*__

### Disrupting Traditional Entertainment Models

As virtual worlds become more accessible and interactive, NFTs are beginning to play an important role in the development of the metaverse. Instead of waiting in long lines to see a favorite artist, shows may increasingly be held in virtual immersive environments, and eventually redefine the entertainment world.

David Beiner, founder and CEO of Hume, a web3 entertainment and music company, explained how the entertainment industry may be on the cusp of a dynamic revolution as NFTs and meta-experiences are integrated into traditional shows: 

__*“I think there will be hologram concerts at some point in the future. But we've actually seen more success with concerts that have a giant screen and effects on the stage. We can really build a world within that screen so that you'll feel like you're watching a full on experience versus just seeing a hologram.”*__

Sohrob is working on integrating similar interactive experiences in sports, having built a real-life football league where NFT holders can call plays in real time. 

__*“It's like playing a real life video game, a real life version of Madden where fans are choosing the play and then real players are running it on the field.”*__

### Unlocking New Doors with Open Intellectual Property Rights

Intellectual property (IP) rights are central to the entertainment business. This has often come in the form of preventing the unauthorized third-party use of music, videos, likeness, and more. 

Combining NFTs and the idea of open intellectual property can be a significant boon to NFT adoption in the coming years, David explained: 

__*“Real communities are forming around these projects and the fact that you can buy an NFT and do whatever you want with the IP is just, it's a whole new way of getting those early adopters.”*__

As an example, Hume leverages the intellectual property of the Flufworld NFT collection. And, by purchasing a Fluf NFT, Hume created AngelBaby, a metastar complete with a team of artists writing music and tweaking its online identity and personality. 

### Increasing NFT Accessibility

Given the often prohibitive cost of blue chip NFTs, projects like Supermojo and reNFT have stepped in to provide new ways for collectors to access NFTs that fit their financial profiles. 

Supermojo has borrowed from traditional retail practices with the creation of layaway for NFTs, allowing collectors to buy now and pay later. reNFT allows people to rent NFTs for a variety of use cases, including for use within play-to-earn games.

We are in the earliest stages of NFT innovation, and the discussion with these visionaries provided an encouraging glimpse of what we might expect in the years to come!

Onward and Upward!

Gemini Frontier Fund Team

Gemini Frontier Fund Roundtable: How NFTs Are Redefining the Intersection of the Digital and Physical Worlds

Decentralized technologies have changed the way we interact online, with tools that have redefined ownership, security, finance, and so much more. At Gemini, we’re on a mission to unlock the next era of financial, creative, and personal freedom, and to do so we must continue to innovate, imagine, and explore.

To harness the thrilling rise of web3, __Gemini is proud to introduce [Superlunar](https://www.superlunar.com/), a multi-disciplinary web3 research and design studio__. Superlunar brings together creative technologists with varied backgrounds to focus on secure, sustainable, and usable applications of decentralized technology.

__A Focus on Security, Sustainability, and Usability__

Members of the Superlunar team have extensive experience with __security__ research and it will be a central focus of the initiative. Decentralized computing and strong cryptographic guarantees help form the core of web3, presenting fundamentally different paradigms for security and development in this burgeoning industry.

To ensure the continued __sustainability__ of blockchain technology, Superlunar will provide grants and sponsorships to individual contributors, projects, and programs as a continuation of the [Gemini Opportunity Fund](https://www.gemini.com/opportunity-fund) founded in 2020. Doing so will empower the next generation of maintainers and builders, as well as provide financial support directly to open source developers to continue their work. 

Superlunar will also spotlight areas that can enhance the longevity of the blockchain and crypto ecosystems with a focus on global impact. 

__Usability__ continues to be an area that requires development in web3, and Superlunar will apply design thinking to craft repeatable usage and development patterns. The team will aim to discover ways to reach broader audiences and provide transparent approaches to complex use cases for web3.

Superlunar has assembled a diverse team of prominent practitioners from a variety of disciplines including cybersecurity, environmental science, design, development, and finance. The team will look beyond speculative investment and hype cycles to bring healthy skepticism and transformative solutions to real, practical issues, sharing their findings in accessible and inspiring formats.

We are delighted to welcome Superlunar to the Gemini family. To learn more about Superlunar and their dynamic team, we invite you to visit [Superlunar website](https://www.superlunar.com/) and read [their launch blog](https://superlunar.com/post/hello-world). 

Onward and Upward!

Team Gemini

Gemini is proud to introduce Superlunar, a multi-disciplinary web3 research and design studio focused on secure, sustainable, and usable applications of decentralized technology.

Introducing Superlunar: Exploring the Future of Web3

Recently, you might have seen advertisements for the upcoming [Gemini Credit Card](https://www.gemini.com/credit-card)<sup>1</sup> displayed on some of the most iconic U.S. billboards and across digital platforms with the tagline: __“What’s the Best That Could Happen?”__ What you’ve come across are one-of-a-kind Gemini ads that double as NFT art pieces you can buy on [Nifty Gateway](https://niftygateway.com/).

The Gemini Credit Card is a seamless way to earn crypto on everyday purchases and start building your financial future with the swipe of a card. When you can receive crypto rewards every time you make a purchase, “What’s the Best That Could Happen?”<sup>2</sup>

Conceptualized by five emerging NFT artists, the campaign brings “art not ads” to iconic billboards in New York, Los Angeles, San Francisco, Miami, and Dallas. 

The featured NFTs are:

- [__Can Shirts Become Yachts?__](https://www.gemini.com/card/tshirt-to-yacht) Artist: Steven Baltay
- [__Can a Lawnmower Become a Lambo?__](https://www.gemini.com/card/lawnmover-to-lambo) Artist: Bryan Brinkman
- [__Can Shoes Become a Private Jet?__](https://www.gemini.com/card/sneaker-to-private-yet) Artist: Christopher Rutledge
- [__Can Groceries Become a Private Island?__](https://www.gemini.com/card/groceries-to-private-island) Artist: Ruye
- [__Can Salad Become Retirement?__](https://www.gemini.com/card/salad-to-retirement) Artist: Zigor

Scan the billboard QR codes or click-through on the digital ads, and you’ll be directed to a Nifty Gateway page where editions of 50 NFTs are on sale for $500 each and an edition of 25 NFTs is on sale for $1,000 each. The artists will donate 20% of their proceeds from the initial sale to a charity of their choice. Additional versions of these ads will appear on other mediums.

At Gemini, we are inspired by the promise of Web3, and how it can change the way we engage with daily activities. The merging of the physical and digital worlds with these innovative ads is a new way to explore the potential of Web3, while at the same time providing a powerful platform to showcase the work of these exciting new artists.

As we enter 2022, at Gemini, we are energized about the year to come and are committed to unlocking the future of financial, creative, and personal freedom through crypto! What’s the best that could happen?

Onward and Upward!

Team Gemini

<sup>1</sup> Issued by WebBank. WebBank and Gemini Constellation, LLC are not affiliated with the sale of NFTs.  
<sup>2</sup> Engaging with crypto involves risks; seek expert advice. Past performance no guarantee of future results. Learn more at [gemini.com/credit-card](http://www.gemini.com/credit-card).

Gemini Ads Available For Purchase as NFTs: ‘What’s the Best That Could Happen?’

At Gemini, we are committed to unlocking the future of financial, creative, and personal freedom through crypto. Central to that effort is the work we do to support the Bitcoin community through the [__Gemini Opportunity Fund__](https://www.gemini.com/opportunity-fund). 

The Gemini Opportunity Fund is a donor-advised fund focused on making Bitcoin more scalable, secure, and sustainable through grants, fellowships, and donations. The fund supports a range of individuals, foundations, nonprofits, and projects that we believe will help to ensure the continued success of the Bitcoin Network.

Launched in December 2020, the Fund has pledged over $2.25 million to date toward supporting the Bitcoin community.

Below is an overview of the support we’ve provided through the Fund:

### Bitcoin Core Developers

In 2021, we announced the sponsorship of four Bitcoin Core Developers: [Amiti Uttarwar](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developer-amiti-uttarwar), [Dhruv Mehta](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developers-dhruv-mehta-and-jarol-rodriguez), [Jarol Rodriguez](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developers-dhruv-mehta-and-jarol-rodriguez), and [Michael Ford](https://www.gemini.com/blog/gemini-sponsors-bitcoin-core-maintainer-fanquake).

- __Amiti's__ main area of work is centered on the security of the Bitcoin Network, and the ways in which nodes connect and communicate with each other. Alongside other Bitcoin Core Developers, Amiti is building a secure, private, and non-influenceable way to store node addresses, enhancing the reliability of the Bitcoin Network. Check out [Amiti’s GitHub](https://github.com/amitiuttarwar?tab=repositories) and this piece about her [Bitcoin Core journey](https://medium.com/@amitiu/onboarding-to-bitcoin-core-7c1a83b20365).
- __Dhruv__ is passionate about the censorship resistance of the Bitcoin Network and has been working on BIP324, which introduces end-to-end encryption for Bitcoin peer-to-peer traffic. BIP324 adds encryption without overhead or risk of network partition, and provides the ability to observe directly. Check out [Dhruv's work on GitHub](https://gist.github.com/dhruv/5b1275751bc98f3b64bcafce7876b489) and some [posts about Bitcoin](https://voluntarymind.com/bitcoin/).
- __Jarol__ is focused on the Bitcoin Network’s graphical user interface (GUI), and is involved in revamping the GUI to enhance user flow and streamline multi-wallet support. Working with fellow Bitcoin Core Developers, as well as the vibrant Bitcoin design community, Jarol is building a functional, appealing, and intuitive user interface for the Bitcoin Network. Check out [Jarol’s work on GitHub](https://github.com/bitcoin-core/gui-qml).
- __Michael__ is currently a Bitcoin Core Maintainer, starting as a Bitcoin Core Contributor in 2012. His current projects include porting the macOS toolchain from a custom system to using the [vanilla LLVM programming library](https://github.com/bitcoin/bitcoin/pull/21778), and enhancing the Linux build system by implementing the use of [an alternative C programming library](https://github.com/bitcoin/bitcoin/pull/23203).

### Foundation and Nonprofit Support

- [__MIT’s Digital Currency Initiative__](https://www.gemini.com/blog/gemini-opportunity-fund-donates-to-mits-digital-currency-initiative) is building a team of senior, specialized open-source developers focused on systemic threat mitigation and rigorous improvements to Bitcoin's underlying infrastructure, including code audits, increasing automation, and novel research into Bitcoin's long-term economic security. The Gemini Opportunity Fund has pledged $1 million over four years to the Initiative. 
- [__The Human Rights Foundation’s Bitcoin Development Fund__](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers) supports Bitcoin developers working to enhance privacy on the Bitcoin Network and ensure that bitcoin is a tool for financial freedom. The Gemini Opportunity Fund provided an initial grant of $50,000 in BTC, which funded grants to Bitcoin entrepreneurs and educators __Farida Nabourema__ and __Roya Mahboob__. Farida is a Togolese human rights activist who is launching “Togo’s Bitcoin Academy,” a Bitcoin education project. Roya is an Afghan entrepreneur and Bitcoin educator who is relaunching “The Women’s Annex,” a platform facilitating bitcoin payments to female content creators. 
- [__Brink__](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers) is a London-based, non-profit fellowship program that will sponsor and mentor exemplary Bitcoin developers. Fellows will work closely with one another and be mentored by Brink founder John Newbery, formerly a Chaincode Labs developer, and Mike Schmidt, a Blockstream alumnus. The Gemini Opportunity Fund provided $150,000 in BTC to support Brink’s fellowship program. 

### Project Donations

- [__Mempool.space__](https://www.gemini.com/blog/gemini-supports-bitcoin-ecosystem-with-usd25k-mempool-space-sponsorship) provides the crypto community with seamless visibility into the bitcoin blockchain without ads, altcoins, or third-party trackers, and we are privileged to have been the project’s first enterprise sponsor, donating $25,000 to support the team’s ongoing development. 
- [__Gemini Green__](https://www.gemini.com/green) is a long-term initiative to incorporate climate-conscious practices into our business. At Gemini, we’re committed to making crypto more environmentally friendly. To that end, in collaboration with Gemini Green, the Gemini Opportunity Fund has designated $1 million to support companies, projects, and nonprofits focused on sustainability in the crypto industry.
- __Summer of Bitcoin__ is a global program that introduces student developers to Bitcoin and open-source development and pairs them with mentors. The Gemini Opportunity Fund donated $25,000 to support the program. 

We are deeply committed to empowering the Bitcoin Network and look forward to expanding our support in 2022. If you think you’re a great candidate for the Gemini Opportunity Fund, or know someone who is, please reach out to us at [opportunityfund@gemini.com](mailto:opportunityfund@gemini.com).

Onward and Upward!

Beth Kurteson  
Managing Director

Gemini Opportunity Fund: Investing in the Future of Bitcoin

At Gemini, we are committed to __building the next generation of financial services by harnessing the transformative power of blockchain technology and crypto__. 

Through the [__Gemini Frontier Fund__](https://www.gemini.com/frontier-fund) — our strategic venture investment arm — we’ve embarked on a journey to support crypto startups and entrepreneurs as they develop, build, and experiment on the crypto frontier. 

It has been a thrilling year for the Gemini Frontier Fund. Following our [public launch in March 2021](https://www.gemini.com/blog/introducing-the-gemini-frontier-fund-betting-on-the-future-of-crypto), we’ve focused our investments in three main areas of innovation: [__Web 3.0__](https://www.gemini.com/cryptopedia/web-3-0-definition-open-internet-decentralized), [__Decentralized Finance (DeFi)__](https://www.gemini.com/cryptopedia/what-is-defi-crypto-decentralized-finance-projects), and __Institutional Tools__. From NFTs and the metaverse to crypto payments and data-driven lending, below is a rundown of some of the companies we’ve invested in this year.

![Blog inline web3.0](//images.ctfassets.net/jg6lo9a2ukvr/32FPdokifghrzXtiPGHd6B/0792743a2877d488e8eb2f2c628c582b/Blog_inline_web3.0.jpg)

- [__Alethea AI__](https://alethea.ai/) is a decentralized protocol to create intelligent and interactive NFTs, or iNFTs. 
- [__RECUR__](https://www.recurforever.com/) designs and develops on-chain branded experiences for fans to buy, collect, and resell NFTs while maintaining smart contract royalties for the creator. 
- [__Somnium Space__](https://somniumspace.com/) is an open, social and persistent virtual reality world, or metaverse.
- [__The Sandbox__](https://www.sandbox.game/en/) is a community-driven platform where creators can monetize gaming experiences in a metaverse built on the Ethereum blockchain. 
- [__Spruce Systems__](https://www.spruceid.com/) is a decentralized identity tool that allows users to control their data across the web. 

![Blog inline Defi](//images.ctfassets.net/jg6lo9a2ukvr/27dTJVijfRjIsyIZwLbriu/e22ac7cba9170fa7e1ec53dbe60d3136/Blog_inline_Defi.jpg)

- [__1inch__](https://app.1inch.io/) is a leading decentralized exchange aggregator. 
- [__Flexa__](https://flexa.network/) is the global leader in pure-digital payments, allowing users to spend crypto at thousands of retailers worldwide.
- [__Zebec__](https://zebec.io/) is a platform built on Solana that empowers real-time, frictionless, and continuous payments, streamlining the settlement of financial transactions. 

![Blog inline institutional tools](//images.ctfassets.net/jg6lo9a2ukvr/3BDp63WLDtqW3SHAWbnPnP/1fe089d35d5b67500fa96f3bb9343dd6/Blog_inline_institutional_tools.jpg)

- [__Elementus__](https://elementus.io/) is the first universal blockchain search engine and institutional-grade crypto forensic solution, with a focus on building the search and analytics capabilities for blockchain and crypto companies. 
- [__Meow__](https://meow.co/) provides corporate treasuries with a regulated way to source yields from new asset classes, serving as a conduit to the expansive world of crypto for legacy financial services.
- [__Messari__](https://messari.io/) has built a suite of data tools to demystify the crypto-economy, including watchlists, charts, research, and more. 
- [__Notabene__](https://notabene.id/) is a compliance platform that helps companies manage regulatory and counterparty risk in crypto transactions. 
- [__Onramp Invest__](https://onrampinvest.com/) is a crypto integration platform for financial advisors, helping managers seamlessly invest in crypto. 
- [__X-Margin__](https://xmargin.io/) is a data-driven lending platform that provides tools to manage the lending and borrowing lifecycle. 

We’ve invested in these companies because, like us, they recognize the profound ways that crypto and blockchain networks will revolutionize society. We believe they will transform the way we interact with, share, and exchange *value* and *ownership*, in the same way that the internet changed the way we interact with, share, and exchange information.

The Gemini Frontier Fund will continue to support entrepreneurs who share our mission to unlock the next era of financial, creative, and personal freedom. Here’s to the brave ones on the cutting edge of crypto and blockchain innovation.

Onward and Upward!

Team Gemini

Gemini Frontier Fund: Investing in the Future of Financial, Creative, and Personal Freedom 

Today, we are delighted to announce __Gemini’s sponsorship of Bitcoin Core Maintainer Michael Ford, aka [Fanquake](https://twitter.com/fanquake)__. Michael’s sponsorship via the [Gemini Opportunity Fund](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers) further supports the Fund’s mission to improve the scalability, security, and sustainability of the Bitcoin Network.

Starting as a Bitcoin Core contributor in 2012, Michael now serves as a maintainer on the Bitcoin Core project, and has recently taken an active role collaborating on new code releases. He also focuses on strengthening the project’s build systems and programming tools, or toolchains.

Michael’s current projects include porting the macOS toolchain from a custom system to using the [vanilla LLVM programming library](https://github.com/bitcoin/bitcoin/pull/21778), and enhancing the Linux build system by implementing the use of [an alternative C programming library](https://github.com/bitcoin/bitcoin/pull/23203).

Michael is the fourth Bitcoin Core Developer sponsored through the Gemini Opportunity Fund, joining [Amiti Uttarwar](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developer-amiti-uttarwar), [Dhruv Mehta](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developers-dhruv-mehta-and-jarol-rodriguez), and [Jarol Rodriguez](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developers-dhruv-mehta-and-jarol-rodriguez).  

The [Gemini Opportunity Fund](https://www.gemini.com/opportunity-fund) is a donor-advised fund that supports Bitcoin Core development through grants, fellowships, and donations. Launched in December 2020, the Fund has pledged over $1.5 million to date toward Bitcoin Core development, and will continue to support the Bitcoin Network and developer community through 2022 and beyond.

We are deeply committed to empowering the Bitcoin Network and its developer community and look forward to expanding our support. If you think you’re a great candidate for the Gemini Opportunity Fund, or know someone who is, please reach out to us at [opportunityfund@gemini.com](mailto:opportunityfund@gemini.com).

Onward and Upward!

Beth Kurteson  
Managing Director

Fanquake's sponsorship via the Gemini Opportunity Fund further supports the Fund’s mission to improve the scalability, security, and sustainability of the Bitcoin Network.

Gemini Sponsors Bitcoin Core Maintainer, Fanquake

On October 31, 2008, an [obscure whitepaper](https://gemini.com/bitcoin.pdf) was published outlining a digital currency that would operate in a fully decentralized, trustless manner allowing users to send and receive monetary value. The pseudonymous author (or authors) of the whitepaper, Satoshi Nakamoto, called the __revolutionary digital currency Bitcoin__. 

Over the past 13 years, Bitcoin has [grown into a global phenomenon](https://www.gemini.com/cryptopedia/bitcoin-satoshi-nakamoto-genesis) ushering in a new wave of innovation across industries. It has inspired thousands of projects founded on blockchain technology, creating a dynamic community of developers, founders, investors, and users.

At Gemini, in addition to providing a secure and [reliable onramp to trade bitcoin](https://exchange.gemini.com/register) through our exchange, we support the Bitcoin ecosystem through grants, fellowships, sponsorships and donations made through the [Gemini Opportunity Fund](https://www.gemini.com/opportunity-fund). Earlier this year, we announced __the sponsorship of three Bitcoin Core Developers__: [__Amiti Uttarwar__](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developer-amiti-uttarwar), [__Dhruv Mehta__](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developers-dhruv-mehta-and-jarol-rodriguez), and [__Jarol Rodriguez__](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developers-dhruv-mehta-and-jarol-rodriguez).

Today, in honor of the Bitcoin whitepaper's 13th anniversary, we want to highlight some of the work Amiti, Dhruv, and Jarol have been doing to support the usability, security, and resilience of the Bitcoin Network.

- __Amiti's__ main area of work is centered on the security of the Bitcoin Network, and the ways in which nodes connect and communicate with each other. Alongside other Bitcoin Core Developers, Amiti is building a secure, private, and non-influenceable way to store node addresses, enhancing the reliability of the Bitcoin Network. Check out [Amiti’s GitHub](https://github.com/amitiuttarwar?tab=repositories) and this piece about her [Bitcoin Core journey](https://medium.com/@amitiu/onboarding-to-bitcoin-core-7c1a83b20365). 

- __Dhruv__ is passionate about the censorship resistance of the Bitcoin Network and has been working on BIP324, which introduces end-to-end encryption for Bitcoin peer-to-peer traffic. BIP324 adds encryption without overhead or risk of network partition, and provides the ability to observe man-in-the-middle attacks directly. Check out [Dhruv's work on GitHub](https://gist.github.com/dhruv/5b1275751bc98f3b64bcafce7876b489) and some [posts about Bitcoin](https://voluntarymind.com/bitcoin/).

- __Jarol__ is focused on the Bitcoin Network’s graphical user interface (GUI), and is involved in revamping the GUI to enhance user flow and streamline multi-wallet support. Working with fellow Bitcoin Core Developers, as well as the vibrant Bitcoin design community, Jarol is building a functional, appealing, and intuitive user interface for the Bitcoin Network. Check out [Jarol’s work on GitHub](https://github.com/bitcoin-core/gui-qml). 

Bitcoin has proven itself deeply resilient, remaining the world’s most popular cryptocurrency and reaching a market cap of over $1 trillion. The strength of the Bitcoin Network is backed by a vibrant community of developers who are helping to maintain and enhance the network by working on the open-source Bitcoin Core. We are thrilled to support Amiti, Dhruv, and Jarol’s important work.

Our industry is poised to continue scaling as more individuals and institutions make the leap into crypto. At Gemini, our mission is to empower the individual through crypto, and supporting the foundations of our industry is central to that goal.  

If you think you’re a great candidate for the Gemini Opportunity Fund or know someone who is, please reach out to us at [opportunityfund@gemini.com](mailto:opportunityfund@gemini.com).

Onward and Upward!

Team Gemini

13th Anniversary of the Bitcoin Whitepaper and the Emergence of a Global Movement. Highlighting the work of Bitcoin Core Devs we sponsor.

13th Anniversary of the Bitcoin Whitepaper and the Emergence of a Global Movement

13th Anniversary of the Bitcoin Whitepaper — the Emergence of a Global Movement

The Gemini Research & Development team recently redesigned Gemini’s security onboarding process from the ground up. As part of that redesign, Gemini now mints a unique non-fungible token (NFT) for every new employee.

The designers we worked with, [Lucas Hearl](https://lucasallendesigns.com/ "Lucas Hearl's website") and [Frank J. Guzzone](https://www.frankjguzzone.com/ "Frank J. Guzzone's website"), provided 1) design parameters for how to randomly generate a 2D image, and 2) a 3D render of a badge to embed in the onboarding page. While originally the plan was to provide the 2D badge image as the NFT, I thought it would be cooler to dynamically generate a GIF/WEBM of the 3D badge and put the 2D badge image on it.

This post will walk you through how I used [three.js](https://threejs.org/ "three.js") to do just that! The code we'll write here isn't _exactly_ the same as the code used in production because I'll be using CodePen to run the examples, but the process is the same.

## Preface: Slightly Above Beginner
While I will be explaining my entire thought process, I won't be going into detail about every feature of three.js that I'm using. If you've never used three.js before, their documentation is comprehensive and they have [a great tutorial series](https://threejs.org/docs/index.html#manual/en/introduction/Creating-a-scene "three.js tutorial") to get you started.

## Step 0: Show Me What You're Workin' With
We're going to take this static prerender of a badge provided to us by the designers,

<video autoplay muted loop>
  <source src="//videos.contentful.com/jg6lo9a2ukvr/32WdJ65g1Xs7dfB5mQanN7/59e6b6c1f4d8476d346b4a5a59892481/GEMINI_NFT_CARD_SPIN__1_.mp4" type="video/mp4">
  Unable to load video.
</video>

recreate the badge in three.js,

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 2.2" src="https://codepen.io/baron-gemini/embed/dyWBjoE?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/dyWBjoE">
  Step 2.2</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

and put this image on it,

![example NFT badge image](//images.ctfassets.net/jg6lo9a2ukvr/1126KO3Cfz566AcA0T6kz5/32b21d802c111c2de0fea97a3d070526/emblem__1_.png)

to make our final product:

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 4.2" src="https://codepen.io/baron-gemini/embed/VwbJdON?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/VwbJdON">
  Step 4.2</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

## Step 1: We Need a Box
The first thing we need is a project structure to work in and a basic badge to manipulate. I started with the structure of the three.js tutorial I linked to earlier and changed the z-dimension of the box to make it more badgelike.

```js
let geometry = new THREE.BoxGeometry(10, 10, 1);
```

I then added an [AmbientLight](https://threejs.org/docs/#api/en/lights/AmbientLight "three.js AmbientLight documentation") and switched the [MeshBasicMaterial](https://threejs.org/docs/index.html#api/en/materials/MeshBasicMateria "three.js MeshBashMaterial documentation") (which doesn't interact with three.js lighting) to a [MeshStandardMaterial](https://threejs.org/docs/index.html#api/en/materials/MeshStandardMaterial "three.js MeshStandardMaterial documentation") (which does):

```js
let light = new THREE.AmbientLight(0x414141, 10);

let material = new THREE.MeshStandardMaterial();
```

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 1" src="https://codepen.io/baron-gemini/embed/MWmMBwr?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/MWmMBwr">
  Step 1</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

I also chose a [PerspectiveCamera](https://threejs.org/docs/#api/en/cameras/PerspectiveCamera "three.js PerspectiveCamera documentation") for the dynamic badge instead of the [OrthographicCamera](https://threejs.org/docs/#api/en/cameras/OrthographicCamera "three.js OrthographicCamera documentation") that the designers used.

## Step 2: Make the Box Shiny
Now that we have the beginnings of a badge, we need to make it look metallic instead of a boring flat white. We can do this by adding some parameters to the [MeshStandardMaterial](https://threejs.org/docs/#api/en/materials/MeshStandardMaterial "three.js MeshStandardMaterial documentation") we're using for the box. While we're here, let's also tweak the depth of the box.

```js
let metal = new THREE.MeshStandardMaterial({
  color: 0xffffff,
  roughness: 0.2,
  metalness: 1
});
let geometry = new THREE.BoxGeometry(10, 10, 0.1);
let badge = new THREE.Mesh(geometry, metal);
```

We won't be able to see how reflective it is unless we add some point lights, so let's add placeholders for the softboxes from the render.

```js
let pointLight1 =
    new THREE.PointLight(0xffffff, 1, 100);
pointLight1.position.set(5,5,10);
let pointLight2 =
    new THREE.PointLight(0xffffff, 1, 100);
pointLight2.position.set(-5,-5,10);
let pointLight3 =
    new THREE.PointLight(0xffffff, 1, 100);
pointLight3.position.set(5,-5,10);
let pointLight4 =
    new THREE.PointLight(0xffffff, 1, 100);
pointLight4.position.set(-5,5,10);

...

scene.add(pointLight1);
scene.add(pointLight2);
scene.add(pointLight3);
scene.add(pointLight4);
```

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 2.1" src="https://codepen.io/baron-gemini/embed/yLbdqNP?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/yLbdqNP">
  Step 2.1</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

That's getting closer, but the render has a different kind of metal on the front than the sides, which we can approximate with some changes to our material parameters.

```js
let metal = new THREE.MeshStandardMaterial({
  color: 0xffffff,
  roughness: 0.2,
  metalness: 1
});
let roughMetal = new THREE.MeshStandardMaterial({
  color: 0xc0c0c0,
  roughness: 0.3,
  metalness: 0.99
});
let geometry = new THREE.BoxGeometry(10, 10, 0.1);
let badge = new THREE.Mesh(geometry,
    [metal, metal, metal, metal, roughMetal, metal]);
```

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 2.2" src="https://codepen.io/baron-gemini/embed/dyWBjoE?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/dyWBjoE">
  Step 2.2</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

## Step 3: What's on the Box?
Now we just have to put the randomly generated unique badge image on the front of the badge! For the purposes of this article we aren't going to generate the image on the fly, but in production the front of the badge is unique to each employee.

First, we need to load the image using a [TextureLoader](https://threejs.org/docs/#api/en/loaders/TextureLoader "three.js TextureLoader documentation") and put it into a [MeshPhongMaterial](https://threejs.org/docs/#api/en/materials/MeshPhongMaterial "three.js MeshPhongMaterial documentation"):

```js
let loader = new THREE.TextureLoader();
let badgeFront =
    loader.load('https://i.imgur.com/Dq3ypnq.png');
let badgeFrontMaterial =
    new THREE.MeshPhongMaterial({
  color: 0xffffff,
  specular: 0x111111,
  shininess: 200,
  map: badgeFront,
  transparent: true
});
```

Putting it on the face of the badge in place of the rough metal means that _only_ the badge material we just made out of the image will reflect the light.

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 3.1" src="https://codepen.io/baron-gemini/embed/QWvXBjv?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/QWvXBjv">
  Step 3.1</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

To get this to work the way we want, we're going to have to do something tricky. First, we're going to make a separate [Mesh](https://threejs.org/docs/#api/en/objects/Mesh "three.js Mesh documentation") with the same [BoxGeometry](https://threejs.org/docs/#api/en/geometries/BoxGeometry "three.js BoxGeometry documentation"). Then we put the badge image on the same face as the rough metal (with no textures for the other surfaces), put it in the same location as the badge, and spin it at the same rate.

```js
let badge = new THREE.Mesh(geometry,
    [roughMetal, metal, metal, metal, metal, metal]);
let nifty = new THREE.Mesh(geometry,
    [badgeFrontMaterial]);

let badgeGroup = new THREE.Group();
badgeGroup.add(badge);
badgeGroup.add(nifty);

...

scene.add(badgeGroup);

...

badgeGroup.rotation.y += 0.015;
```

Now we do the same thing with the Gemini logo and put it on the back of our transparent badge.

```js
let badgeBack =
    loader.load('https://i.imgur.com/8McfMzg.png');
let badgeBackMaterial =
    new THREE.MeshPhongMaterial({
	color: 0xffffff,
  specular: 0x111111,
  shininess: 200,
  map: badgeBack,
  transparent: true
});

...

let nifty = new THREE.Mesh(geometry,
    [badgeFrontMaterial, badgeBackMaterial]);
```

When you pass an array of materials to a [Mesh](https://threejs.org/docs/#api/en/objects/Mesh "three.js Mesh documentation") created with a [BoxGeometry](https://threejs.org/docs/#api/en/geometries/BoxGeometry "three.js BoxGeometry documentation"), three.js assigns those materials to the faces of the box in a specific order. The current orientation of the badge, camera, and lights means that if we pass the `badgeFrontMaterial` as the first array element, three.js will place the "front" of the badge on the current bottom of the badge. 

There are a couple of ways to deal with this, but I chose to change the dimensions of the badge (which changes which side is the "front") and move the camera and lights around to face the new badge front. The net effect is that nothing changes visually, but it's easier for us to work with.

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 3.2" src="https://codepen.io/baron-gemini/embed/ZEKdjbx?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/ZEKdjbx">
  Step 3.2</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

## Step 4: Softboxes or: How I Learned to Stop Worrying and Love RectAreaLightHelper
To get the softbox effect, we're going to replace our [PointLight](https://threejs.org/docs/#api/en/lights/PointLight "three.js PointLight documentation")s with [RectAreaLight](https://threejs.org/docs/#api/en/lights/RectAreaLight "three.js RectAreaLight documentation")s. While it might be possible for someone to picture in their head where the softboxes are relative to the badge and how they're being angled, I'm not that person. 

Thankfully three.js provides a [RectAreaLightHelper](https://threejs.org/docs/#examples/en/helpers/RectAreaLightHelper "three.js RectAreaLightHelper documentation") that shows where the light is positioned and what direction it's facing. I added one helper per light, added [OrbitControls](https://threejs.org/docs/#examples/en/controls/OrbitControls "three.js OrbitControls documentation") to the scene, and commented out the rotation in animate() so I could navigate around the scene to see precisely where I was putting the lights and how they were angled.

To replicate the softboxes we take a still image of the back of the badge from the static render.

![still image of the back of the prerendered spinning badge](//images.contentful.com/jg6lo9a2ukvr/6mykQPNr4u4SzDFEsOhJCk/8f4a65007d7a3f79a9231f88fad93822/Screen_Shot_2021-04-23_at_3.49.11_PM.png)

Then we go softbox by softbox: pick a softbox from the still image, put a [RectAreaLight](https://threejs.org/docs/#api/en/lights/RectAreaLight "three.js RectAreaLight documentation") in with its [RectAreaLightHelper](https://threejs.org/docs/#examples/en/helpers/RectAreaLightHelper "three.js RectAreaLightHelper documentation"), and move it around and change its color and brightness until it looks right. 

This part is easier if you recognize that the designers are trying to make a virtual replica of a photography softbox setup and you [do some research about what softbox setups look like](https://www.google.com/search?tbm=isch&q=softbox%20setup&tbs=imgo:1 "Google Image search for "softbox setup""). Getting these in the right place and at the right brightness is really fiddly so I'll just show the OrbitControls and RectAreaLightHelpers enabled (click and drag your mouse to move around, scroll in and out to zoom).

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 4.1" src="https://codepen.io/baron-gemini/embed/RwVzBrN?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/RwVzBrN">
  Step 4.1</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

The final product!

<iframe height="500" style="width: 100%;" scrolling="no" title="Step 4.2" src="https://codepen.io/baron-gemini/embed/VwbJdON?default-tab=js%2Cresult" frameborder="no" loading="lazy" allowtransparency="true" allowfullscreen="true">
  See the Pen <a href="https://codepen.io/baron-gemini/pen/VwbJdON">
  Step 4.2</a> by baron-gemini (<a href="https://codepen.io/baron-gemini">@baron-gemini</a>)
  on <a href="https://codepen.io">CodePen</a>.
</iframe>

And, there we've done it! We took a static prerendered spinning badge and turned it into a dynamically generated three.js scene that puts the employee's unique NFT badge image on the face.

Onward and Upward!

Baron Oldenburg  
Principal Security Research Engineer

*Decentralization and transparency are central to crypto's ethos. At Gemini, we want to contribute to greater understanding and knowledge around fast-paced technical developments in crypto and help further drive innovation in our industry. We are proud to publish technical content developed by our engineers as we build the future of crypto.*

The Making of an NFT

Over the last 12 months, the non-fungible token (NFT) market has soared. We’ve seen our very own Nifty Gateway achieve [explosive growth](https://www.gemini.com/blog/the-explosive-rise-of-nifty-gateway-and-digital-art). With all this excitement, we’re eager to explore where the space is headed with a particular focus on what value an open royalty standard can bring to NFT creators. 

If you ask participants in the NFT ecosystem what they’re most excited about, you’ll likely hear various different responses, such as:

- Investing in a new asset class
- Being part of a community
- Opportunity to resell for profit
- The positive long term impact of NFT technology

However, a lingering promise since the inception of NFTs, is the idea that there is now *a new medium for creators to monetize their work*. More specifically, royalty payments can now be seamlessly facilitated through blockchain infrastructure. 

Creators have already been making use of the existing royalty payment solutions, and many have already been able to realize a newfound passive income stream. So, what’s the problem? 

__The NFT Royalty Landscape Today__

NFT standards ([ERC-721](https://eips.ethereum.org/EIPS/eip-721)/[ERC-1155](https://eips.ethereum.org/EIPS/eip-1155)) are built on [Ethereum](https://www.gemini.com/cryptopedia/ethereum-blockchain-smart-contracts-dapps). Broadly speaking, marketplaces transfer ownership of NFTs between collectors upon a sale. These transfer mechanisms are made *easy* because of the open standards that exist. These standards have facilitated the proliferation of many NFTs we see today, of course with the exception of some that predated their creation e.g. [CryptoPunks](https://www.larvalabs.com/cryptopunks), [CryptoKitties](https://www.cryptokitties.co/). 

At the time of this writing, an open royalty payment standard is not ubiquitous in the Ethereum ecosystem. Royalty information is siloed to marketplaces and generally not shared. This means that if an NFT is moved off a platform and then sold, the creator won’t receive the royalties that they’re entitled to. 

[EIP-2981](https://eips.ethereum.org/EIPS/eip-2981) is a standard that focuses on signalling to market participants the royalty payment information for a given NFT or set of NFTs. It allows for attaching royalty information to the token itself, thereby making use of a common data store and computation layer that *all* participants can access — the Ethereum blockchain. 

After nearly one year of [discussions](https://github.com/ethereum/EIPs/issues/2907), EIP-2981 was finalized on July 24, 2021. 

__How Does it Work?__

It’s pretty simple. The crux of the problem can be solved by overriding a single [Solidity](https://www.gemini.com/cryptopedia/search?query=Solidity) function in your smart contract.

```
/// @notice Called with the sale   
price to determine how much royalty
//          is owed and to whom.
/// @param _tokenId - the NFT asset   
queried for royalty information
/// @param _salePrice - the sale   
price of the NFT asset specified by   
_tokenId
/// @return receiver - address of   
who should be sent the royalty payment
/// @return royaltyAmount - the   
royalty payment amount for _salePrice

function royaltyInfo( 
    uint256 _tokenId,
    uint256 _salePrice
) external view returns (
    address receiver,
    uint256 royaltyAmount
);
```

The general goal of EIP-2981 contributors is to provide a [gas](https://www.gemini.com/cryptopedia/search?query=gas)-efficient solution while avoiding restrictions on future royalty payment improvements. The simplicity of its design is intentional, with the aim to make adoption simple. As with any standard, adoption is key to its utility. 

In the usual case, for a given NFT *`_tokenId`* and *`_salePrice`*, the *`royaltyInfo`* function will perform a percentage calculation to produce the necessary (and undisputed) information to craft a royalty payment transaction. 

Notice how the function does not concern itself with currency. The existing standards for NFTs (ERC-721/1155) are currency agnostic. In fact, if we zoom out a little, NFT smart contracts aren't even aware of the concept of a "sale". When it comes to more abstract concepts like sales, it is the marketplaces that facilitate them. As a reminder, two key actions occur when a sale takes place:

1. A transfer of funds from the buyer to the seller 
2. A transfer of the NFT from the seller to the buyer

As far as the NFT smart contract is concerned, it can’t tell if an invocation of [`safeTransferFrom`](https://github.com/ethereum/EIPs/blob/master/EIPS/eip-721.md#specification) was a simple transfer of the NFT to another address or an actual sale event. This alone makes enforcing royalty payments on-chain challenging. Specifically when you’re conforming to existing standards that aren’t built with this in mind. 

It’s important for marketplaces supporting EIP-2981 to consider the currency that the NFT sale was denominated in. The royalty calculation should be in the same denomination. So, if an NFT was sold for 45×10<sup>18</sup> [Wei](https://www.gemini.com/cryptopedia/glossary#wei) (45 Ether), then the *`royaltyAmount`* returned from the function would be in the expected denomination (Wei). With that in mind, let’s jog our memory on the fact that math in Solidity does not support fractions and suggest one possible workaround:

1. 2.5% of the *`_salePrice`* should be sent to the receiver, we know that 2.5% of 45 Ether is 1.125 Ether. However, Solidity will compute 1 Ether:<br/><br/>`uint256 result = (uint256(45) * 250) / 10000;`

2. More precision is required, so we can convert Ether to Wei; 45 Ether is now 45×10<sup>18</sup> Wei and Solidity will compute 1.125×10<sup>18</sup> Wei or 1.125 Ether:
<br/><br/>`uint256 result = (45000000000000000000 * 250) / 10000;`

This highlights a potential pitfall that Solidity engineers should be no stranger to. That is, the *`_salePrice`* should be sent in the smallest denomination of the currency tendered. This reduces the likelihood of disputes with respect to how Solidity performs arithmetic operations. To further ensure that precision is kept, implementers should consider using basis points (bps). Notice how 2.5% is denoted as 250 bps and 100% is 10,000 bps. This common unit of measure for percentage interest rates in finance works well here. 

In addition to this, it’s advised to extensively unit test this function before deploying to production. Call sites invoking this function can also check that the *`royaltyAmount`* value that was calculated is sensible 
e.g. *`royaltyAmount < _salePrice`*.

![Blog inline - NFT Royalty Standard](//images.ctfassets.net/jg6lo9a2ukvr/2X6EoBafKOBBNtPiGUGhta/7066605b86e4e3fa2bd7d424bce4977b/Blog_inline_-_NFT_Royalty_Standard__1_.png)
*Image credit: [knownorigin](https://medium.com/knownorigin/eip-2981-simple-and-effective-royalty-standards-for-all-dbd0b761a0f0)*

__EIP-2981 in Action__

A nice example of EIP-2981 in action can be found at this [example implementation](https://github.com/dievardump/EIP2981-implementation). Here we can see royalties implemented on a *per token* basis. In contrast, we can also see globally applied royalties, where every token is associated with the *same* royalty information. This can be achieved relatively easily with some small tweaks to the smart contract.

The cryptocurrency space is known for pushing the boundaries and testing assumptions of existing systems. EIP-2981 is no exception — engineers and enthusiasts can get creative with how the *`royaltyInfo`* function is implemented. Some interesting approaches might include:

- __Fixed royalties__ — this is expected to be the common case where a static percentage is used for every sale.
- __Decaying royalties__ — reduce royalties owed for every transfer event of the NFT over time.
- __Multisig royalties__ — the receiver address could be a multisig smart contract. It may represent a DAO or some effort towards public goods funding.
- __Stepped royalties__ — don’t send royalties if the sale price is below a threshold.

Many contributors see this standard as a necessary building block towards a more open royalties system. For the most part, there's a particular focus on socially enforced royalties; a system where incentives between participants align such that leaving royalties unpaid is disincentivized. It’s a common belief that this approach could prove to be very resilient, and further reinforced by more transparency with respect to royalty payment obligations. 

__What Next?__

For EIP-2981 to become widely supported we must __raise awareness__. Gentle forces can be applied to marketplaces by artists who request it. In addition to this, marketplaces can also anticipate the demand and implement it sooner. 

All things considered, marketplaces will decide on a case-by-case basis whether to support the EIP-2981 standard. With some familiar names in the NFT landscape already supporting it, we’re optimistic others will follow.

We see this as an exciting development and one to keep a close eye on in the coming months. 

Onward and Upward!

Blaine Malone <br/>
Staff Software Engineer, Research & Development <br/> (Co-author of EIP-2981)

*Decentralization and transparency are central to crypto's ethos. At Gemini, we want to contribute to greater understanding and knowledge around fast-paced technical developments in crypto and help further drive innovation in our industry. We are proud to publish technical content developed by our engineers as we build the future of crypto.*

Exploring the NFT Royalty Standard (EIP-2981)

Today, we are thrilled to announce __Gemini Green__, a long-term initiative to incorporate climate-conscious practices into our business. We’re on a mission to empower the individual through crypto, and we want to make sure we do so in a sustainable way.

[Gemini Green’s](https://www.gemini.com/green) initial focus is the energy consumption of the Bitcoin Network, namely the energy used by miners to secure the network. Many miners use renewable energy sources, which emit no carbon dioxide into the atmosphere; however, some miners do not. In an effort to offset the latter, we used reputable data sources to determine the annualized carbon footprint of the Bitcoin Network and then estimated Gemini's usage of the Bitcoin Network to understand our exposure to non-renewable mining. With this information, we have collaborated with Climate Vault, a non-profit organization founded by the University of Chicago, to purchase carbon permits to offset our exposure for the first half of this year. And we plan to continue to do so into the future. We discuss our results, methodology, and implementation below. 

__Result__

We have spent __$4,031,767.35__ to purchase carbon permits to offset the carbon emissions related to Gemini’s usage of the Bitcoin Network from January 1 to June 30, 2021. These carbon permits will prevent __341,965 metric tons of carbon from entering the atmosphere__ — the equivalent of nearly a billion miles driven by a typical passenger car.

__Methodology__

The Bitcoin Network’s energy consumption is a result of miners competing for the bitcoin block reward. This competition involves a computationally-intensive, proof of work (PoW) puzzle, whereby the “winning” miner is rewarded with a set number of bitcoin roughly every 10 minutes. This competition secures the Bitcoin blockchain and continues regardless of whether or not there are any transactions on the Bitcoin Network. Therefore, we define our “usage” of the Bitcoin Network as the portion of the mining process that we benefit from, or rather, the amount of energy consumed by miners to secure the bitcoin that Gemini custodies. We believe that this custody-based approach more accurately reflects Gemini’s usage of the Bitcoin Network as opposed to a transaction-based approach, which ignores the fact that bitcoin at rest are secured by the mining process.

As a result, we calculated the amount of bitcoin we custody as a percentage of the circulating supply of bitcoin to determine our usage of the Bitcoin Network and then applied this percentage to the Bitcoin Network’s total energy consumption to estimate the energy consumption related to our usage. We then offset the energy consumption related to our usage that we estimate to involve non-renewable mining. <sup>3</sup>

__Step 1__: Calculate Gemini’s usage of the Bitcoin Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gemini’s average daily bitcoin balance / Average daily bitcoin in circulation <sup>1</sup> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;= Gemini’s usage of the Bitcoin Network

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,843 BTC / 18,660,225 BTC = __1.34%__

__Step 2__: Calculate the energy consumed by miners related to Gemini’s usage of the Bitcoin Network (2021 YTD).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gemini’s usage of the Bitcoin Network x the Bitcoin Network’s average &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;annualized energy consumption <sup>2</sup> = energy consumed by miners related &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Gemini’s usage of the Bitcoin Network 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% x 106.6913 tWh = __1.434215 tWh__

__Step 3__: Calculate the carbon intensity of the energy used by the Bitcoin Network. “Carbon intensity” is defined as the amount of carbon emitted per unit of energy consumed. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annualized carbon footprint of the Bitcoin Network <sup>3</sup> / Projected annual &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;energy usage of Bitcoin network = carbon intensity of the energy used by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Bitcoin Network <sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.40 Mt CO2 / 126.66 tWh = __476,867.20 mT CO2 / tWh__

__Step 4__: Calculate the carbon emissions related to Gemini’s usage of the Bitcoin Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Energy consumed by miners related to Gemini’s usage of the Bitcoin &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network x carbon intensity of the Bitcoin Network) x (days/year) = &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carbon emissions related to Gemini’s usage of the Bitcoin Network

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.434215 tWh x 476,867.20 mT CO2 / tWh) x (182.5/365) = __341,965 mT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CO2__

__Step 5__: Calculate the cost to offset the carbon emissions related to Gemini’s usage of the Bitcoin Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carbon emissions related to Gemini’s usage of the Bitcoin Network x cost &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per permit to emit 1 mT CO2 = cost to offset the carbon emissions related &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Gemini’s usage of the Bitcoin Network

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341,965 mT CO2 x $11.79 per permit / 1 mT CO2 = __$4,031,767.35__

<sup>1 Bitcoin Blockchain (source:</sup> <sup> [Blockchair](https://blockchair.com/bitcoin))</sup>  
<sup>2 We used publicly available data from the [Cambridge Bitcoin Electricity Consumption Index](https://cbeci.org/) and the [Digiconomist Bitcoin Energy Consumption Index](https://digiconomist.net/bitcoin-energy-consumption/) to determine Bitcoin’s average annualized electricity consumption.</sup>  
<sup>3 We used the data and methodology of the Digiconomist Bitcoin Energy Consumption Index to estimate a carbon intensity coefficient (“Carbon Footprint” and “Estimated TWh per Year”, both as of June 8, 2021).</sup>  

__Implementation__

Gemini Green has teamed up with [Climate Vault](https://climatevault.org/) to offset our carbon emissions. Climate Vault engages directly with government-regulated cap-and-trade markets to buy carbon permits and remove them from circulation by “vaulting” them, which prevents other market participants from using them to emit CO2 and reduces the overall supply of carbon permits, making it more expensive for businesses to pollute. Climate Vault also supports the development of cutting-edge carbon capture and sequestration technologies, further accelerating the removal of carbon from the atmosphere. 

__Looking Ahead__

In addition to purchasing offsets, we have allocated $1 million through the [Gemini Opportunity Fund](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers) to support companies, projects, and nonprofits that are focused on sustainability in the crypto industry. If you are working on a sustainability initiative, we want to hear from you. You can reach out to us at [opportunityfund@gemini.com](mailto:opportunityfund@gemini.com). 

Crypto promises greater choice, independence, and opportunity for all. As a global company, we are committed to raising the bar for environmental stewardship across the entire crypto industry so that we can usher in this revolutionary technology and movement in a sustainable way. If you’d like to learn more about partnering with Gemini Green, you can reach out to us at [green@gemini.com](mailto:green@gemini.com).

We are proud to be __the first crypto platform in the world to offset our carbon emissions__. 

Onward and Upward!

Tyler and Cameron Winklevoss

Introducing Gemini Green: Offsetting Bitcoin Carbon Emissions

Two weeks ago during the Bitcoin 2021 conference, we saw an incredible development in the future of philanthropy. charity: water, a nonprofit focused on bringing clean, safe drinking water to the world, established [The Bitcoin Water Trust](http://charitywater.org/bitcoin). This trust will HODL all the bitcoin donated to it until 2025.

This new charity model — the __HODL MODL__ — creates a new paradigm for charitable giving. It brings the HODL ethos of Bitcoin to charitable giving, and means your bitcoin donation today could make an even bigger impact tomorrow. By donating bitcoin — an investment in the future of money — you’re investing in the future of clean drinking water for years to come.

charity: water will use Gemini’s crypto wallet to accept and HODL bitcoin donations. Our founders, Cameron and Tyler Winklevoss, have agreed to personally match the first 50 bitcoin donated to The Bitcoin Water Trust — a gift that could serve approximately 50,000 people globally with clean water today, but hopefully many more in the future. The funds of the trust will be held in bitcoin and the fund intends to use bitcoin in 2025 and beyond for the construction of its clean water projects across 20+ countries.

charity: water is relentlessly focused on ending the global water crisis by investing in clean water solutions to provide safe drinking water to those who most need it. Currently, 785 million people globally lack access to clean water, and charity: water has provided 12.7M people across 29 countries with this basic need. 

While they began accepting bitcoin donations in 2014, charity: water historically sold the asset to immediately fund construction of new projects. Through their Bitcoin Water Trust initiative, however, they plan to hold onto the asset as an investment, with the hopes of building even more projects and helping more people as bitcoin appreciates in value. 

We’re thrilled to help a fellow mission-driven organization like charity: water accept bitcoin and maximize its humanitarian efforts. 

You can learn more and donate at [charitywater.org/bitcoin](http://charitywater.org/bitcoin).

Onward and Upward!

Team Gemini

Introducing the HODL MODL for Charitable Giving

Today, we are delighted to announce the sponsorships of Bitcoin Core Developers Dhruv Mehta and Jarol Rodriguez. These sponsorships, made through the [Gemini Opportunity Fund](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers), will continue to support the fund’s mission to improve the scalability, security, and sustainability of the Bitcoin Network.

Our sponsorship of Dhruv is in partnership with Square Crypto and the Human Rights Foundation and will support his efforts to improve the security of Bitcoin Network nodes. Dhruv’s work relates to the susceptibility of the Bitcoin Network to DNS and border gateway protocol attacks on Bitcoin seed nodes. 

Our sponsorship of Jarol has been made directly through the Gemini Opportunity Fund. He was recently part of a Chaincode Labs study group and plans to focus on providing support for open issues, reviewing and testing pull requests, as well as improving the Bitcoin Network's graphical user interface. 

Dhruv and Jarol’s sponsorships start this month, and they join [Amiti Uttarwar](https://www.gemini.com/blog/gemini-to-sponsor-bitcoin-core-developer-amiti-uttarwar) as the first three Bitcoin Core Developers sponsored by the Gemini Opportunity Fund. 

The Gemini Opportunity Fund is a donor-advised fund focused on making Bitcoin more scalable, secure, and sustainable through grants, fellowships, and donations. Launched in December 2020, the Gemini Opportunity Fund has pledged nearly $1.5 million toward Bitcoin Core development to date, and plans to continue to support Bitcoin and the developer community going forward.

We are thrilled to collaborate with Dhruv, Jarol, and Amiti as we continue on our mission to empower the individual through crypto. 

Onward and Upward!

Beth Kurteson  
Managing Director

Gemini Sponsors Bitcoin Core Developers Dhruv Mehta and Jarol Rodriguez

Today, we are thrilled to announce Gemini’s __sponsorship of Bitcoin Core Developer Amiti Uttarwar__. Our first direct sponsorship, via the [Gemini Opportunity Fund](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers), will support Amiti on her mission to improve the resilience, security, and usability of the Bitcoin Network.

An alum of Chaincode Labs, Amiti brings a wealth of experience, having previously worked as a full-stack developer in Silicon Valley. She is the first woman known to have contributed to Bitcoin Core and was named to the 2021 Forbes 30 under 30 list for finance as well as to Coindesk’s 2020 Most Influential list.

With a passion for Bitcoin’s potential to redefine how we conceptualize wealth, Amiti’s specific focus will continue to be on improving the privacy, testing, and robustness of Bitcoin’s peer-to-peer layer. Our sponsorship of Amiti will start in June. 

The Gemini Opportunity Fund is a donor-advised fund that supports Bitcoin Core development through grants, fellowships, and donations. Launched in December 2020, the Gemini Opportunity Fund has pledged nearly $1.5 million to date toward Bitcoin Core development, and will continue to support the Bitcoin Network and developer community as Bitcoin further gains widespread appeal.

We are honored to work side-by-side with Amiti and collaborate with her on our mission to empower the individual through crypto, as we continue to build the financial system of the future. 

Onward and Upward!

Beth Kurteson  
Managing Director

Gemini To Sponsor Bitcoin Core Developer, Amiti Uttarwar

Today, we are delighted to announce a $25,000 sponsorship through the Gemini Opportunity Fund to support the ongoing development of open-source blockchain explorer Mempool.space. 

Mempool.space provides the crypto community with seamless visibility into the bitcoin blockchain without ads, altcoins, or third-party trackers, and we are privileged to be the project’s first enterprise sponsor. The sponsorship will enable project maintainers [@wiz](https://twitter.com/wiz) and [@softsimon](https://twitter.com/softsimon_) to continue their work, enhance Mempool.space’s ability to collaborate with other projects, and ensure the site remains as accessible as possible. Our sponsorship was transferred to Mempool.space in BTC and confirmed in [block 676921](https://mempool.space/tx/fc7582f8c2509d84e680d6809055924f212c579b69a0aacb35128c087f0359ee).

To ensure the bitcoin community remains vibrant, the crypto industry must step up and support a range of community projects, built by and for the community. We are proud to help Wiz and Softsimon maintain Mempool.space and support their mission to bolster the bitcoin ecosystem more broadly. 

The [Gemini Opportunity Fund](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers) has already donated $450,000 towards Bitcoin core development since its launch in December 2020, and it will continue to support the Bitcoin Network and developer community going forward. We also recently announced our [Gemini Frontier Fund](https://www.gemini.com/blog/introducing-the-gemini-frontier-fund-betting-on-the-future-of-crypto), a strategic venture fund focused on investing in early-stage crypto projects and startups.

Our donations to dynamic projects and developers within the Bitcoin ecosystem, and to the larger crypto industry, directly complement our mission to empower individuals through crypto and provide our customers  with a simple, reliable, and secure way to engage with the magical crypto frontier. 

Onward and Upward!

Team Gemini


Gemini Supports Bitcoin Ecosystem With $25K Mempool.space Sponsorship

Today, we are proud to introduce the Gemini Frontier Fund, a strategic venture fund focused on investing in early-stage crypto projects and startups. 

We realize that to ensure the continued expansion, increased adoption, and greater success of the crypto ecosystem, we need to support entrepreneurs as they develop, build, and experiment on the magical frontier of crypto. We want to back the next generation of founders and projects by providing them with capital as well as our industry knowledge and expertise. 

The Gemini Frontier Fund is another way for us to help grow our ecosystem alongside the [Gemini Opportunity Fund](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers), which supports Bitcoin Core Development. The Gemini Opportunity Fund has already donated $450,000 towards core development since its launch in December 2020, and it will continue to support the Bitcoin Network and developer community going forward.

We believe crypto will fundamentally redefine the Internet, financial system, and money as we know them. And it will do so in a way that empowers the individual. The Gemini Frontier Fund is here to support the founders leading this movement. It will complement our core business that provides individuals and institutions with a simple, reliable, and secure way to engage with this new world. Here’s to supporting the brave ones building the future.

Onward and Upward!

Team Gemini

Introducing the Gemini Frontier Fund: Betting on the Future of Crypto

The [Gemini Opportunity Fund](https://www.gemini.com/blog/gemini-opportunity-fund-launches-to-support-bitcoin-core-developers) is pleased to announce a __$1 million dollar gift__ to the __Digital Currency Initiative (DCI) at the Massachusetts Institute of Technology's (MIT) Media Lab__. This gift will be made in $250,000 installments over four years. 

The DCI will use the funds to support open-source development and advance the security of the Bitcoin protocol. This will include funding a growing team of senior, specialized open-source developers focused on systemic threat mitigation and rigorous improvements to Bitcoin's underlying infrastructure, including code audits, increasing automation, and novel research into Bitcoin's long-term economic security.  

In addition to this gift, the Gemini Opportunity Fund recently provided __$50,000 in BTC funding to the Human Rights Foundation’s Bitcoin Development Fund__, which aims to support Bitcoin developers working to enhance privacy on the Bitcoin Network and ensure that bitcoin is a tool for financial freedom, as well as __$150,000 in BTC funding to John Newbery’s recently launched Brink__, a London-based, non-profit fellowship program that will sponsor and mentor exemplary Bitcoin developers. 

We remain deeply committed to supporting the Bitcoin Network and its developer community, and are thrilled to be furthering MIT’s work towards strengthening and ensuring the security of the Bitcoin network now and in the future.

If you think you’re a great candidate for the Gemini Opportunity Fund, or know someone who is, please reach out to us at [opportunityfund@gemini.com](mailto:opportunityfund@gemini.com).

Onward and Upward,

Team Gemini

Gemini Opportunity Fund Donates to MIT’s Digital Currency Initiative

Gemini is thrilled to announce the creation of the *__Gemini Opportunity Fund__*, a donor-advised fund that will support Bitcoin Core development through grants, fellowships, and donations. The *Gemini Opportunity Fund* will look to back Bitcoin Core developers who are working to improve the usability, security, and resilience of the Bitcoin Network.

The *Gemini Opportunity Fund* will initially provide __$50,000 in BTC__ funding to the [Human Rights Foundation](https://hrf.org/)’s *Bitcoin Development Fund*, which aims to support Bitcoin developers working to enhance privacy on the Bitcoin Network and ensure that bitcoin is a tool for financial freedom.

The *Gemini Opportunity Fund* will also provide __$150,000 in BTC__ funding to John Newbery’s recently launched [Brink](https://brink.dev/), a London-based, non-profit fellowship program that will sponsor and mentor exemplary Bitcoin developers. Fellows will work closely with one another and be mentored by John, formerly a Chaincode Labs developer, and Mike Schmidt, a Blockstream alumnus.

These are just our first steps. We are deeply committed to supporting the Bitcoin Network and its developer community and look forward to expanding on our initial support in the future. So, stay tuned for more to come!

If you think you’re a great candidate for the *Gemini Opportunity Fund*, or know someone who is, please reach out to us at [opportunityfund@gemini.com](mailto:opportunityfund@gemini.com).

Onward and Upward,

Team Gemini

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