Visa now makes a full head plunge into the NFTs following its evaluation of the technology behind the assets. The global payment giant described NFTs as having the potential to serve as the engagement medium for fans. Visa made this description through its recent whitepaper publication.
The publication suggests that Visa sees non-fungible tokens as a crucial innovation during the recent pandemic. The publication observed that strict restriction orders cause a limitation to live sports, music festivals, and entertainment.
Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO
The emergence of NFTs came when fans are eager to join digital communities that portray their favorite sports teams and artists.What Will Trigger The Move For NFTs?
Professional sports got the hardest blow from the pandemic. There’s an estimation of an $18 billion revenue loss across the major global leagues.
Visa envisages that this further pushes for the need for revenue diversification and more focus on technology. This will bring repositioning for more business growth opportunities and gain more fans’ attention and participation.
According to the report, NFTs are attractive to fans, leagues, teams, talents, and collectors. It further unveils the peculiarity of the NFTs as the basic sources of fan engagement, fresh revenue streams, and customer relationship management. However, the major utility situations of NFTs so far are art, gaming, and collectibles.
The release of the whitepaper came with an announcement from Visa on the purchase of CryptoPunk 7610, its first NFT. Visa bought the NFT for $150,000, and the token has its proof of ownership stored on the Ethereum network. The collection comprises 10,000 unique NFTs.
Industry sources record the sales of 2,519 CryptoPunk collectibles within the past 30 days—the sales sum amount to $467.4 million. The highest-grossing sale within the period falls on CryptoPunk 7252, sold for 1,600 ETH, worth $4.5 million.
Besides the increased adoption for CryptoPunk, NFTs are also gaining popularity in other niches. There’s a report that the NFT marketplaces net sales in August will surpass $900 million.
This sets the industry’s new record. The previous record, set in May, was when the net NFTs sales hit $255 million. The month of May saw the crypto markets reaching new all-time highs and then proceed to a multi-month correction experience.
Related Reading | Cream Finance Loses $25 Million To A Flash Loan Attack
Visa’s plunge into NFTs is not a surprise move as the company already has a growing interest in cryptocurrencies. The firm had a recent agreement with Zipmex, a crypto platform.
This results in the provision of crypto payment integration within the Asia-Pacific region. In addition, earlier in the year, Visa confirmed its commitment to establishing crypto payment and fiat on-ramps. This was its move to boost the class of digital assets.Featured Image From Pixabay
The former executive of the first blockchain listed publicly is now the current CEO of Binance Australia. The exchange announced Leigh Travers’s appointment. The new CEO was formerly the chief executive of DigitalX, a locally known blockchain technology and payment enterprise.
Leigh Travers served seven years at DigitalX. He also served as a board member in Blockchain Australia, the local leading blockchain sector body. DigitalX broke records as the first publicly-listed blockchain organization in June 2014.
Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos
This announcement was made after the firm completed the reverse takeover of Macro Energy Ltd, an Australian Stock Exchange-listed Firm.Travers Reaction To The New Office
Leigh Travers disclosed that his priority is to build relationships for Binance Australia with regulators. Also, he emphasized that he aims to grow Australia’s brand.
He stated that the company has a special part to play: to become involved in assisting in structuring the industry’s growth. That is why; they need to prioritize conversations and engagements with regulators and policymakers, says Travers.
In his speech, Travers added that “looking from the industry’s viewpoint, I’m aware that it is essential to continue developing the sector’s relationship with the regulatory bodies. Also, we need to strengthen Binance Australia’s dedication to compliance as well as best practice.Binance Australia Launch
July 2020 brought the official launching of crypto exchange Australia. Meanwhile, InvestbyBit operates the Australian Binance subsidiary.
InvestbyBit is a locally operating digital asset platform that AUSTRAC (Australian Transaction Reports and Analysis Centre) regulates. The platform went into operations on Sept. 2017.
As we gathered from the Australian Business Register reports, on February 22, 2019, InvestbyBit was rebranded to Binance Pay. Four days later, it changed its brand to Binance Lite. Then, again on August 6, 2020, the company undertook another rebranding to become Binance Australia.
In April, Jeff Yew, the former CEO of Binance Australia, resigned from the company. After leaving Binance Australia in April, Jeff launched Monochrome in May. Monochrome is a unit trust which targets funds as well as high net worth persons.
In his speech at Sydney Morning Herald last May, Leigh Yew expressed that Australia’s policymakers failed in their duty to deliver sufficient regulatory clarity to the digital asset zone.
Related Reading | Cream Finance Loses $25 Million To A Flash Loan Attack
Thus, he calls for higher regulation in crypto trading exchanges. Most especially since many retail investors and institutions now admire digital assets like Ethereum and bitcoin.The cryptocurrency market is following an uptrend on the daily chart | Source: Crypto Total Market Cap on TradingView.com
Yew acknowledged that Australia is more up-to-date with its regulations as compared to other economies. However, there is the need to work harder on regulation to stop dodgy operators from exploiting everyday investors.Featured Image From Pixabay, Chart From TradingView.com
The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch the central bank digital currency (CBDC).
E-Naira Draft Guidelines
The CBN’s unveiling of the Barbados-based firm as its partner comes shortly after reports suggested that the central bank had released draft guidelines for the e-naira. In justifying the selection of Bitt, Osita Nwanisobi, the CBN’s director of communications, touted the fintech’s “tested and proven digital currency experience.”
These claims by Nwanisobi appear to be supported by a statement on Bitt’s website that suggests the fintech firm had signed a contract to conduct a CBDC pilot for the Eastern Caribbean Central Bank (ECCB). The contract was signed in 2019 and in April of 2021, ECCB finally launched its digital currency.
E-Naira and the Financial Inclusion Cause
As previously reported by Bitcoin.com News, the CBN has set October 1, 2021, as the launch date for its CBDC. The central bank insists this digital currency will deepen financial inclusion, and enable cheaper, faster remittance inflows. The apex bank says it expects the e-naira to enhance cross-border trade as well as the effectiveness of its monetary policies.
The launch of the e-naira by the CBN — if successful — will mark the final culmination of a plan that was set in motion nearly four years ago. The launch will also be seen as an important victory for both the CBN and its anti-bitcoin governor, Godwin Emefiele.
Still, with just a few weeks left before the launch, CBN must cross its fingers that it has done adequate preparation to ensure the e-naira is a success.
What are your thoughts on the CBN’s choice of a technical partner? Tell us what you think in the comments section below.
Big moves from Solana have thrust it into the crypto limelight. Year-to-date gains come in at a whopping +6,100%, with a significant proportion of that coming over the last two weeks.
The Solana team states the technology employed in PoH enables the network, of 200 nodes, to sustain a throughput of 50,000 transactions a second with GPUs. They also claim the high scalability and quick transaction times have attracted a lot of institutional interest.
“With Proof of History, you can create a historical record that proves that an event has occurred at a specific moment in time.”
With a promising outlook, attention turns to what’s next for Solana. Input Output Global (IOG) CEO Charles Hoskinson has voiced an openness to working together, but that depends on finding common ground.
Hoskinson wants to learn more about Solano
Speaking in his latest AMA, Hoskinson broached the question of collaboration by saying “it’s not my call.” Implying it’s the community’s decision to make that happen if they so choose.
Going further, he spoke about the attention Solana has been getting of late and admitted he knows little about the project. However, he’s “genuinely curious” to find out more.
“I notice Solana’s been getting a lot of adoption and it’s been getting a lot of buzz and talk, and it’s certainly performing well in the markets. Whenever that occurs I always take a step back and say, “ah, okay, who are these guys?” And I am genuinely curious.”
Hoskinson said, to satisfy his curiosity, he had commissioned a business intelligence report. He also reached out to Solana and was given a variety of sources to learn more about the project.
“They were very helpful. They sent me over a Twitter private message, several links and places to look, and I’ll read through it, and I’ll probably have a lot stronger opinion and a lot more to say a little bit later down the road.”
What conditions are needed for collaboration with Cardano?
In terms of forming a partnership, Hoskinson stated, if such a thing were to happen, it would come about either through economic, engineering, or scientific purposes.
“If there was such a thing, it would have to break down to either to an area of economic collaboration. Or an area of engineering collaboration. Or an area of scientific collaboration.”
In other words, the reason to cooperate should not be determined by Solana’s current popularity and strong price movement.
Instead, he welcomes cooperation should they discover shared interests in solving the same problem. However, as of now, there is no relationship between the two projects.
The post Hoskinson: These are the circumstances in which Cardano (ADA) and Solana (SOL) will collaborate appeared first on CryptoSlate.
DeFi platforms have seen a steady surge in user activity and token prices, leading some analysts to say that the ‘DeFi Summer 2.0’ is well underway.
After a blistering start to 2021 saw token valuations and trading volumes surge to ignite the current bull market, the DeFi sector as a whole took a break while the NFT sector stepped into the limelight.
While investors' attention was elsewhere, DeFi prices have had time to consolidate and project developers were able to focus on protocol upgrades and in the past month, DeFi-related tokens have been gaining traction and look poised for a breakout in September.
Data from Cointelegraph Markets and TradingView shows that multiple DeFi tokens, including Aave (AAVE), Synthetix (SNX), YFI and SushiSwap (SUSHI) have rallied nearly 40% since May 10, while the price of BTC is still 27% away from its all-time high.
The recent bullishness in DeFi tokens prompted some analysts to point out that the ‘DeFi summer 2.0’ did in fact take place, and at a much larger scale than anyone anticipated.
Y’all wanted DeFi summer 2.0? Well it’s here, but at much larger scale and multichain.— Ryan Watkins (@RyanWatkins_) August 30, 2021
First Matic with its $40M incentive program (1% of supply)
Then Avalanche with $180M (now worth ~$450M)
Today Fantom and Celo with $300M and $100M, respectively.
Solana and Terra next?
On-chain metrics show DeFi is heating up
Evidence that the DeFi space is heating up can be found in various on-chain metrics that indicate a healthy amount of trading activity and an increasing number of new users interacting with DeFi and DEX protocols.
According to data from Dune Analytics, the number of new participants coming into the DeFi ecosystem has risen non-stop over the past year reaching a record 3,285,643 total users as of Aug. 31.
The steady addition of new users has helped to keep activity on DeFi lending protocols and decentralized exchanges (DEX) elevated, with data from Dune Analytics showing that the weekly DEX volume in August reached levels not seen since late May.
For those who are concerned that high transaction fees on the Ethereum (ETH) network may limit the ability for smaller investors to engage with the sector, the growing field of layer-two (L2) solutions like Loopring (LRC) and cross-chain bridges to competing networks like the Solana, ensure that portfolios of all sizes will be able to partake in DeFi investin.
One of the best examples of this has been the rapid rise of the Polygon (MATIC), a layer-2 network that has emerged as a top-ranking blockchain in regards to total value locked (TVL). Data from Defi Llama shows that Polygon is now the fourth-ranked chain in terms of TVL with more than $4.93 billion locked in the network.
With Bitcoin still struggling to gain momentum below $50,000, it’s possible that the market is headed toward an altcoin season and if that occurs, the top DeFi protocols with strong long-term fundamentals are likely to benefit from the bullish momentum.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Former U.S. President Donald Trump has put his weight around cryptocurrencies trashing them as an investment choice over what he referred to as a potential disaster waiting to happen.
In a Tuesday evening interview live call with media outlet Fox business, the 45th president stated that he had lowered his overall investments across the market, blaming the current government under Biden for deterring with the tax cuts that he had introduced during his tenure, leading to a massive inflow of foreign investors into the U.S.
Cryptocurrencies are not his cup of tea
Asked whether he had dabbled in cryptocurrencies or Bitcoin, the former president replied that he was “not a big fan” pointing out that cryptocurrencies were certainly something that most U.S. citizens did not know very much about.
“I don’t. I like the currency of the united states. I think the others are potentially a disaster waiting to happen. I feel that it hurts the United States currency. I think we should be invested in our currency. They may be fake-who knows what they are”.
This is not the first time that Trump has been in a combative relationship with cryptocurrencies. He has on previous occasions expressed his contempt for this technology, often siding with the dollar. In early June, he went on a crypto rant stating “Bitcoin, it just seems like a scam -I don’t like it because it’s another currency competing against the dollar” adding that he wanted the dollar to become the global currency.
In 2019, he threw yet another tantrum at cryptocurrencies saying that they had very high volatility and were based on thin air. He warned that unregulated crypto-assets can facilitate unlawful behavior, including drug trafficking and other illegal activities.
He particularly bashed Facebook’s virtual currency, Diem (previously Libra), pointing out that if Facebook and other companies developing virtual currencies wanted to become banks, they had to seek banking charters and become subject to all banking regulations.
Most Billionaire investors still hesitant about crypto
Trump’s comments come even as a long line of “old-school” investor Billionaires remains apprehensive about cryptocurrencies, often choosing to hold onto gold and other traditional safety nets such as bonds and stocks. Recently, billionaire hedge fund manager John Paulson of Paulson & Co watered-down cryptocurrencies asserting that they have no intrinsic value and will eventually prove to be worthless.
The world’s most famous investor, Berkshire Hathaway’s Warren Buffett has also previously maintained his disdain for crypto asserting that they are just a mirage and do not meet the test of a currency.
Other Billionaire investors such as George Soros and Oystein Stray Spetalen who have both been big critics of cryptocurrencies have however changed tone and declared their approval by investing in various crypto assets and funds.
Despite Bitcoin’s recent recovery from June’s lows showing signs of exhaustion in the past week, stats are still signaling sustained growth of inflows into exchanges and a steady accumulation in the number of wallets with Non-zero balances.
Since prices slightly crossed above and recoiled below the $50,000 psychological level a week ago, traders seem to have become fidgety as price fails to move past $50k building negative sentiments which ironically has only created a solid recipe for a bullish drive, from past experiences.
Increased Exchange inflows
According to on-chain data on Santiment, there has been a significant increase of BTC on exchanges with the largest inflow being recorded especially after Bitcoin hit $50k while stablecoins supply on exchanges hit a new all-time high.
On-chain metrics also denotes that exchange flow balance has managed to recover as the amount of BTC in/out of exchanges substantially stays in favor of coins ‘in’.
$45,000 and $50,000 and key support/resistance coveted areas
According to Ali Martinez, a crypto chart analyst, this inflow could hint that some participants are taking profits throwing traders in a state of limbo as to where price might be headed next.
Going by data on a volume chart he provided, there was a significant amount of trader activity between $45.5k and $49.9k with over 851k addresses buying 395k BTC. At the time of posting the chart, 1.5M addresses were holding 560K BTC just between $47,944 and $49,333.
He asserts that for Bitcoin to advance further, it will thus have to break and close above that supply barrier. Failing to do so would inadvertently throw price into a deeper correction towards $45,830-$44,900 which is a highly concentrated price range and a strong demand zone.
Glassnode has also highlighted the $45k spot as a strong safety net should the asset’s price slip. The $31k-$40k range remains the largest price floor where about 2.98M BTC was accumulated between January and in the following two and a half month-long consolidations.
The $53.7-$59k range which saw Bitcoin reach the trillion-dollar asset milestone saw the lowest accumulation of BTC in the year at 1.33M BTC between March and May. According to exchange records, these are the coins that endured the May-June 50%+ drawdown. However, analysts warn that accumulation in this phase could create an overhead barrier for the price if those diamond hands seek to exit.
The Decentralized Finance (DeFi) sector has witnessed an explosive growth this year. The total value locked (TVL) across all decentralized finance (DeFi) protocols has hit a new all-time high of $84 billion as August comes to a close, according to Data Aggregator DeFi Pulse.
Per ConsenSys’s Q2 2021 DeFi report, billions of institutional capital is flowing into DeFi. As the space is soaring to new heights, it is attracting significant attention from cyber criminals. The attacks on DeFi have become so regular that one protocol has developed a “DeFi REKT database.”
The CipherTrace database alleges that more than 2,500 projects have been ‘REKT’, and a cumulative of almost $474 Million has been lost to Ghostface killers in 2021.
While the overall cryptocurrency fraud rate has declined, DeFi-related frauds and hackings have increased significantly over the past few years. In 2021 alone, the DeFi hacks formed over 60% of the total hack and theft volume of crypto attacks, up by 40% from 2020, according to data from CipherTrace.
DeFi Exploit Outlook 2021
Very recently, Defi cross-chain protocol Poly Network fell prey to the biggest crypto heist in history. The hackers stole approximately $610 million worth of cryptocurrencies from Poly Network operating across the Binance Smart Chain (BSC), Ethereum (ETH), and Polygon. Thousands of people were affected by the hack, PolyNetwork said in a letter posted on Twitter. However, later on, the hacker returned the stolen amount.
Another major flash loan attack was encountered by the DeFi protocol, Cream Finance on August 30, when the lending protocol lost $18 million to scammers. According to early reports from Wu Blockchain, there were two attackers behind the exploit that carried out the heist in merely 17 transactions.
More money, more problems
Clearly, the DeFi industry is journeying onto maturity, and industry players are optimistic about its sustained growth. However, the DeFi sector has become a prime target for hackers. Many DeFi space projects are launched without being audited, and the ones which are audited often have attack vectors that go unnoticed.
Besides this, DeFi exchanges do not have any AML or KYC, so it is easy to execute an attack and launder the money through a DeFi exchange while the perpetrators will remain undetected.
The post DeFi Exploits 2021: CipherTrace Reports $474 M Loss in Flash Loan Attacks appeared first on Coingape.
PRESS RELEASE. TradeStars has launched “Olympic Torch”, the Mainnet of their Fantasy Sports Stock Trading Game, on 31st August, 2021.
TradeStars’ new Fantasy Sports Game allows users to trade Fantasy Stocks of world-class athletes, whose value is directly influenced by the real life performance statistics of the respective player. The Fantasy Stocks can be purchased using USDT for now; fiat payment gateways (for INR and USD) are on their way.
Fantasy Sports Gaming Today
Fantasy Sports Gaming has seen a steady rise in both popularity and valuation over the last decade. The global Fantasy Sports market was valued at $20.7 billion in 2020. It is expected to reach $48.1 billion by 2027, growing at a CAGR of 12.8% from 2021 to 2027.
Existing Fantasy Sports games all work on a similar model, which involves users creating their own ‘dream teams’ of their favorite players and earning points based on how their selected athletes perform in real life. The top users with the maximum points usually win monetary rewards at the end of each tournament or season.
In such games, users are severely restricted in their choice of sportspersons while creating their fantasy teams, which often forces them to change their teams with every match to optimize the available players. Moreover, such apps are only operational during match days.
TradeStars has introduced a completely new sports gaming model which does away with all these limitations.
TradeStars – the NASDAQ for Fantasy Sports
TradeStars has been conceptualized as a NASDAQ for Fantasy Sports Stocks, built on the Ethereum blockchain and powered by Polygon (erstwhile Matic). The trading market on TradeStars is open 24×7, all 365 days of the year.
Fantasy Stocks purchased by users are directly transferred to their wallets. Every transaction is recorded on the Ethereum blockchain, ensuring complete transparency and enhanced security. Integration with Polygon’s Layer 2 scaling solution provides almost instantaneous and gasless transactions, leading to a much superior user experience as compared to most of the existing DApps.
Users who take keen interest in sports can use their sporting knowledge to identify early and purchase the Stocks of promising newcomers which have the potential for more upside. This is similar to purchasing stocks of a growing enterprise while they are still priced low.
NFT Markets for Fantasy Stocks
TradeStars uses NFTs (Non-Fungible Tokens) to represent the real life performance stats of athletes. Moreover, instead of issuing a single NFT to represent each unique athlete (or each Fantasy Stock), TradeStars utilizes the concept of Fractional NFTs and issues what is referred to as “NFT Markets”.
The NFT Markets make it possible for buyers and sellers to purchase or sell any amount of Fantasy Stocks as they want, including fractions. This significantly enhances the liquidity offered for the Fantasy Stocks, and simultaneously provides buyers the flexibility to invest exactly as much money as they want.
As of now, TradeStars has listed Fantasy Stocks of Cricketers from all around the world. Some of the Fantasy Stocks are locked for trading, and will get unlocked only after 10,000 units of that particular Stock are purchased cumulatively.
In the coming months, Fantasy Stocks of sportspersons from various other popular sports will be featured as well on the TradeStars roster, starting with Football.
TradeStars Mainnet Launch
The Mainnet launch event was attended by over 500 viewers. It included various events, including an interactive session with Founder Christian Hentschel, with a $250 reward pool for the best questions. A host of Fantasy Stocks of popular Cricketers will be unlocked by TradeStars. These Cricketers had been selected earlier through decentralized community voting rounds.
The event also saw Anshul Pareek, Head of Marketing, announce various upcoming referral programs and reward campaigns, where participants can win special edition TradeStars Olympic Torch NFTs among other prizes. Apart from that, the Winners of the Warm Up Rewards Campaign, which sought to reward the most active participants of the Testnet phase, were announced.
Speaking about the future of TradeStars, Christian said, “TradeStars is here to change the Fantasy Sports Gaming sector. Now you have a Sports Fantasy game where you can not only apply your sports strategies to earn money, but also enjoy the thrill of Fantasy Stock trading whenever you want. We have just got started, and will constantly bring you new features and contests to keep your adrenaline pumping.”.
Go to tradestars.app to check out the new revolution in Fantasy Sports Gaming.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Binance is improving Singapore’s status as a cryptocurrency and bitcoin hub through its latest hiring maneuvers. The world’s number one digital currency exchange by daily trading volume has announced that it is bringing Richard Teng onboard as the new CEO for its Singapore office.
Binance Is Expanding in Singapore
Teng is a previous Singapore Exchange executive who’s got the skills the company needs to ensure digital currency protocols move forward appropriately. In a statement, Changpeng Zhao – the founder and CEO of Binance – explained:
Richard is a seasoned Board and C-level leader with three decades of financial services and regulatory experience. We are delighted to have Richard leading the Binance Singapore team in securing more strategic partnerships, fostering innovation, and furthering the local cryptocurrency ecosystem in Singapore… Binance is not only a leader in technology innovation; we will also be a leader in regulatory compliance. Having Richard joining us is a big step in that direction.
In the past, Teng served as the CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market. Prior, he was the chief regulatory officer at the Singapore Exchange and the director of corporate finance at the Monetary Authority of Singapore. In an interview, Teng expressed his excitement about joining hands with Binance, claiming:
I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry. I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering with best practices, and complying with regulatory standards. We are witnessing rapid mainstream adoption of blockchain and crypto technology, leading to the need for greater understanding and appreciation amongst individuals, institutions, and governments. We seek to work closely with industry leaders and policymakers to enhance understanding of this fast-growing industry and support its sustainable growth.
The Country Is Moving Forward Greatly
Singapore is establishing itself as one of the biggest crypto havens on the planet as of late. Jason Hsu – a former legislator and now vice president of the Taiwan Fintech Association – explained:
Singapore has a rather pro-business regulatory environment where its regulations are quite clear, although strict. Take cryptocurrency, for example. While other countries in the region are still figuring out how to regulate, Singapore has already set up legislation and policies to allow digital asset exchanges to obtain licenses to operate.
Binance itself has been rather busy as of late, recently getting a greenlight from a high court in London to monitor hacker activities to keep customers safe. The company is working to ensure crime is limited in the cryptocurrency space and has also stated it will be limiting all activity for unregistered users or those who try to dodge know your customer (KYC) protocols.
The post Binance Brings New Manager Onboard to Head Its Singapore Office appeared first on Live Bitcoin News.
Attractive staking options, gameplay teasers and the overall strength of the NFT sector back the massive rally seen in ILV price.
The world of nonfungible tokens and blockchain gaming has seen immense growth and progress towards mainstream adoption in 2021. Recently, the movement picked up steam as an array of celebrities and internet influencers jumped on the hype train by purchasing premium digital collectibles.
One project that has quickly risen in value over the past two months as details about its ongoing development trickle to the public is Illuvium (ILV), an open-world fantasy battle game built on the Ethereum (ETH) blockchain.
Data from CoinGecko shows that after hitting a low of $29.32 on June 22, the price of ILV skyrocketed 1,765% to post a new all-time high at $545.26 on Aug. 13.
Three reasons for the tremendous price growth seen in ILV include the introduction of multi-asset staking features on the ILV protocol, the steady release of teaser clips and NFTs that provide a glimpse into how the gameplay will look and the general strength of the NFT sector which has been gaining momentum since July.
Multi-asset staking opportunities increase token demand
Decentralized finance and its ability to offer users and token holders a yield on their investment has been one most successful trends in the crypto sector.
In an effort to capture some of this momentum, as well as improve the tokenenomics of the ILV token, the team at Illuvum introduced staking capabilities for ILV on June 30, and later they expanded its capabilities to include other popular projects like Axie Infinity (AXS) and Synthetix (SNX).
Get ready, all AXS holders. We’re opening up the Axie Flash Pool on Weds July 28th, at 7am AEST. You can stake now, but rewards don't start until the pool opens.— Illuvium (@illuviumio) July 27, 2021
To get started, go to https://t.co/iXq8uR8CmH
We hope that the Axie Pool will be exciting and beneficial for you!
At the time of writing, the flash pools for staking AXS and SNX are sold out but ILV token holders can earn a 39.77% yield from flexible staking that can be withdrawn at any time, or 79.53% for those willing to lock their tokens on the protocol for 52 weeks.
Users who provide liquidity for the project on SushiSwap can earn a yield that ranges from 283% to 566% depending on the amount of time locked.
Product teasers excite the community
A second reason for the increased attention and excitement Illuvium has received over the past month has been the steady release of new project details and character graphics that have given community members an idea of what the gameplay will look like.
Updated UI for wild encounters! pic.twitter.com/kvgZxOLva3— Illuvium (@illuviumio) August 26, 2021
This strategy of specialized NFTs for influencers helped drive up interest in the project as the influencers promoted Illuvium to their communities and gave them an opportunity to win one of the custom NFTs.
NFT and blockchain gaming sector strength
A third reason for the growth seen in Illuvium has been the overall growth in the wider NFT and blockchain-based gaming sectors, which have been the best performers over the past two month
Some of the breakout stars of the summer include Axie Infinity, a blockchain-based trading and battling game where some players earn enough money to pay their monthly living expenses, and Audius, a decentralized music-sharing and streaming protocol that enables direct transactions between listeners and creators by converting songs into NFTs.
Evidence of the skyrocketing demand for NFTs can be found in the daily trading volume on OpenSea, the most popular marketplace for NFTs, which saw a record $3 billion in sales volume during the month of August.
To add a little perspective, as of Aug. 2 the total year-to-date accumulated volume on OpenSea was $1.02 billion, meaning that the volume seen during the month of August was nearly three times higher than the total volume traded between January 1 and August 2 of 2021.
A word of caution is warranted at these times, however, because the NFT sector has been known to reverse direction at the drop of a hat and send token values plunging as traders race for the exits.
Recent examples of this include Alien Worlds (TLM) and MyNeighborAlice (ALICE), which both experienced significant price increases ahead of their full product launches, only to have their values collapse by more than 90% once released.
If the Illuvium protocol can avoid these pitfalls and make good on its promise to become the first AAA-rated game on the Ethereum blockchain, ILV has the potential to see further price appreciation as the blockchain-gaming industry goes mainstream.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Binance NFT will soon open a premium collection from The State Hermitage Museum to their marketplace, which includes recreations of the museum’s masterpieces.
The Collection: “Your token is kept in the Hermitage”
As Binance just announced, The museum’s NFT collection is titled “Your token is kept in the hermitage” and includes 5 digital reproductions of artworks by legendary artists whose physical works they own.
Specifically, the collection will include virtual copies of:
- Giorgione’s “Judith”
- Vincent Van Gogh’s “Lilac Bush”
- Wassily Kandinsky’s “Composition VI”
- Claude Monet’s “Corner of the Garden at Montgeron”
- Leonardo Da Vinci’s “The Madonna and Child”
The museum will retain one virtual copy of each piece, while another copy will be auctioned on Binance’s virtual marketplace, each at a starting bid of $10k BUSD.
The five winners of the auction will also be presented with an exclusive video of the museum’s general director certifying their copies. He will sign them and show the exact time that each signature is signed.
The auction for the collection’s pieces is set to begin on August 31st, 12:00 pm UTC, and end exactly one week from that time.
Taking Advantage of NFT’s
The museum’s decision to market their NFT’s could be a wise one, given their position. It allows them to duplicate the cultural value of their centuries-old masterpieces on the blockchain at an extremely low cost and sell them for a hefty profit without actually forfeiting their physical copies.
Numerous other cultural icons have also launched their own NFT collections for their ability to generate prestigious value out of thin air. For example, Marvel recently released an NFT collection of over sixty thousand digital superhero statues, which sold out within a day.
Sports superstars have been especially quick to leverage this power. Earlier this month, Lionel Messi launched an NFT collection of artworks featuring himself, which skyrocketed the value of the network’s associated token. Just days before that, the New York Knicks sold 5 digital tickets on Ethereum to commemorate the 2020-2021 basketball season.
On Tuesday, the noncustodial digital currency wallet Metamask announced that the platform has surpassed 10 million monthly active users (MAUs). Year-to-date, Metamask has seen 19x growth since July 2020 as MAUs climbed 1,800% in 12 months.
Metamask Hits Over 10 Million Monthly Active Users
There’s no doubt that Metamask has been a popular Ethereum blockchain wallet that is also compatible with technologies like Polygon, Optimism, and Arbitrum. The wallet was created by the blockchain software company Consensys in 2016 and a great number of decentralized finance (defi) applications support Metamask.
In a Tuesday announcement, Metamask says that in July 2020 the platform saw 545,080 MAUs and by April 2021, Metamask had 3 million MAUs. Today, Metamask has 10,354,279 MAUs and has grown 1,800% since July 2020.
In the announcement, Metamask described some of the drivers that pushed the software’s MAU growth exponentially. For one, Metamask is considered the “primary way” global defi users interact with 17,000 unique Web3 domains. Metamask is also used to access the growing phenomenon of non-fungible token (NFT) assets that have taken the world by storm.
Two other things accelerated Metamask growth and one of them was the token swap feature. Alongside this, the Metamask mobile software gave the blockchain wallet an extra push in September 2020. Metamask’s growth announcement details:
The launch of the mobile version in September 2020 has played a crucial role in rapidly bringing new users from global markets such as the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.
Top 15 Geographical Metamask Regions, Celebration With Decentraland
Metamask says that as of August 2021, the software’s top 15 countries include: the Philippines, the United States, Vietnam, the United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain. Metamask is thrilled about the growth and is partnering with Decentraland on September 2, 2021, to celebrate the milestone.
“Metamask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience,” Dan Finlay, Metamask’s co-founder concluded. “We’re letting users explore new ways of establishing trust on the internet,” he added.
What do you think about Metamask’s MAU growth? Let us know what you think about this subject in the comments section below.
• The person affected by the crypto scam lost $336,000.
• Banksy, the NFT artist, clarifies that his website was hacked.
An art lover spent around $336,000 on a Banksy NFT that turned out to be a fake. This art promoter is recognized worldwide for his street works, sculptures, urban art, and non-expendable token pieces.
This NFT scam is one of the most talked-about in the crypto markets. The NFT artist has otherwise clarified that his website was hacked.
Banksy scam: What happened?
According to the news, a malicious user who created a new section of NFT art broke Banksy’s official website. This supposed hacker published a link where an NFT auction was opened. The auction section disappeared when the artist announced that his site had been hacked.
The affected user offered almost 100 percent extra in the fake auction promoted on OpenSea, the largest NFT market on the internet. Banksy’s work team said this auction was not linked to the artist. However, the team has apologized for what happened.
Non-fungible tokens have shown an incredible rise in the digital art sector since last year. NFTs are “virtual” artworks that people can collect as a unique product. Many companies, artists, and athletes have benefited from the NFT boom for incredible profits.
The scam victim believed that he was buying a new non-expendable token from the artist. It was a very well-planned scam that left irreversible damage to the person who remains anonymous.
NFTs rise worldwide
Non-fungible tokens have impressively gained popularity in art. This NFT market has powered several local UK artists such as Banksy and abroad.
NFTs can be sold for a few dollars or even hundreds of millions, making it a lucrative trade. By March, Mike Winkelmann, a virtual artist known by his nickname “Beeple,” sold an NFT collection for about $69 million in Christie’s, NY. Beeple is among the highest-paid artists on the NFT market, and even his work is the most expensive today.
But the company Zed Run showed a digital work in which a racehorse was seen, and it was for $30 for each piece. The company raised around $250,000 from the entire sale of its horse collection.
While the NFT market looks promising to many, in another respect, it can lend itself to scams like Banksy’s. The UK artist is being investigated for virtual fraud, revealing more details in the coming days. Banksy’s works are still one of the best-selling in Europe, but the artist’s popularity may decline with these scam issues arising.
The Central Bank of Nigeria (CBN) has contracted the services of global fintech firm, Bitt Inc in the developmental efforts targeted at its Central Bank Digital Currency (CBDC) project. The project codenamed ‘Project Giant’ has been under incubation since 2017, with the sole aim of digitizing the country’s official currency, the Naira.
As contained in a press release shared by the apex bank, “the CBN’s selection of Bitt Inc, from among highly competitive bidders, was hinged on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.”
Bitt Inc was invaluable in the development of the pilot programs for several Central Bank Digital Currencies for several Eastern Caribbean Countries. The CBN is looking to tap into the company’s proven experience and role in the digital currency ecosystem as well as in the launch of the CBDC pilot of the Eastern Caribbean Central Bank (ECCB) back in the second quarter of the year.
Guidelines for Digital Naira Launch Already Issued to Banks
Recently, the Nigerian Central Bank issued a 5 stage process to banks and financial players in the country to detail how the digital Naira will be launched.
As reported by local news media, Nairametrics, the Monetary Authority Suite designed to handle first product component that includes the issuance, distribution, redemption and burning of the digital currency. Here, the CBN will also develop the modalities for storing data on a cloud server, as well as in monitoring and analyzing currency transactions.
The other four suites involves the roles of commercial banks in marketing and onboarding users, the development of capacity to process and settle the digital Naira transactions by the government, merchant integration and consumer testing respectively. According to the CBN’s timeline, the Digital Naira project is on track to be launched by the end of the year.
The Global CBDC Momentum
Over the past years, new economies including the United States, and the United Kingdom have thrown their weight behind conducting detailed research and use cases into potential CBDC development and issuance.
Prior to this time, China, Japan, Singapore, and Sweden have advanced efforts in this CBDC pursuit, and Bahamas came off as the first country in the world to officially launch a functional CBDC dubbed the Sand Dollars back in October 2020.
The post Nigerian Central Bank Taps Bitt Inc to Help in its Digital Naira Development appeared first on Coingape.
- The DOT/USDT pair has risen significantly, rising more than 15 percent.
- Our Polkadot price analysis shows that the resistance at $29 has been broken.
- If the Polkadot price fails to turn this zone into support, we can expect retracements.
Polkadot has become one of the top crypto gainers today as it gained more than 15 percent. Another top contender for this spot is Solana (SOL), gaining around 14 percent today. The market has acquired a bullish momentum, and now, we might expect altcoins to rise by huge margins today. Bitcoin was also able to maintain a support level at the $47k mark.
It has been quite a month for Bitcoin, as it was able to turn the bearish trend into a bullish rally, and after that, altcoins have also seen a lot of growth. LUNA and SOL are the topmost gainers as compared to other altcoins. Today, Ethereum has also gained about 6 percent as the entire market is now accelerating positively. But, in order to predict future prices, we will today be using our Polkadot price analysis.
Also, if you are looking to invest in DOT for the longer term, it would be much better to have a look at our Polkadot Price Prediction from 2021 to 2025. Here, you can find price projections for all the years between 2021 and 2025. So, let’s dive deeper into our Polakdot price analysis.
Detailed study of the 4-hour chart: Polkadot price analysis confirms a bullish breakout
In the DOT/USDT 4-hour chart below, it is clearly visible that we are witnessing what we were not able to witness in the months of June-July, i.e., a bullish breakout. The chart has been green all day long, and the Polkadot price has broken above the strong resistance that was present at the $29 level. This was a key movement, and if the price is able to form support here, we might see a future breakout above $30 for the DOT/USDT pair.
The first indicator that we will consider today are the Bollinger Bands and from the reading below, it is clear that the price broke out from the upper corner a few hours ago. Considering the key Moving Averages on the 4-hour chart, the price is trading above the 50-day and the 100-day Moving Averages. The current BTC/USD price rests at $47.7k, which is acting as a support level. If Bitcoin is able to maintain this level and push further, it is clear that we will see all the altcoins rise above their resistances, including Polkadot.
For the 4-hour chart below, we have readings from the MACD indicator and the RSI indicator. The two indicators play a vital role in displaying the market demand for a cryptocurrency. Currently, the trading volume for DOT/USDT has seen a surge of 291.27 percent.
The reading has breached the natural zone and entered the overbought zone as regards the RSI levels. The reading is 73. The overbought position indicates that this might be a good chance to sell the DOT you have in hand and buy at lower prices. Although in case Bitcoin makes its move above $48k, it would be beneficial to keep holding your currencies until the arrival of a red engulfing candle.
For the MACD indicator, the histogram has been flashing green, and the MACD indicator has pressed down the signal line or the orange line. This confirms a bullish divergence for MACD on the 4-hour chart,i.e., higher prices could be reached after some cool-off.
Polkadot price analysis: Conclusion
A direct conclusion that can be made from the above Polkadot price analysis is that the price movement is definitely bullish, and if Bitcoin is able to make its move and rise above $48k, we might see higher prices. Otherwise, we might experience a cool-off period.
Great news surrounding the Polkadot network involves the discussion on DAOs wherein there will be talks about the various new ways using which DAOs are being used. This is another application of the Polkadot Network.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
It's a frustratingly sideways market for Bitcoin bulls as August ends and September, which is typically a boring month for BTC price, looms.
Bitcoin (BTC) continued to range below $50,000 on the last day of August as analysts demanded higher levels in order to continue the bull run.
$51,000 remains the deal-breaker for BTC
Despite highly encouraging on-chain metrics and fundamentals, BTC price action disappointed the market throughout the weekend and beyond as a lack of momentum kept $50,000 at bay.
Major resistance, now solidified on exchanges at $51,000 and above, remains firmly in place and analysts say the outlook remains muted until this level is turned to support.
According to Cointelegraph contributor Michaël van de Poppe, "We clearly stated that $51,000 is the level that Bitcoin has to break through.''
According to van de Poppe:
"...If that happens, we most likely are going into a new impulse wave back to $58,000 at first and then probably a new all-time high."
Despite historic highs being just $17,000 away, these levels seem to be a distant target at the time of writing.
A look at buy and sell levels on major exchange Binance confirmed the need for significant buyer support in order for Bitcoin to exit its current trading zone.
Accumulation set to stave off a major price dip
Others shared the view that Bitcoin was drifting not towards resistance, but to a retest of demand which nonetheless has cemented itself thanks to the previous accumulation phase.
"Slowly but surely, BTC is inching closer and closer toward its next major demand area," said popular trader and analyst Rekt Capital.
The extent of accumulation in the $40,000 range is significant and data suggests that it is unlikely that a significant price drop will ensue.
"With prices pushing above $50,000, and some notable profit-taking covered last week, the market currently sits at the top end of a very high on-chain volume node," analytics firm Glassnode wrote in its latest weekly report on August 30.
The report showed that 1.65 million BTC has a cost basis between $45,000 and $50,000.
"On net, this indicates that a fairly strong set of high conviction investors remain in the market and is a powerful signal for the bulls," analysts added.
Some institutional players, online retailers, and media organizations have called for recruits with experience in crypto or blockchain.
As crypto and blockchain firms grow and need to navigate regulatory and economic challenges for the industry, many have to hire outside to find the best workers. This year, major companies, financial institutions, and even government agencies announced they were searching for fresh blood to help them adapt to the ever-changing crypto space.
In February, major online retailer Amazon posted it was seeking a software development manager in Mexico to help launch “a new payment product.” The Digital and Emerging Payments project was aimed at allowing residents of Mexico to buy cryptocurrencies with cash so they could spend digital currency while shopping on Amazon.
Though there are reports the online retailer intends to accept Bitcoin (BTC) payments by 2022, the company has not officially announced such plans. In July, Amazon said it was looking for a Digital Currency and Blockchain Product Lead for its Seattle office, hinting at a possible change as to how customers pay on Amazon’s websites.
Apple, the largest company in the world by market capitalization, seems to also be focusing on crypto payments based on a recent job posting. In May, the major tech firm said it was recruiting for a business development manager specializing in alternative payments, specifically preferring someone with experience in “alternative payment providers,” including cryptocurrency.
Reaching across industries
Though two of the Big Four may be considering a shift to digital payments, some financial institutions seem to require workers be able to work within regulatory guidelines while still growing the business. In April, the Bank of England announced it was looking for 7 people to fill new positions related to a central bank digital currency, despite the fact it has not officially reached a decision on releasing one. Japan’s Ministry of Finance was reportedly considering increasing its staff to address growth in the crypto market, including regulations concerning fiat-pegged stablecoins.
It seems as though job seekers with both a knowledge of cryptocurrencies or blockchain and the experience to back it up may have their pick of the litter when it comes to employment, given the industry is barely a decade old and has the potential to make money in a variety of companies. In July, major U.S. investment bank JPMorgan started accepting applications for blockchain-focused software developers, engineers, marketers and auditors.
Other firms simply seem to be responding to a growing industry in job postings. The crypto arm of asset management firm Fidelity Investments reportedly wanted to increase its number of staff by 70% in response to additional interest from institutional investors. Major crypto exchange Coinbase is also attempting to gain greater access to some of the 1.4 billion people of India by hiring locals for its engineering, software development and customer support operations in the country.
Reporting on crypto
Even media outlets don’t necessarily have the staff to properly report on the crypto space. News organizations like Bloomberg have dedicated journalists on crypto and blockchain, but Time Magazine is still looking for a chief financial officer who has "comfort with Bitcoin and cryptocurrencies."
According to Neil Dundon, the founder of crypto-focused job agency Crypto Recruit, “one or two years” experience is usually good enough for the industry, given it was only created in 2009. However, just as with the dawn of any new technology like radio, television, or the Internet, interest in and from candidates will likely grow as more institutions offer more options for cryptocurrency and blockchain education to meet demand.
• Ishaan and Aanya Thakur become the youngest people ever to engage in crypto mining.
• The North American brothers spent the entire summer mining Ethereum.
The cryptocurrency market never ceases to amaze, and is that absolutely everyone in the world can take advantage of it. On this occasion, two Siblings named Ishaan and Aanya Thakur earned around $30000 per month from mining crypto.
Ishaan’s younger sister Aanya tells CNBC magazine that they started mining crypto for fun and new financial technology. However, this summer game turned into a gold mine because the guys could mine almost 1 Bitcoin a month.
Thakur brothers and crypto mining
Ishaan and Aanya Thakur, 14 and 9 years old, have earned more than $30,000 per month via mining crypto tokens such as BTC, ETH, and RavenCoin. The siblings, who have operational headquarters in Texas, learned to mine cryptos ease even though mining these tokens is tricky for most people.
Ishaan tells the magazine they started mining crypto by watching tutorials on YouTube. The 14-year-old boy used his gaming computer to mine cryptocurrencies; using his graphics card to decrypt the virtual currencies.
Ishaan says that without the support of his parents, he might not have made as much money. The boy’s parents preferred that Ishaan mine Bitcoin in the summer than spend weeks planted on the PC playing video games. Shortly after Ishaan discovered how to use his computer as crypto mining equipment, he told his sister to help him.
The siblings engaged in Ethereum mining because mining Bitcoin was very difficult. Ishaan confesses that the first day they dabbled in crypto mining, they earned $3.
Thakur brothers crypto company
Now that the Thakur brothers saw that crypto mining was profitable, they were motivated to formalize it. Supported by their father, Manish Raj, the boys created ” Flifer Technologies” on April 30th. In the first month, they earned $1000.
In July, the brothers had the opportunity to buy complex mining equipment such as the Nvidia RTX 3080-ti graphics card, which is specialized for mining Bitcoin. They continued to work on crypto mining, and before the end of August, they were on course to earn around $36000.
According to their father, Manish Raj, they hope to process more than 10 billion Ethereum algorithms per second. However, this process has not been easy because they do not have the required equipment or staff.
On the other hand, mining Bitcoin and other cryptocurrencies are not cheap because each device consumes a lot of energy. The boys currently have 97 processors that their father has financed with a bank loan.