Daily Web3 Headlines You Need To Know

13 October #NFT #Developers #Metaverse #DeFi & Trading #Policy&Law

🖼 NFT

NFTs create a more frictionless experience for collectors, says RTFKT co-founder
As brands focus on building new use cases during the bear market, a team has come up with combining nonfungible tokens (NFTs) and near-field communication (NFC) chips to enhance the experience of their users. In an interview with Cointelegraph’s Alyssa Exposito, RTFKT co-founder Steven Vasilev shared insights from his experience in creating RTFKT and thoughts on how it is creating an ecosystem of authenticity through NFTs and NFC technology…(Read More)

🔗 Developers

Offchain Labs acquires Ethereum core dev team Prysmatic Labs
One of the core development teams behind the Ethereum Merge, Prysmatic Labs, has been acquired by Offchain Labs, the developer of the Ethereum layer-2 network Arbitrum. Announced in an Oct. 13 blog post by Offchain Labs, the deal’s financial terms were not disclosed, but it was noted Prysmatic Labs chose to join Offchain Labs “for many reasons,” but mainly because of the two companies’ alignment in their core beliefs…(Read More)

🌖 Metaverse

First Mover Asia: How Many Metaverse Users Are There? The Figures Are Debatable and Discouraging
DappRadar’s number relies on analyzing smart contracts from Decentraland that are being interacted with. Decentraland HQ says it’s not looking at the whole picture and only a handful of the hundreds of available smart contracts. Decentraland, instead, offers its own sets of numbers via its portal DCL-Metrics which says that there have been around 7000 unique users in the last 24 hours visiting 6900-odd virtual parcels.
The validity of these numbers begins to dissolve once you take a closer look at them…(Read More)

📈 DeFi & Trading

Bank of China: Digital yuan transactions volume crossed $14B mark
China’s central bank digital currency (CBDC) project has reached the mark of close to $14 billion, or 100.04 billion yuan, of made transactions during its pilot phase. It makes digital yuan, the e-CNY, the most widely adopted CBDC in the world. As the Bank of China reported in the post on its official WeChat page on Oct. 10, by the end of the summer, the number of transactions made in 15 provinces within the CBDC pilot framework had reached 360 million. More than 5.6 million merchant stores already support the digital yuan as a legal tender, according to the post…(Read More)

Russian stablecoin usage surged after Ukraine invasion: Report
A new report from blockchain analytics firm Chainalysis has shown a surge in stablecoin usage in Russia following the Russian invasion of Ukraine, which has since seen sanctions and inflation impacting the country. Released on Oct. 12, the report revealed that the share of stablecoin’s transaction volume on primarily Russian services increased from 42% in January to 67% in March following the invasion and has continued to increase since…(Read More)

Magic Square Valuation Soars Ahead of Next Funding Round
Magic Square, which is a community-driven multi-chain crypto app store, is aiming to raise $4.4 million in its next funding round with a valuation of $120 million, the startup’s CEO Andrey Nayman revealed to TechCrunch. It has onboarded Crypto.com Capital, the venture arm of a popular crypto exchange, as a strategic investor. The partnership will allow Magic Square to leverage the projects listed on Crypto.com for onboarding developers…(Read More)

⚖️ Policy & Law

US SEC Probes Yuga Labs to Determine If Bored Ape NFTs Are Securities
The United States Securities and Exchange Commission (SEC) has reportedly launched an investigation into Yuga Labs Inc., to determine whether the firm’s Bored Ape Yacht Club (BAYC) non-fungible tokens (NFT) are securities. Bloomberg in a report cited a source familiar with the enquiry as saying that the US financial markets regulator wants to determine if the digital asset company’s sale of its NFTs should have been subjected to the same disclosure requirements required of firms that offer stocks to the public…(Read More)

Blockchain.com Gets Regulatory Greenlight from Singapore’s MAS
Blockchain.com has become the latest cryptocurrency exchange to receive regulatory approval from the Monetary Authority of Singapore (MAS), according to a Reuters report. The announcement came only a day after its rival Coinbase revealed its new Singapore in-principal license. With the MAS approval, the crypto exchanges can legally offer crypto products in the city-state…(Read More)

French police use Crypto Twitter sleuth’s research to catch scammers
French authorities have reportedly utilized research from pseudonymous blockchain sleuth ZachXBT to charge five people on suspicion of stealing $2.5 million worth of nonfungible tokens (NFTs) via phishing scams. According to an Oct. 12 report from the Agence France Presse (AFP) shared by Barron’s, the alleged fraudsters built a website that masqueraded as a service that animates the static artwork from people’s Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs…(Read More)

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