Daily Web3 Headlines You Need To Know
11 October #NFT #Metaverse #DeFi & Trading #Policy&Law
🖼 NFT
CNN accused of rug pull as it abandons its NFT project
You may have already forgotten about it, but Vault by CNN launched in the summer of 2021 as a marketplace for its own NFTs (non-fungible tokens) that would “offer collectors the opportunity to own a piece of history.” Sort of like NBA Top Shot except for media nerds instead of basketball nerds, it minted CNN reports of key events or artistic interpretations inspired by them, creating digital collectibles that owners could show off somehow or trade with others, like baseball cards…(Read More)
From Over $620K to $10: Logan Paul’s Unsuccessful NFT Investment
The American YouTuber, actor, and social media personality — Logan Paul — sits on a $623,000 unrealized loss due to his investment in a non-fungible token (NFT), part of the Azuki collection. His interaction with cryptocurrencies is not successful, too. Due to the market crash, the valuation of his holdings has shrunk by over $500,000…(Read More)
🌖 Metaverse
Metaverse platforms refute ‘misinformation’ about daily active users
User data from DappRadar consists of metaverse users who have also made an in-game purchase with the project’s native token, but the Decentraland and Sandbox projects disagree with that criteria. Ethereum blockchain-based metaverse projects Decentraland and the Sandbox have hit back at reports suggesting low daily user activity on platforms, arguing a “misinformed” metric was used to measure each of the platforms’ daily active users (DAU)…(Read More)
3 Monster Metaverse Stocks to Buy for the Long Haul
Some investors believe the metaverse, which blurs the lines between the physical and digital worlds with virtual reality (VR) and augmented reality (AR) applications, could become the next big computing network and eventually replace the internet. So instead of holding simple video calls, we might hang out with our friends and family with virtual avatars…(Read More)
📈 DeFi & Trading
Bitcoin traders expect sharp volatility, here’s how to profit from it
Analysts who closely monitor traditional markets have started calling for a volatility spike in cryptocurrencies due to dire macroeconomic conditions. Signs of stress coming from credit markets took investors by surprise after the British pound hit a record low against the U.S. dollar on Sept. 26 and liquidity concerns surrounding major global banks like Credit Suisse and Deutsche Bank are boosting traders’ bearish sentiments…(Read More)
Ethereum-scaling protocol zkSync’s layer-3 prototype set for testing in 2023
A new layer-3 prototype aimed at further solving Ethereum’s scalability issues is set to be deployed for testing as soon as Q1 2023. zkSync, a provider of zero-knowledge blockchain solutions, on Oct. 10, announced it is aiming to deploy a new EVM-compatible layer-3 prototype called “Pathfinder” on test netearly next year…(Read More)
Binance, Sequoia still backing Elon Musk’s bid for Twitter
Binance and tech investor Sequoia Capital are reportedly still backing Tesla CEO Elon Musk’s $44 billion takeover bid of social media platform Twitter. Sequoia Capital already committed $800 million to the deal back in April before Musk subsequently got cold feet. According to an unnamed source familiar with the matter, the firm will keep that capital allocation to support the deal now that the deal is reportedly back this month…(Read More)
Crypto Lending Platform Moon Mortgage Raises $3.5M Seed Round
Crypto lending platform Moon Mortgage has raised a $3.5 million seed round. The funds will be used to finance Moon’s mortgage lending product, CryptoMortgage. CryptoMortage takes investors’ digital assets as collateral, and then provides 100% financing for investment properties. Investors can also use Moon Mortgage to take out a loan against the value of their digital assets…(Read More)
⚖️ Policy & Law
Coinbase gains in-principle approval for Singapore crypto license
The Singapore-based arm of the United States cryptocurrency exchange Coinbase has received “in-principle approval” to provide crypto services in Singapore from its central bank, the Monetary Authority of Singapore (MAS). CEO of Coinbase Singapore and the exchanges’ regional director for Southeast Asia, said Singapore is a key institutional market for the exchange in Asia due to businesses there continuing to show interest in and gain exposure to crypto…(Read More)
‘Fear’ May be Keeping Ooki DAO From Mounting Defense Against CFTC
Ooki DAO, the first so-called decentralized autonomous organization (DAO) dragged to court over alleged lawbreaking in the U.S., is struggling to muster a response to the Commodity Futures Trading Commission (CFTC) with just days to go before it risks automatically losing its case…(Read More)
EU Commission Launches Proposal for Study of Automated DeFi Supervision
The European Union Commission has put out a call to study “embedded supervision” of decentralized finance (DeFi) protocols on the Ethereum blockchain, signaling greater EU regulation is on the horizon. The pilot aims to “develop, deploy and test” a built-in technology to supervise activities within the decentralized finance space. Researchers will gather automated supervisory data directly from the Ethereum blockchain to monitor DeFi activity in real time…(Read More)
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