Crypto Guides, Knowledge & Insights

CBN set to review the use of eNaira in Nigeria one year after its creation

By: Damian Okonkwo 　　The Central Bank of Nigeria (CBN) has revealed its plans to review the use of eNaira in Nigeria to mark the anniversary of its creation.　　The eNaira was officially launched by President Muhammad Buhari on 25th October 2021. Hence, this weeks Tuesday will mark the anniversary of its launch in the country.　　To mark the forthcoming anniversary this Tuesday, the CBN Director of Corporate Communications - Mr. Osita Nwanisobi revealed in its pre-event preparations statement titled “CBN marks the first anniversary of eNaira” that the body will necessarily access the progress made so far, since the adoption of the eNaira and next explore more viable solutions to further promote the use of the eNaira in the country.　　To further mark the forthcoming anniversary, the CBN revealed that it would hold a one-day workshop on the same day at Lagos which will address the theme: “Leveraging innovation for inclusive growth and development: The eNaira advantages”.　　This workshop is therefore designed to expose to the public the general advantages of using eNaira in Nigeria which has put the country in the global spotlight of developed economies and had attracted many researchers and investors into the country who are now trying to explore the

2022-10-24Deep Dive

New NFT Marketplace Blur Is Courting Professional JPEG Traders With an Airdrop and No Trading Fees

With no trading fees and an airdrop of its native token to JPEG collectors who have continued to trade despite the bad market, a popular new non-fungible token (NFT) marketplace has entered the market.　　With over $14 million in funding from venture capital juggernaut Paradigm, NFT-native investment fund 6529, digital art collector Cozomo Medici, and others, Blur, an Ethereum-based platform, debuted a beta version on Wednesday.　　The platform will soon airdrop its BLUR token to everyone who has traded Ethereum-based NFTs in the previous six months. These features include “floor sweeping” across several marketplaces, reveal “sniping,” and portfolio analytics tools.　　Users who want to take advantage of the airdrop must list one of their NFTs on the exchange, which gives them access to “care packages” that they may later exchange for tokens.　　When the companys token and protocol governance is introduced in January, care packages will be able to be opened using BLUR tokens, according to a statement from the business. This is just the beginning of our efforts to turn Blur into a resource that the entire NFT community can use and profit from.　　The marketplace has devised a rewards program that encourages users to pay royalties in exchange for more BLUR tokens, even

2022-10-22Deep Dive

Twitter Expanding Tweet Tiles Trial Into NFTs

The social media behemoth Twitter is extending the Tweet Tiles trial to non-fungible tokens. Tweet Tiles were previously tested with prominent media publications like The New York Times, The Wall Street Journal, and The Guardian (NFTs). For the capability that enables tweets to display an interactive, customisable widget, a number of NFT markets have been chosen.　　For the pilot, the marketplaces on OpenSea, Rarible, Magic Eden, Dapper Labs, and GuardianLinks Jump.trade have been chosen. The featured partners will thus be able to show vibrant NFTs inside tweets for the first time. GuardianLink, a developer of blockchain and NFT solutions, said in a statement that the format enables a larger image of the NFT to be presented alongside metadata like the title and originator.　　NFT collectors would have a new opportunity to share their digital collectibles if the pilot were to be successful and made available to all Twitter users, the business stated.　　According to GuardianLink, Twitter decided to expand the Tweet Tiles test program to NFT marketplaces after introducing NFT avatars for users who connect their web wallet to confirm ownership.　　As “the ability to embed NFTs, replete with important information and a direct marketplace link, will promote sales and support discovery of new

2022-10-22Deep Dive

Lamborghini To Release Special Limited NFT With World Tour Theme

Three based NFTs and one uncommon NFT are among the four restricted NFTs. There are only 1,963 basic NFTs and 63 unusual design NFTs in existence. Each basic NFT will cost $196.30, while each NFT with an unusual design will cost $1,963. The The Epic Road Trip collection Lamborghini NFT series debuted in August 2022 and will continue through March 2023. 　　Each NFT will be accessible for just 24 hours starting on Monday, October 24 at 4 PM CET through the third NFT series, with the subject “World Tour.” Automobili Lamborghinis commemoration of its illustrious journey since its founding in 1963 is symbolized by the theme “World Tour.”　　Customers are taken on a breathtaking tour of New York City, Japan, Dubai, and their renowned Italian Offices by the theme. Even though the NFT library is small, it nevertheless has some excellent utilities. Customers will be given an NFT token that unlocks a piece of the ultimate limited silver puzzle NFT if they just acquire the base NFTs.　　　　A special NFT token, exposing a portion of the final limited gold puzzle NFT, will be awarded to those who collect the entire set of NFTs, including the special ones. 　　　　If the user accumulates NFTs

2022-10-21Deep Dive

Broker OANDA rebrands and introduces cryptocurrency trading in the US marketplace

For consumers in the United States, OANDA, a long-standing participant in the multi-asset retail trading market, has added cryptocurrency trading functionality to its system. The broker stated on Friday that it had partnered with Paxos, a licensed blockchain infrastructure business, to debut its cryptocurrency trading service.　　Users residing in the United States could now trade spot cryptocurrency on Paxos itBit platform using the OANDA smartphone application thanks to the promising technology, the broker said.　　Jessica Beckstead, the CEO of OANDA within North America, commented:　　“The decision to add crypto access to OANDAs popular forex trading platform was made in response to the needs of active traders—giving them the ability to trade according to their personal style is key,”　　The brokerage, which is headquartered in Canada, revealed its collaboration with Paxos to create a cryptocurrency exchange platform over a month prior to the debut.　　According to OANDA, their platform now includes a cryptocurrency trading capability: “to give investors easy access to crypto alongside their existing forex portfolios in a secure environment.”　　OANDAs Rebranding 　　OANDA announced last weeks launch of a new brand image. Nevertheless, the brokers homepage currently features the new logo. Additionally, OANDA, which further provides currency data and analysis services, said the action demonstrates its

2022-10-21Deep Dive

Cyprus Grants Binance a Crypto License

Binance, a cryptocurrency exchange, improved its legal standing after receiving a new registration from the Cyprus Securities and Exchange Commission (CySEC). The reputable local Binance Cyprus Limited was given the Class 3 registration as a Crypto Asset Services Provider (CASP) on October 20.　　Martin Bruncko, executive vice president of Europe at Binance, noted:　　“Registration in Cyprus is an important step in our European growth and is another sign of our commitment to the region,” Binance is now authorized to provide a variety of cryptocurrency options, comprising trading, custodians, stake, and card services.　　“We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” the executive VP added. 　　About Binance and Cyprus　　In terms of trade volume, Binance is the biggest cryptocurrency exchange in the world. It built its hegemony without requesting the appropriate regulatory approval. But a variety of governmental responses against the exchange pushed it to alter its approach and apply for licenses. 　　Aside from the most recent Cyprus license, Binance has regulatory approvals from France, Italy, and Spain in Europe only. With permits in Abu Dhabi, Dubai, and Bahrain, it also increased its controlled presence in the region. In addition to being a favorite

2022-10-21Deep Dive

Users of Shapeshift are transferred to an open-source smartphone app, fostering decentralization.

In order to fully embrace decentralization, Shapeshift, a single parent cryptocurrency exchange and DAO, launched the release of a new open-source smartphone app on Wednesday. 　　Shapeshift claims that this new change will improve routing, give consumers a more authentic DeFi universe experience, and also give users more flexibility, mobility, and functionality while engaging with the wallets and selling cryptocurrency on the site.　　The smartphone app is completely “open source,” according to Willy Orgorzaly, head administrator for the Fox Foundation, and the sole back is “blockchain data,” which is also moving toward being entirely distributed. 　　Shapeshift has given customers more choices for crypto asset services, such as investing and managing crypto assets, in order to become completely autonomous. Additionally, it has promised that if the companys central technology is entirely worn out, it would irreversibly delete all user data.　　Notably, the company became a DAO last year as part of a larger guarantee of its goals to decentralize its management. This news follows that shift.　　Shapeshift was established in 2014 as a DAO that later transformed into a crypto network that is community-owned and regulated. The system intends to be a gateway to a global banking system as well as an open-source crypto self-custody

2022-10-20Deep Dive

If the insolvency sale is successful, Voyager clients could receive 72%.

According to attorneys, FTX Us has been successful in securing a two-week auction for Voyager as part of an agreement linked to the high court authorization of the creditors payment plan. 　　If Voyager is fortunate to secure a better offer that will pay its clients more, they may decide to terminate the current one. On Wednesday, US Bankruptcy Judge Michael E. Wiles gave his approval to this arrangement.　　Wiles has also encouraged Voyager to include a conventional bankruptcy condition known as a “fiduciary exit.” It enables businesses that are bank-protected to accept greater bids until a deal is completed. Christine Okike, a Voyager bankruptcy lawyer, informed Wiles that FTX is currently the “sole feasible choice” for the business. However, they have decided to modify the fiduciary out so that a superior offer might be taken into consideration.　　Voyager claims that Wiles has been asked for authorization to submit the settlement plan for a vote to creditors and clients. In the event that creditors approve the transaction, Wiles has also been requested to do so. 　　　　The estimated price of the sale of Voyager to FTX is $1.4 billion, of which $51 million will be paid in cash. Additionally, FTX will transfer clients to

2022-10-20Deep Dive

The NFT market declined in Q3 while Bitcoin and the DeFi space saw great traction.

Based on the third-quarter report released by data infrastructure CoinGecko, the most recent information indicates that although cryptocurrency faced a significant market meltdown in Q2 2022, the digital tokens made some comparative comeback in Q3 despite the continuing adverse market circumstances. According to CoinGecko, the research emphasized how this recovery can be seen in the reality that the current valuation of the crypto market grew from a low of $903 billion in July to as high as $1.2 trillion in August.　　　　Even though Bitcoin had a difficult third quarter, it still succeeded in surpassing conventional assets like gold, oil, and other commodities, with the exception of the US Dollar Index (DXY), which measures the worth of the dollar relative to other world currencies. However, when looking at the year to date (YTD), Bitcoin still suffered the most loss (-58%), when compared to all other asset classes. In other words, according to data from CoinGecko, the cryptocurrency has fallen more than 58% year-to-date and is currently trading at roughly $19,113.66 per coin. While still mainly trading in lockstep with US stocks, bitcoin in Q3 fared better than the stock market overall.　　DeFi Rebounds　　The Decentralized Finance (DeFi) market recovered by 31% in the third

2022-10-20Deep Dive

Top Brands in Web3, NFTs and the Metaverse

Despite the “crypto cold,” prominent corporations are still making investments and announcing plans to expand Web3. Examples include Disney and Warner Music hiring people for Web3 expansions and Starbucks unveiling their Odyssey non-fungible token loyalty scheme.　　A lot of companies have already begun introducing NFT lines and pursuing Web3 strategies and investments like purchasing virtual property in the metaverse. The businesses betting on Web3 come from a variety of sectors, with the fashion, beverage, and luxury industries being the most well-represented.　　In addition to looking at brands that have opted to use other blockchains to fuel their Web3 growth, we also included the top NFT revenue on Ethereum. Here are some of the Web3 brands that are already popular and profitable.　　Top brands on Ethereum　　“NFT Brands Revenue Tracker” by kingjames23 (Dune Analytics)　　Nike　　Prior to the more widespread Web3 push, Nike was already moving forward and had been granted a patent for their “CryptoKicks” line of blockchain-connected sneakers. In March 2020, Nike conducted a blockchain trial with Macys and the RFID Lab at Auburn University to improve the sharing of product data throughout the retail supply chain.　　However, Nikes most significant Web3 move came in December 2021, when it purchased NFT shoe studio RTFKT Studios. The

2022-10-20Deep Dive

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