Crypto Guides, Knowledge & Insights

NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior

NFT Sales Rebound — BAYC, MAYC, Meebits Lead the Pack　　Non-fungible token (NFT) sales volume has rebounded this week after weeks of sliding sales volumes. According to statistics from cryptoslam.io, out of 15 different blockchain networks, seven-day sales have jumped 17.86% this week. Metrics indicate that the aggregate NFT sales volume during the last week was $457.67 million.　　The blockchain Ethereum (ETH) captured the most sales volume with $398 million of the aggregate sold during the week. Ethereum-based NFT sales have increased by 21.61% via 64,347 NFT buyers and 158,169 transactions.　　Out of the top ten blockchains by NFT sales volume this week, Avalanche-based NFT sales jumped 41.06%. Other notable sales increases stemmed from Flow up 13.95% and Binance Smart Chain up 17.54% this week.　　The top five blockchains in terms of NFT sales this week according to cryptoslam.io metrics.　　Metrics further show the top NFT collection rankings by sales volume over the last seven days placing Bored Ape Yacht Club (BAYC) at the top of the rankings. BAYC NFT sales this week jumped 301.26% commanding more than $74.5 million in ether-based sales.　　This weeks fifth-largest sale was Bored Ape Yacht Club (BAYC) #9135 for 216.69 wrapped ethereum (WETH) or $599K.　　BAYCs sister NFT project, Mutant Ape

2022-03-18Deep Dive

EU Regulators Warn Crypto Unsuitable as Investment or Means of Payment for Most Retail Consumers

EU Supervisory Authorities Warn About the Danger of Investing in Crypto Assets　　Three European Supervisory Authorities (ESAs) issued a joint statement warning about the risks of crypto assets Thursday.　　The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) “warn consumers that many crypto assets are highly risky and speculative.” Their statement also outlines “key steps consumers can take to ensure they make informed decisions.”　　The regulators explained that their warning followed “growing consumer activity and interest in crypto assets and the aggressive promotion of those assets and related products to the public, including through social media.”　　The supervisory authorities stated:　　These assets are not suited for most retail consumers as an investment or as a means of payment or exchange.　　They noted that consumers “face the very real possibility of losing all their invested money if they buy these assets.”　　Furthermore, the ESAs cautioned that consumers “should be alert to the risks of misleading advertisements, including via social media and influencers” and “should be particularly wary of promised fast or high returns, especially those that look too good to be true.”　　Consumers should also be aware of “the lack of recourse or protection available to them,

2022-03-18Deep Dive

ICP founder wants to incentivize Russians to end the war

As the conflict in Ukraine takes on new dimensions, Dfinity founder Dominic Williams has suggested a solution to end the conflict. However, there‘s a catch. It’ll cost at least $250 million and relies on Russia not shutting down its internet.　　He posted the proposal, titled “Proposal to hasten the end of attacks on Ukraine using smart contracts and $250m in bitcoin and ether,” on his medium page on March 15. The proposal solely focuses on countering disinformation and propaganda among the Russian populace.Countering disinformation with blockchain tech　　In Williams‘s opinion, most Russians are ignorant about the reality of what’s happening in Ukraine. Thus, informing them will make them stand up against the government and pressure it to bring an end to the conflict.　　According to Williams:　　“We should not hold out too much hope that sanctions alone will turn the Russian population against their leaders, for the simple reason that they control their media, which dutifully pumps out carefully-crafted propaganda and false information.”　　The proposal intends to use blockchain technology and smart contract to pass correct facts and information about the war to Russians.　　The smart contracts will verify Russian citizens wholl then be able to watch videos depicting the true state of the war through

2022-03-18Deep Dive

Canadian Central Bank Partners with MIT for CBDC Research

The Bank of Canada- the Central Bank of Canada, announced Wednesday that it has partnered with the Massachusetts Institute of Technology (MIT) to work on a twelve-month research project on Central Bank Digital Currency (CBDC).　　The Bank will collaborate with the MIT Media Lab‘s Digital Currency Initiative (DCI) team to examine how distributed ledger technology could affect the potential design of a CBDC, therefore building on the DCI’s ongoing research into CBDC. The exploration will assist in informing the Bank of Canadas research effort into CBDC.　　The project forms part of the Banks already task on more comprehensive research and development on digital currencies and fintech. The research project will focus on exploring and experimenting with potential technology approaches to determine how a CBDC could work.　　Canadas Central Bank mentioned that it would provide an update on the findings and outcomes at the end of the project period. However, the regulator said that it has not made a decision on whether to introduce a CBDC in Canada.　　Pandemic Accelerating Canadas CBDC Work　　Early last year, Timothy Lane, the Deputy Governor of the Bank of Canada, disclosed that the central bank had no plans to issue its own digital currency during that time. He, however, stated

2022-03-18Deep Dive

HSBC Enters Metaverse Space through Collaboration with the Sandbox

HSBC Bank announced Wednesday a partnership with The Sandbox, a blockchain gaming platform, to build its presence in the Hong Kong-based companys metaverse.　　Through the partnership, HSBC acquired a plot of LAND, virtual real estate in The Sandbox metaverse, which it will develop to engage, entertain, and connect with sports, esports and gaming enthusiasts.　　The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences in the Ethereum blockchain. The Sandbox is a subsidiary business owned by Hong Kong-based blockchain gaming developer Animoca Brands.　　Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC, highlighted more about the bank‘s new venture and stated: “At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve. Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive and accessible.”　　Besides HSBC, companies such as Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Adidas, Deadmau5, Steve Aoki,

2022-03-18Deep Dive

Binance Gets Business License to Offer Trading Services in Dubai

Binance, the world‘s largest cryptocurrency exchange by trading volume, announced Wednesday that it has obtained a license from Dubai’s Virtual Asset Regulatory Authority (VARA) to carry out some business operations in the region.　　Binance received the greenlight as Dubai adopted its first law governing virtual assets last week and formed VARA as a market regulator to oversee the sector.　　In a statement, Binance said, “the exchange will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market.”　　As part of the agreement, Binance said that it would also anchor a blockchain technology hub in the Dubai World Trade Centre (DWTC).　　Helal Saeed Almarri, DWTC Authority Director-General, further elaborated about the announcement and said: “Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem that is subject to comprehensive legislation and internationally applicable policy frameworks.”　　The United Arab Emirates (UAE) has been pushing to build the virtual asset sector and regulation to attract new business forms as regional economic competition rises.　　In December, Binance disclosed that it was collaborating with DWTC to assist in creating an international

2022-03-18Deep Dive

Here are the facts on the alleged sabotage on the DMR Token

Bahamas-based Dreamr App‘s native token DMR’s launch was planned for August 31, 2021. However, it was delayed until September 12, 2021. Moreover, there were further complications with the additional token releases. These delays caused the DMR token to lose momentum and a 93% value loss within 90 days after token release.　　On the planned launch date, one DMR token was valued at around 0.13 USDT. It performed fairly well during the delay and dumped rapidly after the launch. Since then, it has been valued at approximately 0.0015 USDT.　　According to the Dreamr team, their token release was sabotaged, and they filed a lawsuit against the allegedly responsible actors to retrieve their lost capital.What is Dreamr App？　　Dreamr app was launched in 2015 to create an ecosystem where participants could support each others dreams.　　The app users can declare their dreams in a text or media format to receive support, start crowdfunding or establish partnerships with other users to make their dreams come true. App users also include graphic designers or software engineers looking for new opportunities.　　DMR tokens are Dreamrs governance currency. Users can either earn their DMR tokens from within the app by participating in giveaways or purchase from the Bittrex Global exchange platform.

2022-03-17Deep Dive

Russia sanctions could push other countries to develop their CBDCs

Banking executive Hiromi Yamaoka believes that the conflict in Ukraine could influence central bank digital currencies (CBDCs) policy globally. 　　The former head of payments and settlements department at the Bank of Japan sees countries such as China exploring CBDCs to counter the dominance of US dollars.China, others could explore CBDC to counter US Dollar dominance　　Since Russia invaded Ukraine on its “special military operation,” world powers led by the US have imposed strict sanctions. Most of these sanctions have cut the countrys access to foreign exchange, making it impossible to make settlements in US dollars.　　According to Yamaoka, sanctions using financial infrastructure should not be overused to maintain efficacy. He added that 　　The most effective, powerful weapon was the freezing of Russias foreign reserves.　　Yamaoka continued that these sanctions have shown the effect of politics and national security on global financial infrastructure. Seeing just how much power western countries wield with this sanction, China may promote its digital yuan as an alternative currency for cross-border settlements. 　　Yamaoka said China could “create a currency bloc,” and from now on, “defense and national security will likely become key themes when debating CBDC.”CBDC roles to become more pronounced　　His statement echoes Chinas intention when it created the

2022-03-17Deep Dive

Instagram Is Working on Bringing NFTs to the Platform in the 'Near Term,' Says Meta CEO Mark Zuckerb

Meta CEO Hints NFT Features Are Coming to Instagram　　It seems NFTs are coming to Instagram soon, according to statements from Meta‘s CEO Mark Zuckerberg at SXSW this week. Zuckerberg spoke with Shark Tank’s Daymond John at the event, and he explained that Instagram users will be able to mint NFTs as well.　　News concerning Instagram‘s venture into the NFT world originally stemmed from the company’s CEO ,Adam Mosseri, during an AMA. Furthermore, the news publication the Financial Times (FT) spoke with unnamed sources familiar with the matter at the end of January 2022.　　FT‘s report quotes the unnamed sources who said both Meta and Instagram are conversing about “launching a marketplace for users to buy and sell NFTs.” Zuckerberg’s details to the Shark Tank co-star indicate the launch might be sooner than most think. While the Meta CEO did not share many details, he said: “We are working on bringing NFTs to Instagram in the near term.” Zuckerberg added:　　I‘m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment.Meta Sells Diem IP, Firm Intends

2022-03-17Deep Dive

British Investment Bank HSBC Joins Metaverse via Sandbox, Animoca Brands Partnership

HSBC Steps Into the Metaverse　　Over the last 12 months, The Sandbox has attracted a great number of businesses and celebrities to the blockchain virtual gaming platform. For instance, The Sandbox has enticed Snoop Dogg, Deadmau5, Atari, The Care Bears, The Smurfs, Gucci, Warner Music Group, Adidas, PWC Hong Kong, Samsung, Square Enix, Ubisoft, and more.　　On Wednesday, Animoca Brands and the British bank HSBC announced the companies have inked a partnership deal and that the global financial services provider will engage with other finance providers and sports communities within The Sandbox metaverse.　　“The groundbreaking partnership between The Sandbox and HSBC will see the global financial services provider acquire a plot of LAND, virtual real estate in The Sandbox metaverse, which will be developed to engage and connect with sports, esports, and gaming enthusiasts,” the announcement on Wednesday notes.　　The press release highlights a PWC report that estimates the metaverse market will grow from $45.4 billion to $1.5 trillion by 2030. The financial institution HSBC sees significant potential in the metaverse and Web3 in the future.　　“The metaverse is how people will experience Web3, the next generation of the Internet – using immersive technologies like augmented reality, virtual reality, and extended reality,” the chief marketing

2022-03-17Deep Dive

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