Crypto Guides, Knowledge & Insights

NFT’s Have Dropped By 90% Since May. Is This Goodbye?

NFT has been the buzzword of the blockchain space over the past several months, reaching celebrity status with artists and public figures who were keen to capitalise on the rapidly growing industry. However, the popularity of non-fungible tokens has dropped drastically since May 3rd, when the sale of NFTs reached a peak of $102 million in one day.　　According to data produced by Protos, a mere $19.4 million in NFT sales were processed in the past week, with some suggesting that the NFT bubble has finally popped. While digital collectibles make up the majority of sales, representing half of the current market, overall the number of NFTs sold has dropped by almost 90% compared to the peak in May.　　In its peak, the NFT boom saw droves of celebrities and artists collaborating with NFT platforms such as OpenSea, NBA Top Shot, and Nifty Gateway, with the sales of NFTs reaching lucrative levels for some individuals.　　Perhaps, most famously, it was the sale of Beeple‘s The First 5000 Days that really drew attention from the mainstream. The sale of his NFT at the prestigious art house Christie’s drew global attention in March when his digital collage sold for a staggering $69 million. Since then,

2021-06-03Deep Dive

Must-knows of Digital Currency Trading: Protect You from Frauds!

The rapid growth enjoyed by cryptocurrencies in recent years has made them attractive to many people. However, owing to the extremely intricate blockchain technology, enormous knowledge is required in digital money trading. In addition, numerous frauds are emerging as the decentralization of blockchains is indicative of operating businesses under no regulation. As such, concepts that you must know in digital currency trading are introduced as follows to enrich your knowledge in this field.　　Exchange: It is a marketplace where securities, commodities, derivatives and other financial instruments are traded.　　KYC: It is an acronym for “Know Your Customer”, the identity verification with the aim of compliance and anti-money laundering.　　CEX: It is the abbreviation for Centralized Exchange, referring to exchanges equipped with centralized operation teams. Users should be verified through KYC.　　DEX: It is the abbreviation for Decentralized Exchange, referring to exchanges built on blockchains that operate transactions automatically. No prepaid charges for cryptocurrencies or per-transaction fees are required.　　Erc20, Trc20 or Bep20: They are representative of issuance standards of crypto tokens on blockchains. Crypto assets issued on their own blockchains must abide by the issuance standards accordingly.　　Wallet: It is the vehicle of receiving crypto tokens, presenting as the address of the wallet on its own

2021-06-03Deep Dive

Irish MEP calls for stringent crypto regulations in Europe

Chris MacManus, a Member of the European Parliament (MEP) representing Midland Northwest, Ireland, has called for strict crypto regulations in Europe.　　According to a report on Wednesday, the MEP from Sinn Féin wants wholesale changes to the European Unions proposed cryptocurrency changes.　　MacManus has submitted 45 amendments to the EU aimed at toughening crypto laws in the region. Detailing his proposed crypto regulations, the Irish MEP stated:　　“Under my proposals, all new and existing crypto-assets will require authorisation by a ‘competent authority’ like the Central Bank. Currently, currency founders simply have to deposit a white paper that outlines the cryptos purpose and technology, with no scrutiny whatsoever. These white papers, under my amendments, would also require a lot more detail and transparency.”　　MacManus is also going after mining and with the MEP stating that state authorities would have to examine the potential environmental impact of crypto activities before granting authorization to any project.　　The Irish MEPs recommendation also includes regulations for stablecoin issuers and virtual asset service providers (VASPs). On stablecoins, MacManus called for issuers to hold sufficient capital to back the value of their tokens in circulation.　　Such a provision would mean that stablecoin holders will be able to redeem the value of their “coins”

2021-06-03Deep Dive

Ripple seeks docs from 15 offshore exchanges it says could be ‘fatal’ to the SEC’s charges

Ripple believes records held by offshore exchanges will prove its executives did not violate Section 5 of the Securities Act by offloading XRP on the U.S. public.　　Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, have filed a motion requesting the U.S. Securities and Exchange Commission investigate Bitfinexs parent company, iFinex, and 14 other international crypto exchanges.　　The June 2 motion requests documents from exchanges including iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology　　The motions supporting memorandum notes the letters of request solicit assistance from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta.　　The SEC‘s amended complaint against Ripple accuses Garlinghouse and Larsen of selling more than two billion units of XRP to “public investors” located “all over the world,” with the SEC seeking disgorgement from Ripple’s executives based on the sales.　　Ripple‘s executives deny the SEC’s allegations they violated Section 5 of the 1933 Securities Act, emphasizing that Section 5 specifically prohibits the domestic sale of securities without a registration statement. Garlinghouse and Larsen‘s legal representation counter that their XRP sales were conducted on foreign exchanges and thus outside of

2021-06-03Deep Dive

Former congressman Ron Paul: Bitcoin is money and should be taxed the same

Former presidential candidate and congressman Ron Paul has renewed calls for Bitcoin to be legalized as money and not taxed.　　Paul is a staunch libertarian and author of the Bitcoiner favorite “End the Fed,” who has advocated for the legalization of Bitcoin and other cryptocurrencies in the past. The former congressman has also regularly taken aim against the Federal Reserve for its unchecked money printing since the pandemic began.　　Ahead of his appearance at the Miami Bitcoin conference on June 3, the 85 year-old spoke with streaming financial news provider Kitco News and noted that his goal is to “help legalize the competition, and then I think the people will sort it out. Freedom of choice will sort it out.”　　The former congressman described gold and Bitcoin as money and “competition” to the U.S. Dollar — and highlighted that a major reason investors seek out such alternative forms of money is to hedge against the declining value of the U.S dollar.　　Paul believes that for this reason, “alternate forms of money” should be taxed the same as fiat currency:　　“Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories

2021-06-03Deep Dive

When the Hype Dies Down: Which NFT Platforms are Here to Stay?

Anyone familiar with the cryptocurrency and blockchain community will know that 2021 is the year of Non-fungible tokens. While they have been around for a long time, never have NFTs been so popular with several use cases emerging for them. Over the past few months, hundreds of millions of dollars worth of NFTs have been traded.　　One thing everyone agrees on is that the NFT market is having a great run at the moment. The question, however, remains what will happen when the hype eventually dies？ Which of these NFT projects will survive？ Keeping in mind this is quite important for investors who want to invest in the projects. Here, we will discuss some of the projects with enough value to survive even after the hype dies.　　Terra Virtua　　Terra Virtua brings more innovation to the already innovative field of digital art and NFT. As opposed to other companies in the field, which seperate art creation, exhibitions and marketplaces, Terra Virtua combines all NFT aspects.　　The platform offers an immersive artistic experience that combines virtual and augmented reality through the use of the best technologies available. In addition, Terra Virtua offers a marketplace where you can buy any art piece, but thats not all.　　Artists

2021-06-03Deep Dive

Daymak Set to Put Bitcoin, Ethereum Mining Electric Cars on the Roads

Canadian light electric vehicle (LEV) manufacturer Daymak announced Spiritus - its upcoming electric car that will come with its own comprehensive crypto infrastructure.　　The model should support some crypto operations, including mining bitcoin (BTC), ethereum (ETH), cardano (ADA), and dogecoin (DOGE) during charging. and is set to debut in 2023, the company stated.　　Daymak Spiritus will come with Daymak Nebula, Daymaks crypto suite that includes Nebula Miner and Nebula Wallet, which will turn its vehicles into “environmentally-friendly crypto miner nodes - an unprecedented milestone in the rapid evolution of blockchain technologies,” as the company said. The price of the car starts from USD 18,495.　　Nebula Miner will be equipped with industry-leading graphics processing unit (GPU), which will let the car owners make money while they are parked, while Nebula Wallet aims to be an all-in solution for daily crypto needs.　　“We envision a future where your highway tolls, your parking, and your drive-thru order will be paid directly on the fly with crypto. Your online bills and your banking can be handled through the same software platform paid in crypto. And whereas most vehicles are depreciating while they sit in your garage, the Nebula Miner will make you money while your Spiritus is parked.

2021-06-03Deep Dive

IOTA Reaches Another Milestone With Launch of Decentralized and Feeless Protocol

The IOTA Foundation has announced the launch of their IOTA 2.0 Development Network (DevNet) named “Nectar.” The research prototype is the first full decentralized and feeless Tangle protocol.　　Todays announcement of the Nectar DevNet is just the next in a long line of steps by the IOTA Foundation in their effort to prepare for IOTA 2.0. The foundation has been working toward creating “efficient, sustainable, and secure crypto solutions that scale and require no transaction fees.”　　The “ultimate and decentralized iteration of IOTA”　　Nectar will play an important part in getting ready for IOTA 2.0, the so-called “ultimate and decentralized iteration of IOTA.” The announcement post goes on to talk about the lack of a centralized coordinator as being one of the key differences of the Nectar DevNet.　　The IOTA Foundations blog post also shed light on Nectar relying on network consensus validation with honest nodes earning rewards in the form of “mana.” The way mana works, in this case, is that each time a transaction moves funds, that transaction “pledges” a quantity, or mana, to a node ID.　　The mana then becomes a sort of Proof of Delegated Token Ownership. Mana is earned in one of two ways. By either controlling tokens or having

2021-06-03Deep Dive

Popularity and Move Towards PoS Coins Intensify, Report

Coinshares has released a brief synopsis of the investment inflows and outflows in popular ETPs, mutual fund and OTC trusts, referencing all major digital assets.　　While the crypto market experienced some volatility last week, ethereums (ETH) market share rose to an all-time high of 27%. This new record comes off the back of Ethereum announcing it will be moving ahead with two hard forks – London and Altair.　　Proof-of-stake coins remain popular, with large inflows seen into cardano (ADA), polkadot (DOT), and XRP of $5.2 million, $3.8 million, and $4.5 million, respectively. These inflows echo the sentiments of cardano founder Charles Hoskinson, who believes the crypto industry has decoupled from bitcoin (BTC).　　The growing popularity and move towards proof-of-stake coins has intensified, after Elon Musk raised concerns over bitcoin mining environmental impact, last month. Specifically, he is concerned about the increasing use of fossil fuel, especially coal. While the note does state the benefits of cryptocurrencies, Musk stated that it should not come at the cost of the environment.　　There was good news for the industry, as investors added positions, with net inflows into digital assets of $74 million, last week. The previous weeks volatility had resulted in two weeks of $151 million in

2021-06-03Deep Dive

SuperFarm’s Multi-Purpose NFT Farming Feature Goes Live

In an exciting update for the NFT and digital asset enthusiasts at large, Superfarm, a cross-chain DeFi protocol offering easy, accessible, and innovative ways to create, farm, and sell NFTs, has announced the go-live of its NFT farming feature.　　With the launch of this feature, $SUPER holders and partner projects of the protocol can leverage their holdings in a non-inflationary way. $SUPER is Superfarm‘s utility token that participants use for governance, fees, staking, and NFT drops. Since the protocol’s launch on March 31, 2021, the addition of this core functionality is seen as the most vital inclusion in the journey of Superfarm.　　 Introducing a New Era of Value and Utility　　The launch of SuperFarm‘s claim portal and native launchpad SuperStarter preceded the launch of its NFT mining feature, showing SuperFarm’s commitment and diligence in delivering a robust and extensive product suite in regular phases.　　The addition of the NFT mining feature is not vital solely because it incentivizes the token holders. It is also a crucial step for the entire protocol ecosystem because it allows SuperFarms partner projects to use the protocol in a mutually beneficial way.　　The Growing Importance of NFTs in the DeFi Ecosystem　　DeFi protocols and NFT as a component of the

2021-06-03Deep Dive

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