My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.
I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.
One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.
I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.
I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.
I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.
Yuga Labs will restructure, expecting to result in team members’ layoffs.
Company Co-Founder and CEO Greg Solano presented a company memo announcing the restructuring. In his statement, he called today “tough.”
gm, really tough day today. I am hellbent on transforming yuga and getting us back to our roots, and that means making hard decisions. by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning. pic.twitter.com/gBkoNf2iK3
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024
“I am hellbent on transforming Yuga and getting us back to our roots, and that means making hard decisions.”
Greg Solano, Yuga Labs Co-Founder and CEO
In a message to the team, Solano noted that Yuga Labs had lost its way and that it intends to create a smaller, more flexible, and crypto-focused team with the restructuring.
“The creative-first spirit that dove this company from inception has been getting muddied by labyrinthine corporate processes. We work hard and we care but somehow end up with groups and committees. We plan more than we ship.”
Greg Solano, Yuga Labs Co-Founder and CEO
Solano noted that some of the company’s plans have already begun to be implemented. Yuga’s CEO stated that Farawaygg, the web3 game development firm that Yuga used to develop its Dookey Dash game and which recently acquired web3 games HV-MTL and Legends of the Mara, will allow Yuga to focus on creating 3D Otherside games.
On Feb. 21, Solano thanked former Yuga CEO Daniel Alegre and announced that he would take over his post. In the message, he added that he is “reinvigorated to be taking the reins for our next chapter” in the startup’s story.
In October 2023, Yuga Labs announced it was laying off employees from its U.S. team as part of a broader restructuring. The company decided to focus its force on developing Otherside, a gaming metaverse.
Starbucks is pulling the plug on Odyssey, its Web3 rewards program that gave members access to collectible NFTs. The company updated its on Friday to let members know that the beta program is closing on March 31, and they have a little over a week left to complete any remaining activities (called journeys). Those will shut down March 25. Users won’t lose their Stamps (Starbucks’ NFTs), which are hosted on Nifty Gateway, but they’ll have to sign up for Nifty using their Starbucks Rewards email to access them there, if they haven’t already.
Starbucks was late to the NFT game with Odyssey, which launched in beta in late 2022 — well after interest in the digital collectibles peaked. Unlike some other NFT ventures from major brands, though, it seemed to be aiming for more than a quick cash grab. It gamified the rewards system, offering activities and coffee-related mini-games that encouraged members’ ongoing participation.
In a conversation with published just last month, Odyssey community lead Steve Kaczynski emphasized the community element, saying, “I’ve seen that people who live in California in the Starbucks Odyssey community are really good friends with people in Chicago and they have met up in real life at times. This never would have happened if not for Web3.” But it’s 2024, and brands and consumers alike have long since moved on from NFTs. (Naturally, Forum3, which worked with Starbucks on Odyssey, seems to have pivoted to AI).
Starbucks says the Odyssey marketplace, where members could buy and sell their stamps, will move over to the Nifty marketplace. They can also withdraw their Stamps to trade them on other platforms.
As the year draws to a close, we do an NFT market analysis, mapping its trajectory and comparing it with the predictions experts have laid out for 2024.
2023 was not the best year to be a non-fungible token (NFT) holder or trader. Following nearly two years of unprecedented growth, a liquidity plunge hit the NFT market in Q4 2022, persisting into mid-2023.
It caused the floor prices of at least 95% of NFT projects to crash near zero levels, as revealed by a dappGambl report from September.
To stress the gravity of the situation, the report indicated that nearly 80% of all NFT tokens remained unsold as there was virtually no demand to keep up with the supply.
Furthermore, per dappGambl, less than 1% of nearly 9,000 top NFT collections it surveyed had a value north of $6,000. About 41% were priced between $5 and $100, while 18% were worthless, with a floor price of 0 Ether (ETH).
Dead NFTs | Source: dappGambl report
NFT market analysis for 2023
Despite the decline in the broader crypto market, NFT trading volumes increased sharply in Q1 2023. The improved numbers came from zero-fee incentives, airdrops from the Blur NFT marketplace, and its royalty wars with OpenSea.
During that early part of the year, NFT token transactions reached $4.7 billion, with Ethereum dominating the market, registering $514 million in trades in one month alone.
The network also accounted for at least 50% of total NFT transactions in 2023, with average monthly transaction volumes of between 1 and 2 million per data from CryptoSlam.
Meanwhile, Solana (SOL) experienced a dip in its NFT market size as it struggled with the fallout from the FTX bankruptcy and a series of downtimes and glitches that affected it in 2022.
However, after attaining a high of 74,550 ETH in mid-February, trading volumes across NFT blockchains decreased gradually, with NFT coin holders reaching year-low levels by April, per data from NFTGo.
Q1 2023 also saw the resurgence of the NFT lending market. Players in the space disbursed more than $25 million in the first three months of the year, with platforms like ParaSpace becoming the most prominent, while NFTFi accrued the highest number of NFT lending users.
One of the main talking points of the 2023 NFT landscape was Bitcoin’s (BTC) unique take on non-fungible tokens. The so-called Bitcoin Ordinals offered a different spin from the more popular variants on networks like Ethereum and Solana. However, they came with limitations, including slower transaction speeds and a limited application range.
But despite these challenges, Bitcoin’s NFT ecosystem made significant strides, exemplified by Yuga Labs’ successful auction of its TwelveFold collection.
Launched in February 2023, Bitcoin Ordinals generated about $400 million in trading volumes by May, with total sales just north of 832,000.
Elsewhere, Gem.xyz’s rebrand to OpenSea Pro also made headlines. It was accompanied by introducing the Gemesis NFT line, which registered rapid trading growth and a steady holding time and value among users.
November stood out as a month of recovery following a period of lean profitability. According to CoinDCX, more than 40% of traders turned a profit that month, a trend reminiscent of the market stability observed in the second quarter of 2022.
Market watchers also noted an increase in unique active wallets and trading volumes. Some sources pegged the trading volume escalation at 125%, which observers considered a manifestation of collective investor confidence and echoed the positive outlook prevalent in the broader crypto market in November.
Concurrently, the holding period for NFTs saw a steep decline, from an average of 100 days in October to just 18 days in November. Analysts saw this as indicating a shift in strategy towards short-term holding, which may have reflected readiness among NFT traders to exploit shorter market cycles.
However, the positive outlook did not stop average NFT prices from dipping by about 42% in Q4 2023 to settle around the $150 mark.
NFT market research
NFT market research by TechNavio revealed that the collectible token sector is poised to grow off the back of rising global demand and the digital transformation of various industries.
According to the firm, increasing internet and mobile usage has prompted companies to extend their digital asset offerings and investments.
On a regional scale, the survey projected the Asia-Pacific region to contribute as much as 39% of the global NFT market cap. This is underpinned by increased demand for non-fungible tokens in countries like Singapore, South Korea, the Philippines, Japan, and China.
Furthermore, the research revealed that the NFT market size is bolstered by expansion into art and fashion sales in retail outlets, exemplified by partnerships like CJ OliveNetworks and Galaxia Metaverse.
Another market survey carried out by NFT data provider NFTGo determined that the mean assets per investor for individual NFT projects were $3,893, while the median value stood at $1,459.
The marked discrepancy between the two figures, with the average exceeding the median by 63%, suggested that assets held by wealthier investors significantly inflated the mean per capita assets, further widening the wealth gap among participants in different projects.
A closer look at NFTGo’s data revealed that although the year was marked by selling, significant purchases were also observed, especially for top-tier NFTs like CryptoPunks, which traded at an average price of 67.05 ETH.
NFT market value in 2023
Expert predictions had the U.S. NFT market, valued at about $22 billion at once, growing at a compound annual growth rate (CAGR) of more than 34% between 2023 and 2030.
U.S. NFT market projection | Source: Grand View Research
However, as previously stated, the NFT marketplace growth in 2023 saw a significant decline, with transaction volumes slumping to $4.7 billion, starkly contrasting the $12.6 billion volume recorded in the same period in 2022.
With the public losing interest in NFTs, leading marketplaces such as OpenSea witnessed significant drops in deal values between December 2021 and December 2022, and this trend was mirrored across several other platforms as well.
OpenSea’s monthly active user base stood at around 250,000, with the platform observing a remarkable 450% surge in unique NFT buyers between 2020 and 2021. This spike saw the monthly buyer volume soar from 10,000 to 40,000.
However, Q1 2023 marked a low number of NFT holders, possibly traced back to the royalty wrangling between Blur and OpenSea.
Interestingly, up until 2022, there were more buyers than sellers in the NFT market, with a ratio of 1.3 to 1. By 2023, however, there was a shift in the market graph, with sellers outnumbering buyers, signaling a potential change in market behavior and possibly marking the beginning of the NFT market’s second major cycle.
NFT trend analysis
The emergence of several trends marked the 2023 NFT market. Top among them was the reshuffling of major blue-chip NFT projects. Despite initially being profitable, many of these projects started steadily declining due to the bear market that gripped the broader crypto sector in late 2022 and early 2023.
Leading projects such as Bored Ape Yacht Club (BAYC) stood firm against the prevailing bear wave, while others like Azuki struggled initially but later bounced back. In contrast, smaller projects such as Moonbirds took a hit on their profitability immediately after launch and have yet to recover.
2023 also saw what analysts considered a significant evolution in the behavior and profitability of NFT traders. They observed a shift in NFT ownership, with prominent investors increasingly dominating the market. For instance, according to NFTGo, projects like Azuki saw the number of whale owners double.
The next highest whale owner increase was observed in Moonbirds, whose general ownership dropped by 1%, but the number of whales increased by 41%.
Doodles and CLONE X each registered 24% increases in the number of large investors, while CryptoPunks stood at 22%. Among the top NFT projects, BAYC reported the lowest increase in whales at 18%.
Due to their substantial holdings and influence, many felt whales were pivotal in steering NFT market trends in 2023.
Another trend noted in 2023 was the need for more sustainable demand for new NFTs. While projects such as HV-MTL, Otherdeed Expanded, and Otherside Vessel performed steadily, others, like Nakamigos and Checks-VV, needed to sustain early strong momentums.
Another interesting tidbit gleaned from statistics collected by DappRadar was how blockchain games remained the top NFT category, with trading volumes led by Axie Infinity. The game’s NFT collection was the most traded, hitting a market cap of $224 million at one point. Other popular web3 games included NBA Top Shot, Mythical Beings, Gods Unchained, and NFL All Day.
However, at the same time, the market saw floor prices for top NFTs and metaverse land falling significantly. At one point, BAYC floor prices were as low as 24.8 ETH, a stark drop from their 152 ETH peak in Q2 2022.
In December, the NFT market recovered slightly, with Mutant Ape Yacht Club leading the list.
Leading NFT collections | Source: DappRadar
Finally, experts have attributed the NFT market’s growing visibility to the increasing interest of mainstream brands, including Visa and Budweiser. Such firms have strategically acquired existing NFTs instead of generating their own.
The appeal of NFTs to these big brands stems from the potential for additional revenue streams. Moreover, the adoption of NFTs as customer rewards is becoming increasingly prevalent, with such dynamics expected to generate a positive effect across the NFT market and propel its growth trajectory in the new year.
NFT market forecast for 2024
Despite the troubles encountered by NFTs in 2023, many analysts remain bullish about the technology’s prospects heading into 2024.
Here are some key developments they expect to happen that may change the trajectory of NFTs:
NFTs evolving beyond collectibles
Going into 2024, many anticipate a shift in the NFT landscape as it moves from collectibles to utility-driven digital assets. Tokens with real-world applications could mark a crucial change in the NFT paradigm, with such tokens serving as conduits between the digital and physical worlds, offering value beyond artistic appreciation.
GameFi
Analysts also expect the integration of NFTs will change gamification, enabling actual ownership of in-game assets and incentivizing players with rewards for engagement.
Regulatory clarity
The enhancement of crypto regulatory frameworks in the coming year is expected to coincide with the maturation of the NFT crypto market.
Regulators worldwide are developing guidelines to ensure a more secure and transparent environment to build trust and market stability. This could offer a safe environment for NFT creators, traders, and investors to pursue their respective activities.
Integration with defi
There have also been suggestions that NFTs could merge with decentralized finance protocols in 2024, a step many consider revolutionary as it would allow for tokenizing real-world assets as NFTs and connecting traditional finance with crypto.
It could give NFT crypto holders the option to leverage their tokens as collateral for loans or to generate interest via defi platforms, thus representing a considerable leap towards financial inclusivity and asset monetization.
Cross-platform interoperability
Proponents are also banking on improved interoperability between networks such as Cosmos and Polkadot (DOT) to transform the NFT market.
Enabling users to move non-fungible tokens across different blockchains smoothly could expand opportunities for creators and collectors and further reinforce the integration of the digital asset ecosystem.
AI-powered NFTs
Hope is rife in the NFT space that artificial intelligence will personalize the NFT crypto experience, offering tailored engagement, unique creations, and new use cases for the tokens in 2024.
Growth projections
TechNavio’s analysis anticipated the NFT market size to expand at a CAGR of 30.28 between 2024 and 2028 and eventually hit at least $68 billion. The firm’s researchers pegged their optimism on several key drivers, such as escalating interest in digital art and growing use cases for NFTs, including those listed above.
In 2024, TechNavio’s prediction outlined a year-over-year growth in the NFT market cap of at least 23.27%.
Regarding geographical regions, North America and Europe have been at the forefront of NFT adoption. However, statistics collated by Metav.rs looking at NFT consumer behavior showed that Singaporeans, Chinese, and Venezuelans were the most active NFT traders in 2023. Nigeria showed promising potential for future growth, possibly ranging from 13.7% to 35.3%.
Additionally, the Metav.rs figures revealed women in Thailand showed a higher interest in NFTs, with 30% collecting them compared to 23% of men. Notably, 70% of Americans were unaware of what NFTs are, while in France, 3.5% of the population have purchased NFTs, and almost half of the French youth aged 18-24 are open to buying NFTs.
These potential areas of growth come with caveats, regulation being one of them. As governments worldwide take a keener interest in the crypto space, industry watchers expect to see more rules and regulations that could impact NFT markets as well.
FAQs
How big is the NFT market?
The global non-fungible token market size was valued at $20.44 billion in 2022.
How much is the NFT market worth?
The NFT market is expected to grow at a compound annual growth rate (CAGR) of 34.2% from 2023 to 2030.
Is the NFT market growing?
Yes, the NFT market is growing, driven by the distinctiveness, transparency, and security of NFTs, as well as the increasing interest in digital ownership.
What are the key factors driving the growth of the NFTs market?
The growth of the NFT market can be attributed to the rise of social media and digital platforms, the adoption of blockchain technology, and the convergence of traditional industries with the NFT market.
According to on-chain firm Arkham Intelligence, a wallet linked to former U.S. President Donald Trump has moved over $2.4 million worth of ether (ETH) to the crypto exchange Coinbase in the past few weeks.
Arkham Intelligence had initially identified digital assets believed to belong to Trump in August, basing its findings on financial disclosures filed by the former President earlier that month.
Trump’s Ethereum Wallet Shows Sales Totaling $2.4 Million
About three weeks ago, a wallet associated with former U.S. President Donald Trump began sending Ethereum (ETH) to Coinbase, following months of accumulating Trump NFT royalties.
The peak balance in the wallet reached $4 million. According to Arkham Intelligence, based on the deposits, Trump has sold 1,075 ETH for $2.4 million.
Looks like Donald Trump is selling his ETH.
3 weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million.
In December 2022, Donald Trump released a collection of 45,000 NFTs priced at $99 each, which has amassed a total trading volume of 15,013 ETH ($35.4 million) on the NFT marketplace OpenSea. In April, Trump released a second NFT collection priced at $99 each.
Trump Digital Trading Cards generated $119,100 in trading volume between December 17 and 24.
Recently, Trump unveiled another set of digital trading cards that offer fans the chance to win perks such as dinner with him or a piece of the suit he wore when taken in by Georgia police after being indicted in August.
Meanwhile, the recent sales tracked by Arkham coincide with a 17% surge in ether over the past month. Ethereum, the world’s second-largest cryptocurrency by market capitalization, was trading at $2,376 at the time of reporting, up 6.7% over the past 24 hours.
Trump’s Connection with NFT INT LLC
The NFT drops and promotions associated with Trump were handled by NFT INT LLC, which operates under a paid license from CIC Digital LLC.
The website for Trump’s digital trading cards clarifies that NFT INT LLC is not owned, managed, or controlled by Donald J. Trump, The Trump Organization, CIC Digital LLC, or any of their respective principals or affiliates. The license for using Trump’s name, likeness, and image may be terminated or revoked according to its terms.
Previously, Trump has been listed as the manager, president, secretary, and treasurer of CIC Digital LLC, according to disclosures posted by Citizens for Responsibility and Ethics in Washington. These documents revealed that the former president owned up to $5 million worth of ether and had earned at least $4.9 million from NFT licensing fees.
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The native token of Casey Rodarmor’s Ordinals Protocol recorded double-digit price gains in 24 hours during the holidays, along with other BRC-20 cryptocurrencies.
ORDI rallied as much as 37% on Dec. 25, with its daily trading volume and market capitalization moving in tandem, per CoinMarketCap. Traders swapped over $900 million worth of the crypto, a 131% increase compared to the previous day.
The crypto commanded a $72 per token price tag as its market cap gained 35% and sat above $1.5 billion at press time. No significant news or development preceded the price movement, although several other Bitcoin (BTC) inscription coins also pumped amid what could be a profit rotation period.
ORDI is underpinned by the Bitcoin Request for Comment (BRC-20) token standard developed by pseudonymous developer Domo. The idea is to enable transferable assets on BTC’s network by allowing users to create and trade tokens on crypto’s largest blockchain, akin to ERC-20 cryptos on Ethereum (ETH) and a defi ecosystem.
Casey Rodarmor started the Ordinals Protocol and its native asset, which is believed to be one of the first Bitcoin inscriptions. The project started in the first half of 2023 and has since grown into a billion-dollar crypto asset. Other BRC-20 tokens have also been issued, and this crypto category now boasts a market cap north of $2.1 billion, according to CoinGecko.
Despite the growing popularity of Bitcoin inscriptions and similar activity on other top-tier blockchains, some developers believe the token standard to be a code bug and argue for its expulsion from crypto’s leading decentralized network.
Bitcoin Core developer Luke Dashjr called inscriptions a fraud and proposed network upgrades to stem BRC-20 issuance on BTC’s network. The issue was also reported to U.S. authorities and recognized as a vulnerability by the National Vulnerability Database.
Still, Inscriptions continue gaining steam across several blockchains, sometimes triggering massive transfer fees and network outage spikes.
BlackRock revises spot Bitcoin ETF to enable easier access for banks
BlackRock has revised its spot Bitcoin exchange-traded fund (ETF) application to make it easier for Wall Street banks to participate by creating new shares in the fund with cash rather than just crypto. The new in-kind redemption “prepay” model will allow banking giants such as JPMorgan or Goldman Sachs to act as authorized participants for the fund, letting them circumvent restrictions that prevent them from holding Bitcoin or crypto directly on their balance sheets.
El Salvador expects to sell out Bitcoin ‘Freedom Visa’ by end of year
El Salvador’s National Bitcoin Office says its $1 million Freedom Visa program has already received hundreds of inquiries since its launch on Dec. 7 and expects it to sell out before the end of 2023. Launched by the local government in partnership with stablecoin issuer Tether, the Freedom Visa is a citizenship-by-donation program that grants a residency visa and pathway to citizenship for 1,000 people willing to make a $1 million Bitcoin or Tether donation to the country. The program is limited to 1,000 slots per calendar year.
Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report
The lawyer responsible for Sam “SBF” Bankman-Fried’s criminal trial defense has admitted that the case was “almost impossible” to win from the outset. During an interview, Stanford Law School professor David Mills said he recommended the legal defense of SBF admit to the allegations of witnesses and state prosecution and convince the jury that Bankman-Fried intended to save the company. Mills also disclosed that he had agreed to lend his expertise to Bankman-Fried’s defense at the behest of the FTX CEO’s parents, and described Bankman-Fried “as the worst person I’ve ever seen do a cross-examination.”
Yearn.finance pleads arb traders to return funds after $1.4M multisig mishap
Yearn.finance is hoping arbitrage traders will return $1.4 million in funds after a multisignature scripting error resulted in a large amount of the protocol’s treasury being drained. The error occurred while Yearn was converting its yVault LP-yCurve — earned from performance fees on vault harvests — into stablecoins on the decentralized exchange CoW Swap. Yearn suffered significant slippage when it received 779,958 DAI yVault tokens from the trade, resulting in a 63% drop in the liquidity pool value.
SEC pushes deadline for decision on Invesco Galaxy spot Ethereum ETF to 2024
The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether ETF proposed by Invesco and Galaxy Digital. The companies filed the spot ETH ETF application in September. The proposed spot crypto investment vehicle is one of many being considered by the commission, which, to date, has never approved an ETF with direct exposure to Ether, Bitcoin or other cryptocurrencies.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $42,222, Ether (ETH) at $2,250 and XRP at $0.62. The total market cap is at $1.6 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 131.38%, WOO Network (WOO) at 78.34% and Helium (HNT) at 77.66%.
The top three altcoin losers of the week are Terra Classic (LUNC) at -15.84%, Sei (SEI) at -14.48% and Pepe (PEPE) at -12.10%.
‘No excuse’ not to long crypto: Arthur Hayes repeats $1M BTC price bet
Bitcoin and altcoins are a no-brainer bet in the current macro climate, Arthur Hayes says. In a post on X (formerly Twitter) on Dec. 14, the former CEO of exchange BitMEX said that investors have “no excuse” to short crypto.
Going long on crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues. “At this point, there is no excuse not to be long crypto,” part of his post stated.
“How many more times must they tell you that the fiat in your pocket is a filthy piece of trash,” he wrote. Hayes further reiterated a longstanding $1 million BTC price prediction as a result of macro tides eroding the value of national currencies.
FUD of the Week
Ledger patches vulnerability after multiple DApps using connector library were compromised
The front end of multiple decentralized applications using Ledger’s connector were compromised on Dec. 14. Ledger announced that it had fixed the problem three hours after the initial reports about the attack. Protocols affected include Zapper, SushiSwap, Phantom, Balancer and Revoke.cash, stealing at least $484,000 in digital assets. The attacker utilized a phishing exploit to gain access to the computer of a former Ledger employee. The hack sparked criticism about Ledger’s security approach.
Bitcoin inscriptions added to US National Vulnerability Database
The National Vulnerability Database flagged Bitcoin’s inscriptions as a cybersecurity risk on Dec. 9, calling attention to the security flaw that enabled the development of the Ordinals Protocol in 2022. According to the database records, a datacarrier limit can be bypassed by masking data as code in some Bitcoin Core and Bitcoin Knots versions. As one of its potential impacts, the vulnerability could result in large amounts of non-transactional data spamming the blockchain, potentially increasing network size and adversely affecting performance and fees.
SafeMoon falls 31% in five hours after filing for Chapter 7 bankruptcy
The token of decentralized finance protocol SafeMoon has fallen 31% in five hours after the company behind it filed for bankruptcy. SafeMoon officially applied for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” on Dec. 14. The latest blow comes only a month after the U.S. Securities and Exchange Commission charged SafeMoon and its executives with violating securities laws in what the regulator described as “a massive fraudulent scheme.” Several former SafeMoon supporters expressed frustration on Reddit regarding the bankruptcy, alleging they were rug-pulled by the SafeMoon developers.
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.
Consumer retail spending is rising, with shoppers spending almost $10 billion in online Black Friday sales this year. Clearly, demand for great products has not waned despite inflation, and so competition for consumer attention is on the rise. There is an unexpected beneficiary to this tug-of-war between brands for consumer dollars—web3. In 2024, we’re likely to see growing numbers of brands and companies leveraging web3 to strengthen the bond between their brand and customers.
The latest developments in web3 give consumer brands a powerful tool to enhance their membership and loyalty programs. In return for their loyalty, customers can now own their interaction with brands as an NFT, creating powerful incentives for customers to engage with brands they value.
When a company creates a brand incentive program and customers fulfill elements of it—like reaching a spend threshold or interacting on social media—the customers can now be granted ownership of the rewards they earned thanks to web3 technology. Using non-fungible tokens (NFTs) recorded on a public blockchain, points, and status tiers become ownable assets, making them much more compelling as incentive mechanisms.
Customer rewards can be owned and transferred just like any other real-world asset. Ownership of the rewards confers a wide range of potential benefits (discounts, experiences, and so forth) to the owner. This new generation of loyalty mechanism is similar to the dog-eared punch card hiding in your wallet—buy nine coffees, get the tenth one free—but these digital asset NFTs are harder to lose, easier to value, and much easier to transfer.
Most existing loyalty program rewards are non-transferable or challenging to value and sell. But what if a customer could give their top-tier airline status to a friend, rent it out, or even sell it outright on the open market? Enabling ownership and transferability of a consumer’s interaction with a business brings completely new dynamics. Now, the consumer has more incentive to earn those rewards, which benefits both the consumer and the brand.
Brands can easily enable this use case via NFTs that live on public blockchains, which makes it easy to transfer digital assets wallet-to-wallet or through marketplaces. Customers can bring their own web3 wallet, or brands can provide one integrated with the membership app or account. Furthermore, brands need not cede all control by enabling this ownership model. Using smart contract technology to power these NFTs, brands can choose the level of exclusivity or transferability of these assets, retain control over their redemption value as earned fees, and track when these assets change hands. Brands can also choose to hide the use of NFTs or blockchain completely, allowing for a familiar but more powerful experience powered by web3 “under the hood.” Web3 provides a best-of-both-worlds scenario, enabling the aspects of ownership that increase consumer incentives while allowing brands to curate the experience and collect additional data.
Brands that don’t sell directly to their customers can face additional challenges when engaging with and understanding their buyers. With web3 technology, though, a company—let’s say an apparel company—can close the loop to gain insights into who is buying their products. Perhaps it involves the customer downloading an app or scanning a QR code through their web3 wallet; the company can then incentivize buyers to provide proof of purchase to earn an NFT and gain additional rewards. Companies can better reach their customers and, by delivering satisfying web3-based incentives, encourage consumers to sign up for a membership account with an embedded web3 wallet.
Alternatively, if a consumer already has their own wallet, then web3 tech offers the ability for brands to market to new, qualified customers. Since wallet contents are publicly visible (though pseudonymous), a big box home improvement store is able to identify wallets that contain a loyalty reward from a major competitor. The big box store could then target the wallet owners with promotional offers and incentivize the customers to shop with them instead.
As a bonus, web3 technology can also facilitate brand partnerships by programming the interactions between web3-powered loyalty programs. A coffee business could partner with a brand—say, an apparel business—with similar customer demographics. Using a smart contract to govern the interaction, a customer of the coffee chain could easily exchange their rewards for discounts at the apparel chain. The two brands can jointly engage with customers, doubling the benefits for consumers; this also expands the audiences for the companies and helps them to get a fuller understanding of the profiles and interests of their customers. With the advent of new cross-chain protocols that provide easy interoperability, the two brands could even use different blockchains.
Web3-powered membership and loyalty programs enable consumers to take ownership of their investment of time and money, creating additional incentives for them to engage. Meanwhile, forward-thinking companies can connect with their customers in creative new ways, easily form new partnerships, and ultimately increase profits via a customer base that is literally invested in the brand. Adopting web3 can be daunting for any company, but the rewards are immense.
Audentes Fortuna Iuvat. Fortune favors the bold.
Frank Wang
Frank Wang is the director of platform sales at BitGo, an institutional digital asset financial services company that provides clients with security, custody, and liquidity solutions. Frank works with BitGo’s exchange, fintech, and enterprise clients, focusing on enabling blockchain adoption for consumer-facing technology platforms like payments and loyalty programs. Prior to joining BitGo in early 2022, Frank spent 19 years at various finance and technology companies. Frank graduated from the University of Pennsylvania with a B.A.S. in Systems Engineering and a B.A. in Economics and East Asian Studies.
A recent report from Binance Research reveals a remarkable surge in the total cryptocurrency market capitalization, which has climbed by about 110% year-to-date, adding over $870 billion in capital, with a notable 55% increase observed in Q4 alone.
This growth follows a period of stagnation after the 2021 crypto highs, marking a potential shift in market dynamics.
Stablecoins and Bitcoin NFTs Fuel Crypto Market Revival
A significant finding highlighted in the report is the first positive shift in the quarterly net change of the supply of the top five stablecoins since Q1 2022. This indicates a growing interest and influx of capital into cryptocurrencies.
Moreover, there has been a notable resurgence in trade volumes of NFTs, particularly in Bitcoin NFTs, breaking the previous year-long downtrend. NFT trade volume resurgence reflects a renewed market sentiment and a revival in speculation.
The study also highlights a surge in fees generated by leading crypto projects in November, suggesting the maturation of these platforms into revenue-generating businesses, with Ethereum leading in fee generation.
Among the emerging trends, the report identifies the comeback of the DeFi sector, with a 25% increase in total value locked since the year’s start and Ethereum maintaining its dominance.
Bitcoin’s market cap increased by 162% in 2023, with factors like the anticipated U.S. spot Bitcoin ETF and the upcoming Bitcoin halving driving this growth. Alternative Layer-1 platforms, particularly Solana and Toncoin, have shown promising performance, highlighting the growing diversity in the blockchain ecosystem.
SocialFi, ZK Tech, and RWA Tokenization Gain Momentum
The report acknowledges the rise of SocialFi, led by platforms like friend.tech, marking a new development in integrating social media and blockchain, attracting significant attention and fees.
It also points to the increasing tokenization of real-world assets (RWAs), with MakerDAO at the forefront, and Chainlink’s Cross-Chain Interoperability Protocol (CCIP), aiming to bridge traditional finance and crypto for further RWA integration.
Zero-knowledge technology is also gaining momentum, which is evident through recent launches of ZK-rollups and heightened efforts and discourse on ZK co-processors.
The report concludes by mentioning macroeconomic factors, suggesting that lowering global interest rates could redirect investments towards high-growth sectors like cryptocurrency, potentially boosting the market.
The indicators and trends outlined by Binance Research paint an optimistic picture for the crypto market, with a mix of technological advancements, regulatory developments, and macroeconomic factors suggesting potential for continued growth and innovation in the coming months. However, it’s too early to declare a bull market definitively.
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Binance founder CZ must stay in US until sentencing, judge orders
Binance founder Changpeng “CZ” Zhao has been ordered to stay in the United States until his sentencing in February, with a federal judge determining there’s too much of a flight risk if the former crypto exchange CEO is allowed to return to the United Arab Emirates. On Dec. 7, Seattle District Court Judge Richard Jones ordered Zhao to stay in the U.S. until his Feb. 23, 2024 sentencing date. He faces up to 18 months in prison after pleading guilty to money laundering on Nov. 21 and has agreed not to appeal any potential sentence up to that length.
House committee passes bill to ‘preserve US leadership’ in blockchain
A United States Congress committee has unanimously passed a pro-blockchain bill, which would task the U.S. commerce secretary with promoting blockchain deployment and thus potentially increase the country’s use of blockchain technology. The act covers an array of actions the commerce secretary must take if passed, including making best practices, policies and recommendations for the public and private sector when using blockchain tech. The bill will now go to the House for a vote. If passed, it must also pass in the Senate before returning for final congressional and presidential approval.
SEC pushes deadline to decide on Grayscale spot Ether ETF
The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether exchange-traded fund (ETF) offering from asset manager Grayscale. In a notice, the SEC said it would designate a longer period for considering a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust. Grayscale first filed with the SEC to convert shares of its Grayscale Ethereum Trust into a spot Ether ETF in October, adding its name to the list of companies awaiting a decision from the regulator.
Elon Musk’s xAI files with SEC for private sale of $1B in unregistered securities
Elon Musk’s X-linked artificial intelligence modeler, xAI, has an agreement for the private sale of $865.3 million in unregistered equity securities, according to a filing with the United States Securities and Exchange Commission made on Dec. 5. The company is seeking to raise $1 billion. XAI’s product, a chatbot called Grok, has recently rolled out to X’s Premium+ subscribers. Musk announced the launch of xAI in July and claimed its goal was to “understand the universe.”
Bitcoin new high set for late 2024, Binance to lose top spot — VanEck
Bitcoin will hit a new all-time high in late 2024 because of a long-feared United States recession and regulatory shifts after the next U.S. presidential election, asset manager VanEck predicts. The firm is confident that the first spot Bitcoin ETFs will be approved in the first quarter of 2024. However, it also made a gloomy prediction for the general U.S. economy. VanEck is among several firms, including BlackRock and Fidelity, that are vying for an approved spot Bitcoin ETF. VanEck also believes that the BTC halving, due in April or May, “will see minimal market disruption,” but there will be a post-halving price rise.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $44,402, Ether (ETH) at $2,364 and XRP at $0.66. The total market cap is at $1.65 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 203.10%, ORDI (ORDI) at 134.34% and BitTorrent (BTT) at 114.32%.
The top three altcoin losers of the week are Maker (MKR) at -6.48%, UNUS SED LEO (LEO) at -6.22% and Kaspa (KAS) at 4.98%.
“It takes a community and the whole industry to figure out how to better educate people. That’s the hard part. It’s not a technology issue; it’s an operational problem.”
In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne noted that should current performance continue, Bitcoin will witness a crossover of two weekly moving averages (MAs), which have never delivered such a bull signal before.
The 50-week and 200-week MAs are key trendlines for Bitcoin traders and analysts alike. The latter is the ultimate bear market support level, and it has so far never decreased in value.
BTC price strength is on the way to taking the 50-week MA trendline above the 200-week counterpart. Known as a “golden cross,” on lower timeframes, this is considered a classic bullish signal, and for Milne, the impetus is that considerable upside could be in store should the phenomenon play out.
“The 50-week moving average will now soon cross back above the 200-week MA making a ‘golden cross’ for the 1st time. QED: Early bull market,” he wrote.
FUD of the Week
Crypto is for criminals? JPMorgan has been fined $39B and has its own token
JPMorgan Chase CEO Jamie Dimon is being criticized by the crypto community after claiming Bitcoin and cryptocurrency’s “only true use case” is to facilitate crime. However, according to Good Jobs First’s violation tracker, JPMorgan is the second-largest penalized bank, having paid $39.3 billion in fines across 272 violations since 2000. About $38 billion of these fines came under Dimon’s watch, who has been CEO since 2005.
British regulator adds Justin Sun-linked Poloniex to warning list after $100M hack
The United Kingdom’s Financial Conduct Authority (FCA) has added crypto exchange Poloniex to its warning list of non-authorized companies. The Seychelles-based exchange is one of the three companies owned by or affiliated with entrepreneur Justin Sun that have suffered four hacks in the last two months. The warning to Poloniex was published on the FCA’s website on Dec. 6. It doesn’t offer a reason but says that “firms and individuals cannot promote financial services in the UK without the necessary authorization or approval.”
US senators target crypto in bill enforcing sanctions on terrorist groups
A bipartisan group of lawmakers in the United States Senate introduced legislation aimed at countering cryptocurrency’s role in financing terrorism, explicitly citing the Oct. 7 attack by Hamas on Israel. The bill would expand U.S. sanctions to include parties funding terrorist organizations with cryptocurrency or fiat. According to Senator Mitt Romney, the legislation would allow the U.S. Treasury Department to go after “emerging threats involving digital assets.”
Lawmakers’ fear and doubt drives proposed crypto regulations in US
If the Digital Asset Anti-Money Laundering Act were to become law, many cryptocurrency providers would have to learn how to comply with the same regulations as traditional financial institutions.
Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame
Blur, a decentralized non-fungible token (NFT) marketplace, and OpenSea competitor is under pressure, tumbling by over 30% from its November peaks. While BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to leading crypto exchanges, possibly to liquidate.
Whales On A Possible Selling Spree
According to Lookonchain data on December 7, several whales have been offloading large amounts of BLUR. To illustrate, 16.85 million BLUR, worth roughly $8.43 million, were deposited to exchanges in the past 24 hours.
Notably, one whale deposited 2.54 million BLUR, worth $1.26 million, received from the airdrop to Binance. At the same time, Mandala Capital transferred 2.76 million BLUR, worth $1.4 million, to OKX.
Mandala Capital sends BLUR to OKX | Source: Lookonchain via X
The deluge continued as another whale, only marked by the associated “0x68b5” address, withdrew 3.31 million BLUR worth $1.79 million from Binance between November 25 and 29 before moving them to the same exchange on December 1. The token had fallen, meaning the whale was down by roughly $65,000.
It is unclear whether the same addresses are sold for USDT or other tokens. However, what’s known is that any whale transfers to a centralized exchange is associated with liquidation. Accordingly, sentiment is impacted when whales move coins in large batches to exchanges, and retailers could interpret their transfers as incoming selling pressure.
BLUR Is Up 220% From October Lows
Thus far, looking at price action, buyers have the lead from a top-down preview. The coin is already up 220% from October lows. Most importantly, buyers have the upper hand, looking at the candlestick arrangement in the daily chart.
Even though the token is down 30% from November peaks, the failure of bears to force the coin below the 20-day moving average (MA) in the daily chart suggests that the uptrend is still valid. Losses below $0.46, or the base of the current bull flag, might trigger a sell-off. Conversely, any upswing above $0.58 and even $0.69–or November highs, could drive more demand, lifting BLUR to $0.84 or higher in the coming sessions.
Whether the uptrend will resume also remains to be seen. What’s clear, though, is that the broader community is closely monitoring the NFT scene and Blur, the marketplace. The recent upswing was due to the activation of Season 2 Airdrop, which ended on November 20.
Ahead of this, the token was already up 150%, only to extend gains briefly before cooling off in the first week of December.
Crypto educational startup Open Campus has raised over $3 million from Binance Labs to double down on NFTs.
Open Campus (EDU), a cryptocurrency-focused educational startup, has raised $3.15 million from Binance‘s venture arm Binance Labs.
According to an announcement on Monday, Nov. 27, 2023, the funding is expected to help the startup onboard new users onto Web3 and “attract more native users to participate in education through the launch of novel Publisher NFTs.” After the news broke, the project’s native token jumped by more than 6%, reaching in a moment $0.65, according to CoinGecko.
EDU price | Source: CoinGecko
Yat Siu, who’s the co-founder of Animoca Brands and a council member of Open Campus, said the investment is in line with Open Campus’ mission to “decentralize education and find innovative ways to support educators.”
“Digital property rights are coming to education, and that’s why we’re thrilled to have the involvement and support of Binance Labs, which we believe will boost our efforts to onboard educators and content creators worldwide to create and tokenize content via our protocol.”
Yat Siu
From its inception, Open Campus was supported by the exchange as early as April 2023, when the project first appeared on Binance Launchpad, a crowdfunding platform offered to the exchange’s users. According to the token sale description page, a total of more than 9 million Binance Coin (BNB) (currently worth of $2 billion) was committed for Open Campus from 120,000 users on Binance.
CoinGecko, a prominent independent cryptocurrency data aggregator, has recently announced its acquisition of Zash.
This strategic move is set to increase CoinGecko’s cryptocurrency services by incorporating Zash’s NFT information into its API, offering users a holistic perspective of fungible and non-fungible tokens.
CoinGecko Announces Its Acquisition of Zash
CoinGecko announced earlier this week the strategic purchase of Zash, a front-runner in the NFT data infrastructure and intelligence space. The acquisition of Zash will enable the seamless integration of fungible and NFT data, which aligns with CoinGecko’s dedication to reliable cryptocurrency data, advancing its goal of empowering a decentralized future.
In its announcement, TM Lee, CEO and Co-founder at CoinGecko, stated,
“After evaluating all existing NFT data providers, Zash stands out as unparalleled.” […] This acquisition aligns with our commitment to deliver exceptional value to the crypto community,” Lee further noted.
Parit Patel, co-founder and CEO of Zash, expressed his enthusiasm about the acquisition, stating, “We’re thrilled to complete the sale to CoinGecko – a perfect fit for Zash’s legacy.”
“We believe NFTs will continue to evolve, creating value globally. Positioned with CoinGecko, our data infrastructure will play a crucial role in shaping the industry’s future.” he further stated.
CoinGecko’s Plans to Integrate Zash’s NFT Data into its API
CoinGecko has ambitious plans to incorporate Zash’s NFT data into its API by the second quarter of 2024. This integration will encompass enterprise-grade, indexed NFT data from various blockchain ecosystems.
It will also provide comprehensive NFT metadata, historical trade information, and NFT lending data indexing from platforms like Blend, X2Y2, and NFTfi. CoinGecko will also introduce wash trading detection for major collections on the Ethereum blockchain.
Looking ahead, CoinGecko aims to enhance its service offerings further by integrating Zash’s NFT data infrastructure into its existing NFT floor price tracker.
Founded in 2021 by CEO Parit Patel and CTO Efe Surekli, Zash has quickly established a strong presence in the NFT space. Setting itself apart, Zash offers enterprise-grade, indexed NFT data across various blockchain networks, including Ethereum, Polygon, Binance Smart Chain, Solana, and Bitcoin Ordinals.
This coverage encompasses NFT metadata, historical trades, lending data, and advanced features such as the detection of sophisticated wash trading through proprietary algorithms.
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US officials announce $4.3B settlement with Binance, plea deal with CZ
Binance and its co-founder, Changpeng “CZ” Zhao, have reached a settlement over criminal and civil cases with the United States Department of Justice. CZ will plead guilty to one felony charge as part of the negotiated agreement. Attorney General Merrick Garland announced the settlement, claiming Binance’s policies allowed criminals involved in illicit activities to move “stolen funds” through the exchange. As part of the settlement, CZ announced on X (formerly Twitter) that he had stepped down as CEO and that Binance’s global head of regional markets, Richard Teng, will assume the position. He added he was “proud to point out” that U.S. officials didn’t allege that Binance misappropriated funds or manipulated markets. CZ was released on bail and is battling government efforts to bar his return to the United Arab Emirates to be with his family. His sentencing is scheduled for February.
BlackRock met with SEC officials to discuss spot Bitcoin ETF
Representatives from BlackRock and Nasdaq met with the U.S. Securities and Exchange Commission (SEC) to discuss the proposed rule allowing the listing of a spot Bitcoin exchange-traded fund (ETF). BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. Many reports have suggested the SEC could be nearing a decision on a spot BTC ETF for listing on U.S. markets. SEC officials also met with Grayscale representatives this week to discuss the listing of a Bitcoin ETF. BlackRock is one of many firms with spot crypto ETF applications in the SEC pipeline awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise.
Bitcoin user pays $3.1M transaction fee for 139 BTC transfer
A Bitcoin user paid $3.1 million in fees for transferring 139.42 BTC. The transaction fee is the eighth-highest in Bitcoin’s 14-year history. A wallet address tried transferring 139.42 BTC only to pay more than half the actual value of the transaction fee. The destination address received only 55.77 BTC. The mining pool Antpool captured the absurdly high mining fee on block 818087. This is the largest Bitcoin transaction fee ever paid in dollar terms, knocking off Paxos’s September transfer of $500,000.
SEC sues Kraken alleging it’s an unregistered exchange, mixes user funds
The U.S. Securities and Exchange Commission has sued Kraken, alleging it commingled customer funds and failed to register with the regulator as a securities exchange, broker, dealer and clearing agency. Additionally, the SEC alleged Kraken’s business practices and “deficient” internal controls saw the exchange commingle up to $33 billion worth of customer assets with its own. The SEC said this resulted in a “significant risk of loss” for its clients. In a follow-up blog post, Kraken said the SEC’s commingling accusations were “no more than Kraken spending fees it has already earned,” and the regulator doesn’t allege any user funds are missing.
Appeals court rejects Sam Bankman-Fried’s bid for release
Sam Bankman-Fried will stay jailed after failing to convince a United States appellate court that he should be freed while his legal team appeals his conviction. Government prosecutors accused Bankman-Fried of leaking Caroline Ellison’s journals to The New York Times in July, which caused his bail to be revoked by a New York District Court. Bankman-Fried was found guilty of seven fraud and money laundering-related charges on Nov. 2. The former FTX CEO will remain behind bars while he awaits his sentencing on March 28 next year.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $37,710, Ether (ETH) is at $2,079, and XRP is at $0.62. The total market cap is at $1.43 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Blur (BLUR) at 99.25%, FTX Token (FTT) at 39.05% and KuCoin Token (KCS) at 24.82%.
The top three altcoin losers of the week are Celestia (TIA) at -19.89%, ORDI (ORDI) at -17.63% and THORChain (RUNE) at -15.53%.
“We, the employees of OpenAI, have developed the best models and pushed the field to new frontiers, [but] the process through which you terminated Sam Altman […] has jeopardized all of this work and undermined our mission and company.”
‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024
Bitcoin buyers should enjoy the chance to add to their stack below $40,000, according to PlanB, pseudonymous creator of the stock-to-flow family of BTC price models. He believes Bitcoin will rise much higher than its recent 18-month highs.
Bitcoin bear market bottoms are characterized by the spot price dipping below the realized price, while bull markets begin once the spot crosses the two-year and five-month realized price levels. BTC/USD is now once again above all three realized price iterations.
“Enjoy sub-$40k bitcoin … while it lasts,” PlanB commented on an accompanying chart.
Asked whether the market should expect lower levels from here, PlanB would not be drawn, saying that he simply expected an average BTC price of at least $100,000 between 2024 and 2028 — Bitcoin’s next halving cycle.
FUD of the Week
HTX to restore services ‘within 24 hours’ after $30M hack
Crypto exchange HTX, formerly known as Huobi Global, resumed deposits and withdrawals within 24 hours after suffering a $30 million exploit on Nov. 22. The exploit was reported to be $13.6 million around the time of the incident, but has since increased in value. HTX’s hot wallets were compromised alongside a coordinated $86.6 million attack against the HTX Eco (HECO) Chain bridge, consisting of HTX, Tron and BitTorrent. The company has promised to fully compensate users for any losses incurred as a consequence of the hack.
CZ an ‘unacceptable risk of flight,’ should stay in US: DOJ
United States prosecutors are trying to stop former Binance boss Changpeng “CZ” Zhao from leaving the country, expressing concern about his potential flight risk. The government requested a review and overturn of a judge’s decision that would allow Zhao to return to his home in the United Arab Emirates (UAE) on a $175 million bond under the condition that he returns to the U.S. two weeks before his February 2024 sentencing. In a proposed order, prosecutors wrote that Zhao “presents an unacceptable risk of flight,” arguing that his ties and favored status in the UAE, along with the country’s lack of an extradition treaty with the U.S., are reasons to block him from leaving the country.
KyberSwap hacker offers $4.6M bounty for return of $46M loot
The decentralized exchange KyberSwap has offered a 10% bounty reward to the hacker who stole $46 million on Nov. 22 and left a note of negotiation. The exchange wants 90% of the loot returned. The hacker made away with roughly $20 million in Wrapped Ether, $7 million in wrapped Lido-staked Ether and $4 million in Arbitrum tokens. The hacker then siphoned the loot across multiple chains, including Arbitrum, Optimism, Ethereum, Polygon and Base.
This is your brain on crypto: Substance abuse grows among crypto traders
According to some addiction experts, the high-stress atmosphere of cryptocurrency trading can provide a perfect environment for substance abuse.
Michael Saylor’s a fan, but Frisby says bull run needs a new guru: X Hall of Flame
Bitcoin enthusiast Dominic Frisby has a wild journey, from penning one of the first-ever Bitcoin books to plastering “Bitcoin fixes this” on the Bank of England.
6 Questions for Alex O’Donnell about financial journalism and the future of DeFi
Today we’re celebrating a union that took place recently when VESA travelled to Dubai for a month of meetings, partnership calls, keynotes, and conferences.
A juicy sized catalogue of VESA works moved into the Cypher Capital Hub in October and this time, we want to celebrate this incredible handshake and share the stories behind the artworks you can see on the walls.
In their own words, Cypher Capital is focused on investing in Web3 infrastructure and applications that will drive the digital economy in the future. The Cypher Capital Hub in Marina is shaping up to be one of the sleekest and most functional spots to work, meet and network.
The Hub has always been a place for art, most notably two works by Banksy in the main conference room – now featuring a VESA as well.
Let’s dive into the stories behind the pieces you can see on the walls of the Hub!
Next time you stop by the Hub, please snap a picture of yourself and your favourite VESA work and tag:
Cypher Capital Group / Vesa Kivinen // LinkedIn
Cypher.capital / artbyvesa // Instagram
Refresh has an honorary place at the VIP room alongside two Banksy pieces.
Integration
First VESA piece you see on the wall as you walk into the space is Integration. The piece represents the dichotomy of worldviews present in our society in relationships between men and women. On the one hand women occupy positions of power like never before and work incredibly hard to pursue and execute those positions. On the other hand, there is a view that supports tearing down all structures of hierarchy in capitalism and science, as they are seen as an oppressive force, rather than a liberating one.
Integration was exhibited at Art Dubai 2022 via the Morrow Collective.
Million Dirham Hotel
Residing in the sleek meeting room, is the Million Dirham Hotel. The work is a part of the larger Mirrors- series, which explores value, experiences, and identity. Million Dirham Hotel evokes images of what a hotel with such a high-ticket price would look like. It is an invitation to a world that challenges the ownership vs access paradigm.
The Million Dirham Hotel, like all works in the Mirrors- series entices the viewer with its offering of leveraging IP unseen in the traditional art market. Download the Artivive app and experience the AR version, when you stop by.
Truth or Dare- the Currency of Ganesha
Next to The Million Dirham Hotel is Truth or Dare- The Currency of Ganesh, or Ganesh for short. This work belongs to the pantheon of VESA’s early crypto art, inspired by the thousands of years old Hindu tradition of faith and worldview.
Lord Ganesh is revered as the remover of obstacles, the patron of arts and sciences and a higher being of intellect and wisdom. In this piece, Lord Ganesh and his entourage have assimilated cryptocurrency symbols and blockchain code alongside traditional wealth displays. Gold, platinum, and diamonds hold a historical place in our minds as keepers of value, but as an example the smart contracts layered on top of Ethereum are building the wealth of today and tomorrow.
Ganesh is probably THE most complicated work VESA has ever made. It took over 2000 layers of photography of individual paintings and other images before Ganesh started taking shape.
Red Eye
Red Eye shows the reality of someone falling into the rabbit hole of crypto. The whirlwind seems endless, and the new information pouring into your consciousness sometimes claims your ability to sleep.
This piece is another one with stunning merits, as it was featured in Forbes in their first ever article on this new movement of art and money in January 2019.
Red Eye was also exhibited at the opening of the immersive Dubai gallery Art In Space. It launces into its AR version via the Artivive app to showcase motion and sound.
Compound Defiance
On the way to the VIP room, you can see Compound Defiance on the wall. This work is steeped in legendary moments and is a part of crypto art history. The fluid motion forming a solid symbolizes the decentralized financial system that has no point of central control and therefore free to define its own rules. This freedom has its positives and negatives, but more options mean a more expansive, rather than repressive experience. The jarring pattern blending endlessly might seem chaotic at first, before the beautiful pattern presents its holistic face.
Compound Defiance was the first artwork used on a street legal NFT VESA Art Car in Dubai and it has a VR version made by Zoan.
Refresh
Residing in the elegant VIP room, is a piece made in honour of the UAE, called Refresh. It was made in 2020 and it represents the forward-thinking, technologically competent, and culturally mesmerizing country in an artistic way.
The round planet in the centre of the piece is Mars, referencing the Emirati space program. Galloping alongside is a tokenized royal horse, modelled after a real-life specimen.
The two people featured are the CEO of the Dubai Blockchain Centre, Dr. Marwan Al Zarouni and his wife, Mariam Al Zarouni. In the artwork, the two are immersed in the Bitcoin genesis code, as they witness the evolution of their country.
Refresh comes alive with the Artivive app. It has an original soundtrack, and it has been exhibited on large stages in Dubai and Abu Dhabi, as well as extensively in crypto media.
Team VESA wants to thank Cypher Capital for showcasing these works!
Additionally, Blur founder Tieshun Roquerre raised $40 million to contribute to the Blur ecosystem.
Tieshun Roquerre, the founder of NFT marketplace Blur (also known as “Pacman”), is launching a new layer-2 network where users can reduce transaction costs for digital collectibles. In a thread posted to X on Nov. 21, Roquerre addressed high network fees, saying “hundreds of millions have been spent on gas trading NFTs.”
Two of the biggest opportunities we see for NFTs are reducing transaction costs and institutional-grade NFT perps. Hundreds of millions have been spent on gas trading NFTs, and perp volume is 6x bigger than spot. These opportunities require an L2.
Moreover, Roquerre says “almost every” decentralized application, or DApp, on a blockchain has an issue when users lock up their funds in pools, which do not generate yield for them.
“This means that Blur users are losing money through depreciation. As I dug deeper, I realized that almost every dapp on-chain has this issue.”
Tieshun Roquerre
In a bid to solve all these issues “at once,” the Blur founder decided to launch Blast, a new layer-2 network with native yield for DApps, where users could avoid asset depreciation as well as reduce transaction costs for non-fungible tokens. For the new venture, Roquerre raised $20 million in funding from Paradigm, Standard Crypto and others.
To earn yield, Blast “natively” participates in Ethereum (ETH) staking, automatically returning the staking yield to the network’s users and DApps. In addition to ETH, Blast also earns yield for stablecoins with USDB, the network’s native auto-rebasing stablecoin.
Additionally, I have raised another $40m to contribute to the Blur ecosystem. The funds will be used to build L2 apps for NFTs and continue advancing NFTs on ETH L1 as well.
Beyond Blast, Roquerre announced he had raised another $40 million to contribute to the Blur ecosystem. The proceeds are expected to be used for building DApps atop Blast in order to “continue advancing” NFTs on Ethereum as well. Amid the news, Blur’s native token BLUR jumped 12%, surging to $34, according to CoinGecko data.
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.
As the dust settles on the recent SAG-AFTRA strike, Hollywood finds itself at a pivotal moment, a turning point that demands not just reflection but action. The labor dispute, which echoed from July to November 2023, shone a harsh light on the entrenched issues plaguing the industry. Central to these were the calls for fair compensation and the ethical quandaries brought forth by the use of artificial intelligence in digital performances.
This strike, rippling across global movie and TV productions, was a clear call for Hollywood to embrace innovation ethically. The resolution of this conflict did more than end a standoff and marked the beginning of a transformative chapter. This is a chapter where the adoption of emerging technologies like web3 and NFTs are crucial in addressing systemic challenges and redefining the industry’s future.
Web3 and NFTs invite Hollywood to be at the forefront of this change, urging them to move beyond conventional approaches to distribution and content creation. There is a path to reshape the very essence of the industry, fostering a fairer, more equitable relationship between creators, their work, and audiences.
In the landscape of modern Hollywood, NFTs are rapidly evolving from a niche novelty to a cornerstone of audience engagement and content distribution. These digital tokens are currently being used as exclusive access passes, offering viewers a gateway to a world of unique content experiences. Imagine owning an NFT that not only signifies ownership of a digital asset but also unlocks a realm of exclusive behind-the-scenes content, special director’s cuts, or even access to virtual events with stars and creators. This isn’t futuristic speculation. It’s a reality unfolding right before our eyes. Studios leveraging NFTs are enhancing viewer engagement by transforming passive viewing into an interactive, immersive experience.
The potential of blockchain technology in personalizing streaming experiences is vast and largely untapped. With its ability to securely store viewer preferences and histories, blockchain can tailor content recommendations to individual tastes with unprecedented precision. The possibilities for customization are endless, from choosing character arcs to influencing plot developments. This changes the user’s experience from watching a story unfold to being part of the storytelling process.
Studios at the forefront of this revolution understand that embracing web3 and blockchain is a strategic move and a commitment to shaping the future of storytelling. By adopting these technologies, they are not just staying ahead in a rapidly evolving digital landscape but redefining what it means to be a leader in the entertainment industry. Adopting web3 and NFTs is financially astute and a bold statement of vision and innovation.
Critics might argue that these technologies need to be simplified or early in their development to have a real impact. However, the studios that recognize their potential and act swiftly will be the ones to pave the way for a new era of storytelling, being a part of a cultural and philosophical renaissance in entertainment.
Integrating web3 into viewer loyalty programs transforms the traditional model, offering a level of personalization that conventional systems can’t match. Critics might question the necessity of such an advanced approach, but the reality is that blockchain brings a unique value to viewer engagement. By tracking interactions, studios can provide rewards like exclusive NFTs that open doors to VIP events or virtual interactions with stars, thereby enhancing viewer retention and community building in ways previously unimaginable.
Studios venturing into branding and merchandising with NFTs might be a leap into uncharted waters. Yet, this strategy of blending digital and physical experiences offers untapped potential for audience engagement. Digital collectibles can act as gateways to exclusive real-world experiences, creating a synergy between the allure of the digital and the tangibility of the physical. Although skeptics may see risks in alienating traditional collectors, the reality is that this approach elevates merchandise from mere items to experiences, deepening audience connection to the content.
The integration of NFTs into the collectible market introduces a new dimension of authenticity and exclusivity. The Steve McQueen NFT collection serves as a prime example of how web3 and NFTs are reshaping memorabilia in Hollywood. While there are concerns about accessibility for traditional collectors or less tech-savvy fans, the addition of NFTs broadens the scope of fan engagement, transforming collectibles into valuable, experiential assets.
The fusion of digital and traditional merchandise marks a strategic shift in how studios approach branding. Embracing cross-branding collaborations, companies such as Pog, the iconic ’90s milk-cap game, have expanded into the web3 space. Pog’s history of partnering with major brands like Disney, Pokemon, and Barbie demonstrates the power of such collaborations. While traditionalists may perceive this move into web3 as adding complexity to consumer interactions, it actually reflects and caters to the changing preferences of consumers, crafting a holistic brand experience that connects with contemporary audiences.
The resolution of the SAG-AFTRA strike represents a critical turning point for Hollywood, underscoring the urgency for studios to integrate web3 and NFTs. This evolution isn’t simply about adopting new technologies; it’s about weaving a rich narrative of innovation and inclusivity into the very fabric of cinema. Studios that hesitate, anchored to traditional methods, risk being overshadowed in this vibrant era. Conversely, those who embrace these technologies are not merely adapting to change; they are spearheading a cultural revolution. They are setting the stage for a future where cinema transcends traditional boundaries, empowering every creator and captivating every viewer.
This is not the conclusion of Hollywood’s story but the beginning of its most exciting chapter. It is a chapter where the lines between creator and audience blur, stories are not just told but lived, and the magic of cinema intertwines seamlessly with the marvels of technology. As we embark on this journey, let’s not view web3 and NFTs as mere tools, but as keys to unlocking a world of boundless creativity and connection.
In embracing this new era, Hollywood has the opportunity to redefine not just how stories are told but how they are experienced. It’s a chance to reimagine the industry as a thriving ecosystem of innovation, collaboration, and community. This is the first act in Hollywood’s most ambitious production yet, a narrative that promises to captivate, inspire, and transform. Let the cameras roll on this new age, where technology and art merge to write the future of entertainment.
Andrea Berry
Andrea Berry is a seasoned online video strategist with over 15 years of experience in transformative media partnerships. Her early successes include helping to launch Qello Concerts, the first direct-to-consumer live-music OTT service, later transforming it into Qello Media Services and Vimeo’s OTT channels offering across various industries as their first strategic sales director for their enterprise. Currently, as the head of business development at Theta Labs, Andrea leverages her expertise in online video and blockchain to drive strategic partnerships and growth opportunities for the company. She helps enterprises take advantage and lean into the opportunities web3 presents.
In a Nov. 14 post on X from WuBlockchain, it was confirmed that several community users had reported they received phishing emails from an “Opensea official.”
As part of these emails, users were being offered NFTs.
Plenty of phish in the sea
Recently, a large number of community users have reported that they have recently received phishing emails disguised as Opensea official, with content such as NFT Offers. OpenSea has stated before that user emails and even developer API keys may be leaked because the supplier is… pic.twitter.com/koVH9o6OKG
OpenSea has stated before that user emails and even developer API keys may be leaked because the supplier is attacked.
At the same time, OpenSea issued a post on Nov. 13 stating that “There’s no hack.” and going on to warn users not to click links they don’t trust. That said, X now contains thousands of tweets about the alleged hacking.
A large target
There’s no hack. DO NOT click links you don’t trust.
The news follows the announcement from OpenSea’s co-founder and CEO, Devin Finzer, announced job cuts on Nov. 3.
According to Finzer’s post, the decision to implement these cuts stemmed from a comprehensive reassessment of OpenSea’s “operating culture, product, and tech from the ground up.”
This strategic realignment is a pivotal step within the framework of “OpenSea 2.0” as the prominent digital collectible trading platform endeavors to fortify its position. However, the news has since been overshadowed with skepticism about the alleged phishing scam.
The Chinese government has officially declared that the theft of digital collections, including NFTs, will be legally treated as property theft, signifying a significant shift in the nation’s approach to digital asset regulation.
On Nov. 10, the Chinese government issued a significant statement regarding the legal status of digital collections, including nonfungible tokens (NFTs), within its jurisdiction. This announcement marks a notable stance on digital property rights and cybercrime in a nation known for its stringent regulatory environment.
The statement delineated three perspectives on categorizing the theft of digital collections. The first two views classify it either as data theft or digital property theft. However, it’s the third viewpoint, treating digital collections as both data and virtual property, that falls under “co-offending.”
“The theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data.”
This approach underscores the multi-faceted nature of digital asset theft, involving both intrusion into computer systems and the theft of virtual property.
Emphasizing the dual nature of such theft, the statement clarifies that stealing a digital collection involves illicitly accessing the system hosting it, thus constituting a violation of laws protecting computer system data and property rights.
The Chinese government labels digital collections as “network virtual property,” asserting their recognition as property in a criminal law context. This classification is crucial, as it implies that digital collections can be the subject of property crimes.
NFTs, a technology largely developed abroad, use blockchain to create unique, non-replicable digital assets with secure and permanent storage features. Despite China’s 2021 ban on most cryptocurrency-related activities, the recent developments hint at a nuanced approach towards digital assets like NFTs.
Interestingly, there have been indicators of a growing interest in NFTs within China. For instance, Alibaba’s Xianyu removed restrictions on the search terms “nonfungible tokens” and “digital asset” on October 25. Furthermore, on October 6, the state-run China Daily announced plans to develop its own NFT platform, committing 2.813 million yuan, or $390,000, for its design and implementation.
NFT protocol JPEG’d alerted community members to malicious actors targeting holders of its token as phishing scammers continue to target crypto and DeFi operators.
The P2P non-fungible token (NFT) lending platform JPEG’d posted a notice on X following numerous complaints from users citing phishing campaigns and a booby trap revocation tool. These services are typically employed by web3 users to clear out access previously given to decentralized applications.
Bad actors launched a number of malicious platforms mimicking genuine services per the update from JPEG’d. The goal is to secure transaction approval before draining NFTs and digital assets in the wallet.
It has come to our attention that scammers are targeting $JPEG holders claiming false approvals on phishing contracts and linking to a malicious revocation tool. The current name they go under is “Trojansec”.
Please do not interact with them or any contract that you are unsure…
Several phishing efforts have been directed toward cryptocurrency participants and decentralized finance users. As crypto.news reported, hard wallet maker Trezor became the target of a new phishing campaign. Social media accounts tied to rapper Nelly were also compromised.
Viral SocialFi app Friend.Tech reported suffered Google search manipulation attacks and investors lost $4.5 million in USDT to a phishing scam.
JPEG’d’s call for vigilance comes months after hackers attacked on-chain stable swap exchange Curve Finance, stealing nearly $100 million from multiple protocols and liquidity providers. Some of the funds were recovered by white hat hackers and a collaborative DeFi helpline tagged SEAL 911 was formed.
