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Tag: NFT

  • SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

    SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

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    Top Stories This Week

    Sam Bankman-Fried takes the stand on FTX’s collapse

    Sam “SBF” Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making “big mistakes” during the companies’ explosive growth. Highlights of his testimony include denying directing his inner circle to make significant political donations in 2021, as well as claims that FTX’s terms of use covered transactions between Alameda and the crypto exchange. Additionally, Bankman-Fried testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude within the next few days.

    ‘Buy Bitcoin’ search queries on Google surge 826% in the UK

    Google searches for “buy Bitcoin” have surged worldwide amid a major crypto rally, with searches in the United Kingdom growing by more than 800% in the last week. According to research from Cryptogambling.tv, the search term “buy Bitcoin” spiked a staggering 826% in the U.K. over the course of seven days. In the United States, data from Google Trends shows that searches for “should I buy Bitcoin now?” increased by more than 250%, while more niche searches, including “can I buy Bitcoin on Fidelity?” increased by over 3,100% in the last week. Zooming out further, the search term “is it a good time to buy Bitcoin?” saw a 110% gain worldwide over the last week.

    US court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF

    The United States Court of Appeals has issued a mandate following a decision requiring Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF) to be reviewed by the Securities and Exchange Commission (SEC). In an Oct. 23 filing, the “formal mandate” of the court took effect, paving the way for the SEC to review its decision on Grayscale’s spot Bitcoin ETF. The mandate followed the court’s initial ruling on Aug. 29 and the SEC’s failure to present an appeal by Oct. 13. To date, the SEC has yet to approve a single spot crypto ETF for listing on U.S. exchanges but has given the green light to investment vehicles linked to Bitcoin and Ether futures.



    Coinbase disputes SEC’s crypto authority in final bid to toss regulator’s suit

    The U.S. Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator. In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC, claiming its definition for what qualifies as a security was too wide, and contested that the cryptocurrencies the exchange lists are not under the regulator’s purview. The SEC sued Coinbase on June 6, claiming the exchange violated U.S. securities laws by listing several tokens it considers securities and not registering with the regulator.

    Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B

    Cryptocurrency exchange Gemini filed a lawsuit against bankrupt crypto lender Genesis on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. That collateral is currently worth close to $1.6 billion. According to the suit, Gemini has received $284.3 million from foreclosing on the collateral for the benefit of Earn users, but Genesis has disputed the action, preventing Gemini from distributing the proceeds. Genesis filed for bankruptcy in January. It had suspended withdrawals in November 2022, which impacted the Gemini Earn program.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $34,143, Ether (ETH) at $1,789 and XRP at $0.54. The total market cap is at $1.26 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%. 

    The top three altcoin losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TON) -3.14% and Trust Wallet Token (TWT) at -0.82%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Read also


    Features

    Soulbound Tokens: Social credit system or spark for global adoption?


    Features

    Ethereum restaking: Blockchain innovation or dangerous house of cards?

    Most Memorable Quotations

    “The witness [Sam Bankman-Fried] has an interesting way of responding to questions.”

    Lewis Kaplan, senior judge of the U.S. District Court for the Southern District of New York

    “When it comes to illicit finance, crypto is not the enemy – bad actors are.”

    Cynthia Lummis, U.S. senator

    “I should say, I am not a lawyer, I am just trying to answer based on my recollection. […] At the time [at] FTX, certain customers thought accounts would be sent to Alameda.”

    Sam Bankman-Fried, former CEO of FTX

    “Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.”

    Gary Gensler, chair of U.S. Securities and Exchange Commission

    “I do not believe there has been a single serious conversation regarding a settlement between Ripple […] and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh.”

    John Deaton, attorney

    “He [Sam Bankman-Fried] thought he was going to take that money, and […] he would out-trade the market and put the money back and end up as a half-a-trillionaire, but it never works like that.”

    Anthony Scaramucci, founder of SkyBridge Capital

    Prediction of the Week 

    Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in

    Bitcoin surfed $34,000 at the end of the week as attention turned to BTC price performance against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.

    The largest cryptocurrency avoided significant volatility as the weekly and monthly closes — a key moment for the October uptrend — drew ever nearer.

    “I think Bitcoin will hang around this range for some time,” popular pseudonymous trader Daan Crypto Trades told X subscribers in one of several posts on Oct. 27. “Roughly $33-35K is what I’m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade,” he wrote.

    FUD of the Week 

    UK passes bill to enable authorities to seize Bitcoin used for crime

    Lawmakers in the United Kingdom have passed legislation allowing authorities to seize and freeze cryptocurrencies like Bitcoin if used for illicit purposes. Introduced in September 2022, the passed legislation aims to expand authorities’ ability to crack down on the use of cryptocurrency in crimes like cybercrime, scams and drug trafficking. One of the provisions of the bill permits the recovery of crypto assets used in crimes without conviction, as some individuals may avoid conviction by remaining remote.

    Scammers create Blockworks clone site to drain crypto wallets

    Phishing scammers have cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks site displayed a fake “BREAKING” news report of a supposed multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap and encouraged users to visit a fake Etherscan website to rescind approvals. The fake Uniswap news article was posted on Reddit across several popular subreddits.

    Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada

    Kraken will suspend all transactions related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions may not surprise many Canadian cryptocurrency users, as they come on the heels of several other notable exchanges taking similar actions throughout 2023. OKX ceased operations in Canada in June after Binance announced its intention to do so in May.

    5,050 Bitcoin for $5 in 2009: Helsinki’s claim to crypto fame

    Helsinki has a long and fascinating history with cryptocurrency, including the first exchange of Bitcoin for United States dollars.

    Australia’s $145M exchange scandal, Bitget claims 4th, China lifts NFT ban: Asia Express

    Australian police bust $145 million money laundering scam, Bitget gains market share in Q3, China unblocks NFTs, and more.

    How blockchain games fared in Q3, Upland token on ETH: Web 3 Gamer

    $2.3B tipped into Web3 games so far this year, ex-GTA devs’ studio teams up with Immutable, Brawlers to launch on Epic Games Store, and more.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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    Cointelegraph By Editorial Staff

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  • Floor Prices Of BAYC, Top NFT Collections Rising: Why Is This Analyst Skeptical?

    Floor Prices Of BAYC, Top NFT Collections Rising: Why Is This Analyst Skeptical?

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    According to one non-fungible token (NFT) researcher on X, the floor prices of some of the largest collections might be up between 10% and 30% in the past few weeks, but that doesn’t mean the markets are preparing for a big bull run.

    Taking to X on October 22, “Wale.Swoosh” acknowledged that the markets have been performing well. However, based on several factors, the NFT trading community shouldn’t be excited that the market is ready for a big rally in the coming sessions.

    NFT Floor Prices Rising

    At spot rates, some of NFTs’ popular and valuable collections, such as the Bored Ape Yacht Collection (BAYC), Mutant Ape Yacht Club (MAYC), and even CryptoPunks, have posted gains in trading volume and floor prices.

    To illustrate, the floor price of BAYC is at around 26.19 ETH, up from 23 ETH recorded in late August 2023. Meanwhile, Azuki’s floor price stands at 5.33 ETH, up from 3.41 ETH in late August. 

    Floor price of top NFT collections| Source: Coingecko

    Looking at trends, however, there could be a notable spike in floor price and trading volume in the past week, though trading activity is suppressed. As a demonstration, while BAYC’s floor price is at 26.19 ETH, up roughly 9.8% on the last trading day, there has been no change in the number of owners. There has been a 0.1% increase in new owners for CryptoPunks in the past trading day.

    Only a tiny percentage of the bigger NFT collectors or traders showed interest, subsequently buying an item. It suggests that though floor prices are rising, only a few active trading wallets exist.

    Crypto Prices Rising, Readying An NFT Bull Run?

    The floor price of an NFT is the lowest asking price set for any collection. While this metric changes between collections, it can gauge interest and how the broader crypto community perceives the value of that collection to be. Moreover, since the market determines the floor price, it tends to fluctuate, as evidenced in the last year. 

    Based on available data and the current market conditions, the researcher didn’t dismiss the odds of floor prices rising even further. Even so, based on the analyst’s view, citing historical performance, floor prices tend to expand at a faster rate only once Ethereum (ETH) and BTC volatility drops.

    Bitcoin price on October 24 when floor prices of top NFT collections are rising| Source: BTCUSDT on Binance, TradingView
    Bitcoin price on October 24| Source: BTCUSDT on Binance, TradingView

    At spot rates, Bitcoin and Ethereum prices are steadily rising. Bitcoin has already pierced above July 2023 highs, racing above $33,000 as the crypto community expects even more gains. The spike has lifted the markets, channeling more liquidity to crypto, a precursor for a “real NFT bull run” to begin, according to Wale.Swoosh.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale’s new BTC filing: Hodler’s Digest, Oct. 15-21

    NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale’s new BTC filing: Hodler’s Digest, Oct. 15-21

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    Top Stories This Week

    Grayscale files for new spot Bitcoin ETF on NYSE Arca

    Major cryptocurrency investment firm Grayscale Investments has filed a new application with the U.S. Securities and Exchange Commission for a new spot Bitcoin exchange-traded fund (ETF). The new filing aligns with Grayscale’s ongoing effort to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, according to a statement from the firm. The news comes weeks after Grayscale won an SEC lawsuit for its spot Bitcoin ETF review, with a court of appeals ordering the SEC to explain why it rejected Grayscale’s application in June 2023. The company also filed with the SEC to list an Ether futures ETF in September.

    New York Attorney General sues Gemini, Genesis, DGC for allegedly defrauding investors

    New York’s attorney general has filed a lawsuit against cryptocurrency firms Gemini, Genesis and Digital Currency Group (DCG) for allegedly defrauding more than 23,000 investors through the Gemini Earn investment program. The suit claims that Gemini assured investors that the program was a low-risk investment, while investigations carried out by the office of New York State Attorney General Letitia James found that Genesis’ financials “were risky.” The lawsuit also charges Genesis’ former CEO, Soichiro Moro, and its parent company’s CEO, Barry Silbert, with defrauding investors by attempting to conceal more than $1.1 billion in losses. In addition, the court case looks to ban Gemini, Genesis and DCG from operating in the financial investment industry in New York.

    Former FTX engineering director faces up to 75 years in prison following guilty plea

    Nishad Singh, the former engineering director at now-defunct crypto exchange FTX, faces up to 75 years in prison for charges related to defrauding users of the crypto exchange. He pleaded guilty to fraud charges as part of his cooperation agreement with the U.S. prosecutors. During his testimony this week, Singh said that when liquidity issues at FTX began in November 2022, he felt “suicidal for some days” while dealing with alleged inconsistencies between the exchange’s public statements and its activities behind the scenes. Singh also claimed that Bankman-Fried had the habit of deciding on purchases through Alameda Research by himself.



    Binance shutting down European Visa debit card in December

    Binance Visa debit card services will close down in the European Economic Area in December, marking the latest setback for Binance. The termination of the card services was announced a day after the exchange restored euro deposits and withdrawals, which had been unavailable for a month after payments processor Paysafe dropped the exchange. Binance is still not onboarding new users in the United Kingdom due to the loss of a third-party service provider.

    Elon Musk, Mark Cuban team up to contest SEC trial strategies

    Elon Musk, Mark Cuban and others have collaboratively submitted a shared amicus brief to the Supreme Court of the United States to raise concerns about the U.S. Securities and Exchange Commission’s (SEC) approach to conducting internal proceedings without the inclusion of juries. The context of this legal challenge centers around the SEC vs. Jarkesy case. George Jarkesy argues that the SEC’s internal adjudication process, which lacks a jury and is overseen by an administrative law judge appointed by the commission, contradicts his Seventh Amendment rights. Effectively resulting in a single entity fulfilling the roles of judge, jury and enforcer.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $29,590, Ether (ETH) at $1,607 and XRP at $0.52. The total market cap is at $1.12 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bitcoin SV (BSV) at 59.00%, Stacks (STX) at 25.91% and MX TOKEN (MX) at 25.26%. 

    The top three altcoin losers of the week are Conflux (CFX) at -8.03%, Frax Share (FXS) and Sui (SUI) at -6.35%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Read also


    Features

    Unforgettable: How Blockchain Will Fundamentally Change the Human Experience


    Features

    The Metaverse is awful today… but we can make it great: Yat Siu, Big Ideas

    Most Memorable Quotations

    “We are all part of a bigger game, and Bitcoin is one of the strongest levers in that.”

    Edward Snowden, technologist and whistleblower

    “Using publicly available information to learn is not stealing. Nor is it an invasion of privacy, conversion, negligence, unfair competition, or copyright infringement.”

    Google

    “I felt betrayed, something I’d put in blood, sweat and tears for five years turning out so horrible.”

    Nishad Singh, former engineering director of FTX

    “The games funded 2 years ago are going live over the next 12 months. We will see hits.”

    Robbie Ferguson, co-founder and president of Immutable

    “After extensive DAO forum discussion followed by community vote, the sunsetting of the Lido on Solana protocol was approved by Lido token holders and the process will begin shortly.”

    Lido Finance

    “Any innovation — especially this one with financial impact, cultural value and status — will attract questioning during its downs.”

    Anjali Young, co-founder of Collab.Land

    Prediction of the Week 

    BTC price hits 2-month high amid bet Bitcoin will break $32K ‘soon’

    On Oct. 20, data from Cointelegraph Markets Pro and TradingView captured new two-month Bitcoin highs of $30,233 on Bitstamp. BTC price showed continued strength during the Asia trading session on the same day, with a slight comedown taking the spot price back below $29,500.

    With volatility still evident, market participants argued that a weekly candle close was needed in order to establish the rally’s true staying power. For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 was of particular importance.

    “This move is one to watch, but what I’m watching for right now is to see if this Weekly candle closes above the 100-Week MA and if next week’s candle can stay above it with no wicks below,” Alan wrote in part of an X post on the day. “Some might consider that a confirmation of a bull breakout, but this market is known for squeezes and fake outs so I’m looking for more confirmations. For me BTC will also need to take out prior resistance at $30.5k, $31.5k and ultimately $33k to call a bull breakout confirmed and validated.”

    FUD of the Week 

    Fantom Foundation hot wallet hacked for $550K

    The Fantom Foundation, the developer of the Fantom network, has been hacked for over $550,000 worth of cryptocurrency. The foundation confirmed the attack on X, claiming that most of the funds stolen belonged to other users and that 99% of the foundation’s funds remain safe. Blockchain security researchers initially reported that the attacker stole approximately $7 million in crypto. The Fantom Foundation later released an official statement saying that some of the wallets labeled “Fantom: Foundation wallet” were mislabeled by block explorers and that not all the stolen funds were from the foundation.

    TrueCoin’s third-party vendor breach potentially leaks TUSD user data

    TrueUSD (TUSD) announced a potential leak of certain Know Your Customer (KYC) and transaction history data after one of TrueCoin’s third-party vendors was compromised. The company was the operator of the TUSD stablecoin until July 13, 2023. The impact of the attack and the resultant data leak is yet to be identified, as the total number of users’ data was not revealed during the announcement. Data collected from such breaches — names, email addresses and phone numbers, among others — are typically used for phishing attacks. Attackers reach out to unwary investors by mimicking various crypto services, often promising high profits in short amounts of time.

    Web3 game project allegedly hired actors to pose as executives in $1.6M exit scam

    The development team for gaming project FinSoul carried out an alleged exit scam, siphoning away $1.6 million from investors through market manipulation, according to a recent report from blockchain security platform CertiK shared with Cointelegraph. The FinSoul team allegedly hired paid actors to pretend to be its executives, then raised funds for the sole purpose of developing a gaming platform. However, instead of actually creating the platform, the FinSoul team allegedly transferred $1.6 million in bridged Tether from investors to itself. Blockchain data indicates developers then laundered the funds through cryptocurrency mixer Tornado Cash.

    Big Questions: What did Satoshi Nakamoto think about ZK-proofs?

    What was once a passing interest of Bitcoin inventor Satoshi Nakamoto, zero-knowledge-proof technology is now a major part of the crypto world.

    Ethereum restaking: Blockchain innovation or dangerous house of cards?

    “Restaking” involves reusing staked Ether to earn fees and rewards. The restaked tokens can then help secure and validate other protocols. But many fear restaking could disrupt Ethereum’s chain itself.

    Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express

    Bitmain allegedly fires staff for speaking out against salary cuts, Hong Kong investors lose faith in crypto after JPEX scandal, Bitget gets a new crypto credit card and more.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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    Cointelegraph By Editorial Staff

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  • Crypto Bear Market Claims Scalps: These Projects Bow Out

    Crypto Bear Market Claims Scalps: These Projects Bow Out

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    The chilling winds of crypto winter continue to sting projects, prompting several of them to take a hard look at downsizing or ceasing operations entirely.

    A decentralized content-sharing and publishing platform – LBRY – is the latest one to succumb to the market condition. The company behind the LBRY blockchain said that “there is no escaping this.”

    LBRY Shuts Shop

    In a somber announcement, LBRY weighed in on losing judgment to the federal government and said it has debts to the US Securities and Exchange Commission (SEC), its legal team, and a private debtor that it cannot pay. As a result, its assets, including Odysee, are now under receivership.

    At the time of this statement, all executives, employees, and board members of LBRY have resigned. They are committed to fulfilling any outstanding legal obligations but will not be involved beyond those requirements.

    The company now fears that the LBRY blockchain, which is decentralized, might die, too.

    “Decentralization isn’t magic – it only works if enough people use it. Could LBRY still swallow all digital publishing like we intended? Could this be the beginning of a descent to obscurity? Who knows? It’s not like we’re LBRY experts.”

    LBRY said it will not be continuing its appeal against the financial regulator.

    The blockchain company had previously disclosed its intention to conclude operations in July following a final SEC judgment. The regulator had initially pursued a penalty of $22 million but subsequently revised it down to $111,000 upon recognizing LBRY’s financial inability to meet the larger sum.

    In September, LBRY filed an appeal with the United States Court of Appeals for the Second Circuit seeking to challenge the final judgment, arguing that the SEC’s verdict was flawed.

    Projects Close as Winter Bites

    Earlier this week, SuperDao, the platform facilitating community-driven decentralized autonomous organizations (DAOs), revealed its decision to cease operations and refund any remaining funds to investors. It cited “lack of profitability” as the reason behind its decision.

    In its 2021 seed round, the company secured $10.5 million in funding, backed by SignalFire, Circle, and One Block Capital. SuperDao initially aspired to secure advertising space at the 2022 Super Bowl, but competitors such as FTX and Crypto.com secured multi-million dollar deals ahead of them.

    Decentralized finance platform Yield Protocol also announced shutting operations, citing low demand in addition to regulatory hurdles. It had revealed coming to a conclusion after extensive deliberation with various stakeholders.

    The bear market did not spare NFT platform RECUR, which called its quits after $50 million in an investment round nearly two years ago.

    Unfavorable market conditions and financial challenges also claimed Nifty’s, a platform dedicated to Web3 creators, which declared winding down operations in August. The team had strategically shifted its focus towards crafting a platform designed for Web3 creators and, to that extent, was actively seeking the necessary capital to sustain its efforts.

    However, the investment prospects they pursued failed to materialize, pushing the company to the edge of its financial capabilities.

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    Chayanika Deka

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  • AKIVERSE PFP Project’s First Batch Launches 1,111 Pieces on August 24

    AKIVERSE PFP Project’s First Batch Launches 1,111 Pieces on August 24

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    Various campaigns are underway offering opportunities to be whitelisted for the coming PFP sales day


    ROAD TOWN, Virgin Islands (British), August 10, 2023 (Newswire.com)
    –
    AKIVERSE INC. has announced the commencement of sales of the first batch of 1,111 NFTs on August 24 at 6:00 PM JST, as part of our 5,555 NFT PFP (Profile-Picture) project on the Web3 gaming platform “AKIVERSE.” Preceding the PFP sales, various campaigns will be held offering a chance to win a place on the PFP whitelist (granting special tickets, guaranteed purchase rights, priority purchase rights).

    About the AKIVERSE PFP Project
    The AKIVERSE PFP project comprises a total collection of 5,555 NFTs.

    These represent gamers in the virtual world of AKIVERSE, portraying the players deeply immersed in the games. Designed to appeal not just to players of AKIVERSE but gamers worldwide, these profile pictures are set to become key items that enhance and extend the global gaming community.

    Besides being used as NFT icons, PFPs will grant their holders numerous benefits like integration with the games and tokens in the AKIVERSE platform, access to exclusive holder events, and more. Additionally, each piece of art, infused with high-end 3D graphics and diverse traits like hairstyles, eyes, outfits, and accessories, holds its own value as an NFT art collectible.

    For more details, check the PFP official website.

    Details of the AKIVERSE PFP Sale Batch 1
    In this first batch of sale, 1,111 out of the total 5,555 NFT collection will be available for purchase starting from August 24 at 6:00 PM (UTC +9). These NFTs will be sold in a “reveal-style” sale, with traits and rarity being completely random.

    Overview of the Batch 1 sale
    ・Total supply for this sale: 1,111
    ・Purchase Limit: Unlimited
    ・Sales Schedule and Pricing:
       – Presale ①
           – Date: August 24 (Thu) from 6:00 PM to 10:00 PM (UTC+9)
           – Eligible Buyers: Those with guaranteed purchase rights (first-come-first-served basis)

       – Presale ②
           – Date: August 24 (Thu) from 10:00 PM to 12:00 AM (UTC+9)
           – Eligible Buyers: Those with priority purchase rights (first-come-first-served basis)

       – Public Sale
           – Date: August 25 (Fri) from 8:00 PM onwards (UTC+9)
           – Eligible Buyers: Open to all (first-come-first-served basis)

    For more details, check the PFP official website.
    Details about the subsequent batch of sales will be provided when finalized.

    Your Last Chance to Win a Whitelist (Special Ticket, Guaranteed Purchase Right, Priority Purchase Right) for the PFP

    PFP By AKIVERSE Whitelist Campaign【VER3.0】
    ・Application period: August 10, 4:00 PM (UTC+9) to August 20, 11:59 PM (UTC+9).
    ・Winners: 333 spots.
    ・Where to apply: campaign page.

    Participate in the AKIVERSE SPARK Quest ~Win PFP Special Tickets and More~
    For more details on the gaming event, please check here.
     

    Source: AKIVERSE INC.

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  • The First Information on the ‘Player PFP’ for the Web3 X Gaming Platform AKIVERSE is Released. Campaign to Win Priority Purchase Rights for PFP

    The First Information on the ‘Player PFP’ for the Web3 X Gaming Platform AKIVERSE is Released. Campaign to Win Priority Purchase Rights for PFP

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    First PV depicting the world view of the virtual world “AKIVERSE”.


    ROAD TOWN, Virgin Islands (British), June 27, 2023 (Newswire.com)
    –
    AKIVERSE INC. announces the partial release of sales information regarding the PFP (Profile-Picture) project on its Web3 x gaming platform, AKIVERSE. Additionally, a campaign to win priority purchase rights for PFPs will be held prior to the start of PFP sales. Furthermore, a PV depicting the world view of the virtual world “AKIVERSE” has been released for the first time.

    AKIVERSE Player PFP Sales Overview

    -What is AKIVERSE Player PFP
    AKIVERSE is a world hidden away in darkness. Players are the only ones able to illuminate the world and eliminate this darkness, by honing their gaming skills continuously. We now present PFPs, which is a generative NFT that proves the player’s contribution towards saving AKIVERSE.

    -Sales Details
    ・Supply: 5,555
    ・Reveal Format: Revealed when minted
    ・Purchase Limit: Unlimited
    ・Schedule: Coming soon

    -Holder benefits of PFP
    This PFP has strong utility within AKIVERSE, such as being used as an NFT icon for SNS on the ETH chain, linking with games and tokens on the AKIVERSE platform, and participating in holder-exclusive events. Furthermore, we offer an attractive “in-game utility” update that is tailored to the beta version release of AKIVERSE. In the future, we will update the utility of PFP to maintain and improve its mid-to-long-term value, along with the enthusiasm of the players for the game.

    For more information about PFP, please visit the official website. 
    Also, we will mainly announce the latest information on PFP through the AKIVERSE official Twitter account.

    ・Service account: https://twitter.com/Akiverse_io
    ・[Newly opened] PFP account: https://twitter.com/AKIVERSE_PFP

    Win a priority purchase right for PFP. IVS KYOTO exhibition commemorative campaign is underway.
    As a commemoration of the “IVS Crypto 2023 KYOTO” exhibition, which starts today, on June 28 (Wed.), a campaign is underway to win a priority purchase right for PFP.

    -Campaign details
    ・Number of winners: 333 pieces
    ・Application period: June 28 (Wed.) 10:00 (UTC+9) to July 5 (Fri) 23:59 (UTC+9)
    ・How to apply: Please apply from the PFP official website.

    A PV that depicts the virtual world “AKIVERSE” is released for the first time.
    Today (June 28, 2023) we at AKIVERSE are delighted to have released a promotional video that displays the virtual magic of AKIVERSE. Gamers can imagine themselves as saviors in AKIVERSE, deeply immersed in the world and creating SPARKs with their gaming powers.  

    PV: https://www.youtube.com/watch?v=N5CFCsXXQUM

    Source: AKIVERSE INC.

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  • You Can Now Buy 1978’s ‘Superman’ As An NFT

    You Can Now Buy 1978’s ‘Superman’ As An NFT

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    Warner Bros. has found a new way to sell fans a copy of 1978’s classic Superman movie starring Christopher Reeve: As an NFT.

    A lot of the impetus for the movie by Warner Bros. (and likely other studios in the future) is the decline of physical media sales. The company has partnered with a blockchain called Eluvio, which uses proof-of-authority verification rather than proof-of-work verification. Without all the technical jargon, this form of blockchain uses fewer resources, while sacrificing decentralization. Luckily, that’s not really a concern for this kind of format.

    READ MORE: Every DC Comics Movie Ranked From Worst to Best

    Warner Bros. is releasing 1978’s Superman directed by Richard Donner. Instead of just releasing the film as a digital copy, Warner Bros. has instead decided to offer a number of different options. Each version of the NFT will include separate benefits. A “Standard Edition” for $30 includes an interactive location-based navigation menu, Superman: The Movie Theatrical Version, previously released special features and an image gallery featuring stills and behind-the-scenes photos. A “Premium Edition” for $100, Includes three different variations available for purchase separately — Truth, Justice and Hope — each featuring an illustration of Christopher Reeves’ Superman from one of three DC artists: Ivan Reiss, Ben Oliver, or Bill Sienkiewicz, along with an interactive and explorable location-based navigation menu and three versions of the feature film: Superman: The Movie Theatrical Version; Superman: The Movie Expanded Director’s Cut; and Superman: The Movie Extended TV Edition.

    If you’re interested, you can find more information here. The NFTs go on sale on June 9, with early access the day before.

    The New DC Universe of Movies and Shows

    All the projects announced by DC Studios as the start of “Chapter 1” of the company’s new universe of movies and shows.

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    Cody Mcintosh

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  • Web3 Marketing Trends and Strategies to Know in 2023 | Entrepreneur

    Web3 Marketing Trends and Strategies to Know in 2023 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The world of marketing is undergoing a paradigm shift with the rise of Web3 technologies. This decentralized internet model, characterized by blockchain-based platforms, decentralized applications (dApps) and a strong focus on user privacy, has paved the way for innovative marketing strategies that cater to an increasingly savvy audience.

    As an entrepreneur, staying on top of these trends is vital to remain competitive in the ever-changing digital landscape. In this article, we explore the most significant Web3 marketing trends in 2023 and provide insights on how you can leverage them to enhance your business’s online presence.

    Related: How Web3 Will Change Marketing Landscape Forever

    I. Decentralization and the impact on marketing

    Web3’s decentralized nature challenges the conventional marketing approaches that rely on centralized platforms such as Google and Facebook. Marketers must now navigate decentralized platforms like Decentralized Autonomous Organizations (DAOs), decentralized finance (DeFi) platforms and decentralized marketplaces.

    To master the decentralized marketing landscape, consider the following tactics:

    1. Understand the ecosystem: Gain a deep understanding of the web3 ecosystem and the platforms’ unique attributes. Each platform has its own set of rules, governance structures and user behaviors that require tailored marketing approaches.

    2. Build relationships: Establish strong connections with platform developers and influential community members. These relationships will help you better understand the platform’s intricacies and provide valuable insights for your marketing strategies.

    3. Experiment with formats: Explore various content formats, such as articles, podcasts, videos and live events, to reach your target audience effectively. Adapt your messaging and delivery to the decentralized nature of Web3 platforms.

    II. The emergence of token economies

    Token economies, driven by cryptocurrencies and non-fungible tokens (NFTs), are revolutionizing the way marketers engage with their audiences. To capitalize on this shift, marketers must leverage token economies creatively:

    1. Tokenized marketing: Create and distribute branded tokens that can be redeemed for products, services or exclusive experiences. This strategy not only incentivizes user engagement but also enables real-time tracking of campaign effectiveness through blockchain technology.

    2. Reward and loyalty programs: Implement reward programs that leverage cryptocurrencies or platform-specific tokens. Offer exclusive perks, discounts and benefits to users who hold or use your branded tokens.

    3. Gamification: Develop gamified experiences that encourage users to explore and engage with your platform. Incorporate token economies into these experiences to incentivize participation and drive user retention.

    III. The rise of NFTs and their impact on marketing

    Non-fungible tokens (NFTs) have gained significant attention in recent years as they represent unique digital assets that can be bought, sold and traded on various platforms. For marketers, NFTs present both challenges and opportunities. Here are some strategies to harness the power of NFTs:

    1. Limited-edition campaigns: Create limited-edition NFT collections that users can purchase, trade and showcase, instilling a sense of exclusivity and driving demand. Consider collaborating with well-known artists, designers or influencers to increase the appeal of your NFTs.

    2. Utility-driven NFTs: Develop NFTs that offer utility beyond mere collectability, such as access to exclusive content, events or experiences. This approach will deepen user engagement and foster long-term loyalty.

    3. Cross-platform integration: Partner with other Web3 platforms and NFT marketplaces to expand your NFT’s reach and functionality. This tactic can increase your audience and create new opportunities for collaboration.

    Related: How to Realize Your Brand’s Digital Potential With NFT Marketing

    IV. Community-driven marketing in Web3

    Community-driven marketing is paramount in the Web3 world. Marketers must foster a sense of community by engaging with users on a personal level and creating content that resonates with their values and interests. Here are some tips for building vibrant Web3 communities:

    1. Active participation: Be an active participant in online forums, Discord channels and social media platforms related to your niche. Engage with users, answer questions, and share valuable insights to establish trust and credibility within the community.

    2. Collaborate with influencers: Partner with influencers within the Web3 ecosystem who share your brand’s values and can effectively communicate your message to their followers. This will amplify your reach and help you connect with a wider audience.

    3. Host virtual events: Organize virtual events, such as AMAs (Ask Me Anything), webinars or live-streamed presentations, to share valuable information and interact with your community in real-time.

    4. User-generated content: Encourage and reward users for creating content related to your brand or platform. User-generated content not only generates buzz but also helps foster a sense of belonging and ownership within the community.

    V. The importance of authenticity and transparency

    Web3 marketing demands a strong emphasis on authenticity and transparency, with users placing immense value on trust. Blockchain technology, the backbone of Web3, inherently offers transparency through its public, verifiable record of transactions and interactions. To build trust and authenticity in your marketing efforts, consider these approaches:

    1. Open governance: Showcase your platform’s governance structure and decision-making processes to demonstrate your commitment to openness and fairness. Engage your community in these processes to foster a sense of ownership and shared responsibility.

    2. Data privacy and security: Communicate your commitment to user data privacy and security through transparent policies and blockchain-based solutions. In an era of increasing data breaches and privacy concerns, a proactive approach to data protection will instill confidence in your users.

    Related: Why More and More Companies Are Embracing Web 3.0

    The Web3 marketing landscape presents a world of untapped opportunities for marketers who are willing to embrace its unique challenges. By understanding the nuances of decentralized platforms, token economies, NFTs, community-driven marketing and prioritizing authenticity and transparency, marketers can develop innovative strategies that captivate users and propel their brands into a decentralized future.

    As Web3 continues to evolve and redefine the internet, marketers who stay ahead of these emerging trends and adopt winning strategies will be best positioned for success in this brave new digital world.

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    Winfred K. Mandela

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  • How NFT Marketplaces Will Onboard the Next Mass Wave of Users to Crypto | Entrepreneur

    How NFT Marketplaces Will Onboard the Next Mass Wave of Users to Crypto | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Is there life beyond the bear? While crypto Twitter and mainstream media are expressing varying levels of hope and skepticism, a lot of teams are working hard to bring the future of Web3 closer. And this time — it’s not only crypto, folks.

    This is the main difference between this “crypto winter” and the one of 2018-2020, when Ethereum was available for less than 200 dollars. Drastic decreases in prices and market capitalization caused a lot of debates on the legitimacy of the industry from traditional outsiders but couldn’t scare off the Web3-native believers who just continued building. Whether it’s because of the precedent they set or anticipation of the bigger market, traditional players doubled down on the bear builder party this time.

    Related: How Crypto, Blockchain and Web3 Institutions Can Accelerate Mass Adoption

    NFTs to lead the way

    The spotlight here is once again on NFTs. Not intimidated by the market conditions, quite a few future-oriented brands have been releasing pilot NFT projects to test the waters (McFarlane, Fox, Starbucks) or working on robust digital asset-based community campaigns behind closed doors. It’s obvious to anybody that it’s not a race for quick gain, but a well-thought-out long-term game.

    “Why now?” you’re probably wondering. First and foremost, the technology, UX and education frameworks have finally reached the level that significantly lowers the entry barrier to the NFT ecosystem. Arguably, for the first time ever, Web3 is close to being ready to onboard millions of mass users.

    “How does it look in practice?” you might ask. Loyalty programs, community engagements and unlockable content are among the brands’ favorites. Big companies are starting to consider NFTs as a base for a variety of activities, giving an inspiring hint at what the next bull run can look like.

    Such a spike in credibility and the prospects of mass adoption can’t help influence the current shape of the industry and the trajectory of its development. To date, the heart of the Web3 movement has been NFT marketplaces — platforms with different levels of decentralization where users can mint (create), display, buy and sell their collectibles. For quite a few brands, these marketplaces have been the entry point into the NFT world.

    With this trend clearly unfolding, we can’t but ask ourselves: What role will NFT marketplaces play in this big movement? Will they stay the same or evolve to boost mass adoption in collaboration with brands?

    Related: Make Your Brand a Household Name Using the Power of NFTs

    Rethinking NFT marketplaces

    What is the first thing that comes to mind when you think about an online marketplace? Quite likely, the likes of Amazon will be there: a one-stop-shop environment where users can find literally anything they want. Offered goods vary in price, but one thing stays the same: High-end brands have very limited representation there. You might find an expensive perfume or a pair of glasses, but that’s about it. And who would go shop for Chanel bags on Amazon anyway?

    This analogy is key to understanding the brand’s strategy as they come into Web3 with their massive user bases. Does this traditional marketplace model appeal to brands? I’d argue not. Since NFTs are shaping up to power next-gen gamified loyalty programs for communities, one-size-fits-all does not look like a good match.

    Brands dipping their toes into NFT are looking to offer a safe, uniquely branded experience for their customers — with controllable monetization on top.

    Adoption issues and solutions

    When directing users to a third-party NFT marketplace, there are several problems a brand can encounter:

    1. Safety and IP protection: Unfortunately, there are malicious players on the market, and NFT marketplaces do not always do a timely job eliminating collection copycats to make sure that a new user does not purchase a wrong NFT by accident.

    2. Monetization: With the recent market development and “race to the bottom,” the trend moves towards not respecting creator royalties, which could serve as a major revenue stream for popular collections. On top of that, using a third-party NFT marketplace always means paying fees that can be changed at any point of time. In other words, not controlling your revenue stream fully.

    This is where the Shopify model is entering the scene. Unlike traditional Web2 marketplaces, NFT marketplaces can take different forms — and verticalized, custom community marketplaces are a very promising route.

    Creating and fully controlling its own community marketplace allows a brand to enforce royalties, set custom fees and ensure the proven authenticity of digital collectibles with a branded look and feel, all in the spirit of decentralization.

    On top of that, NFT community marketplaces can be powered by shared orderbooks, meaning that buy and sell orders can be aggregated from other marketplaces from the start to help bootstrap the liquidity.

    All that said, on-brand community NFT marketplaces can truly become the gateway to onboard the next mass wave of users to crypto in a safer and more accessible way. Will this be the case in the next bull run? Time will tell.

    Related: Why Community Is Key in Web 3.0

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    Masha Vyazemskaya

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  • Megafans Releases New NFT Collection for Esports Gamers and Collectors

    Megafans Releases New NFT Collection for Esports Gamers and Collectors

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    Press Release
    –

    Mar 15, 2023 11:00 EDT


    SAN DIEGO, March 15, 2023 (Newswire.com)
    –
    MegaFans, the world’s first esports gaming platform, bridging Web2 and Web3, announces the release and launch of their first, initial non-fungible token offering (INO) with pre-mint orders opening on March 15, which will feature a new art collection themed after the esports characters called Gamer Girlz, that will earn in-game currency through a smart contract, from esports tournament player entries. The company also released a new website and revamped social media channels on Twitter and Discord to announce the INO and pre-mint orders. 

    The new and improved website, Megafans.io, will feature information regarding the company’s upcoming initial non-fungible token (NFT) offering, scheduled to open for pre-minting on March 15, this year. People will be able to see sample previews of the artwork, navigate MegaFans social media channels, learn about the unique utility and functions offered by the NFT collection, and eventually be able to stake and trade the NFTs for rewards on the website, including cryptocurrencies, merchandise, events and tournament entries and more.

    The NFT collection features 5,000 manga-style art pieces, representing Gamer Girlz characters as profile pictures (AKA picture for proof or PFPs) from their multi-platform esports space called the MegaFans MegaVerse. The NFTs have a unique, smart contract utility that automatically earns the owners in-game currency called MFANS, based on a percentage of the rake from entries into their play-to-win esports tournaments. More information can be found at the MegaFans website (https://megafans.io).

    MegaFans has been building and publishing esports-based casual games since 2019. They successfully integrated their esports tournament system into five game titles and published them on the largest app stores in the world – Apple, Google, Huawei and Samsung.  

    Megafans is an infrastructure platform for game and metaverse developers, offering customized software as a service (SaaS) with their esports software development kit that spawns live tournaments inside games and generates revenue, increases retention and player lifetime value (LTV), the ultimate key performance indicator of gaming. 

    MegaFans is building the world’s first mobile esports community using blockchain, crypto, and non-fungible tokens (NFTs) in a play-to-win environment for gamers, collectors, and developers. To learn more, visit www.Megafans.io. To download games, visit https://linktr.ee/megafans_esports. 

    MegaFans (Massive Esports Gaming Fanatics) is building the world’s first esports community using blockchain products, cryptocurrency and NFTs in a play-to-win environment for gamers, collectors and developers, where 3.2 billion daily active users can play, compete, win rewards and share their interests. MegaFans offers turnkey solutions for game publishers that increase monetization and retention by enriching the players’ experience and their communities. MegaFans’ mantra is “Esports for All!”, which focuses on underserved and emerging markets and people around the world. They use a leaderboard format that features multiple tournaments simultaneously, to an infinite number of players globally, no matter what skill level or geo-location. Links to MegaFans’ social media and company channels can be found at https://linktr.ee/megafans_esports.

    Source: MegaFans

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  • How Web3 Is Making Now the Best Time to Be a Creator | Entrepreneur

    How Web3 Is Making Now the Best Time to Be a Creator | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.

    These are the words of the Nobel Laureate Paul Krugman from 1998, demonstrating how technology can have more farther-reaching effects than even the most brilliant minds can predict.

    To that end, few technological leaps have the power to impact the economy as much as Web3 and NFT infrastructure. Yet, early applications have kept much of the potential utility and economic benefits for creators and entrepreneurial businesses hidden beneath images of costume-wearing animals and cartoon profile pictures. The world has been going ape over NFT art with many a well-to-do individual treating these JPEGs on the blockchain as status symbols, wearing a “Bored Ape” on their profiles instead of, say, a Rolex on their wrist.

    Fueled by the surge in online activity and online gaming communities with the promise of metaverse to come, we witnessed the emergence of a new trend: a desire for digital art NFTs. Now the sale of these “digital originals” (verifiable as originals through their address and contract number on the blockchain) rivals their paint-and-brush analog counterparts.

    Related: Web3 Is the Future of the Creator Economy

    From social media to social marketplace

    With Web 2.0, we saw the birth of social media and higher degrees of social interaction both across countries and across continents. This unprecedented level of communication had substantial macro-behavioral and cultural consequences, giving us almost instant snapshots of events around the world. However, with Web3, we are now moving beyond only communication.

    Many Gen Y and Gen Z creators are turning down the prospect of traditional jobs in favor of a life where they can be fairly compensated for their value in the online economy. Web3 technology delivers the prospect for financial incentives, art and culture by joining communities of stars and brands where everyone will be more fairly rewarded based upon their value in the economy. Creators can be fairly incentivized as they build their own audience that consumes content and buys products while being given exclusive access, backstage passes and other rewards, even royalties for their involvement.

    Until now, despite being given a myriad of free platforms to utilize, creators of all kinds — musicians, coaches, experts, writers, athletes and artists — have been at the mercy of the tech giants and algorithmic gatekeepers. This has been an unfair bargain with large social media platforms keeping almost all of the revenues generated by creators.

    Web3 is here to change all of that, but you might be understandably wondering, “How?” How is this emergent technology rebuking and replacing the status quo and championing content creators to provide greater value to their communities? Tokenization of assets on the blockchain has the power to convert audiences into rewarded advertising engines that increase what they earn no matter how big or small by building incentivized, independent, cross-collaborative creator economies. This is a paradigm shift from competition to collaboration and from social media to a true “social marketplace.”

    Until recently, in the Web 2.0 and social media era, content creators would ask their followers and viewers to “like, comment, subscribe and share.” Yet once the devoted fan completes this mission of showing their support, what does the fan get for their efforts?

    Joel Comm, co-host of the Bad Crypto Podcast with over 10 million downloads and known for having minted over 1.5 million NFTs, had this to say: “Now I can reward you as a superfan and AirDrop into your wallet a discount, a bonus NFT, something that you can use for the future. It (Web3) really allows artists of all kinds, not just musicians, any kind of creator to connect with their audience and build community in a meaningful, significant way, so their audience is portable.” says Comm.

    Related: This Is What Content Creators and Entrepreneurs Need to Know About Web3

    From centralized to decentralized

    Despite flooding platforms with content, centralized institutions have held a monopoly on privacy, content, audience and on revenue. Even in the traditional publishing world and music industry, record labels and publishers keep the majority of all earnings while the artists and authors sign contracts to keep a small percentage of royalties. An increasing number of authors, however, are choosing to forgo the traditional route and instead are self-publishing, supported to best-seller status through swathes of their army of YouTube followers buying their book. This can be seen as evidence that a cultural and socio-economic shift is already well underway.

    “I don’t need to go to these massive studios or labels. I can go directly to my audience.” says Comm.

    One such platform aiming to help usher in this new era of collaborative success is StarStake. According to their homepage, “StarStake is collaborative commerce — launching the creators of today into the stars of tomorrow.” StarStake firmly believes we are witnessing a turn in the creator-community economy and wishes to play a leading role in facilitating this evolution and revolution.

    Chris Hawk, CEO of StarStake says, “Traditional creator-community relationships are limited, with minimal contributions and meager returns. StarStake removes the financial barriers for creators to earn more — reward their communities — and grow together.”

    Serial entrepreneur, Gary Vee, said in one of his talks that what the internet has done for information and data, NFTs will do for transactions and contracts, making us still in the visionary stage of the adoption curve of this new technology.

    NFTs are evolving beyond vanity to utility and are increasingly being endowed with powers such as exclusive memberships, reward contracts, perks, privileges and even access to products. The power may be tipping from the platforms to the people. Whether you are a creator or a consumer, the good news is you are still very early. Ultimately, the creators and their communities, through their newfound, deepened interaction, will decide what this technology is to become.

    Related: Why Web 3.0 Will Change the Current State of the Attention Economy Drastically

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    Maria Matarelli

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  • There’s So Much More to NFTs and Web3 Than the FTX Crash

    There’s So Much More to NFTs and Web3 Than the FTX Crash

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    Opinions expressed by Entrepreneur contributors are their own.

    When was the last time you looked at a work of art online and thought, even for a second, about what file type it was? Whether the image you see is a JPEG or GIF rarely matters to anyone except for professionals in the media industry, where file types have different properties, qualities and sizes. For the average content consumer, it doesn’t matter at all.

    Now ask yourself: Why are NFTs any different?

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    Matt Cimaglia

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  • Skry Helps You Find NFT Collectibles Worth Collecting

    Skry Helps You Find NFT Collectibles Worth Collecting

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    Press Release
    –

    Jan 26, 2023 11:00 EST


    BOULDER, Colo., January 26, 2023 (Newswire.com)
    –
    The NFT market turmoil is palpable. Rampant speculation, a slew of bad actors, and technical knowledge barriers form a perfect storm of confusion. But at the eye of this storm is the question: Are NFTs the latest Ponzi scheme or a new asset?

    Skry believes NFTs represent the latter: a new form of digital-native asset. While confusion and skepticism exist, the idea of a digital collectible will be commonplace. Skry looks to examples like the Reddit CryptoSnoos NFT launch as indicators of where NFTs are heading. A series of NFTs termed “digital collectibles” took off among a decidedly anti-crypto audience. When you peel back misinformation and layers of techno-babble, it’s obvious there is demand for natively digital asset ownership.

    As with any asset class, a lack of quality standards creates ambiguity. Skry contends this is the central issue affecting NFTs today. Getting scammed is easy if there are no objective criteria for what you are buying. Apart from intentional scams, creators need more technical know-how to launch an NFT with staying power. We need people-friendly metrics to gauge quality before NFTs become accessible.

    “We need to work together to aggregate strategies, analyses, and best practices from collectors, creators, and developers to build standards around NFTs or we’ll continue running into problems,” said Mike Roth, co-founder and CEO of Skry. 

    Skry understands this is easier said than done. NFTs are multifaceted, but Skry believes the way forward is to focus on specific use cases and their existing examples.

    Roth continued, “Framing NFTs specifically as digital collectibles helps create standards by looking at what already exists, for example, trading card grading and secondary markets like StockX. For each of these, a major factor is the social context. While hard to quantify, we know community is an obvious component of a collectible’s value. Apart from that, there are technical components like any other asset. With a baseball card, you want to know if it is torn or damaged. With NFTs, the most NFT-native technical factors are how decentralized the collection is and what the mint mechanics were.” 

    Skry aggregates community engagement, code quality, and market performance, then outputs those factors as an “insights grade.” The grade rates collections from A (high quality) to D (low quality) with the goal of A-rated collections being less volatile over the long run. The platform presents insights as bite-sized chunks anyone can quickly parse without hours of Discord surfing or becoming a smart-contract developer.

    Skry understands that creating standards takes years of proven data and market endurance to decide what “quality” looks like. Because of this, the Skry Insights Grade improves as the market evolves through the use of machine learning. Skry recently launched a dashboard to visualize this evolution of its rating system over time. To view the new dashboard and learn more about Skry, visit skry.xyz/about.

    Source: Skry

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  • Why the FTX Scandal Will Be Good for Crypto and NFTs

    Why the FTX Scandal Will Be Good for Crypto and NFTs

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    Opinions expressed by Entrepreneur contributors are their own.

    While navigating a tragedy, few people welcome a comment like, “It was all for the best.” Too often we hear this pep talk from compassionate friends or family, as we quietly think to ourselves, They just don’t understand what I’m going through.

    But do they? A recent investment scandal might offer some insights into why that cliché can be spot-on after all.

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    Jonny Caplan

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  • 5 Bear Market Lessons From a Crypto Entrepreneur

    5 Bear Market Lessons From a Crypto Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    2022 was an important year for the crypto space. We will all remember the bankruptcies of major global companies: Luna, Celsius Network, FTX, BlockFi and others that left investors with massive losses. The bear market has dramatically affected the crypto economy and investors’ portfolios.

    Just like in 2013 and 2017, the market moves in cycles. First, we had the crypto summer, where everybody was hyped about their profits and gains. Then came the crypto autumn, and investors started to see red in their portfolios. But investors’ portfolios started bleeding when the crypto winter got underway, and even some big reliable companies went underwater.

    In this article, I want to focus on some of the most important lessons I have taken for myself and my company after living through one more winter of the crypto market.

    Related: Will Crypto Make a Comeback in 2023?

    1. Money management strategies are everything

    2022 is the year of fallen legends. Companies believed to be reliable borrowers, like Alameda Research, borrowed funds without collateral and ultimately went bankrupt due to improper money management. On top of that, other standout names in the crypto space, such as Luna, Celsius Network, FTX, and BlockFi, also went bankrupt against all market expectations.

    2022 showed that different approaches need to be used to track company assets, oversee their liquidity and provide collateral for obligations. The mistake many made was blindly placing faith in a company because of its size and reputation instead of analyzing the fundamentals.

    Related: How to Manage Your Money With Confidence

    2. Stay away from toxic assets

    The future market leaders are the companies who survived unscratched problems related to Luna, Celsius Network, FTX or BlockFi and do not hold toxic assets. These are the companies with the potential to launch new products and ideas.

    From personal experience, I can say that 2022 was when my company delved into exploring new directions. It proved that the standard earning tools on the market just recently have no future. So we chose to focus on developing new products that can fix the ongoing problems of the crypto market. I believe that doing this — answering a pain point of the sector and providing a reliable service to alleviate it — is a crucial step in maintaining your company’s viability in tumultuous market conditions.

    3. Watch out for tokenomics

    When looking at a company, all performance indicators are important. What good is it to have great management and a business model if the tokenomics are not good? People are first and foremost investing in the token itself, making tokenomics an essential piece of providing a stable development.

    Bad tokenomics often gives valuable insight into whether the company’s business model is sustainable over the long term. Look for projects with tokenomics designed to serve the investors, not the developers. Watch out for high inflation rates and other red flags, which are often signs of an unsustainable business model designed to enrich the very few.

    Related: 8 Smart Ways to Analyze Crypto Token Before Investing in It

    4. Don’t follow the hype

    This year proves that the market is often wrong. During the crypto summer, many coins and companies grew on hype. Investors hopped on the train and followed the crowd ignoring the lack of solid fundamentals and prospects of future growth. However, when the bubble popped, their portfolio suffered.

    Luna, for example. The company had $50 million in assets but still promised 20% interest payments in its own stablecoin currency. That meant $10 billion in payouts to people holding funds in its protocols. The business plan was too good to be true, but tons of people fell for it and lost everything when the stablecoin proved not to be that stable after all.

    Related: Is Crypto and NFTs a Passing Fad?

    5. Teamwork is essential

    In times of market turmoil, teamwork is more important than ever. The keyword is flexibility; the market is unpredictable, so it’s the team’s job to adapt to any changes rapidly.

    The market has very short business phases meaning that companies need to be highly flexible and able to adapt to new realities. Bear markets often make it impossible to plan too far ahead. Focus on what’s in front of you, prioritize clients’ objectives, predict what products the next phase of the market will be interested in, and prepare them in advance.

    Furthermore, the bear market can also be a great time to generate revenue and offer products that alleviate investors’ fears. Additionally, with the right money management skills, companies can alleviate clients’ anxiety by investing their funds in discounted assets.

    Stay positive. The bear market will be over soon

    The bear market is not easy, but staying optimistic is essential. Take a step back and realize that earning on the crypto market is a long-term game; that’s the wealth-building secret.

    My opinion is based on analyzing past phases, where typically, the crypto winter lasts 4-6 months, then comes the spring. It will be essential for companies to enter with a big user base, good products and opportunities to scale up their own business.

    Companies need to pay attention to the costs and build teams out of people who believe in the market more than ever. Teams should have crypto enthusiasts that understand the market and products well. Having pros on the team is essential, so do not let them slip through your fingers.

    Related: The Bear Market is A Blessing For Web3’s Future. Here’s Why.

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    Vladimir Gorbunov

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  • Now that Crypto Has Crashed, What’s Next for The Metaverse?

    Now that Crypto Has Crashed, What’s Next for The Metaverse?

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    Opinions expressed by Entrepreneur contributors are their own.

    The collapse of the crypto exchange platform FTX is sending shockwaves into the metaverse. The cryptocurrency exchange was once thought of as a stable and responsible leader in an industry which is often fast-changing and unregulated. In the wake of its failure, many wonder what the implications will be on the metaverse.

    While this moment for FTX will likely be viewed as a learning moment for crypto, metaverse and Web3 organizations and projects, it will also probably be seen as a huge opportunity that some saw for what it was while others missed it entirely. It’s essential to recognize that this is a great time to consider what’s possible in the metaverse and how you can best take advantage of it through your personal brand.

    Related: Metaverse: A Game-changing Innovation For Entrepreneurs

    Seize the moment

    The metaverse is only just beginning to take shape. As exciting as the VR and AR experiences offered today are, these are only the embryonic stages of what’s to come. A recent survey showed that 54% of experts expect the metaverse to be a refined and immersive aspect of daily life for a half billion or more people globally by 2040. This would be a cultural shift similar to the rise of the internet.

    As the metaverse develops, AR and VR experiences will be better able to reach and serve consumers than current technologies can. These new technologies will become a more significant part of our lives and offer users opportunities to purchase virtual and physical goods, travel and even receive healthcare. The metaverse will be an expansion of our daily lives.

    In this post-FTX moment, it’s possible that users will spend less in metaverse contexts because of FTX’s challenges on many cryptocurrency holders. This isn’t much different from the effects of an economic downturn, and it isn’t permanent. There will be an impact that’s widely felt, but it won’t last forever, and this momentary setback shouldn’t cloud our vision of what the metaverse will become.

    Now is the time to gain positioning in the metaverse. This technology will be a massive part of the future and offers unique opportunities to shape your brand and connect with consumers. Our lives are increasingly happening in a hybrid of on- and offline spaces. Don’t let fear prevent you from getting a foothold in this important space.

    Related: Why Your Business Needs to Prepare for the Metaverse

    Be real in the metaverse

    A lack of clarity on many levels made the end of FTX particularly shocking to many. The lack of clarity makes it seem like this came out of nowhere. An important lesson to learn here is that clarity is vital to the success of CEOs in metaverse and crypto spaces. People want to know what’s going on. They also need to have things explained to them in a way they can understand.

    The metaverse creates new opportunities to garner connections with customers and clients. Much like social media, the metaverse blends social connection and commerce in a way that allows people to connect with your brand on a human-to-human level. These connections can generate value for you and your customers and clients in new ways through the metaverse.

    Because the metaverse technology is so new, it’s easy to get caught up in the spectacle of the metaverse itself. Keep in mind, however, that customers value quality, authenticity and clarity in the virtual world just as much as they do offline. These things should be central to your brand –– they will help your customers to ease into the new world of the metaverse.

    Now is the perfect time for a reboot. Valuing clarity means being honest with users and customers about your business’s operations and values. This moment is an opportunity to show how things work behind the scenes. 58% of Americans say they do not understand the metaverse and NFTs –– you can be the one to guide them through this new world and get them excited about it.

    Be clear, simple and engaging when it comes to the metaverse. Go off the beaten path when communicating about crypto, NFTs and the metaverse. Emphasize user experience, and get people excited about what you’re doing in the metaverse. Don’t get overly technical; show users and customers that these spaces can be fun and easy to understand.

    Related: Your Brand Can Become Part of the Metaverse. Here’s How.

    Rebuilding trust will take time

    The fall of FTX will certainly have an economic impact within the metaverse since crypto is central to the financial functions of most metaverse platforms. These impacts won’t last forever, though –– economic recovery will occur over time. That being said, this is only one that we will see in the metaverse.

    It will take time to build back trust with investors. The days when the metaverse was seen almost as a get-rich-quick investment by venture capitalists are likely over. Investors will be pickier and more careful about the NFT, crypto and metaverse-based companies and products they choose to invest in.

    Clarity will be necessary to build back trust. Branding that emphasizes authenticity, transparency and clarity will connect with investors who feel less trustworthy of the metaverse. Investors will want to take advantage of the lower investment price in the metaverse we’re seeing right now. The opportunity is there; you just have to be willing and able to close the gap in trust.

    Crypto got its start in the wake of the financial crisis of 2009. It originates in people’s desire for decentralization, clarity and trust. Crypto is fundamentally adaptable, and it is still growing. Recovery is already happening. Remember where crypto came from and what its purpose is. Remain calm, emphasize clarity and trust and connectivity will continue to grow.

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    Raoul Davis

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  • 5 Absurd But True Stories That Captivated the EDM World In 2022 – EDM.com

    5 Absurd But True Stories That Captivated the EDM World In 2022 – EDM.com

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    2022 was another banner year for electronic dance music history as festivals returned en masse, the scene’s biggest artists released albums and live music records were broken.

    But then there were times when things got… weird.

    From head-scratching revelations on social media to dance music veterans taking the genre where it hasn’t gone before, read on to discover just a handful of the stories that had us doing double-takes in 2022.

    Bizarre Reddit sex confession spikes Hudson Mohawke’s “Cbat” on the charts

    There’s no manual to achieving a chart topping hit—but having your music be the subject of an embarrassing sex confession may be one of the most absurd paths possible.

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    Cameron Sunkel

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  • 5 Predictions for 2023 Following the Downward Spiral in Tech

    5 Predictions for 2023 Following the Downward Spiral in Tech

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    Opinions expressed by Entrepreneur contributors are their own.

    At the beginning of the quarter, one share of Meta Platforms Inc, the parent company of Facebook, Instagram and WhatsApp, was traded at $378. Less than two months in, the technological juggernaut collapsed to under $89 a share — reaching the trading levels of 2015.

    But Meta is not alone. The Nasdaq 100 took a 38% hit from its peak.

    Layoffs have followed suit across the titans of technology — with tens of thousands of employees losing jobs across Meta, Amazon, Microsoft and Twitter alone.

    Heading into 2023, the future is tumultuous. What geoeconomic changes are about to resurface in the new year?

    Related: VCs Are Missing Out on New, Innovative Ideas. Here’s Why (and What They Can Do About It).

    1. Reassessment of the “Hockey Stick.”

    A favorite trend of venture capital funds and investors is the promise of the “hockey stick” growth curve. This translates to a predictable and scalable influx of new users (or revenue) subject to doubling down on sales or paid acquisition channels.

    The premise is straightforward — market penetration or even domination. Obtaining unicorn status and acquiring users at all costs. The model works in theory, but in the land of funding, this usually comes at the expense of piles of debt and no profit whatsoever.

    It’s easy to scale a business with a freemium model that gets funded by investors. But infrastructure, staff, warehouses and vendors are entitled to their own funding. And unless this model converts at the same pace as a standard business cost plus a profit margin, companies will face severe consequences.

    Prioritizing profitability again will become a reality check of 2023.

    Related: How to Maintain Profitability in a Changing Market

    2. More layoffs

    Over 910 tech companies laid off over 143,000 employees in 2022 alone. The tracker relies on public data that doesn’t account for medium and large businesses outside the public purview (whereas the numbers are likely to exceed 200,000 or even 250,000 at the time).

    Financial scrutiny, combined with unfavored financing tools thanks to the aggressive interest rate hikes by the Federal Reserve, is limiting access to funding to combat the effects of hyperinflation.

    With unlimited resources, it’s easy to get sidetracked and keep pouring more people, money and servers into a problem. This anecdotally conflicts with Brooks’s law (a known adagio in project and product management), where adding workforce to a software project that’s running late is dragging it even further.

    While unemployment rates are still normalized, the pressure on high-tech and communications will disrupt the current numbers over the first two quarters of 2023.

    Related: Amazon CEO Andy Jassy Announces ‘Most Difficult Decision’ in More Bad News for the Tech Giant Next Year

    3. Salary normalization in IT

    TCI Fund Management, an Alphabet (Google’s parent company) stakeholder, issued an open letter to CEO Sundar Pichai. Billionaire Christopher Hohn called out Google’s overhiring practices and its passive actions compared to other industry leaders.

    Moreover, the letter pointed at the disparity of salaries in high tech and even among Google compared to other competitive companies where “median compensation totaled $295,884 in 2021”. Hohn’s further analysis quantified the comp offer as “67% higher than at Microsoft and 153% higher than the 20 largest listed technology companies in the US.”

    Competitive salaries are a key instrument for leading brands to acquire top talent. However, scrutinizing the future of existing business models — such as the downside of advertising businesses in social companies or tens of billions invested in the metaverse by Meta requires careful consideration and getting back to operational efficiency first and foremost.

    Related: Are We Headed for a Recession? It’s Complicated.

    4. Pushback on remote work

    Remote work has been a conflicting topic at best. In 2010, I was openly advocating for the adoption of remote work, quoting Cisco’s 2009 study of cost savings and employee satisfaction and success stories by companies like Automattic or Basecamp.

    As the 2020 pandemic made it possible for office jobs, it was a blessing to tens of millions of workers. However, several conflicts arose:

    • Public records on social media and interviews with employees taking endless lunch breaks, leaving their computers on, or casually responding to emails while playing video games or at the gym
    • Managers trying to combat the lack of remote principles with endless waves of Zoom and Teams meetings, taking over 20 hours a week for senior leaders and experts
    • The goal of becoming “over employed” while being shielded from office peers or monitoring gathered over 120,000 disciples on Reddit alone
    • Workers moving across the country or even internationally – causing actual employment violations in adhering to insurance or health policies in most countries, lacking working permits, and masking their locations

    During the boom of 2021, corporations negating remote work opportunities were dismissed or even publicly banished. With a recession coming in, this talent pool is the first one to crack for many business leaders.

    Related: Why 2022 Is All About Asynchronous Communication

    5. Limited innovation

    The reality check and the renowned focus on profitability come at the hidden cost of innovation. A key reason why most technology leaders are taking a hit is a dip in revenue.

    Facebook, Instagram, Twitter, Snapchat and YouTube rely heavily on ads to support their freemium networks. Other businesses are also pressured to cut costs due to limited business opportunities and expectations of salary raises. For many, sales and marketing (especially advertising) expenses are the first lines of cuts.

    Microsoft’s computer sales plummeted, and Amazon’s shipped revenue is declining as hyperinflation raises costs while employees’ net worth stays flat.

    The international energy crisis is fueling inflation further, making the problem worse.

    As tech companies get pressured, and layoffs occur, this often starts with sectors that lose money. Innovation and R&D — think of autonomous vehicles, the Metaverse, new cryptocurrencies or digital wallets, or blockchain adoption for networks that currently operate on a client-server model — slow down or get frozen for the time being.

    As spare money is no longer available, this hits consumers and other tangible markets — from the broader crypto world (with several large exchanges filing for bankruptcy) to a massive dip in selling NFTs or any unproven asset classes only made popular due to stable income and influx of capital during the past few years.

    Everyone is affected

    The most important takeaway here is that everyone is affected by the recent crash in tech.

    The Great Recession of 2008 started with real estate and banking, but this carried over consumers losing their households due to interest hikes, construction companies going out of business, unemployment rates going from 5 to 10%, and negative GDP affecting retail, restaurants, travel, logistics, manufacturing. The house of cards trickles down to dependent people and businesses.

    Even if your business appears to be doing well at the time, buckle up and keep an eye on the latest industry news. Recessions come and go – and making the most out of the coming year would set you up for success forward.

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    Mario Peshev

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  • Trump’s ‘Major Announcement’ Was To Hawk His $99 NFTs

    Trump’s ‘Major Announcement’ Was To Hawk His $99 NFTs

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    Former President Donald Trump unveiled Thursday a “limited edition collection” of NFT trading cards featuring cartoon-like images of himself depicted as a superhero, Hollywood actor and more.

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  • Must Read: CFDA Debuts NFT Collection, Why Fashion Needs Government Regulation

    Must Read: CFDA Debuts NFT Collection, Why Fashion Needs Government Regulation

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    These are the stories making headlines in fashion on Friday.

    CFDA debuts NFT collection
    The Council of Fashion Designers of America is launching a metaverse initiative in honor of its 60th anniversary. The organization has worked with members on NFTs, some of which were revealed Friday, leading up to the full unveiling on Dec. 12. The collection will spotlight seven fashion houses and designers including Coach, Diane von Furstenberg, Michael Kors, Tommy Hilfiger, Vivienne Tam, Wes Gordon for Carolina Herrera and Willy Chavarria. They each come with various perks and benefits, and bids will start at $15,000 or $25,000. {WWD}

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    Brooke Frischer

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