ReportWire

Tag: Web 3

  • Web3 Users Surge by 40%, Reaching Historic High in Q2

    Web3 Users Surge by 40%, Reaching Historic High in Q2

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    In the second quarter of 2024, Web3 user engagement hit an all-time high, with approximately 10 million daily unique active wallets (dUAW), marking a 40% increase from Q1.

    According to a July 4 report by blockchain analytics platform DappRadar, the unprecedented growth spanned various sectors of the decentralized application (DApp) industry, leading to an overall bullish trend.

    Social dApps and NFTs Growth Marks Q2

    The social sector had the highest increase, clocking in a 66% rise in dUAW. This rise was driven by applications like Fantasy.top and UXLINK. The blockchain gaming sector also saw an uptick in users, although its market share slightly declined.

    Decentralized exchanges (DEXs) such as Uniswap and Raydium registered substantial increases in user activity. Uniswap’s dUAW was up by 80%, and Raydium’s was up by 134%, owing to an influx of meme coin traders.

    NFT marketplaces enjoyed their highest usage since Q1 2023, with $4 billion in trading volume across over 14.9 million individual trades. Magic Eden’s market share grew from 17% to 22%, while Blur’s dominance dropped to 31%.

    Despite the rising user numbers, the total value of crypto locked in DeFi applications fell by $7 billion. Notably, a 4% decline from the previous quarter. Tron and Arbitrum experienced major losses in TVL, dropping by 17% and 9%, respectively.

    However, Ethereum layer-2 solutions Linea and Base bucked the trend, with Linea’s TVL surging by 420% and Base’s by 44%.

    Meanwhile, DappRadar cautioned that the dramatic growth in dUAW might not be sustainable. They attributed part of the increase to “airdrop farming,” where users engage in activities to earn airdropped tokens.

    The Blast and zkSync airdrops in June contributed to this spike. The report emphasized the need for superior user experiences, solid development roadmaps, and strong teams for continued growth.

    Security Still a Major Concern

    Meanwhile, the report highlighted that security remains a significant concern for the Web3 industry. Q2 2024 saw $430 million in losses due to security breaches, a 5% increase from the previous quarter.

    Ethereum and BNB Chain were the most affected, each accounting for about 28% of the incidents, while Solana was involved in 8% of the cases. The remaining incidents were spread across various chains, including Polygon and Arbitrum.

    Although access control issues represented only 23% of incidents, they accounted for 75% of the total funds lost. Other incident types, including flash loan attacks and rug pulls, each constituted about 13% of the incidents but caused only about 1% of the total losses. On the other hand, phishing attacks, comprising 3% of incidents, resulted in approximately 0.4% of the total financial damage.

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  • Binance Labs Thrives Amidst Market Challenges with 25 New Investments in 2023

    Binance Labs Thrives Amidst Market Challenges with 25 New Investments in 2023

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    Despite a challenging market and waning trust in centralized crypto entities, Binance Labs disclosed 25 new investments in 2023.

    In the latest report, Binance Labs primarily focused on decentralized finance (DeFi), Web3 gaming, tooling, and infrastructure throughout the year.

    • In the DeFi sector, Binance Labs invested an undisclosed amount in the lending and borrowing protocol Radiant Capital.
    • Additionally, it allocated $5 million to support Curve DAO Token (CRV) for its integration with the BNB Chain. Furthermore, Binance Labs invested $10 million in Helio Protocol, a decentralized protocol for stablecoin lending and borrowing on the BNB Chain, providing multi-chain StaaS and LS.
    • Binance Labs – which is Binance’s venture capital and incubation arm – also announced a $15 million investment in a Web3 game platform and publisher called Xterioled, as well as a seed funding investment for GOMBLE, a South Korean developer of blockchain-based casual games and an affiliate of the game publisher, 111Percent.
    • Among tooling, Binance Labs invested in Arkham Token (ARKM), the native token of the Arkham blockchain platform, to support “on-chain insights at scale across the blockchain ecosystem.”
    • Binance suffered severe regulatory setbacks in 2023. While the crypto exchange ended up paying a $4.3 billion fine in a settlement with United States regulators, Changpeng “CZ” Zhao was forced to step down from its role as the Chief Executive Officer.
    • As a result, Binance’s market shares have decreased by 5%, with OKX and Bybit emerging as the frontrunners. According to TokenInsights’ findings, the crypto exchange witnessed a drop from 54.2% to 48.7% in 2023.
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  • Web3 Apps Surged 124% in 2023, According to DappRadar

    Web3 Apps Surged 124% in 2023, According to DappRadar

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    The dApp industry experienced unprecedented growth, with DappRadar’s 2023 Industry Report revealing a 124% year-over-year increase in Unique Active Wallets (UAW).

    The report provides an overview of the dynamic landscape, shedding light on key NFTs, DeFi, and blockchain gaming trends.

    Blockchain Games Dominate

    Blockchain-powered games took the lead in dApp activity with a dominance of 34%, boasting an average of 1.1 million UAW by year’s end. NFT collections and DeFi sectors also witnessed growth, with a 166% increase in new wallets for NFTs and a 77% surge in Total Value Locked (TVL) for DeFi, reaching $103 billion.

    The report also delves into the performance dynamics of various blockchain chains, revealing standout performers and those facing challenges. Near, Klaytn, and Arbitrum saw the highest growth in new user wallet creation, with increases exceeding 600% year-over-year.

    Harmony recovered from an exploit, while Solana faced fallout from its association with FTX. Hive, hosting the trading card game Splinterlands, reported financial difficulties and losses. Despite a 49% decrease in trading volume to $12.6 billion, the NFT sector in 2023 experienced widespread adoption.

    Traditional companies, fashion brands, and political entities joined gaming studios in embracing NFTs, leading to a 445% increase in the number of NFTs sold. Platforms like Blur and OpenSea continued to dominate the market, with Pudgy Penguins bridging the gap between Web3 and Web2.

    DeFi’s Strong 2023 Finish

    DappRadar’s report also reveals a good finish for the DeFi sector in 2023, with a 77% surge in TVL, reaching  $103 billion. Ethereum maintains its stronghold, commanding 57% of the smart contract platform space, while Layer-2 networks emerged as a preference due to efficiency and lower transaction costs.

    The report explores the trends shaping DeFi’s future and highlights the upcoming Cancun (Dencun) Fork set for early 2024. The report also delves into the industry’s security challenges, with a 96% reduction to $1.9 billion in financial losses due to exploits and hacks but an increased frequency of 17.3%.

    Rug pulls and deceptive practices remained the most common type of exploit. Notably, 46% of the incidents occurred on the BNB Chain, with Ethereum being the second most affected at 36%.

    The report concludes by stating that the dApp industry showcases resilience in the face of challenges with the emergence of new trends, such as SocialFi and zk-rollups, promising to shape the industry in 2024.

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  • Over 30% of Blockchain Games Launched in 2023 Reported as Dead

    Over 30% of Blockchain Games Launched in 2023 Reported as Dead

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    More than 30% of blockchain games announced in 2023 have been reported as discontinued or canceled, as per the data provided by the Big Blockchain Game List.

    As of January 2024, the list encompasses 911 games, with 334 currently live and 577 still in development.

    Blockchain Games Face High Discontinuation Rate

    Out of the cumulative 1,318 blockchain games ever listed since the initiative’s launch in 2021, a significant 31%- equivalent to 407 games – now are categorized as discontinued or abandoned. This classification denotes official announcements of project cancellations or a prolonged period of inactivity.

    Among the officially discontinued games, the most commonly cited reasons were attributed to funding challenges and market conditions arising from the crypto winter. Many discontinued projects opted for radio silence, ceasing operations without formal announcements.

    In H2 of 2023, 17% of the 162 discontinued games were labeled as multichain, reflecting the growing trend of games integrating with two or more blockchains. When analyzing discontinued games based on single blockchains, BNB and Polygon emerged as the frontrunners, accounting for 11% and 10%, respectively. Ethereum, Sui, and Solana made notable contributions, representing 6%.

    A notable shift occurred compared to the H1 2023 update, where Polygon surpassed Ethereum regarding the proportion of discontinued titles. While BNB maintained its status as the blockchain with the most games falling off, Polygon witnessed a surge, attributed partly to the increased number of discontinued games from projects like Sui, surpassing Wemix in discontinuations.

    One standout case was the high-profile game “Goals,” which secured $15 million in a seed round in 2022 and an additional $40 million in 2023. Despite its substantial funding, Goals discontinued its integration with blockchain technology.

    Emergence of New Blockchain Games

    In Q4 2023, the Big List welcomed 65 new blockchain games. Among these, 11% embraced the multichain approach, signifying a continued trend of games integrating with multiple blockchains. In terms of games deploying on a single chain, the most significant growth was observed in Arbitrum (9%), closely followed by Optimism, Immutable, and Ethereum (8% each), as well as StarkNet and Avalanche (6% each).

    In a survey conducted by the Blockchain Game Alliance with 526 participants from blockchain game companies, a notable 19.8% of respondents expressed the belief that the entry of traditional game studios into the domain of web3 gaming will have the most positive impact in 2024.

    Yat Siu, the executive chairman of Animoca Brands, views the current period as a “cleanup year” for the blockchain gaming industry. Despite the challenges faced in 2023, Siu, who remains a staunch believer in blockchain games, expressed optimism in an interview with GamesBeat, saying that he envisions a robust year ahead in 2024.

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  • Bitget Defies Industry Standarts by Increasing Employee Count in 2023

    Bitget Defies Industry Standarts by Increasing Employee Count in 2023

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    Bitget – the Seychelles-based crypto derivatives exchange – has significantly expanded its team, growing from 1,100 to 1,500 employees. A similar trend could be seen with its user base increase from 8 million to 20 million.

    According to an open letter, Gracy Chen, Bitget’s Managing Director, revealed that the the support team played a crucial role in recovering over 495,000 USDT in missing assets.

    • Taking advantage of the market resurgence, Bitget witnessed a 94% surge in spot trading volume in 2023. The exchange also introduced 355 new coin listings during the same period, reflecting a notable 46% year-on-year increase in offerings.
    • The positive business performance also contributed to the price growth of Bitget’s native token, BGB. Starting the year at $0.18, BGB reached an all-time high of $0.704 in December, marking a substantial 291% surge. This surge propelled BGB into the top 5 CEX platform tokens by market capitalization.
    • Looking ahead to next year’s development strategy, Bitget outlined priorities in three key areas: compliance, emerging markets, and Web 3.
    • In July 2023, Bitget underwent a rebranding initiative following its acquisition of BitKeep, leading to the renaming of the latter to Bitget Wallet.
    • This strategic move significantly boosted the exchange’s trading volume, briefly propelling Bitget to become the fourth-largest cryptocurrency exchange by trading volume, as highlighted in TokenInsight’s second-quarter report.
    • In August, Bitget unveiled a one-year partnership with popular American actor and comedian Adam Devine as part of the #SetForChange campaign.
    • The derivatives marketplace also launched the ‘Bitget EmpowerX Fund’ to maximize its long-term impact in the digital assets space and its ecosystem.
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  • The Sandbox Enters 'Depression' Phase – Is Now the Time to Acquire SAND?

    The Sandbox Enters 'Depression' Phase – Is Now the Time to Acquire SAND?

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    SAND, the native token of metaverse platform ‘The Sandbox,’ has gained over 40% in the past month, driven by a broader market resurgence that pushed its price to $0.61, a level last seen in April this year. SAND is one of the popular GameFi tokens that initially gained prominence in 2020-2021 amid the pandemic, providing individuals with an alternative source of income during lockdowns.

    Despite the initial prominence of GameFi tokens in 2020-2021 during the pandemic, their values sharply declined as the broader crypto industry experienced a downturn starting in late 2021. But the tokens could be poised for a much-anticipated resurgence as the latest data revealed that SAND appears to be in a ‘depression’ phase.

    The Sandbox (SAND) in Depressions Phase

    According to prominent on-chain analyst Ali Martinez, this represents a crucial point in the typical market psychology cycle. As such, this period could indicate a favorable moment, as the market may be gearing up for a prospective upturn.

    Martinez referenced the Wall Street cheat sheet, which dissects the psychology of market cycles and illustrates the varied emotions at play. According to the chart, markets operate in cyclical patterns, with these cycles recurring consistently. The cheat sheet delineates the thought processes of market participants at various stages of the market cycle.

    In this phase, as public confidence in the market reaches its lowest point, signs of improvement subtly emerge. Investors, although emotionally bruised at this stage, need to recognize that sellers have exited the market. This opens the door for the accumulation of assets at exceptionally low prices, marking the beginning of the next market cycle’s momentum.

    The analyst noted that the bullish opportunity for SAND lies at $0.55, a level that has already been surpassed. With a clear path ahead and no major resistance, SAND could target higher levels. The next crucial resistance barrier is situated between $0.90 and $1.35, where 23,000 addresses collectively hold 447 million SAND.

    The Sandbox Expansion Plans

    The bullish prognosis follows The Sandbox’s expansion plans. As revealed last week, the metaverse platform aims to establish India as its largest market within the next two years.

    The Sandbox had first forayed the nation in February through a joint venture with a local entity, marking a significant first for the subsidiary of metaverse gaming and venture capital giant Animoca Brands.

    Earlier this year, The Sandbox encountered a security breach through a malicious application. As previously reported, an unauthorized third party successfully accessed the computer of one of its employees and utilized the obtained information to send a deceitful email posing as The Sandbox.

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  • Polygon CDK Expansion Takes Precedence as Edge Contributions Cease

    Polygon CDK Expansion Takes Precedence as Edge Contributions Cease

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    Polygon Labs has discontinued contributions to its Edge platform which is designed to build custom Ethereum-compatible blockchain networks.

    This decision reflects the company’s plans to prioritize the expansion of the Polygon Chain Development Kit (CDK), the open-source development toolkit for building ZK-powered Layer 2 chains on Ethereum for both Web3 projects and Web2 enterprises.

    Polygon CDK Set to Take Center Stage

    In the official announcement, Polygon Labs – the developer behind the Polygon blockchain ecosystem – said that Edge has been an open-source project. Its code base is licensed under the permissive Apache License 2.0, which enables the community to use the software for any purpose, distribute, and modify it.

    However, there has been a change in the team’s development priorities over the past year.

    Rather than developing with Edge, the emphasis will now shift towards CDK, Polygon’s toolkit for designing and launching zero knowledge-powered Layer 2 chains. CDX has emerged as a preferred solution for both Web2 and Web3 players. Chains deployed through the CDK are expected to exhibit interoperability across an extensive network.

    “The landscape in which Edge was developed has changed and Polygon Labs now supports a solution that empowers developers to build within a (future) unified ecosystem of ZK-powered L2s.”

    Polygon’s ZK Push

    Polygon Labs has already started doubling down its efforts towards zero-knowledge (ZK) since the beginning of the year. In March, they introduced Polygon zkEVM, a novel Ethereum-compatible network empowered by zero-knowledge technology. Following this, the team has actively been seeking blockchain developers to adopt “Polygon CDK,” serving as a framework for creating new layer-2 networks modeled after the initial technology.

    Companies and initiatives that confirmed leveraging Polygon CDK comprise Flipkart, Immutable, OKX, Astar, Canto, Gnosis Pay, Palm Network, Aavegotchi, CapX, Wirex, IDEX, Nubank, GameSwift, Powerloom, Manta Network.

    In the future, Polygon Labs said the chains deployed through Polygon CDK will seamlessly interoperate within an extended network of zero-knowledge-powered Layer 2s in the Polygon CDK ecosystem, forming a unified liquidity pool. These functionalities are not inherently supported by Edge and require a migration involving substantial modifications.

    The focus is also on the much-anticipated Polygon 2.0 upgrade that seeks to establish a comprehensive network of interconnected Layer 2 chains powered by ZK proofs.

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  • Forbes' Latest Under 30 List to be Listed on Ethereum Blockchain

    Forbes' Latest Under 30 List to be Listed on Ethereum Blockchain

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    The global media giant Forbes announced the launch of its esteemed Under 30 list on the Ethereum blockchain.

    This initiative represents a milestone, combining conventional media’s reputation with blockchain technology’s transformative power.

    Ethereum-Based Under 30 List Fuses Media with Web3 Tech

    The Under 30 list, famous for highlighting the world’s most promising young entrepreneurs, innovators, and leaders, now takes a monumental leap. By utilizing the Ethereum blockchain, this initiative ensures that the remarkable accomplishments and narratives of these extraordinary individuals will be preserved for eternity.

    “Forbes stands at the intersection of traditional media and cutting-edge technology. The introduction of the Under 30 list on the Ethereum blockchain is more than an acknowledgment of young influential leaders; it’s a testament to the immense possibilities blockchain technology holds in data preservation,” said Vadim Supitskiy, Forbes’ Chief Digital and Information Officer.

    This initiative marks Forbes’ continuous efforts to pioneer and embrace technological advancements, particularly in the Web3 space. The blockchain-empowered Under 30 list is part of a series of innovative steps Forbes is taking, showing its commitment to innovation and its vision in the ever-evolving digital world.

    “The blockchain-enabled Under 30 list is just our starting point,” added Taha Ahmed, Forbes’ Chief Growth Officer. “We are thrilled to delve deeper into how blockchain and Web3 technologies can revolutionize the ways we disseminate, store, and protect vital information.”

    Circle CEO Jeremy Allaire Among Judges

    The Under 30 series spans across 20 diverse categories. These include art, entertainment, retail, e-commerce, finance, and investment, reflecting the extensive range of fields where young talents are making an impact.​

    The “30 Under 30 Finance 2024” list features notable personalities from the crypto industry, such as SEI Labs, Injective Labs, Fractal co-founder, Blockchain Capital, Layer3, and Bitcoin Depot, signaling Forbes’ acknowledgment of the rising influence of the digital currency sector.

    This year’s selection process was overseen by a panel of esteemed judges, including Circle co-founder and CEO Jeremy Allaire, prominent Web3 figures like Injective Labs founders Eric Chen and Albert Chon, and Fractal co-founder and co-CEO Aya Kantorovich.

    This diverse group of judges reflects Forbes’ commitment to embracing a wide range of expertise and perspectives in its selection process.

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  • What Are Crypto VCs Investing in? Binance Research

    What Are Crypto VCs Investing in? Binance Research

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    The downward trend in 2023 has failed to deter the steady pace of deals and investments in the digital market space. Binance Research’s latest report revealed that a substantial share of this sustained growth came from gaming and infrastructure projects.

    While the traditional VC share surged to 45% since the beginning of the year, the report found that the gap between traditional and Web3 investors has gradually narrowed.

    Investors Are Drawn Towards Gaming Industry

    During the bullish market conditions of 2021 and early 2022, there was a consistent increase in total funding. Funding peaked in April 2022, totaling $6.8 billion, marking a substantial 361.8% surge from January 2021.

    However, in the aftermath of the FTX contagion, there was a significant decline in funding between the second and third quarters of 2022, with only $2.4 billion of total capital invested in Q3. According to Binance Research’s analysis, the funding levels have stabilized.

    Furthermore, there was an increase in the number of deal funds in January and February 2023, primarily driven by growth in the Infrastructure and Gaming sectors.

    In the last four quarters, the gaming category secured the highest amount of funding with 87 deals. Although it claims the highest cumulative funding, gaming recorded the smallest average investment per deal, amounting to $7.42 million.

    This indicates that investors perceive potential in the gaming industry. However, given the nascent stages of development in Web3 gaming, investment amounts remain “conservative.”

    “The sustained investment from venture capitalists in the gaming industry signals a strong forecast for its expansion, accompanied by a rise in funding for AI and Data in recent quarters. Q3’23 saw a shift towards four main areas of interest, including DEX.”

    Coinbase Ventures Tops as Non-Lead Investor

    Binance Research’s findings reveal that prominent VC firms such as Pantera Capital, Dragonfly, Coinbase Ventures, a16z, and Polychain Capital frequently engage in co-investments. Notably, Polychain Capital and Coinbase Ventures stand out with the highest number of joint investments, totaling 40. This can be attributed, in part, to the fact that Olaf Carlson-Wee, the founder of Polychain, was Coinbase’s first employee and former Head of Risk.

    Despite a quarterly decrease in the count of unique investors, the decline slowed to 5.9% in the last quarter. Coinbase Ventures has consistently led deal counts over the past four quarters, allocating 33.3% to DeFi and 39.2% to infrastructure. DWF Labs, a relatively new entrant, initiated its investment activities in October 2022.

    Coinbase Ventures, with 49 non-lead investments, adopts a strategy of diversifying its portfolio by making smaller investments across a broader range of projects. This is in contrast with other investors, such as a16z, who prefer larger lead investments in a more selective number of projects.

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  • Aave Ecosystem Rebranding to Avara

    Aave Ecosystem Rebranding to Avara

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    Stani Kulechov – the founder of Aave Companies – has announced that the network of blockchain entities and ventures that he created has rebranded as Avara.

    Rebranding to Reflect New Priorities

    According to Kulechov, the name change reflects Avara’s new mission to go beyond DeFi by bringing Web3 to “all users globally with different kinds of use cases.”

    Before being known as Aave, the organization used to be EthLend but changed its name when its scope outgrew its previous targets.

    Much like the prior name, Avara is a Finnish word used colloquially as “to see more than you can see.” The change applies to the family of entities formerly operating as part of Aave. Aave Labs, Aave Protocol, and the AAVE token will each keep their names. The GHO stablecoin will also continue to operate under the same name.

    Plans for The Future

    Kulechov shared that a major focus for his group in recent months has been the Lens Protocol, a social network protocol for Web 3.

    “We really want to send a signal that we are in a time now with web3 where we’re building that interface on the existing infrastructure where people can actually interact in a way where it’s familiar to them. […] More recently, with Lens Protocol, we’ve been building virtually social, so decentralized social media, that basically any developer can actually build their applications on top.”

    Avara has also recently bought Los Feliz Engineering for an undisclosed sum. Los Feliz Engineering is the team behind Family, who designed the developer Library ConnectKit and a self-custodial mobile wallet for Ethereum tokens, among other projects.

    Benji Taylor, the former CEO of Family, will now assume a new role as SVP of Product & Design at Avara, spearheading the rebranded firm’s new mission to bring Web3 to all.

    However, Kulechov stressed that although Web3 and social expansion will be Avara’s priority for the foreseeable future, the protocol has no plans to abandon the DeFi space and the projects it has founded so far.

    “Avara will remain deeply committed to advancing decentralized finance. Notably, we’ve been the driving force behind the latest Aave V3 update and the recent launch of the Aave-native GHO stablecoin. Our dedication to spearheading technological innovations in the DeFi space remains unwavering, and we’re grateful to have the continued support of the Aave community.”

    In the meantime, Avara aims to become the go-to protocol for anyone looking to integrate Web3 capabilities into their projects, regardless of its nature.

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  • SBI Holdings to Launch $663M Fund to Propel Web3 and Fintech Startups

    SBI Holdings to Launch $663M Fund to Propel Web3 and Fintech Startups

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    SBI Holdings, a prominent Japanese financial company, is preparing to launch a $663 million fund supporting Web3, AI, and other fintech startups.

    The fund is slated to invest in 150-200 companies and is anticipated to begin operations by the current year’s end, as Nikkei Shimbun reported.

    Japan’s Startup Fund Momentum with Major Backing

    The SBI Holdings investment scale is expected to be robust, ranging from hundreds of millions to billions of yen per project. This ambitious fund is anticipated to reach a substantial 100 billion yen, with key contributions already confirmed from prominent financial institutions.

    Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group have committed to invest more than 50 billion yen into this initiative. This financial injection carries immense significance in a nation where venture capital (VC) funds of this magnitude are relatively scarce.

    Japan has faced challenges in nurturing and fostering startup enterprises, a concern that prompted the Kishida administration to outline a “5-year startup development plan” in November 2022. The plan seeks to address the issue of lagging startup rates compared to the United States and Europe and aims to elevate Japan as a startup hub in Asia.

    The Kishida administration is actively striving to materialize a concept of “new capitalism.” At the core of this philosophy is the belief that startup companies epitomize this innovative capitalist mindset, as they can convert societal challenges into catalysts for growth, ultimately leading to the establishment of a sustainable economic society.

    Japan’s Plan for Promoting Growth in the Startup Ecosystem

    The Japanese government has set an ambitious goal of substantially increasing investment in startup companies, aiming to grow it from 800 billion yen in 2022 to an impressive 10 trillion yen (approximately $66 billion) by 2027. This growth is envisioned through collaborative efforts between the public and private sectors.

    Additionally, the administration has expressed its commitment to nurturing the development of 100 unicorns and 100,000 startup companies. This strategic initiative aims to position Japan as a thriving global startup hub, solidifying its standing as Asia’s largest startup ecosystem.

    Given the evolving landscape for Web3 and AI startups, regulatory challenges, and tax policies are now critical considerations. To address these issues, the Japanese government is revising the tax framework pertaining to Web3 companies, particularly concerning corporate taxes and virtual currencies. The final outline of the proposed tax reform is anticipated to be confirmed around mid-December.

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  • Illinois Partners With NFT Pioneers Fantastec SWAP

    Illinois Partners With NFT Pioneers Fantastec SWAP

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    Press Release
    –

    Aug 10, 2022


    URBANA, Ill., August 10, 2022 (Newswire.com)
    –
    Fantastec SWAP announced on Wednesday (Aug. 10) the University of Illinois has signed up to its pioneering digital collectibles / NFT platform.

    • Illinois Football NFT “Season Preview Collection” available starting today.
    • Over 100 current football players expected to benefit from the innovative SWAP platform.
    • Fantastec SWAP specializes in creating consumer-desired NFTs at scale, allowing all Illinois student-athletes to utilize the pioneering platform.

    Fantastec SWAP (www.fantastec-swap.io) will expertly bring together the intellectual property rights from any Illini student-athlete signing onto the platform, with distinctive logos, trademarks, and in-competition content of University of Illinois teams to craft unique NFTs. Using their unrivaled end-to-end NFT skills, honed with European soccer clubs since 2019, Fantastec SWAP will create NFT collections throughout the 2022/23 academic year to engage Fighting Illini sports fans. The Illinois football season preview collection is available today via the Fantastec SWAP APP (https://fantastec-swap.app.link/0L4qRxceinb). 

    “Our stable platform, tested by hundreds of thousands of global sports fans since 2019, allows us to quickly customize the various in-app features to better engage Illinois sports fans. The Illinois football team and fans will also benefit from Fantastec SWAP being on the highly sustainable Flow blockchain and having Fighting Illini collections alongside NFL All Day, The UFC, and NBA Top Shot, amongst others,” stated Simon Woollard, Co-Founder and Product Partner at Fantastec SWAP.

    “We have profound respect for the fam-ILL-y atmosphere Coach Bielema is building with the Illinois football program. Add to that you have some of the greatest sports support communities like Illini Pride and we get excited about creating memorable NFT collections for these extremely enthusiastic Fighting Illini fans,” continued Woollard.

    The Illinois football team will be the second Big Ten team to join the Fantastec SWAP community after Michigan State signed on in July. 

    About Fantastec SWAP: Downloadable via the Apple APP store and Google Play, Fantastec SWAP crafts authentic NFTs for sports fans. SWAP’s unique end-to-end NFT production process incorporates the curation of magical moments, consumer testing for design variants, NFT crafting at different scarcity levels, engineering smart contracts incorporating vital compliance, issues and minting on the Flow blockchain. Since February 2019, SWAP has created over 2 million official NFTs for sports stars and fans in 200+ territories and countries. SWAP began life via American Entrepreneur Steve Madincea and British product creator Simon Woollard in London, England. It now boasts U.S. and U.K. personnel, allowing SWAP to produce NFTs and engage with consumers 24/7. For further information about the Fantastec SWAP, please visit www.fantastec-swap.io or download the Fantastec SWAP app at any app store. For further information, contact: Muskaan Paintal (muskaan@fantastec.io)

    Source: Fantastec

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