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NFT Wash trading on nonfungible token (NFT) marketplaces is back in the spotlight after critics claimed the fast-growing NFT marketplace Blur has incentivized the practice with its trading rewards scheme. 10% of Blur’s total token supply was distributed to users based on their trading activity in its second token reward scheme from Feb. 14. The platform has seen a surge in trading volume in comparison to other leading NFT marketplaces. Skeptics claim that wash trading played a significant role, with CryptoSlam reporting around $577 million worth of NFTs have been wash traded back and forth in recent months and that…

Polygon has launched the ability to create Web3 .polygon domain names in partnership with Unstoppable Domains. The offering will allow users to log into Web3 applications, make use of human-readable wallet addresses and create decentralized websites.The service will be available to an estimated 180 million users and 40,000 services across the Polygon blockchain ecosystem. Unstoppable Domains makes use of Polygon to mint decentralized domains with zero gas fees. Over 2.7 million domains have been registered on the Polygon blockchain to date.Users will be able to use .polygon domains to create digital identities that are compatible across 750 applications, games and…

Blockchain Unstoppable Domains released the domain ending .polygon in partnership with Polygon Labs. This will make it easier for anyone to send money over the Polygon blockchain through applications that support this service. Crypto domain names are used to replace the long alphanumeric strings that are used to identify wallets publicly. The idea is that they’re easy to type and remember. While such domain services need to be integrated by crypto wallets and applications, Unstoppable Domains says it will be possible to use .polygon domains across 750 applications, games and metaverses. “Web3 domains will give our community a digital identity…

Banks are the lifeblood of a nation’s economic system, and any bank collapse is disturbing. Last week saw two failures. On March 8, Silvergate Capital — the cryptocurrency-focused banking company — entered into voluntary liquidation. On March 10, United States regulators shut down and seized the deposits of tech-oriented Silicon Valley Bank in what was being called the second-largest bank failure in U.S. history. Both California institutions were victims of bank deposit runs. The fallout from the collapse of Silicon Valley Bank (SVB) could be significant, though it’s too early to tell. Stablecoins like USD Coin (USDC) and Dai (DAI) losing their dollar…

Illuvium, the blockchain-based gaming platform, has recently launched its newest addition, “Illuvium: Beyond.” Announced on March 9th, the game combines a PFP collection and NFT gathering game, featuring Illuvitars, hand-drawn representations of Illuvials in the Illuvium world. Illuvium: Beyond is here! ????Learn how to take your first steps in this brand new adventure featuring beautiful hand-drawn artwork with near-infinite customisation combinations.Learn more ???? ???? pic.twitter.com/5Og8NR4LYV— Illuvium (@illuviumio) March 9, 2023Illuvitars are configurable avatars used as profile pictures in the Illuvium metaverse. Players can customize their Illuvitars with five accessory slots and special finishes. The first wave offered 25 Illuvitars purchased with…

Blockchain In a new tweet, RippleX, which supports XRPL ecosystem’s development and growth, explains the details of the incoming EVM sidechain on XRP Ledger. According to it, the Ethereum Virtual Machine (EVM) compatible XRPL sidechain is available on testnet. Users can set up an account and submit a transaction using the EVM sidechain bridge. ???? #DYK XRPL Thread: EVM SidechainThe Ethereum Virtual Machine (EVM) compatible XRPL sidechain is available on testnet, and brings all kinds of #web3 applications to the #blockchain community.Check out the intro. #BuiltOnXRPL (1/6)https://t.co/dUfpEoqjWn — RippleX (@RippleXDev) March 13, 2023 In October, software company Peersyst announced the…

NFT March 14 (Reuters) – Imagine digitally inscribing 3D images of objects such as multi-colored spheres onto a tiny fragment of bitcoin. Then imagine selling them for $16.5 million. Just when you thought crypto couldn’t get any stranger, bitcoin accidentally births a new breed of NFTs. The new entrants have materialized in 2023 following bitcoin network upgrades that enabled each satoshi – the smallest denomination of bitcoin, or one hundred millionth – to store a few megabytes of data, from text and images to audio and video. The data storage was an unintended consequence of the upgrades. Now crypto enthusiasts…

After launching its NFT feature in May 2022, Meta will no longer feature NFTs on Facebook and Instagram.Meta is pulling the plug on non-fungible tokens (NFTs). The news was delivered by Stephane Kasriel, Meta’s head of commerce and financial technologies, via Twitter.This sudden u-turn by Meta comes only 10 months after the launch of NFTs on Facebook and Instagram. Therefore, questions are being raised as to why the big tech company is abandoning its NFT integration so soon. According to Kasriel, Meta are going to “focus on other ways to support creators, and businesses”.He said: “We’ll continue investing in fintech tools…

NFT This is a general announcement. Products and services referred to here may not be available in your region. Fellow Binancians, Binance NFT is pleased to announce the increase in Flexible Term APR for the Ape NFT Staking Program, which will now match the APR of 90-day Fixed Term subscriptions, effective from 2023-03-14 10:00 (UTC). This introduces more flexibility to the Ape NFT Staking Program, as users may now stake or unstake their Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs from the program at any time while earning higher ApeCoin (APE) rewards daily. To support…

Silicon Valley Bank (SVB) has suffered a significant fall from grace following half a decade of being rated as one of the best banks in the United States.SVB and its parent company, SVB Financial Group, had been held in high esteem as financial institutions serving companies across a variety of industries, from technology and venture capital firms to private equity clients.SVB was included on Forbes’ annual list of the best banks in the U.S. for five consecutive years, a point its parent company celebrated on Twitter just a few weeks before its closure under Federal Deposit Insurance Corporation control on March 10.…