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Blockchain Considering the standards of 2022 and all that has happened in the crypto space, layer 1 (“L1s”) can still be said to have had a very interesting and eventful year. Many notable events have taken place in the L1 space over 2022. From Ethereum’s transition from proof-of-work to proof-of-stake in September, to the implosion of the Terra ecosystem in May. New layer 1 were announced, with Aptos launching its mainnet and Sui expected early to do so next year. Notable incumbent, BNB Chain and leading layer-2 (“L2”) solution, Polygon, gained market share in the vacuum left by Terra, while…

Blockchain Crypto-friendly e-commerce giant Shopify has launched a suite of blockchain commerce tools to enhance the user experience of their web3-focused stores hosted by the platform. Announcing the move via Twitter on Feb. 9, Shopify blockchain team designer @ryancreatescopy noted that “we’ve launched some fresh tools to help you buidl tokengating apps for Shopify merchants.” In particular, expanded crypto wallet connect features and “tokengating” application programming interface (API) tools have been highlighted. The latter has been in early access beta access mode since June 2022 and was previously only available to a select number of merchants. With tokegating, all applicable…

NFT Polygon has grown to be a popular option for businesses wishing to enter the Web3 area thanks to its low costs and quick transaction rates, including Reddit, Adidas, Robinhood, and Stripe. The most recent trade data clarifies the recent increase in Polygon NFT trading activity. On February 8, the OpenSea marketplace recorded a trading volume of $11,405,423, which is more than half of the $19,686,429 daily volume of Ethereum. The OpenSea NFT market has reached a 90-day high with this price. The top media and entertainment company in India Shemaroo and Polygon Labs have partnered to create Virtasy.io, an…

NFT Anonymous Twitter account TheNorwegian expressed concerns about Ordinal Punks NFTs, asking, “[is this] the biggest NFT scam of all time?” On Feb. 9, Crypto reported on the rising popularity of Ordinal Punks, covering the sale of three NFTs according to social media posts, including #94, which reportedly sold for 9.5 Bitcoins ($215,800). The novelty of NFTs on the Bitcoin chain and the chain’s provenance seems to be driving demand for these NFTs. However, some are questioning the collection’s legitimacy. What are the concerns with Ordinal Punks? Given that the Bitcoin chain was not originally designed to accommodate NFT functionality,…

Members of the crypto community seem outraged over the recent charges laid against crypto exchange Kraken in relation to its staking-as-a-service program in the United States. On Feb. 9, the United States Securities Exchange Commission (SEC) announced it had settled charges with Kraken over “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which it claims is qualified as securities under its purview. Kraken agreed to settle the charges by paying $30 million in fines and to immediately cease offering staking services to U.S. retail investors, though they will continue to be offered offshore.The move appears to…

One of the founders of the Bored Ape Yacht Club copycat NFT collection RR/BAYC has filed an opposition notice against 10 trademark applications from Yuga Labs.The move marks another strange twist in the ongoing intellectual property dispute between BAYC creators Yuga Labs and RR/BAYC founders Ryder Ripps and Jeremy Cahen. Cahen filed the opposition notice to the US Patent and Trademark Office’s (USPTO’s) Trademark Trial and Appeal Board on Feb. 9. The opposition status on all of the trademark filings currently read “pending” at the time of writing. Yuga Labs’ trademark applications were mostly submitted in the latter half of…

United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce has publicly rebuked her own agency over the shutdown of crypto exchange Kraken’s crypto staking program in the United States. The commissioner blasted her agency in a Feb. 9 statement titled “Kraken Down,” arguing that regulation by enforcement “is not an efficient or fair way of regulating” an emerging industry. She wrote: “Today, the SEC shut down Kraken’s staking program and counted it as a win for investors. I disagree and therefore dissent.”Peirce’s statement also slammed the regulator for shutting down a “program that has served people well.”“Using enforcement actions to tell…

NFT As the world of Non-Fungible Tokens (NFTs) continues to grow, the concept of burning them has become a topic of interest. But what exactly does it mean to burn an NFT? And why would someone want to do it? In this article, we will delve into the concept of burning NFTs and the benefits they can provide. What Does it Mean to Burn an NFT? Burning an NFT refers to the process of permanently destroying the token and rendering it unusable. This is accomplished by sending the NFT to a specific address on the blockchain that has been designated…

Blockchain The Kingdom of Saudi Arabia-based airport ground handling services firm, Saudi Ground Services, has said it plans to implement a blockchain-based document solution that allows it “to issue over 10,000 digital documents annually including licenses.” According to the firm’s Ayman Alghamdi, using this solution allows SGS to not only easily verify documents and licenses but to improve customers’ experience as well. Overcoming the Document Verification Challenge The Saudi airports ground handling services firm, Saudi Ground Services (SGS), recently said it plans to implement a blockchain document solution at 28 airports across Saudi Arabia. In a statement jointly issued with…

The American state of Mississippi is one step closer to protecting the rights of cryptocurrency miners after the state Senate passed the Mississippi Digital Asset Mining Act on Feb. 8. There is a companion bill under consideration in the state House of Representatives. The Senate bill, authored by state Sen. Josh Harkins, legalizes home digital asset mining and the operation of mining businesses in areas zoned for industrial use. There are already crypto miners operating in Mississippi, which has some of the lowest electricity rates in the country. However, the bill claimed: “Digital asset mining has often faced regulatory challenges at…