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The same week that Bulgarian authorities were raiding Nexo’s offices and indicting four individuals for charges related to money laundering, the crypto lender filed suit in the Cayman Islands.In a document dated Jan. 12, Nexo filed a lawsuit against the Cayman Islands Monetary Authority, or CIMA, for denying its registration as a virtual asset service provider (VASP) in the island nation. The crypto lender asked the court to overturn the financial regulator’s decision as it was “suitable” to provide crypto services to Cayman Islands residents. According to court documents, Nexo applied to CIMA in January 2021, providing additional information at…
NFT DeGods has dominated the Solana NFT space, racking up more trading volume in SOL than any other project. It now plans to move over to Ethereum, and the project appears to have already caught the eye of at least one big investor in the space. A pseudonymous NFT trader known as “Pokeee” spent nearly $1 million to sweep 69 DeGods NFTs on Monday. Pokeee made the buy through the Magic Eden marketplace, using its tool that lets buyers “sweep the floor” or buy up a desired amount of NFTs from a project. Traders sometimes purchase numerous lowest-priced NFTs in…
Central banks worldwide are pushing forward with digital asset projects despite the various crypto industry implosions of the past 12 months. China has rolled out its central bank digital currency (CBDC) to several cities and made it available for use at the Winter Olympics. Many other central banks, including the Bank of England, are considering how to roll out a CBDC, while Nigeria’s CBDC has had poor uptake so far. India has already launched a pilot scheme, while Mexico has confirmed the launch of a digital peso.However, Tony Yates, former senior adviser to the Bank of England, advises against CBDCs in a recently published…
Alien Worlds has opened up round 2 of their community grants program. These grants are open to proposals from anyone with an idea for improving or expanding on the Alien Worlds ecosystem. The proposals that pass receive a stipend of TLM tokens to help pay for their development.. Alien Worlds introduced their Galactic Hubs grant program in the summer of 2022. One item that came from the first round of grants was the Battledome, a third party game that utilizes Alien Worlds NFTs for PvP battles. Now, applications are open for round two. Specifically, grants from the Alien Worlds Galactic…
NFT National Geographic has launched NFTs on Polygon, posting a detailed explainer of the technology on social media, prompting outright rage from hundreds of fans of the 135-year-old nature-centric magazine responding with rage. NatGeo’s Instagram, Twitter, and Facebook accounts posted an image of a Bored Ape Yacht Club (BAYC) NFT Monday with a caption detailing the rise of NFTs, which are unique blockchain tokens that signify ownership. The social media posts were designed to prepare the magazine’s mainstream audience for its own NFT drop on Polygon, which dropped Tuesday and features work from 16 different photographers including Justin Aversano, Reuben…
The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold.According to the Russian news agency Vedomosti, Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade.The token is projected to be issued in the form of a stablecoin backed by gold, according to Alexander Brazhnikov, executive director of the Russian Association of Crypto Industry and Blockchain.The stablecoin aims to enable cross-border transactions instead of fiat currencies like the United States dollar, the Russian ruble or…
At the height of NFT hype, Web3 gaming stood tallest. However, most of these games relying on the “play to earn” model to incentivize players have proved unsustainable during bear markets. Typically, in-game items such as NFTs, or platform native tokens, are used to reward players for their efforts and time. The only problem is that these games have had issues with token liquidity, asset valuation, and low trade frequency.Furthermore, the low frequency of NFT trade has resulted in less value being added to game economies. As a result, this is negatively impacting the market capitalizations of native tokens. When…
The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts.On Jan. 13, the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent to $202,400 — 251.4 million in the regional currency won.A district initially ruled against the investors, but it was later overturned. The finalized ruling from the Supreme Court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.The…
NFT Will 2023 be crypto’s year? After the tumult of last year, what will be the trends influencing the market this year? One trend is the push for transparency. Cryptocurrency exchanges and businesses will make their practices more public and transparent so that the public can regain trust in the industry. Some prominent players (Binance, Coinbase, and others) have begun publishing their proof of reserves. If nothing else, 2022 has shown that this is a MUST. As inflation continues to ease, investors will have more disposable income. If they choose to invest it in crypto, one might see the crypto…
NFT Famed French luxury goods concern Yves Saint Laurent Parfums SA is set to make its debut in the Metaverse with trademark applications related to the use of non-fungible tokens (NFTs) for virtual goods. The applications, filed on Jan. 12, indicate that the company plans to offer multimedia files containing artwork, text, audio, and video content related to perfumery, toiletries, and other personal care items. Shoppers could soon be experiencing a digital version of the famed brand’s physical offerings. The filings also suggest Yves Saint Laurent’s goals extend to include sales directly through metaverse-based retail stores featuring said products. 2022…
