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SBF bail guarantor to go public, UK crypto framework and Celsius…



Top Stories This Week

SBF’s $250M bail guarantors should be made public, rules judge

The identities of two individuals who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond could be revealed next month following a recent ruling by United States District Judge Lewis Kaplan. Bankman-Fried’s legal counsel has until Feb. 7 to contest the decision. As bankruptcy proceedings continue, FTX and affected parties have requested subpoenas for information and documents from close relatives of Bankman-Fried, claiming not all members of his inner circle have responded to requests for information. Other recent news includes Alameda Research suing bankrupt crypto lender Voyager Digital in an attempt to claw back $445.8 million in loan repayments made before FTX collapsed.

UK Treasury publishes crypto framework paper: Here’s what’s inside

The United Kingdom’s HM Treasury published a long-anticipated consultation paper for its upcoming crypto regulation. The document covers a broad range of topics, from algorithmic stablecoins to nonfungible tokens to initial coin offerings. The authority aims to level the playing field between crypto and traditional finance by incorporating digital assets into the U.K.’s Financial Services and Markets Act 2000.

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Zooko’s Triangle: The Human-Readable Paradox at the Heart of Crypto Adoption


Play2Earn: How Blockchain Can Power a Paradigm Shift in Building Game Economies

Celsius publishes list of users eligible to withdraw majority of assets

Bankrupt crypto lending firm Celsius came up with a withdrawal process for users who had funds in its custody in June 2022, when the company ceased withdrawals. Celsius released an official update on upcoming withdrawals, providing the list of users eligible to access approximately 94% of qualified custody assets. Users will also receive specific details related to gas and transaction fees associated with the upcoming procedures.

Silvergate faces DOJ investigation over FTX and Alameda dealings

Crypto bank Silvergate is being probed by the United States Department of Justice fraud unit over its involvement with the bankrupt FTX exchange and its affiliates. Investigators are trying to find out how deep the FTX and Alameda Research dealings went with the California-based bank. According to Silvergate, Alameda opened an account in 2018, before the launch of FTX. Silvergate was heavily impacted by the collapse of FTX in November, reporting a $1 billion loss last quarter.

Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setback

Mark Zuckerberg, CEO of Meta, said the company plans to remain committed to its long-term strategy for the metaverse despite its Reality Labs business suffering operating losses amounting to $13.7 billion in 2022 — the largest ever yearly losses recorded for its metaverse-building division. The company’s overall revenue for the fourth quarter was $32.1 billion, surpassing Wall Street expectations.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $23,572, Ether (ETH) at $1,661 and XRP at $0.40. The total market cap is at $1.09 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Render Token (RNDR) at 94.86%, dYdX (DYDX) at 45.84% and ImmutableX (IMX) at 43.41%.

The top three altcoin losers of the week are UNUS SED LEO (LEO) at -12.30%, eCash (XEC) at -5.50% and Toncoin (TON) at -5.30%.

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

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Fan tokens: Day trading your favorite sports team


Is the cryptocurrency epicenter moving away from East Asia?

Most Memorable Quotations

“Regulators rightfully will scrutinize this industry much, much harder, which is probably a good thing, to be honest.”

Changpeng “CZ” Zhao, founder and CEO of Binance

“The fact that both the SEC and CFTC took action against market manipulation by an alleged rogue trader is a credit positive for the industry as a whole.”

Cristiano Ventricelli, assistant vice president of decentralized finance at Moody’s Investor Service

“None of the signals that I’ve seen so far suggest that we should shift the Reality Labs strategy long term.”

Mark Zuckerberg, founder and CEO of Meta

“Behind the scenes, Celsius conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect.”

Shoba Pillay, former federal prosecutor and partner at Jenner & Block

“We believe that Bitcoin mining is being unfairly targeted and double-taxed by the IRS, currently.“

Dennis Porter, CEO of Satoshi Action Fund

“[Bitcoin is] not an effective store of wealth. But we are in a world where money as we know it is in jeopardy.”

Ray Dalio, billionaire investor and entrepreneur

Prediction of the Week 

$25,000 Bitcoin now ‘crowded trade’

The Federal Reserve raised interest rates by 0.25% this week, in line with almost all expectations, leading the BTC/USD pair spiking above $24,000 for the second time in as many days, with market participants still hopeful for a trip to $25,000 before a more significant retracement.

“BTC has had a clean breakout above its macro downtrend line + a backtest,” investment research resource Game of Trades stated on Twitter, adding that “the next big resistance to clear is the $25k region.”

Pseudonymous trader Crypto Tony acknowledged that the target may no longer materialize. “$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade,” he wrote.

FUD of the Week 

BonqDAO protocol suffers $120M loss after oracle hack

Decentralized autonomous organization BonqDAO has suffered a smart contract exploit that led to millions of dollars being stolen via an oracle hack that allowed the exploiter to manipulate the price of the AllianceBlock (ALBT) token. An independent analysis from blockchain security firm PeckShield has estimated the loss to reach $120 million, comprising $108 million from 98.65 million Bonq Euro (BEUR) tokens and $11 million from 113.8 million Wrapped AllianceBlock Tokens (WALBT).

Bithumb owner arrested in South Korea over alleged embezzlement

A man suspected of being the real owner of South Korea’s largest crypto exchange, Bithumb, has been arrested for embezzlement. According to prosecutors, he and his brother, head of Bithumb affiliate Inbiogen, colluded to embezzle corporate funds and manipulate the stock prices of Inbiogen. Among other headlines, Spanish authorities have arrested the CEO of Hong Kong cryptocurrency exchange Bitzlato in a joint effort between France, Portugal, Cyprus and United States law enforcement.

Kraken shuts down Abu Dhabi office, suspends support for AED

Crypto exchange Kraken has closed its Abu Dhabi office less than a year after receiving regulatory approval to operate in the region. According to the company, existing users will still have access to the platform using other fiat currencies. Several employees are also expected to remain in the area. The move in the Middle East comes after Kraken announced plans to cut its workforce by 30% — more than 1,000 people — in an effort to survive the crypto winter.

Best Cointelegraph Features

Is the Metaverse really turning out like ‘Snow Crash’?

Snow Crash foretold many of the issues with the Metaverse back in the 1990s. Here are some of the problems that still need to be solved.

Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame

Tiffany Fong stumbled into Twitter fame after getting burned in the Celsius bankruptcy. She says she has no idea where it will lead.

Why are crypto fans obsessed with micronations and seasteading?

From repurposed cruise ships like MS Satoshi to the blockchain-governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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NFT News

Web3 Gamer – Cointelegraph Magazine



Shrapnel: The game at GDC everyone’s talking about

As the annual Game Developers Conference in San Francisco came to a close last week, there was one game that stood out from the rest. Shrapnel, a highly anticipated first-person shooter in the Web3 space, was the talk of the conference thanks to its stunning graphics and immersive gameplay. 

Select invitees got a first look at Shrapnel at GDC. (Shrapnel/Twitter)

Select visitors were treated to a hands-on experience with the pre-alpha version of the game. Set in the year 2044, Shrapnel takes place in a post-apocalyptic world. Players must navigate the “sacrifice zone,” where they collect NFT gear and a compound named Sigma. They can win by reaching an extraction point where they can escape with their loot. If they die, they lose their loot. 

Shrapnel founder Mark Long told Cointelegraph at GDC that for his team, it’s all about the gameplay first. He added that while the demo took place behind closed doors this time, more people would be able to play Shrapnel next month.

“Anyone at ConsenSys will be able to play it on the show floor,” he says, referring to the conference in Austin, Texas, in late April.

EVE Online, MapleStory to get Web3 treatment

While Shrapnel was hogging the limelight, EVE Online creators CCP Games announced they raised $40 million in a round led by a16z to develop a new AAA title set in the EVE universe.

EVE Online is a space-themed massively multiplayer online role-playing game (MMORPG). Launched in 2003, its game includes over 7,000 solar systems and two decades of player-created history. Players can choose their own paths and professions in the game, focusing on battles, mining, exploration and industry, as they interact with its complex in-game economy and hierarchy. 

It’s not a game for the faint-hearted: some describe playing the game as having a second job. In addition, the increasing cost of playing EVE Online has long been a point of contention between players and CCP Games. 

EVE Online
The complex MMO takes place across thousands of solar systems. (Steam)

As with every time a Web2 game studio expresses an interest in Web3 — think Neopets metaverse, for instance — the worry among players is that it’s little more than a cynical cash grab. 

The details of what the blockchain EVE game will look like are still under wraps but the company has made clear it’s not going to impact EVE’s global server, known as Tranquility. Last year, the company came out and said that they had no plans to add blockchain technology to Tranquility.

“While we remain intrigued by the technology, for us, NFT stands for ‘Not for Tranquility,’” company CEO Hilmar Veigar Petursson said at the time. 

Related: What are Web3 games, and how do they work?

The website for this project, which suggests the name is “Project Awakening,” states the game is “separate from current and previously disclosed projects, including EVE Online.”

It’s not the only traditional gaming brand that’s recently announced its jumping on the Web3 bandwagon. Gaming company Nexon is bringing its popular game, MapleStory, to the blockchain. 

MapleStory is a 2D MMO. (Steam)

Claiming over 260 million players, the game allows players to explore deserts, tundras, underwater kingdoms, lost civilizations and more. The South Korean firm follows other players in the region, such as Square Enix and Bandai Namco, who have previously dabbled in Web3. 

Related: Justin Sun vs. SEC, Do Kwon arrested, 180M player game taps Polygon: Asia Express

Bazooka Tango wants to revive indie card game Shardbound

Indie game Shardbound is also getting a Web3 revival, from gaming studio Bazooka Tango. A tactics card game, Shardbound initially launched through Kickstarter. But it never made a full release, and interest faded.

That’s when Bazooka Tango came in and decided to give it a new lease of life, according to the company’s co-founder, Stephan Sherman. 

“The developers at SpiritWalk had been very close friends of ours and we had always been a fan of the product,” Sherman tells Cointelegraph.

Once we had the opportunity, we talked to them about picking up where it left off and bringing it the final mile, so it had a chance to reach a worldwide audience.”

The Shardbound beta will be open to the public around mid-year 2023 and available on mobile in 2024.

Shardbound concept art
Shardbound concept art. (Shardbound/Twitter)

Otherside’s Second Trip to Fortnite

Yuga Labs’ Otherside returned for its Second Trip on March 25. The event saw over 7,200 concurrent players on the platform, with Improbable, the company behind the tech, once again showcasing its impressive capabilities.

Unlike the First Trip in the summer of last year, the newest iteration had a bit more gameplay beyond avatars running around doing backflips. Participants in the Second Trip teamed up to collect blobs. The winning team, Team Glacia, earned virtual winged helmets.

Second Trip players
Thousands of players joined the Second Trip on Saturday. (OtherGuild/Twitter)

On Crypto Twitter, it wasn’t long before the Fortnite comparisons started rolling in, both positive and negative. The company garnered praise for how much it has managed to achieve in such a short space of time – this time last year, Otherside was but a rumor, officially launching at the end of April – but others quickly fired back that the comparisons were inaccurate and unhelpful. 

It’s not yet clear what Yuga Labs has planned for gameplay. But then again, there are only so many ways one can collect virtual objects before it all starts to feel the same. Game Fund Partner Jonah Blake tweeted:

The otherside is not competing with Fortnite creative. They are 2 different things. They both compete for attention, and attention will be whatever is on a deed or a fortnite island. The creators will drive that attention. Brands will post on all of them.

Following the Second Trip, Yuga Labs announced several new updates. First, it looks like the company will be teaming up with Gucci for something related to the Otherside.

It’s also rolled out Legends of the Mara, which Yuga Labs said is a collection-based 2D strategy game that picks up where the events of Second Trip leave off.

“With it, we’re going to learn more about Kodas, including their origins and their primal relationship with Otherside, encounter some new apprentices in the form of the Mara, and learn more about the story of Otherside throughout LOTM,” Otherside tweeted.

Related: Otherside Metaverse demo kicks off with 4,500 participants: highlights

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A new intro to Bitcoin: The 9-minute read that could change your life


US enforcement agencies are turning up the heat on crypto-related crime

Magic Eden gaming hub

NFT marketplace Magic Eden started pivoting to gaming last year, and this month it finally rolled out its gaming hub. 

The idea, according to its gaming CEO Chris Arkhavan, is to turn the platform into a hub for Web3 gaming where users can find new games, buy NFTs and view leaderboards. It’s not hosting games on its platform but has plans for more community-focused integrations in the future.

Magic Eden
Magic Eden is pivoting to gaming.

Hot Take — Undead Blocks

“So, Bitcoin up today?”

It’s not the first thing you expect to hear as you walk nervously around the neighborhood of Sanborn, New York, waiting for the zombies to inevitably descend on you, but it helps release a bit of the tension. Your character shouting “to the moon” as the hordes descend is as good a war cry as any, I suppose. 

zombie hordes
Undead Blocks is described as a “kill to earn” game.

The beta of Undead Blocks, by Wagyu Games and Kevuru and released on ImmutableX, launched last month. Dubbed a “kill-to-earn” game, Wagyu Games executive director Grant Haseley is a former Goldman Sachs analyst who set out with the aim of making an easy-to-learn and addictive game that is playable with friends. 

Easy for everyone except me. I have the hand-eye coordination of a drunk three-year-old and am much more at ease pottering around Stardew Valley planting potatoes than trying to survive the apocalypse. 

Being able to control the unwieldy pistol improves slightly when I turn down the mouse sensitivity by about 90%. At least, I stop dying after killing just one zombie.

That said, I can still appreciate that it looks cool. And I’ve heard positive reviews from people who have used a game controller — you can use the ones for your Xbox or Playstation — as opposed to a Mac.

Overall, the look and general playability of blockchain games are so much better than they were a year ago, and Undead Blocks is no exception. It has crisp graphics, a cool soundtrack in the intro and cringe-in-a-mildly-amusing-way musings from the avatar about crypto.

Read also


Fake employees and social attacks: Crypto recruiting is a minefield


Escape from LA: Why Lockdown in Sri Lanka Works for MyEtherWallet Founder

What’s Coming Up

Amazon NFT and Gaming platform — In January, it was revealed that Amazon was building an NFT and gaming platform. The e-commerce giant has remained tight-lipped about the plans but unconfirmed reports suggest something could be launched on April 24. 

Imposters — This Among Us-esque social deduction game will launch a beta for verified holders on March 31. It was delayed from the original date of March 24 due to issues with migrating the game to Unreal Engine 5.1. 

CGC Online — The Crypto Gamers Conference is back for another year from April 17-18. Tickets for the virtual event are available free online and the deadline for speaker applications closes April 10. 

Eternal Dragons — Blockchain game Eternal Dragons will hold its first official PvP tournament from March 31 to April 2. There’s a prize pool of over $15,000 USDC up for grabs. 

The Glimmering — Blockchain-based Dungeons and Dragons game The Glimmering will launch its play platform on March 30. NFT holders will be able to sign up to play games virtually. 

Immutable Passport — Immutable is set to roll out its gaming passport in April. The noncustodial wallet and authentication solution aims to streamline user onboarding to its games.

Got tips, questions or comments? Please direct all vitriol, abuse and declarations of love to me on Twitter @quinnishvili.

Callan Quinn

Callan Quinn is a British freelance journalist covering crypto and tech. She has worked as a business journalist in China, the UK, Somaliland and the republic of Georgia. Previously, she was also an NFTs, gaming and metaverse reporter at The Block.

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Arsenal NFTs: Access to Games and Luxury Stays



Enjinstarter and Staynex team up for an extraordinary NFT campaign, granting fans unique access to matches and luxury accommodations with Arsenal NFTs.

As Arsenal Football Club dominates the Premier League, fans around the world are buzzing with excitement. Now, thanks to a special NFT campaign by Enjinstarter and Staynex, die-hard Arsenal enthusiasts have a once-in-a-lifetime opportunity to witness their favorite club compete for its first Premier League title since 2004. With Arsenal Journey Pass NFTs, fans can experience the thrill of the game in a whole new way.

Arsenal Journey Pass NFTs

Launching on OpenSea on April 7th, the Arsenal Journal Pass NFTs are a collaboration between Web3 launchpad Enjinstarter and blockchain-based membership platform Staynex. Only 400 NFTs will be available, granting token holders privileged access to an Arsenal home match of their choosing and Staynex’s luxury accommodation options.

Credit Nelson Ndongala

The Arsenal journey pass is expected to be priced at 400 USDT. Successful bidders can receive either a “Gooner” tier NFT, which includes general and club level access to a match and 4-star accommodation, or a “Legendary” tier NFT, offering box seat access and 5-star accommodation. Token holders can choose from a selection of four games.

Additionally, NFT holders will enjoy early adoption benefits and premium access to the Staynex platform, where users can purchase NFT-based vacation packages at resorts and hotels. These packages can be redeemed for stays at member properties or sold on the secondary market.

Collaboration and Innovation in the Web3 Space

Enjinstarter and Staynex exemplify the power of collaboration in the Web3 space. Enjinstarter is underwriting the sale of the Arsenal NFTs and making the project visible to its community, while Staynex gains visibility across the Enjinstarter ecosystem. The move is an example of the potential for creating value for sports fans and community members alike through synergy in the Web3 space.

“We need more symbiotic partnerships like this in the Web3 space. Web3 thrives on synergy, so when you can bring an iconic global brand and Web3 experts together, you can create real value for sports fans and community members alike. We wish Enjinstarter, Staynex, and Arsenal a successful launch,” said Khalil Abdulla, CEO of Masary Capital, the Dubai-based Web3 venture builder bringing Enjinstarter and Staynex together.

Arsenal is currently leading the English Premier League, and their recent performances have put them in a prime position to take the title. The Gunners have been playing with a sense of purpose and determination, and their results on the pitch say as much.

With Arsenal Journal Pass NFTs, a fantastic opportunity for football enthusiasts to immerse themselves in the excitement of the Premier League awaits.

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ApeCoin Community Rejects Multi-Link APE NFTs Proposal



ApeCoin DAO has recently made a significant decision regarding the introduction of two new NFT collections.  The community voted against the addition of the two new NFT collections, which would have expanded the APE ecosystem’s offerings. 

This decision highlights the power of decentralized decision-making and underscores the significance of community-driven governance. ApeCoin is an Ethereum governance token used to facilitate decision-making in the APE ecosystem.

Proposed New NFT Collections

ApeCoin allows holders to participate in the governance process regarding the development and direction of various projects within the Ape ecosystem. These include blue-chip NFT collections such as Bored Ape Yacht Club (BAYC), Meebits, and Mutant Ape Yacht Club (MAYC).

Aaron Leupp presented the AIP-206 proposal on January 13, aiming to create 20,000 items from two collections: Ape Coin Armoury Club and Ape Coin Pet Club. The collections were intended to bring ApeCoin into the metaverse, offer greater utility, and incentivize growth.

In the proposal, Leupp stated that “We are open to all debates, criticism, feedback, counters and thoughts since we would love to be a part of such a pioneering venture as this, and also would really love to continue to prove ourselves.” 

Project Cost and Voting Results

The proposal, which would have cost $168,000, aimed to design collections similar to The Sandbox [SAND] and Decentraland [MANA]. This marked another attempt by Yuga Labs to expand its NFT participation.

Current results of the ApeCoin DAO AIP 206 Proposal

Currently, almost 89% of voters have rejected the proposal, while only 6.92% support it. Although looking bleak for the ‘Yes’ voters, the vote is still ongoing. The proposal sought to offer the community ownership of these items at no cost and provide opportunities for BAYC, MAYC, and other collection holders to pivot.

Final Thoughts

Ultimately, the ApeCoin community‘s rejection raises questions about the sustainability of the NFT market. While blue-chip collections have experienced a decline in volume, Crypto Punks remains an exception. 

The rejection of the AIP-206 proposal highlights the community’s cautious approach to expanding its NFT collections and emphasizes the importance of community governance in the ApeCoin ecosystem.

Frequently Asked Questions

What is Apecoin?

APE is a community-driven token designed to empower the future, constructed and governed by its members. This decentralized protocol layer will facilitate community-led endeavors that propel culture into the metaverse.

What is the Ape Foundation?

The APE Foundation aims to nurture the expansion and evolution of the APE ecosystem equitably and inclusively. By employing the Ecosystem Fund, managed through a multisig wallet, the foundation covers its expenses as directed by the ApeCoin DAO. This structure enables ApeCoin holders to engage in collaborative, open, and unrestricted governance procedures.

What is the ApeCoin DAO?

The APE Improvement Proposal Process (refer to Governance) empowers ApeCoin DAO members to determine the allocation of the Ecosystem Fund, governance regulations, projects, collaborations, and more. ApeCoin DAO membership is accessible to all ApeCoin holders.

What is the board?

A unique council within the APE Foundation, referred to as the DAO’s “Board,” offers supervision over the Foundation administrators at the request of ApeCoin DAO members. The Board’s primary function is to manage DAO proposals and fulfill the community’s vision. It convenes on proposals that necessitate administrative evaluation under ApeCoin DAO regulations. The inaugural Board serves a six-month term, followed by annual voting on Board members by DAO members.

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