Developer numbers on the Cardano network have been soaring.

IOG is inviting more developers to join working groups to further development on Cardano.

The Working Groups are divided according to specific topics of discussion and expertise.

Developer numbers on the Cardano network have been soaring since the beginning of February 2023.

Input Output Global (IOG), the blockchain technology firm responsible for the development of Cardano (ADA), has invited more community members to join several developer Working Groups to catapult the ecosystem.

Community members are the heart of #Cardano's future and the driving force behind its success. IOG is currently facilitating the creation and bootstrapping of developer Working Groups empowering the community to self-mobilize and collaborate on decision-making processes. 1/n

— Input Output (@InputOutputHK) February 17th, 2023

According to IOG, the goal is to self-mobilize the community to collaborate on decision-making processes with the combined expertise of the members. The Working Groups will bring together a group of committed community members around specific topics, such as developer experience, certifications, interoperability, and stablecoins.

In another developer-focused event, the network launched its SECP upgrade on Valentine’s day to increase interoperability and secure cross-chain dApp development. The new Working Group initiative serves as another testament of Cardano’s community-centric approach.

Driving Innovation

IOG further revealed that interested community members could join their preferred type of Working Group by choosing from the four current pools of developers.

The Developer experience Working Group will be identifying problems and pain points faced by decentralized application (dApp) developers on Cardano and help triage improvement areas that will serve the broader ecosystem.

The Certifications Working Group will work on making the dApp ecosystem more sustainable by promoting the benefits of certification across Cardano and the wider industry and creating best practices and “standards in certification and auditing processes.”

The Interoperability Working Group will be supporting the development of cross-chain decentralized bridges between Cardano and other chains.

The Stablecoins Working Group will be combining the best practices and expertise to support the implementation of stablecoins on Cardano to address cryptocurrency volatility.

The admission of Cardano community members into the Working Groups will reportedly depend on approval from existing members and the applicant’s qualifications, in alignment with the goal of fostering collaboration and driving innovation within the Cardano community.

Developer numbers and whale activity on Cardano have been increasing throughout February. The price of ADA has recently surged, trading at $0.40 USD at the time of writing, a 23.70% increase from its one-month low of $0.32 on January 19th.

On the Flipside

The decision to create more Working Groups will depend on the community’s willingness to mobilize.

The price of ADA has seldomly reflected positive sentiment following major developments in the ecosystem.

Why You Should Care

By empowering and mobilizing its community, IOG is fostering a culture of innovation within the Cardano network. By progressing such principles of decentralization, Cardano could inspire market sentiment to boost its current #8 ranking by market capitalization.

Read more about Cardano’s latest SECP upgrade:

Cardano (ADA) Launches SECP Upgrade: A Cross-Chain Love Story?

Read more about the recent bullish Cardano whale activity:

Cardano Whales Bullish on ADA – Is the Optimism Warranted?

Japan plans to launch a pilot program for its central bank digital currency (CBDC) in April 2023.

The pilot program will focus on the technical feasibility of the “digital yen” and will not involve actual retail transactions.

Japanese authorities are also considering lifting the ban on foreign stablecoins.

Japan, a country that currently prohibits foreign stablecoins, has announced plans to commence a pilot program for its central bank digital currency (CBDC) in April 2023. This pilot will include participation from private businesses and will test a model of the CBDC ecosystem.

Pilot Program for Digital Yen CBDC Ecosystem

On February 17th, the executive director of the Bank of Japan (BoJ), Shinichi Uchida, announced the launch of the “digital yen” pilot program in his opening speech at a CBDC committee meeting. The BoJ had conducted proof-of-concept testing in 2021, and upon completion, decided to proceed with the pilot program in April 2023.

The pilot program will focus on the technical feasibility of the “digital yen” and model a CBDC ecosystem with the involvement of private companies. During the pilot, only simulated transactions will take place, and no actual retail transactions will be made. To ensure a seamless and successful transition, the BoJ acknowledges the importance of active collaboration with industry players, and thus feedback and communication will be established to ensure mutual benefits.

Opening Remarks by Executive Director UCHIDA at the Fifth Meeting of the Liaison and Coordination Committee on Central Bank Digital Currency (Taking the Next Step) (via webcast) https://t.co/bmSAhbjoA9

— Bank of Japan (@Bank_of_Japan_e) February 17, 2023

Uchida’s speech highlighted the importance of consulting with the private sector regarding the design of the future CBDC and key components of the system such as alternative data models and frameworks for offline payments. To facilitate this communication, they will be creating a CBDC forum. The CBDC announcement did not come as a surprise to many, as the local media had been discussing the idea for some time.

Collaboration is Key

The announcement of the CBDC pilot program was highly anticipated, as local media had previously reported the BoJ’s intentions in November 2022. At least three Japanese megabanks and regional banks will collaborate with the BoJ in the program, according to the reports.

Furthermore, Japanese authorities are considering lifting the ban on foreign stablecoins, which came into law in 2022. The Financial Services Agency of Japan should pass the amendments by June 2023 According to reports. While no foreign stablecoins will be automatically allowed into the market, the green light will be given to those coins that successfully pass individual checks.

On the Flipside

While Japan’s CBDC pilot program is an exciting development, Japan has been slow to adopt cryptocurrencies, with regulators often taking a cautious approach.

It remains to be seen how the potential lift of the foreign stablecoin ban will impact Japan’s digital currency landscape, and whether it will lead to increased adoption of cryptocurrencies or stifle innovation in the sector.

Why You Should Care

The announcement of Japan’s CBDC pilot program is significant for the broader crypto community as it signals the country’s commitment to exploring digital currencies and providing a more inclusive CBDC ecosystem. Additionally, the potential lift of the foreign stablecoin ban may provide opportunities for global stablecoin adoption in Japan, furthering the integration of digital currencies into traditional financial systems.

Learn more about the previous ban on stablecoins in Japan here:

Japan to Revoke Ban on Foreign Stablecoins in 2023: Report

Binance has recently returned to Japan read more about it here:

Binance Returns to Japan via Sakura Exchange Acquisition

Decentraland has announced it is holding an emote contest ahead of its second annual Metaverse Fashion Week. 

Players can participate in the event to win fun and exciting awards. 

The Metaverse Fashion Week 2023 is coming back to Decentraland. The virtual fashion event is highly anticipated by Decentraland users every year.

From virtual runway shows to after parties to shopping and panel talks, the Metaverse Fashion Week has it all. 

In celebration of the Metaverse Fashion Week 2023, Decentraland is holding an emote contest. The metaverse has lined up several rewards for contestants and is excited to encourage Emote creators to get into the Metaverse Fashion Week mood. 

Get your Emotes ready for the runway Enter your best stylish and sassy catwalk Emotes for the #MVFW23 Emote Competition for a chance to win MANA and be featured in the Community Fashion Show! Submissions open Feb 16 - March 20All the details:https://t.co/mXlHEt61U5 pic.twitter.com/4o6rkKkiVv

— Decentraland (@decentraland) February 16, 2023

Emoting on The Runway

Starting February 16, participants can participate until March 20th in the Metaverse Fashion Week 2023 Emote event. Decentraland will feature the first-place winning emote in the Community Fashion Show and distribute 800 MANA to them. 

The metaverse will also be rewarding second to fifth-place winning emote with 600 MANA.

Decentraland has shared that the contest is open to everyone. Participants must publish the emotes in the Marketplace and submit their best and most unique emotes for the runway by filling out the dedicated form. 

Here’s a quick rundown of the rules;

Emote must be approved and published in the DCL marketplace before the contest deadline.

They should be Metaverse Fashion Week 2023 related and intended for the runway. 

Participants can submit up to three emotes and can only claim one prize. 

By submitting emotes, contestants consent to Decentraland using their submissions for marketing. 

Decentraland will deposit MANA to the creators’ wallet addresses shared in the form.

Creators must share their email with Decentraland, so Decentraland can contact them if their submission has won. 

Shibu, Art Director at Decentraland, Isa Souza Gomes, 3D animator and Decentraland, and PeanutButta, Community Manager at Decentraland, will be judging the contest. The judges will evaluate the emotes based on fluidity, movement quality of emotes, uniqueness, fun factor, and the Metaverse Fashion Week 2023 use case.  

Announcing Metaverse Fashion Week 2023 #MVFW23 will take to the catwalk again, inviting the global community to experience the latest advancements in digital fashion and metaverse interoperability in #Decentraland.March 28 - 31@voguebusiness https://t.co/5mzAelDd2k

— Decentraland (@decentraland) December 6, 2022

When is the Metaverse Fashion Week 2023?

Decentraland Metaverse Fashion Week is returning in Spring 2023. The fashion event will be held from March 28 to 31st, exhibiting Spring and Summer Fashion articles on virtual catwalks. Decentraland’s Metaverse Fashion Week 2022 was highly successful and welcomed over 108,000 visitors. 

This year the event expects to welcome over 200,000 visitors with its curatorial theme of Future Heritage. The fashion show will challenge brands such as Tommy Hilfiger, Etro, Selfridges, Dolce & Gabbana, and others to connect the next generation of creators with traditional fashion creators. 

On the Flipside

Fashion experts and visitors criticized the Metaverse Fashion Week 2022 for its clunky user experience, claiming the graphics looked like they were from the nineties.

American Fashion Council CFDA featured exhibits in The Sandbox from brands participating in Metaverse Fashion Week. 

Why You Should Care

The Metaverse Fashion Week is a one-of-a-kind metaverse event that has successfully hosted hundreds of thousands of fashion enthusiasts. The upcoming fashion event will feature creations from some of the best names in Fashion. Participants can now create and compete to be showcased among the bests. 

 

Find out what happened in last year’s Metaverse Fashion Week: The First-of-Its-Kind Metaverse Fashion Week Was Held in March: Here Are 5 Major Takeaways.

Read about the top five fashion brands in web3: TOP 5 Fashion Brands Trailblazing in Web3.

Twenty-three most active traders got over one million in Blur tokens. One trader received more than 3.2 million BLUR tokens. 

Reports suggest that this address traded large quantities of NFTs back and forth. This could indicate that the trader engaged in wash trading or trying to game the Blur airdrop. 

Blur, the professional NFT marketplace, is airdropping Blur tokens to NFT traders. Since Wednesday, eligible traders can get Blur tokens for free, which they can keep or sell for profit.

Most already took advantage of the situation. Traders claimed over 90% of the 360 million tokens, valued at $0.9 each. However, the Blur token airdrop disproportionately benefited a small number of traders. Moreover, reports suggest that these traders might have gamed the system. 

According to Nansen, the twenty-three most active users received more than one million blur tokens. Moreover, one trader received more than 3.2 million BLUR tokens. These tokens are worth about $0.9 each, meaning that the biggest traders received a multi-million dollar windfall. 

The biggest trader got nearly $3.2 million in Blur tokens, according to data gathered by a blockchain intelligence agency Dune. 

It is a relatively new wallet from only three months ago. According to Decrypt, a look at the address shows that the wallet traded the same NFTs repeatedly. 

Interestingly, the wallets with the second and the third biggest airdrop values (2,9M and 2.5M Blur, respectively) also interacted with the first wallet. This behavior raises concerns over potential wash trading, or an attempt at gaming Blur’s airdrop mechanics. 

Vijay Pravin, the founder, and CEO of NFT analytics firm bitsCrunch, also raised concern over wash trading.

The top 3 addresses that were airdropped $BLUR: ADDRESS #1: 3.2 million BLUR tokens ADDRESS #2: 2.9 million BLUR tokens ADDRESS #3: 2.5 million BLUR tokensAll of these addresses have been trading NFTs back and forth with each other – they WASH-TRADED!

— Vijay Pravin (VP) | bitsCrunch (@VijayPravinM) February 16, 2023

“All of these addresses have been trading NFTs back and forth with each other,” Pravin said about the three biggest winners of the Blur airdrop. “They wash-traded!” he continued. 

According to on-chain data, the second-largest airdrop recipient cashed out 1.7 million in Blur tokens. The other two wallets are still holding all their Blur tokens. 

Blur offered about 12% of their tokens in the airdrop. 86% of Blur tokens are in three wallets associated with the founders. 

Wash Trading: Ongoing Issue For NFTs

Wash trading is when a trader buys and sells an asset to artificially inflate its price. The purpose of wash trading is to feed false information to the market and to sell assets at artificially high prices. 

In traditional markets, wash trading is highly illegal. However, similar regulations are missing on NFT marketplaces, where wash trading is incredibly common. 

Wash trading has been a constant issue in the NFT space, which Blur also highlights. In December 2022, Blur shared a chart showing the relative volume of NFT wash trades since 2020. 

I made an open-source wash trading filter available for all to use on Dune v2 and managed to flag $30B of NFT wash trades – that's ~44% of volume traded pic.twitter.com/b7WUKCFnrh

— hildobby (@hildobby_) December 16, 2022

The chart came from data scientist hildobby, who works with the Dragonfly crypto venture fund. He created a filter that separates wash trades from the rest of the market. According to the chart, wash trades made up 44% of all NFT trading volume from 2021 to Nov 2022.  

On the Flipside

There is no definitive proof that the wallets in question had the intention of manipulating the market or gaming Blur. 

After the FTX collapse, US regulators are currently cracking down on crypto practices that take advantage of smaller investors. 

Why you should care

Blur has become one of the biggest NFT marketplaces, rivaling OpenSea. NFT traders should be worried about potential wash trading on its platform. 

Read more about the token airdrop: Blur Airdrop: Just 23 Users Received More Than $1 Million in BLUR Each

NFTs have still not recovered from their 2022 crash. Read more about it here:NFT Trading Volume Has Crashed 97% from 2022 Highs

The Sandbox has announced partnering with Japanese animation pioneer Toei Animation to create experiences in the metaverse. 

The metaverse will give away exclusive NFTs to celebrate the partnership.

Leading gaming metaverse The Sandbox is celebrating its partnership with legendary Japanese Animation company Toei Animation. The Sandbox will give away limited edition NFTs to fans joining the metaverse experience with the animation company. 

The production company is one of the most highly decorated companies in Japanese animation. The Sandbox will also create new experiences based on Toei Animation’s intellectual properties in the metaverse. 

Anime is celebrated among Millennials and Generation Z, and what better way to recognize Japanese animation culture in web3 than with one of the pioneers in the industry? 

Interestingly, The Sandbox’s founder is more than excited about the partnership.

Celebrating the Sail to the Moon

Sebastien Borget, COO and co-founder of The Sandbox, shared their views on the impact of Japanese animation on their life,

“Japanese manga and anime such as Dragon Ball, ONE PIECE, and Sailor Moon from TOEI ANIMATION's IP have always been a part of my life. I am happy to bring this content to The Sandbox for players and creators around the world to enjoy. This partnership is an exciting addition for our open metaverse platform to bring some of the best content from Japanese culture to our creator community."

In light of the new partnership, The Sandbox is giving away limited edition NFTs to the first thousand registered people. It’s important to note that the NFTs will not be based on Toei Animation IP. 

The Sandbox has yet to determine the type of NFT it will give away. However, users can apply with their email address by completing tasks on the dedicated website. Participants must complete KYC verification to participate. 

Excited to announce our partnership with the leading Japanese animation studio, @ToeiAnimation! Together with @Minto_inc, we'll be bringing TOEI's iconic works to life in the #metaverse.https://t.co/xn2y62Onlq pic.twitter.com/2DMTfaC2aS

— The Sandbox (@TheSandboxGame) February 16, 2023

Finding Dragon Balls and the One Piece in the Metaverse

Toei Animation has had deep roots in pioneering the Japanese animation industry since 1948. The production company is renowned for producing some of the most successful anime series, such as Dragon Ball, Sailor Moon, Digimon, and One Piece. 

In collaboration with Minto and The Sandbox, the pioneer animation company will create experiences based on its characters. The metaverse has yet to share additional details about the partnership. 

However, it plans to strategically leverage the partnership with Toei Animation to collaborate with other IP brands based in Japan. 

Satoshi Shinohara, Managing Director of Toei Animation, shared his views on the move to the metaverse in a press release, 

“The Metaverse is a concept that has emerged in recent years. Toei Animation is now ready to set sail into this new ocean. We are very happy and proud to be working with The Sandbox and Minto as our partners. I am confident that the ‘Fleet’ we have assembled will be able to discover new continents and new routes that will guide the entertainment industry for years to come. I am truly looking forward to seeing the adventures and stories of the various works and characters we have created so far in this new field.”

On the Flipside

The Sandbox recently partnered with the iconic manga series Fist of the North Star and Captain Tsubasa to create web3 experiences. Those partnerships also catered to The Sandbox Founder’s passion for Japanese art.

Why You Should Care

Many people from different generations revere Japanese animation. An estimated 2.88 billion have watched anime in their lifetime, and over 100 million people watch it daily. One Piece and Dragon Ball Z are some of the most successful anime series in animation history. 

Seeing Luffy or Goku in the metaverse could be a big win for The Sandbox and attract anime enthusiasts to web3. The Sandbox could see the same success as Fortnite, which collaborated with Dragon Ball Z and Naruto to add their IP to the game.

 

Do you like Anime Games? Read about Oath of Peak: Bybit’s Yeeha Games to Launch Oath of Peak, A Web3 Genshin Impact Competitor.

Catch up with The Sandbox’s previous development: The Sandbox Opens Up Voxel Madness: A Web3 Gaming Virtual Neighborhood.

In early February, Louis Vuitton announced a collection with Yayoi Kusama.

Several Web 3.0 news outlets shared speculative claims from an unverified NFT collection.

The unverified NFT collection has been removed for copyright infringement.

Unverified claims about a Louis Vuitton x Yayoi Kusama NFT drop were rampant in early February 2023.

After the international fashion house Louis Vuitton released a collaborative collection with Japanese contemporary artist Yayoi Kusama, an NFT collection surfaced on OpenSea with the same title.

Despite the fact that the listed NFTs and the collection’s description appeared somewhat legitimate, the collection was unverified by OpenSea. Nevertheless, many Web 3.0 news outlets distributed the information from the unverified collection, claiming that 10, 000 NFTs would be released and Louis Vuitton would allow customers to exchange the digital assets for tangible copies.

The unverified Louis Vuitton x Yayoi Kusama NFT collection has since been removed from OpenSea based on a claim of intellectual property infringement, according to the notice prompted by OpenSea.

Source: OpenSea

Since the collection can no longer be accessed, it is unclear what the floor price, total volume, best offer, and total owner volume were before the collection was removed by OpenSea.

However, soon after the collection surfaced in early February, OpenSea recorded two NFT owners, revealing that there had been buyers who invested in the collection before the copyright infringement of the NFTs were exposed.

A Spot of Speculation

Hadrien Huet, the Head of Online Brand protection at Louis Vuitton, reportedly debunked the false claims about the NFT collection and its connection with physical products.

Huet apparently stated that Louis Vuitton had acknowledged forged NFT collections on OpenSea, adding that “ill-intentioned third parties” were “attempting to take advantage” of the rampant speculation.

The incident serves as a reminder for NFT buyers to conduct independent research and verification from primary sources to elude scams related to digital assets.

On the Flipside

A number of speculative articles about the NFT collection have been corrected, but the implications of the unverified reports remain unclear.

Web 3.0 personalities have criticized the news industry for shortcomings in ethical journalism before.

Why You Should Care

Unverified reporting can result in financial implications for the reader, undermining the credibility of the industry and eroding trust in Web 3.0 developments, potentially hindering its adoption. 

DailyCoin prioritizes and values journalistic principles in the interest of our readers.

Read more about the physical Louis Vuitton x Yayoi Kusama collection: Louis Vuitton Gets Kusama-fied – 10K NFTs Celebrating 200 Years

Read more about misleading NFT collections concerning luxury brand Hermès: Hermès vs. MetaBirkins Verdict Announced, the Design House Wins

Mt. Gox’s top two creditors have chosen an early payment option that would prevent the sell-off of their Bitcoin holding.

The 90% recoverable holding of both creditors accounts for 21% of all 141,686 BTC to be reimbursed by the exchange.

Other investors who decline this method can wait until the court case is concluded to receive their reimbursement in fiat.

The top two creditors of Mt. Gox, the now-defunct crypto exchange that fell to an 850,000 bitcoin (BTC) hack in 2014, has opted for the early lump sum payment option to prevent the sell-off of their BTC holding.

Why Does the Mt. Gox Refund Matter?

Since 2021 when Mt. Gox announced a rehabilitation plan that would see 141,686 Bitcoin (BTC), 142,846 Bitcoin Cash (BCH), and 69 billion Japanese yen returned to creditors and investors in the crypto exchange. 

The concerns about the refund centered around a potential dump should 141,686 BTC (approximately $3.4 billion at $24,000 per BTC) be thrown back into the market. 

As with most markets, an influx of that amount of Bitcoin would almost certainly force the price of BTC lower.

Mt. Gox Creditors Pick Early Lump Option

Quelling the concerns surrounding the return of Mt. Gox funds, the two largest creditors, Bitcoinica, a now-defunct New Zealand-based crypto exchange, and MtGox Investment Funds (MGIF), have chosen the early lump payment option.

These two creditors are significant because collectively they account for about one-fifth (21%) of all Mt. Gox claims. 

Choosing this option will mean that their claims of 90% of their recoverable holding will be made in mostly bitcoin (BTC). This option will not require a selloff of their Bitcoin holdings for the refund to be made.

Other Available Refund Options 

There is also another option for creditors who decline the early lump sum payout. However, they would need to wait for the conclusion of civil rehabilitation litigation, including a lawsuit by CoinLab against Mt. Gox’s estate. 

This option involves receiving fiat and may yield a slightly higher recovery. However, a legal analysis by a Japanese law firm indicated that holdouts could wait many years for their money to be returned.

Creditors must decide by March 10, 2023, whether to accept the offered early lump sum or continue to wait for a potentially larger payout at an unspecified time in the future.

On the Flipside

Despite the relief, analysts have expressed their worries that the expected reimbursement will likely lead to a major sell-off of Bitcoin in the coming months.

Why You Should Care

Choosing this option by the top two creditors of Mt. Gox. reduces the concerns that there could be a potential market impact resulting from a large-scale Bitcoin sell-off when the funds are refunded.

Get info on other repayment options below: Mt. Gox Allows Creditors to Select Repayment Options – Bitstamp to Support Returns

Read about the concerns of the Mt. Gox refund below: Chainalysis: FTX Crisis Comparatively Smaller Than Mt. Gox’s

U.S. Securities and Exchange Commission (SEC) charges Do Kwon with fraud.

The complaint concludes that the failed UST stablecoin’s price was manipulated.

SEC Director of Enforcement says Terra is “neither decentralized, nor finance.”

While the downtrodden crypto entrepreneur Do Kwon is still out in the open, the South Korean authorities are no longer the only law enforcement institution on his back. The U.S. Securities and Exchange Commission (SEC) filed a complaint against TerraForm Labs and co-founder Do Kwon in New York on Thursday.

Moreover, the complaint claims that TerraForm Labs and Do Kwon has sold unregistered crypto tokens since April 2018, which include Terra (LUNA), Terra (UST), and are all deemed as securities. The lawsuit also points out that the fraud had stripped the United States retail and institutional investors of more than $40 billion.

whew lad, lots to digest in the SEC lawsuit vs Do Kwon and Terraform Labs right off the bat, a very interesting fact is that the SEC is being more thorough than usual--specifically running through the Howey test for various assets (UST, LUNA, and wLUNA) and also alleging that… https://t.co/1JsBQijMnw pic.twitter.com/qHuL6mKpeo

— _gabrielShapir0 (@lex_node) February 16, 2023

More Conspiracies Emerge on Crypto Twitter

Gary Gensler and the SEC had earned themselves a reputation for numerous attempts to curb crypto – from Elon Musk’s 420 Tweet to the recent crackdown on Kraken’s staking products with a solid $30 million fine. Without any doubt, the most popular case is The SEC vs. XRP, which plays a key role in shaping cryptocurrency legislation.

However, the SEC waited nine months to tackle the $2 trillion crypto wipeout caused by TerraForm Labs and the shady South Korean entrepreneur Do Kwon. In response to this, the controversial LUNC DAO, one of the main validators of the Terra (LUNA) network, had uttered that no one has sincerely tried to repeg Terra’s own monstrosity of a stablecoin.

“It’s now clear that Do Kwon is paying him to stall The Community to prevent the re-peg and stop $LUNC from reaching $1,” concludes LUNC DAO, also sarcastically remarking that the FBI “is going to arrest anyone who has ever uttered the words Lord Do Kwon.”

Duncan claims he has been trying to re-peg $USTC to $1 for 9 months nowHowever, if he or anyone was doing it sincerely it would be $1 alreadyIt’s now clear that Do Kwon is paying him to stall The Community to prevent the re-peg and stop $LUNC from reaching $1RT if you agree

— 𝕃𝕌ℕℂ 𝔻𝔸𝕆 (@LUNCDAO) February 17, 2023

LUNC & TerraClassicUSD Keep on Falling

Shortly after the shocking crypto wipeout happened back in May 2022, a forking proposal was almost unanimously passed by the Terra (LUNA) validators, even though a Twitter poll suggested the opposite just a day before.

Currently, the relaunched and rebranded Terra 2.0 crypto tokens continue to fall, even though Terra Luna Classic (LUNC) is close to getting back into the TOP 50 by global market capitalization.

At press time, the #53 ranked altcoin Terra Luna Classic (LUNC) trades at $0.00016828, according to CoinGecko. Dropping by 4% in the last 24 hours, the controversial altcoin also failed to restore the $1bn market cap, despite LUNC community’s burning efforts.

On the other hand, the renamed algorithmic stablecoin Terra Classic USD (USTC) trades at $0.028, a fraction of what the stablecoin’s price was meant to be. The thwarted stablecoin suddenly shot up to $0.04 on February 3rd, 2023, but plunged by 8.9% in the last 24 hours. This happened due to USTC’s re-peg proposal being successfully passed, but the bullish momentum was short-lived.

#USTCREPEG it is Possible and easy#LUNC $LUNC #USTC pic.twitter.com/oKnFjspIz9

— LUNC NEWS (@Chot4a) February 9, 2023

On the Flipside

TerraForm Labs claims that the company hasn’t been informed about the lawsuit and pending trial.

South Korean authorities formed a dedicated squad to find Do Kwon in Europe, but without success.

Why You Should Care

The crash of Terra (LUNA) tokens in May 2022 resulted in a domino effect on the whole crypto industry, causing mass layoffs, multi-million dollar wipeouts, and even sent numerous successful crypto hedge funds down the drain.

Read the top stories in crypto lawsuits:

FTX Lawsuits Pile Up: Silvergate Bank, Sequoia Capital, Paradigm, Face Litigation

‘Staking Services Are Not Securities’: Coinbase Gearing up to Fight SEC in Court

Web3 digital rights and creator tooling platform Unlock has announced a new feature that enables creators and brands to airdrop NFTs through email. 

The new feature makes airdropping NFT memberships easier for users and brands.

Unlock, an NFT-based protocol, has launched a new feature that allows users to airdrop NFTs directly via email without a wallet. The update is part of Unlock’s initiative to help brands and creators form direct relations with their online communities. 

While secure, Traditional NFT airdrops have too many repetitive and inefficient processes, such as allowlisting and raffles. These processes can make users’ experience feel clunky, especially for NFT membership programs. However, Unlock’s new Email NFT Airdrop solution looks to solve that.

Shoot Me an E-NFT?

Unlock Email NFT Airdrop features will overlook major processes of NFT airdrops, optimizing the crypto on-boarding process for users. The Email NFT Airdrop mechanism will enable brands and creators to leverage on-chain ticketing, loyalty programs, and more without going through inefficient layers. 

Unlock has shared that Brands and creators can use the Email NFT Airdrop tool to better connect with their communities beyond allowlisting, raffling, and loyalty programs, significantly increasing engagement. 

Julien Genestoux, CEO and Founder of Unlock Protocol, shared their view on the current state of NFT experiences, 

"The biggest difficulty for brands wanting to leverage NFTs is the user experience of integrating crypto wallets and being comfortable in that environmen. By taking NFTs directly to audiences through email, a whole new world of adoption is possible. What we've built with this integration has the ability to transform a brand experience into the world of community building."

Historically, brands have suffered in incorporating blockchain-based solutions into their experiences. The crypto space is still new for many users, and setting up a wallet can be difficult for them. Unironically, most major web3 platforms require users to connect with a wallet. 

The mechanism can introduce unwanted friction for target audiences as startups and companies shift to web3. Unlock’s new feature will play an important role in easing users’ transition and making the experience “frictionless.” 

The Founder shared that they’re keen on moving beyond the days of “expensive ape pictures” to using NFTs for digital infrastructure.

On the Flipside

Over $100 million have been stolen in airdrop cases by April 2022, according to a report by Elliptic. 

While ingenious, scammers and phishers have discredited Airdrops, which is why there is a need for multiple layers of security protocols to make them safer for users. However, this can make the process very clunky.

Why You Should Care

Web3 technologies are still new for many users; not everyone knows how to deal with wallets, NFTs, and airdrops. However, everyone is familiar with using email. Unlock’s Email NFT Airdrop tool fills a big gap in transitioning less tech-savvy users into web3. The protocol’s feature will be important in laying a digital infrastructure using NFTs. 

 

Read about the precautions you should take with Airdrops: How to Make the Most Out of Crypto Airdrop.

Need help integrating wallets with apps? Read our guide: Top 12 Crypto Wallets to Integrate with Decentralized Apps.

Norwegian authorities have recovered over $5.5 million from North Korean hackers connected to an Axie Infinity Hack. 

The record-high crypto seizure is the largest the Norwegian authorities have made. 

Norway’s National Authority of Investigation and Prosecution of Economic and Environmental Crime, or Økokrim, has made its largest crypto bust yet. The economic crime unit recovered 60 million Norwegian Kroner, or approximately $5.9 million, from hackers connected to an Axie Infinity Hack in March last year. 

Since the announcement, the AXS and RON tokens have increased in value by 8% to $11 and 10% to $0.8788, respectively.

With help from the FBI, Økokrim has been investigating the hack for almost a year. The hack was one of the largest hacks on Axie Infinity to date, and the hackers were looking to cash out, but they couldn’t in time.

Økokrim har teke beslag i nærare 60 millionar kroner i kryptovaluta i Axie-saka. Det er det største kryptobeslaget norsk politi nokon gong har gjort. Det er òg blant dei største pengebeslaga som er gjort i Noreg. https://t.co/hZF6Hha88t

— Økokrim (@Okokrim) February 16, 2023

Busted

In March 2022, Hackers looted the Ronin Network, Axie Infinity host network, in one of the biggest crypto heists to date. The Axie Infinity hackers successfully breached the network to steal crypto assets worth $625 million at the time; this included 174,000 ETH and 26 million USDC. 

The Axie Infinity hackers found a backdoor through Ronin’s gas-free RPC node to abuse the Axie DAO validator. 

The Federal Bureau of Investigation (FBI) connected the hackers to a North Korean hacker group, Lazarus. The FBI reported that Lazarus and other North Korean exploiters have stolen as much as $1 billion in crypto assets since 2017. 

According to reports, the exploiters were looking to “whitewash” the stolen assets through Tornado Cash, a privacy mixer, which the U.S. Treasury Department has sanctioned. The hackers were looking to start large-scale money laundering operations. 

However, since the Axie Infinity hack, the FBI and the Norwegian authorities have been actively investigating and tracking the stolen assets. The international partners in the investigation were successful in preventing the exploiters from laundering the money and recovered millions of stolen assets from being used for more crime. 

The #FBI confirms the Lazarus Group, APT38, cyber actors associated with the Democratic People's Republic of Korea, are responsible for the theft of $100 million of virtual currency from Harmony's Horizon bridge, reported on June 24, 2022. https://t.co/V5wWoBGRkZ

— FBI (@FBI) January 24, 2023

A Nuclear Problem

Økokrim alleged in a press release that the stolen assets would fund North Korea and the nuclear weapons program. Therefore, tracking the assets and preventing the exploiters from investing in mass weapons was of utmost importance. 

Marianne Bender, Senior Prosecutor at Økokrim, shared in a statement, 

“This is money that can support North Korea and its nuclear weapons program. It has therefore been important to track the cryptocurrency and try to stop the money when they try to withdraw it in physical value.”

Økokrim has shared that it will continue to monitor the hackers’ money laundering operation and will try to stop the stolen assets from being whitewashed into regular currency. The economic crime unit has yet to connect with Sky Mavis, developer of Axie Infinity, and return the stolen crypto to the victims. 

On the Flipside

Three months after the hack in 2022, Ronin went through a major overhaul to prevent similar breaches from happening again. 

The stolen assets have dropped almost 50% in value and are approximately worth $325 million at press time. 

The Lazarus Group was also responsible for Harmony’s Horizon Bridge Exploit.

Why You Should Care

Authorities have often been unsuccessful in recovering stolen crypto assets. This could be partly because of cryptocurrencies’ digital and anonymous nature and other factors. The Norwegian authorities recovering millions in stolen goods is a significant win for both users and the government. 

 

Read about the biggest hacks in Crypto history:

12 Biggest Hacks in Crypto Exchange History.

Learn how blockchains can be hacked:

Ways Blockchain Can Be Hacked.

Solana’s price has been surging since February 13th and is currently trying to hold above crucial support.

Cardano’s token has significantly increased since its Valentine upgrade went live on the Cardano mainnet.

XRP’s trading volume has increased, with unique on-chain transactions driving the growth.

Polygon’s ecosystem growth has slowed down but the price action shows bullishness.

Bitcoin had an incredible 24 hours, seeing significant gains. Naturally, the altcoins followed; Solana has rebounded almost 10% after a slow start to February, Cardano is performing well after its recent upgrade, XRP’s trading volume is holding steady despite legal uncertainty, and MATIC’s market structure looks promising as it attempts to break out of its current resistance level. How much was due to their own developments?

Solana Price and Hackathon Update

On Wednesday, the 15th of February, Solana’s price drastically rose by 9.29% to $23.77, after steadily increasing from Friday the 10th. If Solana can sustain price action above the immediate support at $22.86, the cryptocurrency’s price could rise toward critical resistance at $28.55, which was previously a highly contested trading zone. 

In recent news, Solana has announced a hackathon called Grizzlython, allowing builders to go from idea to company in six weeks. Over 5,000 builders worldwide have already signed up, with $5 million in prizes and seed money up for grabs in the much-awaited event. But Solana hasn’t been the only Layer-1 making moves.

GRIZZLYTHON is on. Fight the bear and launch the next big crypto project! An online, global hackathon $5 million in prizes and seed funding Submit your project by March 14Register and start building now: https://t.co/tEQPbffQBx pic.twitter.com/bg3LdwQ7xj

— Solana (@solana) February 3, 2023

Cardano’s Valentine Upgrade Live

Cardano’s ADA has also been generating headlines lately, rising 8.3% on Wednesday, as investors have been increasingly focusing on this top-10 proof-of-stake crypto. The token has soared roughly 16% since Tuesday, February 14th, topping nearly $0.42 per coin on February 15th. 

This move comes after news that Cardano’s Valentine upgrade is now live on the Cardano mainnet. The upgrade aims to improve interoperability features and the security of the Cardano blockchain, providing additional cross-chain functionality and back-end developer improvements. ADA has become a favorite among whales lately, and community support for the network has become reminiscent of XRP.

XRP Sees Unique On-Chain Transactions

XRP’s price has increased by 8% since February 14th, trading at $0.4006. The digital currency has shown promising trading volume growth, up by 15.46% within the same period.

Although legal uncertainty with the SEC remains, XRP has continued to perform well among other digital currencies. Whale Alert, a crypto analytics platform, has reported a series of perceived whale activities, contributing to the recent rise in the digital currency’s trading volume. 

MATIC Ecosystem Development

The bears pulled Polygon’s MATIC below the 20-day EMA at $1.19 on February 13th and 14th but proved unable to keep the powerhouse Layer-2 down for long. 

The bulls are not willing to give up their advantage, which was proven on Wednesday with a 5.6% increase as the market structure for Polygon looks bullish from a technical standpoint. 

The recent 78% increase in MATIC’s price since the start of 2023 could see a correction as speculative buying cools down. One aspect of Polygon that shows no signs of slowing down is the range of impressive partnerships the network has signed over the last year.

Square Enix, a well-known video game company from Tokyo, has teamed up with the Polygon network to introduce a new art-collecting experience with a gaming twist. Meanwhile, Doritos Triangle Studios is diving into the growing world of NFTs on the Polygon Network, joining the trend of using blockchain technology for digital art ownership.

Despite the stalling growth of its decentralized finance ecosystem, Polygon has built a strong bullish narrative, within its partnerships, in the market with the upcoming zkEVM launch, and the team’s efforts in the Web3 space are promising and show signs of increasing activity.

On the Flipside

Regardless of the Ripple vs SEC case, XRP still rose dramatically. 

MATIC’s market structure looks bullish at the moment. However, it’s worth noting that the cryptocurrency has seen a 78% increase in price since the start of 2023.

While Solana’s recent price action seems promising, the overall market is surging, and a turn in the trend would take Solana down with it.

While Cardano’s Valentine upgrade is an exciting development, time will tell whether it will lead to increased adoption or usage of the Cardano blockchain.

Why You Should Care

As Solana, Cardano, XRP, and MATIC continue to make headlines. From the potential impact of legal battles to significant ecosystem developments and upgrades, keeping up with the latest news can provide valuable insights into the overall market sentiment.

To get a market overview of Bitcoin and Ethereum, read here:

Bitcoin Eyes 25K Summit, Ethereum Climbs the Peak Too

Blur is another name making waves recently. To read more about them, see below:

Blur Airdrop: Just 23 Users Received More Than $1 Million in BLUR Each

Japanese Mobile Operator SoftBank has announced it is partnering with gaming blockchain Oasys to explore Web3 technologies. 

The Japanese conglomerate company will act as an official validator on Oasys.

Gaming ecosystem Oasys has announced that Japan-based firm SoftBank has joined as an official validator for the gaming-optimized blockchain. SoftBank will be one of the four companies to join the network, increasing the number of validators to 25. 

Oasys will overlook SoftBank’s exploration of Web3 technologies and their integration into society via use cases like Web3 gaming.

Joining a Gaming Oasys

Oasys has been consistently driving the mass adoption of blockchain gaming with ecosystem funds, major collaborations, and valuable contributions. Recently, the gaming blockchain announced the Oasys Ecosystem Fund to focus on early-stage Web3 projects. 

The gaming blockchain was keen on investing in decentralized apps, games, infrastructure protocols, and more. Oasys has also recently launched a grant program that will provide OAS, its native token, to deserving projects. 

In light of Oasys’ recent developments, SoftBank recognized the platform’s mechanism and technological capabilities, leading to a partnership with them. 

Keiichi Makizono, Senior Vice President and CIO of SoftBank, said,

 “We are very excited about the Oasys blockchain’s flexible, user-centric architecture, which meets the needs of both users and IP content owners, and look forward to working with Oasys to promote Web3’s social implementation and resolve social issues.”

The partnership between Oasys and SoftBank will extend beyond the Japanese company’s role as a validator into the development of joint collaborative blockchain-based projects in the future. 

Oasys has shared that it will introduce three more companies alongside SoftBank in the next batch of validators. However, the gaming blockchain clarified the platform is looking to further “decentralize” the network by enabling public participation in the future. 

Oasys proposes to launch a council and remove the limit on validators. 

Daiki Moriyama, Director of Oasys, added,

 “We are honoured that SoftBank shares our vision for Oasys and has chosen us as a business partner for Web3. With SoftBank coming onboard as a validator, Oasys will not only expand the stability and ecosystem of the Oasys chain, but also aim to strengthen business collaboration with Oasys. We look forward to working with SoftBank to develop the blockchain gaming industry by fostering relationships and synergies with its group companies and partners.”

On the Flipside

The price of OAS, Oasys’ native token, surged 16%, increasing from $0.09 to $0.1073 at press time. It has yet to be determined if the SoftBank partnership announcement caused the increase or the market. 

OAS trading volume soared by an impressive $92.76% to $4.9 million.

Why You Should Care

Softbank is one of the largest conglomerates based in Japan. The company has about $419 billion in assets under management and is quickly becoming a noted investor in crypto companies. The firm’s interest in Oasys could help the gaming blockchain in its mission to lay the foundation for its ecosystem and fund its efforts. 

 

Read how Oasys is driving mass adoption with its fund:

Gaming Blockchain Oasys Launches Ecosystem Fund to Drive Adoption.

Learn about the top NFT games from 2022: 

Top 12 NFT Games to Play in 2022.

So far, users have claimed almost 90% of BLUR tokens. 

Twenty-three traders claimed more than one million tokens each, currently worth more than $1.1 million. 

Daily volume on the Blur NFT exchange shot up past $45 million since the airdrop. 

Blur, a new player in the NFT space, has been the focus of attention among traders. This professional trading platform threatens to overtake OpenSea’s dominance in space. 

That’s why many traders have eagerly anticipated the Blur airdrop. So far, Blur users have claimed 88.6% of BLUR tokens. However, the token drop disproportionately benefited a small number of active users on the platform. 

According to Nansen, the twenty-three most active users received more than one million blur tokens. Currently, these tokens are worth just about $1.1 each. Moreover, one trader received more than 3.2 million BLUR tokens worth more than $3.5 million. 

24.3% of Airdropped BLUR Still in Original Wallets

More than $780 million in tokens changed hands since the airdrop, with most users selling their assets. About 24.3% of BLUR tokens are still in the same wallets they were airdropped to. 

Airdrop wallet holders sold 28.6% of BLUR tokens on decentralized exchanges. At the same time, they transferred 45.6% to exchange wallets, either to sell them or to hold them in their CEX balances. 

About 12% of all Blur tokens were part of the airdrop. According to Nansen, 86% of BLUR tokens are three wallets associated with the founders. Specifically, these are two token lockup addresses and one team multisig address. 

Blur, a zero-fee non-fungible token (NFT) marketplace, announced its long-anticipated on Tuesday. In the last three months, all traders on the professional NFT marketplace would be eligible for the airdrop. Care Package holders and NFT creators were also eligible. 

Blur Sees Spike in NFT Trading

Blur NFT Exchange has seen a spike in activity since its long-anticipated token airdrop.  After reaching more than $780 million in trading volume in Blur tokens, the massive airdrop stimulated activity on the Blur NFT Exchange. 

The daily volume of NFTs on the exchange shot up past $45 million since the airdrop. 

Why You Should Care

On Thursday, Blur’s daily volume was three times that of OpenSea. The platform launched just four months ago.

On the Flipside

NFT markets dropped hard in 2022. In September, trading volumes dropped 97% from their highs. 

Currently, large, professional players dominate NFT markets. This could be one of the factors behind Blur’s success. 

Think NFTs could make a comeback? This is the article for you: How to Create and Sell NFTs: A Step-by-Step Guide for Beginners

NFTs never cease to amaze: Top 10 Weirdest Things That Have Been Minted and Sold as NFTs

Over the past few days, both Bitcoin and Ethereum have seen a significant price increase.

Ethereum is currently displaying a bullish bias from a technical perspective.

Both Bitcoin and Ethereum face potential downside risks.

Bitcoin and Ethereum are making some serious waves, and the charts seem to tell a story. Since Monday, February 13th, BTC and ETH have seen a significant price increase, with Bitcoin flying toward the $25,000 mark and Ethereum briefly surging above $1,700 on Wednesday, the 15th. What’s next for these digital assets? Will the bullish trend continue, or will a correction be expected soon?

Bitcoin Price Technical Analysis

Bitcoin’s price has been showing strength recently, climbing nearly 10% over the past 24 hours to its current price of $24,640 at the time of writing. The leading digital asset successfully surged above the key resistance level of $22,000 and remained well above the 200-day simple moving average. The price briefly spiked into the $25,000 resistance zone, surpassing the last swing high at $24,246.

Bitcoin Daily Price Chart. Source: Tradingview

This zone was heavily contested as the bears emerged to defend their territory. These traders will hope to ensure that the price doesn’t exceed the $25,000 level. In the event Bitcoin does break $25,000, there the price momentum may see it push the $26,200 level and perhaps even $27,000.

Although the bears may have defended the $25,000 zone, the bulls have support levels to count on, one of which is located near the $24,250 mark. The main breakdown support is situated in the $23,250 zone. Assuming the price closes below the $23,250 level, it could prompt another decline in the coming days. The $22,500 and $21,400 support levels could be revisited in this scenario.

Ethereum

Cryptocurrencies typically move in the same direction, so it is not surprising that Ethereum also demonstrated an increase in value. While Bitcoin gained around 10%, Ethereum experienced a similar surge of almost 9%. At the time of writing, Ethereum holds a value of $1,680 but could need to see some sort of catalyst to continue higher. 

From a technical perspective, the ETH chart appears to display a bullish bias. It upwardly bounced off the $1,490 level, a significant support mark at the 38.2% Fibonacci retracement level. A Fibonacci retracement level is a technical analysis tool used to identify potential support and resistance levels in a market trend.

This is based on the idea that markets often retrace a predictable portion of a move, after which they continue to move in the original direction. A bullish breakout above the double-top resistance level of $1,700 could propel the ETH price to $1,785.

Ethereum Daily Price Chart. Source: Tradingview

Further upward momentum could result in the price climbing toward $1,890. However, while the increase of nearly 9% is a strong upwards move, the coin is still trading within an expanding triangle formation, which presents significant resistance above.

Ethereum Daily Price Chart. Source: Tradingview

If Ethereum faces rejection at the upward-sloping resistance line of $1,700, it could seek support at the $1,575 area as a potential rebound point. However, if this level is broken, it could increase selling pressure, causing the price to drop to $1,495 or even $1,365.

On the Flipside

The market can be unpredictable, and the signals presented by the charts are frequently disrupted, changing the sector’s outlook.

Technical indicators are not always a guaranteed signal for future price movements, as opposing market sentiment could lead to an unpredicted outcome.

While technical analysis is a standard method for predicting price movements, all charts have multiple interpretations. DailyCoin does not provide financial advice. Due diligence and research are always encouraged.

Why You Should Care

Bitcoin and Ethereum are leaders in the crypto market. As such, their movements often define the overall direction of the sector and should be monitored closely.

To get caught up with the Bitcoin price action, read here: Bitcoin: What to Expect in the Short and Long Term

If you are wondering how the Ethereum price arrived here, read this: Is Ethereum Set to Rally Despite February’s Slow Start?

Hong Kong is preparing to legalize crypto for all its citizens by June this year.

Reacting to the news, the price of Bitcoin has surged by 12% to reclaim an eight-month high.

The rally signals that Bitcoin could have entered a new bullish cycle. 

Hong Kong is preparing a robust crypto regulatory framework. The territory will officially make crypto buying, selling, and trading fully legal for all its citizens by June this year, sparking a major bull run for Bitcoin. 

Hong Kong Opens Arms to Bitcoin

As most governments worldwide contemplate how to regulate cryptocurrencies, Hong Kong, the Special Administrative Region of China, has decided to become the crypto hub of the Asian Continent.

In actualizing this plan, Hong Kong will officially legalize crypto buying, selling, and trading for all its citizens by June of this year. The city is already developing a robust regulatory framework, which could see it take the lead in crypto adoption.

Singapore’s largest bank, DBS, has already moved to apply for a digital asset license to offer crypto trading in HK.  In addition, there are reports that there could be a stablecoin based on an Asian currency launched in the region. Crypto sleuth @NoodleofBinance tweets:

On June 1st, 2023, Hong Kong will officially make crypto purchase & sell, trading, fully legal for all of its citizensExpect a huge influx of big money from the EastAsian currency based stablecoin coming out of HK will be a certainty as well

— Crypto熊猫 (@NoodleofBinance) February 15, 2023

Bitcoin (BTC) Climbs to 8-Month High

The incredibly bullish reports quickly nullified the recent market downtrend sparked by the United State’s SEC crackdown on leading crypto firms, including Kraken. The market rally is led by Bitcoin, the world’s largest crypto.

Over the last 24 hours, the price of Bitcoin (BTC) has shut up by more than 12%, taking Bitcoin’s year-to-date gains to 48.5%

The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap

The rally has seen the price of BTC jump as high as $24,769 for the first time in eight months – during the aftermath of the Terra ecosystem collapse. The broader crypto market is on a +8.27% rise in the last 24 hours, with the global market cap now above $1.11 trillion.

Are We in the Bullish Cycle Yet?

While Bitcoin has been on a rally since the start of 2023, it hasn’t stopped crypto market analysts from debating whether or not Bitcoin (BTC) has officially entered a new bullish cycle.

With Bitcoin forming a new higher high (HH) as it spikes above $24,700, backed by the recent golden cross, the more optimistic analysts are basking in the euphoria of Bitcoin entering a bullish cycle.

Poking fun at “il Capo Of Crypto,” the analyst and trader who recently called the rally the biggest bull trap he had ever seen, Duo Nine tweeted:

Yoooo #Bitcoin wait for me bro! For those that can't read charts - #BTC just made a HIGHER HIGH. This bear market is so OVER. Did you hear that Capo? O . V . E . R . There is nothing you can do about it. Bow to the king and respect its alpha. pic.twitter.com/22BJVAP01j

— Duo Nine discord.gg/ycc (@DU09BTC) February 15, 2023

Holding above this level will guarantee that the price of Bitcoin has indeed broken out of the previous bearish cycle. The rally also coincides with the growing trend of Orindals (Bitcoin NFTs), which has surprised the market.

On the Flipside

Despite opening its doors to crypto, the Hong Kong Monetary Authority (HKMA) has said it would not tolerate the use of algorithmic stablecoins like the TerraUSD, which imploded last year.  

Why You Should Care

There is genuine excitement about the legalization of crypto in Hong Kong as it would see a massive inflow of cash from the Chinese economy into the crypto industry.

Read about Ordinals of Bitcoin in: Gamma Launches No-Code Creator Platform for Bitcoin NFTs

Find more info on Bitcoin’s market direction below: Bitcoin: What to Expect in the Short and Long Term

Magic Eden has dismissed 22 team members.

The CEO stated that aligning the team with the company’s goals was necessary.

The NFT marketplace is providing support for the affected employees.

Magic Eden is streamlining their operations to remain competitive in the current NFT landscape.

On February 14th, 2023, the leading NFT marketplace shared a blog wherein CEO and co-founder Jack Lu announced a “company-wide restructuring” and associated employee layoffs. 

Lu later shared a thread in which he expressed his empathy for the affected individuals, assuring the community that the layoffs had occurred prior to the news going public in the interest of those impacted.

Today is a sad day at Magic Eden. As part of a company-wide restructuring, we have made the difficult decision to part ways with 22 teammates. Nothing about this decision takes away from the talent, hardwork and dedication of this incredible group of people. pic.twitter.com/2LAGfK9dMV

— Jack Lu (@0xLeoInRio) February 14, 2023

The CEO revealed that it was a “difficult and painful decision” to part ways with the 22 teammates. The decision was illuminated during an assessment of the companies’ strategic goals, considering the expertise required to propel the ecosystem in the desired direction. 

Aligning with the Vision

Magic Eden has reportedly evolved to a state where changes needed to be implemented in the team to align with their vision for 2023.

The marketplace’s goals moving forward will be centered around “growing traction across chains, developing services for NFT creators, and exploring new use cases like rewards and social experiences.”

Lu has stated that the strategic goals for the marketplace will require team members who must encompass a certain skill set and expertise to drive the evolution of Magic Eden “without losing momentum.”

Magic Eden will be providing alternative means of support for the ex-staff members this week, before moving into a “reset” period to move the ecosystem forward.

On the Flipside

Magic Eden recorded a trading volume of $85M USD in January 2023, representing 9.7% of the market, according to DappRadar. 

NFT marketplace SuperRare reduced its staff by 30% in January 2023.

OpenSea terminated approximately 20% of its employment in July 2022.

Why You Should Care

Magic Eden is celebrated as the most significant NFT marketplace on the Solana blockchain. The marketplace’s recent employee notice is part of a series of layoffs across the crypto ecosystem since the dawn of the notorious crypto winter of 2022.

Read more about Magic Eden’s loyalty program:

Magic Eden NFT Marketplace Rolls Out Loyalty Program, Native Token in Talks

Find out more about when the Magic Eden community went bonkers for BONK:

BONK-Themed NFT Collection on Magic Eden Sells Out in Hours

Leading gaming metaverse The Sandbox has announced a new neighborhood called Voxel Madness. 

Starting February 14th, the virtual space will feature popular brands like Cut the Rope, Habbo, and more.

The Sandbox has announced its first LAND sale of 2023 by kickstarting a new virtual neighborhood, Voxel Madness. Starting February 14th, users can gain a chance to buy LAND or ESTATEs and become virtual neighbors to popular entertainment, Web3, and video game brands. 

Franchises like Cut the Rope, Invincible, Dungeon Siege, and Habbo have claimed a stake in the new location of the metaverse. The brands will host exciting experiences such as virtual arcades, games, and more for fans worldwide. 

The Sandbox is arguably one of the most sought-after metaverse projects in the industry. Interestingly, the metaverse’s LAND sale has historically performed well. Now that traditional gaming companies are in the conversation, all eyes are on The Sandbox again.

Madness awaits...Raffle signup is NOW OPEN! Enter now! https://t.co/He3IymO5zq pic.twitter.com/rhXn94M2FC

— The Sandbox (@TheSandboxGame) February 14, 2023

LANDing with Voxel

The Sandbox’s Voxel Madness is a gaming and entertainment-themed neighborhood in the metaverse that will serve as the virtual local arcade for visitors. Located at the East of Ubisoft LAND, the digital space will house experiences developed by famous game creators, studios, and entertainment brands.

Voxel Madness will host experiences from brands such as Invincible, Dungeon Siege, Cut the Rope, Habbo, Madballs, AlienWorlds, Ledger, Kongregate, Voxies, Dogami, Tapnation, Playground Studio, and Hermit Crab Studio.

Sebastien Borget, COO and Co-Founder of The Sandbox, shared, 

“This new neighborhood allows brands, creators, and fans to build the future of digital entertainment, a future based on true ownership. On top of being a great place to play, the Voxel Madness neighborhood will also be a hub to champion a brand new form of interactive entertainment.”

Users can register for the raffle starting February 14th and indulge in many experiences the brands have to offer after the official LAND sale on February 20th.

IT'S 𝗩𝗢𝗫𝗘𝗟 𝗠𝗔𝗗𝗡𝗘𝗦𝗦! Own a piece of the metaverse in the first LAND sale of 2023!Raffle signup starts tomorrow!https://t.co/He3IymO5zq pic.twitter.com/suQQ4GEU6C

— The Sandbox (@TheSandboxGame) February 13, 2023

LAND Sale and their Details

The Voxel Madness LAND sale will host both standard and premium LANDs, including larger ESTATEs, which The Sandbox will auction on OpenSea. 

Here’s a quick synopsis of what The Sandbox is offering: 

385 LANDs will be for sale directly from The Sandbox website.

The metaverse will sell 45 Premium LANDs located directly next to major brands. on The Sandbox website, packaged with a bundle of exclusive NFTs.

The Sandbox will auction 12 ESTATEs via OpenSea.

The virtual world will auction 34 1×1 LANDs via OpenSea.

Premium LAND, located next to major brands, will come with exclusive collectibles for fans. Moreover, the LAND will feature greater staking rewards and allow owners to use their collectibles in Game Maker to create unique experiences. 

To be eligible for the process, users must KYC verify their accounts and have at least 1,011 SAND on the Polygon Network in their accounts. The Sandbox will run two raffles per wave. One raffle is for users who want regular LANDs, and the other is for those who wish to purchase Premium LAND. 

On the Flipside

In the last LAND sale, the Sandbox sold over $1.66 million of virtual LAND across its virtual world. 

The Sandbox announced the new LAND sale in tandem with the Token unlock, where the platform unlocked 12% of its total token supply.

Why You Should Care

The Sandbox boasts over 250,000 monthly active and 30,000 daily active users. The Sandbox is actively working on collaborating with traditional gaming and entertainment companies, moving them to Web3. This, in turn, surges demand for LAND, where the metaverse has to host new experiences and sales to maintain interest. 

 

Catch up with the previous development in The Sandbox:

Can The Sandbox (SAND) Keep Up After Valentine Token Unlock? Surges 30% After Saudi Metaverse Deal.

Read about The Top Metaverses from 2022:

Top 10 Metaverses to Keep an Eye on in 2022.

The owner of BAYC 1626 has burned their NFT to move it from Ethereum to Bitcoin.

Crypto Twitter and Executives from Yuga Labs reacted to the experiment, calling it into question. 

Jason ‘GoingParabolic’ Williams has taken a step that most would not dare to take. The owner of BAYC 1626, dubbed “The Blonde Don,” has burned it on Ethereum. 

With help from TeleBurn, the daring owner has inscribed BAYC 1626 on Bitcoin using ordinals claiming the network is the “world’s scarcest and most secure chain.”

The NFT community is moving to BTC, where Ordinals have brought true scarcity to collectibles. I forever inscribed “The Blonde Don” BAYC #1626 on the world's scarcest and most secure chain burning him off ETH forever using TeleBurn.It's done. Over. Not coming back to ETH. pic.twitter.com/jmKpSSPybm

— Jason A. Williams (@GoingParabolic) February 12, 2023

Rise of the Bitcoin of the Apes

GoingParabolic, the owner of BAYC 1626, one of the most valuable Bored Ape NFTs, inscribed his BAYC on Bitcoin using TeleBurn, a creator platform for making Bitcoin NFTs using ordinals. 

The NFT in question last sold for 105 ETH, or approximately $432,000 at the time, in November 2022. At the press time, the NFT is worth roughly $165,000, according to OpenSea.

The Rowdy owner argued the NFT community is moving to Bitcoin, where ordinals have brought true scarcity to collectibles. GoingParabolic claimed they had “burned” the NFT off Ethereum by removing it from circulation and transferring it to a unique ‘burn address.’ 

GoingParabolic asserted that their Bitcoin NFT is legitimate because the inscription points to a unique burn location. 

However, despite the owner’s claims, Crypto Twitter, including Yuga Labs’ co-founder, had mixed reactions to the owner’s feat. Founders and native users debated the legitimacy of the unconventional mechanism.

As symbolic as it may be, the experiment has spotlighted Bitcoin NFTs and the ambiguity of burning mechanisms and NFT licensing, leading to more questions than answers. 

You Can Burn It, But the Ashes Will Remain

It's not "gone from ETH forever." It's basically the same as any other transfer: If you transfer your ape to an address you no longer control (even if it's the 'burn' address), you have effectively given up your license. And no, before someone asks, that doesn't mean that anyone… https://t.co/E52b7ZjWbu

— Garga.eth (Greg Solano) (@CryptoGarga) February 13, 2023

The burning mechanism can be unclear to many users. And unsurprisingly, it has become even more confusing this time, with BAYC Founder Greg Solano chiming in and sharing his thoughts about the BAYC NFT move to Bitcoin. 

In blockchain-speak, the burning of an asset means the owner sends it to a dead smart contract, removing it from circulation and everyone’s access. Keeping this in mind, GoingParabolic’s daring move, claiming they removed BAYC 1626, is arguable. 

The BAYC Founder asserted GoingParabolic did not remove the BAYC 1626 from the network itself. Rather, the owner transferred their license to a dead smart contract, revoking their ownership. 

if there is no license holder there is no IP infringement

— faXx | 824.eth (@faxx_eth) February 14, 2023

Crypto Twitter brought the ambiguity around the burning mechanism to light by weighing in on the founder’s controversial comments. One user claimed that sending the BAYC NFT to a dead address is not an IP infringement, as there’s no license holder. 

Conversely, another user suggested that anyone could pretend to be the owner with no license holder to claim the NFT. The legitimacy of GoingParabiolic’s Bitcoin BAYC is still up for debate. 

However, what’s certain is that the controversial experiment has put the need for regulations and licensing in the NFT space. 

On the Flipside

Cardano Founder Charles Hoskinson recently faced criticism for “stealing NFTs.” The founder used the occasion to speak on Web3 needing a solid framework for licensing. 

TeleBurn first tested out the feature on an ENS domain the developer owned.

Why You Should Care

The BAYC 1626 burn proves that the NFT space is still nascent and needs regulations, licensing, and more development. This controversy raised many issues in the NFT space, proving a lot of work needs to be done.

 

Catch up on Charles Hoskinson stealing NFTs: Charles Hoskinson’s “Saved” NFT Profile Picture Sparks Discussion – Crypto Twitter Reacts.

Read more about Bitcoin NFTs: Gamma Launches No-Code Creator Platform for Bitcoin NFTs.

Praia Bitcoin Brazil initiative will host the first Bitcoin carnival.

The event will feature workshops and lessons for attendees.

Brazil’s national bank began accepting crypto this week.

The Bitcoin education initiative Praia Bitcoin Brazil will host its inaugural Bitcoin Carnival in Jericoacoara. The project aims to build a sustainable circular economy for the unbanked and impoverished citizens in the country.

The social project has attracted substantial attention since its launch and was awarded by Blockchain for Humanity as the leading “social project with the greatest impact in the world” during a presentation at LaBitConf Argentina 2022. The conference aims to teach people how to practically use Bitcoin, providing a roadmap for merchants accepting cryptocurrency payments in the region.

Enquanto o povo estiver curtindo o pão e circo em mais um feriadinho nacional, faça a diferença no verdadeiro carnaval!Venha para a 1ª Conferência Praia Bitcoin em Jericoacoara de 18 a 21 de fevereiro15 palestras 1 recorde mundialIngressos Aquihttps://t.co/bkAcj1MVoA pic.twitter.com/sufuD5QtBx

— Praia Bitcoin Brazil (@BitcoinBeachBR) February 7, 2023

Brazilians Are Keen on Crypto

The latest polls reveal that Brazil and the Latin American region overall have the highest demand for cryptocurrencies around the globe. Social injustice, lack of education opportunities, and the greediness of legacy financial institutions raised many issues in the 217-million-people country. To solve the issue, Bitcoin Beach Brazil aims to teach the audience about the Bitcoin Lightning Network and how it can be used for everyday transactions, including taxes.

This comes in the wake of the oldest Brazilian national bank starting to accept cryptocurrency payments for taxes. Furthermore, the Brazilian government has been preparing the legislation for this innovative move since November 2022, when Bitcoin (BTC) was officially adopted as a means of payment.

@liron give a follow to communities around the world using Lightning daily: @LakeBitcoin @BitcoinEkasi @BitcoinBeachBR @BitcoinJungleCR @BitcoinIslandPH @motivngoglobalAt @BitcoinBeachBR kids buy fruit for 10 sats over Lightning https://t.co/DIbvZygQQq

— Galoy (@GaloyMoney) February 15, 2023

Bitcoin Put into Practice at the Beach

The four-day celebration will start on February 18th, 2023, and will include a Bitcoin-themed carnival performance and six well-known key speakers. Hence, for crypto enthusiasts wanting to attend the biggest Bitcoin event in Brazil, there are three options:

VIP ticket for 0.021 BTC.

Tourist ticket for 0.005 BTC.

Resident ticket for 0.000021 BTC.

In a nutshell, all three types of event tickets will grant access to the lectures. Still, only VIP tickets give a chance to participate in exclusive workshops and VIP dinner meetups with the most prominent figures at the conference. In contrast, the resident tickets are available only for locals.

Fruits for 10 sats at the School In Jericoacoara @BitcoinBeachBR pic.twitter.com/8MhAVFx3m9

— Palavra de Satoshi (@PalavraSatoshi) February 15, 2023

On the Flipside

The public interest in cryptocurrencies is also due to the fear of inflation. According to a recent study by Gemini, most Latin Americans put more trust into stablecoins pegged to the United States Dollar than their currencies due to the frequent economic turmoil.

Why You Should Care

Bitcoin educational events can help increase the financial literacy of the general public and accelerate the adoption of crypto payments.

Learn more about recent developments in crypto adoption:

El Salvador Opens Bitcoin Embassy in Texas to Boost Adoption

UFO Gaming (UFO) Soars 33% Following U.S. Military UFO Encounter

Ripple has announced a $1 million donation to support earthquake relief efforts in Türkiye and Syria.

Ripple will pledge $250,000 and commit a 2:1 match for other donations.

The funds raised will be distributed evenly among four NGOs.

As Ripple awaits the decision of a U.S. judge in its legal battle with the Securities and Exchange Commission (SEC), the company has made a move to provide aid to those affected by the recent earthquake in Türkiye and Syria. 

Joining other crypto companies and individuals in the relief efforts, Ripple has pledged to donate $1 million in XRP to four NGOs working to provide aid to affected communities.

Ripple’s Support for Earthquake Relief Efforts through NGO Donations

Ripple has pledged to support relief efforts by donating $250,000 in XRP and matching all crypto donations 2:1, up to $750,000. The earthquake, which occurred on February 6, has resulted in a staggering death toll of over 36,000 and widespread destruction of property and livelihoods. Ripple aims to make a meaningful contribution to the recovery effort in the areas via four non-governmental organizations (NGOs).

We are committing $1M in XRP to support NGOs providing earthquake relief in Turkey and Syria - through a relief fund on @crypto4charity_ and are donating $250k USD in XRP and will also match 2:1 all crypto donations here, up to $750k USD. https://t.co/5baCiawOJr

— Ripple (@Ripple) February 14, 2023

Ripple’s donation will be distributed evenly among CARE, World Central Kitchen, Mercy Corps, and the International Rescue Committee (IRC). These NGOs are working to provide immediate cash, basic items such as household and dignity kits for women and girls, hygiene items, and more to affected communities in Syria and Türkiye. Other NGOs have also reported receiving donations from noticeable crypto community members.

Crypto Community Unites to Support Turkish Earthquake Victims

On February 13th, Vitalik Buterin, the man behind Ethereum, donated 50 ETH to Anka Relief, a crypto aid fund and community dedicated to supporting Turkish earthquake victims. He also donated 100 ETH to Ahbap, an aid organization that collects crypto contributions. 

Abhap’s website states that more than $4.4 million has already been donated via digital assets. Crypto communities and exchanges such as Tezos, Bitget, Gate.io, Kucoin, BtcTurk, Huobi, OKX, Binance, Bybit, BitMEX, and Bitfinex have all aided in helping the earthquake relief efforts.

On the Flipside

Ripple’s $1 million donation to earthquake relief efforts in Türkiye and Syria is a positive contribution to a worthy cause, regardless of the ongoing legal battle with the SEC.

The involvement of other crypto companies and individuals in the relief efforts demonstrates the crypto industry’s potential to impact global issues positively.

While the earthquake relief efforts are important, it is also crucial for the affected communities to receive long-term support for rebuilding and recovery efforts. Organizations need to continue to support these efforts beyond the initial relief phase.

Why You Should Care

Ripple’s contribution to earthquake relief efforts showcases the potential of cryptocurrency for humanitarian aid but also emphasizes its power to unite people from different parts of the world for a common goal. Through this opportunity to donate via cryptocurrency, individuals can be part of a broader movement that leverages digital assets for positive impact.

Find out more on recent changes at Ripple: Ripple Shakes Up Leadership Ahead of XRP Lawsuit Outcome – What to Expect in Advance

For more information on the SEC and Ripple Lawsuit: Ripple vs. SEC Saga Approaches an End as Crypto Firm Files Final Submission