Today's news tips:
1. Hangzhou Internet Court: NFT digital collections are virtual online properties and are protected by law
2. Foreign media: Genesis' total debt disclosed so far is $1.8 billion and may continue to grow
3.Coinbase adds MAGIC, RPL and ANT to the asset listing roadmap
4.OpenAI CEO: ChatGPT has more than 1 million users and will be "monetized" in some form in the future
5. Uniswap will open on-chain voting for the “fee switch” proposal within 14 days
6. Technology blogger: Twitter may launch Twitter Coin reward function
7.DEX aggregator 1inch token will usher in a large unlock of nearly 15% on December 30
8. Blockchain carbon credit trading platform AirCarbon is seeking $50 million in Series B funding
Regulatory News
Hangzhou Internet Court: NFT digital collections are virtual online property and are protected by law
According to the official account of Hangzhou Internet Court, Hangzhou Internet Court heard a case of information network sales contract dispute caused by the transaction of NFT digital collections. The plaintiff was asked to refund more than 90,000 yuan for the "NFT Digital Collection Blind Box" that he had snapped up. The court ruled that the plaintiff's personal information was filled in incorrectly and the lawsuit was dismissed.
After trial, the court held that the transaction object in the case was an NFT digital collection, not an NFT equity certificate. NFT digital collections have the characteristics of property rights objects such as value, scarcity, disposability, and tradability. They also have the unique attributes of network virtual property such as network virtuality and technicality, and belong to network virtual property. The contract in question does not violate the provisions of my country's laws, nor does it violate my country's actual policies and regulatory guidelines for preventing economic and financial risks, and should be protected by my country's laws.
In the case where the transaction of NFT digital collections involved in the case meets the form of information network sales contracts, it can be regulated by referring to the relevant provisions of Chinese law on information network sales contracts. In this case, the transaction involved was conducted through Internet information, and NFT digital collections belong to network virtual property and fall into the category of digital goods. Therefore, the transaction involved in the case is a business activity of selling digital goods through Internet information, which falls into the category of e-commerce and should be regulated by the "E-Commerce Law".
South Korea's central bank report: It is necessary to introduce the IE0 system and consider incorporating stablecoins into the scope of foreign exchange transaction supervision
According to CoinDesk Korea, the Electronic Finance Investigation Team of the Financial Settlement Bureau of the Bank of Korea released a report today titled "Key Issues and Legislative Directions Related to Crypto Asset Regulation". The report believes that it is necessary to introduce the IE0 system for crypto assets in South Korea and consider applying foreign exchange trading regulatory provisions to stablecoins, etc.
The Bank of Korea believes that it is necessary to introduce an IE0 scheme that only allows the issuance of crypto assets after review by exchanges, but prohibits crypto asset issuers from raising funds by directly selling crypto assets. That is, when selling crypto assets to investors, the issuer does not sell them directly, but the crypto asset exchange evaluates the issuing company's human resources, technology, finance, strategy, etc., and then sells them through the exchange, thereby protecting investors. The report pointed out that since the project evaluation capabilities and processes of crypto asset exchanges are important when introducing IE0, exchanges need to formulate screening criteria and procedures.
The report points out that it is necessary to discuss whether crypto asset transactions are subject to foreign exchange transaction regulations. Because cross-border remittances of crypto assets and global stablecoins are increasing, it is necessary to clarify the legal nature of crypto assets in the Foreign Exchange Transactions Act and clearly indicate that remittances, deposits and transactions of funds for purchasing crypto assets are capital transactions.
NFT
Coinbase halts plans to produce BAYC NFT short film trilogy
According to Decrypt, Coinbase has confirmed that the production of its short film series "The Degen Trilogy" themed on Bored Ape Yacht Club (BAYC) has been suspended. Previously, in July, Coinbase had released the first part of the trilogy "RUN THE CHAIN".
A Coinbase spokesperson said: "We are continually evolving our content strategy and have decided to pause production on the remaining two short films while we determine the best creative path forward. We will continue to focus on more immediate creative efforts." But the spokesperson declined to elaborate on the reason for the suspension of production.
The report said that the first part of the trilogy was widely criticized by the community after its release, and the timing of its release was not good because it was released after Coinbase's major layoffs in June. Since its launch in April, the transaction volume of Coinbase NFT market has only been US$7 million, and Coinbase Chief Product Officer Surojit Chatterjee resigned at the end of November.
American watch brand Timex launches BAYC and MAYC themed limited edition watches and matching NFTs
American watch brand TIMEX announced on Twitter the launch of 500 BAYC and MAYC themed limited edition watches and matching NFTs, and the related designs will be supported by Web3 company Daze3D. BAYC and MACY NFT holders can choose to customize the APE image on the dial, or engrave the APE image and unique number on the back of the case.
In addition, TIMEX also announced that it will explore metaverse business and will open the metaverse space TIMEX Forge on December 16.
Project News
Coinbase adds MAGIC, RPL and ANT to its asset listing roadmap
According to the official Twitter, Coinbase announced that Magic (MAGIC), Rocket Pool (RPL) and Aragon (ANT) will be added to the asset listing roadmap.
Uniswap to open on-chain voting for “fee switch” proposal within 14 days
According to the official governance website, Uniswap's fee switch proposal will open on-chain voting within 14 days. After the voting is opened, UNI holders will have 7 days to vote. The proposal plans to provide Uniswap with an opportunity to test the parameters of selected liquidity pools, including 0.05% DAI-ETH, 0.3% ETH-USDT and 1% USDC-ETH. The Uniswap treasury will charge a 10% fee for these 3 liquidity pools.
Earlier news, PoolTogether co-founder initiated a discussion proposal on Uniswap fee switch, including whether Uniswap fee switch should be turned on and how to use fees. The proposal suggests that if the fee switch is to be turned on, start with the two largest pools (ETH/USDC and USDC/USDT). If the transaction execution does not decrease when the "fee switch" is turned on, the experiment is successful. The proposal has currently passed the temperature check and consensus check vote.
Binance launches a plan to invest in the “CMC Top 10 Digital Assets” index
According to the official announcement, Binance announced that it has launched a fixed investment index-related plan. Starting from 13:00 on December 5, users can purchase the top ten digital assets ranked by market value on CoinMarketCap (CMC) through fixed investment.
According to reports, through the newly released "Binance CMC Top 10 Equal Weight Index", users can now track the performance of the top ten digital assets in CMC by market value. Fixed investment index-related plans allow users to automatically purchase cryptocurrencies that make up the index. Users can regularly purchase cryptocurrencies with the same proportion as the index, and monthly rebalancing also provides users with convenience. When the index changes over time, they can continue to hold cryptocurrencies in the same proportion as the index.
Crypto exchange Swyftx will launch the second round of layoffs this year, with a layoff rate of 40%
According to WA Today, Australian crypto exchange Swyftx announced that it will lay off 40% of its employees, about 90 employees, due to the downturn in the digital asset market after the collapse of FTX, in order to prepare for the worst-case scenario of continued decline in the crypto market next year and more black swan events such as FTX.
Earlier in August, Swyftx announced a 21% layoff of its employees, a total of 74 employees.
OpenAI CEO: ChatGPT has over 1 million users and will be monetized in some form in the future
Sam Altman, CEO of OpenAI, an artificial intelligence nonprofit, said on Twitter: "The chatbot ChatGPT was launched last Wednesday, and today it has exceeded 1 million users." In response to whether ChatGPT will be free forever, Sam Altman replied, "We will have to monetize it somehow at some point. The computational cost is too high."
In addition, Sam Altman said in response to Twitter CEO Musk: "The average cost of a single conversation may be only a few cents," and is trying to find a more accurate measurement method and reduce costs.
After checking, Sam Altman has followed Binance CEO Zhao Changpeng on Twitter. It is reported that Musk participated in the founding of OpenAI, but left the company in 2018 due to disagreements.
Technology blogger: Twitter may launch Twitter Coin reward function
Well-known technology blogger Jane Manchun Wong disclosed on Twitter that Twitter seems to have hidden a new feature called Twitter Coin, which can be enabled in the function list. The token icon is a golden Twitter logo. According to the screenshots she shared, there is a "Tips Setting" on Twitter, which will lead to the "Coin Placeholder" page after clicking it.
DEX aggregator 1inch token will usher in a large unlock of nearly 15% on December 30
According to TokenUnlocks data, DEX aggregator 1inch will unlock 222,187,500 1INCH tokens on December 30, accounting for 14.813% of the total supply of 1INCH tokens, with a value of over $100 million. Among the unlocked tokens, 56.25 million are for team and community incentives, 46.25 million for seed round investors, 30.5 million for round A investors, 27.1875 million for protocol development funds, and 5.75 million for consultants.
Social graph protocol Linke Network will launch ChatGPT private messaging function
Linke Network, a decentralized and permissionless Web3 social graph protocol, announced that it will soon launch a private messaging chat function provided by ChatGPT. Each chat will receive a $linke token, which is equivalent to subsidizing ChatGPT.
It is reported that Linke Network is a Web3.0 social graph protocol implemented on the blockchain through NFT technology. Based on ClassZZ technology.
Philippines-focused startup accelerator Archipelago Labs launches $10 million Web3 fund
According to e27, Archipelago Labs (A-Labs), a startup accelerator supported by the Philippine licensed exchange PDAX, has launched a $10 million Web3 fund in the Philippines. Archipelago Labs has also received support from well-known partners such as Oak Drive Ventures and Magellan Digital Investment Group (MDIG). Archipelago Labs helps the grassroots entrepreneurial ecosystem through investment and consulting services. It also hopes to hold programs such as programming marathons and incubators for specific verticals and startup stages.
Financing News
AirCarbon, a blockchain-based carbon credit trading platform, is seeking $50 million in Series B funding
According to Deal Street Asia, AirCarbon Exchange, a Singapore-based blockchain carbon credit trading platform, announced that it is conducting a US$50 million Series B financing round. It has attracted the interest of 17 investment institutions, including banks, financial institutions and traditional energy companies, but the specific names of the institutions have not been disclosed. It is expected that this round of financing will be completed at the end of March or early April 2023.
It is reported that AirCarbon Exchange uses distributed ledger technology in traditional commodity trading structures and leverages blockchain architecture to create securitized carbon credits, allowing companies to trade and finance carbon credits like traditional financial assets, thereby increasing participation and investment in global carbon reduction and offset programs.
Important data
Foreign media: Genesis' total debt disclosed so far is $1.8 billion and may continue to grow
According to CoinDesk, citing people familiar with the matter, the total debt of Genesis disclosed to lawyers has reached $1.8 billion, and this number may continue to grow. Previously, the Financial Times disclosed that Genesis owed about $900 million to Gemini, owned by the Winklevoss brothers, and another source said that the total loan amount of another group of Genesis creditors also reached $900 million, represented by the law firm Proskauer Rose.
The claims brought together by the law firm Proskauer Rose have reached $1.8 billion. More claims will appear in the form of a third special group, represented by the law firm Kirkland & Ellis, which represents clients including Celsius and Voyager Digital, but the total amount of the claim is unknown; the claims of the Gemini customer group against Genesis are represented by the law firm Latham & Watkins.
Data: In November, more than 30 digital collection platforms in China issued liquidation announcements
According to the China Times, more than 30 digital collection platforms have proactively issued notices of withdrawal in November. The reporter noticed that only three of these platforms announced full refunds, while the rest usually refunded between 5% and 50%.
Many investors expressed dissatisfaction with this, complaining that it was "ugly." Zhao Jiaru, chief exploration officer of the Sutu Metaverse Research Institute, told the China Times reporter that the "clearance tide" in the digital collection industry is actually the pain period of the industry's development, highlighting the contradictions behind the industry.
CoinShares: Digital asset investment products saw a net outflow of $7.5 million last week
According to CoinShares weekly data, digital asset investment products had a net outflow of $7.5 million last week, with a total trading volume of only $753 million (an average of $2 billion per week this year). Among them, Bitcoin investment products had a net inflow of $10.8 million, Ethereum investment products had a net outflow of $4 million, and investment products that shorted Bitcoin had a net outflow of $11.1 million.