Autor Cointelegraph By Brian Newar

InsurAce says it will pay millions to claimants after Terra's collapse

InsurAce says it will pay millions to claimants after Terra's collapse

Uverejnil používateľ | máj 26, 2022 |

DeFi insurance protocol InsurAce says it was well within its rights to reduce the claims period for people affected by the Terra USD (UST) depeg event from 15 days to seven — but added it has already processed nearly all 173 submitted claims and will pay out $11 million.InsurAce (INSUR) is the third largest insurance provider for decentralized finance (DeFi) protocols, with a market cap of $15 million.On May 13, InsurAce caused a stir when it announced it had shortened the claims window for those with cover related to Anchor (ANC), Mirror (MIR), and stablecoin Terra USD (UST) following the collapse of the Terra (LUNA) layer-1 blockchain.But CMO Dan Thomson told Cointelegraph on Thursday that its move to shorten the claims window for the 234 covers of Terra portfolios was necessary to prevent further losses as UST had dropped to $0.08 by May 13, according to CoinGecko. He added:“It is in our terms of service to make such changes. We felt there was no point in delaying the process on behalf of those who lost money and stakers who would have to pay out claims.”The move was controversial in the crypto community, some of whom suspected InsurAce was trying to reduce the amount of claims it would have to pay. Terra Research Forum member FatMan told his 52,000 Twitter followers on May 24 that InsurAce has made “A dirty move,” and the firm should not try to “weasel out” of its agreement with clients.A dirty move from @InsurAce_io – setting an arbitrary ‘claim deadline’ after which UST holders who bought depeg insurance cannot get their money back. I know you guys didn’t collect premiums for long, but this is how things work – a promise is a promise – don’t weasel out of it. pic.twitter.com/5dYuN7hGOZ— FatMan (@FatManTerra) May 23, 2022But Thomson said that outside of those rejected, most of the 173 claims submitted have already been processed and that the protocol was ready to pay about $11 million to claimants. He added, “We want the best for everyone here, but if this were traditional insurance, people would be stuck in litigation for months or years.” Thomson also suggested that the protocol may consider processing claims for the remaining 61 covers that haven’t been filed yet.The collapse of Terra and UST has attracted the attention of regulators across the globe with the legendary South Korea financial crimes unit the “Grim Reapers of Yeoui-do” resurrected to discover if any crimes had been committed by Kwon or the Luna Foundation Guard (LFG) which managed Terra’s funds.Related: Korean watchdog begins risk assessment of crypto as Terra 2.0 passes voteIn the instance that the UST de-pegging was not just a protocol failure, Thomson pointed out that InsurAce may also have legal recourse. However, he said: “I’m sure Terra and LFG have bigger fish to fry, so that’s a bridge we will cross when we get to it.”INSUR is down 7.6% over the last 24 hours, trading at $0.28 according to CoinGecko.

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Nvidia shares plunge after Q1 figures, crypto mining card revenue 'nominal'

Nvidia shares plunge after Q1 figures, crypto mining card revenue 'nominal'

Uverejnil používateľ | máj 26, 2022 |

American graphics card manufacturer Nvidia’s stock price tumbled in after hours trading on Thursday because the revenue outlook for Q2 has fallen short of expectations.Quarterly growth from Q4 2021 to Q1 2022 was strong with an 8% increase in revenue to $8.98 billion and 3% increase in earnings per share to $1.36. It also stated it would continue a $15 billion share buyback program through the end of 2023 according to the filing to the Securities and Exchange Commission (SEC). However, the Q2 outlook is much less promising and projects revenue will be $8.1 billion, which is 4% lower than expected. The disappointing guidance didn’t impress investors in after hours trading on Thursday with Nvidia (NVDA) shares down 7% to $157.8. NVDA is down nearly 50% ove the year, mirroring the poor performance of tech stocks across the market.The tech firm saw a drop in sales of its Cryptocurrency Mining Processor (CMP) in Q1 to “nominal” levels compared with $155 million from a year ago The filing does not specify exact revenues on CMPs, but revenues have been falling since last year. Nvidia saw a 33% shortfall in expected CMP revenues in Q2 last year to $266 million, followed by $105 million in Q3 and then $24 million in Q4. That’s now fallen again.Nvidia down 10% after earnings, revenue forecast misses estimates pic.twitter.com/2EcnFPDWlR— db (@tier10k) May 25, 2022Nvidia revised its revenue expectations for Q2 in the report down to $8.1 billion “plus or minus 2%”due to “Russia and the COVID lockdowns in China.” Those two factors alone could drive revenues down as much as $500 million as the report says.Related: GPU prices are still on a decline: Is Bitcoin’s sorrow gamers’ joy?The Santa Clara-based company’s CMPs can be used to mine Bitcoin (BTC), Ethereum (ETH), and a range of other cryptocurrencies. Its graphics cards, designed for gaming, can also be used to mine cryptocurrency unless limited.Supplies of CMPs are extremely scarce even on secondary markets, possibly causing sales to be so low. A new CMP 170HX, the highest rated model to-date, cost $4,700 when they were launched last October.On May 6, Nvidia was forced to pay $5.5 million to the SEC to settle a case in which it was accused of failing to disclose how much of its revenue came from crypto mining in 2018. The announcement spooked investors, who sold NVDA down 6% on May 9, the next trading day.

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'Code is not law': Seth Green thief stole Bored Apes, not the rights say experts

'Code is not law': Seth Green thief stole Bored Apes, not the rights say experts

Uverejnil používateľ | máj 25, 2022 |

Austin Powers supporting actor Seth Green has sparked a debate over who owns the commercial rights to use a Bored Ape Yacht Club NFT, after his Apes were stolen and sold to another partyGreen tweeted on May 18 that four of his nonfungible tokens (NFT) including BAYC #8398, Mutant Ape Yacht Club (MAYC) #9964 and #19182, and Doodle #7546 were stolen from him after he visited a phishing site. Green, the creator of Robot Chicken and co-star on Family Guy, noted that someone with the pseudonym DarkWing84 had already bought the BAYC NFT. Now, legal experts and community members are weighing in about the implications of theft on BAYC intellectual property (IP) rights.Well frens it happened to me. Got phished and had 4NFT stolen. @BoredApeYC @opensea @doodles @yugalabs please don’t buy or trade these while I work to resolve:@DarkWing84 looks like you bought my stolen ape- hit me up so we can fix it pic.twitter.com/VL1OVnd44m— Seth Green (@SethGreen) May 17, 2022BAYC’s license does not stipulate instances of theft. It merely says that “When you purchase an NFT, you own the underlying Bored Ape, the Art, completely.” Some believe this means that even if the NFT is bought from a thief, the usage rights transfer to the new owner.Green has a TV show called White Horse Tavern in development which features the Bored Ape in question so if this interpretation is correct he may not be able to move forward with the show because he’s lost the commercial usage rights. A trailer for the show debuted on May 21 at the VeeCon NFT conference in Minneapolis, but the launch date is unknown.IP and tech law professor at Santa Clara University Eric Goldman told Buzzfeed News on May 25 that buyers are usually legally protected if they unwittingly buy a stolen item and Coin Center communications director Neeraj K. Agrawal suggested that Green could get sued if he still uses the BAYC in his show. i’m hardly an IP expert but my understanding of the ape system is yes this is within the new holder’s rights— Neeraj K. Agrawal (@NeerajKA) May 24, 2022

But the Head of Policy at The Blockchain Association Jake Chervinsky said this interpretation is incorrect and a court would likely rule in favor of Green retaining the legal rights to the BAYC’s image, adding “In other words, code is not law.”If Seth can prove the NFT was stolen, it’s very unlikely a court would just throw up its hands & say “oh well, the thief gets the legal rights too”In other words, code is not law— Jake Chervinsky (@jchervinsky) May 24, 2022

Green already hinted Wednesday that he will go to court to get the BAYC back if it is not returned by DarkWing84. Tech lawyer at law firm Anderson Kill Preston Byrne agrees that Green likely has a strong case to retain the property rights to the art. In a May 25 tweet, Byrne said that this is a “classic “unclean hands” scenario” because the BAYC was bought from a thief with notice from the theft victim.Nemo dat quod non habet. The thief doesn’t get good title to Seth Green’s IP, nor does anyone who buys it from said thief with notice. https://t.co/XHjKZaSbWT— Preston Byrne (@prestonjbyrne) May 24, 2022

The BAYC in question was stolen and then sold on May 8, long before Green tweeted about its status. Goldman thinks questions will be raised about whether the immutable blockchain record can legally outweigh the lack of notice.DarkWing84 has yet to make a public comment about what will be done with the BAYC.BAYC owners have been the target of phishing scams similar to the one that hit Green for some time now. On April 25, a hacker took control of the BAYC Instagram account and posted a phishing site link which extracted about $2.4 million in BAYCs. The same happened a year earlier in April 2021, when another hacker hijacked the BAYC Instagram account, dropped a phishing site, and got away with about 100 BAYCs.Related: Largest NFT mint ever: Making sense of Yuga Lab’s ‘virtual’ land bonanzaThe floor price for BAYC on OpenSea is 91 ETH, valued at about $183,000 according to CoinGecko.

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Could GameFi and carbon currencies reverse blockchain's climate stigma?

Could GameFi and carbon currencies reverse blockchain's climate stigma?

Uverejnil používateľ | máj 25, 2022 |

Nonfungible tokens (NFT) and blockchain technology have developed an unfortunate stigma in some sections of the community for being bad for the environment — but could that perception be changed by integrating carbon offsets into NFT gaming?GameFi, or gaming finance, marry NFTs and gaming. Blockchain games account for nearly $12 million in daily volume from over a million gamers according to app tracker DappRadar. Toucan Protocol COO Rob Schmitt thinks that volume and those users could be harnessed to benefit the environment.Schmitt told Cointelegraph that using carbon offsets as an element in blockchain games could create “by far the most planet-friendly system we’ve ever seen.” He envisions a GameFi space that uses carbon offsets as in-game currency, and urges game makers to get creative. “Games don’t have to have an entire economy based on offsets, but they should be embedded in a way that makes sense,” he said. Schmitt said there are already teams of game makers working with Toucan to bring carbon offsets into their work, such as Atlantis World.“The narrative that ‘blockchain is killing the world’ is an argument we can turn around with carbon offsets.”Toucan Protocol tokenizes certified carbon offsets on the Polygon (MATIC) network as Base Carbon Tonnes (BCT). Demand for gaming companies to go green is ramping up as game studio Space Ape Games, which publishes Fastlane went carbon neutral in 2019. Green Geeks reported that game publishers SuperCell, Rovio and Sybo are offsetting their company’s carbon emissions.The perception that blockchain technology is bad for the environment is often propagated by the traditional gaming industry. Major online game outlet Steam banned any titles with NFTs or cryptocurrency last October. In February, game provider Itch.io tweeted that “NFTs are a scam” that aren’t useful for anything other than “the destruction of the planet.”That negative perception betrays a lack of awareness of the carbon emissions associated with different consensus mechanisms. The Polygon network and a number of other NFT and gaming focused chains use the Proof-of-Stake (PoS) consensus algorithm which means power consumption and environmental impact is greatly limited.Cointelegraph reported in April that the Polygon team aims to make the network carbon neutral this year. Other blockchain networks that support NFT gaming and feature meager or neutral carbon footprints include Wax (WAX), Solana (SOL), and BNB Chain (BNB). Ethereum (ETH) is expected to switch to PoS in the coming months with August the most recent estimate for the Merge.Related: Game on: Yield Guild Games scholarships on the rise through Q1While ubiquitous climate conscientiousness is a lofty goal, Schmitt admits that “everything doesn’t have to be climate action.” Furthermore, gamers don’t necessarily have to be aware that the games they enjoy may be carbon neutral because it doesn’t take much action on their part to have an effect. Schmitt said:“The vast majority of games won’t be related to climate action, but only a small portion of them are needed to do a lot of good.”He says that climate activism doesn’t need to be the main focus for game developers, especially if they are already deploying work on climate-friendly blockchains. “Developers should focus on making fun games first, and they may be able to attract new audiences with carbon offset integrations.”

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Game on: Yield Guild Games scholarships on the rise through Q1

Game on: Yield Guild Games scholarships on the rise through Q1

Uverejnil používateľ | máj 24, 2022 |

Yield Guild Games (YGG) has released its Community Update for Q1 2022, revealing that total scholarships rose 39% overall as the guild continues to farm copious amounts of the Axie breeding Smooth Love Potion (SLP) token.The Community Report shows that the month-on-month growth of scholarships in YGG has been strong despite a downturn in the market. January saw 50.13% growth, February saw a 28.8% increase, while March had 41.93% growth fueled by new partnerships and the rollout of SubDAOs. By the end of March, the guild had 29,458 scholarships, mostly from Axie Infinity.SubDAOs are decentralized autonomous organizations (DAO) specialized for particular geographic regions. There are currently three SubDAOs in Southeast Asia, India, and Latin America.The number of scholarships at YGG increased every month in Q1.YGG is a gaming guild that pools together gamers from across the play-to-earn (P2E) space in order to generate revenue for the community and teach newcomers how to be successful through a scholarship program. The guild generates revenue from staked YGG tokens and scholarships. Nonfungible token (NFT) game Axie Infinity accounts for the majority of scholarships across all of YGG’s 12 partner games.To date, the guild has farmed 195 million SLP worth about $1.1 million at the time of writing, according to CoinGecko. SLP is a token used to breed Axies, which is one of the major activities for scholars. The report states that with 25.86 million SLP farmed, February was the most profitable month since it began last April.Prices across the crypto markets have been down through 2022, as illustrated by the 44% drop in market cap since Jan. 1. However, blockchain gamers have not put down their controllers. Data from decentralized application (DApp) tracker DappRadar shows that user numbers have remained fairly stable at about 1.1 million daily gamers since the beginning of the year.Related: Web3, NFTs, Metaverse: The tools for a truly decentralized futureYield Guild Games spent $2.5 million on new partnerships through Q1. 63% of those funds went to P2E game partnerships, while 23% went to guild partnerships. The remaining 14% went to infrastructure and platform support to expand the P2E ecosystem.The future of NFT gaming looks promising based on the growth rate of YGG and the amount of funding going toward new game development. Since April 25, nearly $400 million has gone to fund early-stage NFT games, according to data from investment tracker Airtable.YGG is the native token for Yield Guild Games. It is down 12.3% over the past 24 hours and trading at $0.72, according to CoinGecko. Additionally, YGG is down 93.6% from its Nov. 20 all-time high.

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