Autor Cointelegraph By Brian Newar

Nifty News: Rarible fixes bug, real home and virtual twin auction, Mega City in The Sandbox

Nifty News: Rarible fixes bug, real home and virtual twin auction, Mega City in The Sandbox

Uverejnil používateľ | jan 6, 2022 |

NFT marketplace Rarible temporarily cancelled orders from OpenSea and sent a series of tweets today outlining how it plans to help combat what it called “risky sale orders” on OpenSea with a new order management tool.The tool is designed to help users differentiate between their active and inactive orders to help prevent their NFTs from being mistakenly sold even if they cancel an OpenSea order by transferring the asset to another wallet.Part of Rarible’s business model is aggregating OpenSea orders on its platform.Since late Dec. 2021, OpenSea users have noticed a bug which allows assets to remain up for sale on Rarible even when their assets have been moved to a different wallet. Rarible explained:“When you move your item out, the order can’t be fulfilled anymore. But when the item gets back to your wallet, the order is active on-chain again. The secure way to remove a listing is to cancel it on-chain.”Rarible’s tool displays orders as either Active or Inactive to mitigate the confusion about what assets are actually up for sale. Rarible said in a tweet, “Active orders are on right now and require most of your attention,” while “Inactive orders are the orders that will become active in case the NFT gets back to your wallet.”Rarible is currently the ninth-largest NFT marketplace according to DappRadar.Buy LAND near The Sandbox’s new Mega CityThe Sandbox (SAND), a metaverse platform and decentralized gaming virtual world has announced it will create a Mega City with a focus on contemporary cultural icons and the expansion of Hong Kong culture into the MetaverseA slew of new partners who own LAND and are well-known in Hong Kong have signed up including tycoon Adrian Cheng, investing leader Sun Hung Kai & Co, professional services firm PwC Hong Kong, blockchain-related investment and asset management company TIMES CAPITAL, director, producer and actor Stephen Fung, actress Shu Qi, musician Dough-Boy, game IP Little Fighter, and local illustrator Dreamergo.The Sandbox has scheduled a LAND sale on Jan. 13 to allow users to purchase LAND outside of Mega City hubs.CEO of major The Sandbox backer Animoca Brands CEO Yat Siu said that:”The Sandbox and virtual land has really caught people’s imagination and attention in this region.”Real-world and virtual-world home auctionedA collaboration between ONE Sotheby’s International Realty and Voxel Architects will see a real house sold in tandem with a virtual copy in The Sandbox.The real house in Miami, USA, and will be an 11,000 square foot home with seven bedrooms and nine bathrooms on one acre of land. The houses are still under construction and are expected to be included in a Sothetby’s auction in 2022. The price rangehas not yet been determined. CoolWallet Pro to support NFTsCoolbitX, manufacturer of the crypto wallet CoolWallet Pro, announced at CES 2022 that its crypto wallet has added NFT support. Integrated support for NFTs will be usable with OpenSea and Rarible NFT marketplaces. The brand hopes to attract new users to the crypto space and introduce them to the metaverse and Play to Earn. CoolBitX founder and CEO Michael Ou said:“NFT support on the CoolWallet will help to seamlessly blend our users’ physical and virtual worlds, empowering them to manage and protect both their crypto assets and digital collectibles with confidence.”NFT sales top $530 million in 7 daysData from Nonfungible shows that the NFT market is continuing the wild growth that began in 2021 with the first week of 2022 totaling $530 million in sales and the highest-ever average price per asset at $5,215. Last year, over $23 billion of NFTs were sold according to a DappRadar report.The biggest sale over the past seven days was a SuperRare NFT which sold for nearly 250 ETH ($939,787). Bored Ape Yacht Club had by far the highest volume over the same time period with $216,869.Other Nifty NewsDigital asset curator Metaversal closed a $50 million funding round to help expand its NFT portfolio and investment capabilities in the Metaverse and NFT spaces. The funding round was led by Coinfund and Foxhaven.Golfing startup LinksDAO raised $10.5 million to fund its desire to buy golf courses and develop the LINKS cryptocurrency. Funds were raised through an NFT sale of over 9,000 “leisure memberships” and “global memberships.”

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Hemp grower crowdfunds court case, tokenizes shares in settlement

Hemp grower crowdfunds court case, tokenizes shares in settlement

Uverejnil používateľ | jan 5, 2022 |

Hemp grower Apothio has raised $330,000 for a lawsuit against Kern County, California via what’s known as an Initial Litigation Offer on the Republic investment platform. Investments are accepted in USD, but proof of investment is issued as digital tokens on the Avalanche (AVAX) blockchain network. It’s the first Initial Litigation Offer (ILO) on the Republic platform which launched in 2016 and is designed for equity crowdfunding.The hemp grower is seeking compensation from the county for damages incurred when deputies and California’s Department of Fish and Wildlife allegedly bulldozed 450 acres of crops worth up to $1 billion.Apothio’s attorney, Kyle Roche, told Cointelegraph there are many benefits to crowdfunding legal cases via cryptocurrency investments:“Court systems work really well, they’re just expensive. If you can fix the barriers based on cost by allowing capital to flow into the system where it’s needed, I believe ILOs can be a positive force for access to justice.”Litigation funding investment is where third-party investors unrelated to a case can provide funds to a litigant in a court case and earn a return on their investment based on the outcome of the case. Under an ILO, fund contributors receive digital tokens that entitle them to a portion of any damages recovered as a result of the ruling in the case. The global litigation funding investment market was valued at $11.4 billion in 2019 and is expected to more than double to $24 billion by 2028 according to a Dec. 7 2021 report by Research Nester. Roche noted that although the market is growing, it is reserved mainly for private institutions. He hopes that as more cases use ILOs, the high barrier to entry in legal investments will be lowered by crypto:“Using crypto isn’t a challenge, but we need to make sure the regulatory tools work for what the ILO is doing.”The hemp grower’s case has more than surpassed the minimum goal of $250,000 for the litigation to go ahead. ILO tokens will be frozen in investors’ wallets for 90 days, after which they will be transferable.After a verdict is given in a case, token holders will be issued whatever returns they may have made and the tokens will again be frozen. As a case progresses after the tokens are unlocked, a speculative market for the tokens could open up as investors may want to dump or buy a greater stake in the outcome of a case.Related: The number of countries banning crypto has doubled in three yearsIn 2021, Roche’s law firm began forming plans to launch its own tokenized ILO marketplace called Ryval which is currently in development on Avalanche. Roche hopes that the ILO concept will begin trending both in the United States and across the world through Ryval.The ILO concept also introduces another way for cryptocurrency to adopt real-world applications via tokenization. Litigation funding investment would join modern art via nonfigible tokens (NFT), social media interactions, real estate investing, and even the oil and gas industry as sectors where tokenization is becoming a reality.

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El Salvador prepares 20 bills to provide legal framework for Bitcoin bonds

El Salvador prepares 20 bills to provide legal framework for Bitcoin bonds

Uverejnil používateľ | jan 5, 2022 |

El Salvador’s government, led by President Nayib Bukele, has moved ahead with plans to issue Bitcoin bonds by preparing 20 bills designed to provide a legal framework for them.Head of the Treasury Alejandra Zelaya told El Salvadoran media El Mundo on Jan. 4 that the bills will cover regulations about issuing securities as cryptocurrency to ensure the viability of the Bitcoin bonds that were proposed in Nov. 2021. He said:”[This is] to provide a legal structure and legal certainty to everyone who buys the Bitcoin bond.” However he did not propose a timeframe for the legislation to be submitted to lawmakers.The $1 billion sought by the bond issuance would be used to fund the Bitcoin City initiative which President Bukele has promised will provide “digital and technological education, geothermal energy for the entire city, and efficient and sustainable public transport.”One of the features of the Bitcoin City is a Bitcoin (BTC) mining operation that harnesses the geothermal power generated by a volcano to power the mining rigs — leading to the bonds being dubbed “Volcano Bonds.” The mining operation mined its first 0.00599179 Bitcoin on Oct. 1 2021.Funds from the bond issue could also be used to pay down an $800 million Eurobond issue which will mature in Jan. 2023. Zelaya told El Mundo that the country would need to find financiers to help fill their obligation to pay off the Eurobonds which could come from Bitcoin bonds or from “institutional offers from various investment banks,” rather than another Eurobond issue.“We can simply make payments without creating another Eurobond in the traditional market, and we can find a bond that is denominated in dollars and receives payment in Bitcoin.”A Eurobond is a debt tool for countries to raise funds in a denomination other than its own currency.Zelaya also indicated that there is significant interest in the Bitcoin bond from investors as it offers exposure to BTC and a 10-year maturity of 6.5% interest.Related: President Bukele predicts Bitcoin rally to $100K, further legal adoption and moreThe issuance of Bitcoin bonds would not, however, preclude the Central American nation from participating in traditional finance. Zelaya said “We are not going to abandon the traditional market.”Notable partners with El Salvador in the creation of the Volcano Bonds include blockchain developer Blockstream and iFinex, which is closely related to stablecoin Tether (USDT). The bonds are expected to be issued on Blockstream’s Liquid Network and processed by iFinex.President Bukele tweeted his 2022 predictions on Jan. 2 that “Bitcoin City will commence construction,” and “Volcano bonds will be oversubscribed.”2022 predictions on #Bitcoin:•Will reach $100k•2 more countries will adopt it as legal tender•Will become a major electoral issue in US elections this year•Bitcoin City will commence construction•Volcano bonds will be oversubscribed•Huge surprise at @TheBitcoinConf— Nayib Bukele (@nayibbukele) January 2, 2022

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SBF ‘optimistic’ about institutional crypto adoption in 2022

SBF ‘optimistic’ about institutional crypto adoption in 2022

Uverejnil používateľ | jan 4, 2022 |

FTX crypto exchange founder Sam Bankman-Fried is optimistic that clarity provided by regulators around the world will stimulate institutional adoption rates for crypto this and subsequent years.In a Jan. 3 interview with Bloomberg, SBF talked about crypto regulations, institutional adoption, and the Metaverse. Despite the rocky end to 2021 for markets, SBF is “optimistic” about 2022.“The things that make me optimistic basically are more regulatory clarity in the US and globally which I think could help a ton on institutional adoption.”When asked how he thought institutional adoption of crypto could accelerate in the future, he responded, “A lot of it depends on exactly what happens on the regulatory front as well.”His view on regulatory clarity encouraging more institutional growth in crypto echoes the views of Beili Baraki of Nansen and Nikos Andrikogiannopoulos of Metrika as reported by Cointelegraph on Jan. 3.He offered the possibility that if jurisdictions “feel like they’re getting regulatory clarity,” that adoption could come in a “tidal wave.” However, rather than the tidal wave scenario, “it’s going to be a long process, probably stretched out over a few years,” he added. Additionally, he noted “a lot of different governments announced that there will be regulatory frameworks coming out over the next year.” Several governments have been hard at work sorting out their appropriate regulatory frameworks for cryptocurrency.Related: The number of countries banning crypto has doubled in three yearsAnother source of SBF’s optimism seemed to come from the vigor with which institutions are starting to flood into the crypto ecosystem. He said, “Basically every large financial institution I’ve talked to, every large bank, every large investment bank, pension funds, they’re all eyeing this sector.”When asked what a combination of cryptocurrency and the metaverse would look like, the crypto billionaire pointed out that with the billions of gamers worldwide, nonfungible tokens (NFT) in video games will likely be one of the largest roles that crypto plays in the metaverse. There were about 3.2 billion gamers in the world in 2021 according to Statista. However, the crypto gaming industry comprises just 1.2 million gamers according to DappRadar. This suggests that the integration of cryptocurrency with mainstream gaming would provide a tremendous boost to global crypto adoption, reconfirming SBF’s prediction.

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Grayscale rebalances DeFi Fund dropping Balancer (BAL) and UMA

Grayscale rebalances DeFi Fund dropping Balancer (BAL) and UMA

Uverejnil používateľ | jan 4, 2022 |

Crypto asset manager Grayscale Investments has rebalanced its Grayscale DeFi Fund and adjusted weightings of its Digital Large Cap Fund.A Jan. 3 announcement detailed the changes Grayscale made to its two funds. The DeFi Fund’s weightings have been rebalanced with AMP, the native collateral token of the Flexa payment network being added, while Bancor’s (BNT) and Universal Market Access (UMA) have been removed. Flexa uses the AMP token to collateralize crypto payments and settles them in fiat to recipients enabling merchants to accept crypto easily. Grayscale reshuffled weightings but did not change the token list of The Grayscale Digital Large Cap Fund (GDLC).We have just announced updated component weightings for Grayscale #DeFi Fund, which now includes $AMP. This is the first time AMP will be included in a Grayscale investment vehicle. Read this thread for more: pic.twitter.com/jfKAih24cS— Grayscale (@Grayscale) January 3, 2022Grayscale’s DeFi Fund now consists of nine different crypto assets from the DeFi ecosystem. Uniswap (UNI) has the highest weighting in the fund with 42.33%, while the newly added AMP comprises 7.39%. The changes to the fund reflect those made to the CoinDesk’s DeFi Index (DFX).At the time of writing, the Grayscale DeFi Fund has a share price of $5.56, which is an 11.2% gain since its July 14 inception share price of $5. The fund has $11.6 million assets under management and 2.08 million shares outstanding.Grayscale is best known for its Grayscale Bitcoin Trust which currently has $30.1 billion assets under management. Shares are trading at $34.27, up 23% since July 14, and up 59.16% over the past 12 months. Both the Grayscale DeFi Fund and its Bitcoin Trust have outperformed the DeFi Pulse Index (DPI), the largest retail DeFi index by market cap, since July 14. Although DPI has a higher trading volume, it has fallen by 2% over the same period. Related: Grayscale finds that over 25% of US households surveyed currently own BitcoinGrayscale had the highest increase in Bitcoin (BTC) holdings among spot Bitcoin ETFs and corporations through 2021 by accruing 645,199 BTC by the end of the year, which accounts for 71% of the spot ETF and corporate markets BTC holdings.

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