Autor Cointelegraph By Brian Quarmby

Bitcoin, space travel and TikTok debut in Guinness World Records

Bitcoin, space travel and TikTok debut in Guinness World Records

Uverejnil používateľ | okt 18, 2022 |

Guinness World Records has added Bitcoin (BTC) and a number of blockchain events in the latest edition of its record book under the category of “Cryptomania.”The recognition of crypto by a mainstream staple such as Guinness World Records indicates that blockchain and digital assets were among the most publicly touched-on subjects over the past couple of years. The 2023 edition launched last month, has seen a number of notable crypto achievements included which spanning Bitcoin, crypto adoption, fan tokens, and NFTs. Bitcoin was unsurprisingly recognized as the most valuable cryptocurrency with its market cap of $816.69 billion as of Mar. 24, 2022, while it also got recognition for being the world’s first decentralized crypto after launching in early 2009. “Bitcoin was developed as a solution to the challenge of regulating a digital currency without any centralized organization, or ‘trusted third party’, to oversee transactions,” The Guinness World Records’ description reads online, adding that other attempts had come before that ultimately relied on a trusted third party. OG NFT project CryptoPunks also made the cut for the most “expensive NFT collectible” after CryptoPunk #5822 was purchased for $23.7 million (8,000 ETH) on Feb. 12 this year by entrepreneur Deepak Thapliya. It is worth noting that Beeple’s record $69.3 million record NFT sale didn’t make the cut there, as the firm described an NFT collectible as “limited-edition sets of artwork built around pre-rendered templates.”Fan tokens also appeared as a category in the book. Manchester City’s token — launched via Socios in June 2021 — was recorded as the “most valuable fan token” with a market cap of $47.1 million as of March 24, 2022. El Salvador was also included in the book for being the “first country to adopt Bitcoin as legal tender” in June last year. “It was hoped that this move, which was condemned by the World Bank, would reduce the cost of international transfers — an important consideration for a country that is reliant on money sent home by workers overseas,” it read. A Guinness World Records spokesperson told Cointelegraph that each edition “tries to reflect that year’s zeitgeist and the topics our readers are likely to be discussing,” with crypto joining the likes of space travel and TikTok as key subjects. “We will be watching this space with interest over the next few years, as the technologies that underpin crypto develop and find a wider range of applications,” they said. Related: Walmart CTO says crypto will become a ‘major’ payments disruptorWhen asked about what was the most head scratching and momenutal records from Cryptomania, the spokesperson highlighted the innovation of Bitcoin, noting that it took the company a long time to get its head around it. “Researching this title involved not only figuring out how to describe what a blockchain is […] but also putting into context decades of cryptocurrency research and what made it different to any earlier projects.”Last week, crypto exchange Binance also revealed that it had broken a Guinness World Record after it was recognized for conducting the largest crypto lesson to date, with 289 people in attendance at Blockchain Land Nuevo León on Oct. 7.

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Walmart CTO says crypto will become a 'major' payments disruptor

Walmart CTO says crypto will become a 'major' payments disruptor

Uverejnil používateľ | okt 18, 2022 |

Walmart’s global chief technology officer (CTO) Suresh Kumar has tipped cryptocurrency to become a “major” area of disruption, particularly in how customers pay for virtual and physical goods in the future. Speaking at the Yahoo Finance All Markets Summit on Oct. 17, Kumar outlined Walmart’s positive stance on digital assets, noting that “crypto will become an important part of how customers transact” for both physical and virtual goods.“I think that there are three major areas of disruption. Crypto falls in sort of the middle of it,” he said, explaining that “the way in which customers are getting inspired and discovering products” is changing. Kumar also suggested that a significant amount of customers will be marketed to through the Metaverse and live streams on social media apps, and that crypto could be an important payment option in these kinds of areas. “When you specifically talk about crypto, it is going to be about discovery of products, whether it is physical or virtual inside, either the Metaverse or upfront, and then how people transact.”Such may explain Walmart’s recent foray into the Roblox Metaverse, launching Walmart Land in late September. The company is hosting a range of virtual experiences there such as games, a DJ booth and Ferris wheel, while also offering virtual merchandise products called “verch” for users’ avatars. NFTs and crypto are not integrated with the Roblox metaverse at this stage, however Walmart has previously indicated in patent filings from January that it could look to create digital currencies, tokens and NFTs in the Metaverse space sometime in the future. “We want to make sure that we make it as friction free for customers to be able to transact, and to be able to buy, and how they are able to derive value out of it. And that is where– I think a lot of the disruption is going to start happening in terms of different payment methods, different payment options,” he said. Related: Facebook is on a quest to destroy the Metaverse and Web3The multinational retail giant has been rumored to have been working on rolling out crypto payment support for a while, but so far only false alarms have arisen such as the fake deal with Litecoin (LTC) that was announced via a dubious press release from September last year. As it stands, there were around 200 Bitcoin (BTC) ATMs installed at Walmart stores across the U.S. in October 2021, with plans at the time to expand that number to 8,000 at an unspecified time in the future.

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NFT games are ‘only scratching the surface' of what's possible — Animoca's Yat Siu

NFT games are ‘only scratching the surface' of what's possible — Animoca's Yat Siu

Uverejnil používateľ | okt 14, 2022 |

Animoca Brands co-founder Yat Siu believes nonfungible token (NFT) games are only scratching the surface of what’s possible and predicts completely new models of gaming will be developed as a result of digital ownership.Speaking to Cointelegraph, Siu likened the potential growth of NFT gaming to mobile phone gaming, which started out relatively niche and clunky in its formative stages before rocketing to become the most popular method of gaming across the globe. “Mobile gaming brought a form factor of a type of game that we’ve never seen before, you know, one-hand play and that kind of stuff, and innovations around how you play with AI [artificial intelligence]. Because of the fact that you have this limited form factor, it became the most popular form factor in gaming,” he said. Siu commented that while many blockchain games themselves also have a clunky experience at this stage, the whole sector is still quite new. As such, it is only a matter of time until more advanced models are created that are designed around the ideas of digital ownership, interoperability and economic utility for the user. “With NFT games, we’ve only really scratched the surface. Everyone’s very focused on ownership. […] I think it’s going to mushroom into everything and we’re going to see new kinds of game formats emerge because of the ownership that we weren’t able to do before.”In the interim period, Siu pointed to metaverse gaming platforms and massively multiplayer online games as models that fit well with NFTs, as you “can trade items and you have deep levels of economic design” that make sense. The Animoca co-founder also argued that many current users are willing to accept that the blockchain gaming experience is not necessarily smooth at this stage. He suggested that this was because they are aware of the significance of being able to own a stake in the games, as opposed to the traditional model in which people sink capital into games that they can never retrieve. “I mean, when you think of this [blockchain games], you could say it’s a UX [user experience] nightmare. But because of ownership, people put up with it not just because it’s valuable, but because it’s meaningful because this is my land, this is my car.”Asked when NFT technology will get to a point of seamlessness that even a grandmother can use it without being aware of it, Siu emphasized this would likely be through the widespread tokenization of physical things, NFT integration with commonly used services and how people interact with each other. Related: Blockchain games and metaverse projects raised $1.3B in Q3: DappRadarHe outlined that as the world continues to become more digitally focused, children will of course want digital things. “Grandma is probably going to buy a digital item for their grandchildren as a way to not just as a gift that’s relevant to them, but also as a way to interact,” he said, adding that vice versa, a grandchild could even gift their grandmother a digital illustration that they drew. “We’re going to have a digital world. These digital artifacts and art and creativity and games and utility that’s going to be mushrooming in the thousands and thousands and thousands of small medium enterprises that are going to be doing this.”

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Regulators are 'spending too much time' on crypto: Comptroller

Regulators are 'spending too much time' on crypto: Comptroller

Uverejnil používateľ | okt 14, 2022 |

United States Acting Comptroller of the Currency (OCC) Michael Hsu has expressed concerns that regulators are spending “too much time on crypto,” rather than more pressing issues, such as technology and banking. The crypto skeptic OCC head made the comments during an interview with Reuters on Oct. 13, as he outlined a worry that crypto is “occupying a lot of brain space for an awful lot of people” in the regulatory community.Hsu has been at the helm of the OCC since May 2021 and serves as the administrator for the federal banking system and chief economic officer of the OCC. During his tenure, has called for greater supervision of crypto firms and standards around stablecoins, while also stressing the need for a cautious approach to crypto regulation due to “red flags” with the sector’s rapid growth. “We’re spending too much time on crypto,” he told Reuters, adding that “it’s interesting, it has thorny issues… but relative to other technology and banking issues, I think we’re now kind of overweight crypto.”Hsu went on to explain that there are other areas that need to be focused on at present, specifically relating to fintech, something which he emphasized last month required immediate oversight to avoid a “severe problem or crisis” due to the sector’s rampant expansion, adding:”The persistence of the occupation of brain space, it’s starting to worry me now that we’re not spending that time and attention on some other things.”The OCC head said he thinks fintech is the future, and therefore it needs proper time and considerations to help the sector thrive sustainably. “This is the future, so let’s do the future right,” he said. These sentiments are in stark contrast to Hsu’s views on crypto, given that he described the sector as “an immature industry based on an immature technology,” during a lecture at a Harvard Law School roundtable on Oct. 11. Related: Rep. McHenry gives progress report on stablecoin legislation, says it’s an ‘ugly baby’Hsu also outlined concerns with the crypto sector’s apparent fear of missing out (FOMO) syndrome which he argued fosters wild speculation as opposed to innovation.“Promises of innovation and inclusion often mask crypto’s promotion of a gold rush vibe that exploits people’s fear of missing out on the next Google or Amazon.”“My skepticism of crypto stems from a frustration that the most promising innovations have been crowded out by hype and a fixation on trading,” Hsu added.

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CoinShares' Twitter bot gives a 'fair price' on NFTs, some disagree

CoinShares' Twitter bot gives a 'fair price' on NFTs, some disagree

Uverejnil používateľ | okt 14, 2022 |

Digital asset manager CoinShares has launched an experimental Twitter bot that will, in theory, enable users to check the estimated fair market value of specific nonfungible tokens (NFTs), though a few have been less than enthused about the estimates given. The firm announced the bot dubbed “CoinSharesNFTAI” via Twitter on Oct. 13 and outlined that its algorithm is focused on aggregating different data sets from OpenSea to determine the supposed “fair price” of an NFT.[1/4] We are very excited and proud to announce the official launch of @CoinSharesNFTAI. A simple tweet can let you know how much an NFT might be worth.— CoinShares ‍ (@CoinSharesCo) October 13, 2022In the Twitter thread, CoinShares said: “Pricing NFTs is no easy task” as their value is volatile and millions of them are available on the market, including ones with no trading history. Some users weren’t so impressed by the NFT value estimates, such as Goblin Town NFT hodler Jack Hermes (@systemic_bliss), commenting that CoinShares’ “model sucks” after it valued the NFT he bought for 2.694 Ether (ETH) at just 0.88 ETH, while another said it “seems to be a bit off” as the NFT in question was valued at 0.28 ETH by the bot despite having a floor of 0.48 ETH and a bid of 0.63 ETH. Cointelegraph tried the bot using Seth Green’s well-known NFT BAYC #8398, which was recovered by Green in June for a $260,000 ransom after it was stolen by a hacker. The NFT currently has a “best offer” of 70.6 ETH on Opensea and was valued at 79.65 ETH by the Twitter bot, worth $106,000 at the time of writing. There are around 50 NFT projects on OpenSea supported at this stage, including blue chips such as the Bored Ape Yacht Club, Goblin Town, Pudgy Penguins and Cool Cats. All of them are listed under the collections available this week, suggesting there is a weekly rotating list of supported collections. Let’s see what @CoinSharesNFTAI thinks of my gob…https://t.co/bGpAvyO5Ys— systemic bliss (@systemic_bliss) October 13, 2022

The newly launched bot comes only days after the digital asset manager published a report on constructing an NFT price index, which its NFT bot is based on. In the report, quantitative trading analysts Yanis Bakhtaoui and Hugo Schnoering noted that: “ERC-721 tokens are uniquely identified by an id and a set of properties, and cannot be interchangeable or divisible. This property makes these assets hard to price, as each NFT is unique.”“These properties make the NFT market inherently illiquid: it is related to ask and bid, and if an owner does not want to sell his NFT, no one will be able to buy the same,” they added. The report also outlines that market manipulation tactics such as wash trading — fraudulent transactions designed to pump prices — have had a key impact on NFT pricing. Related: Uniswap Labs raises $165M as attention shifts to NFTs, Web3To use the bot, people just need to tweet @CoinSharesNFTAI and provide a link to the token on OpenSea. It is not clear if other marketplaces will be supported moving forward. @CoinSharesNFTAI https://t.co/Mk70DncI9K— Dave Grannan (@grannan) October 14, 2022

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