Autor Cointelegraph By Ezra Reguerra

Binance introduces BNB Auto-Burn to replace quarterly burn protocol

Binance officially announced the implementation of a new BNB Auto-Burn protocol to replace their current quarterly burn mechanism. In response to the requests of the BNB community, Binance changed its quarterly burning protocol for BNB tokens. According to Binance, this will provide more “transparency and predictability” to its community. With this, BNB will be burned automatically based on a formula consisting of on-chain data of total blocks generated and the average price of BNB. At the moment, there are two burning mechanisms for BNB. One is the real-time burning of a percentage of gas fees on the Binance Smart Chain. The second is the quarterly burn based on Binance’s Accelerated Burn Program, which the BNB Auto-Burn mechanism would replace.Since the launch of BNB, Binance has committed to burning 100 million BNB which is half of the original total supply. When the total circulating supply of BNB goes below 100 million, the Auto-Burn will be discontinued. In the last quarterly burn, the company took 1,335,888 BNB, approximately $639,462,868 at the time, out of circulation. Earlier this year, the team destroyed $400 million worth of BNB tokens in the 16th quarterly burn event. At the time of writing, BNB trades down less than 10% on the month at $528. It’s down 23.65% from its all-time high of $690.93 back on May 10, 2021, but is still up by 1295% since the start of 2021. Related: Binance VC arm leads $60M round in cross-chain protocol MultichainMeanwhile, Binance became one of the first to join the crypto hub established by the United Arab Emirates government in Dubai. The news came a day after the Dubai government announced the launch of its crypto hub.

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Crypto exchanges aim for home run at Super Bowl 2022

Crypto exchange platforms Crypto.com and FTX will run advertising commercials at the Super Bowl LVI 2022 on Feb. 13. Both exchanges have been working tirelessly to establish their brands and penetrate the United States market. Super Bowl advertisements are known to be very costly, with rates going above $5 million for just 30 seconds. Some sponsors are even willing to pay up to a record high of $6.5 million for the same air time. Recently, Crypto.com also announced a partnership with Angel City Football Club, a soccer team that’s expected to play in 2022. Aside from this, the exchange’s efforts include securing naming rights for Staples Center. The exchange purchased naming rights for $700 million over 20 years. With this, Staples Center is renamed into Crypto.com Arena this December.In an official announcement, Crypto.com Co-Founder and CEO Kris Marszalek said that they are using their platform “in new and creative ways so that cryptocurrency can power the future of world-class sports, entertainment, and technology.”Meanwhile, FTX also dedicates a large sum of its advertising budget to bolstering brand recognition in the U.S. In October, the exchange confirmed that they would be running an ad in the upcoming Super Bowl. The exchange also got Tom Brady and Gisele Bündchen to star in a $20-million ad campaign. Related: FC Barcelona, Man City canceled crypto deals show cash is not everythingEarlier this year, FTX also secured naming rights for a U.S. stadium. The exchange reportedly paid $135 million for a 19-year contract to rename Miami Heat’s home stadium into the FTX Arena. Back in 2020, blockchain penetrated the Super Bowl through non-fungible tokens (NFTs). Non-profit trade group Avocados from Mexico inserted NFTs in their advertising campaign. With this, users can collect digital avocados and are able to win blockchain-based rewards. According to Ivonne Kinser, the Head of Digital Marketing at Avocados from Mexico, the results were overwhelmingly positive. Kinser said they delivered “3.2 billion social impressions” through the ad campaign.

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NFT gaming generated $2.32B in Q3 — BGA report

Blockchain gaming continues to grow and dominate the nonfungible token (NFT) space with a share of roughly 22% of all NFT trading volume in the third quarter of 2021, according to a report released by the Blockchain Gaming Alliance, or BGA. The report showed that NFT games accumulated $2.32 billion in revenue between July and September. Metaverse-related activity was also highlighted in the report. It showed that virtual land sales reached $42.6 million while the total market capitalization for virtual world decentralized apps reached an all-time high of $4.6 billion at the end of November. Additionally, the report mentioned that there is a “6,566% increase in daily unique active wallets.” These are wallets that interact with smart contracts connected to games. The report also cited significant investments in blockchain gaming companies this year. Hong Kong-based game software company Animoca Brands raised $88 million in May, $138 million in July and $65 million in October, doubling its valuation to $2.2 billion. Additionally, Cryptokitties developer Dapper Labs shocked the world with $230 million in sales on its NBA Top Shot project. Meanwhile, Pokemon-inspired NFT battling gaming Axie Infinity currently holds the record as the highest NFT sales with almost $4 billion all-time sales. DappRadar co-founder Dragos Dunica believes that this growth will continue as everything comes together toward the metaverse. According to Dunica, the user growth of blockchain games will lead to something bigger and “potentially all-encompassing, the Metaverse.”The metaverse has been described as more than a game, but less than the real world. As our interactions become more virtual, NFTs appear to be a pivotal factor in accelerating the metaverse’s development. https://t.co/iE0pAlWkux— Cointelegraph (@Cointelegraph) August 29, 2021Related: We saw mainstream adoption for NFT art kicking off in 2021, says NFT.NYC co-founder Cameron BaleAs the metaverse becomes more popular, major companies are jumping into the fray. In China, despite warnings from the government about NFTs and virtual assets, companies embarked on a race to register metaverse-related trademarks. More than a thousand companies applied to register 8,534 metaverse trademarks by Sunday.

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Crypto salaries are becoming a popular way to attract young talent

Athletes and politicians made headlines as they opted to get paid in crypto earlier this year. Now, in an attempt to attract a younger workforce, companies are starting to offer crypto salaries. A recent CNBC article highlighted two different cases where young talent is paid in crypto. University student Stephen Gerrits and artist Tiyanna Brown decided to receive their pay in cryptocurrencies. Gerrits works part-time at a tech startup, while Brown sells digital art in exchange for Ether (ETH). According to Gerrits, he earned more than what he would’ve made in cash due to crypto price changes. However, it doesn’t just always go up. He said that he lets it be, and he finds joy when the prices go up, but the fun ends when prices go down. Since his bills are covered by other income, he considers his crypto investment. “Why not take the chance or the opportunity to kind of strike it rich, get some money out of it,” he questions.Meanwhile, 29-year old Tiyanna Brown sells art on Rarible, a platform that lets you receive ETH as payment for your digital art. Brown is optimistic that this will provide better results in the long run. “It’s almost like licensing, so every time someone uses your art, you gain a percentage,” she said. Brown also mentioned that she wants to see the words ‘starving artist’ as “a thing as of the past.” In 2021 alone, many reports show that athletes are getting paid in crypto. In August, soccer star Lionel Messi received fan tokens for his deal with Paris Saint-Germain. In November, National Football League players Odell Beckham Jr. and Aaron Rodgers chose to accept crypto payments. The former said he would take his full NFL salary in Bitcoin (BTC) while the latter would receive only part of his salary in BTC. Aside from these, in response to a challenge by Bitcoin evangelist Anthony Pompliano, three US politicians declared that they would accept their salaries in BTC. Miami Mayor Francis Suarez, New York Mayor-elect Eric Adams, and Tampa Mayor Jane Castor said they would take BTC paychecks. Related: Recruiters say crypto firms seeking leadership in engineering, legal and financeBack in November, LinkedIn reported that crypto-related job listings increased by 600% since August 2020. Aside from this, large finance companies also offered big bonuses to attract more crypto talent. HR firm Johnson Associates says that crypto positions pay 20 to 30 percent higher than comparable non-crypto positions. There are also some setbacks when opting to get paid in crypto. One of them is your employer demanding to get the payment back. A letter sent by an unnamed employee to MarketWatch’s The Moneyist says that the employee received crypto for contract work. Following this, the token surged by 700%. The company’s CEO then sent the employee an email to return the digital assets and offered to pay in dollars.

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Chinese companies embark on a metaverse trademark race

Despite the People’s Bank of China’s (PBOC) warning on metaverse and nonfungible tokens (NFTs) in November, more than a thousand Chinese companies have submitted thousands of metaverse-related trademark applications.In a summit back in November, Gou Wenjun, the PBOC’s AML and Analysis Center Director, warned about the dangers of digital assets. According to Gou, because virtual assets have no physical basis, they can be used for illegal financial activities. Gou cited activities such as “illegal fundraising, pyramid schemes, and fraud.”However, ignoring the PBOC’s warnings, Chinese companies rushed to register metaverse-related trademarks such as “metaverse satellite” and “metaverse exhibition.” According to the South China Morning Post, more than 1,360 Chinese companies submitted 8,534 trademark applications related to the metaverse by Sunday. Tencent said to sharpen focus on metaverse-like developments with advanced new gaming studio https://t.co/0CpQbrzxd8— South China Morning Post (@SCMPNews) October 20, 2021Most of the companies that applied for trademark registrations are tech firms. This includes big companies like Huawei and Hisense. The former applied to register “Meta OS” while the latter applied with several trademarks in various areas like social services, advertising, and science. Gaming and tech giant Tencent also joined in, having registered almost a hundred metaverse-related trademark applications including “QQ Metaverse”, “QQ Music Metaverse,” and “Kings Metaverse.” Aside from the PBOC’s warning, People’s Daily, the official newspaper of the Chinese Communist Party, also issued a warning about the metaverse back on Dec. 9. The newspaper warned people who engage in digital asset purchases — namely, that property sales within metaverses carry high risks of volatility. Related: We saw mainstream adoption for NFT art kicking off in 2021, says NFT.NYC co-founder Cameron BaleThe trademark applications didn’t come as a surprise to many as demand for NFTs is on the rise. According to the NFT sales tracker Crypto Slam, NFT sales in the past seven days alone amount to $580.7 million. According to research by Cointelegraph Consulting, NFT sales are expected to top $17.7 billion in 2021.

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