Autor Cointelegraph By Sam Bourgi

Fireblocks launches Web3 Engine support on Solana

Fireblocks launches Web3 Engine support on Solana

Uverejnil používateľ | aug 30, 2022 |

Digital asset custody platform Fireblocks has launched support for Solana, giving its thousands of users access to the developer network’s applications and infrastructure. Beginning Tuesday, Fireblocks users will have direct access to Solana’s various decentralized finance (DeFi) and Web3 applications — a move the company says will directly benefit “alternative asset managers” and “capital market participants.”“Thousands of businesses use Fireblocks to access novel Web3 products and services,” Solana co-founder Anatoly Yakovenko said in a statement. “Starting today, these businesses will immediately have access to the depth and breadth of the Solana ecosystem.”The Solana integration will come via Fireblocks’ Web3 Engine, a suite of tools designed for developers building in the DeFi, GameFi and nonfungible token spaces. As Cointelegraph reported, Fireblocks Web3 Engine was launched in May of this year. Fireblocks CEO Michael Shaulov said his company’s Web3 suite offers Solana ecosystem developers a higher level of security when developing products. Solana has been subjected to several high-profile security breaches this year — the latest being a hack that compromised 7,000 ecosystem wallets to the tune of $8 million. Related: Crypto custody tech provider Fireblocks integrates Tokeny for token mintingSolana has put decentralized finance near the center of its ecosystem development strategy, with its venture arm recently launching a $100 million fund to support DeFi startups in South Korea. Currently, the Solana ecosystem is home to 77 active DeFi protocols with a total value locked (TVL) of $1.43 billion, according to DeFi Llama. In terms of overall TVL, Solana is the sixth largest DeFi chain. Fireblocks used the crypto bull market to become one of blockchain’s most valuable companies. In February of this year, the company closed a $550 million Series E funding round at a valuation of $8 billion. The following month, it acquired stablecoin payments platform First Digital for a reported $100 million.

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Crypto Biz: Step aside, Warren Buffett; stablecoin issuers hold more US debt than Berkshire Hathaway

Crypto Biz: Step aside, Warren Buffett; stablecoin issuers hold more US debt than Berkshire Hathaway

Uverejnil používateľ | aug 26, 2022 |

Warren Buffett raised eyebrows this week when his firm, Berkshire Hathaway, upped its exposure to United States Treasury bills. If you’re one of the few remaining bulls out there, Buffett’s flight to safety is concerning because it signals that the Oracle of Omaha would rather get a 3% yield instead of playing the stock market. If equities go belly-up in the fall, as I’ve been predicting for months, expect Bitcoin (BTC) to follow. Looking at the numbers, Berkshire’s T-bill exposure grew to $75 billion at the end of June, up from $58.5 billion at the beginning of 2022. But, even with the 28% spike, Berkshire doesn’t hold as many T-bill investments as the leading stablecoin issuers. Stablecoins presently command a market capitalization of $153 billion, and a large percentage of their backing comes from T-bills. This is just another reminder that stablecoins are serious business.Stablecoin issuers hold more US debt than Berkshire Hathaway: ReportWarren Buffett’s Berkshire Hathaway holds a massive amount of short-term U.S. debt. Well, stablecoin issuers hold more. According to data from JPMorgan, stablecoin issuers Tether, Circle and others hold $80 billion worth of short-term Treasury bills, compared with $74 billion for Berkshire Hathaway. These vast sums collect interest from the U.S. government, allowing holders to earn a passive income. If you’re surprised by this development, don’t be — stablecoins are a force to be reckoned with and are paving the way for mass crypto adoption.Iconic brands including Nike, Gucci have made $260M off NFT salesNike, Adidas, Gucci, Dolce & Gabbana, and Tiffany & Co. — these companies have found real value and utility in nonfungible tokens (NFTs). Industry data revealed this week that these companies generated a combined $260 million in NFT sales. Nike’s revenue from NFTs amounted to a whopping $185.3 million, with volumes in secondary markets hitting nearly $1.3 billion. While nobody denies how badly the NFT market has cratered in recent months, the world’s most iconic brands have successfully incorporated novel technology into their business engagement efforts. Expect a lot more NFT-focused customer engagement in the future. Nike’s NFT-related projects have made over $185M in revenue, positioning it as the biggest earning brand from NFTs.@DuneAnalytics dashboard by @nlevine19. pic.twitter.com/UDD90kz8Af— NFTgators (@NFTgators) August 22, 2022DBS bank reports 4x growth in Bitcoin buys on DDEx exchange in JuneAre savvy investors quietly buying the Bitcoin dip using trading platforms developed by major banks? Data from DBS Bank suggests so. The bank’s DDEx exchange saw a massive influx of buyers in June, as investors looked to capitalize on plunging BTC and Ether (ETH) prices. In fact, between April and June, BTC buy orders on the exchange rose by a factor of four. Whether these buyers become diamond-handed hodlers or speculators is yet to be seen. But, in the depths of crypto winter, it’s a positive sign nonetheless. Bug bounty quadruples for Ethereum network — Up to $1M payouts ahead of MergeWith excitement and trepidation in full swing ahead of Ethereum’s highly anticipated Merge, the foundation behind the smart contract platform has announced a $1 million bounty program to incentivize white hats to uncover “critical bugs” on the blockchain. The bounty program reflects the high-stakes nature of the upcoming Merge, which is tentatively scheduled for Sept. 15. If you’re an ETH holder, all you need to do is sit back and relax — and keep a close eye on scams.Don’t miss it! What crashed the crypto relief rally?What looked like a promising relief rally quickly turned sour last week, as Bitcoin plunged from a high near $25,000 all the way back to $21,000. Where does crypto go from here? In this week’s Market Report, I sat down with fellow analysts Marcel Pechman and Benton Yaun to discuss the recent price movements in the market. I also warned about September and October being volatile months for traditional finance — and hence crypto. You can watch the full replay below.[embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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Polygon founder Sandeep Nailwal raises $50M for Web3 fund

Polygon founder Sandeep Nailwal raises $50M for Web3 fund

Uverejnil používateľ | aug 25, 2022 |

Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a new startup fund dedicated to Web3 companies, underscoring venture capital’s growing interest in the blockchain-powered internet. Nailwal’s venture firm, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing firms and other venture capital investors, the company disclosed Thursday. Symbolic’s fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo and Community Gaming. The initial funding received by these startups was not disclosed. In perhaps a new take on venture funding, Nailwal said his company is focused on supporting project founders from emerging markets. “Starting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders,” he said.The rise of Web3 has resulted in the need for decentralized storage solutions that allow users to archive, retrieve and maintain their own data. Will they be able to break centralized web service providers’ stranglehold on the market? https://t.co/uJOthHq8lI— Cointelegraph (@Cointelegraph) July 28, 2022Nailwal co-founded Polygon in 2017 in India before relocating to Dubai two years later. In an interview with Bloomberg, Nailwal said he left his home country due to a lack of regulatory clarity around crypto. Related: VC Roundup: Lightning Network payment rail, DeFi trading platform and blockchain security firm raise millionsLike other crypto-focused VCs, Symbolic Capital is focused heavily on Web3 projects, or solutions that will advance the decentralized internet. As reported by Cointelegraph, two Web3-focused funds were announced earlier this month — CoinFund launched a $300 million venture and Shima Capital debuted with a $200 million commitment.According to Cointelegraph Research, Web3 projects represented the lion’s share of crypto venture funding in the second quarter, accounting for 42% of individual deals. Venture funds invested a whopping $14.67 billion into crypto startups between April and June, matching their allotment in the first quarter. 

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NFTs are a 'natural place' for digital artists — Gal Yosef

NFTs are a 'natural place' for digital artists — Gal Yosef

Uverejnil používateľ | aug 24, 2022 |

The hype surrounding nonfungible tokens, or NFTs, may have died down in recent months due to the crypto bear market, but that hasn’t stopped digital artists from experimenting in the new and exciting space. Gal Yosef, a globally renowned self-taught artist in the field of 3D art and animation, has proven his versatility by launching two successful NFT collections. In an exclusive interview with Cointelegraph, Yosef explained why NFTs are a “natural” transition for digital artists and why the industry is poised to grow despite current headwinds.Yosef, who successfully launched his Meta Eagle Club NFT collection in January, explained to Cointelegraph why nonfungible artwork is so appealing: “I think that the NFT has given massive exposure to all the digital artists mostly because it’s a very natural place for us.”Specializing in cartoon-style avatars, Gal Yosef’s digital artwork is known for being extremely detail-oriented and life-like. Source: @galyosef InstagramApproaching NFT art versus other forms of digital artNFTs are a natural transition for digital artists because the vertical is “not a category by itself.” Rather, as Yosef explained, NFTs are “exactly the same art for me, exactly like I’m doing all the time and exactly like I always did just listed in other [platforms].” He said the art world is changing along with NFTs and “giving us a new platform to express ourselves.”Yosef’s foray into the NFT market began in 2021 when he launched the Crypto Bulls Society collection. The collection reportedly generated over $50 million through primary sales and auctions. A one-of-a-kind NFT created in collaboration with American record producer Steve Aoki netted Yosef $214,000 at Sotheby’s auction.Did you know …Gal Yosef (our artist) has recently sold his own NFT in collaboration with Steve Aoki for $214.000.This is the first time that we have made Gal’s art available for a broader audience. Make sure to get your hands on one of the sickest NFTs of this time! pic.twitter.com/hzjND3ynIG— Crypto Bull Society (@Crypto_Bull_NFT) November 3, 2021When asked whether there were any learning curves in launching an NFT collection, Yosef said the only unknown was the market dynamics of the new industry. “I wasn’t sure what really [controlled] the outcome, then I realized it’s all based on the community; the art can be as beautiful as possible, but without good community, the artwork will not [succeed].”Metaverse: The future?In describing his first few encounters with the NFT world, Yosef said the broader blockchain industry, and specifically metaverse technology, could be “the next big thing.” “[I am] looking to put my signature on it and make some big things,” he said without elaborating further. Related: NFT market worth $231B by 2030? Report projects big growth for sectorWhile the existing metaverse industry has been described as “basic and weird” due to nascent technology and adoption, it’s expected to have a profound impact on gaming, social interaction and art. Some technologists and venture capitalists believe that the marriage between metaverses and NFTs is inevitable — and that metaverse NFTs will power the next growth cycle in digital collectibles. NFT sales volumes peaked in 2021 during the height of crypto mania, with the likes of Bored Ape Yacht Club and CryptoPunks generating billions of dollars in lifetime revenue. Although the market is in a cooling phase, rumors of its death have been overstated, according to industry data aggregator DappRadar. NFT sales volumes were a healthy $3.7 billion in May. While activity has continued to fall during the summer, the arrival of major brands such as Tiffany & Co reveals that many companies are strategically pivoting into the NFT market.

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Iconic brands including Nike, Gucci have made $260M off NFT sales

Iconic brands including Nike, Gucci have made $260M off NFT sales

Uverejnil používateľ | aug 23, 2022 |

The hype surrounding nonfungible tokens (NFTs) has allowed some of the world’s most iconic brands to rake in hundreds of millions of dollars in additional revenue, underscoring the mass consumer appeal of digital collectibles. Leading brands including Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany have amassed a combined $260 million worth of sales from NFTs, according to data from Dune Analytics that was first reported by NFTGators. Nike’s NFT drops have amassed $185.3 million in revenue, with volumes in secondary markets approaching $1.3 billion. Dolce & Gabbana has generated $25.6 million worth of NFT revenue. Tiffany, which only recently launched its NFTiff token allowing CryptoPunk holders to mint customized pendants, has amassed $12.6 million in NFT-related sales. Total NFT revenue for Gucci and Adidas was $11.6 million and $10.9 million, respectively. Nike’s NFT-related projects have made over $185M in revenue, positioning it as the biggest earning brand from NFTs.@DuneAnalytics dashboard by @nlevine19. pic.twitter.com/UDD90kz8Af— NFTgators (@NFTgators) August 22, 2022NFTs burst onto the mainstream in 2021, with collections such as the Bored Ape Yacht Club and CryptoPunks generating billions in lifetime sales. The hype surrounding digital collectibles eventually garnered the attention of major brands, which began experimenting with the technology to better connect with their customers. Although the NFT craze has died off in recent months, the impact of the new technology is expected to leave a lasting mark. Companies like Nike and Addidas plan to take their NFT ambitions into the Metaverse — moves designed to extend the ubiquity of their brands into the virtual worlds. Related: Nearly $55M worth of Bored Ape, CryptoPunks NFTs risk liquidation amid debt crisisWhile estimates vary, investors and technologists believe the NFT market has a very bright future. According to a recent survey by market aggregator CoinGecko, respondents believe the NFT market could be worth more than $800 billion over the next two years. More conventional research put the value of the global NFT market at around $230 billion by the end of the decade.

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