Autor Cointelegraph By Savannah Fortis

Metaverse is a key factor in long-term NFT success, says new research

Metaverse is a key factor in long-term NFT success, says new research

Uverejnil používateľ | aug 22, 2022 |

A new report from Juniper Research analyzed the trajectory of the nonfungible token (NFT) market over the next five years. According to the study, global transactions related to NFTs will escalate from 24 million in 2022 to nearly 40 million by 2027. One of the top catalysts to push NFT adoption will be those linked to metaverse use cases, according to the study. This niche of NFTs will be the fastest growing in the next five years. Metaverse-related NFTs will experience an increase in transactions from 600,000 transactions in 2022 to 9.8 million by 2027. A good indicator for brands such as Gucci and Adidas, which have already adopted the technology for wearables in the digital universe. This data shows that consumers want value in their digital assets that go beyond the monetary.This is also backed up by a recent report from Ripple, in which the company surveyed major financial institutions on NFT interest. The NFTs of most interest were music related.Music NFTs often involve multi-utility aside from accumulating value in a wallet, such as exclusive artist content and fractional stakes in song rights. Juniper says the data from the report is based on a “medium scenario” for adoption. Although these digital assets offer new growth and profit avenues, the report cautions vendors to act wisely due to the amount of NFT scams available on the market. Related: How do you pick your next NFT? Community respondsThere have been a number of reports involving NFT scams since the boom took off in 2021, most surrounding the security of NFTs in crypto wallets and pump-and-dump schemes. The NFT marketplace OpenSea recently addressed its community on Twitter about scams and stolen NFTs: 9/ In the long term, our key focus areas continue to be on finding solutions that tackle this problem at its root. Efforts are already underway to better automate threat and theft detection, such as blocking suspect URLs earlier.— OpenSea (@opensea) August 10, 2022Solana (SOL) announced a new way it plans to combat spam NFTs. The network plans to introduce a burning feature in its Phantom wallet. This will allow users to weed out any spam NFTs sent by scammers. The current bear market state of the crypto has also been a catalyst for wiping out projects that don’t have long-term sustainability and utility.

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Independent Tether attestation reveals 58% decrease in commercial paper holdings

Independent Tether attestation reveals 58% decrease in commercial paper holdings

Uverejnil používateľ | aug 19, 2022 |

An announcement from USDT issuer Tether Holdings Limited revealed information from an independent attestation about the company’s previous quarter’s performance. The reviewer, top accounting firm BDO Italia, assessed Tether’s assets as of June 30, 2022. Tether had previously announced a commitment to decreasing its commercial paper holdings by the end of August 2022. Data from the report revealed a 58% decrease in commercial paper exposure since the previous quarter from $20 billion to $8.5 billion.The chief technology officer of Tether, Paolo Ardoino, tweeted that Tether has plans to continue to decrease its commercial paper holdings to $200 million by the end of August and zero them out by the following October.As of June 30th, more than 58% decrease in Tether’s commercial paper holdings over the prior quarter from $20B to $8.5B.CP portfolio will be $200m by end of August and 0 by end of October. https://t.co/g5lJgs1r3n— Paolo Ardoino (@paoloardoino) August 19, 2022Additionally, the total amount of consolidated assets held by Tether at the time of the review amounted to just over $66.4 billion. Meanwhile, the total amount of consolidated liabilities equaled nearly $66.2 billion, with nearly 99% related to digital tokens.In May 2021 Tether began releasing quarterly statements of its stablecoin reserves after reaching a settlement with the New York Attorney General. This came after a lawsuit against Tether claimed that USDT didn’t have full backing in its reserve at all times.The company says these reports, specifically with the oversight of BDO, are to “reinforce its dedication to transparency.” Ardoino commented on the attestation, saying:“The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability, allowing us to build a tool for the global economy.”Tether’s attestation report was released one week after the United States government sanctioned cryptocurrency mixer Tornado Cash, which contributed to a surge in USDT’s circulating supply. USDT continues to hold the top spot as the world’s largest stablecoin by market capitalization, according to data from CoinMarketCap.Related: Tether calls thesis behind USDT short selling ‘flat out wrong’Tether recently came out with a statement in alignment with the upcoming Ethereum Merge to proof-of-stake, which is projected to happen this September. 

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NFTs democratize music industry and redistribute song rights

NFTs democratize music industry and redistribute song rights

Uverejnil používateľ | aug 19, 2022 |

The music industry continues to find inventive ways to integrate decentralized technology into new releases to benefit both artists and their fans. Electronic dance music (EDM) artist R3HAB and blockchain-based music community anotherblock released a single on Aug. 19 with the idea of “democratizing music rights.” The nonfungible token (NFT) included in the drop allows holders to earn royalties based on streaming popularity.The single, “Weekend on a Tuesday,” debuted bundled with an exclusive NFT. Each of the 250 NFTs available entitles the holder to a 0.02% share in the streaming revenue. Anotherblock’s platform provides a value tracking tool so holders can estimate payouts and overall value.Many artists have been using digital assets as a way to connect with their fan base through extra exclusives tied to the NFT. Typically extras include artwork, additional music, or behind-the-scenes material. Anotherblock CEO Michel D. Traore told Cointelegraph that this way of implementing NFTs allows those who create value around songs to take part in receiving some of it back.“Music rights’ value is created by people loving and listening to the music, and doing things with it. Why shouldn’t [they] be able to own rights if they create the value by listening to it. They should be able to get some of the upside as well.”The idea behind this vision of spreading the value from primarily record labels and music catalogs to include more of the artists themselves but also the fans can be looked at as “democratization” of the music industry. “The middle ground of more and more people owning rights is what’s missing today, and I think lead to positive effects.”While it’s easiest to introduce these ideas with larger artists like R3HAB and Steve Aoki, this only paves the way for up and coming artists to enter into the industry with these ideas prior to committing to a restrictive contract.Related: Musician Grimes’ debut NFT auction generates $5.8M in 20 minutesIn an interview with Cointelegraph R3HAB highlighted the aptitude of EDM fans towards new “cutting-edge” technology like NFTs. R3HAB said his team had been looking at fans’ interest and engagement with Web3 based-platforms. This is where I got the confirmation to dive into the NFT space and provide my fans with this opportunity.” According to Traore, anotherblock polled its Discord community on music genres of interest for NFTs and EDM scored highest followed by HipHop and R&B. Moreover, a recent report from Ripple revealed 55% of major financial institutions are interested in music-related NFTs.As the crypto industry refines itself in light of the market crash, projects without real value and utility are being cleaned out. Traores sees the connection to value in the real world with music rights NFTs as a sign for something lasting. 

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MTV introduces the 'Best Metaverse Performance' award category

MTV introduces the 'Best Metaverse Performance' award category

Uverejnil používateľ | aug 19, 2022 |

The 2022 MTV Video Music Awards (VMAs) added a new category to its list of competition categories. This year artists are eligible to compete under the category of “Best Metaverse Performance” for a coveted award.Initially, the award show began in 1984 as an esteemed recognition for music video prowess. Major music artists, including Madonna, Nirvana and Kanye West, are among previous VMA recipients. Typical award categories include, “Video of the Year,” “Artist of the Year,” and “Song of the Year,” though this year there is a Web3 twist. The VMAs took into account performances in the metaverse and created a brand new award category.The #VMA Experience on @Roblox has ✨ arrived ✨ Vote for who you want to see take home the moon person for Best Metaverse Performance AND play our mini game, Tap That Dance! ‍Don’t miss out on the fun: https://t.co/yR475leByW pic.twitter.com/Kj5LIYXsZS— Video Music Awards (@vmas) August 14, 2022In its inaugural year, six artists are up for nomination. This includes the Rift Tour ft. Ariana Grande (Fortnite), Blackpink’s The Virtual (PUBG Mobile), BTS (YouTube), Charli XCX (Roblox), Justin Bieber – An Interactive Virtual Experience (Wave) and Twenty One Pilots Concert Experience (Roblox). In addition to a brand new award category, on Aug. 12 the award show announced its first-ever metaverse experience. Paramount Game Studios released The VMA Experience in the Roblox metaverse last week, which is available until Sep. 3 of this year.Roblox has two performances up for nomination and is a virtual world very active with pop culture events, including concerts and festivals. Last year, it partnered with Insomniac, a major electronic dance music festival producer, to create virtual festivals in its metaverse.Related: Concerts in the Metaverse could lead to a new wave of adoptionThis year’s metaverse category comes after five consecutive years of declining VMA views. As the metaverse continues to expand and attract younger audiences, MTV’s move to include virtual performance may help keep it up to date. The music industry is rife with Web3 integrations, as it has been on a trajectory of digital consumption for years after the introduction of music streaming services. Artists are releasing singles as NFTs are now eligible for recognition on international charts, while others are utilizing blockchain to improve music licensing.

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South African Reserve Bank encourages friendly behavior with crypto

South African Reserve Bank encourages friendly behavior with crypto

Uverejnil používateľ | aug 18, 2022 |

The Prudential Authority of the Reserve Bank of South Africa sent out guidelines to its subsidiaries in an effort to prevent illicit activities, encouraging banks not to cut all ties with cryptocurrency. It suggested that such an act could cause greater risk in the long run.The official notice was signed by Prudential Authority CEO Fundi Tshazibana. In the past, certain South African banks had cut ties with crypto asset service providers (CASPs) — as they are called in the document — due to unclear regulations or a high-risk factor.However, the notice highlights that risk assessment doesn’t mean dropping crypto entirely:“Risk assessment does not necessarily imply that institutions should seek to avoid risk entirely (also referred to as de-risking), for example, through wholesale termination of client relationships which may include CASPs.”It goes on to say such a move could even be a “threat” to general financial integrity, as it may limit the possibilities of treating issues such as money laundering.In late July, the Reserve Bank released an assessment of risks within the local banking sector. According to the report, cryptocurrencies and virtual assets were included in the top 10 threats identified by the top local banks. Related: European Central Bank addresses guidance on licensing of digital assetsPrior to the report, the South African government released a plan that entailed the classification of crypto as a financial asset for regulatory purposes. The laws pertaining to the classification are expected within the next 12 months.Crypto exchanges in South Africa reacted positively to this announcement. Many believe this move will drive adoption in the country. The country has seen major signs of interest and innovation in the crypto community, including “in real life,” or IRL, crypto use cases.South Africa is home to crypto projects such as Bitcoin Ekasi, a township that introduced Bitcoin as a means of bolstering the financial independence of local underserved communities and Unravel Surf Travel, a South African-based travel pro-crypto travel company. 

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