Značka: Reddit

GameStop shares jump 26% in after hours trade after NFT division unveiled

The share price of Reddit’s cult-favorite stock GameStop Corporation (GME) jumped by one quarter (in after-hours trading following a Wall Street Journal report on its upcoming NFT division. The U.S. retail game store giant has been quietly working on an NFT marketplace since May, and ramped things up in October by listing several job openings for Web 3.0 and NFT-experienced software engineers and product marketers. According to a Jan. 6 report from the WSJ, GameStop has now hired more than 20 people to operate its freshly minted NFT unit. An unnamed source familiar with GameStop’s plans told the outlet that the unit is building an NFT platform that enables the buying, selling and trading of gaming NFTs, along with establishing key cryptocurrency partnerships. The marketplace is slated to launch later this year, and the firm is said to be close to penning partnerships with two crypto companies that will share technology and co-invest in the development of blockchain and NFT games, along with other additional NFT projects.The news was warmly welcomed by after-hour traders who drove the price of GME up 26% since th market close to sit at $162.48 at the time of writing according to Tradingview. After-hours trading (AHT) is often quite volatile due to a lack of liquidity in the market but impacts the price of a stock in a similar way to regular trading. However, the WSJ’s lack of named sources, or direct confirmation from GameStop has raised the eyebrows of some more conspiratorially-minded GME fanatics. In a post that has 1,100 comments and a 97% upvote ratio on the r/Superstonk Reddit community, user “u/brettmagnetic” questioned if the WSJ article could actually have that much of a bullish effect on after-hours GME trading. “Sorry, but I don’t believe the movement in price after hours has to do with the WSJ posting about the Gamestop NFT market. I think something else is happening and this article was put out to give the NFT market as the scapegoat for the price increase.”User “MrFlags69” echoed similar sentiments, arguing that: “The author credited ‘the people’ as the only source I saw. This is anything but journalism.”Neither GameStop nor RC said shit today. WSJ is not on GameStop’s side. I’m not convinced that the AH bump was due to news about an NFT marketplace but rather a cover story for something going on BTS like forced FTD covering or margin calls. In any case, I buy and hold. pic.twitter.com/jDQFtTYIBr— ssddman.eth (@0xssddman) January 6, 2022

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Solana hit with another network incident causing degraded performance

The Solana blockchain has suffered a third incident in just a few months that clogged the network and caused transactions to fail, with users debating whether it was caused by another DDos attack or if it was just network issues.The scale and nature of the incident is hard to ascertain, with Coinbase, Wu Blockchain and Redditors reporting there had been an incident causing the network to slow and transactions to fail. However Solana Labs co-founder Anatoly Yakovenko denied there had been a DDoS on this occasion.The latest incident comes less than a month after a previous attack which saw reports the network was clogged with mass botting due to another Initial DEX offering (IDO) on Solana-based decentralized exchange platform Radium. According to Wu Blockchain, the Solana network went down for around four hours in the early morning of Jan. 4 UTC time as a result of an apparent DDoS attack. Solana.Status shows the network has been fully operational with 100% uptime over that period. Solana went down again at two o’clock in the morning (UTC+8) on January 4th. According to users of the official Telegram community, the attacker is suspected of using spam to conduct a DDoS attack.— Wu Blockchain (@WuBlockchain) January 4, 2022A post on the r/CryptoCurrency group on Reddit yesterday also shared several screenshots of Solana (SOL) users reporting issues with failed SOL transactions around the time of the potential DDoS and network downtime. Coinbase also provided an incident report over the past 24 hours on the Solana network’s “degraded performance” that resulted in failed withdrawals of SOL on the crypto exchange. “This is why you don’t use a service’s own status page to come to conclusions especially if it masquerades as a decentralized blockchain, but in reality is just a glorified database,” user u/Set1Less wrote. But other users responding to the r/CryptoCurrency post in the r/Solana community questioned the validity of the claims, with “NiftyMufti” stating that: “So instead of echoing random people’s opinions, why don’t you show the charts? A DDoS attack and downtime would have shown in the block explorers. I see no such signs. Prove me wrong. Which hours in which timezone was this supposed to have taken place?”Solana Labs co-founder Yakovenko echoed as such on Twitter earlier today, noting that the network issues weren’t related to a DDoS, and were just the “pain of getting a new runtime commercialized.”it’s not a ddos, just pain of getting a new runtime commercialized. $ solana ping— transaction statistics —8 transactions submitted, 8 transactions confirmed, 0.0% transaction lossconfirmation min/mean/max/stddev = 2119/3934/9387/2415 ms— anat◎ly (@aeyakovenko) January 4, 2022

In a separate Twitter thread, Yakovenko also stated that the “cost model for compute is still a [little] wonky, real fix to deal with this is in 1.9, where TXs have to specify all the resources they use upfront.” Related: Top crypto winners and losers of 2021In an interview with Cointelegraph on Dec. 22, Austin Federa, head of communications at Solana Labs said that developers are currently working to address the network’s issues, specifically in relation to improving transaction metering. “Solana’s runtime is a new design. It doesn’t use EVM [Ethereum Virtual Machine] and a ton of innovation was done to ensure that users have the cheapest fees possible, but there’s still work to be done on the runtime,” he said.

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Reddit co-founder and Polygon launch $200M Web 3.0 social media initiative

On Friday, Polygon and Alexis Ohanian’s venture capital firm, Seven Seven Six, announced a $200 million initiative backing projects operating at the intersection of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms built on Polygon’s infrastructure. Ohanian co-founded Reddit in 2005, left in 2010 and returned as executive chairman in 2014 to lead a turnaround before resigning in 2020. He has been a seed investor in several prominent tech and blockchain firms such as Coinbase, Instacart, Sky Mavis — the developer of Axie Infinity — and Patreon.As an Ethereum scaling solution, Polygon’s ecosystem has expanded rapidly this year, with over 3,000 decentralized applications built on its network. Earlier this month, Polygon announced it was dedicating up to 250 million MATIC tokens, valued at $627.5 million at the time, to develop zero-knowledge technologies intended for complex decentralized finance applications. Protocol launches and cross-chain migrations have been the biggest drivers of its token price growth for much of this year.Related: Polygon launches a zk-STARK scaling solution for DApp deploymentPolygon co-founder Sandeep Nailwal described social media business models as having a “profound impact on our world,” especially in light of Web 3.0, which is a broad concept that refers to the next generation of the internet. Through Web 3.0, “Users create the value, control the network and reap the rewards,” he said.The Polygon partnership isn’t Ohanian’s first foray into Web 3.0 development. As Cointelegraph reported, the Reddit co-founder teamed up with Solana Ventures in November to raise $100 million for various Web 3.0 initiatives.

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Social network Reddit reveals plans to go public

On late Wednesday night, the popular social platform Reddit announced that it has started the process of making the company public. The company filed a confidential S-1 with the Securities and Exchange Commission (SEC) informing them of their intentions for going public.Per SEC regulations, they cannot provide any details about shares or prices until after a quiet period is over to protect trade secrets from being leaked before an IPO date is set. The SEC filing confirmed long-running rumors about Reddit’s plans for a public offering.Back in August, Reddit raised $700 million in fresh funding, making it worth more than $10 billion. In a recent update, Reddit stated that it had made $100 million in ad revenue for the second quarter of 2021, which represents a nearly 200 percent increase over the previous year.Hi, we have some news. pic.twitter.com/DjkjBRloHF— Reddit (@Reddit) December 16, 2021″The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions,” Reddit stated in a filing with the US Securities and Exchange Commission.Reddit competes with ad-supported social media platforms such as Meta and Twitter. According to Huffman, the firm has grown up in the shadow of Facebook, now Meta, and Google, and every dollar they make is a struggle. On the other hand, Reddit has already established its cryptocurrency in the form of Reddit Community Points, or RCPs.Related: Reddit to reportedly tokenize karma points and onboard 500M new usersAs of August, Reddit boasted about 52 million daily users and more than 100,000 active subreddits. Reddit is a forum where seasoned traders congregate to share their expertise, as well as a popular gathering spot for notorious meme stock r/wallstreetbets, which has had a big influence on stock markets and cryptocurrency markets this year with its retail trading and pumping tactics. The group’s popularity prompted the creation of crypto counterpart r/SatoshiStreetB which now has 509,000 members.

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Gamer-hate: Ubisoft's new NFT project vid gets 96% dislike ratio

French gaming giant Ubisoft Entertainment SA’s new nonfungbile token (NFT) project Quartz is facing strong pushback from the gaming community. Ubisoft unveiled the Beta launch of Quartz via a brief YouTube video on Dec. 8 that has 214,721 views at the time of writing. The project aims to combine NFTs and blockchain technology with existing Triple-A game titles, and announced Tom Clancy’s Ghost Recon Breakpoint as its first game to officially integrate NFTs. The video introduces Quartz as a platform that enables gamers to “collect the first playable and energy-efficient Ubisoft NFTs” that are dubbed as “Digits.” YouTube recently changed its policy to hide the number of dislikes a video on the platform gets, however the number can still be accessed by Google Chrome extensions. Upon using an extension, the video currently shows 1,400 likes and 37,000 dislikes which equates to a dislike ratio of roughly 96%. One of the top comments on the video from user “OperatorDrewski” currently has 2,600 likes with zero dislikes, and blasts Ubisoft’s NFT project as a quick cash grab as opposed to improving the overall gaming experience: “To me, this is a blatant signal that you’re just milking the Ghost Recon franchise for literally every cent while putting in minimal effort into the actual game itself. Not playing a GR game in the future if there’s this level of degeneracy in the team.”“You took a solid franchise and absolutely made it a laughing stock,” they added.This opinion appears to be shared by a significant number of the community, with users on Twitter also lashing out at the firm in response to its latest announcement as they threatened to uninstall the firm’s games and boycott Ubisoft completely. Because of my personal view of NFTs and not because of the environmemt entirely, I will now proceed to uninstall anything related to you right now and cease further purchases of your games.That is all. For people that dislike Current Ubi’s marketing, just stop buying.— Skyeeeely – Lazy VStreamer Cat (@Sukaaaily) December 7, 2021A Dec. 8 post over on the r/gaming page on Reddit shows a concerted effort to boycott the new NFT project. The post titled “do not support “Quartz”, the new NFT Ubisoft marketplace” from “u/WolverineKuzuri93” currently has 2,500 comments and an upvote ratio of 93% at more than 13,400 upvotes. The Redditor highlights similar issues to the top commenter on YouTube, noting that:“We have to stand against this practice. […] This is just another way to nickel and dime players with cosmetics rather than focusing on making quality products with depth. We have to let companies know this is anti-consumer.”“I’m not entirely against the concept of using an NFT style system for digital games. For example, actually owning your digital copy rather than just a license so you can sell it to another user’s account. That’s actually the future of digital gaming. What I’m against is how Ubisoft are doing it with in-game items,” they added. Gamer backlash to NFTsThis is not the first time a major firm has been flamed for looking at, or launching into the world of NFTs. Cointelegraph reported last month that community messaging app Discord was forced to walk back its Ethereum-based NFT integration plans, after the gamer community bombarded CEO Jason Citron. Citron initially teased his firm’s plans via a screenshot of a beta feature showing Ethereum NFT wallet support, however he was promptly hounded with thousands of comments calling on him to abandon the plans along with users threatening to cancel their paid Nitro subscriptions.Reddit: OpenSea walks back on IPO plan following community backlashUnlike the case of Ubisoft, where the community appears to be peeved by what they assert is a cash grab, the crypto-skeptics on Discord believe NFTs are a Ponzi scheme and damage the environment due to the energy required to mine cryptocurrencies.Cointelegraph has reached out to Ubisoft representatives for comment, and will update the story if they respond.

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Reddit launches waitlist for site-wide expansion of ‘Community Points’

Reddit has launched a waitlist for the upcoming site-wide expansion of its Ethereum-based ‘Community Points’ token rewards program, as well as a dedicated website. The social media platform, which runs on upvotes that earn users’ karma scores, first dabbled in crypto token rewards in Dec 2019, when it launched Ethereum-based token rewards called “Donuts” in the r/Ethtrader subreddit. In May 2020, the platform expanded the reward program to the r/Cryptocurrency subreddit with “Moons,” and r/FortniteBR with “Bricks” on an Ethereum testnet. Now, the program will be rolled out as an opt-in feature for subreddits across the entire platform. Similar to karma, Redditors will be able to earn Community Points by making contributions to a subreddit, such as creating and uploading valuable content, or volunteering to moderate the community. While the points remain in their beta phase, Reddit has “strongly advised to exercise caution.” Selling, exchanging or trading the points are against the site’s rules. Reddit stated: “This kind of behavior is very risky while Points are on a testnet — Points can be lost or they may not be migrated over to the main Ethereum network.”The Community Points program is currently being run on the Rinkeby testnet version of the Ethereum blockchain, with plans to migrate to the Ethereum mainnet using Eth layer-2 scaling solution Arbitrum. Despite Reddit’s warnings, owners of the trial token rewards have been able to devise a convoluted plan to trade the tokens for fiat. Once the reward system moves to the mainnet, the tokens are likely to be able to be swapped, held or traded on crypto trading platforms like any other ERC-20 token. Both users and mods are able to sign up for the waitlist and request the Community Points feature to be added to their subreddit once the beta program goes live. Each subreddit that participates in the program will be able to create “Special Memberships,” which users can purchase with their points. These memberships unlock features like badges, GIFs and animated emojis. The program will also introduce a “weighted polls” feature, which will give a larger voice to users who have more Community Points, and therefore are active contributors in the subreddit. The new website explains: “Community Points are a measure of reputation in your community. In the subreddit, they are displayed next to usernames, so the biggest contributors stand out from the crowd.”Tokens will be stored on-chain in their personal “Vault,” where they can view, send and use their community points within the Reddit app. Because the points are on the blockchain, users can take their “reputation” and embed it anywhere on the internet. Related: Reddit to reportedly tokenize karma points and onboard 500M new usersReddit held a “Scaling Bake-Off” competition to choose an Ethereum scaling solution for the program in Aug. 2020. Arbitrum was selected as the top pick the following July 2021.Reddit has not yet provided a timeline for the project. The social media platform is also working on building an NFT marketplace.

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