Crypto
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Crypto firms failed to deliver ‘promised benefits’ from lawmaker-backed incentives, says nonprofit
The Tech Transparency Project, or TTP, a research initiative of the United States-based nonprofit watchdog group Campaign for Accountability, has released a report claiming crypto firms “provided little in return” for state governments offering financial incentives. In a report released Thursday, the TTP said that many crypto firms based in certain U.S. states have “reaped special benefits” for setting up operations while not always delivering jobs, economic growth or tax benefits for residents. According to the group, crypto lobbyists worked on behalf of firms to gain tax breaks and discounted energy prices while state governments have “faced budget shortfalls, surging energy consumption and serious environmental damage.” A new TTP report outlines favorable laws and tax breaks given...
Building the blockchain industry despite market drops and regulation threats
“The cryptocurrency market is the only truly free market that exists in the financial universe,” said Dan Tapiero, CEO of 10T Holdings, during a recent video discussion with Cointelegraph Research. A major concern of venture capital (VC) and investment firms as of late has been centered around regulation from different countries around the globe. While the theme of the discussion was on regulation, the conversation also touched upon how these different members of the crypto space see the future of the industry. Investors undaunted by regulation Each of the panel members brought their own perspective: Dan Tapiero’s 10T Holdings is a mid-stage private equity investment firm and has decades of experience. Smiyet Belrhiti is the managing partner for Keychain Ventures, which provides inst...
Interview with Kevin O’Leary: $28K Bitcoin next or lower? | Market Talks with Crypto Jebb
With the price of Bitcoin (BTC) holding above $22,000, more and more market players are turning bullish again. Does this mean that we could see BTC go to $28,000 in the short term or will it fall below its current levels? Join us as we discuss this and other topics with Crypto Jebb and Mr. Wonderful, himself, Kevin O’Leary. In this week’s episode of Market Talks, we welcome businessman, entrepreneur, author, winemaker and television presenter, Mr. Kevin O’Leary. O’Leary, best known as the shark on the hit reality TV show Shark Tank, is the chairman of O’Shares Investments and a strategic investor in WonderFi. Mr. O’Leary’s success story starts where most entrepreneurs begin — with a big idea and zero cash. The main topic of discussion on the show is whether BTC will go as high as $28...
Worthless JPEGs: Redditor turns NFT criticism into NFTs
A Redditor made it his mission to turn the tides on nonfungible token (NFT) critics by minting a collection using the top anti-NFT comments they found on the internet. In a Reddit post, user busterrulezzz introduced the NFT collection titled Worthless JPEGs! in an attempt to bring entertainment to crypto enthusiasts while critics of the space are rejoicing during the crypto winter. The Redditor collected quotes from Redditors and famous critics like Warren Buffet, Peter Schiff and Dan Olson and minted them as NFTs. One of the NFTs from the collection. Source: stratosnft.io Additionally, the Redditor said that this is a move that documents the sheer hatred that the blockchain space is getting and mock the non-believers. They wrote: “With this collection, my objective is to summar...
Meta enables Instagram NFT integration in over 100 countries
According to a Meta newsroom post updated on Thursday, the Mark Zuckerberg-led company has begun its nonfungible token (NFT) expansion across 100 countries in Africa, the Asia-Pacific, the Middle East and the Americas. This includes adding support for wallet connections with Coinbase Wallet and Dapper as well as the ability to post digital collectibles minted on the Flow blockchain. The initial rollout targets the popular social media app Instagram. One needs to simply connect their digital wallet to Instagram to post an NFT, the company said in its updated post. Third-party wallet integrations with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are either complete as of Thursday or are coming soon. Supported blockchains at this time are Ethereum, Polygon and Flow. Ther...
Swiping left: Tinder pulls back on Metaverse dating plans
Match Group, the parent company of popular dating app Tinder, says it is cutting funding for Web3-related research and development amid disappointing Q2 earnings and the departure of Tinder’s current CEO. In a letter to shareholders on Tuesday, Match Group CEO Bernard Kim revealed that it will be scaling back its metaverse investments as well as scrapping plans to release an in-app digital currency called Tinder Coins. The move also comes alongside the resignation of Tinder CEO Renate Nyborg, the company’s first female CEO, that had initially set out plans to introduce the “Tinderverse” after acquiring a video-AI and augmented reality company called Hyperconnect in 2021. Nyborg had planned for Hyperconnect to further develop its avatar-based “Single Town” experience as a way for Tind...
Major hack on play-to-earn crypto games a ‘matter of time:’ Report
“Unsatisfactory” cybersecurity measures among play-to-earn (P2E) crypto games pose a great risk to GameFi projects and their gamers alike, warns blockchain cybersecurity auditor Hacken. In a Monday report shared with Cointelegraph, Hacken said that data indicates that GameFi projects, the category which P2E games would fall under, often “put profits above security” by releasing products without taking appropriate precautions against hackers: “GameFi projects […] do not follow even the most essential cybersecurity recommendations, leaving malicious actors numerous entry points for attacks.” P2E games often incorporate nonfungible tokens (NFTs) in their ecosystems in addition to crypto. The largest projects, such as Axie Infinity (AXS) and StepN (GMT), use a wide array of products...
Starbucks teases Web3 rewards program to attract new customers
Global coffee store franchise giant Starbucks is looking to launch a new Web3 rewards program to attract and retain customers, according to its interim CEO Howard Schultz. Speaking during the firm’s fiscal Q3 earnings call on Tuesday, Schultz noted that Starbucks will soon reveal a new Web3 “digital initiative” that will expand upon the company’s loyalty program: “This new digital Web 3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers.” The CEO kept his cards close to his chest, but briefly mentioned during the call that the firm is looking at “integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collect...
Nansen admits neglecting DeFi plans during the NFT craze
Despite the general downturn in the cryptocurrency markets throughout the year, Ethereum blockchain analytics platform Nansen has continued to report impressive growth numbers. CEO and co-founder Alex Svanevik recently spoke about Nansen’s growth, highlighting that the company has registered over 130 million addresses and has grown 30% despite the crypto downturn. Svanevik credited much of his success to the value of blockchain platforms, notably those based on Ethereum. Cointelegraph reached out to Nansen’s Andrew Thurman for more insight into the company’s success. Thurman, a Simian psychometric enhancement technician, explained that after the nonfungible tokens (NFT) craze, Nansen realized it would be a big area for the company and became its most popular section. He added: “A...
We Attended a Secret Party In the Forest at Tomorrowland 2022—Here’s What It Looked Like
In the throes of the crypto winter, FTX found warmth in the effervescent confines of Tomorrowland. Cryptocurrency and electronic dance music have been inextricably linked thanks to the widespread adoption of digital collectibles by DJs. In fact, the 2021 IMS Business Report found that 76% of all music NFTs were issued by electronic music artists. The nexus of all this activity is music festivals, where NFT and crypto developers can escape the dangerous, theft-laden interwebs to demonstrate the utilities of their projects in a controlled environment. So FTX, a popular cryptocurrency exchange which averages roughly $10 billion of daily trading volume, touched down at the largest EDM festival in the world. The company organized a hidden stage called The Hill during each day of the 2022 e...
3 key Ether derivatives metrics suggest $1,600 ETH support lacks strength
Ether (ETH) price is up 60% since May 3, outperforming leading cryptocurrency Bitcoin (BTC) by 32% over that span. However, evidence suggests the current $1,600 support lacks strength as network use and smart contract deposit metrics weakened. Moreover, ETH derivatives show increasing sell pressure from margin traders. The positive price move was primarily driven by growing certainty of the Merge, which is Ethereum’s transition to a proof-of-stake (PoS) consensus network. During the Ethereum core developers conference call on July 14, developer Tim Beiko proposed Sept. 19 as the tentative target date for the Merge. In addition, analysts expect the new supply of ETH to be reduced by up to 90% after the network’s monetary policy change, thus creating a bullish catalyst. Ethe...
Victorian police to get ‘greater power’ to seize crypto assets from criminals
Victorian Police in Australia will soon be granted new powers to seize cryptocurrency and digital assets from criminals, as well as compel platforms to hand over information about suspects. According to a statement released by Victorian premier Daniel Andrews on Aug. 2, new laws were introduced to parliament on Tuesday under the Major Crime and Community Safety Legislation Amendment Bill 2022, with the aim of cracking down on organized crime in the state. The new bill is expected to give authorities “greater power” to identify and seize digital assets, in response to the growing use of digital cryptocurrencies by organized crime. The laws will uphold also require crypto exchanges disclose information to assist with criminal investigations in the same way that banks would. “They will be abl...
