Crypto Headlines Nov 22, 2021

       News Headlines (NOVEMBER 22, 2021)

  1.  Here’s where to meet New York’s young(ish) crypto millionaires 

The most recent gathering, held Monday in the upper room of Sean’s, a Midtown pub, featured dozens of 20- and 30-something techies dressed like they were going for a day hike in Portland — mingling with each other and a smattering of women as they sipped pints of Guinness and nibbled burgers and fries. Young cryptocurrency millionaires — and those who want to learn more about their hot assets — converge weekly in the Big Apple to drink, exchange business cards, and enjoy their collective good fortune at being early to the second internet gold rush.

The $1 trillion U.S. infrastructure bill, signed into law by President Joe Biden last week, contains provisions that would tax cryptocurrency trades and yield the U.S. government some $2.8 billion a year. The infrastructure bill says “a brokerage” needs to keep track of these things. The issue is that the crypto tax element of the law is not clearly written, and the government risks squashing a burgeoning part of the economy. The tax reporting for trading platforms and investors may be onerous enough to discourage further investment, which ultimately may make the tax worthless, or at least generate far less revenue than estimated. 

In March, artist Beeple saw his “The First 5000 Days” sell for $69 million through a Christie’s auction. The auction began on Feb. 25 with a starting bid of $100. The sale ranked Beeple, whose real name is Mark Winkelmann, “among the top three most valuable living artists,” according to Christie’s. The record-setting sale of an NFT in March has been credited with helping to increase awareness and valuations of non-fungible tokens. The NFT sale also came at a time when Ethereum was still trading under $2000. Beeple admitted that NFTs could be a bubble and could also provide long-term value as an asset class.

CryptoPunk #9031 just sold for 163 ETH ($696,522 USD). The value of CryptoPunks is typically determined by Punk’s attributes, with the hoodie, beanie, and pilot helmet traits being the most coveted. CryptoPunks are a generative art collection, and one of the first ever applications of NFTs for digital art. There are only 10,000 Punks in existence, and some of them are thought to be lost forever. Cryptopunks are the ultimate rookie card for NFT collectors. CryptoPunks have earned huge influence in 2021, with dozens of Celebrities proudly showing off their punk ownership on Twitter.

Wikipedia defines ‘the Metaverse’ as “a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the Internet.” In the news this week, Facebook also rebranded the entire company to META, giving us an idea of just how big the METAVERSE will become. The Sandbox is a virtual gaming world, where players are able to create, build, trade, own, and monetise their gaming within the Ethereum Blockchain. The aim is to provide gamers with actual ownership of in-game items as NFTs (non-fungible tokens) and reward them for their playtime and participation within the games ecosystem.  

David Angliss, an analyst with Australia’s leading cryptocurrency investment firm, Apollo Capital, shares the fund’s weekly take on what’s happening in the fast-changing and volatile cryptocurrency space. IMX uses StarkWare, the same technology that powers on-chain derivatives platform dYdX, to escape Ethereum’s high gas (transaction) fees. Minting on Immutable is gasless and nearly instantaneous. Immutable, David Angliss says, sits at the intersection of several fast-growing sectors of the cryptocurrency space: the metaverse, NFTs and Ethereum scaling solutions. Auckland-based NFT company VeVe is using Immutable X to power its app, which has sold 510,000 NFTs to over 290,000 active users. 

This was revealed in a news release issued on November 18 by the financial services and cryptocurrency investment firm founded and run by billionaire Mike Novogratz. TIME, a famous American publication, said this week that it will begin to keep ether (ETH), the Ethereum network’s native coin, on its balance sheets. This is part of his formal journey into the story of metaverses, a virtual place he will access through Galaxy Digital’s hand. TIME will also accept ETH as a form of payment, making it one of the most important media firms to collaborate with the ecosystem’s second most valuable crypto asset. 

Amidst the increasing demand for real-time monitoring solutions, PARSIQ, a fully-featured ecosystem of decentralized monitoring and automation services, has launched its newest product, TRACKR, explicitly developed to address the rising concerns of unauthorized activity in blockchain-based products. As blockchain technology expands to new horizons, there has been a significant rise in the frequency of cyberattacks and other malicious attempts, posing critical security concerns within the cryptoverse. According to the PARSIQ team, TRACKR offers real-time notifications and detects malicious attempts before hackers get a chance to execute their plans. As such, it allows users to undertake countermeasures even before the underlying blockchain validates the “unauthorized” transaction. 

Coinbase added Gala (GALA) to its professional trading platform early last week and subsequently rolled out support for the altcoin on its retail trading platform on Wednesday. A gaming altcoin built on top of the Ethereum network has witnessed a practically non-stop parabolic rise after its addition on the leading US-based crypto exchange Coinbase. Since Coinbase announced its initial support for the altcoin, GALA has soared from $0.11 to a fresh all-time high of $0.45 on Sunday – a 309% increase. It’s designed to power a plethora of games that allow players to earn rewards as well as buy and sell in-game items in the form of non-fungible tokens (NFTs). 

  1.   Adidas enters the metaverse with an NFT you don’t actually own 

A non-fungible token (NFT) is a one-of-a-kind, non-transferable data unit kept on a digital ledger (blockchain). Adidas has officially entered the Metaverse, which continues to be restocked with well-known names. A one-of-a-kind POAP NTF collectible was released by the corporation. Adidas has joined the growing list of well-known brands that have entered the Metaverse. Despite the fact that the POAP NFT (Proof of Attendance Protocol) is not an Adidas NFT or a coin, the business informed Adidas CONFIRMED users about it and sent them to the POAP website to add the item to their Ethereum (ETH) wallets.