Crypto Headlines Nov 24, 2021

  1. How Misinformation on ‘Book Twitter’ Killed a Literary NFT Project 

“Realms of Ruin,” a collaborative storytelling project helmed by former Facebook executive Julie Zhuo and a team of best-selling young adult (YA) fantasy and science-fiction authors planned to kick-start the story with origin lore and 12 character backstories, and then hand over the reins to the “Realms of Ruin” community for dreaming up new characters and story lines within the universe. Built on the Solana blockchain, fans could mint their stories as non-fungible tokens (NFTs), buy and trade character art NFTs and talk with one another on Discord about the universe they were building. Instead of eager fans, the authors were met with suspicion that quickly turned to collective anger.

Beckham, who had just recently been signed by the Los Angeles Rams shortly after he was released by the Cleveland Browns earlier this month, would be earning a $750,000 base salary, $500,000 signing bonus, and up to $3 million in other incentives, bringing his total salary to a whopping $4.25 million for the season. Additionally, the football star announced that he would be giving away $1 million in bitcoin to his Twitter followers. To qualify for the giveaway, fans are required to reply to his tweet with their Cash App ($Cashtag) and the hashtag #OBJBTC.

Du Jun, the co-founder of Huobi Group explained that BTC has “strong support at $57,500” but the “price of BTC is highly uncertain. Alex Kuptsikevich, the Fxpro senior market analyst, detailed in a morning crypto market analysis that bitcoin (BTC) markets are bearish. “The technical picture for bitcoin is on the bearish side,” Kuptsikevich explained to News. “After Friday’s technical rebound, the first cryptocurrency hit resistance at the weekend in the form of the 50-day moving average and the 76.4% retracement level from the September-November rally. Stronger selling from this level suggests a short-term trend reversal and a set-up for a deeper and longer correction,” Kuptsikevich added.

Cardano keeps falling — more than other cryptocurrencies. ADA crypto is now down over 29 cents in the past month, as of Nov. 21, when it was at $1.87 per token. That is a drop of 13.5%. Moreover, in the last 3 months, it peaked at $2.9634 on Sept. 1. This represents a tumble of over $1.09 per ADA crypto token or a loss of 36.9%. One of major concerns is that Cardano’s smart contract upgrade has not taken off that well. So far the Alonzo hard fork, or upgrade, has not yet shown to have brought in a good number of new apps.

Dolphin Entertainment announces the launch of Creature Chronicles: Exiled Aliens, the content studio’s first generative NFT (non-fungible token) collection and the initial project from newly-hired visual artist Anthony Francisco. 10,000 Unique Avatars Designed by Former Marvel Studios’ Artist, Anthony Francisco Collection To Be Minted on the Solana Blockchain

Users Can Purchase Directly On-Site With FTX.US Wallet. Creature Chronicles is a multi-season NFT event. After the release of Exiled Aliens, the community and fan experiences will continue to evolve and grow while the storyline develops and new NFT drops are released during upcoming seasons.

Avalanche’s novel consensus mechanism is flexible, efficient, and green making it sustainable and the platform of choice for many developers and innovators with long-term considerations. Avalanche is quickly solidifying itself as a solid long-term winner in a multi-chain world. Significant partnerships with groups such as publicly-traded Voyager Digital, NFT platform Particle, and consulting firm Deloitte represents Avalanche’s commitment to building a vibrant on-chain ecosystem that is quickly reaching escape velocity. Avalanche is becoming the chain of choice for developers and innovators.

For most of the crypto space’s existence, blockchain networks were separated by their technical differences. Just as you can’t buy a product from eBay by logging in to your Amazon account, you couldn’t use the coins from one blockchain on another. However, this problem is now being chipped away at every day, exemplified by the rise of multi-chain projects such as Celer Network. Celer is currently compatible with a range of disparate blockchains, including Ethereum (ETH), Polkadot, NEO, and many more. Similarly, Celer Network is a multi-chain blockchain project that allows users to hop between various networks from Celer’s one-stop-shop interface.

Autonomous tennis ball collector Tennibot has received investment from Benson Capital Partners, the VC firm founded by New Orleans Saints and Pelicans owner Gayle Benson. Tennibot uses sensors and AI cameras to retrieve tennis balls across a court. Terms of its over-subscribed funding round were not disclosed. The company claims its robot, which currently costs $850, saves coaches and players from spending 25% of their time on a tennis court collecting scattered balls themselves. With the new capital, Tennibot plans to increase its pace of production and develop new features.

On Nov. 18, a group of cryptocurrency investors banded together online to form a decentralized autonomous organization (DAO), to buy a rare copy of the US Constitution at Sotheby’s auction house. Despite raising a staggering $47 million in cryptocurrency, the group known a ConstitutionDAO was outbid by Ken Griffin, the billionaire CEO of the hedge fund Citadel. The effort was hailed as a coming-out party for DAOs and a show of force for what crypto enthusiasts can do online. But the very things that enabled it—the decentralized design of crypto—complicated financial matters thanks to the fee structure for transactions.

  1.   Ethereum’s Fees Are Too Damn High 

Crypto venture capitalist Chris Dixon – whose company, Andreessen Horowitz, is heavily invested in the Ethereum ecosystem – responded to Su by suggesting that the network is still in its infancy, and that infrastructure may eventually make things cheaper and easier to use (at the expense of security). Traders who donated to ConstitutionDAO – last week’s crowdfund to purchase an original copy of the U.S. constitution at auction – collectively paid nearly 200 ETH in fees, according to on-chain data. That’s around $850,000. Minting an NFT on Ethereum will generally cost between $60 and $250, depending on the time of day and the stress on the network. The more users are competing to get their transactions in the chain’s next “block,” the worse the fees.