Is Silver Lake’s $150 million investment in Genesis a sign of things to come for web 3.0 projects?
- Leading tech investment firm Silver Lake has announced a $150 million investment in NFT avatar company Genesis.
- The move demonstrates that traditional investment firms are buying into Web.3.0 projects as part of their investment thesis.
- The private equity group‘s crypto investments include Fanatics, which owns the NFT sports collectibles company Candy Digital, and the blockchain infrastructure company Alchemy.
- Genesis‘ success will be largely dependent on people buying the idea of the Metaverse.
- The company is working with household names like Justin Bieber, Migos, and Cardi B for their tailored digital avatars.
NFTs and Crypto are Transforming the Metaverse
- Metaverse is a constantly evolving space with many hidden treasures waiting to be discovered.
- In 2021, cryptocurrencies and NFTs have become extremely popular, with millions of people investing in them.
- Cryptocurrencies offer a unique form of freedom and control that is very appealing to young people.
- NFTs are one–of–a–kind and can be used to represent ownership of unique items in the digital world.
- The popularity of NFTs comes from the fact that they offer buyers a unique status and identity in the metaverse.
Low-Ranked Cryptos Soar, but Experts Urge Caution
- Luniverse (LUNI) token, ranked 3888, jumped by over 3360% to $0.02088 in the last 24 hours.
- Swirge (SWG) token, ranked 2501, increased by 1902% to $0.02189 in the last 24 hours.
- Metricber (METAC) token, ranked 3802, jumped 590% to $0.0000007602 in the last 24 hours.
- HeroesTD (HTD) token, ranked 1426, jumped 287% in the last 24 hours.
- TenUP (TUP) token, ranked 1579, increased 221% in the last 24 hours.
- Magic Ethereum Money (MEM) token, ranked 3683, dropped 93.99% in its price in the last 24 hours.
- United Emirate Coin (UEC) token, ranked 4481, fell 81.38% to $0.00159.
- Major Protocol (MJR) token, ranked 2995, fell by 62.74% to $0.1195.
- BSCCharctbit (BCHB) token, ranked 3302, fell by over 61% to $0.00002621.
Government and Regulatory Bodies Make it Difficult to Buy Crypto in India
- The Government and the regulatory bodies in India are apparently trying to make it difficult for anyone to buy or invest in these virtual digital assets with Indian rupee (INR).
- Several crypto exchanges in India have temporarily disabled INR deposits via UPI to avoid any confrontation with National Payments Corporation of India (NPCI).
- Following this, payment wallet Mobikwik stopped supporting crypto trading on exchanges.
- With IMPS, NEFT, UPI and RTGS services being temporarily disabled on crypto exchanges, the only option for buying these virtual assets is through peer–to–peer (P2P) transactions which can happen online or offline.
- Crypto experts say P2P transactions in virtual digital assets are as safe as any transaction between two human beings.
- P2P crypto transactions can also be done on exchanges, which act as mediators to reduce the risks.
- Experts say it won’t be easy for the Government to ban P2P transactions as it is the Constitutional right of citizens to buy or sell any services.
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Mozilla No Longer Accepts Bitcoin, Ethereum, Litecoin, Dogecoin, etc.
- Mozilla will no longer accept ‘proof–of–work‘ cryptocurrencies.
- These cryptocurrencies are more energy intensive.
- Bitcoin, Ethereum, Litecoin, Dogecoin, etc, won‘t be accepted as crypto donation.
- Proof–of–work or PoW requires high–end equipment and mining devices to function, making it energy inefficient.
- A single Ethereum transaction equals the energy consumption of more than 1,50,000 Visa card transactions.
- In the case of Bitcoin, it‘s even higher — 137 terawatt–hours of electricity per year.
- Therefore, Mozilla will only accept ‘proof–of–stake‘ cryptocurrencies.
- These decisions are informed by its climate commitments.
- Mozilla had paused the ability to donate cryptocurrency and announced to conduct a review to understand cryptocurrency‘s environmental impact.
- Ethereum developers are planning to do this by shifting from a Proof–of–work model to Proof–of–stake.
Read the full story here.
Bandai Namco launches $7.9 million fund to invest in Web 3 and Metaverse gaming companies
- Bandai Namco is investing in Web 3 and Metaverse with a new fund.
- The fund will focus on blockchain companies in Japan as well as overseas.
- The focus will also be intensifying the decision–making process on laying the foundation of an IP (Intellectual property) Metaverse and the development of a new entertainment system.
- Meanwhile, the gaming giant has been actively forming collaborations with several start–ups across different businesses and sectors to advance the growth of Web 3 and the metaverse ecosystem.
- Bandai Namco‘s IP Axis strategy envisions a multi–IP hub of multiverses, with Gundam IP being one of the first instances.
New Nexo Card Gives Crypto Holders the Best of Both Worlds
- Nexo partners with Mastercard and DiPocket to launch the first crypto card in Europe that allows customers to use their assets as collateral instead of selling them.
- The new feature (dubbed Nexo Card) is linked to a Nexo–provided, crypto–backed credit line that stays at 0% APR.
- By collaborating with the payment providers, Nexo granted its users access to over 92 million merchant sites worldwide.
- The card provides instant crypto cashback, paid out in Bitcoin or Nexo’s native token.
- Nexo Card is available both in virtual and physical form as it comes with direct Apple Pay and Google Pay integrations.
- Ordering additional virtual cards is for free.
- Antoni Trenchev – Co–Founder and Managing Partner at Nexo – summarized the advantages of the new product:
- Commenting on the collaboration was also Mastercard’s Head of Crypto and Blockchain Products – Raj Dhamodharan.
- In January, Nexo shook hands with Bakkt Holdings.
- In March, the company launched a new fund aimed at investing $150 million in Web3–related enterprises and other crypto–focused projects.
Polygon Pledges $20 Million to Become Carbon Neutral by 2022
- Polygon Network has pledged $20 million to offset its carbon footprint and become climate effective.
- The blockchain project has revealed that it will implement a multilayered strategy targeted at creating a sustainable future for its ecosystem, the crypto industry, and the planet at large.
- Polygon also unveiled its “Green Manifesto: A Smart Contract with Planet Earth,” which emphasizes the need for environmentally sustainable practices to promote the Web3 ethos.
- To become carbon neutral, the project intends to track every NFT generated, token bridged, or DeFi trade made on its ecosystem and their environmental impacts mitigated.
- Polygon‘s long–term goal is to become the first blockchain to be climate positive.
- In partnership with Offsetra, KlimaDAO will provide Polygon with a carbon footprint analysis to help measure the network‘s carbon intensity.
- Polygon plans to purchase about $400,000 worth of carbon credits via KlimaDAO‘s on–chain carbon market, Klima Infinity.
- Additionally, Polygon stated that it had commissioned the Crypto Carbon Ratings Institute to provide a secondary audit of its carbon footprint to ensure the validity of the initial analysis.
- Polygon has also pledged $20 million to support several climate–positive initiatives and improve the ecosystem‘s carbon status.
- By providing this support, Polygon is ensuring that every project built on its ecosystem maintains environmentally sustainable practices.
MetaMask Institutional partners with Gnosis Safe, GK8, Hex Trust, and Parfin
- MetaMask Institutional announces strategic partnerships with Gnosis Safe, GK8, Hex Trust, and Parfin.
- The goal is to expand the organizational reach and streamline the DAO experience.
- MetaMask is now embracing the requirements of DAOs looking for crucial management solutions to engage in decentralized finance activities.
- With the latest integration, MetaMask is now able to provide organizations access to DeFi and Web3 while meeting rigorous institutional requirements.
- MetaMask Institutional will continue to address varied requirements of organizations and DAOs with the aim to bridge every organization in the world into Web3.
Dogecoin Foundation Working to Use Starlink for Offline Doge Transactions
- The Dogecoin Foundation is working on using the Starlink satellite network to enable offline doge transactions.
- Two key staff members from the Dogecoin Foundation have written an article on using RadioDoge technology in combination with the Starlink satellite network to transact Dogecoin without the use of the internet.
- The team admits that there is still a lot of work to be done, but they have laid the groundwork for future experiments, which includes connecting RadioDoge to the Dogecoin testnet through Starlink support.
- The key to this technology lies in RadioDoge, a “cheap and reliable Radio technology (HF/LoRaWAN)” that would work with the Starlink satellite network to enable accessibility to people without internet connectivity.
- The other crucial element is the GigaWallet project, a drop–in solution for internet–based transactions through standardized, non–custodial wallet integration with the Dogecoin network.
- The team considers the first phase of Libdogecoin, a programming library or building blocks for creating Dogecoin projects, as the groundwork for forming and validating Doge addresses and transactions.
- The main challenge in the progress of enabling GigaWallet to communicate with RadioDoge centers on if Libdogecoin can do the heavy–lifting work.
- The technology could potentially revolutionarily stimulate Dogecoin‘s grass–root adoption derived from emerging economies, making the Musk–backed cryptocurrency “the defacto means for exchanging goods and services globally.”
Facebook’s plans for the Metaverse could be a privacy nightmare
- Facebook‘s plans for the Metaverse raise concerns about privacy and user protection.
- The amount and type of data that Facebook can harvest from the Metaverse will be mind–boggling.
- If Facebook‘s vision of the Metaverse becomes a reality, the company will be able to keep a detailed picture of its users in order to serve them targeted advertising.
- The Metaverse takes data mining a step further by immersing users in the virtual realm through the usage of hardware such as VR headsets and gloves.
- Companies such as Apple, Amazon, and Microsoft have already launched “personal assistants“ with the sole purpose of getting to know their users better by mining data.
Virgil Griffith Sentenced to Five Years in Prison for Teaching North Koreans About Ethereum
- Virgil Griffith was sentenced to more than 5 years in prison for delivering a lecture on cryptocurrencies in North Korea.
- Griffith pleaded guilty to one single conspiracy charge for delivering a lecture on cryptocurrencies in North Korea.
- In addition to serving the 63–month prison sentence, Griffith must pay a $100,000 fine to the U.S. government.
- Griffith could have faced up to 20 years in prison if he had not pleaded guilty.
- The Ethereum Community and other crypto enthusiasts showed their support for Griffith despite his guilty plea.
- Griffith said he had “learned his lesson“ and was deeply ashamed to be in prison.
- The conviction serves as an example for anyone attempting to use cryptocurrencies to circumvent U.S. sanctions.