SNEAK PEEK

My Neighbor Alice becomes the first fully decentralized game on Chromia Mainnet.

Beta Season on Chromia launches September 24th, advancing on-chain gaming experiences.

Chromia Mainnet offers gasless transactions, advanced querying, and independent dapp chains.

My Neighbor Alice is set to become the first fully decentralized game to launch on the Chromia Mainnet. This development follows Chromia’s completion of its mainnet launch in July and marks a significant milestone for both the blockchain platform and the game. 

The new Beta Season of My Neighbor Alice, slated to go live on September 24th, will be the first to operate entirely on Chromia, showcasing what is possible in the world of on-chain gaming. The game, which gained attention as Binance‘s Project of the Year in 2021, is now taking the next step toward decentralization, providing players with a more secure and scalable gaming experience.

My Neighbor Alice’s journey to launching on Chromia Mainnet has been a carefully planned process. The game’s Early Alpha Seasons were crucial in testing the integration of the blockchain’s decentralized infrastructure. 

These stages helped ensure the game could handle high volumes of transactions while maintaining smooth and efficient gameplay. The development team worked closely with the game’s community, incorporating valuable feedback to improve the game and ensure the blockchain’s stability and scalability.

This meticulous approach to development reflects the importance of fully decentralizing the game’s logic and infrastructure, a critical step for ensuring the game is truly on-chain and independent of any centralized servers. 

The launch on Chromia Mainnet brings My Neighbor Alice closer to realizing its vision of a fully decentralized, Web3 gaming experience. The game now operates without the need for centralized servers, making it the first of its kind to host all game logic and data directly on-chain. Along with the game’s architecture on the chain, the Chromia blockchain offers a few benefits for developers and players. These are gasless transactions, advanced querying features, and the possibility to give each decentralized application dapp a chain of its own. All this guarantees quick and scalable transactions as well as the improved gaming experience as a whole.

The post My Neighbor Alice Becomes First Game to Launch on Chromia Mainnet appeared first on Today NFT News.

SNEAK PEEK

De Labs launches $DeGods token to unify its NFT assets, sparking major market interest.

$DeGods token, built on Solana, briefly hits $330M market cap, faces controversy and volatility.

Conversion of NFTs to $DeGods raises concerns, with reports of scams and trader losses emerging.

De Labs, the creator of the popular DeGods and y00ts non-fungible token (NFT) collections, has launched a new cryptocurrency token named $DeGods. This launch marks a significant step in the company’s strategy to streamline its digital assets into a unified and purposeful crypto coin. 

The new token is built on the Solana blockchain and is expected to play a central role in the De Labs ecosystem, which has grown rapidly since its inception in 2021.

On September 15, Frank DeGods, co-founder of De Labs, confirmed the launch of the $DeGods token in a blog post. The new token is part of a broader strategy to integrate all digital items within the De Labs ecosystem into a single crypto asset.

Whenever there is a new launch with liquidity, it gets sniped. I always hate when this happens because it makes the chart look bad.

In the $DEGOD situation, ~1% of the supply was paired at 66M. It got sniped & the sniper is out.

The $DEGOD wick is $330M. Time to fill it. pic.twitter.com/wexKkzYW7v

— Frank (degod mode) (@frankdegods) September 15, 2024

This move is intended to simplify the management of the various digital assets associated with De Labs’ NFT collections, particularly DeGods and y00ts. The $DeGods token has a fixed supply of 10 billion coins and is available for conversion to current holders of $Dust, DeGods, and y00ts NFTs.

De Labs, known initially as Dust Labs, was founded in 2021 to build software that enhances the value of NFT communities. The company is responsible for the DeGods NFT collection, which includes 10,000 NFTs spread across the Solana, Ethereum, and Polygon blockchains. 

The company also launched y00ts, a collection of 15,000 Polygon-based NFTs. Over the years, De Labs has built a global community of creators, developers, and entrepreneurs, positioning itself as a leading player in the NFT market. 

When released into the market the new $DeGods received a fast reaction. The team behind the DeGods project sold 3% of tokens out of the total supply at a low price through a bonding curve for seeding liquidity and it was sold out in a matter of minutes. The token was launched across several crypto exchange platforms and the market capitalization reached $330 million and a stabilized at $70 million. However, the rapid fluctuations in value left some traders with significant losses. Despite this, the token’s introduction has sparked considerable interest, though not without controversy. Some traders have expressed dissatisfaction with converting NFT collections into a memecoin, and there have been reports of scams involving fake $DeGods tokens.

The post De Labs Unveils $DeGods Token, Aims to Consolidate NFT Collections appeared first on Today NFT News.

SNEAK PEEK

Circle partners with Sony to integrate USDC on Soneium, enhancing Web3 payments.

Sony’s Soneium blockchain adopts USDC, marking a key step in stablecoin integration.

USDC integration into Sony’s Soneium boosts Circle’s push for digital dollar adoption in Web3.

Circle, a prominent stablecoin issuer, has announced a strategic partnership with Sony Block Solutions Labs, aiming to enhance the adoption of its USD Coin (USDC) on Sony’s newly developed layer-2 blockchain, Soneium. 

We’re excited to announce our collaboration with Sony Block Solutions Labs to bring bridged USDC on Soneium via our Bridged USDC Standard! This marks a significant milestone to set the stage for a new era of creativity in the Web3 space.

Read more about the collaboration here:… pic.twitter.com/0IRxrXhf5P

— Circle (@circle) September 16, 2024

On September 15, Circle confirmed its partnership with Sony’s blockchain division, which will see USDC integrated into Soneium, a public Ethereum layer-2 blockchain developed by Sony Block Solutions Labs. 

The partnership involves the use of Circle’s Bridged USDC Standard, a specification for deploying a bridged form of USDC on Ethereum Virtual Machine (EVM)-compatible blockchains. This integration is expected to make USDC one of the primary tokens for value exchange within the Soneium ecosystem, enabling digital dollar payments on this layer-2 network.

Soneium, launched in August 2024, represents Sony’s foray into blockchain technology, developed in collaboration with Startale Labs. The blockchain aims to provide a robust infrastructure for Web3 applications, and the integration of USDC is seen as a move to facilitate more efficient and secure transactions within this ecosystem. 

Jun Watanabe, Chairman of Sony Block Solutions Labs, emphasized that the collaboration aligns with Sony’s vision of creating a more interconnected and efficient digital ecosystem.

For Circle, this partnership is a pivotal moment in its ongoing efforts to promote the use of USDC across various blockchain networks. The firm’s CEO, Jeremy Allaire, stated that this collaboration is a significant milestone for Circle’s mission to accelerate the adoption of stablecoins and blockchain technology, particularly in empowering creators within the Web3 space.

This cooperation is a major part of Sony’s blockchain division’s outlined development plan. Today, Sony’s blockchain division partners with several major players in the blockchain industry, such as Astar, Alchemy, Chainlink, Optimism, and The Graph.

Furthermore, in early September, Samsung’s investment division, Samsung Next, announced a strategic investment in Startale Labs, underscoring the growing interest and investment in Soneium’s development.

Circle remains the world’s second-largest stablecoin issuer, with a current circulating supply of $35.7 billion. While this represents a significant increase of 47% since the start of the year, it is still 36% below its peak supply of $56 billion in June 2022. Despite this, Circle remains confident in the mainstream adoption of stablecoins as a key financial tool for the digital age.

During its recent interview, Dante Disparte, Circle’s Chief Strategy Officer, spoke about the stablecoins and the vision to continue to grow as the money of the Internet. Another important step towards the vision is partnering with Sony Block Solutions Labs.

The post Circle and Sony Team Up to Boost USDC Adoption on Soneium’s Layer-2 Blockchain appeared first on Today NFT News.

SNEAK PEEK

Hong Kong’s slow regulatory pace may hinder its growth as a global crypto hub.

Industry leaders urge Hong Kong to expedite crypto regulations to stay competitive.

Banks in Hong Kong remain cautious on crypto custody, lagging behind UAE’s proactive approach.

Hong Kong’s deliberate and measured pace in implementing cryptocurrency regulations is drawing scrutiny as industry players express concerns that it may impede the city’s growth as a global digital asset hub. 

Despite efforts to position itself as a leader in the cryptocurrency space, Hong Kong’s regulatory framework remains limited, with only two fully licensed virtual asset trading platforms currently operational, Hash Blockchain and OSL Digital Securities. Meanwhile, many other exchanges are still awaiting approval to operate in the city.

Vincent Chok, CEO of Hong Kong-based First Digital Trust, emphasized the need for Hong Kong to speed up its regulatory processes to keep pace with the rapidly evolving digital asset industry. 

“It is understandable that Hong Kong’s current approach to regulation is more conservative, prioritizing investor protection,” Chok stated in an exclusive interview with Cointelegraph. However, he expressed concern that the city could fall behind if regulations do not keep up with the fast-paced developments in the industry.

As of June 1, Hong Kong has made it a criminal offense to operate an unlicensed virtual asset trading platform (VATP). Additionally, the Securities and Futures Commission (SFC) has issued an “alert list,” identifying suspicious or unlicensed entities that may be targeting Hong Kong investors. 

In comparison to Dubai, which has adopted a more global approach to cryptocurrency regulation, Hong Kong has yet to implement regulations for USD-denominated stablecoins. First Digital Trust, which was recognized as one of the Emerging Giants in Asia Pacific by KPMG and HSBC in 2022, is keenly awaiting such regulations.

Chok expressed hope that Hong Kong will soon introduce a framework for USD-denominated stablecoins, similar to the proactive stance taken by Dubai.

Meanwhile, the Hong Kong Monetary Authority (HKMA) recently recognized Jingdong Coinlink Technology Hong Kong Limited, a subsidiary of JD Technology Group, as a participant in The Sandbox program. This move follows the company’s announcement to launch a stablecoin pegged 1:1 to the Hong Kong dollar (HKD), signaling the city’s growing interest in stablecoin development.

With regard to digital asset custody, Chok also explained that banks in Hong Kong would still not immediately indulge due to the risk and liability involved; it is more than the current risk appetite of many would allow. This reserved approach is quite the opposite of what happened to Standard Chartered, which has recently been approved to provide crypto custody services in the United Arab Emirates.

The post Hong Kong’s Cautious Approach to Crypto Regulation Sparks Industry Concerns appeared first on Today NFT News.

SNEAK PEEK

Magic Eden’s CEO supports clearer NFT regulations amid SEC scrutiny of rival OpenSea.

Magic Eden remains cautious, emphasizing compliance as SEC actions against OpenSea unfold.

SEC’s focus on OpenSea may reshape NFT regulations, impacting platforms like Magic Eden.

Magic Eden‘s CEO, Jack Lu, has welcomed the possibility of clearer regulations following the U.S. Securities and Exchange Commission’s (SEC) recent actions against OpenSea, a rival in the NFT marketplace. 

Unlike OpenSea, Magic Eden has not received a Wells notice, a formal signal of impending legal action from the SEC, Lu confirmed in a recent interview. The notice issued to OpenSea by the SEC suggests that some NFTs traded on its platform might be considered securities, a move that could have broad implications for the NFT space.

The SEC’s investigation into OpenSea marks a new phase in its regulatory approach to NFTs, moving beyond targeting individual projects to scrutinizing entire platforms that facilitate NFT trading. OpenSea, once the dominant force in the NFT marketplace, has acknowledged the SEC’s concerns, with CEO Devin Finzer expressing readiness to challenge the regulator’s stance. 

The potential legal battle could set a significant precedent for other NFT marketplaces, including Magic Eden, which has swiftly risen to prominence in the industry.

While Magic Eden is not currently under the SEC’s scrutiny, Lu is acutely aware of the potential ripple effects a lawsuit against OpenSea could have across the NFT sector. He emphasized Magic Eden’s commitment to compliance, stating that the company has always aimed to operate as a “good actor” within the regulatory ecosystem. 

This approach reflects a broader industry sentiment that clearer regulations could benefit the rapidly evolving NFT market despite their inherent uncertainties.

The actions taken by the SEC against OpenSea also demonstrate that the regulation of NFTs is not easy since they can depict ownership in various objects, including art pieces, links and others. Analysts have mentioned the key issue that might hinder the SEC to engage in the NFT space, which is the absence of the regulator’s experience in supervising the physical art and collectibles markets. 

 However, when targeting NFT trading platforms like OpenSea, the SEC may be preparing for a change of its approach to the regulation of tokens in the whole crypto market. 

 With time, Magic Eden is a bit conservative on the situation. Regarding the charges that may lead to delisting of NFTs, Lu said that any such decision shall depend on the situation surrounding any future charges. The way that it is done makes it harder to speculate; he said this because speculating may seeem unrealistic since it cannot fairly predict what the regulators are likely to do in the future.

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SNEAK PEEK

Sky platform may fully offload WBTC, affecting $200M in DeFi loans amid custody concerns.

BA Labs pushes for a phased WBTC offboarding due to risks linked to Justin Sun’s involvement.

Sky’s decision on WBTC could reshape DeFi lending, impacting $73M on SparkLend, $127M in vaults.

Sky, one of the leading decentralized finance (DeFi) platforms, formerly known as MakerDAO, is poised to make a significant decision regarding the future of wrapped Bitcoin (WBTC) within its ecosystem. 

The platform, managing a large percentage of DeFi lending, plans to put to the vote whether to exit from using WBTC as one of the collateral assets fully. This decision if enacted has the potential to affect around 200 million US dollar equivalent of DeFi loan protocols that use the token as collateral. 

The proposal to remove WBTC from Sky’s ecosystem concerns the involvement of Tron founder Justin Sun with the custodian of the underlying assets. WBTC, a token that enables Bitcoin (BTC) to be utilized on other blockchains, plays a crucial role in DeFi lending, boasting a market capitalization of $9 billion. 

However, the recent developments surrounding the token’s custody have raised red flags within the Sky community.

Concerns arose further about WBTC when BitGo, a leading crypto custody service provider, initiated the process for handing over the asset management to BiT Global, a Hong Kong-based custody provider. The process was designed to distribute custody among three global entities instead of one single custodian, decentralizing the process. 

DeFi risk management firm BA Labs, which holds large sway over Sky’s governance, passed the proposal to dump WBTC. The firm used to suggest decreasing the extent of interacting with WBTC because of the presumed dangers of involvement from Justin Sun. 

On Thursday, BA Labs proposed a phased approach to gradually offboard all WBTC exposure, beginning on September 26, 2024. Each step would require a separate vote from the Sky community.

If you are a user with WBTC collateral in Legacy Vaults (WBTC-A, WBTC-B, or WBTC-C) or SparkLend, please be aware of the WBTC offboarding proposal initiated by @BlockAnalitica.According to the plan outlined by @BlockAnalitica, and pending governance approval, WBTC offboarding…

— Sky (@SkyEcosystem) September 12, 2024

In its proposal, BA Labs emphasized the need for legal due diligence but ultimately concluded that it would not provide sufficient assurance. The firm also suggested that Sky consider onboarding alternative collateral products should the proposal pass.

Sky’s Affiliated lending platform, SparkLend, now has 73 million US dollars equivalent of loans utilizing WBTC as a collateral asset, while Sky’s previous-generation vaulter possesses 127 million US dollars equivalent of debt anchored on WBTC.

The post Sky Set to Vote on WBTC Offloading Amid Justin Sun-Related Concerns appeared first on Today NFT News.

SNEAK PEEK

Trump’s World Liberty Financial to launch on September 16 as a DeFi platform.

The project highlights US dollar-pegged stablecoins and hints at an Ethereum-based ecosystem.

Mixed reactions from the crypto community and security concerns cloud the platform’s launch.

Donald Trump revealed that his much-anticipated crypto platform, World Liberty Financial, will officially launch on September 16. The former U.S. President made this announcement in a video posted on X (formerly Twitter) on September 12. 

.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL

— Donald J. Trump (@realDonaldTrump) September 12, 2024

Trump highlighted the project as a significant step toward embracing the future of finance. His sons, Donald Jr. and Eric Trump, manage the project.

World Liberty Financial is positioned as a decentralized finance (DeFi) platform that aims to disrupt traditional banking systems. The platform is expected to offer users various services, including digital wallets, credit accounts, borrowing and lending capabilities, and investment opportunities in assets like cryptocurrencies. 

Additionally, the platform will introduce a nontransferable governance token, indicating a decentralized approach to decision-making within the ecosystem.

Statements from World Liberty Financial have indicated a strong emphasis on integrating United States dollar-pegged stablecoins into the DeFi ecosystem. This focus suggests a strategic move to attract users looking for stability in the volatile crypto market. 

Moreover, the project has hinted at a potential partnership with the DeFi protocol Aave, raising speculation that World Liberty Financial may be built on the Ethereum blockchain, a leading platform for decentralized applications.

The announcement of World Liberty Financial has garnered mixed reactions within the crypto community. 

ALERT: Lara’s and Tiffany Trump’s X accounts have been hacked. Do NOT click on any links or purchase any tokens shared from their profiles. We’re actively working to fix this, but please stay vigilant and avoid scams!

— WLFI (@worldlibertyfi) September 4, 2024

While Trump’s supporters have shown enthusiasm, others have expressed scepticism, especially concerning the timing of the launch, which is set just 50 days before the U.S. presidential election. 

Nic Carter, a partner at Castle Island Ventures and a Trump supporter, labelled the project a “huge mistake,” suggesting that it may be an attempt by Trump’s inner circle to capitalize on his recent crypto endorsements.

Sophisticated security concerns have also arisen, affecting the project in the last couple of weeks. On September 4, the X accounts of Trump’s daughter-in-law Lara Trump and daughter Tiffany Trump were hacked by the scammers who posted fake links stating affiliation to World Liberty Financial.

The post Trump’s World Liberty Financial Set to Launch Crypto Platform on Sept.16 appeared first on Today NFT News.

SNEAK PEEK

UK introduces bill to classify digital assets as personal property under English and Welsh law.

New legislation to enhance legal protection and clarity for digital assets like Bitcoin and NFTs.

Bill aims to position the UK as a global leader in digital asset regulation and ownership rights.

The United Kingdom has taken a significant step towards legal clarity in the crypto world by introducing a bill that aims to classify digital assets like Bitcoin, NFTs, and other cryptocurrencies as personal property under English and Welsh law. 

This legislative amendment, tabled in Parliament on Wednesday, aims to establish a new category of personal property, address the changing face of digital assets, and offer legal cover. 

 The proposed bill also seeks to introduce a new kind of property, a third kind of property, to be more precise. This will be in addition to the current ‘things in possession’ and ‘things in action’. The proposed new kind of property will be digital assets to enhance their legal status. 

 The bill, if approved, will set the legal foundation of digital currencies, NFTs, and other similar digital assets, and enable their owners to have better protection against fraud and scams. 

Minister of Justice Heidi Alexander underlined that the existing legislation has to be brought in line with the changes that have taken place in the world. She said, “It is important that our legal system is capable of adapting to the new technologies and this legislation will ensure that the UK maintains its position at the forefront of the crypto assets market as well as providing guidance in cases concerning property. ” 

The bill seeks to legalize the use of digital assets such as cryptocurrencies as well as Non-Fungible Tokens (NFTs), and even carbon credits in the digital form as property. This is expected to provide a clear direction for the judges, especially those handling cases that involve the disputed digital assets or the settlements made with them in a bid to minimize the chances of confusion during the trial. 

The bill’s provisions aim to strengthen the legal recourse for digital asset owners, especially in cases of fraud or scam, which has become rife in the digital world.

The introduction of this bill follows recommendations from a 2023 Law Commission report, which identified challenges in recognizing digital assets as property under existing English and Welsh private law. By addressing these challenges, the UK government aims to solidify its position as a global leader in the crypto sector.

The post UK Introduces Bill to Recognize Bitcoin and NFTs as Personal Property appeared first on Today NFT News.

SNEAK PEEK

Buterin sets “stage 1” decentralization as the new standard for layer-2 scaling solutions.

Only “stage 1” layer-2 projects with active proofs will earn Vitalik Buterin’s recognition.

Buterin’s shift highlights stricter decentralization and cryptographic trust for rollups.

Vitalik Buterin, Ethereum’s co-founder, has set a clear benchmark for recognizing layer-2 scaling solutions, emphasizing that only those at “stage 1” of decentralization will gain his acknowledgment moving forward. This declaration, shared on Sept. 12 via X (formerly Twitter), underscores Buterin’s commitment to devolution and marks a significant shift in his stance on layer-2 projects.

I take this seriously. Starting next year, I plan to only publicly mention (in blogs, talks, etc) L2s that are stage 1+, with *maybe a short grace period* for new genuinely interesting projects.

It doesn't matter if I invested, or if you're my friend; stage 1 or bust.

Multiple… pic.twitter.com/4cGxgsfmUc

— vitalik.eth (@VitalikButerin) September 12, 2024

In his recent communication, Buterin highlighted the importance of meeting the “stage 1” decentralization criteria as a minimum standard. This requirement involves an active fraud-proof or validity-proof mechanism and a multi-signature-based override system or “security council.” 

The security council has to function with restrictions, including getting at least 6 of 8 signatures and being located outside of the roll-up organization. Further, the updates need to have at least a week worth of buffers for proper assessment and security concerns. 

Buterin’s message is clear: starting next year, he will only publicly acknowledge layer-2 networks that have achieved this decentralization. He emphasized the seriousness of this stance by stating, “It doesn’t matter if I invested or if you’re my friend, stage 1 or bust.”

Nevertheless, Buterin divides decentralization on layer-2 solutions into three fundamental stages. The first one is known as “stage 0” or “full training wheels,” wherein projects claim rollup status such that all computations and transactions happen on-chain with no interference from the operator. 

 “Stage 1,” the new minimum for Buterin’s acknowledgment, is the next level of decentralization. Third, “stage 2” or “no training wheels” means that no group can prevent something from happening based on the code output unless a flaw is discovered with the new system. 

This stage allows minimal use of security councils, limited to clear bug cases, and requires a 30-day upgrade activation delay.

The problem is that the focus on attaining “stage 1” or higher is rather problematic. Some of the zero-knowledge rollup teams have said they are on course to meet these targets by the end of the year, something that Buterin warmly looks forward to. He pointed out that “the era of rollups being glorified multisigs is ending,” meaning that cryptographic trust will become instrumental.

The post Vitalik Buterin Sets High Standards for Layer-2 Decentralization appeared first on Today NFT News.

SNEAK PEEK

The Digital Chamber urges Congress to classify NFTs as consumer products, not securities.

SEC scrutiny of NFTs raises concerns, pushing for clearer U.S. regulatory guidance.

Legislative protection for NFTs could prevent the sector from moving overseas, impacting the U.S. economy.

The Digital Chamber of Commerce has urged the U.S. Congress to introduce legislation that would clarify the status of non-fungible tokens (NFTs) in the wake of increasing scrutiny from the Securities and Exchange Commission (SEC). 

The organization advocates for NFTs to be classified as consumer products, a move that would exempt them from being treated as securities under federal law.

The Digital Chamber’s recent appeal emphasizes the need for Congress to act swiftly to ensure that NFTs are recognized as consumer goods rather than financial products. This classification would place NFTs beyond the regulatory reach of the SEC, which has been increasingly assertive in its approach to the broader cryptocurrency market. 

The @SECGov’s overreach is putting the livelihoods of NFT creators and communities at risk. NFTs are primarily consumer goods—not securities. We need Congress to take action now and protect innovation, creators, and consumer rights. https://t.co/dp1fb2R3cf

— The Digital Chamber (@DigitalChamber) September 10, 2024

The Chamber argues that without such legislative protection, the growing NFT sector could be driven overseas, potentially harming the U.S. economy.

The SEC’s ongoing actions against various crypto firms have raised concerns within the digital asset community. Recently, the regulator issued a Wells Notice to the NFT marketplace OpenSea, signaling potential enforcement action. 

This move has been met with criticism from crypto advocates, who warn that it could stifle innovation in the emerging NFT space. The Chamber’s statement reflects broader apprehension about the SEC’s approach, which many in the industry view as overreaching.

The Digital Chamber’s call comes at a critical time, as the crypto community waits for clearer regulatory guidance from U.S. authorities. The absence of specific rules has led to an environment where enforcement actions, rather than legislative clarity, dominate. 

This has not only sparked legal battles but has also contributed to the migration of crypto talent and businesses to jurisdictions with more favorable regulatory frameworks.

With the advancement of the next election cycle in the United States, the problem of regulating cryptocurrencies seems to be on an upward trend in terms of policy agenda. There are several crypto-related bills introduced in Congress which shows that the sector is increasingly gaining attention as a national issue. 

 The emergence of the Digital Chamber and its call for legal framework to support NFTs underlines the questions about the source of growth when moving upmarket.

The post Digital Chamber Pushes for Legislative Clarity on NFTs Amid SEC Scrutiny appeared first on Today NFT News.

SNEAK PEEK

X Empire’s NFT voucher system adds complexity to pre-market trading, causing player confusion.

X Empire’s airdrop allocation and in-game coin conversion remain unclear, sparking uncertainty.

X Empire’s approach deviates from traditional games, using NFTs on TON for speculative trading.

X Empire, a new tap-to-earn game on Telegram with a theme centered around Elon Musk, has initiated pre-market trading ahead of its upcoming token launch and airdrop. 

Following the model set by the earlier game Notcoin, X Empire introduces NFT vouchers as a means for players to trade their pre-market tokens. This approach allows players to mint NFT vouchers, which can be traded on the Getgems marketplace before the token officially launches.

Unlike other Telegram-based games such as Hamster Kombat and Catizen, which utilized established exchanges for pre-market trading, X Empire is taking a different route by allowing its players to mint NFTs on The Open Network (TON). 

These NFTs represent a portion of the player’s future airdrop allocation and can be traded, creating an early speculative market.

While the model mirrors Notcoin’s strategy, there are significant differences in gameplay that might affect how the airdrop allocation is managed. Notcoin’s straightforward tap-to-earn structure made it easy for developers to establish a clear conversion rate—1,000 in-game coins for one on-chain NOT token. 

However, X Empire’s gameplay includes more complex elements such as avatar enhancements, betting on fictional stocks, and rock-paper-scissors style negotiations, all of which utilize in-game coins.

This complexity adds uncertainty to the process, as the developers have not yet disclosed how the airdrop allocation will be determined. Players currently face challenges in understanding the value of their in-game coins in relation to the NFT vouchers they can mint.

A high-level X Empire account currently offers the opportunity to mint two NFT vouchers, each said to represent 69,000 on-chain tokens. However, it is not clear whether these vouchers are the final possible tokens that the player will be able to get. This situation has created a lot of confusion among the players, and they are not sure whether to go ahead and mint the NFT vouchers.

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SNEAK PEEK

Shibarium’s closed beta minted 140K NFTs with just 800 BONE, showcasing its cost-efficiency.

BONE’s role in Shibarium extends beyond transactions, influencing system upgrades and SHIB burns.

Shibarium’s low gas fees make it a scalable, affordable platform for large-scale NFT projects.

Shibarium, a prominent layer-2 solution within the Shiba Inu ecosystem, has achieved a significant milestone by supporting the minting of 140,000 NFTs during the closed beta phase of Shiba Eternity. 

Shibarium Beta Milestone: 140K NFTs Minted with Just 800 BONE in Sponsored Gas Fees

We’re excited to share an incredible achievement from our Shiba Eternity Beta Closed for Leash holders!

So far, these dedicated testers have minted a staggering 140,000 NFTs on Shibarium,… pic.twitter.com/3sPgFMvQ7L

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 6, 2024

This accomplishment not only underscores Shibarium’s capabilities but also highlights its cost-effectiveness, with only 800 BONE tokens, equivalent to around $310, used to cover gas fees for over 20,000 transactions. 

The development is a testament to Shibarium’s potential to become a preferred platform for large-scale NFT projects, offering a scalable and economical solution for creators.

Central to Shibarium’s operations is BONE, a key token utilized for all transaction fees on the platform. BONE’s utility extends beyond just transactions, as it also plays a critical role in system upgrades within the Shibarium ecosystem. This ensures BONE’s continued relevance and importance across current and future projects. 

Additionally, Shibarium incorporates a SHIB burn mechanism, automatically reducing the supply of SHIB tokens with every BONE transaction. This burning process contributes to creating scarcity, potentially increasing the value of SHIB over time, and further solidifying BONE’s importance in the ecosystem.

The minting of 140,000 NFTs during the Shiba Eternity beta highlights Shibarium’s efficiency and affordability. The platform’s ability to handle such a large volume of transactions with minimal costs demonstrates its suitability for NFT creators looking to develop large-scale projects. 

The low gas fees, particularly during the beta phase, have made it easier for creators to engage with the platform, providing a seamless experience for users. This cost-effective structure positions Shibarium as a competitive option for those in the NFT space.

As Shibarium continues to grow and attract more users, particularly from the Shiba Inu community, its role in the decentralized finance (DeFi) sector is likely to expand. With over 1.4 million SHIB holders who have yet to fully engage with Shibarium, the platform’s user base is poised for significant growth. 

Possible with such a rapid strategy of development, new needs will emerge, which means that BONE will strengthen its position in the ecosystem even more. Simply minting NFTs in the Shiba Eternity beta phase indicates that Shibarium is capable of processing large volume transactions at low prices, which puts it on a strong footing as one of the most promising layer-2 solutions in the DeFi world.

The post Shibarium Hits Major Milestone, Strengthens Position in the NFT Space appeared first on Today NFT News.

SNEAK PEEK

SuperRare’s private sales service enhances onchain transactions, maintaining provenance and royalties.

The service offers personalized outreach and negotiations for high-value digital artworks.

Private sales are becoming a preferred method for important digital art transactions over auctions.

SuperRare, a well-known platform for digital art, has introduced a new private sales service to facilitate the buying and selling of high-value digital artworks. 

This service marks a significant shift in how transactions for digital art will be conducted, emphasizing the importance of maintaining provenance and royalties while offering a more personalized experience for buyers and sellers.

To clarify, this service is our unique take on “private sales.”Since day 1, strong provenance and royalties have been core to our beliefs, and that will never change. We care deeply about maintaining the importance of these works and their place in art history.Sales through… https://t.co/Y6vBhvppqi

— SuperRare (@SuperRare) September 6, 2024

Since its inception, SuperRare has prioritized the preservation of strong provenance and the assurance of royalties, principles that remain at the core of its operations. The introduction of this private sales service aligns with these values, ensuring that all transactions continue to take place onchain. 

This approach distinguishes SuperRare from over-the-counter (OTC) offerings, which often bypass these critical elements of digital art sales.

The private sales service on SuperRare is designed to offer a more hands-on approach to the sales process. Unlike traditional auction models, this service allows SuperRare to manage the outreach, negotiations, and final sale of artworks privately before a price is agreed upon. 

This method provides both buyers and sellers with a more customized and private experience, catering to the specific needs of high-profile digital art transactions.

As the digital art market continues to grow, there is a growing trend toward private sales as a preferred method for transacting high-value artworks. SuperRare’s new service is poised to capture a significant share of this market by offering an alternative to traditional auctions. 

This model is particularly appealing to sellers who are concerned with not only achieving the best possible price but also ensuring that their artworks find a suitable home.

Offering private sales services, SuperRare is an outstanding example of how the contemporary digital art market can develop under the influence of an early-stage NFT market. 

 With time, such services are expected to gain high demand as the market for art digitalization grows; they create a secure transaction environment for all players.

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SNEAK PEEK

CyberKongz fully decentralised Rune No. 2 by sending it to Satoshi Nakamoto’s wallet.

The project invested over $1 million to preserve Rune No. 2’s autonomy and integrity.

The move could enhance CyberKongz NFT value and boost community engagement in the metaverse.

On September 6, 2024, CyberKongz made a landmark decision by decentralizing Rune No. 2 and transferring it to Satoshi Nakamoto’s wallet. This move underscores the project’s commitment to decentralization, which is extremely critical in ensuring Rune No. 2 operates without concentration. The decision reflects the belief that Rune No. 2’s powerful message should belong to the entire community.

Rune 2 DECENTRALIZED, etched by Ethereum NFT project CyberKongz, released a final statement that it will completely decentralize DECENTRALIZED, the team will withdraw, and said that Rune 2 has been sent to the Satoshi wallet. The team said that it cost more than $1 million to…

— Wu Blockchain (@WuBlockchain) September 7, 2024

Rune No. 2’s story began with Prometheans, a pre-rune collection that symbolized exploration. These NFTs were primarily airdropped to the Bitcoin and Ordinals communities, setting the stage for what would eventually become the centrally organised ticker. Initially, Rune No. 2 was intended as a symbol of cultural value and provenance, not for further growth.

However, the CyberKongz team’s continuous experimentation led to the launch of the Untitled project, which emphasised Rune No. 2’s significance in Bitcoin history. This journey reflects the team’s ongoing commitment to innovation within the NFT space.

Besides, the decision to decentralise Rune No. 2 aligns with the broader movement within the blockchain community toward autonomy and community-driven initiatives.

CyberKongz invested over $1 million into Rune No. 2, underscoring the project’s material and cultural commitment. The investment was not merely about money but preserving the integrity and autonomy of Rune No. 2. 

Hence, Rune No. 2 stands as more than just an NFT. It is a cultural timestamp connected to the Runes protocol and block 840,000, highlighting the ongoing shift towards decentralisation in the crypto space.

Furthermore, handing over Rune No. 2 to Satoshi Nakamoto’s wallet also indicates how the project is rooted in cryptocurrency. Thus, it guarantees the Rune No. 2 is kept free from centralized control, thus underlining the basic tenants of decentralization. 

The controlled governance of Rune No. 2 could particularly effects the CyberKongz the environment. Although specific details about the rune’s future utility remain unknown., the project’s innovative history suggests potential benefits for the community. The rune might offer in-game utility within the CyberKongz metaverse, enhancing user engagement and increasing the value of CyberKongz NFTs.

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SNEAK PEEK

Ethereum Foundation to release a financial report addressing spending transparency concerns.

Foundation’s $650M holdings allow for a 10-year budget; transparency under community scrutiny.

Significant ETH transfers spark backlash; Foundation explains treasury management practices.

The Ethereum Foundation is preparing to release a detailed financial report in response to growing community concerns about its spending practices. This follows recent scrutiny regarding the foundation’s budget strategy and transparency, particularly after significant movements of ether from its main wallet.

In a recent ask-me-anything (AMA) session on the r/ethereum subreddit, Justin Drake, a researcher at Ethereum, shared insights into the foundation’s financial management. According to Drake, the Ethereum Foundation currently holds approximately $650 million in its main wallet and has a budget that allows for about ten years of operation. 

Vitalik Buterin said in Reddit that the current budget strategy is roughly to spend 15% of remaining funds each year. This means that EF will last forever, but as part of the ecosystem it will become smaller and smaller over time. https://t.co/B0VPkd09Wm

— Wu Blockchain (@WuBlockchain) September 6, 2024

Drake further revealed that the foundation is expected to publish a financial report soon, similar to the one released in April 2022. This report aims to address the community’s concerns about the foundation’s spending and provide greater transparency. 

The spending approach as noted by the ethereum creator, Vitalik Buterin, seeks to spend about $15 million in every year. This way, Buterin pointed, would help sustain the Ethereum Foundation in the long-run while slowly decreasing its proportional stake in the longer term. 

The foundation has been accused of embezzlement of funds through several large ether transfers which raised concerns from the community over the foundation’s operations.

Last month, the blockchain analytics provider Lookonchain reported a transfer of 35,000 ETH, valued at $94.07 million, from the foundation to the Kraken exchange. This move led to significant backlash, with community members expressing their frustration over the lack of prior communication.

Addressing the concerns, Ethereum Foundation Executive Director Aya pointed out that the transfers was a normal undertaking in the management of the foundation’s treasury. She added that most of the funds are directed towards the grants and salaries which are legal tender, therefore, needs to be converted into fiat money. 

Miyaguchi also highlighted that the foundation could also go through a time it could not be involved in treasury operations because of legalations and this made it difficult for them to make a notice to the community earlier.

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SNEAK PEEK

CryptoPunk #6915 sold for 620 ETH ($1.48M), setting a new record in 2024.

Ethereum dominates NFT sales, with $4.8M in the past 24 hours, leading over Solana and Bitcoin.

CryptoPunks’ floor price surged 20% since August, reflecting a broader NFT market recovery.

CryptoPunks have once again made headlines in the NFT market with the recent sale of CryptoPunk #6915 for a record-breaking 620 ETH, roughly $1.48 million.

The sale of CryptoPunk #6915 has once again captured the attention of the crypto community. Initially, the buyer offered 550 ETH for the NFT but later increased the bid to 620 ETH, successfully closing the deal. 

This transaction becomes another high-profile sale in 2024 and follows the tendency of large transactions in the CryptoPunk series. Another CryptoPunk, #635, was sold back in April for 4000 ETH which is equivalent to $12. 4 million.

This is also evidence of Ethereum’s continued dominance in the NFT space, especially with the sale of CryptoPunk #6915. As indicated by the cryptoslam, Ethereum has continued to dominate the market in NFT sales on different blockchains. Over the last one day alone, Ethereum has witnessed NFT sales worth $4.8 million. Solana and Bitcoin continue the ranking in the second and third places, with $2.16 million and $1.83 million, respectively

This trend is consistent even when considering the broader market over the last month. Ethereum remains in the lead with $124.5 million in NFT sales, followed by Solana with $75.99 million and Bitcoin with $54.9 million. Despite Ethereum’s stronghold, the highest sale in the past 30 days was not from the CryptoPunks collection but from Uncategorized Ordinals on the Bitcoin blockchain.

The NFT market has recently shown signs of price recovery, as evidenced by the latest record sale. Collections such as Bored Ape Yacht Club (BAYC), CryptoPunk, and Pudgy Penguins have all seen increases in both floor prices and total sales volumes. 

Specifically, CryptoPunks have experienced a notable price surge since August 20, with their floor price jumping over 20% in just eight days, from 22.8 ETH to 28.5 ETH. Similarly, Pudgy Penguins and BAYC have seen increases of 14.78% and 2.18%, respectively, indicating a positive trend in the NFT market.

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SNEAK PEEK

Magic Eden leads NFT market in August 2024, securing 36.7% share with $122.47M trading volume.

Blur’s market share drops to 25.4% with an 83.2% decline in trading volume since January 2024.

NFT market facesa downturn, with total August sales falling to $374M, far below March’s $1.6B peak.

Magic Eden has emerged as the leading non-fungible token (NFT) marketplace, claiming the largest market share in August 2024. With a trading volume of $122.47 million, Magic Eden secured 36.7% of the total NFT market share, outpacing rivals such as Blur and OpenSea. 

This marks the sixth consecutive month that Magic Eden has maintained its position at the top of the NFT trading space, according to data released by CoinGecko on September 4th.

Magic Eden’s sustained leadership in the NFT market began in March 2024, when it first surpassed Blur in trading volume. At that time, Magic Eden recorded an impressive $734 million in monthly trading volume, compared to Blur’s $530 million. The platform’s ongoing success is partly attributed to its integration of the Bitcoin Ordinals protocol, which has gained popularity among NFT collectors.

In August, Magic Eden continued to outpace its competitors, with Blur and OpenSea trailing behind. Blur recorded a trading volume of $84 million, representing a significant 83.2% decline from its nearly $500 million volume in January 2024. Consequently, Blur’s market share dropped to 25.4%, positioning it as the second-largest NFT marketplace after Magic Eden.

OpenSea, once the dominant player in the NFT space, managed to record a trading volume of $66.5 million in August, securing 19.9% of the market share. This marked a recovery from its 9.9% share in January, though it remains far from its previous highs. 

OpenSea’s challenges in August were compounded by a Wells notice from the United States Securities and Exchange Commission (SEC), signaling potential regulatory action against the company.

Despite the performance of the leading NFT marketplaces, the overall NFT market experienced a decline in August. According to CryptoSlam, NFT monthly sales volumes failed to surpass $400 million, with total sales reaching only $374 million. This represents a significant drop from the market’s peak in March 2024, when NFT sales volumes reached $1.6 billion.

Magic Eden, Blur, and OpenSea together controlled 82% of the NFT market in August, but the sector as a whole continues to face challenges, with trading volumes and sales declining from earlier highs. The NFT market’s future remains uncertain as it navigates these ongoing difficulties.

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SNEAK PEEK

SEC targets OpenSea with a Wells notice, hinting at potential regulatory actions against NFTs.

NFT market declines sharply, yet average transaction value increases by 27% amid fewer sales.

Trump’s “America First” NFT earns $2.2M, despite overall market downturn and community criticism.

The United States Securities and Exchange Commission (SEC) has issued a Wells notice to OpenSea, the leading NFT marketplace, indicating potential regulatory action against the company. This move from the SEC comes as the NFT market faces a significant downturn, with monthly sales dipping below $400 million for the first time in 2024. 

OpenSea CEO Devin Finzer confirmed that the SEC has raised concerns about NFTs on the platform, suggesting they might be categorized as unregistered securities. This classification could lead to significant regulatory challenges for the platform and the broader NFT market. 

Finzer expressed concern that such a move could hinder innovation and disproportionately impact creators, many of whom may lack the resources to defend themselves against regulatory actions.

The SEC’s focus on NFTs as potential securities has sparked a strong response from the crypto community. Ji Kim, Chief Legal and Policy Officer at the Crypto Council for Innovation, criticized the SEC’s stance as “legally flawed” and warned that it could stifle growth in the emerging digital asset space. 

Lawmakers, including North Carolina Representative Wiley Nickel, also voiced their discontent, urging the SEC to collaborate with Congress to establish clear and fair regulations rather than pursue enforcement actions that could impede innovation.

The NFT market has seen a dramatic decline, with August 2024 recording a total sales volume of $374 million, the lowest point of the year. This represents a 76% decrease from the market’s peak monthly sales of $1.6 billion earlier in the year.

In general, the market has contracted, but the average transaction price of NFTs has gone up from $39. 93 to $50. 74, a 27% increase, while the number of transactions stood at 31% decrease.Donald Trump’s fourth NFT collection, titled “America First” was able to rake in $2.2M. This product was able to record in sales even in the general market downturn. However, there has been some negative feedback from some of the community members who consider it as the project as an exploitation of the COVID-19 pandemic.

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SNEAK PEEK

U.S. spot Bitcoin ETFs saw $287.78M in outflows amid a 4% drop in Bitcoin prices.

Major ETFs like Fidelity’s FBTC and Grayscale’s GBTC led the significant withdrawals.

Broader market selloff, weak U.S. economic data drove negative sentiment across ETFs.

On Tuesday, U.S. spot Bitcoin exchange-traded funds (ETFs) faced substantial net outflows, marking the largest negative flows since early May. 

According to data from SosoValue, these ETFs recorded $287.78 million in outflows, reflecting the ongoing volatility in the cryptocurrency market. The significant outflows come as Bitcoin prices dropped nearly 4% over the past 24 hours, trading at $56,680 at the time of the report.

These were across several spot Bitcoin ETFs in the U. S. market. Additionally, BlackRock’s IBIT, the biggest spot Bitcoin ETF by net asset value, was declared to have recorded no flows on Tuesday. The second-largest spot Bitcoin ETF, Grayscale’s GBTC, saw a decline of $50.39 million outflow which as added negative contribution on the total mood in the market. 

Withdrawals from Fidelity’s FBTC have been the most affected registering a $162.26 million leaving the fund. Some of the other large ETFs are ARKB and BITB of Ark and 21Shares respectively and BITQ and others which followed BITB and saw an outflow of $33.6 million and $24.96 million, respectively. 

The outflows from spot Bitcoin ETFs coincided with a broader market selloff, driven by weaker economic data in the U.S. 

The Institute for Supply Management (ISM) manufacturing index for August came in at 47.2%, a slight increase from July’s figure but still indicative of contraction in the sector. This data added to concerns about the U.S. economy, contributing to the negative sentiment across financial markets, including cryptocurrencies.

In addition to Bitcoin ETFs, U.S. spot ether ETFs also faced significant outflows on Tuesday, marking the largest daily negative flows since August 2. The Grayscale Ethereum Trust (ETHE) reported an outflow of $52.31 million, while Fidelity’s FETH ETF was one of the few to see net inflows, totaling $4.91 million. The total trading volume for ether ETFs dropped to $163.5 million on Tuesday, down from $173.66 million on Friday.

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SNEAK PEEK

Kwon’s $63.9M Bitcoin transfer deepens scrutiny amid ongoing legal battles and extradition process.

Third major BTC move raises questions about Kwon’s financial actions during legal proceedings.

Kwon’s cryptocurrency activities continue to impact ongoing trials and the wider crypto market.

Over two years have passed since Terra-UST collapsed, sending shockwaves through the cryptocurrency market. Amid this turmoil, Do Kwon, the founder of Terraform Labs, is embroiled in ongoing legal battles. 

As extradition proceedings continue, questions remain about whether Kwon will face trial in South Korea or the United States. Recently, a significant development has emerged, shedding light on Kwon’s cryptocurrency holdings.

According to recent blockchain data, a substantial transaction has been detected involving one of Kwon’s Bitcoin wallets. A total of 1,075 BTC, estimated to be worth around $63.9 million, was transferred from Kwon’s wallet to an unidentified account. 

This transfer is notable as it marks the third instance of funds being moved from this specific wallet. The transaction underscores the ongoing complexity surrounding Kwon’s financial activities.

Digital Asset, a platform that has been closely monitoring Kwon’s wallet activities since November 2022, has reported that these transactions likely involve Kwon himself. The latest transaction, which occurred four months ago, has drawn significant attention due to its size and timing.

Kwon’s legal issues started with the collapse of Terra-UST, which had a domino effect on the cryptocurrency market. As the founder of Terraform Labs, Kwon has been involved in several investigations and legal cases. 

The extradition procedure is still ongoing, which is also an important factor of the case as both South Korea and the United States want him being extradited. 

As the legal proceedings continue, the recent transfer of Bitcoin from Kwon’s wallet adds another dimension to his case. The movement of such a large sum of cryptocurrency raises questions about the intentions behind these transactions and how they may impact the ongoing legal process.

This latest development highlights the ongoing saga of Do Kwon’s legal and financial challenges, with significant implications for the broader cryptocurrency market. The case continues to evolve, with further developments expected as legal proceedings advance.

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