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Business

DeFi Trading Platform FODL Giving Away $1M in Bored Ape Ethereum NFTs

FODL, a decentralized leverage trading platform, is attempting to bridge the gap between DeFi and NFTs. It thought it could probably help its traders get a head start as it looked into use cases including taking NFTs as collateral. NFTs from the Bored Ape Kennel Club (BAKC) and the Bored Ape Yacht Club (BAYC) are being given away in the amount of $1 million. There are 24 BAKC NFTs and 1 BAYC NFT in total.

It’s all part of a contest in which FODL traders can win raffle tickets by staking at least 1,000 FODL tokens between February 14 and April 30. Every month, the site will provide extra tickets to its top five traders, as well as influencers who promote the platform on social media. The winner of the (mystery) BAYC NFT will be notified when all 24 BAKC NFTs have been distributed via drawing.

NFTs, distinctive tokens that represent ownership of digital assets, have recently exploded in popularity in the cryptocurrency and pop culture worlds, with celebrity collectors such as Paris Hilton, Eminem, and Steph Curry flocking to the BAYC NFTs. In the shape of the BAKC and the Mutant Ape Yacht Club, the BAYC has produced a couple of legitimate offspring collections (MAYC).

BAKC NFTs currently have a projected minimum value, or floor price, of around 8.6 Ethereum or $27,000. The floor price of BAYC NFTs is at 100 ETH ($316,000).

NFTs are one of Ethereum’s most important subsectors, accounting for $25 billion in total sales volume last year. It’s become equally as significant as DeFi, a collection of blockchain-based protocols that allow users to trade assets, borrow money, and even take on risks.

FODL is no stranger to danger. Users can leverage their trades on the decentralized platform. Leverage is borrowed capital in both crypto and traditional finance. On FODL, this means that traders can use debt to raise the amount they’re dealing with, which they can do by taking out a “flash loan” through AAVE or Compound.

Flash loans are frequently used to take advantage of arbitrage circumstances in which an item trades at various prices on separate platforms; it’s a type of trade in which a significant sum of money can be borrowed, spent, and repaid all in the same transaction. The flash loan is being used to increase leverage beyond the principal in this scenario.

Risks are higher, but the profits could be bigger. If things don’t go as planned, a trader may consider selling his or her NFT.

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Business

Satoshibles Is The First NFT Collection to Bridge Between Ethereum and Bitcoin via Stacks

NFTs gained popularity on the Bitcoin-backed Stacks network last fall, surprising many in the crypto sector. The booming market has given designers of Satoshibles a potential chance, an Ethereum-based NFT profile picture project, to properly integrate Bitcoin. 

Satoshibles was named after the bitcoin creator, Satoshi Nakamoto. Created by Moroccan artist Ayyoub Bouzerda, the images are based on a photograph of Dorian Nakamoto, the man who became a Bitcoiner meme in 2014 after Newsweek claimed he was Satoshi.

“It was only right to create the NFTs on a platform that honored Satoshi’s legacy,” developer Brian Laughlan said

Satoshibles could have launched more NFTs on Stacks, but Laughlan claimed he didn’t want the community to be split up among multiple chains.

His team has alternatively began work on a cross-chain bridge that allows Satoshibles holders to move the NFT assets between Ethereum and Stacks. The StacksBridge, which is now live, allows Satoshibles owners to switch between blockchain platforms, and other NFT projects can use it to promote Stacks.

A Satoshibles NFT holder can connect to the bridge via a MetaMask Ethereum wallet and a Hiro Stacks wallet, and then pay transaction fees to effectuate the movement from one chain to the other.


On that platform, the Satoshibles team has already minted the new Stacks NFTs, so when a holder uses the bridge, it either locks or unlocks access to each version of the NFT, depending on which chain they choose to be active on. A Satoshibles NFT can only be active on one blockchain at a time, with access to the other platform being locked in the interim.

An NFT is a digital item’s deed of ownership, whether it’s a profile photo, digital graphic, video file, or other pieces of material.

Stacking NFTs on Bitcoin

Bitcoin lacks the ability to manage smart contracts, which are essential for NFT initiatives to function. This is a fundamental feature that distinguishes Ethereum from Bitcoin, and it’s one of the reasons why the NFT market has thrived on Ethereum, with additional platforms like Solana and Tezos emerging as well.

Stacks, on the other hand, has a solution. It’s a smart contract blockchain network that bundles transactions and settles them using Bitcoin transactions. It’s a layer-1 blockchain, but it works similarly to Ethereum’s layer-2 or sidechain solutions.

With smart contracts came NFTs, and a slew of early Stacks projects, including 12-year-old Abraham Finlay’s Bitcoin Birds, debuted last fall. There had already been Bitcoin-backed digital collectibles, such as the popular Rare Pepes from the Counterparty platform in 2016, but these must now be “wrapped” as a new Ethereum NFT in order to be traded. Stacks gave Laughlan the chance to put the Satoshibles collection of 5,000 randomly generated profile photographs on a more thematically relevant platform. Satoshibles also updated the backgrounds to include Bitcoin images in the Stacks versions that were coined for bridge users.

But, he added that there could be functional or technical advantages to being on Stacks.

He’s working on staking and gamification capabilities for Stacks, which would be extremely expensive to implement on Ethereum’s mainnet but should be considerably cheaper for users to interact with on Stacks. Bridging Satoshibles to Stacks can operate as a vault for long-term storage for users that regard Bitcoin as a more secure platform.

Laughlan wants users to be able to use their Satoshibles in the Ethereum ecosystem as well, as the Ethereum ecosystem matures and provides potential NFT-powered metaverse applications. Users with the StacksBridge have the option to use another blockchain network, and Laughlan said that this might happen in the future.

StacksBridge has just launched, and Laughlan estimates that around 4% of Satoshibles owners have already switched. As of this writing, the lowest Satoshibles NFT on Stacks (692 STX, or $1,169) is significantly more expensive than the least on Ethereum (0.2 ETH, or $641), however Ethereum currently offers a considerably larger range of rarity levels.

As the Stacks NFT ecosystem takes shape, particularly around the thematic hook of Bitcoin, Laughlan believes that the project will serve as a sort of Bitcoin equivalent of the Bored Ape Yacht Club: a popular avatar, yes, but also a status symbol.

Stacks also gives an entry point into the NFT scene for Bitcoin maximalists who wouldn’t touch ETH or transact on other blockchains.

“We’ve gotten a lot of Bitcoin lovers on board, and a lot of them are saying it’s their first NFT,” Laughlan said. “The only [bad] thing they stated to me was that they were irritated that they had to purchase it with Ethereum.”

They won’t have to anymore.

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Reviews

Top Cryptocurrencies You Can Stake: An In-Depth Guide

Over the last few years, cryptocurrency has become a hugely popular investment. Crypto investment has gained cult-like status due to wild price swings, institutional adoption, spectacular returns, quick tech innovation, celebrity endorsement, social media domination, and the advent of low-stakes, high-gains meme coins.

However, among all the razzmatazz, there is an aspect of crypto ownership that hasn’t gotten the attention it deserves: crypto staking. This is a way to earn yield from your holdings but only with certain cryptocurrencies. Knowing which ones might influence your purchasing decisions.

Let’s take a close look at everything you need to know about leading PoS cryptocurrencies you can start staking today.

SOLANA (SOL)
Do you want to use SOL Staking to earn Staking Rewards? Solana is a rapidly expanding “Ethereum killer” that is making waves this year, and staking your SOL early could result in some very big earnings.

Solana (SOL) is a decentralized application development platform based on the blockchain (dapps). The native SOL coin of Solana is a tradable token that can be used to perform on-chain transactions and pay network fees.

Users who participate in the network as validators or delegated stakers can earn Solana staking incentives. Validators are in charge of processing transactions and keeping the Solana network up and running. SOL users using wallets like Phantom to delegate their tokens to stake pool operators for staking incentives are known as delegated stakes.

Validators must run and maintain a validation node (known as a “Cluster”), which necessitates regular uptime and hardware that meets certain specifications. Slashing is a technique used by Solana to prevent validators from acting maliciously or performing poorly. Validators can collect commission fees from delegators to help pay the costs of operating a cluster.

Because it uses a timestamping mechanism known as proof-of-history (PoH) consensus, Solana stands out among other noteworthy PoS blockchains. Solana achieves a block time of 400 milliseconds by mixing PoS and PoH. Cardano takes 20 seconds to generate a new block, while Ethereum takes 13 seconds. SOL’s annual inflation rate began at 8% but is now declining by 15% each year, eventually reaching 1.5 percent. Every epoch, SOL is awarded to delegated stakers and validators as part of Solana’s inflation schedule (two days).

On Solana, the benefits for validators and delegators are mutually aligned. Validators who have more SOL delegated have more chances to record transactions on the blockchain, resulting in larger rewards for both the validator and the delegator. Validators may, as a result, cut the commissions they receive from delegators in order to remain competitive with other validators. Slashing affects both validators and delegators, giving delegators an incentive to stake with the best-performing validators.

How profitable is staking Solana (SOL)

Staking payouts for both validators and delegators are based on Solana’s modified staking yield. Staking incentives are dynamic and alter in relation to the quantity of tokens staked out of the total current supply of SOL under the staking dilution structure.

The current annual percentage yield (APY) for delegated staking is around 5.93 percent, according to Staking Rewards, with the majority of validators currently charging a 10% charge. You would earn around 59.3 SOL if you staked 1,000 SOL. Its current staked value is $34,292,911,39.

Ethereum 2.0 (ETH)


Ethereum 2.0 is a long-awaited upgrade to the Ethereum protocol that will see the switch from Proof of Work (PoW) to PoS as the consensus mechanism. Ethereum 2.0 will make mining available to ETH holders, among other benefits of the network upgrade, such as better transaction speeds.

To begin staking Ethereum, a validator must first deposit a minimum of 32 ETH into the official deposit contract address (see below). While Ethereum staking pools exist to allow you to stake without having to spend 32 ETH, Ethereum 2.0 does not allow delegation. In addition to the minimum ETH requirement, Ethereum staking necessitates the use of specialized software known as a node client to connect to the network and validate transactions on the blockchain.

Ethereum 2.0 will have a substantially reduced mining barrier to entry because of its switch to a PoS system. Before the update, mining required large upfront hardware costs. Prospective miners will no longer need to buy graphics cards or incur a high energy expense as a result of the move away from PoW.

The current price is at $2,619.77 with a staking reward at 4.81%.

Cardano (ADA)
Cardano (ADA) is a “third-generation” blockchain platform for smart contract development and execution. Cardano’s native cryptocurrency, ADA, is a staking token that is designed to reward network security and allow network transactions.

Stake delegation and hosting a stake pool are two ways to gain staking incentives on Cardano. Stake delegation allows ADA holders to delegate their ADA to staking pools without requiring network connection or any required gear. Staking pools can be found via IOG’s Daedalus wallet or Emurgo’s Yoroi wallet for ADA holders wanting to stake their tokens.

Stake pool operators manage stake pools. Individuals who are capable of maintaining a network node’s uptime in order to keep the network secure. The Cardano network uses game theory to determine which stake pool will generate the next block on the chain, with the possibility of being chosen as a “slot leader” increasing as the total amount of ADA staked also increases. A reward is granted among stake delegators every time a pool is chosen as slot leader and validates a transaction block. Each epoch has 420,000 one-second “slots” and is separated into five-day chunks called “epochs.”


Staking rewards are awarded to stake delegators at the end of each epoch and are divided evenly depending on the delegator’s total ADA staked 25 days prior to the cycle’s completion. Staking ADA is achievable thanks to the Ouroboros proof-of-stake consensus method. It can handle roughly 250 transactions per second (tps), but IOG claims that their new Hydra layer-2 scaling protocol can increase that to one million.

Cardano offers a staking reward calculator on its website to provide users with an estimate of how much staking rewards they can expect for delegating or running a staking pool. According to its calculations, a delegate staking 1,000 ADA would earn 46.08 ADA , while a delegate running a stake pool could earn up to 77,185.05 ADA.

Overall, Cardano staking can be very profitable for those who are able to run a staking pool and can keep pool-related fees well managed. It’s recommended users should check stake pools regularly and move funds around to ensure they are getting the best possible rates.

AVALANCHE (AVAX)

In general, staking Avalanche from a wallet works by delegating your tokens to validators who process transactions and run the network. Delegating a stake is a shared-risk shared-reward financial model that may provide returns to holders of tokens delegated for a long period. This is achieved by aligning the financial incentives of the token-holders (delegators) and the validators to whom they delegate.

Additionally, the returns or yield for staked tokens is based on the current inflation rate, the total number of AVAX staked on the network, and an individual validator’s uptime and commission (fee). Ultimately, no specific technical expertise or investment in costly hardware devices is needed. You just simply lock up your AVAX coins in a wallet and get rewarded while you sleep.

TERRA (LUNA)
Terra’s native cryptocurrency, LUNA, is an open-source, public blockchain platform that allows users to construct their own stablecoins tied to a variety of international fiat currencies, such as the US dollar (USD), Korean Ren (KRT), and euro (EUT). These stablecoins aren’t backed by fiat currencies; instead, they rely on algorithms and Terra’s LUNA token to keep their value stable.

The primary purpose of LUNA is to protect the network by locking value in the Terra ecosystem though a staking mechanism. Of course at the same time the holders of LUNA are exposing themselves to the price volatility risk of the LUNA token itself. Staking rewards for LUNA holders is a way to incentivize them to take on these risks and to hold LUNA long-term. Staking rewards are distributed first to network validators, who take a small commission for themselves before passing along the rewards to individual delegators. The size of those rewards are determined by the size of the stake. They also increase as the transaction volume in the network increases, since part of the staking rewards come from transaction fees.


Depending on whether you choose to run a validator or delegate your LUNA, staking rewards for Terra can vary. While running a validator is a bit more difficult than being a delegator, it can earn you up to 10% APY, which is 3% more than the APY for delegation.

Let’s say you have 1,000 LUNA that you are looking to stake and the price is around $52.35. After one year, you would have earned 1,000 LUNA ($5235) running a validator and 70 LUNA ($3,664.5) as a delegator.

POLKADOT (DOT)
Polkadot (DOT) is a blockchain interoperability protocol that unites many chains into a single network, allowing for simultaneous transaction processing and data exchanges between them. Polkadot’s native coin, DOT, is largely utilized for governance, staking, and connecting to new “parachains,” among other things.

Polkadot proposed a non-probability proof-of-stake (NPoS) consensus mechanism that allows users to earn staking rewards by validating or nominating. Validators are in charge of validating transactions on the Polkadot network, while nominators guarantee that validators follow the rules.

When a validator acts maliciously, both validators and their nominators lose a percentage of their staked DOT. This is known as slashing. Smart contracts embedded in the protocol handle this automatically.

Conclusively, before you begin, keep in mind that staking is only possible with certain cryptocurrencies that use the proof-of-stake (PoS) consensus process. This approach chooses transaction validators, people who voluntarily help add new data to the blockchain based on the number of bitcoin they have locked up rather than the number of mining rigs they own (known as proof-of-work, which is used by the likes of Bitcoin, Litecoin and Dogecoin).

When compared to proof-of-work-based assets, the proof-of-stake technique offers faster transaction rates and is easier to use. It also has a far smaller environmental impact, which is becoming increasingly desirable as countries around the world address climate change.

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Business

Binance unites J Balvin, Jimmy Butler & Valentina Shevchenko to Take on Big Game Crypto Ads

The world’s largest crypto and blockchain infrastructure provider, Binance is collaborating with a group of independent VIPs, to motivate customers to learn more about cryptocurrency.

The global ad, which stars J Balvin, all-star basketball forward Jimmy Butler, and mixed martial arts champion Valentina Shevchenko, encourages customers to do their own research and learn crypto so they may be empowered to be accountable for their own financial freedom and success.

On February 13, the day of the Superbowl game, spectators were encouraged to sound Binance’s #CryptoCelebAlert at CryptoCelebAlert.com for a chance to win one of 2,222 POAP NFTs featuring Jimmy Butler for every commercial aired during the game with a star “talking crypto.” More importantly, students will get access to an easy-to-read crypto primer that will help them better comprehend the fundamentals of crypto.

“I’ve been experimenting with crypto because I believe it offers new ways to think about financial freedom. Not just for artists, entertainers, and athletes but for anyone who is interested and willing to learn,” said Balvin.

“One lesson in my career is don’t trust what ‘they’ tell you, do your own research and then decide.”

“While many individuals are interested in blockchain-based products such as cryptocurrency, few are sure where to begin when it comes to learning about this new technology. We need to assist consumers to grasp the basics of crypto and be able to make more informed investment decisions, in addition to product and brand awareness,” stated Changpeng Zhao (CZ), Binance’s Founder and CEO.

“It’s also about empowering individuals to believe in themselves because it’s better to be your own expert than to rely on someone who may not understand or care about your financial objectives.”

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Business

IMF Urges Nigerians to Trust the eNaira and Other Central Bank Digital Currencies because Crypto is No Match

Many institutions, including central banks, are showing interest in the recently introduced Nigerian central bank digital currency (CBDC), according to the International Monetary Fund (IMF). Despite this, the fund warns that the CBDC poses monetary policy implementation, cyber security, operational resilience, and financial integrity and stability risks.

During the Atlantic Council, Kristalina Georgieva, managing director of the IMF said that “eNaira and other well-designed central bank digital currencies (CBDCs) are no match for crypto assets and stable coins.”

According to her, countries’ central banks are looking into CBDCs, which she believes could soon supplant cryptocurrencies and become a mainstay.

“If CBDCs are constructed wisely, they have the potential to provide better resilience, safety, availability, and cheaper prices than private forms of digital money. CBDCs are still in their early stages, and we don’t know how far or quickly they will progress. CBDCs, if well built, have the potential to provide higher resilience, safety, availability, and cheaper costs than private forms of digital money.” she said

“When contrasted to unbacked crypto assets, which are fundamentally volatile, that is certainly the case. Even the most managed and regulated stablecoins may fall short of a stable and well designed central bank digital currency.” she added

The IMF chief also indicated that over 100 countries are looking into Central Bank Digital Currencies. She listed the Bahamas’ Sand Dollar, Sweden’s Riksbank’s proof-of-concept, China’s e-CNY, and Nigeria’s eNaira. 

Georgieva revealed:

“The IMF is deeply involved in this issue, including through providing technical assistance to many members. An important role for the Fund is to promote exchange of experience and support the interoperability of CBDCs.”

She shared some of the lessons learned from various central banks from their digital currency efforts.

Firstly, she said:

“There is no universal case for CBDCs because each economy is different … So, central banks should tailor plans to their specific circumstances and needs.”

Secondly, she stressed that financial stability and privacy considerations are paramount to the design of CBDCs.

The IMF Chief noted:

“In many countries, privacy concerns are a potential deal-breaker when it comes to CBDC legislation and adoption. So it’s vital that policymakers get the mix right.”

Thirdly, she stressed the balance between developments on the design front and the policy front.

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Business

A rare CryptoPunks alien avatar NFT sells for an all-time high of almost $24 million, double the previous Punks record

In a multi-million dollar auction, another rare CryptoPunk was sold.

Last night, Punk #5822, one of only nine Aliens from Larva Labs’ legendary CryptoPunks collection, sold for 8,000 Ethereum. 8,000 Ethereum was worth roughly $23.7 million at the time of sale. Deepak Thapliyal, the CEO of bitcoin infrastructure business Chain, purchased the piece and acknowledged his purchase shortly after by tweeting a photo of the Punk.

Punk #5822 is the most expensive CryptoPunk and one of the most precious NFTs in the world, with a price tag of $23.7 million. Punk #5822, another ultra-rare Alien, held the previous record for the most valuable CryptoPunk NFT, which sold for $11.75 million at Sotheby’s last summer. Over the last few months, several additional rare Punks, such as Aliens and their slightly more frequent Ape and Zombie equivalents, have sold for millions of dollars.

Due to their rarity, CryptoPunk NFTs like Punk #5822 are regarded as gems by the NFT community. Punks that are more prevalent aren’t quite as valuable, but they still fetch a high price: the lowest on the market currently trade for roughly 70 Ethereum, or slightly over $200,000.

Last year, demand for CryptoPunks skyrocketed as NFT mania spread across the cryptosphere and into the public. Two Alien Punks sold for 4,200 Ethereum each around the same time Beeple sold an NFT for $69.34 million at Christie’s, kicking off the CryptoPunk bull market in earnest. By the end of the summer, Visa had purchased its own CryptoPunk, and celebrities like Jay-Z had begun to adopt the popular custom of utilizing CryptoPunk NFTs as social media avatars.

CryptoPunks, like other NFT collections like Bored Ape Yacht Club, grew in value as NFTs gained popularity. Despite recent criticism regarding Larva Labs’ strong attitude to shutting down copycat collections, CryptoPunks has maintained a cult-like status, thanks in part to its historical relevance and the “fair launch” process (Larva Labs gave them away for free in June 2017)

Many so-called “blue chip” NFT collections are trending upwards, whereas significant assets such as Bitcoin and Ethereum are selling approximately 40% below their highs and have been shaky for weeks. With floor prices skyrocketing, hot avatar collections like Bored Ape Yacht Club and Azuki have had an especially great start to 2022. Despite the fact that many fungible assets appear to be in limbo, the NFT bull market appears to be holding strong.

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Technology

Universal Music to develop collectible NFTs in deal with Curio platform

The Universal Music Group and Curio, a non-fungible token (NFT) platform, announced a partnership last Thursday to produce NFT collections for its record labels and artists.

The agreement represents a significant step forward for the world’s largest music corporation, which, like its competitors, relies mainly on streaming music to stay afloat.

Universal Music has announced that it will collaborate with Curio on the creation of digital artwork and other collectibles for the firm and its artists. Starting in March, with a collaboration between Capitol Music Group and British singer-songwriter Calum Scott, Curio will act as an online store where fans may purchase officially licensed NFTs.

NFTs and Web3, the next generation of the internet based on blockchain technology, present an opportunity for labels and artists to create unique digital products for fans at a time when streaming has made music accessible to everyone, according to Michael Nash, Universal Music Group’s Executive Vice President of Digital Strategy.

“We have an opportunity, with Web3, to have ownership on top of access,” Nash said. NFTs are unique data files that can be music, art, and more.

“With all the innovation happening around Web3 and NFTs, you’ve got the opportunity to make all kinds of digital products available that provide that ownership and you have technologically enforced scarcity, so you can appeal to collectors,” Nash said.

Universal has been actively pursuing methods to profit from the expanding popularity of digital collectibles, even forming a rock group, Kingship, comprised exclusively of simian characters from the NFT brand Bored Ape Yacht Club. Hollywood celebrities and other collectors have been enamored by the animated apes, which exist as one-of-a-kind things on the digital blockchain.

Universal discovered a well-versed executive in Curio’s co-founder and co-Chief Executive Officer Ben Arnon, who previously worked at Universal Music Group. Marc Geiger, a former head of music at William Morris Endeavor, is one of Curio’s consultants.

Curio, which was created in 2020 and released its first NFT in February, has reached a watershed moment with this relationship. Working with music, film, and television industry partners, the firm has since published over 75,000 digital artifacts.

NFTs inspired by Neil Gaiman’s “American Gods” television series and Universal Pictures’ 2010 cult film “Scott Pilgrim vs. The World” are available on the platform.

According to Reuters, Arnon designed the NFT marketplace to be accessible to ordinary users, even those who had never used bitcoin before.

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Business

Solana Leads Recovery Amid Crypto Crash

While the crypto market was tumbling, Solana led the comeback among other coins, and it is again showing signs of recovery following the weekend slump.

SOL, Solana’s native token, has soared in value in the last 24 hours, reaching a day high of $95.91 on Monday morning. SOL is still among the top gainers of the day, up 5.4 percent in the last 24 hours despite dipping to $94,35 at the time of writing. SOL is the ninth most valuable cryptocurrency, according to CoinGEcko, with a market cap of $30.14 billion. Cardano, which has a market worth of $30.95 billion, is Solana’s closest competition. The latest price movement could have been sparked by the Solana Foundation, which is supporting the network’s development by organizing a series of in-person events throughout the world to boost the developer ecosystem.

The international tour of events, dubbed “The Hacker House,” will take place in the following weeks in places such as Berlin, Prague, Moscow, and New York, as well as Brazil’s Florianopolis and Nassau, the Bahamas’ capital. Solana is an advanced blockchain architecture meant to handle rapidly scaled decentralized dapps. It’s been labeled the Ethereum killer. Despite difficulties such as network outages and community monetary conflicts, Solana is gaining popularity in the realm of NFTs and DEFI, with approximately $7.6 billion in total value in Solana-based projects.

Solana led the comeback among the ten major cryptocurrencies today, with Terra up 5.9% to $51.85 in the last 24 hours, while Ethereum is up 3.4 percent to $2725. BTC fell to an intraday low of $38,300, but is now trading near $39,046, up 2% in the last 24 hours. Cardano is up 2.6 percent to $0.972, while Binance Coin and Avalanche are up 1.4 and 1.6 percent, respectively.

Hackers recently stole $320 million from the Solana Bridge’s wormhole, which allows anyone to exchange digital assets across blockchains. Wormhole is a system that lets users transfer tokens and NFTs between Solana and Ethereum, and it has confirmed that it was the victim of a $120,000 wrapped Ethereum attack for $320 million, which is greater than the $250 million estimate.

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Opinions

3 Reasons To Fall In love With Crypto.

At the moment, crypto currencies are the “in” thing. Although the currencies are still fresh on the market and out of the usual, everyone wants a piece. That’s very understandable. Crypto is not only new, but it is also incredibly hazardous. The cryptocurrency market is much more unpredictable than the stock market, and it is still unknown if digital coins will outlast stocks in the long run.

Having said that, there’s a lot to gain from holding cryptocurrencies if you understand the risks involved. Here are three reasons why you should consider investing in it.

  1. Crypto can make you wealthy

You might acquire shares of a MTN stock for Ugx100,000 , only to have them increase in value to Ugx 300,000 each later. Cryptocurrency follows the same logic. The value of digital coins fluctuates over time, and you may find yourself in a position where you can sell your coins for considerably more than you bought for them. Naturally, the inverse is also true.

  1. It can lend to diversity in your portfolio

There’s a reason why investors are urged to diversify their portfolios on a regular basis. A varied portfolio of assets can protect you from losses during market downturns while also allowing you to build wealth over time as different markets thrive.

If your present investment portfolio consists only of equities, adding bitcoin to your mix could prove to be a wise decision. Consider a scenario in which the stock market crashes and your investments take months to recover their value. If your bitcoin assets remain stable at the same time, you won’t be seeing such large losses — even if they’re just screen losses compared to the actual losses you’d face by selling investments for less than what you purchased them for.

  1. It can be treated as bonus cash

Some people purchase cryptocurrencies with the expectation of losing all of their funds. As a result, when their investments succeed, they are free to run with their profits and do anything they want with them.

If you’re not sure about cryptocurrencies but have some spare cash and want to experiment with it, you may follow a similar strategy.

Let’s say you were given 50,000Ugx as a birthday present and decided to invest it in cryptocurrency. You can walk in thinking you’ll lose that 50,000Ugx in a week. But what if your investment’s worth rises to 200,000Ugx? You can then cash out and regard your profit as extra money to spend as you like (though keep in mind selling cryptocurrency at a higher price than what you paid for it means having to pay taxes on your gains).

Although cryptocurrency is definitely not for everyone, it pays to conduct some study and give it a shot if it’s something you’re interested in. It could be beneficial to you in a variety of ways.

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Business

MetaWeek In Dubai To Bring Together Artists, NFT Creators, Investors, And Blockchain Masterminds.

MetaWeek, organized by NexChange Group, will take place from March 7th to March 10th, 2022. The week’s main event, MetaWeek Summit, will take place at the Le Meridien Dubai Hotel & Conference Center on March 8th and 9th.

The conference will address the most hotly debated digital subjects of the year over the course of two days, including Metaverse prospects, NFT creation and marketing, blockchain applications and development, DeFi market intricacies, investment methods, security challenges, and more.

Metaverse – the growing trend

NFTs promise true decentralized digital ownership for creators, players, and collectors in a variety of fields, including eCommerce, art, gaming, and fashion. DAOs wreak havoc on decision-making processes and communities in a variety of industries and services. On a national level, metaverse has become a trend for businesses, tech giants, and professional groups.

While the expanding market offers a plethora of options, trends emerge at a faster rate than ever before. It’s critical to stay up with top industry experts and their perspectives in the burgeoning world of innovative technology applications and global digital transformation.

MetaWeek will have a Metaverse track with thought leaders from finance, technology, media, and investment, as well as a more typical blockchain track with topics like scalability, market integrity, digital asset and decentralized finance management, and so on.

“Metaverse trend is currently associated with high interest from investors, corporates and artists all over the world. Along with gaming NFTs are to remain the biggest metaverse trends in 2022. We’re excited about MetaWeek bringing all these trends together and creating so many opportunities to bridge the real world with the digital world for our partners, speakers, and attendees,” said Juwan Lee, Founder and Chairman of NexChange Group.

Nick Spanos, a Bitcoin pioneer and co-founder of Zap, Bernd Breiter, a co-founder of BigCityBeats, Vassal Benford, Chairman of The Benford Group and Animal Head Entertainment, and notable digital artists Amrita Sethi and Vesa Kivinen are among the speakers on the agenda.

The first day of the MetaWeek Summit is slated for March 8th, which is International Women’s Day around the world. The organizers, in collaboration with MetaWeek partners and the local community, will commemorate women’s achievements in fields such as blockchain, business, finance, and art on this day, raising awareness about bias and injustice and inspiring female empowerment.

A special Women-led Curated Digital Art Collection, showcasing female artists from around the world, will be on display at the MetaWeek site.

During MetaWeek, a top independent musician, Paris, will release a new Metaverse song. Paris’ video “Together” had already surpassed 22 million views on YouTube.

“New technologies are changing borders geographically and mentally. The artists can now create their concerts in two worlds: the real and in the Metaverse,” says Metawoman Paris. “The digital space provides equal opportunities for both an aspiring artist and a superstar. Metaverse gives a chance to create a better vision of yourself.”