Author: Staff

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Technology

Nearly All NFTs Created With OpenSea’s Free Minting Tool Are Fake, Plagiarized, or Spam

The non-fungible token (NFT) market has expanded in recent years. NFTs are being used by businesses from all industries to market their digital artwork. Furthermore, NFTs are being used by artists with little financial resources to sell their work. This rapid rise in interest in NFTs has attracted the attention of scammers, who are employing tools to assist artists in efficiently minting NFTs for theft and fraud. OpenSea’s free NFT minting tool is a good example.

OpenSea, one of the major online NFT marketplaces, recently altered its rules for minting NFTs using its free ‘Lazy Minting’ service. Users will only be able to mint up to five collections with 50 NFTs each using the business’s free tool, the company stated earlier this week. “We know this change may impact our community so please don’t hesitate to share how this affects your creative flow,” the company wrote.

Artists flocked to Twitter to express their displeasure with the shift, with many claiming that they couldn’t post their work or finish their collection.

Due to the general criticism from OpenSea’s artist community, the firm had to abandon its new policy and apologize to its users. “We hear you and apologize to all the creators in our community who have been impacted by the 50 item limit we put to our free minting tool. OpenSea wrote, “We have reversed the decision.”

The corporation explained its decision in a series of subsequent tweets. OpenSea stated that their shared storefront contract was created to make it simple for entrepreneurs to enter the NFT arena.

“However, we’ve recently seen misuse of this feature increase exponentially…Over 80% of the items created with this tool were plagiarized works, fake collections, and spam,” the company wrote announcing the reversal of its changed policies.

Notably, the company is working on alternate measures to combat fraud on its platform while reconsidering its decision to limit activities on its platform. “…we’re testing a number of options to guarantee we reward our creators while also preventing bad actors.” It went on to say, “We pledge to preview these modifications with you before rolling them out.”

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Business

Coinbase, Polygon Studios Join Jambo’s $7.5 Million Seed Round.

Jambo, an African web3 firm, has acquired $7.5 million in new funding to expand its pioneering web3 “superapp” for Africa.

Delphi Ventures, Coinbase Ventures, 3 Arrows Capital, Alameda Research, AllianceDAO, Tiger Global, DeFiance Capital, Hashed, Polygon Studios, UOB, Signum Capital, BH Digital, Yield Guild Games, and other investors participated in the seed round.

Jambo, which was founded in late 2021, claims that their app has the ability to substantially improve Africa’s educational and economic prospects by providing access to and opportunities offered by digital assets. The Jambo app allows users to connect to a safe, multinational, and trustless financial infrastructure, promoting greater financial inclusion across Africa.

The app will first offer games in which users may participate in play-to-earn efforts. From there, Jambo intends to provide decentralized finance services such as currency exchanges and remittances, as well as yield-bearing assets.

The Jambo app is an intuitive and familiar inroad to the prospects inherent in web3. Africans are claimed to be well-versed in smartphones, and crypto usage is growing on the continent, making it an intuitive and familiar inroad to the opportunities contained in web3.

Jambo has already enrolled over 12,000 students from 15 countries to finish a chosen web3 curriculum, both online and offline, since the beginning of this year. It allows students to investigate the possibilities of play-to-earn gaming and DeFi. The programs are available at over 600 physical partner locations as well as colleges.

With almost 60% of Africa’s population under the age of 24 and nearly 50% of university graduates unemployed, Jambo says that connecting them to these educational opportunities might lead to financial prosperity in ways that Africans have never had access to before.

“We have the long-term vision of realizing financial prosperity for billions across the continent and are committed to fostering the next generation of web3 innovators, builders and creators,” James Zhang, co-founder and chief executive officer of Jambo, said in a statement. “Jambo serves as the gateway to web3, but it is so much more than that. By aggregating these critical services in one ‘superapp,’ we aim to change the lives of billions.”

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Opinions

Hollywood’s Movie Star Ryan Reynolds Believes Crypto Is Emerging As A Huge Player

Ryan Reynolds, a Hollywood actor, believes that cryptocurrency is becoming a “major factor.” He did not, however, say whether he had put some of his money into the asset class.

With the increasing popularity of bitcoin and other cryptocurrencies, the number of celebrities who show their support for the industry is expanding. Ryan Reynolds, a popular Canadian actor, is the most recent example.

He asserted in a recent interview with Bloomberg Markets that the industry is becoming a “major participant.” Reynolds continued, “In truth, it began its progress a long time ago.”

“I think it’s emerging as a huge, huge player. I mean, it’s been emerging for a long time, so I’m not super surprised.”

The actor, who has appeared in films such as “Deadpool,” “Buried,” and “Safe House,” commended the firms’ efforts to make cryptocurrency trading safer and more accessible. On the other hand, he understands why some people are hesitant to join the bandwagon:

“I mean, 90% of the word crypto is crypt, so I see why certain folks might be put off.”

Reynolds did not reveal whether he holds bitcoin or any other digital assets, despite smiling sarcastically in response to the question:

“I don’t really want to comment on that, but I do see the value in the conversation.”

Prominent Actors keen on Crypto.

Aside from Reynolds, plenty of other Hollywood stars have come out in support of the digital asset sector. Reese Witherspoon, an Oscar winner, is one of them.

She invested in Ethereum (ETH) a few months ago, stating that it was her first time dealing with the cryptocurrency project.

Paris Hilton was another well-known celebrity who dabbled in the industry. She posted a diamond emoticon next to her tweet to show her support for bitcoin on her own Twitter account. The term “diamond hands” is used in crypto culture to describe one’s willingness to hold a particular asset despite its current volatility and hazards.

Winner of an Academy Award Matt Damon is also a part of the digital asset world. He hooked up with the largest cryptocurrency exchange CryptoCom last year to become the face of its marketing campaign. The ad, dubbed “Fortune Favors the Bold,” drew a lot of criticism from the community.

Negative responses flooded Twitter, with many users claiming that the star of the “Bourne” films and “The Martian” should not have connected with the corporation.

Categories
Opinions

Reasons Why Africa Chose To Make Remittances In Bitcoin

As Bitcoin continues to lead the way for the crypto industry, local awareness is skyrocketing across the globe. In terms of Bitcoin remittances, Africa is now one of the most active continents. Experts studied the Bitcoin ecosystem in Africa, one of the world’s oldest continents, and found striking parallels with El Salvador.

Bitcoin’s Remittance is Revolutionizing Africa

Last year, El Salvador became the first to accept Bitcoin as legal tender. However, certain characteristics appear to be present in Africa that contribute to Bitcoin’s growth. Most Africans, for example, are unbanked but have cell phones. Furthermore, Africa has a sizable diaspora that sends money to relatives on the continent on a regular basis.

As a result, there are tremendous opportunities for widespread Bitcoin adoption on the African continent today. Money transfers between Africa’s highly mobile populace are a major driver of the Bitcoin boom. Furthermore, there are approximately 30 million Africans in the diaspora, according to reports. These communities of Africans living outside of their homeland add to the considerable interest in Bitcoin in that region.

Did you know that significant African countries such as Nigeria have already taken steps to regulate Bitcoin? However, the majority of the people are still unbanked. As a result, Bitcoin remittance provides a lifeline to a sizable portion of the population.

The Mobile Culture in Africa

Africa, in addition to having a large mobile population, is actively engaged in the “mobile money” discourse. Most Africans already use their cellphones to make mobile transfers; it’s part of the continent’s modern digital culture. As a result, mobile transfers are common in the African continent. Mobile transfers in Sub-Saharan Africa are one of the largest in the world, according to reports.

By 2025, Africa’s mobile transfers could be on the verge of exploding. Experts estimate that by then, over 600 million Africans will have access to mobile wallets. In the next few years, Africa’s mobile culture will definitely provide the groundwork for widespread Bitcoin acceptance.

Now that you understand how Africans are using their cellphones to send bitcoin remittances, Let’s look at the three factors that led to this:

  1. Accidental Government Backup to Bitcoin

When it comes to Bitcoin acceptance, most African countries’ authorities are adamantly against it. These leaders enacted tough policies that would have otherwise stifled Bitcoin’s growth in their respective countries. Rather than stifling Bitcoin’s growth, these policies have served as a springboard for the cryptocurrency. As a result, more people are becoming interested in Bitcoin. These governments have unintentionally supplied assistance.

In 2020, the Nigerian Central Bank, for example, prohibited foreign mobile money transactions to the country. After approving US dollar payouts for foreign remittances, the CBN took this step. Only Nigerians with bank accounts were able to receive monies from abroad as a result. Furthermore, not all international money transfer providers to Nigeria accept cash payments.

Furthermore, due to the country’s tight rules, the majority of Zimbabweans use Bitcoin. Foreign money was illegal in Zimbabwe, and mobile transactions were restricted. Several citizens of the country are now using Bitcoin to circumvent the country’s harsh rules. These government policies promote Bitcoin as a better payment option for their population.

  1. Currency Strength

Inflation rates in certain African countries are in the double digits. Zambia, Zimbabwe, Nigeria, Sudan, South Sudan, Ethiopia, Liberia, and Sierra Leone are among these countries. When compared to the dollar, several of these currencies are laughable. The Nigerian Central Bank, for example, depreciated the naira three times in 2019.

In May 2021, the federal bank devalued the naira by 7.6%. Most Africans use Bitcoin remittance to increase their profits. Some workers want to be paid in Bitcoin because it isn’t tied to their local currency. This aspect will serve as a springboard for a larger Bitcoin adoption.

  1. High Cost of Transfers

Africans who live outside their home nation prefer transferring money. The huge expense of these transfers, on the other hand, is both restricting and frightening. According to projections, transporting $200 to Sub-Saharan Africa by the end of 2020 will cost an average of 8.2 percent. Surprisingly, money transfers between African countries are more expensive. People are now opting for Bitcoin remittances to avoid the exorbitant cost of transfers.

  1. Education

There are over a thousand languages spoken on the African continent. However, the majority of these civilizations do not speak English. Fortunately, a number of institutions offer education to Africans in order to close the gap. The materials for Bitcoin would be translated into local African languages as part of this instruction. This would eliminate the language barrier as a constraint.

Finally, both positive and negative aspects work together to ensure that Bitcoin is widely adopted throughout Africa. As a result, in the coming years, the continent can only expect a crypto explosion.

Categories
Amber Group Business

Temasek leads Amber Group’s $200M Series B+ round, valuing the company at $3B

SINGAPORE, 22 February 2022 — Amber Group, a leading global digital asset platform, today announced a $200 million Series B+ round led by investment company Temasek, with participation from existing shareholders including Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures among others. A significant follow-up to Amber Group’s 2021 $100 million Series B round, this Series B+ round is the largest investment in Amber Group, valuing the company at $3 billion. Total capital raised at Amber Group now stands at $328 million.

This Series B+ round comes at a time of rapidly increasing digital asset adoption globally. The investment reinforces Amber Group’s strategic alignment with its investors, as well as a shared vision of digital assets’ future in a new, digital economy. 

“From radically transforming the concept of ownership and value in the global economy, digital assets are redefining the way we live outside of the financial ecosystem. At Amber Group, we want to do more than just enable mainstream digital asset adoption. We want to help create a digital future where digital assets empower people with the opportunity and agency to shape a better world for all. We are proud to have the support of our investors who not only share this vision but also put their capital and trust in us to achieve it,” said Amber Group’s Global Chief Executive Officer, Michael Wu. 

Founded in 2017, Amber Group has developed expertise in servicing both institutional and consumer markets. With global operations across 12 cities, the Singapore-headquartered company is one of the world’s leading liquidity providers, offering clients services that include algorithmic execution, electronic and OTC market-making derivatives, structured products, and advisory services. Amber Group also offers an award-winning consumer app, WhaleFin, and a full set of creative services and infrastructure in its OpenVerse business. 

Amber Group is experiencing tremendous global growth, with cumulative transaction volume surpassing $1 trillion and assets under management growing to over $5 billion since its inception.  Amber Group’s institutional business continues to benefit from a strong systematic pricing framework and a focus on client service while the company’s consumer business, WhaleFin, allows mainstream investors to build wealth in the digital era, further democratizing access to the world of crypto finance. OpenVerse, Amber Group’s creator-focused venture, forms another key business pillar for the company as it launches support for creators, brands, and studios through its suite of services and digital infrastructure. 

Amber Group’s industry leadership is reinforced by its commitment to upholding security and regulatory compliance. The company is among the first global digital wealth platforms to have achieved Service Organization Control (SOC) 2 compliance – an external, independent audit that benchmarks industry best practices in IT, security, and privacy controls. The company has also extended its list of licences after securing regulatory approvals from in-market financial authorities in Australia, the UK, Japan, and Switzerland. Amber Group is now expanding into new markets around the world through regulatory licensing and strategic acquisitions, such as the company’s latest acquisition of Japanese crypto exchange, DeCurret Inc. 

“This latest round of capital will bring Amber Group to the next level. Besides making key hires to support our institutional business in Europe and the Americas where there have been tremendous interest from traditional financial institutions and large family offices, we plan to expand WhaleFin’s global footprint in both developed and developing markets worldwide and advance OpenVerse, which is already experiencing hyper-growth with a strong line-up of gaming studios, sports collectibles, digital artists and other partner brands. We will cast our sights beyond business expansion and strategic acquisitions too, as part of our commitment to building a sustainable future for all. We will continue to broaden our support of sustainability initiatives, with our recent partnership with the Whale and Dolphin Conservation (WDC) being only the start of this journey,” added Wu.

“Digital assets are becoming an increasingly important category to watch, especially for institutional investors. With investment in Amber Group’s previous round, we are impressed by the professionalism of Michael and his team, as well as their ability to execute, their growth and focus on compliance. We continue to invest this round and believe Amber Group has the potential to become a leading digital asset platform in Asian market,” said Steven Ji, Partner of Sequoia China. 

“Since Tru Arrow’s initial investment in Amber Group in 2021, it has been apparent to us that the company is building a transformational, global digital asset institution. Amber Group shows leadership in the quality of its team, standard of its regulatory approach and scale of its ambitions. With this ongoing endorsement from some of the world’s leading investors, the company continues to deliver on its growth plan without compromising on the integrity of its core principles. As a global investment partnership of some of the world’s leading families and entrepreneurs, Tru Arrow is proud to redouble its commitment to Amber Group, and take our collaboration to a new phase of expansion,” said James Rothschild, Co-Founder and Managing Partner at Tru Arrow Partners.

“It’s been exciting to see Amber Group’s growth, as both an investor and a trading partner. When we originally invested in the company, we had high expectations – reality has exceeded our expectations. Their 24/7 global coverage team has helped Pantera execute over $1.1b in trades in 2021 and that continues to grow. The Amber Group team has done a phenomenal job building an institutional-grade platform and we’re proud to be a part of their story,” said Dan Morehead, Founder and Chief Executive Officer at Pantera Capital.

-END- 

Media Contact

Stella Wang

pr@ambergroup.io

About Amber Group

Amber Group is a leading digital asset platform operating globally with offices in Asia, Europe, and the Americas. The firm provides a full range of digital asset services spanning investing, financing, and trading, servicing over 1,000 institutional clients and a growing number of individual investors worldwide. 

For more information, please visit www.ambergroup.io.

Categories
Business

Ukraine legalizes Bitcoin

Ukraine is the fifth country in as many weeks to set basic ground rules for the cryptocurrency market, indicating that governments all around the world are recognizing bitcoin as a legitimate currency.

The Ukrainian Parliament passed a measure legalizing and regulating bitcoin in a near-unanimous vote. The law was introduced in 2020 and now,  Bitcoin is officially legal in Ukraine. This happened after the country’s parliament passed a law that complies with the president’s recommendations in its final reading. Bitcoin, on the other hand, is not a legal tender in the country.

“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, Ukrainian Minister of Digital Transformation, said in a statement.

According to an official statement, the Ukrainian parliament ratified the new Law on Virtual Assets on Thursday with more than 270 votes. The bill lays out the rules that Bitcoin service providers, such as exchanges, must follow, as well as the penalties for breaking the law’s terms. It also establishes that the country’s National Securities Commission would oversee the cryptocurrency market.

The Securities Commission of Ukraine will be in charge of giving permits to Bitcoin and cryptocurrency service providers, as well as market supervision and financial monitoring, according to the statement.

Ukraine submitted a similar cryptocurrency bill in September, but President Volodymyr Zelensky vetoed it the following month, claiming the country couldn’t afford to set up a separate regulatory agency solely for Bitcoin and cryptocurrency.

The law was then returned to the Ukrainian parliament, along with President Zelensky’s recommendation that current regulators regulate the booming business. The amended measure has now been passed by parliament, which has taken into account his recommendations.

Legislation favors entrepreneurship, invites capital
“The Law on Virtual Assets is primarily a framework law that requires future considerable improvements, such as changes to the tax code,” said Serhiy Tron, the founder of White Rock Management and the Parea Foundation worldwide fund. “However, because the National Bank of Ukraine publicly said that digital currency is a monetary surrogate with no actual value,’ the document has become a significant signal to the international world.”

Tron emphasized that Ukraine’s Ministry of Digital Transformation wants to make the country a global leader in Bitcoin and cryptocurrency, which the new law makes possible.

“By establishing a high-tech, innovative cryptocurrency market with clear rules, the country anticipates a rapid influx of crypto investors from around the world,” he continued.

The Bitcoin law in Ukraine allows the peer-to-peer currency to move out of the “gray” zone by establishing clear-cut legislation that covers how the asset should be treated legally as well as how institutions should act in terms of investor protection and reassurance.

“Bitcoin exchanges will now be able to operate under defined rules, and individuals’ money will be better safeguarded against fraud or misappropriation by service providers, such as custodians,” Tron said.

“Adopting the Law on Virtual Assets sends a strong message to the rest of the world that cryptocurrency is legal in Ukraine,” Tron told Bitcoin Magazine. “The ability to lawfully conduct business in Ukraine will entice crypto-investors from around the world to visit our nation.”

Categories
Business

Russia Prepares Roadmap For Bitcoin Crypto Regulation: Report

Despite the Bank of Russia’s statements on the supposed risks of allowing Bitcoin to grow in Russia, The Russian President, Vladimir Putin, has emphasized supporting the government’s efforts to regulate the asset class.

The Russian government is now supporting the creation of complete regulations for Bitcoin and cryptocurrencies, as members consider the potential negative consequences of outrightly outlawing the industry, as the central bank has urged.

After stressing that the central bank will not stand in the way of technical progress, President Vladimir Putin said in a meeting with government officials that Russia has “certain competitive advantages” in bitcoin mining, including a power surplus and well-trained labor.

Following Putin’s remarks, Deputy Prime Minister, Dmitry Chernyshenko signed a roadmap that will last until the end of the year, according to RBC. The paper specifies Bitcoin legislation, customer identification, liability for infractions, and the prospect of cryptocurrency lending platforms and related assets being established in the country.

According to local state-owned news agency RIA Novosti, Andrey Lugovoy, first deputy head of the State Duma’s Committee on Security and Anti-Corruption, said that the legislature will support the government’s roadmap for regulating cryptocurrencies because he considers an outright ban on the market “unconstructive” because it risks the establishment of a “black market” in the economy.

“When we talk about digital financial assets, cryptocurrency, and the crypto market, we must understand that we are not just trying to amend certain bills; we are trying to regulate a new entity that the entire world is facing, and we must determine our position,” Lugovoy added.

The roadmap, according to RBC, is the result of a collaborative effort involving representatives from various departments and agencies, including the Ministries of Finance and Economic Development, the Prosecutor General’s Office, the Federal Security Service, and Tax Service, the Ministries of Internal Affairs and Digital Development, and the Bank of Russia. Except for the central bank, all of the entities involved are said to have backed the suggestions in the memo.

Elizaveta Danilova, the Head of Financial Stability at the Bank of Russia, warned that comparing Bitcoin to money is “incorrect and very dangerous,” because digital currency is a “risky” tool even if it is regulated.

Danilova stated, “These risks will be enormous, and we expect that more and more countries will come to the conclusion that cryptocurrencies should be prohibited.” “Some people incorrectly think they’re money, but they’re not.”

Danilova added that she believes it to be impossible to equate bitcoin and cryptocurrencies to stocks and bonds as the new assets have “no fundamental value” and “look like a financial pyramid.”

Despite the fact the Bank of Russia’s views on cryptocurrency trade and mining are diametrically opposed to the government’s position, Danilova suggested they may reach an agreement as asked by Putin, emphasizing that the central bank does not have the authority to propose legislation.

“In any case, we must coordinate the proposed measures with the government, with our parliament, The State Duma, the Federation Council – we will actively communicate with all these parties now,” she added.
Days ago, the Bank of Russia advocated for a complete ban on bitcoin and cryptocurrency trade, ownership, and mining, but the Ministry of Finance soon responded with caution, warning that such a course could cause Russia to fall behind in the fast-paced technology industry.

Last year, bitcoin miners went to Russia as a result of a Chinese ban on the industry, which resulted in a mass outflow of ASIC devices. The chilly temperature and energy-rich regions of this Eastern European country create ideal circumstances for mining to flourish.

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Amber Group Business

Amber Group – January Recap

Exceeded $1 trillion in cumulative transaction volume and $5 billion in assets under management.

Completed the Service Organization Control (SOC) 2 audit conducted by Deloitte who measured the Security, Availability, Confidentiality, Processing Integrity, and Privacy of our online service.

WhaleFin UK joined CryptoUK, the trade association for the UK’s crypto digital sector.

Product Development and Partnerships

WhaleFin partnered with the leading non-profit organization Whale & Dolphin Conservation (WDC)  and officially adopted a 46-year-old female humpback whale named Salt.

Sponsored the Avalanche Asia Hackathon for developers and early stage projects to build and scale innovative new solutions and dApps.

In the News

Market Watch: Amber Group services certified to have achieved SOC2 compliance.

The Block: WhaleFin partners with non-profit organization Whale and Dolphin Conservation.

CITY.A.M: Amber Group toasts ‘gold standard’ SOC 2 compliance success.

EKM Innovations: Predictions 2022! Amber Group Founder / CEO Michael Wu on crypto, blockchain, digital assets, tradfi, metaverse and sustainability.

Medium: Navigating Zero Knowledge.

BeInCrypto: Amber Group 2021 recap.

Events and Media Appearances

CEO Michael Wu invited on Forkast News  to comment on the rocky start of crypto in 2022, share his thoughts on how to build a crypto portfolio, and respond to the impact of the rising Russia-Ukraine tensions on crypto.

Head of the Americas Jeffrey Wang joined Yahoo Finance Live to discuss the 2022 cryptocurrency market outlook.

Head of the Americas Jeffrey Wang invited on Blockworks Webinar to talk about crypto market structure and how it differs from traditional financial markets.

Managing Partner Annabelle Huang interviewed by EmergentX Insights on her industry and market predictions for 2022.

Categories
Opinions

Gary Vaynerchuk said 98% of NFT projects will fail after the gold rush fades. Here’s what 2 experts had to say about why he might be right.

The present NFT frenzy, according to VaynerMedia CEO and entrepreneur, is similar to the dot-com era stock market surge of the early 2000s. 

“This is internet stocks [19]99,” said Vaynerchuk when asked about the current NFT landscape. “I put out content every week saying that 98% of [NFT] projects are going to zero. Most of the behavior I see in NFT buying reminds me of the way people bought beanie babies.”

“In March 2000 when all those internet stocks which were grossly overrated and collapsed, Amazon was sitting there at seven or eight dollars per share, the same thing will play out in the NFT space,” Vaynerchuk said

Vaynerchuk is the creator of the popular NFT series Vee Friends and has 2.9 million Twitter followers. A single Vee Friends NFT costs 13.25 ETH (about $41,000) at the moment.

He feels that digital assets are still in their infancy. He advised investors to accept that “things don’t make sense” right now, but that the NFTs will eventually become a powerful and established market.

Jonathan Victor, the Web3 startup Protocol Labs’ business development head for NFTs, feels that the NFT space is just getting started. He claims that once people stop focusing on the phrase “NFT,” most of the benefits will become apparent.

“People will stop talking about NFTs as NFTs, and the focus will shift to what they actually offer,” Victor told Insider. “Instead of just fixing on the term, we’ll look at what the digital objects can do for us.”

Victor showed how vaccine cards may have been enhanced if they were NFTs because they have built-in proof of ownership on the blockchain. People would be able to see who issued it, who it was assigned to, and when it was provided, all while reducing the risk of false cards.

He anticipates event or sports tickets to shift to NFTs for the same reasons.

“Soon NFTs will just be things we use in a time where everything will be digital and interoperable. We’ll eventually get less excited about the term ‘NFT,’ and people won’t even think about items as NFTs anymore.”

Similarly, Eric Chen, CEO of injection protocol, a decentralized trading platform, said there’s a lot of noise in the NFT industry that detracts from the value of digital assets. He expects widespread adoption of the technology in the future.

“The marketplace became overwhelmed,” Chen wrote to Insider in an email. Most of these NFT projects with little differentiation or innovation will likely die over time.”

“NFT” used to be a term only familiar to a small group of users,” Chen continued. “We’ve already seen the metaverse concept and NFT sector being validated by large traditional tech companies. I think it’ll grow slowly to become part of everyone’s daily life. I think it’ll be less flashy.”

Vaynerchuk believes that “short-term greed behavior” in the space will lead to an NFT decline. He expects a handful of operators to emerge on the other side with “amazing profits” once the dust settles.

The NFT industry grew to $41 billion in sales in 2021, almost matching the traditional art market, while celebrities and professional athletes continue to pour money into the embryonic Web3 space.

Over $535 million worth of NFTs were sold in the last week.

Categories
Business

Zambia exploring Central Bank Digital Currency (CBDC), but warns against digital currencies: Report

By the fourth quarter of 2022, Zambia’s central bank intends to have completed research on developing a digital currency that might reduce transaction costs and increase participation in the formal financial system.

“The results of the research will form part of the input in the policy considerations on whether to introduce a central bank digital currency in Zambia,” Nkatya Kabwe, acting assistant director of communications at the Central Bank.

CBDCs, also known as GovCoins, are a type of national currency because they are connected to fiat currency, unlike their crypto cousins Bitcoin and Ethereum. The central bank of Zambia stated earlier this month that cryptocurrency is not legal cash in the country, and that “those who want to deal in them should have a thorough grasp of all the risks that come with such payment and investment instruments.”

The Bank of Zambia is looking at GovCoins because they have the potential to increase financial inclusion, improve payment system traceability, safety, and efficiency, according to Kabwe.

Bank of America Corp. analysts have cautioned that central banks who do not issue their own digital money risk losing monetary authority and seeing demand for their currencies fall if citizens use the digital currency of another country.

Zambia joins a growing number of countries, including Israel, Ghana, the Bahamas, Nigeria, China, and the United States, that are considering or have already issued a digital version of their currency to keep up with technological advancements that have fueled the rise of Bitcoin and other private initiatives.