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Solana’s Daily Active Addresses Dip, But Future Payments Revolution Beckons: Report

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In recent days, Solana, the Layer 1 blockchain network, has witnessed a decline in the number of daily active addresses, causing some concern among crypto enthusiasts. The drop, however, may not be as alarming as it seems, according to Austin Federa, the acting head of strategy for the Solana Foundation.

Federa emphasized that the decrease in daily active addresses does not necessarily equate to a decline in actual users. He pointed out that the network might have seen a reduction in the presence of bots, which could have been driven by changes in economic incentives and network upgrades implemented earlier in the year. 

Additionally, traders who previously relied on multiple bots for activities like arbitrage and NFT minting may now opt to pay priority fees akin to Ethereum, potentially accounting for the drop in active addresses.

Data from The Block’s Data Dashboard reveals that the network’s daily active addresses, measured using a seven-day moving average, declined from over 300,000 in mid-August to approximately 204,000 by the end of the month.

Kevin Peng, a Research Analyst at The Block, echoed Federa’s sentiments, stressing that daily active addresses can be a misleading metric influenced by short-term events. He suggested that transaction fees provide a more meaningful indicator of user activity within a blockchain.

Solana’s Ecosystem Bolster Confidence

Despite the recent decline in daily active addresses, there are reasons for optimism within the Solana community. Visa recently expanded its USDC stablecoin settlement capabilities to Solana, enhancing the protocol’s appeal for digital payments. 

MakerDAO co-founder Rune Christensen also expressed confidence in Solana’s technology, calling it “the most promising codebase” for building a new blockchain.

Solana’s integration with e-commerce giant Shopify and the development of its payment system also contributes to a positive outlook. These initiatives could potentially attract more users and merchants to the Solana network.

Looking ahead, Federa hinted at more “payment news” on the horizon, possibly in the coming month. He emphasized the growing infrastructure that enables the creation of user-friendly payment experiences on the Solana blockchain, comparable to popular platforms like Venmo.

While daily active addresses may have dipped momentarily, the network’s long-term prospects remain promising, buoyed by strategic partnerships and a commitment to enhancing user experiences on the network.

Related Reading | Bitcoin’s On-Chain Activity & Price Suppression Hint at Bull Run Potential

Stoner Cats NFTs Face Trading Ban Amid SEC Charges

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In a stunning turn of events, the Stoner Cats NFT project has been slapped with a trading ban on prominent marketplaces like OpenSea, Blur, and Rarible. The ban came hot on the heels of an announcement by the United States Securities and Exchange Commission (SEC) charging the creators with selling unregistered securities.

Stoner Cats, Animated Series

Originally sold in 2021, these Ethereum-based NFTs were linked to a star-studded animated series featuring celebrities like Mila Kunis, Ashton Kutcher, Chris Rock, and Ethereum founder Vitalik Buterin. The NFTs allowed access to the six-episode web series, which revolves around the misadventures of cartoon cats with a penchant for getting high.

The SEC’s allegations were centered on the fact that the non fungible tokens were sold as unregistered securities, triggering a significant setback for the project. While the ban has caused the NFTs to vanish from OpenSea, Blur, and Rarible, they still linger on the blockchain and in the wallets of their holders.

OpenSea’s representative confirmed that the platform has disabled trading but opted to keep the project page accessible, given its role as a blockchain explorer for non-fungible-tokens. Rarible also corroborated the ban, citing market monitoring as the basis for their decision, while Blur has yet to comment on the matter.

Remarkably, Stoner Cats NFTs can still be bought and sold on marketplaces like LooksRare and X2Y2, which continue to host active listings. This resiliency reflects the enduring popularity of the project, despite the legal troubles it now faces.

NFT Sales Soar: Stoner Cats’ Lucrative Debut

During the initial sale in July 2021, Stoner Cats managed to sell 10,420 NFT passes, amassing over $8 million. Subsequently, the project creators profited from over $20 million in secondary market sales. However, the SEC stepped in, alleging unregistered securities sales and imposing a $1 million civil fine on the creators.

Part of the settlement agreement involves using the fine to establish a Fair Fund to reimburse investors, with eligibility details yet to be revealed. Additionally, the creators have pledged to destroy any remaining non-fungible tokens in their possession, further complicating the future of these unique digital assets.

In the wake of the SEC charges, the NFT market for Stoner Cats experienced a surge in sales and prices. Floor prices skyrocketed from $30 to $131 before settling at around $61 as the non-fungible tokens disappeared from major exchanges.

The Stoner Cats NFT saga is a stark reminder of the regulatory uncertainties surrounding the non-fungible tokens space. As this project’s fate hangs in the balance, it underscores the need for increased clarity and adherence to securities regulations within the cryptocurrency and blockchain industries. The next chapter in this high-profile NFT journey remains uncertain, but it is certain to attract further attention in the ever-evolving world of digital assets.

Soul-Bound NFTs: Coinbase Ventures’ Bold Leap Into Web3 LinkedIn

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Coinbase founder Brian Armstrong has announced that the company received an overwhelming response of more than 150 project applications in response to their call for promising crypto ideas. 

In a recent tweet, Armstrong revealed his intention to add an 11th startup idea to the mix, and it’s nothing short of groundbreaking – a Web3 version of LinkedIn.

The innovative twist in this proposed Web3 LinkedIn is using soul-bound NFTs (Non-Fungible Tokens) to verify employment or credentials. While traditional LinkedIn relies on textual claims, this new approach aims to introduce blockchain technology to professional networking.

In his tweet, Armstrong outlined the vision for this Web3 LinkedIn, stating, “It would be great if companies could issue soul-bound NFTs to verify employment or credentials.” It implies that users’ professional profiles will be anchored to NFTs, ensuring authenticity and trustworthiness. 

Additionally, he highlighted the importance of building a user-friendly front-end interface and mechanisms to bootstrap the network effect, possibly by allowing users to mint their NFTs upon verifying their company-issued .com email addresses.

This ambitious venture by Coinbase adds another layer to the rapidly evolving landscape of blockchain technology, emphasizing the potential of NFTs beyond the realm of art and collectibles.

The Coinbase Ventures Initiative

The call for project applications was part of a broader initiative by Coinbase Ventures, which, on August 30th, shared the “10 ideas I’m most excited about in crypto right now,” as Armstrong put it. The company believes these ideas are essential for the crypto space to nurture the next generation of startups.

Armstrong also emphasized the significance of bear markets as an opportune time for innovation and development. Coinbase is actively building various products and services internally but acknowledges an abundance of untapped potential in the crypto sphere, hence its call for external contributions.

Furthermore, Coinbase Ventures has announced its inaugural Coinbase Ventures Summit, scheduled to take place in Los Angeles this October. This event will assemble top aspiring builders in an intimate setting to facilitate discussions on advancing the crypto space. 

It offers a unique opportunity for crypto enthusiasts to interact with Brian Armstrong and the Ventures team and contribute to the evolution of the cryptocurrency industry.

However, Coinbase’s foray into Web3 LinkedIn with soul-bound NFTs indicates a promising future where blockchain technology underpins professional networking and credential verification.

Related Reading | Bitcoin Maintains Remarkable Stability in 2023: A Decade of Low Volatility

Justin Bieber’s NFT Surprise: Fans Can Own a Piece of ‘Company’ Royalties

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Justin Bieber enthusiasts are in for an extraordinary experience as one of his chart-topping songs is about to undergo a transformation into a nonfungible token [NFT]. This exciting development is the result of a collaboration between the blockchain-focused music technology platform Anotherblock and the co-producer of the track, Andreas Schuller, better known as Axident.

Scheduled for launch on September 7, this initiative will see the release of the song “Company” as a limited-edition NFT, with just 2,000 units available. Fans who acquire an NFT of this track will not only possess a unique piece of digital art but will also become eligible for a 1% royalty share in the song’s streaming revenue. This groundbreaking move signifies the intersection of blockchain technology and music rights, opening up a world of new possibilities for fan engagement.

Michel D. Traore, the co-founder and CEO of Anotherblock, emphasized the significance of this initiative in an interview with a prominent cryptocurrency media outlet. He pointed out that the royalty share is being offered by Axident, shedding light on the often-underappreciated creators behind the music.

Justin Bieber’s Company NFTs Will Boost Web3 Interactions

“Company” was originally featured on Justin Bieber’s fourth studio album, “Purpose,” released in 2015. As an album track, it achieved respectable chart positions in multiple countries, including New Zealand, where it debuted at number 30 and reached its peak position at number 18.

Besides Justin Bieber, Anotherblock has already ventured into the Web3 landscape with major figures in the music industry, including global sensations like Rihanna, Martin Garrix, and The Weeknd.

This move towards Web3 technology is a trend embraced by music giants worldwide. Recently, Abel Makkonen Tesfaye, better known as The Weeknd, announced his “After Hours Til Dawn” tour scheduled for November and December 2023 in Australia and New Zealand. This partnership between one of the world’s biggest pop stars and a leading exchange aims to infuse Web3 technology into the experiences of music enthusiasts attending the concerts.

 

Cardano Founder’s Unbiased Stance on NFT Ventures

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Charles Hoskinson, founder of the Cardano blockchain and engineering firm Input Output Global, shed light on his position concerning his involvement in NFT [Non-Fungible Token] initiatives. In a YouTube video, Hoskinson clarified that he does not endorse or receive any sort of payment from NFT pioneers.

Pointing out a huge painting of Apes Society artwork in his office, the founder stated that he received it as a gift. He also denied owning any NFTs linked to projects within the Cardano sphere.  With transparency at the forefront, Hoskinson asserted that his appreciation of the NFT art he’s received should not be misconstrued as an endorsement of any specific project. 

Moreover, his decision to stay away from these NFT ventures stems from his commitment to establish an impartial foundation. In order to prevent any perception of bias towards a particular NFT endeavor, he remained steadfast in never publicly revealing an address to receive NFTs, despite numerous offers.

Further, the founder called for collaboration among communities, urging open discussions about their collective needs as NFT enterprises. Even though he would not be involved in the day-to-day decisions of any specific NFT project, he still enjoys interacting with various NFT creators and communities, particularly during Cardano-focused conferences.

In the larger context, the non-fungible token arena has expanded exponentially, growing into a billion-dollar sector primarily dominated by Ethereum. In contrast, Cardano has faced criticism from various quarters, often labeled a “ghost chain” due to its lack of a developed DeFi and NFT ecosystem. Nevertheless, the dynamics within the NFT sphere are undergoing a transformation.

Cardano’s Evolving NFT Landscape

As evidenced by the weekly chart shared by Stocktwits NFTs, the floor price index for Cardano NFTs now stands 22% higher than that of Ethereum. The most recent update from the platform underscores a notable shift in sentiment, indicating an increasing inclination among market participants to consider Cardano as a significant hub for NFTs.

A pivotal element that significantly contributed to boosting the ecosystem’s trajectory was the Vasil upgrade. This upgrade played a vital role in propelling Cardano to secure the position of the third-largest NFT protocol, following Ethereum and Solana, as of last September.

OpenSea’s Ethereum-Powered Revolution: Unveiling a New Era of Redeemable NFTs

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OpenSea, the renowned digital marketplace for non-fungible tokens (NFTs), has unveiled a significant development in the world of NFTs with the publication of two Ethereum Requests for Comment (ERC-7496 and ERC-7498) and two Seaport Improvement Proposals (SIP-14 and SIP-15). This strategic move aims to ignite the evolution of the redeemable NFT ecosystem.

Redeemable NFTs have rapidly gained traction across various sectors, including fashion, gaming, and collectibles. These NFTs combine artistic value with practical utility, allowing creators to offer unique experiences to their audience. Nevertheless, a lack of standardized protocols has hindered their widespread adoption. Consequently, creators have been compelled to devise individualized, often isolated, experiences, leading to challenges in discoverability and user-friendliness.

Elevating NFTs With Ethereum

To address this issue, OpenSea is introducing a pioneering open standard for redeemable NFTs. This innovation caters to on-chain (NFT to NFT) and off-chain (NFT to tangible goods, services, or experiences) redemption models. The goal is to simplify the creation, exploration, exchange, and redemption of these enhanced NFTs directly within the OpenSea platform.

The concept behind redeemable NFTs is intriguing. These tokens possess inherent value or functionality that can be exchanged for another digital or physical item. It facilitates stronger relationships between creators and their communities, enriches membership experiences, and unlocks new possibilities within Web3 technology.

Historically, redeemable NFTs required the initial NFT to be “burned” in exchange for a new item, whether a digital asset or an NFT. OpenSea’s groundbreaking redeemable standard aims to augment this convention by introducing the concept of trait redemption. This enhancement allows users to redeem an item without necessarily forfeiting the original NFT, enabling a more flexible and expansive system.

Ethereum’s Utility in Action

The release of Ethereum Requests for Comment (ERC-7496 and ERC-7498) and Seaport Improvement Proposals (SIP-14 and SIP-15) signals OpenSea’s commitment to nurturing the redeemable NFT ecosystem. Developers and creators will collaborate to refine these standards per the community’s needs. OpenSea’s redemption roadmap includes a series of upcoming initiatives designed to empower creators and developers to build innovative redeemable NFT projects.

OpenSea’s vision for redeemable NFTs goes beyond the digital realm. The platform intends to bridge the gap between on-chain and off-chain experiences, allowing creators to offer physical merchandise and experiences alongside their digital creations. By fostering an open, user-friendly environment, OpenSea strives to usher in a new era of NFT utilization and accessibility, empowering creators and engaging users on a grand scale.

Related Reading | Ethereum’s Metrics Signal Mixed Fortunes Amid Crypto Turmoil

Disney: ‘Mickey and Friends’ Now In NFT Avatar

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In a groundbreaking partnership between entertainment giant Disney and web3 startup Cryptoys, the beloved character Mickey Mouse is undergoing a digital transformation into crypto collectibles. This collaboration, fueled by a $23 million Series A funding round supported by toymaker Mattel, introduces the “Mickey and Friends” NFT collection, set to launch next month at a price of $39.99.

Comprising 15 distinct pieces, each with varying “skin designs” and levels of rarity, the collection represents a fusion of Disney’s timeless charm with the innovative possibilities of blockchain technology. This move follows Cryptoys’ prior success with Star Wars collectibles, which is soon to welcome the iconic Yoda into its digital fold.

While the NFTs run on the Flow blockchain, precise on-chain sales data remains unavailable for public scrutiny. Nevertheless, this venture is a promising one, especially considering Disney’s strategic shift away from its metaverse endeavors following leadership changes and the dissolution of its metaverse division.

Disney Characters Casted in Platinum For Its 100th Anniversary

Disney’s foray into the metaverse arena commenced in 2022, choosing Polygon as its blockchain platform and showcasing its commitment through specialized hiring for non-fungible tokens (NFTs) and decentralized finance (DeFi). The company’s century-long legacy of captivating imaginations took a next turn on March 20, when it joined forces with a digital platform VeVe to unveil the 100 Collection.

This exclusive assortment celebrated Disney’s 100th anniversary by incorporating classic characters such as Mickey Mouse, Minnie Mouse, Donald Duck, and Dumbo in a dazzling platinum series of collectible posters.

The collection was dropped on March 22nd at 8 AM PT at a list price of $60. The Minnie Mouse NFT was an ultra-rare nft with 2,100 editions, whereas Dumbo was a secret rare drop with only 1,100 editions. Mickey Mouse was slated to be an uncommon drop with 4,100 editions and Donald Duck was a rare drop with 3,100 editions.

In addition to the existing VeVe 2.5% secondary market fee, a 6% licensor fee was imposed on Disney sales in the secondary market.

Donald Trump’s Mugshot NFT Rockets Sales Up by 163%

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This week, the media spotlight once again focused on the actions of Donald Trump, the former President. Today, Trump made a reentry into the public sphere by resuming activity on his past platform, X [referring to his former Twitter account]. What particularly intrigued internet users was his latest post on X. In this post, Trump shared his own mugshot and accompanied it with a statement regarding potential election interference.

As of the current moment, the tweet had accumulated about 77.1 million views, with roughly 807,000 likes, 207,000 shares, and 24.1K saved bookmarks. The photo of his arrest became public subsequent to his apprehension on August 24. Trump was arrested based on allegations related to his efforts to impact the outcome of the 2020 presidential election in Georgia. Following his detainment, he underwent standard processing procedures at Fulton County Jail, a facility notorious for its unfavorable conditions for inmates. Regarding the widely circulated mugshot of Donald Trump, Fulton County Sheriff Pat Labat commented, “Unless someone informs me otherwise, we are adhering to our usual protocols, so an individual’s status doesn’t affect our readiness to take a mugshot.”

Significant Jump: NFT Collection by Donald Trump Registers Major Increase

Following the former President’s discussion with media personality Tucker Carlson, there was a remarkable upswing in the value of his NFT collection. Surprisingly, within just a day, his NFT sales, the minimum price for listings, and the overall trading activity all underwent a substantial increase. It seems that the notable image of Donald Trump’s mugshot, mentioned earlier, played a significant role in driving this surge. As illustrated in the image provided above, there was a noteworthy 163% rise in Trump’s sales percentage, attributable to a total of 208 transactions.

Donald Trump

Additionally, the trading volume and the lowest listed price for items within this collection experienced impressive growth, ascending by 222% and 63% respectively. Currently, the most affordable available price for items in this collection stands at 0.1928 ETH.

OpenSea’s Inside Scoop: Manager’s Trading Tale Ends in Jail

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Nathaniel Chastain, a former product manager at OpenSea, has become the first person to face prison time in an insider trading case involving digital assets. Chastain’s conviction highlights the evolving landscape of digital asset market regulations and underscores the commitment of US prosecutors to maintaining fair and transparent trading environments.

The case revolved around Chastain’s abuse of his position to gain an unfair advantage in the non-fungible token (NFT) market. Exploiting his access to OpenSea’s internal systems, Chastain acquired insights into upcoming NFT promotions and covertly purchased these tokens before they were featured on the platform’s homepage. This scheme allowed him to capitalize on the subsequent price spikes, generating illicit profits exceeding $50,000.

US prosecutors emphasized the gravity of Chastain’s actions, asserting that his actions were not only ethically reprehensible but also legally indefensible. The sentencing sends a strong message to corporate insiders across various marketplaces that insider trading will not be tolerated.

OpenSea’s Vigilant Stand: Defending Market Ethics

In response to the incident, OpenSea introduced a set of stringent policies aimed at preventing such breaches in the future. The company explicitly stated that employees were prohibited from participating in buying or selling activities during active promotions and from using insider information for trading NFTs. These measures underscore OpenSea’s commitment to maintaining market integrity and fostering trust among users.

Chastain’s case also raises broader questions about the evolving nature of insider trading in the digital age. As the NFT market continues to grow and mature, regulators must adapt to new challenges presented by digital assets. The case serves as a precedent for future legal actions involving similar scenarios, highlighting the need for vigilance in monitoring and enforcing trading practices in digital marketplaces.

Beyond its legal implications, Chastain’s conviction could have a lasting impact on the public’s perception of NFTs and digital assets. As these markets gain more mainstream attention, ensuring a level playing field for all participants becomes paramount. Investors and users need to have confidence that the digital asset space is governed by the same rules and regulations that apply to traditional financial markets.

In conclusion, Nathaniel Chastain’s insider trading case at OpenSea is a pivotal moment in the regulation of digital asset markets. The three-month prison sentence, along with additional penalties, serves as a stern warning to corporate insiders who might contemplate exploiting their positions for personal gain. This landmark case underscores the necessity for robust regulations and enforcement mechanisms in the rapidly evolving landscape of digital assets, paving the way for fairer and more transparent trading environments.

Analysis: Bitcoin’s Recent Liquidity Crisis In Contrast To FTX Collapse

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The Twitter account for The Kobeissi Letter, a prominent commentary source on global capital markets, has reported that Bitcoin experienced one of its most extensive daily liquidations in history. 

Bitcoin’s Liquidity Crisis: A Comparative Analysis

Starting at 4:30 PM yesterday, Bitcoin’s value plummeted by 7.5% in just 20 minutes, resulting in a staggering loss of $42 billion in market capitalization. This rapid mass-liquidation event surpassed the outflows witnessed during the FTX collapse in November 2022, indicating a potential market liquidity drying up.

A comparison chart between the recent Bitcoin liquidations and those during the FTX collapse last year illustrates the severity of the situation. This comparison highlights the seve­rity of the problem and serves as ye­t another ominous signal, underscoring the de­creasing liquidity observed in crypto markets over the past fe­w weeks.

Bitcoin Ordinals NFT Market Faces Dramatic Decline

In stark contrast to cryptocurrency hype and excitement, the Bitcoin Ordinals nonfungible token (NFT) market is grappling with a significant setback. 

DappRadar, a prominent analytics platform for decentralized applications, has flagged a staggering drop in BTC Ordinals NFT user activity. According to an Aug. 17 report, the once-booming market has seen trading volumes plummet by an astonishing 98% since May.

DappRadar’s data prese­nts a concerning outlook for BTC Ordinals NFTs. The sales volume­, which peaked at $452 million in May, has plummete­d to a mere $3 million as of Aug. 14. This downward trajectory is also e­vident in transaction numbers, expe­riencing a staggering decline­ of approximately 97% to just 20,571 transactions during the same pe­riod.

DappRadar’s report highlights the­ significant decline, emphasizing its pote­ntial implications for the future of the Ordinals marke­t. The decrease­ in sales and transaction volume portrays a diminishing leve­l of enthusiasm and confidence in Bitcoin-base­d NFTs.

The report points to the possibility of broader issues impacting BTC Ordinals, potentially raising concerns about the NFT’s longevity and relevance within the NFT space.

One significant factor contributing to the uncertainty surrounding Bitcoin Ordinals’ future is the divided perspective within the BTC community regarding integrating NFTs into the network. 

Unlike Ethereum and other blockchains, which have embraced NFTs, Bitcoin’s community remains polarized. This division poses a unique challenge to the sustainability of BTC Ordinals.

Related reading | Cardano Builder Celebrates Network Growth And Future Plans