Reddit Dropped NFTs ☃️, CryptoGPT Raising Eyebrows 🗿, MetaMask Fiat On-Ramp ✈️
Daily Crypto, Blockchain & Web3 Update 2023-04-12
NFT
Reddit Just Dropped Thousands More NFTs on Polygon From Over 100 Artists (6 min read)
The newest collection aims to broaden its artistic offerings and attract more collectors by featuring over 100 artists in its third generation release, compared to the previous two collections' 32 artists.
Reddit's transition into the NFT space has been largely praised over the past year for its artist-centric approach and for reaching new Web3 users. Dune's publicly curated blockchain data shows that over 10.6 million Reddit avatars have been created, valued at a total market cap of $74.5 million.
Borrowing Against NFTs Is Now a $1 Billion Industry—What’s Next? (4 min read)
Per data pulled from Dune, the cumulative volume for borrowing against NFTs has just hit $1 billion.
“NFT holders are increasingly looking for ways to unlock the value of their assets without selling them, and lending and borrowing platforms like JPEG'd offer a solution to this need,” JPEG’d’s marketing and community lead Derrick Nguyen told Decrypt. “Additionally, decreased volatility has been another result of the NFT market maturing, which has made using NFTs as collateral more and more viable and attractive.”
For example, users who lock up an NFT in the platform’s vault can borrow up to 60% of the NFTs value in synthetic versions of Ethereum (pETH) or dollars (PUSd). These synthetic tokens can then be swapped out for bigger-brand stablecoins over on Curve, or continue to earn yield there too.
Cryptocurrency
MetaMask Launches New Fiat Purchase Function for Cryptocurrency (2 minute read)
MetaMask now allows users to buy cryptocurrencies using fiat currency through different payment methods like debit/credit cards, PayPal, bank transfers, and ACH using its Portfolio tool.
Available in over 189 countries, the feature supports more than 90 tokens across eight networks. To access this option, users can connect their wallets to the Portfolio tool or click "Buy" in the MetaMask extension wallet. Then, they can select their region, payment method, token, and network.
AI-Focused Blockchain CryptoGPT Raises $10M Funding at $250M Valuation (2 minute read)
On the back of the ChatGPT and GPT-4 launches and the ensuing gold rush into all things AI, CryptoGPT, a new L2 ZK rollup focusing on AI, raised $10 million in a Series A funding round led by DWF Labs, valuing the company at $250 million. CryptoGPT aims to allow users to monetize their data across various sectors and plans to issue NFTs storing owners' activity data. The funds will be used to expand its developer team and enhance its presence in Asian markets. CryptoGPT's native token, GPT, currently has a market cap of over $13 million. While there is hype around AI-focused tokens, there is still quite a bit of uncertainty around the longevity and actual utility of these projects.
More Bitcoin Than Ever Is Now ‘Dormant’—Here’s What That Means (2 min read)
Blockchain data firm Glassnode told Decrypt that the amount of Bitcoin that last moved more than two years ago currently stands at 53.14%. That means 10.2 million Bitcoin are sitting still, roughly $309 billion, worth of satoshis. A total of 19.3 million Bitcoins have been mined since the cryptocurrency came into existence.
Bitcoin that sits still for a long time can also be attributed to lost coins: a common problem for amateur investors is forgetting the private keys to their digital wallet.
Solana Leads Crypto Market Rebound, Jumps 10% Overnight (2 min read)
SOL has increased by over 10.1% in the past day, reaching a monthly peak of $22.50, per CoinGecko data. The swift rise also left nearly $2.7 million in liquidated, with more than 92% of that figure made up of blown short positions, according to Coinglass.
Another factor prompting excitement around Solana is the release of Saga, an Android smartphone powered by the Solana blockchain, on April 13. The phone is expected to let users mint their own NFTs from anywhere and access the wider Solana-based ecosystem of apps and projects.
Bitcoin tops Donald Trump, guns in America: Google Trends (3 min read)
Amid the growing discussions around Donald Trump, guns and other topics tied to politics and entertainment, Bitcoin remains the most Googled term in the United States.
According to Ahrefs data, Americans are interested in Bitcoin, and Nevada is the most Bitcoin-crazy state in the US. The primary reason for this finding is attributed to lower taxes and local government initiatives to promote innovation, according to Trading Browser. “Nevada’s long-standing gambling respiration might be a contributing factor to the success and high interest in Bitcoin,” the study added.
Coinbase wins $470K restitution in insider trading case (2 min read)
The brother of a former Coinbase employee has agreed to pay the cryptocurrency exchange nearly $470,000 for his role in an insider trading scheme.
Nikhil Wahi, brother of former Coinbase product manager Ishan Wahi, will make restitution payments while in prison in what's believed to be the first crypto insider trading case, according to a New York District Court document filed on April 6 and made public on April 10.
DEFI
‘Sandwich the Ripper’ MEV Exploiter Joins Tether’s Graveyard of Blacklisted Addresses (3 min read)
Tether has blacklisted an address—nicknamed "Sandwich the Ripper"—which holds $3 million in USDT after it was linked to an MEV exploit on April 3. Blacklisted addresses are frozen from moving Tether funds from their wallet meaning the $3 million USDT is now essentially void.
This is just the latest in a long line of stablecoin blacklistings, with Tether—the largest stablecoin provider—banning a huge 865 addresses holding a total of 456 million USDT.
GAMING
Gaming Hardware Giant Razer Launches Web3 Incubator (3 min read)
ZW3I (zVentures Web3 Incubator) aims to help bring Web3-enabled games to mainstream audiences, and will select developers for its incubator program who possess “a strong track record in creating successful games,” according to a statement.
Why does Razer's Web3 push matter? Razer has significant brand recognition among mainstream gamers, giving it potential to help shape the future of Web3 gaming by exposing titles and developers to Razer's audience of roughly 200 million gamers.