Month: August 2022

Facebook and Twitter will soon be obsolete thanks to blockchain technology

Today’s social media landscape is dominated by Web2 corporations — mostly Meta (Facebook) and Twitter. The companies collect data from billions of users and collect billions of dollars in revenue from user-generated content. While it’s great for the corporations and their shareholders, it comes at a cost for average users and professional content creators. But in the near future, decentralized social media — or Web3 — is likely to end that old model by giving power back to users. No more evicting unruly users Because platforms such as Facebook, Instagram…

Bitcoin MVRV Triple Ribbon Again Forms Bearish Cross

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On-chain data shows the Bitcoin MVRV triple ribbon has once again formed a signal that has lead to an average of 30% decline during previous instances this year. Bitcoin MVRV Triple Ribbon Shows Bearish Signal Formation As pointed out by an analyst in a CryptoQuant post, the latest trend in the BTC MVRV triple ribbon may suggest the crypto will observe another local drawdown soon. Before looking at what “MVRV” is, it’s best to first take a look at the two major types of capitalization methods for Bitcoin. The first…

Gamestop NFT Daily Fee Income Falls Below $4,000 As Market Meltdown Spreads

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GameStop NFT has produced over $166,800 in sales volume in the last 24 hours; yet, with the platform collecting only a 2.25% charge on NFT purchases, the statistic corresponds to only $3,753 in income. Daily income for GameStop’s nonfungible token (NFT) marketplace has dropped to less than $4,000, indicating that interest in the platform has decreased dramatically since its introduction in mid-July. At the time of writing, the HyperViciouZ project on GameStop has the highest 24-hour sales volume of 29.78 Ether (ETH), valued at around $47,841. Pudgy Penguins, OpenSea’s top-selling…

Why Crypto Could Heading For A Retest Of The Summer Lows

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The crypto market has seen over today’s trading session as large cryptocurrencies retrace as much as 20% during the weekend. The near term seems likely to trend to the downside, at least until the end of the week, according to a group of experts. At the time of writing, the crypto total market broke below the $1 trillion mark and could re-test support at $920 billion. Macro conditions seem to be pushing down risk assets, such as cryptocurrencies and equities, Crypto total market cap moving sideways on the daily chart.…

Crypto Exchange FTX Witnessed Massive 1,000% Surge in Revenue Last Year, According to Leaked Documents: Report

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Crypto exchange FTX reportedly saw massive growth during the crypto bull run of 2021 when markets hit all-time highs. Citing information from leaked financial documents, CNBC reports that the firm generated $1.02 billion in 2021, a more than 1,000% increase from its revenue of $89 million in 2020. Operating income increased from $14 million to $272 million during the same timeframe. Net income also rose from $17 million to $388 million. The exchange held $2.5 billion in cash at the end of 2021 and profit margins for the year were…

Tencent receives patent for blockchain-based missing persons poster

According to local news outlet 36kr.com, Chinese technology conglomerate Tencent recently received a novel patent for a blockchain-based missing persons poster. The patent took nearly three years to be awarded from the date of its first submission in December 2019. The paten consists of a data generation request upon user submission that a person has gone missing. The proposal is then unveiled publicly on the blockchain for verification. Once a consensus has been reached regarding the request, it is then stored in the public ledger and forwarded to nodes for…

Cryptocurrencies react to Jackson Hole, Fed rate hike plans and a weakening bear market rally

The European stock markets and the United States equities markets are both deep in the red on Aug. 22 as investors fear that aggressive rate hikes may not be off the table.  Another thing keeping investors nervous could be the upcoming  Jackson Hole economic symposium, which is scheduled to begin on Aug. 25. Investors are concerned that Federal Reserve chairman Jerome Powell could further elaborate on the Fed’s hawkish stance and plans for future interest rate hikes. This macro uncertainty has kept the institutional investors away from the crypto markets.…

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Are NFTs Rendering Art Meaningless?

As the ecosystem consolidates, the cliché in tech circles is that the emerging crypto economy is in a “Builder’s Market.” Tech founders, as well as artists creating NFTs, are taking a step back to reassess their projects, while examining how their creations fit into network architecture. For all its shortcomings iterated in the previous market cycle, NFTs have the potential to offer incredible value to artists – from fractionalized ownership (such as Particle’s decision to tokenize a Banksy painting) to integration into live experiences. There will also likely be a…