Day: November 16, 2022

Nike unveils NFT platform: Nifty Newsletter, Nov. 9–15

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In this week’s newsletter, read about how the FTX contagion led to the sale of a collection containing high-ticket nonfungible tokens (NFTs). Check out the struggles in onboarding artists to Web3 through NFTs and find out about OpenSea’s decision to finally enforce royalties on all collections within its NFT marketplace. In other news, a tool that allows layer-2 networks to showcase NFTs on social platforms like Twitter was released. And don’t forget this week’s Nifty News featuring Nike’s Dot Swoosh NFT platform.  FTX contagion victim Deepak.eth puts NFT collection up…

DeFi platforms see profits amid FTX collapse and CEX exodus

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A week after the fallout from the FTX and Alameda chaos, some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ether (ETH) are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda.  DeFi earnings highlight positive revenue for some protocols According to Token Terminal’s earnings leaderboard, in the last seven days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge…

Music NFTs and Taxes: A Web3 Taxation Guide

Okay, first things first. The basics. Creating (a.k.a. minting) an NFT is not a taxable event. If you create an NFT (a 1:1 or a 10K-strong collection) and no one buys it or trades it, you will not be taxed. So you can rest assured that your decision to tokenize your college diploma will not affect your finances any more than your college education did. Phew! According to Uncle Sam, in the United States, any crypto-to-crypto transaction is a taxable event, including buying an NFT, trading an NFT, or selling…

Polygon Continues To Build Despite Market Turbulence; Here Are Levels To Watch

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 MATIC’s price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement.  MATIC’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors.  MATIC’s price continues to hold $0.75 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA) The price of Polygon (MATIC) has been a standout performer in recent weeks rallying from a low of $0.85 to…

This Firm Offers 8 To 12 Cents On A Dollar Of FTX User Deposit Claims

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The FTX crisis has escalated into a legal battle between bankrupt crypto exchanges and firms whose assets are stuck on its platform. Before FTX froze assets withdrawal, many crypto firms couldn’t recover their funds from the exchange. As a result, many firms have announced a potential financial crisis if their funds remain unrecovered. Several Users are in a panic due to their funds. However, the latest report revealed that Cherokee Acquisition, a distressed asset investment firm, has given users options to sell their credit claims. But the users can only…

Crypto Hedge Fund Ikigai Caught in FTX Collapse, Large Majority of Firm’s Total Assets Stuck on Exchange: Founder

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The crypto hedge fund Ikigai says most of its assets are stuck on the collapsed FTX digital asset exchange. Ikigai founder and Chief Investment Officer Travis Kling tells his 89,900 Twitter followers that they attempted to withdraw investor funds from the platform but failed in retrieving them in their entirety. “Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday…

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Blockstream CEO Adam Back talks Bitcoin over a game of Jenga

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Ever since his childhood years, Adam Back, now CEO of Blockstream, would spend his time fidgeting with programming code to look for encryption keys embedded in the software. Born in 1970, the London native completed his A-levels in mathematics, physics and economics before focusing on computing science and earning a Ph.D. from the University of Exeter. Having devoted his career to applied cryptography, Back invented HashCash in 1997, a proof-of-work system used to limit email spam and denial-of-service attacks that later became more renowned for its use in Bitcoin (BTC).…