Daily Crypto News | July 12th, 2022

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Welcome to Barmy’s Daily Crypto News – July 12th, 2022

1. Axie Infinity Rises In Sales After Ronin Bridge Hack

The biggest NFT project ever in terms of trade volume is Axie Infinity, although it has struggled recently due to a failing play-to-earn economy and a $622 million hack to its Ronin network bridge. The top Ethereum NFT game may be staging a comeback, however there are just slight signs of vitality.

According to data from CryptoSlam, sales of Axie Infinity NFT increased over the previous seven days by around 198%. Even though the $1.38 million in NFT sales pales in comparison to the $100 million or more in weekly sales that Axie routinely achieved last summer, the increase from one week to the next is still significant.

The co-founder of Axie Infinity creator Sky Mavis, Jeff Zirlin, stated on Twitter last Thursday that 22,000 Axies had been sold in the preceding 24 hours, up from the 7,000 that had been sold in the same time period a few weeks before.

2. Spain Grants Subsidies For Metaverse Firms

The metaverse and its related technologies are currently viewed as significant future development pillars by nations all over the world. Spain has declared that it will provide funds totaling more than $4 million for metaverse-related projects. Companies and individuals working on the metaverse projects in the European Union or in Spain directly will be targeted by the grants program, which will be run by the nation’s Ministry of Economic Affairs and Digital Transformation.

Those who are interested in applying for these awards must present the ministry with a plan outlining the scope and objectives of each initiative. To qualify for these grants, organizations or teams must have a minimum of 25% female representation.

The ministry anticipates that this program will persuade businesses from all around Europe to include the metaverse into their long-term strategy.

3. Texas Bitcoin Miners Halt In Response To Incoming Heat Wave

In Texas, almost all industrial-scale Bitcoin miners have kept their word to halt operations while the state waits out a heat wave that is anticipated to strain its energy grid.

To prevent the kind of rolling blackouts that have afflicted the state in previous summers and winters, the Electric Reliability Council of Texas (ERCOT), which is in charge of maintaining the Texas grid, issued a request yesterday to residents of the state. In the past, many hundred people died statewide in 2021 as a result of power disruptions that occurred after a severe winter storm.

According to Bloomberg, Texas consumed 78,206 megawatts of electricity on Friday, setting an all-time peak record for energy use. The earlier, unofficial record was established on July 5 and measured 77,460 megawatts.

4. BlockFi Shouldn’t Be Compared To Voyager Or Celsius

The CEO of BlockFi, Zac Prince, wants to be clear that his company is not like Voyager Digital, which also obtained a loan from one of Sam Bankman-companies, Fried’s despite last week’s agreement on terms for a loan from—and prospective purchase by—one of Bankman-companies. Fried’s

It’s true that those two crypto businesses sound like they are in somewhat comparable positions. Prince, though, doesn’t think that way. He urged journalists and market watchers to stop comparing BlockFi to other cryptocurrency lenders in a brief thread on Twitter on Monday morning.

5. Insurance Company Sued For Not Paying $7.5M Bitcoin In Ransom

According to Bloomberg this week, a high-end British jeweler named Graff has filed a lawsuit against The Travelers Companies for declining to pay out on a bitcoin ransom.

The jeweler paid the Russian hacking organization Conti a $7.5 million bitcoin ransom after the group threatened to disclose information about the business’s high-profile clients, including Middle Eastern aristocracy. Graff and the hackers were able to cut the $15 million ransom payment through negotiation.

In September of last year, Conti attacked Graff and released information regarding the royal families of Saudi Arabia, the United Arab Emirates (UAE), and Qatar. Though they expressed regret to the families, the hackers warned that they might have to release more of Graff’s data.

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