Daily Crypto News | November 2nd, 2022
Welcome to Barmy’s Daily Crypto News – November 2nd, 2022
1. Visa and Crypto.com Offer Soccer Fans Iconic NFTs
FIFA’s official payment technology partner, Visa, has announced the release of a collection of one-of-a-kind digital collectibles featuring famous goals from five legendary football players. The FIFA official cryptocurrency trading platform sponsor, Crypto.com, now offers the Visa Masters of Movement NFTs.
The auction will take place before the 2022 World Cup, which will take place this year between November 20 and December 18. An interactive pitch at the FIFA Fan Festival in Doha will be where the experience will be brought to life later this month. There, fans will also have the chance to create digital art that is inspired by their distinctive moves and turn it into their very own NFT, according to a press statement.
The project consists of five pieces of art that were published as NFTs and were motivated by goals scored by Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen, and Maxi Rodriguez. Through November 8, supporters can place bids on the Visa Masters of Movement NFTs at Crypto.com.
One of the most eagerly awaited athletic events in the world is the FIFA World Cup, thus we are beyond thrilled to offer fans a new opportunity to interact with this great event. The winning bidders for each NFT will receive a signed piece of memorabilia from the featured legendary player in addition to the token in their Crypto.com wallet.
2. Terra Blockchain Ecosystem to See a New Stablecoin Called Solid
The crypto community was introduced to a new local cryptocurrency named Terra (LUNA) 2.0. A defi project named Capapult Finance says it plans to develop a new “soft-pegged stablecoin” built on top of the Terra network called “Solid.” The stablecoin concept was unveiled in a white paper titled “Solid, a Soft-Pegged Stablecoin on Terra.”
The authors of the white paper, which was released on October 19, 2022, emphasize the necessity for stable assets in the defi world and argue that fiat-backed stablecoins fall short of this demand. “The Tornado Cash prohibition demonstrated that fiat-backed stablecoin owners do not have control over their assets,”
According to the document, Solid will be created via a CDP system similar to Makerdao, in which users deposit interest-bearing collateral and borrow the stablecoin. The project promises to “bring honesty and confidence to Web3” and invites everyone to “join us on our road to a fully decentralized ecosystem.” The mechanism also functions in conjunction with Capapult Finance’s governance token CAPA.
Through the interest-earning collateral kept on the Capapult protocol, Solidus or Solid asserts to provide minimal volatility and stability. According to the website for the Capapult protocol, the application will be available soon. The top two stablecoins (USDT & USDC) are fiat-backed digital assets, and the total stablecoin market is currently valued at $146.44 billion. Makerdao’s DAI and Tron’s USDD are two stablecoin initiatives that employ a CDP technique, or over-collateralized scheme.
3. Gamestop Reveals Immutable X-Powered NFT Marketplace
The Ethereum layer 2 scaling solution Immutable X is now connected to the Gamestop (NYSE: GME) NFT marketplace at nft.gamestop.com. The Gamestop NFT market offers “100% gas-free and carbon-neutral minting and trading to users,” according to the website, in contrast to NFT marketplaces like Opensea, Looksrare, and Rarible.
The recently created Gamestop NFT market claims that users can buy, sell, and generate NFTs at “rapid speeds” in addition to the gas-free experience. With the Gamestop NFT Marketplace’s official debut today, we are now able to give gamers access to millions more NFTs and more of the best Web3 games currently being produced, all while delivering the best possible gaming experience.
The information comes in the wake of Gamestop and FTX US’s cooperation, which intends to introduce Gamestop users to the FTX community and marketplaces for the purpose of purchasing cryptocurrency assets. Gamestop stated that “Gamestop will be FTX’s preferred retail partner in the United States” and that “certain retail establishments will carry FTX brand gift cards.”
The company also released its own Gamestop-branded wallet at the end of May, which was followed by the introduction of the NFT marketplace and the cooperation with FTX. The connect page on the nft.gamestop.com market offers three wallet options: Gamestop Wallet, Walletconnect, and Metamask.
4. China develops their own national digital currency called digital Yuan
In a recent lecture at Hong Kong Fintech Week, Chinese central bank governor Yi Gang discussed the development of their country’s national digital currency, the digital yuan. He discussed the adoption and development of the domestic digital currency.
Yi mentioned in his address that the digital yuan is being promoted as a cash substitute in China, a nation with a strong digital payment infrastructure. The main item on our agenda, he continued, is privacy protection. The two-layer payment method that would give consumers adjustable anonymity was then described by him. The central bank solely manages inter-institutional transaction information at layer one, where it provides digital yuan to authorized operators. The permitted operators exclusively gather the personal data required for their exchange and circulation services to the general public at tier two.
Hepledged that data would be encrypted, stored, and that personally identifiable information would be de-identified and kept private. There will be specific e-wallets to make those transactions possible, and users can also make anonymous transfers up to a certain amount. The governor of the central bank said that confidentiality is a double-edged sword and must be handled carefully, particularly in the financial realm.
Yi’s remarks are in line with those of Mu Changchun, the chief of the central bank’s digital currency (CBDC) program, who restated a similar position in July, saying that CBDC doesn’t have to be as anonymous as cash. A CBDC that was fully anonymous, according to Mu, would make it more difficult to stop crimes like tax evasion, money laundering, and financing for terrorism.
5. Core Scientific is reportedly considering a potential bankruptcy
Core Scientific, a company that mines bitcoins, is apparently thinking about declaring bankruptcy while a group of its convertible bondholders consult restructuring attorneys.
A United States Securities and Exchange Commission filing that suggested financial hardship led the Core Scientific bondholders to consult with the law firm Paul Hastings, according to a Nov. 1 Bloomberg Law story. According to the Oct. 26 filing, the mining company was unable to fulfill its financial commitments in late October and early November due to the low price of Bitcoin, growing electricity expenses, a rise in the world’s BTC hash rate, and legal concerns with cryptocurrency lending firm Celsius.
In a court document filed on October 19, Core Scientific asserted that Celsius owed the company more than $2.1 million in post-petition fees and that the company would continue to lose nearly $53,000 per day until its debts were satisfied. Celsius has retorted that the mining company delayed the deployment of its rigs and provided less electricity than necessary in accordance with a prior contract.
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