Video game retailer GameStop Corp announced Monday the launch of a public beta version of a non-fungible token (NFT) marketplace amid the downturn of the crypto market.
The company’s NFT marketplace is a non-custodial, Ethereum-based layer 2 marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain. Users are allowed to connect to their own digital asset wallets such as the recently launched GameStop Wallet, according to the statement.
The new feature product just come amid the downturn of the crypto market. Currently, there are 236 NFT collections on the public beta NFT marketplace, and more than 53,000 NFTs listed on the marketplace.
Clients can use this Ethereum Layer 2-based non-custodial application to buy, sell and trade NFTs related to digital assets used in various games.
The marketplace would also provide essential statistics and educational content for customers to enjoy the connection between their wallet and the marketplace.
Partnering with Loopring, an Ethereum-compatible zkRollup protocol will provide players with faster, cheaper, and more secure access to digital property rights.
As Loopring zkRollup is based on Ethereum’s self-hosted security while extracting expensive gas fees, it reduces customer costs.
The company’s stock soared unusually back in January this year as it unveiled its grand entry into the crypto and NFT ecosystem.
Previously, GameStop partnered with blockchain company Immutable X to build a marketplace for NFTs, which they expect to launch later this year.
This launch is a public beta, and the full version of the NFT marketplace may be released in the near future.
Mysten Labs, a crypto startup founded by former Meta executives, is closing a Series B round that could value the company at $2 billion
The financing process is still in intense discussions, and Mysten Labs is actively seeking at least $200 million in Series B financing led by FTX Ventures. Investors led by FTX Ventures have committed at least $140 million in the round, The Information reported.
After this financing, the company could be valued at $2 billion. But the winner depends largely on whether stock investors get additional warrants that give them the right to buy tokens used with their blockchain, and the strike price for exercising those options.
Mysten Labs is built to accelerate the adoption of web3. Mysten Labs was founded in September 2021 by four former senior engineers in Facebook’s (now Meta) encryption division. The founders include Evan Cheng, who also worked at Apple for 10 years and is currently the CEO of Mysten.
The other three core members are Sam Blackshear, Adeniyi Abiodun and George Danezis who worked together at Novi Research (Meta’s advanced cryptographic R&D team).
Mysten Labs completed a $36 million financing round led by a16z in December last year.
It plans to launch a “next-generation NFT platform for the Metaverse” in 2022, making it easier for users to move assets between different virtual environments without sacrificing functionality.
Many crypto miners have shut down operations due to a heatwave in Texas.
With temperatures well above 100 degrees Fahrenheit already in most areas, the Electric Reliability Commission of Texas (ERCOT) on Sunday urged Texas residents and businesses to save electricity.
Crypto miners have stopped mining operations, fearing that the state’s electrical energy may not be able to meet electricity needs, such as turning on air conditioners for long periods of time.
Crypto miner Core Scientific tweeted a notice that to help people in Texas, all Core Scientific ASIC servers located in the state have been shut down and will remain closed until further notice.
ERCOT (Electrical Reliability Commission of Texas) is the organization responsible for operating the state’s electrical grid.
Many crypto miners in Texas have voluntarily cooperated to manage their power consumption as needed to ensure that the ERCOT grid is not under extreme stress. ERCOT requires a perfect balance between demand and supply to ensure the smooth operation of the grid.
Demands could hit a record 79,615 megawatts (MW), the group said. And ERCOT reported on Sunday that wind energy is “producing significantly less electricity than it has historically produced during the period” — less than 8% of capacity is expected to peak at demand.
Miners registered with ERCOT’s ancillary services are ready to shut down power at ERCOT’s direction due to the unusually high temperatures and the drop in wind power generation from the ERCOT system, available to all Texas consumers during periods of peak demand.
Many famous mining companies settle down in Texas so far. The London-listed Bitcoin mining company Argo Blockchain is one of the mining firms that officially launched its flagship mining facility Helios in Texas in May. In June, Riot Blockchain said it planned to ship the “remaining fleet of S19 miners” from New York to Texas,
Free to mint non-fungible token (NFT) collection The Saudis went live on July 9 and sold out within hours.
The Saudis are a collection of 5,555 NFTs whose artwork is a derivative of the CryptoPunks collectables.
The price of the cheapest edition currently for sale is around 0.75 ether (roughly $867). The price peaked at about 1.3 ETH (approximately $1,650) last Saturday.
The collection has so far totalled 6,700 ETH (roughly $7.7 million) in sales volume since its mint.
The project has been gaining momentum from Twitter followers. Many of them are creators of Saudi Arabia-inspired meme videos to fuel the project’s hype.
The founding team behind the project is just the latest in a string of free-to-mint, performance art-driven NFT projects of this nature.
Goblintown sold over $7 million in sales volume in its first weekend. The project gained popularity with goblin noise-filled Twitter Spaces and influencer partnerships, most recently taking over NFT.NYC with ghoul-themed parties.
Free to mint non-fungible token (NFT) collection The Saudis went live on July 9 and sold out within hours.
The Saudis are a collection of 5,555 NFTs whose artwork is a derivative of the CryptoPunks collectables.
The price of the cheapest edition currently for sale is around 0.75 ether (roughly $867). The price peaked at about 1.3 ETH (approximately $1,650) last Saturday.
The collection has so far totalled 6,700 ETH (roughly $7.7 million) in sales volume since its mint.
The project has been gaining momentum from Twitter followers. Many of them are creators of Saudi Arabia-inspired meme videos to fuel the project’s hype.
The founding team behind the project is just the latest in a string of free-to-mint, performance art-driven NFT projects of this nature.
Goblintown sold over $7 million in sales volume in its first weekend. The project gained popularity with goblin noise-filled Twitter Spaces and influencer partnerships, most recently taking over NFT.NYC with ghoul-themed parties.
Greenidge Generation Holdings Inc., a US-based Bitcoin mining company, announced its mining production increased by about 18% in June.
According to its monthly operating update released on Monday, Greenidge said it produced approximately 230 Bitcoins in June, an increase of about 18%, compared to 195 Bitcoins it mined in May.
The miner disclosed that it increased its hashrate capacity to 2.5 exahash per second (“EH/s”) from 27,500 mining machines in June, an increase from 1.7 EH/s of mining capacity from 20,400 mining machines in the previous month.
Greenidge stated that it ordered an additional 200 mining machines, which are in transit, as they will be installed upon their arrival.
The miner said last month it located 24% of the hash rate capacity at its facility in Spartanburg, South Carolina, which was acquired and its operations started in December last year. Greenidge further said it has mined a total of 1,183 Bitcoins for the six months ended June 30.
Meanwhile, at the end of last month, the New York regulator denied the renewal of Greenidge Generation’s air permit.
On June 30, New York’s Department of Environmental Conservation (NYSDEC) denied a key permit for a gas-powered cryptocurrency mining facility owned by Greenidge on the shores of Seneca Lake. The regulator said the mining facility produces too much planet-warming pollution that cannot be allowed under the state’s climate law.
However, Greenidge vowed to appeal the decision through the legal process and said it will keep operating as usual. The 106 MW Greenidge gas plant hosts a large-scale Bitcoin mining facility, with about 17,000 mining machines.
Adapting the Bear Market
The current sharp decline in Bitcoin price has made it difficult for several mining operations to generate a profit. While this bear market has caused many facilities to close their shop, experienced miners are becoming creative and capturing greater market share.
Successful mining firms have deployed innovative new strategies to gain competitive advantages through energy efficiencies; minimizing capital expenditures and operating expenditures.
Last month, Argo Blockchain plc, a major global cryptocurrency mining firm, mined 179 Bitcoins in June compared to 124 BTC in May 2022. The firm sold 637 BTC in June to offset operating expenses and outstanding loans.
Early last month, Hut 8, a Canada-based Bitcoin mining company, bought 5,800 mining machines to add higher petahashes per second (PH/s) of hashrate to its Bitcoin mining capacity at its Ontario facility.
To address electricity concerns, Aspen Creek Digital Corporation (“ACDC”), a U.S.-based crypto mining firm, launched a six-megawatts solar-powered facility for its new mining operations in the western part of Colorado.
The above examples show some of the successful, experienced Bitcoin mining firms that so far have been able to thrive regardless of Bitcoin Price by using flexible, long-term strategies that minimize monthly operating expenses.
Revolut, a London-based financial technology company that offers banking services, has announced the launch of its flagship ‘Learn & Earn’ education courses.
The new courses are designed in conjunction with Polkadot and the program is designed to award as much as $15 to learners who complete the courses and pass the quiz at the end of the course.
The fintech unicorn said the Learn and Earn course was created to bring the right educational exposure to users bordering on cryptocurrencies, and the most popular blockchain networks. The course is divided into two, with ‘Crypto Basics’ and the ‘Polkadot Multichain Network’ being the outlines.
Under the Crypto Basics, the program will “educate customers on what cryptocurrencies are compared to fiat money; the meaning of a ‘decentralised system’; cryptography; the mechanics of the blockchain technology; and the risks associated with crypto investments.”
The insight into the Polkadot multi-chain network will showcase how the protocol unites blockchains in the Web3.0 ecosystem. As announced by the firm, the program will use “visual materials including interactive cards and videos to share key insights about Polkadot’s native token, DOT, as well as Polkadot’s use cases, Polkadot’s governance system, and the Polkadot’ Relay Chain’, the central chain used by the Polkadot network that allows specialised and public blockchain to connect in a unified network.”
Learn and Earn is one of the most common methods through which blockchain and crypto startups fuel interest amongst the masses to learn about their projects while earning incentives along the side. The concept is widespread amongst crypto trading platforms. However, the move by Revolut to launch a similar program is evident that there is a need to fuel the acceptance of crypto across the board.
“There’s a huge appetite from our customers to learn more about cryptocurrencies. ‘Learn & Earn ‘will help them better understand the trends, risks, and potential opportunities associated with Crypto. Our collaboration with Web3 Foundation on Polkadot, one of the most popular blockchain networks, will help customers become more familiar with crypto concepts,” said Emil Urmashin, Crypto General Manager at Revolut.
While starting with Polkadot, Revolut is optimistic the courses will be expanded to more protocols shortly.
French football team Paris Saint Germain (PSG) is resuming its Japanese tour for the first time in 27 years, and this time, the ticket for its scheduled fixtures is being sold in the form of non-fungible tokens (NFTs).
The Japanese Tour NFT tickets will feature three premium tickets for each of the three games and will be on sale until Wednesday.
Buyers of the PSG Japan Tour tickets will gain access to the venue’s VIP section and will be able to have personal interactions with some of PSG’s star players and have photos taken with them. The last time PSG went on a tour to Japan was in 1995, and in a bid to celebrate this event, the club will also be selling a commemorative NFT.
The proposed first match of the team will be held on July 20 with Kawasaki Frontale under the J1 League. The football club’s biggest stars, including Kylian Mbappe, Neymar Jr, Lionel Messi, Marco Veratti, and Marquinhos, will be joining the Japan tour.
Football clubs have a fast-growing embrace of digital currency-related innovations, and PSG is undoubtedly one of the first adopters. The club had its fan token go live on the Binance Launchpad back in December 2020 and has been using the token to foster closer participation in the club’s affairs amongst its fans around the world.
While PSG comes off as the first football club to sell its ticket as NFTs, other prominent clubs worldwide are also championing many bullish innovations regarding the adoption of digital collectables.
In March, Spanish football giant FC Barcelona announced that it was preparing to launch its own NFT collection and digital currency. Other mega clubs, including Manchester United and Manchester City, are also notably heavily invested in Web3.0 and the Metaverse ecosystem.
French football giant Paris Saint Germain (PSG) is resuming its Japanese tour for the first time in 27 years, and this time, the ticket for its scheduled fixtures is being sold in the form of Non-Fungible Tokens (NFTs).
The Japanese Tour NFT tickets will feature three premium tickets for each of the three games and will be on sale until Wednesday.
Buyers of the PSG Japan Tour tickets will gain access to the venue’s VIP section and will be able to have personal interactions with some of PSG’s star players and have photos taken with them. The last time PSG went on a tour to Japan was in 1995, and in a bid to celebrate this event, the club will also be selling a commemorative NFT.
The proposed first match of the team will be held on July 20 with Kawasaki Frontale under the J1 League. As revealed by the football club, its biggest stars, including Kylian Mbappe, Neymar Jr, Lionel Messi, Marco Veratti, and Marquinhos, will be joining the Japan tour.
Football clubs have a fast-growing embrace of digital currency-related innovations, and PSG is undoubtedly one of the first adopters. The club had its fan token go live on the Binance Launchpad back in December 2020 and has been using the token to foster closer participation in the club’s affairs amongst its fans around the world.
While PSG comes off as the first football club to sell its ticket as NFTs, other prominent clubs worldwide are also championing many bullish innovations regarding the adoption of digital collectables.
In March, Spanish football giant FC Barcelona announced that it was preparing to launch its own NFT collection and digital currency. Other mega clubs, including Manchester United and Manchester City, are also notably heavily invested in Web3.0 and the Metaverse ecosystem.
ING Bank, a Netherlands-based multinational banking and financial services corporation, announced on Monday that it has spun off its institutional-grade digital custody platform Pyctor to GMEX Group.
The Dutch bank GMEX has acquired ING’s Pyctor digital asset custody tool in a multi-million-dollar deal. Pyctor provides safekeeping and transactional network services for a wide variety of digital assets and also enables interoperability between permissioned and public blockchains.
While Olivier Guillaumond, the global head of innovation labs & fintech at ING, did not reveal the deal’s financial terms, Guillaumond said: “We have found the right partner in GMEX to scale Pyctor to the next stage. It brings the ideal connectivity between multiple trading parties and digital assets custodians, while addressing interoperability issues experienced in the market.”
The Pyctor platform is set to add value to GMEX’s MultiHub service; a cross-platform institutional business launched last year to bridge the gap between centralised finance (CeFi) and decentralised finance (DeFi).
Pyctor will expand MultiHub with several digital asset management capabilities, including smart contract features and post-trade custodial and institutional network capabilities such as the fragmentation of private keys.
Furthermore, Pyctor is designed to support regulatory compliance, including anti-money laundering and counter-terrorist financing (AML/CFT) measures set by the Financial Action Task Force (FATF) framework.
GMEX chief Hiranda Misra has been appointed to serve as the chairman of Pyctor. Other senior appointments will be named in due course.
Misra commented: “With this acquisition, GMEX Group consolidates its position as the first platform to offer an end-to-end multi-asset, multi-sector Hybrid Finance (HyFi) solution that bridges the gap between off-chain traditional finance and on-chain decentralised finance across jurisdictions.”
Misra disclosed a market demand for this form of offering (hybrid finance solution) built by a bank for banks, asset management firms, and other institutions, which now operate in a neutral environment for institutional clients.
In 2018, ING began Pyctor as a project incubated out of its innovation arm ING Labs in Amsterdam. In 2019, the bank completed Pyctor’s first proof of concept. It then established a working group for sandbox trials, including participation from major global banks and firms such as Invesco, Citi, State Street, BNP Paribas, Societe Generale, among others.
Enabling Clients to Secure, Trade, and Manage Digital Assets
The reason why ING sold its digital asset custody platform Pyctor is that the bank believes that spinning it off to another institution (in this case GMEX), which specialises in digital assets could enhance the overall appeal of the platform to prepare it for widespread adoption in a more robust manner.
The way ING Bank has sold its institutional-grade digital custody platform Pyctor to GMEX is the same approach that JPMorgan giant bank spun off its enterprise-grade Ethereum platform Quorum to ConsenSys, a blockchain software technology company.
In August 2020, ConsenSys acquired Quorum, an enterprise Ethereum protocol technology developed by JPMorgan.
ConsenSys incorporated Quorum into its existing protocol engineering platform to support applications requiring high speed and high throughput processing of private transactions to clients.
