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Bitcoin Ordinals Inscriptions Double

by Blockchain NewsMay 9, 2023

The rise of Ordinals inscriptions on the Bitcoin network has sparked new interest and debate around its impact on the ecosystem. Initially used to mint images as non-fungible tokens (NFTs), users have now realized that text-based inscriptions can create fungible tokens similar to ERC-20 token standard on the Ethereum network. As a result, the number of Ordinals inscriptions on the Bitcoin blockchain has almost doubled from 2.5 million to 4.78 million in just the last eight days.

Glassnode co-founder and chief technology officer Rafael Schultze-Kraft noted that text-based inscriptions are the most popular form of Ordinals inscription, with over 2.8 million text-based inscriptions as of May 5. Recent data from blockchain data hub Dune Analytics shows that 99% of all new Ordinals inscriptions since April 25 have been text-based, popularized as the BRC-20 token standard.

According to brc-20.io, a new tool that tracks BRC-20 tokens, there are currently 14,200 new tokens hosted on the Bitcoin blockchain. The most popular Bitcoin-based tokens include “ordi,” “nals,” and a Bitcoin-based version of the memecoin Pepe (PEPE), which is ranked third by total market cap.

The total market cap of BRC-20 tokens currently hovers around the $700 million mark, with Galaxy Digital predicting the market for “Bitcoin NFTs” may reach $4.5 billion by 2025. The rise of Ordinals over the last few months has sparked debate around whether it is ultimately positive for the Bitcoin ecosystem. Some Bitcoin proponents believe that Ordinals offer a wider range of financial use cases for Bitcoin, while others argue that it strays from Satoshi Nakamoto’s original vision for Bitcoin as an electronic, peer-to-peer cash system.

In the meantime, miners have enjoyed a surge in revenue due to transaction fees related to the burst of new activity on the network. As the popularity of Ordinals continues to grow, it remains to be seen whether it will have a positive or negative impact on the Bitcoin ecosystem.

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Binance Adds Bitcoin Ordinals to NFT Marketplace

by Blockchain NewsMay 9, 2023

Bitcoin ordinals, also known as Bitcoin NFTs, are gaining popularity in the Web3 space as more marketplaces adopt and offer digital assets. Binance, a leading cryptocurrency exchange, has recently announced that it will soon support Bitcoin ordinals on its NFT marketplace, expanding its multichain NFT ecosystem to include the Bitcoin network. This move follows other decentralized networks that the Binance NFT market has already integrated, including BNB Chain, Ethereum, and Polygon.

Mayur Kamat, the head of product at Binance, commented on the new offerings in the marketplace and Bitcoin’s crypto legacy, stating, “Bitcoin is the OG of crypto.” With this update, Binance users will be able to purchase and trade Bitcoin ordinals from their existing accounts. The announcement also states that the update will include royalty support and additional revenue-generating opportunities for those creating Bitcoin ordinals.

Prior to Binance’s announcement, OKX, another cryptocurrency exchange, announced in late April that it would bring Bitcoin ordinals to its marketplace and wallet ecosystem. Initially, OKX users could view and store ordinals using their accounts, with the option to mint ordinals being hinted at in the future, according to Haider Rafique, the chief marketing officer at OKX.

Bitcoin NFTs are available on marketplaces such as Magic Eden, which integrated the feature back in March. Recent data shows that inscriptions of Bitcoin ordinals have been on the rise in recent months, reaching 58,179 inscriptions on April 2, up 83.5% from the previous month. As of May 1, the total number of Bitcoin ordinal inscriptions had skyrocketed to exceed 3 million.

However, Bitcoin ordinals remain a controversial topic within the crypto community. Some Bitcoin maximalists criticize them for deviating from Bitcoin’s original peer-to-peer ethos. Nonetheless, Bitcoin ordinals offer unique opportunities for creators and collectors to buy, sell, and trade digital assets on the blockchain.

The rise of Bitcoin ordinals also reflects the growing interest in NFTs and digital art. In March, the digital artist Beeple sold a digital artwork for a record-breaking $69 million at a Christie’s auction. The sale of this NFT sparked a frenzy in the NFT market, with artists, musicians, and other creatives exploring the potential of blockchain technology to authenticate and monetize their work.

In conclusion, Binance’s move to support Bitcoin ordinals is a significant step for the NFT market, expanding the availability of digital assets to include the Bitcoin network. With the rise of Bitcoin ordinals and NFTs, we can expect to see continued innovation and experimentation in the world of blockchain and digital art.

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Tagged : Binance / Bitcoin / Cryptocurrency Exchange / DIGITAL ASSETS / News / Nfts

Spotify removes AI-generated music

by Blockchain NewsMay 9, 2023

The ongoing battle between the music industry and artificial intelligence (AI) continues as Spotify removes AI-generated music. According to a report by the Financial Times (FT), the music streaming platform has removed 7% of songs created by the AI music startup Boomy, amounting to “tens of thousands” of songs. Spotify is also said to be increasing its policing of the platform in response to the situation.

This action by Spotify comes after the platform and other streaming services received complaints of fraud and clutter on the platform. The music industry giant Universal Music Group (UMG) alerted streaming service providers of “suspicious streaming activity” on Boomy tracks, according to FT sources. UMG’s alert led to the removal of the Boomy songs due to the suspected “artificial streaming” of bots posing as listeners, said Spotify. The company also commented, “Artificial streaming is a longstanding, industry-wide issue that Spotify is working to stamp out across our service.”

Representatives from Boomy said the platform is “categorically against” all manipulation or artificial streaming of any kind. However, Lucian Grainge, CEO at Universal Music Group, commented to investors that “The recent explosive development in generative AI will, if left unchecked, both increase the flood of unwanted content on platforms and create rights issues with respect to existing copyright law.”

Last month, UMG emailed streaming services, including Spotify, to block AI services from accessing music catalogs for training purposes. UMG has also sent requests “left and right” to remove AI-generated songs from platforms.

While music industry giants are fighting to control AI-generated content, some artists like Grimes are championing its use. The musician permitted creators to use her voice and be a “guinea pig” for AI music creation, as long as a small set of rules were followed and royalties were split.

In conclusion, the issue of AI-generated music and fraudulent streaming activities is a long-standing problem in the music industry. As the technology continues to develop, it is likely that music industry giants and streaming services will increase their policing of the platform. However, some artists are embracing AI as a new way to create music, and it will be interesting to see how the industry adapts to this new technology in the coming years.

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Tagged : ARTIFICIAL INTELLIGENCE / BOOMY / News / Spotify / STREAMING SERVICES / UNIVERSAL MUSIC GROUP

Coinbase Legal Chief Requests Revisions to SEC Rulemaking

by Blockchain NewsMay 9, 2023

Coinbase, the cryptocurrency exchange and owner of Coinbase Custody Trust Company, has called for revisions to the U.S. SEC’s proposed rulemaking on registered investment advisers’ (RIAs) responsibilities to store client assets with qualified custodians. In a letter addressed to the SEC on May 9, Coinbase’s chief legal officer, Paul Grewal, criticized the updated RIA custody rule, claiming that it unfairly targets crypto assets and makes improper assumptions about custodial practices based on securities.

Although the SEC acknowledges Coinbase Custody as a “qualified custodian,” Coinbase contends that the proposed rulemaking fails to safeguard other asset classes, such as cryptocurrencies. Coinbase’s custodian is responsible for protecting client assets from potential threats such as bankruptcy and cyber-attacks.

RIAs are firms that provide advice to clients on investments in securities and may handle their investment portfolios. These firms are registered with the SEC or state securities administrators.

Grewal’s letter advocates for an expansion of the custody obligations proposal to ensure that it remains adaptable to future investments and protects them appropriately. He called for a revision to the proposal and staff guidance, highlighting the need to safeguard all asset classes, including crypto assets, which haven’t been classified as securities until now.

Several revisions to the rule are suggested by Paul Grewal to protect investors, which includes defining state trust companies and other state-regulated financial institutions as qualified custodians, a longstanding Congressional and SEC policy. He also proposes allowing limited exposure to non-qualified custodians and removing the ban on RIA client trades on crypto exchanges that are not qualified custodians.

Coinbase’s Lawsuit Against the SEC

Coinbase filed a lawsuit in April 2022, requesting that the court compel the SEC to publicly disclose its stance on a petition submitted several months prior. In the petition, the exchange posed 50 specific questions about the regulatory treatment of certain digital assets. The U.S. SEC is expected to comply with the court order and respond to Coinbase’s writ of mandamus this week.

In conclusion, Coinbase has urged the SEC to revise its proposed rulemaking on RIAs’ responsibilities to store client assets with qualified custodians, claiming that it unfairly targets crypto assets and fails to safeguard them properly. The exchange has suggested several revisions to the rule to protect investors, including defining state trust companies and other state-regulated financial institutions as qualified custodians and removing the ban on RIA client trades on crypto exchanges that are not qualified custodians.

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Tagged : Coinbase / CUSTODY RULE / News / QUALIFIED CUSTODIAN / RIA / SEC