Monthly Archives: March 2023

Meta Platforms Ends NFT Support: AI Impact on Web3 Creators

• Meta Platforms announced the end of their NFT program, setting back Web3 creators.
• AI is continuing to progress in Web3 and IP rights are being discussed.
• NFT artists are considering utilizing AI in their work.

Meta Platforms Ends Support for NFTs

Meta Platforms, the parent company behind Facebook and Instagram, announced this week it would be winding down its support for Non-Fungible Tokens (NFTs). This decision could hinder Web3 creators who use social media to promote their art or interact with their community. Stephane Kasriel, Meta’s head of commerce and financial services, said they learned a lot from the program and that they would continue to build products that support creators and collectors.

AI Impact on Web3

Artificial Intelligence (AI) is increasingly making its way into Web3 as well. Discussions have been held about intellectual property (IP) rights of works created with AI’s help. Some NFT artists are also exploring using AI in their work.

Yuga Labs New CEO

Daniel Alegre has recently assumed the position as Yuga Labs’ new CEO and he made his first public appearance this week since assuming the role. He will be speaking about what his plans are for Yuga Labs moving forward in his address today at 7:00 p.m UTC – secure your seat now!

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Conclusion

Despite Meta Platforms ending its support for Non-Fungible Tokens (NFTs), Artificial Intelligence (AI) continues to make its way into Web3 while discussions of IP rights remain ongoing. NFT artists are also exploring utilizing AI in their work while Daniel Alegre assumes his new position as Yuga Labs’ CEO – stay updated by signing up for The Airdrop newsletter!

U.S. DOJ Investigates Signature Bank’s Crypto Clients: Bloomberg

• The United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) were reportedly investigating possible money laundering at Signature Bank, a crypto-friendly bank that was recently shut down by state regulators.
• The DOJ was reportedly looking for signs of criminal activity in transactions while the SEC was also looking into the bank’s activities.
• Spokespeople for the DOJ, FDIC, U.S. Attorney’s Office in Manhattan, and SEC declined to comment on the matter.

U.S. Department of Justice Investigating Signature Bank

The U.S. Department of Justice in Washington, D.C., and in New York were investigating possible lax monitoring at Signature Bank to prevent money laundering, Bloomberg reported Wednesday, citing people familiar with the matter. The U.S. Securities and Exchange Commission was also looking at the bank, the people said. New York-based Signature Bank, which has a number of crypto clients, was shut down on March 12 by state regulators, the Federal Reserve announced at the time.

DOJ Looking for Signs of Criminal Activity

The DOJ was watching new accounts and looking for signs of criminal activity in transactions, according to sources close to Bloomberg reporters who broke this story on Wednesday night.. Spokespeople for the Federal Deposit Insurance Corp.(FDIC), DOJ ,the U.S Attorney’s Office in Manhattan and SEC declined to comment to Bloomberg when asked about this investigation into Signature Bank and its crypto-related activities

Signature Bank Shutdown

New York-based Signature bank has been known as a crypto friendly institution since it began offering services to cryptocurrency related companies several years ago . On March 12th 2021 ,state regulators announced that they had seized control of this financial institution due to concerns about anti-money laundering practices .

Crypto Industry Impacted

This news will no doubt come as a shock to those within the cryptocurrency industry who have relied heavily on Signature Banks services over recent years . It remains unclear how this development may affect other similar institutions or what impact it may have on wider regulations within this space .

Conclusion

As investigations are still ongoing ,it is too early draw any concrete conclusions regarding what actions might be taken against signature bank or similar institutions operating within this space . We will continue monitor events closely as they unfold throughout 2021 .

Yuga Labs’ Embrace of Bitcoin NFTs: A Game-Changing Moment

• Yuga Labs, the parent company of Bored Ape Yacht Club, generated $16.5 million from its TwelveFold NFT auction using the Ordinals protocol on Bitcoin.
• Yuga Labs has been a powerhouse in the NFT space, and their embrace of Bitcoin is a significant step towards adoption of cryptocurrency.
• The controversy around the Ordinals protocol and competition in the NFT marketplace are also discussed.

Yuga Labs’ Embrace of Bitcoin NFTs

Yuga Labs, the parent company of Bored Ape Yacht Club, recently held an auction for 288 non-fungible tokens (NFTs) as part of its TwelveFold collection using the Ordinals protocol on Bitcoin and earned $16.5 million from it. This move is significant because it shows that one of the most powerful players in the NFT space is embracing cryptocurrency.

The Controversy Around Ordinals Protocol

Critics have raised concerns about the Ordinals protocol due to its lack of decentralization and potential for manipulation or censorship, however many believe that applications like this will be key on-ramps for increased adoption of cryptocurrencies by mainstream audiences.

Competition in the NFT Marketplace

Competition among marketplaces is intensifying as more companies look to enter this space with their own protocols and platforms. However, Yuga Labs remains one of the most established players with a well-known brand name and expansive portfolio of intellectual property related to non-fungible tokens (NFTs).

Outlook on Bored Ape Yacht Club

Bored Ape Yacht Club has seen steady growth since its launch two years ago and continues to expand its offerings both online and offline. With new projects like TwelveFold gaining traction in crypto circles, there’s no doubt that interest in Bored Ape will continue to grow as well.

Conclusion

Yuga Lab’s embrace of Bitcoin through its TwelveFold collection was an important signal for increased adoption into mainstream audiences despite some controversy surrounding its use of Ordinals protocol . Competition within marketplaces continues to rise but Yuga Lab’s remains an established player with vast experience in creating successful non-fungible token (NFT) projects such as Bored Ape Yacht Club which have seen steady growth over recent years.

Bitcoin Jumps 4% as China Data Improves Risk Appetite

• Bitcoin (BTC) rose 4% on Wednesday following upbeat China manufacturing data, which improved risk appetite in global financial markets.
• The official purchasing managers’ index in China rose to 52.6 in February, the highest in over a decade, while non-manufacturing PMI also increased.
• The positive news out of China pushed the U.S. dollar lower against major currencies, lifting risk assets like bitcoin and stocks higher worldwide.

Upbeat Data Sparks Global Risk Appetite

China’s official purchasing managers’ index (PMI) rose to 52.6 in February, the highest reading in over a decade, according to data released on Wednesday. This increase is coupled with an uptick in non-manufacturing PMI, indicating strong economic growth potential for the world’s largest trading partner of the U.S. and Germany. As a result of this positive news out of China, the U.S dollar fell 0.5% against major currencies while global markets reacted positively with Asian equity indices like Hong Kong’s Hang Seng rising by 4.15%.

Bitcoin Follows Global Stock Markets Higher

The leading cryptocurrency by market value jumped 4% from $23,000 to nearly $24,000 before pulling back slightly to $23,700 as these optimistic indicators sparked risk appetite among investors worldwide and drove stock markets higher globally including futures tied to Wall Street’s tech-heavy Nasdaq index which posted modest gains as well. Bitcoin is positively correlated with both Nasdaq and stock markets in general so this trend was expected and consistent with recent patterns seen when Asian flows lead market strength upwards – as was seen on Wednesday morning when BTC surged shortly after the Chinese data was released before stabilizing somewhat later on at around $23700 per coin according to CoinDesk data.

Risk Assets Favored Over US Dollar

The weak US Dollar combined with strong performance from risk assets sent investors flocking towards cryptocurrencies such as Bitcoin as they sought safe havens from potential currency devaluations or other macroeconomic concerns that could arise due to geopolitical tensions or other factors outside their control – especially given that many countries have been dealing simultaneously with both pandemic-related lockdowns and spiking inflation since 2020 began which has made it increasingly difficult for them to manage their economies effectively without relying heavily on digital currencies like Bitcoin or Ethereum for example which offer more stability than traditional fiat money does due to their decentralized nature & finite supply i t can be argued that investing even small amounts into cryptocurrencies now may eventually pay off handsomely if those trends continue going forward despite any short term volatility we might see along the way too!

Is Now A Good Time To Invest In Cryptocurrency?

Given how much attention cryptocurrencies are getting lately due to their increasing popularity among investors looking for new ways of diversifying their portfolios away from traditional assets like stocks & bonds etc., now may be an opportune time for those interested individuals looking into investing into digital currencies such as Bitcoin or Ethereum but who are still unsure about taking that plunge just yet – especially since these types of assets tend not operate within the same regulations (or lack thereof!) that govern traditional investments so it pays off more than ever before nowadays when researching thoroughly beforehand & being aware of any potential risks associated with each individual asset one might consider putting money into beforehand too!

Conclusion

In conclusion then: although there are still plenty unknowns surrounding cryptocurrencies such as Bitcoin & others today it seems clear that there’s no stopping their rise either – especially given how much attention they’re getting lately due mainly thanks largely thanks to optimistic economic outlooks stemming from recent favorable data releases from leading world powers like China plus an overall weakening US Dollar too – meaning investing even small amounts into these kinds of digital assets now may eventually pay off handsomely if those trends continue going forward despite any short term volatility we might see along the way too!