• 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!

• 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, 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 (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!

• Aventus (AVT), the native token of a blockchain service provider of the same name, has shed 4.2% to $1.22 Wednesday morning
• The move was met with disappointment among the community after a December governance vote voted in favor of the token split
• Although AVT trades on Coinbase, daily volume remains low at just $65,000, and market depth is minimal at around $3,000 per 2%

Aventus Slides 4.2% on Low Volume

Aventus (AVT), the native token of a blockchain service provider of the same name, has shed 4.2% to $1.22 Wednesday morning following plans for a token split being shelved. Although AVT trades on Coinbase, daily volume remains low at just $65,000, and market depth is minimal at around $3,000 per 2%.

Token Split Plans

The token split had previously been approved by community governance vote in December but was met with disappointment among the community when it was decided to pause for now. The company said that it is still a priority to revisit the token split in future.

Record High Price

The AVT token was issued in 2017 and hit a record high of $6.905 at the start of 2018. It currently has a market cap of $7.3 million according to CoinMarketCap.

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• VeVe is teaming up with Automobili Lamborghini to release digital collectibles of its iconic sports cars.
• The NFTs will feature Lamborghini Huracán STO models with a range of rarity traits.
• This new collection allows fans to showcase their NFTs, view them in AR, and share on social media.

Lamborghini Revs Up With VeVe

VeVe is partnering with Italian car manufacturer Automobili Lamborghini to release digital collectibles of its iconic sports cars. The new collection will feature the Huracán STO model of the luxury sports car brand with different rarity traits, set to be listed on VeVe on February 19th.

Showcase Your Collection

Once purchased, collectors can showcase their NFTs in the app’s virtual showrooms, share on their VeVe social feeds, and use augmented reality (AR) to view and “drive” their car on streets in the real-world. Collectors can also experience the thrill of owning a Lamborghini without having to spend an exorbitant amount of money or give up any physical space in one’s home.

Luxury Brands Join Web3

This isn’t Lamborghini’s first foray into Web3—the company previously released “Epic Road Trip” NFTs. Porsche has also released a series of NFTs featuring its flagship 911 model last month. Other luxury automobile companies such as McClaren and Alfa Romeo have also taken their first spins with NFTs.

A New Way To Experience Luxury Cars

Dan Crothers, co-founder of Veve said that he hopes this new collection will help onboard sports car fanatics to Web3 by giving them a chance to experience their favorite automobiles digitally: “Owning, or even simply driving, a Lamborghini is a dream of many,” Crothers told CoinDesk. “The great thing about our community of passionate collectors is that they just love collecting. We hope this will inspire car enthusiasts to jump into the digital collectibles world too.”

Get Ready For Take Off!

The new Lamborghini NFT collection is set for launch on Veve February 19th—so get ready for take off!

• Eddy Alexandre, the CEO of cryptocurrency and forex trading platform EminiFX, is expected to plead guilty for his role in an alleged $59 million fraud.
• Prosecutors say he lured investors by promising to double their money within five months and with fake account statements showing their investments were growing.
• Supporters from around the world traveled to cheer him on at his plea hearing last year, claiming that Alexandre was innocent and the case was racist.

Eddy Alexandre Arrested

Eddy Alexandre, 51, of Valley Stream, N.Y., the CEO of cryptocurrency and forex trading platform EminiFX, was arrested in May 2022 and charged with wire fraud and commodities fraud. He initially pleaded not guilty but court records show that he will change his plea in a new hearing set for Friday afternoon.

Alleged Fraud Scheme

Prosecutors allege that Alexandre lured investors into his scheme by promising to double their money within five months through a secretive robo-advising technology. However, he allegedly invested only a small portion of user funds and spent the rest either on himself or on business-related expenses. To keep up appearances, he showed investors fake account statements indicating their investments were growing between 5% and 10% each week.

Supporters Show Up At Plea Hearing

Despite Alexandre’s alleged fraud many of his customers have continued to support him including at his plea hearing last year where supporters from around the world traveled to cheer him on claiming that EminiFX was legitimate, Alexandre was helping them and the case against him was racist.

Consequences For Alleged Crimes

Without a plea deal, Alexandre faces up to 30 years in prison if found guilty of wire fraud and commodities fraud charges.

Conclusion

The latest news indicates Eddy Alexande is likely to plead guilty for his involvement in an alleged multi-million dollar Ponzi scheme although supporters continue to back him claiming innocence despite evidence being brought forward by prosecutors.

• Jack Dorsey donated 14 BTC (roughly $245,000) to fund development of Nostr, an open protocol that aspires to create a censorship-resistant global social network.
• Nostr’s Twitter-like Damus application was recently listed on the Apple App Store.
• Media commentators have described Nostr as a possible alternative to Elon Musk’s Twitter.

Jack Dorsey, the former CEO of Twitter and current CEO of Square, recently donated 14 BTC, roughly $245,000, to the open protocol project Nostr. This donation marks Dorsey’s continued commitment to open protocols, as he had previously pledged to donate $1 million annually to encrypted messaging app Signal.

Nostr is a decentralized social network that aspires to create a censorship-resistant global social network. It has been dubbed a potential alternative to Elon Musk’s Twitter by many media commentators. The project recently achieved a milestone with the listing of its Twitter-like Damus application on the Apple App Store.

Damus, an open source project created by the Nostr team, is a decentralized, censorship-resistant social media platform. It is powered by the Ethereum blockchain and allows users to send messages, interact with friends, and post content. Users are able to earn rewards for their posts. Damus is unique in that it does not rely on any centralized entity for its operation.

The listing of Damus on the Apple App Store is a significant step forward for Nostr. It indicates that the project is gaining traction and has potential to become a viable alternative to popular social media networks. This could provide users with a more secure and censorship-resistant platform.

The Hash, a panel of crypto and Web3 experts, recently discussed the implications of Nostr and its listing on the Apple App Store. They highlighted the potential for decentralized social media to challenge the hegemony of existing social media networks and provide users with more privacy.

It remains to be seen how popular Nostr will become, but the project is certainly off to a promising start. With Dorsey’s support, the open protocol could become a viable alternative to the current giants of the social media world.

• Porsche’s NFT collection was highly criticized shortly after launch due to a high price point and large supply.
• Porsche said it would halt its mint, leaving 2,363 tokens created which created a supply shock and sent the price soaring.
• Currently, tokens are trading for floor prices of 3.3 ETH or roughly $5,200.

Porsche, the famed German automobile maker, made a bold move into the NFT (non-fungible token) market this week, with the launch of its collection of tokens modeled after the 911 sports car. However, the launch was met with much criticism due to the high price point of 0.911 ether (ETH), or roughly $1,420, as well as the large supply of 7,500 tokens.

The NFT Twitterverse quickly excoriated the collection’s launch, noting the high price and large supply as major factors in the poor launch as well as Porsche’s lack of understanding of Web3 strategy. This led to many of the tokens trading at a discount shortly after the project crossed the starting line.

But, on Tuesday, Porsche announced that it would halt its mint, leaving only 2,363 tokens created. This created a supply shock and sent the price soaring on the secondary market. According to data from OpenSea, the tokens are currently trading for a floor price of 3.3 ETH, or roughly $5,200.

This news marks a major shift for the NFT market and a lesson for brands who are looking to venture into this space. Porsche’s experience serves as a reminder to let Web3 natives take the wheel when it comes to NFT strategy. With this in mind, it will be interesting to see how the collection’s floor price continues to develop in the coming weeks and months.

Bulletpoints:
– Rebecca Barkin has been promoted to CEO of Metaverse-focused layer 1 blockchain protocol Lamina1.
– As CEO, Barkin will oversee all business operations for Lamina1, including partnerships, fundraising, developer relations and product roadmap execution.
– Lamina1 was first teased in June as a foundation for an open metaverse and launched the Lamina1 Ecosystem Fund late last year.

Rebecca Barkin is taking the helm at Lamina1, a Metaverse-focused layer 1 blockchain protocol founded by science-fiction author Neal Stephenson and global blockchain expert Peter Vessenes. As CEO, Barkin will oversee Lamina1’s business operations, partnerships, fundraising efforts, developer relations, and the execution of the company’s product roadmap.

Barkin joined the Lamina1 team in August 2020 as the company’s president, a role she will continue to hold in addition to her new position as chief executive. The promotion comes as Lamina1 continues to solidify its place as the foundation for an open metaverse.

The idea for Lamina1 was first teased in June 2020, providing a platform for developers to build and deploy applications and services. The team also launched the Lamina1 Ecosystem Fund (L1EF) late last year to provide support for projects that can create real-world value for Lamina1 users.

“I’m honored to have been chosen to lead Lamina1, and I look forward to working with the team to build the next generation of blockchain technology,” said Barkin in a statement. “My goal is to make Lamina1 the most secure, efficient, and user-friendly platform in the space, and I’m confident that our team can make this a reality.”

Barkin is no stranger to the world of technology, having previously served as a senior executive at Magic Leap, a start-up specializing in augmented reality. She is also an experienced product and business development leader, having held leadership roles at top tech companies such as Apple, Microsoft, and Samsung.

“We are thrilled to have Rebecca at the helm of Lamina1,” said Stephenson. “She brings a wealth of experience in technology and product development, and her vision for the future of blockchain will be invaluable in helping us achieve our mission of building the world’s most secure and efficient blockchain platform.”

As Lamina1 continues to grow, Barkin will be leading the charge in developing and deploying revolutionary blockchain technologies. With her experience and leadership, she is well-positioned to lead Lamina1 into the future as it continues to bring transformative blockchain solutions to the world.