Crypto Bears

2022-10-19 19:30:01 ​Metaverse trading volume plummeted 80%, but hype hasn’t decreased.

A DappRadar report found that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55%.

Third-quarter trading volume for the top 10 metaverse projects may have fallen 80% compared to the second quarter, but analytics firm DappRadar suggests that interest in virtual worlds still remains.

The metaverse sector has been hit with a fair amount of negative press as of late, particularly around suggested low user activity across certain platforms, such as Decentraland and Meta — reports which they have refuted.

DappRadar noted in an Oct. 20 report that while trading volumes have taken a sharp hit during Q3, the average number of NFT sales for these 10 projects only decreased by 11.55% compared to Q2.

DappRadar explains that lower trading volumes could merely reflect decreasing asset prices and not necessarily lack of interest, noting that:

“We consider this a bullish sign because it shows that the hype for these types of projects hasn’t decreased. Instead, the fall of cryptocurrency prices has affected the projects’ overall trading volume instead of a lack of interest.”

A caveat to these sentiments, however, is that eight of the top 10 metaverse projects saw significant decreases in their nonfungible token (NFT) sales counts during Q3, with Yuga Labs’ Otherside seeing a 74% decrease for the quarter.

The positive action was primarily driven by The Sandbox and former Minecraft-based platform NFT Worlds V2, which saw NFT sale count increases of 190% and 79% apiece.

DappRadar attributed this to the hype surrounding The Sandbox’s Alpha Season 3, which offers a host of new gaming experiences and collectibles. While NFT Worlds V2 being booted off of Minecraft may have been seen as a “buying opportunity” as the value of its NFTs dropped by 90% in Q3.

Meanwhile, DappRadar’s report indicated that the floor prices for NFT land plots had decreased by 75% on average, which may have been one of the reasons why trading volumes had decreased by so much.

While the value of any piece of real estate, virtual or otherwise, is subject to swings, “Metaverse real estate is currently very depreciated,” DappRadar stated, adding that the declining prices are in accordance with the broader bear market of the crypto sector. Open / Comment

2022-10-17 23:00:57 ​South Korean Prosecutors Say They Want to Buy New Crypto-tracking Tools

Prosecutors in South Korea say they will spend money on crypto tracking tools – and have claimed that they will use these innovative solutions to crack down on money-laundering, crypto-powered drug deals, and kimchi premium trading.

According to Kookmin Ilbo, the Supreme Prosecutors’ Office of the Republic of Korea (SPO) said it was ready to buy “tracking” software that would let it monitor crypto transactions to “investigate cases involving cryptocurrencies.”

The media outlet explained that one of its new “trackers” is “capable of the real-time monitoring of transactions for cryptocurrencies such as bitcoin (BTC).” Prosecutors also stated that tools they would buy could help them “extract correlation data in multiple transactions,” and let them look at wallet and exchange-related transaction histories.

Prosecutors explained that the tools would let them “check when, to whom, and to where cryptocurrency is being sent.”

War on Kimchi Premium Traders & Crypto-powered Drug Deals.

Prosecutors are currently investigating about $7 billion worth of what they suspect to be illegally remitted, crypto-linked foreign exchange transactions. Much of this, they believe, was sent abroad by illegal kimchi premium traders who bought low-price BTC from over-the-counter traders in Japan and China before “dumping” the coins on domestic exchanges for gains of 30% or more.

Using “shell companies” as a front, the traders have then allegedly used funds to buy semiconductors and precious metals from overseas vendors.

The prosecution is also keen to close down networks of drug traders who make use of darkweb portals and the Telegram chat app to buy and sell narcotics.

Probes into both kimchi premium traders and drug rings are sill ongoing in conjunction with the regulatory the Financial Supervisory Service and the National Tax Service. A number of crypto-using drug offenders have already been convicted, but the hunt continues for darkweb operators and a number of suspected drug dealers.

According to data collected by the National Police Agency and made public by the MP Kang Seon-woo of the Democratic Party, the number of domestic drug offenders using cryptoassets increased over x8 from 2018 to at least 696 in August this year. Open / Comment

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2022-10-10 15:17:19 ​1inch wallet users get domain names with Unstoppable Domains partnership.

The DEX aggregator said the partnership would promote the wider adoption of DeFi and Web3 products and services.

Decentralized exchange aggregator 1inch has partnered with Unstoppable Domains to help users simplify cryptocurrency payments — a move the company says could strengthen the wider adoption of decentralized finance (DeFi) products and services.

Under the partnership, 1inch wallet users can enter “human-readable domain names” when sending crypto payments using Unstoppable’s naming service. This allows users to use customizable domain names instead of lengthy alphameric crypto wallet addresses. Like all Unstoppable Domains addresses, the wallet address will be minted on the blockchain as a nonfungible token (NFT), with no additional minting or renewal fees.

Sergej Kunz, 1inch Network’s co-founder, said the Unstoppable Domains partnership could promote the wider adoption of Web3 products and tools. “The issues of user experience, security and identity are still holding back Web3 mainstream adoption,” he said, adding that the partnership “opens up opportunities for overcoming these barriers by making Web3 onboarding more fun and attractive.”

As of July, Unstoppable Domains had registered 2.5 million domains and integrated with over 150 Web3 applications. The 1inch integration adds to a growing list of over 80 wallets and exchanges supported by the NFT naming service.

Unstoppable’s valuation ballooned to $1 billion this year after the company raised $65 million in a Series A funding round. Unstoppable’s growth has occurred in lockstep with the NFT boom, highlighting the popularity of digital identity profiles. Ethereum Naming Services, an Unstoppable competitor, has also seen a surge in demand, with nearly 2 million domain registrations as of August. By the end of September, that figure had risen above 2.6 million. Open / Comment

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2022-09-26 19:40:45 ​Interpol Has Issued a Red Notice for Do Kwon, Say South Korean Prosecutors

The International Criminal Police Organization, known widely as Interpol, has issued a Red Notice on Do Kwon, the co-founder of Terraform Labs and the Terra ecosystem – as the manhunt for the elusive crypto chief continues.

South Korean prosecutors confirmed the Red Notice on September 26, per a number of South Korean media outlets including SBS. The prosecution declined to make any further comment on the matter, however.

An Interpol Red Notice is the highest level request that Interpol is capable of issuing – and effectively asks police officers in almost every nation in the world to “locate and provisionally arrest” the individual in question “pending extradition, surrender, or similar legal action.”

Seoul Southern District Prosecutor’s Office’s Financial and Securities Crime Unit first approached Interpol for assistance last week after issuing an arrest warrant earlier in the month.

The nation’s foreign ministry has also stepped in, and hopes to cancel Kwon’s passport – in a bid to force Kwon’s deportation.

Where Is Do Kwon?

South Korean authorities claim that Kwon is now a “fugitive” and stated that it was “evident” that Kwon was now “on the run.”

Kwon denied this on September 17, the last time he posted on social media.

But the evidence appears to indicate otherwise. Kwon, prosecutors say, “fled” to Singapore at the end of April, mere days before the Terra ecosystem crash, along with five Terraform executives.

South Korean police say that Kwon’s family flew out to Singapore shortly after.

Singaporean police, however, have stated that Kwon is no longer in Singapore.

Prosecutors believe they have enough evidence to prove that the Terra ecosystem coins that Kwon sold were “unregistered securities,” even though some domestic lawyers have claimed it will be hard to make these charges stick. South Korean law does not classify any form of cryptoasset as a security.

But Beoplyool TV News, a media outlet that focuses on legal affairs, quoted a financial lawyer named Cha Sang-jin as stating that if the prosecution focuses on TerraClassicUSD (UST), it may have more success.

Cha claimed that Terraform executives “emphasized” a “value linkage with the US dollar” before UST lost its peg in early May.

In proving that promises about a USD-linked stablecoin were untrue, legal experts suggested, prosecutors may be able to prove that Kwon and others “violated the Capital Market Act.” Open / Comment

2022-09-19 01:43:23 ​Bitcoin [BTC]: Heavy coin inflow into exchanges suggests rally in sell pressure

The much-anticipated Merge that proved to be beneficial for most, didn’t do anything for Bitcoin BTC. Some Ethereum ETH-linked assets posted double-digit gains, and BTC paid no heed. According to data from CoinMarketCap, the price per BTC stood at $19,907, with a 0.8% decline in the last 24 hours.

Having declined by 16% in the last month, key on-chain metrics showed that the bears are still in control of the market. Additionally, there seems to be no rally in sight for the king coin in the coming weeks.

What key metrics?
According to new data from Santiment, BTC witnessed a rally in its exchange inflow since the beginning of the month. Between 7 September and 14 September, 1.69 million BTC worth $33.5 billion was sent to exchanges. According to Santiment, this was the highest BTC volume moved since October 2021.

A spike in this metric is usually indicative of a rally in sell pressure for a crypto asset. With more BTC moved into exchanges, further price downside could be expected.

Furthermore, CryptoQuant reported that following the United States Consumer Price Index reading on 13 September there was a sudden surge in BTC exchange inflows. This led to a 10% decline in the price of the leading coin, a few hours after the reading.

According to the report,

“majority of the bitcoin movements were from the spot exchange (Coinbase) to the derivative one (Huobi), and predominantly a 3-6-month-old whale address.”

Further, data from IntoTheBlock showed a significant drop in BTC Large Holder Netflow in the last month. According to IntoTheBlock Resources, large holders of a crypto asset hold more than 1% of the asset’s total circulating supply.

When the large holder netflow sees a spike, it means that this category of holders is accumulating. A drop signifies a decline in the holdings of large holders. Last month, the large holder netflow for BTC declined by 100%.

Furthermore, in the last 90 days, the same extent of decline has been logged. With a rally in large holder netflow usually a precursor to the spike in the price of an asset, a continued decline in BTC’s large holder netflow might occasion a further drop in its price. Open / Comment

2022-09-11 00:30:04 ​As Gaming Industry Flip-Flops on Loot Boxes, Web3 Lucky Block Evolves the Paradigm

Loot boxes have become controversial in several countries, such as the UK. In August, there was pressure upon the UK government to ban loot boxes over concerns that they were akin to gambling and had detrimental effects on financial and mental health. However, the government has said it does not consider loot boxes the same as gambling.

Gaming industry conflicted on loot boxes

Despite the controversy, gaming giant EA has said it will continue supporting loot boxes for FIFA 23’s Ultimate Team mode. The company has said that Ultimate Team and FUT Packs have been a part of the game for over a year, and FIFA players love them.

According to EA, FIFA loved the game because it reflected the real world, and players were given the choice of spending money only when they wanted to. EA also said it does not encourage spending compared to earnings rewards by playing the game, adding that players did not spend in the game.

Ultimate Team generates hundreds of millions of dollars for EA annually. The concept revolves around creating a team of players that can be used to play in online and offline matches. The players can be obtained in multiple ways, with the main one being via virtual card packs. The card packs can be purchased using FUT coins earned in the game or FIFA coins bought with actual money.

However, not all gaming companies stick with the idea of loot boxes. Nintendo has revealed that it will do away with the loot box feature in the Mario Kart Tour in an upcoming upgrade. However, while it is doing this, the game still lacks transparency.

Nintendo does not share the odds of winning the items on the “pipes,” with some randomized rewards being as low as 0.04%. Some of the karts and characters are only available for a short time.

The removal of loot boxes by Nintendo also follows another announcement by Blizzard, which said that it would remove the monetization aspect of Overwatch as it upgrades to the sequel in October.

Lucky Block is changing the conversation

As the traditional gaming industry continues to flip-flop on loot boxes, native crypto game platforms seem to be doing quite well, and their popularity is growing by the day. One such example is the Lucky Block NFT competition platform that is shaping the future of gaming.

As the popularity of NFT competitions explodes over the past year, many projects have entered the market without a clear roadmap. However, Lucky Block is committed to giving its users the best of the blockchain gaming ecosystem.

Lucky Block is based on a play-to-earn model. The platform allows holders of its non-fungible tokens (NFTs) to be eligible for numerous prizes. The Lucky Block project was released earlier this year and has already become one of the most talked about P2E ecosystems.

Lucky Block has a solid strategy and a whitepaper that clearly outlines its plans for the future. It hosts daily jackpot draws to which users can buy tickets. The jackpot draw happens weekly, and users are eligible for incredible prizes. Open / Comment

2022-09-07 17:00:15 Guys, DexPools is going through a massive relaunch soon and their DXP token went up 90%.... Heard the new exchanage and token is going to blow up. Seen a lot of crypto twitter talking about it already.

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2022-09-05 22:25:24 ​LG Taps Hedera Hashgraph for NFT Platform, Tests Crypto Wallet

South Korean tech giant LG Electronics has tapped into the Hedera Hashgraph (HBAR) network to bring NFTs to television screens and is also testing a crypto wallet.

LG has released its NFT marketplace called LG Art Lab, available in the US on the company’s TVs running the webOS 5.0 operating system or later. The NFT platform allows users to buy, sell and showcase their Hedera-powered NFTs from their screens, the company said.

"The platform includes the LG Art Lab Drops feature, which profiles artists and previews new works coming soon to the platform," LG said, noting that the real-time "Live Drops" countdown allows users to anticipate mint date and be able to acquire a "just dropped" NFTs.

The announcement comes approximately eight months after LG Electronics said that the TV giant aims to incorporate NFTs into its smart TV in a bid to "redefine viewing and user experience."

Meanwhile, LG Electronics is also running a Beta test for developers for a new crypto wallet app that it has named Wallypto.

Per News1 and the Shina Ilbo, the firm has registered the app’s name and logo “with domestic and foreign patent offices” and hopes to make an “official launch” before the year is out. The firm added that it is still working on details of the wallet’s features, but remarked that it will also be built on Hedera. Wallypto will also likely be compatible with NFTs, LG said. The company may also seek to integrate the wallet with ThinQ, its fast-growing Internet of Things (IoT) platform.

Notably, LG has tapped the lesser-known Hedera network to offer these features. Hedera describes itself as an alternative to blockchain and is using its own hashgraph technology, or another version of the distributed ledger technology.

At 07:33 UTC, HBAR, ranked 42nd by market capitalization on Coingecko, trades at USD 0.062 and is up 1% in a day and down 2% in a week. HBAR crashed 80% in a year.

LG Electronics partnered with Hedera in 2020 by joining the Hedera governing council, which also includes Google, IBM, Deutsche Telekom, and more.

LG’s foray into the NFT space follows a similar move by rival Seoul-based TV company Samsung, which announced the release of an NFT marketplace on a range of TVs earlier this year, all supported by Nifty Gateway.

Meanwhile, the market for NFTs remains near the early 2021 lows. According to data by CryptoSlam, NFT sales volume in terms of USD across the Ethereum blockchain has dropped to around USD 6m in recent days, down by more than 99% compared to the all-time high of USD 628m recorded on May 1, 2022. Open / Comment