As WeChat bans NFTs, Western celebrities jump on them to fight AIDS
All 42, Knowledge will set you free, Big players like FTX should step in and help cryptocurrencies recover and much more...
Today we have no bombshell statement from Gates or friend "Meta"-ckerberg ;-), but we do have news related to NFTs.
It turns out that China's leading social networking platform WeChat has updated its policies to ban accounts that provide access to services related to cryptocurrencies or non-fungible tokens (NFTs).
Under the new guidelines, accounts related to issuing, trading and financing cryptocurrencies and NFTs will be restricted or banned and will fall under the category of "illegal business".
The policy also covers secondary trading of NFT; the firm notes that "accounts that provide services or content related to the secondary transaction of digital collections will also be treated in accordance with this article."
We were also surprised to read a psychologist trying to explain why NFTs are so successful. And she says... We could buy the exact replica of our favourite painting, but would it feel as special as hanging the original in our living room? Hardly. As human beings, we simply love the concept of genuine authenticity and scarcity.
When it comes to our collecting instincts, rarer translates to better. The most sought-after NFTs are the hardest to come by. Interestingly, psychology claims that the hunt, the process of seeking and trying to acquire the object, releases more dopamine than the possession itself. It is the seeming unattainability that our minds find attractive and challenging at the same time.
We want to feel unique, and owning a rare item can help us achieve this. Spending money to enhance our social status is a very human thing to do. What is interesting, however, is that while in the past it might have been a Ferrari or Prada handbag, our status symbols are changing now that we are increasingly inhabiting digital worlds.
And, in keeping with NFTs, we also tell you that celebrities are joining the metaverse to launch the first NFT against AIDS.
The urge to help others is a trait that millions of people have. But like other areas, it has changed with the evolution of technology. Regardless of the modality, though, it is the end goal that matters. With this in mind, a novel form that has gained prominence is the metaverse, and now the first NFT has been unveiled with the aim of raising funds for AIDS.
In addition to all this, today we bring you in Forty Two (42): "All 42, Knowledge will set you free". We also tell you about SBF: Big players like FTX should step in and help cryptocurrencies recover, that BlockFi gets a $250m credit from SBF's FTX and much more...
Tokener, cheers for Tuesday, dine healthy, read, enjoy, walk, rest, share and... 👇👇👇
42, don't miss anything
Knowledge will make you be free
Tokeners, the answer to all questions is not always simple, that’s why our team of experts analyze the cryptoverse from all points of view, technical and fundamnetal, so that you can follow your own path.
Here we provide you with a guide to what is published in this section. In case you have missed it or if you simply want to re-read it, you can easily find it in this post.
Fundamental Analysis of Protocols and Blockchains
Pocket network: Master nodes within everyone's reach.
Zilliqa: all you wanted to know about the blockchain that can revolutionize the metaverse.
Avalanche Network: one of the most technical advanced blockchain projects.
Near Protocol: "NEAR protocol looks like the ETH v2.0 roadmap, but effectively implemented".
Celestia: a truly scalable blockchain, we must keep in our watch-list.
Tokemak: in-depth analysis of one of the most revolutionary DeFi 2.0 protocols.
Render Network: a distributed GPU (Graphics Processing Unit) network built on the Ethereum (ERC-20) blockchain with the mission of connecting artists and studios in need of rendering power.
The Flow Blockchain: the legacy of the cats to the crypto ecosistem and one of the top chains for NFTs.
Polygon, the definitive analysis, part 4: A whole universe beyond Polygon PoS Chain.
Polygon, the definitive analysis, part 3: The token Matic and the Polygon tokenomics.
Polygon, the definitive analysis, part 2: we analyse in depth the Polygon PoS chain.
Polygon, the definitive analysis, part 1: it is already a reality, Layer 2 Protocols are prevailing in Ethereum, increasing the variety of applications they have and distributing among them a large part of the liquidity and value of the gigantic Layer 1. And among all that chaos of Rollups, Plasma and Validium meet Polygon: a Layer 2 protocol to unite them all…
More? Keep reading 👇👇
SBF: Big Players Like FTX Should Step in and Help Crypto Recover
FTX and the other leading companies should help the industry recover even if it leads to losses for them, Sam Bankman-Fried stated.
The Founder and CEO of the crypto exchange FTX – Sam Bankman-Fried – thinks large companies like his should use their expertise and “stem contagion” in the digital asset market. As such, they could aid the ecosystem to thrive again, he added.
In addition, the American argued that the Federal Reserve and its controversial approach to tackling high inflation is the main reason financial markets (including crypto) have plummeted recently.
Read more 👉 Cryptopotato
BlockFi Secures $250 Million Credit Facility From SBF’s FTX
Amid its growing issues, including laying off staff members, BlockFi said it had signed a credit deal with FTX worth $250 million.
BlockFi’s CEO – Zac Prince – took it to Twitter to announce the term sheet deal with FTX to obtain a revolving credit worth $250 million. The company aims to utilize the funds to strengthen its balance sheet and operations.
The latest crypto market slumps brought pain to numerous crypto lenders, and BlockFi was among those affected, resulting in reducing its number of employees by 20% (approximately 170 people).
It seems that was not enough, as the company had to go for a $250 million-worth revolving credit facility from SBF’s FTX Exchange.
Prince said the idea is to “bolster our balance sheet and platform strength” before explaining that the proceeds “are intended to be contractually subordinated to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed.”
A revolving credit facility is a credit allowing the receiver to withdraw money, use it to fund the business operations, repay it, and withdraw again if needed.
Prince also noted that FTX and BlockFi could explore further collaborations after signing the aforementioned agreement.
Keep reading 👉 Cryptopotato
Uniswap Tops Ethereum in Terms of Daily Fees
There’s always a bull market somewhere.
Today, that somewhere may be Uniswap, one of DeFi’s most recognizable decentralized exchanges.
With $4.3M in fees generated in the past 24 hours, Uniswap has surpassed even its home network, Ethereum, as of June 20. In fact, the decentralized exchange (DEX) has jumped to the top of CryptoFees’ leaderboard.
More ➕ The Defiant
Vitalik Buterin Criticizes PlanB’s Stock-to-Flow Bitcoin Model
Ethereum co-founder Vitalik Buterin criticized the popular Stock-to-Flow (S2F) model, which has deviated severely from its price predictions. The pseudo-anonymous creator behind the model, PlanB was quick to respond to Buterin.
"Not Looking Good Right Now"
PlanB’s Stock-to-Flow (S2F) Bitcoin model gained a lot of attention during the bull run as it got several price predictions right. However, it also deviated on a number of occasions during the bull market to give incorrect price predictions. For instance, the model incorrectly predicted that BTC would touch $100,000 by December 2021 which didn’t happen.
sassal.eth 🦇🔊🐼 @sassal0xThe 'Stock to flow' model is such an epic failure that PlanB should just delete his account He won't though because he sadly still has 1.8 million followers who eat up all of his hopium garbage on a daily basis
More 🔗 Criptoknowmics
Investigation: How $2billion lending gaint Babel Finance Was on the Verge of Collapse?
The ancient Greek philosopher Heraclitus said that One Cannot Step Twice in the Same River. But it is clear that Babel Finance, which just completed its funding at a $2 billion valuation, has stepped into that river again. During 2020/3/12, Babel Finance was on the verge of bankruptcy because of its high-risk operations, and Tether’s forbearance and market recovery saved it.
On June 17, 2022, Babel told its partners that the company was insolvent and that it would suspend product redemption and withdrawal features on its website. Babel Finance may become the third crypto finance management company on the verge of collapse after Celsius and 3AC. Unlike last time, there is no longer a savior, as Tether says it is no longer working with it. And the market downturn could continue through the end of the year. Similar to 3AC, Babel Finance started selling off equity in an attempt to increase liquidity half a month ago. But that didn’t work out against the backdrop of the downturn. How exactly did the problem happen this time? It remains to be investigated in the future.
Read more 🔊
Christie's NFT Expert Joins Yuga Labs to Lead CryptoPunks
Yuga Labs will hire Noah Davis, a key member of Christie’s NFT team, as the brand leader of the CryptoPunks NFT project. Davis was behind Beeple’s famous “The First 5,000 Days” NFT, which sold for $69 million at Christie’s in March 2021.
Noah Davis is Running CryptoPunks
In a Twitter thread, posted Sunday, Noah Davis announced that he would be joining the company behind the Bored Ape Yacht NFT collection, Yuga Labs as brand leader for its recently-acquired collection CryptoPunks.
More ✔ Cryptoknowmics
Introduction to Hybrid NFTs
Hybrid NFTs are generally defined as unique collectibles that can be redeemed in both physical and digital format. It’s an emerging category of NFTs that has mostly been untapped. Although it appears our society is trending toward a place where most of us will regularly interact in the “metaverse,” many agree that it’ll likely be a while before we realize our Ready Player One destiny. So, in the meantime, people will continue to crave IRL (In Real-Life) items, benefits, and experiences. And businesses and projects that leverage blockchain technology to improve the (real) lives of their communities will win in the near-term.
More 🔗 Medium
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