Crypto Market Highlights July 7, 2022
Crypto Market Highlights: General News
- Yuga Labs Tests The First Version Of The Metaverse Game Otherside. Yuga Labs, the developer of the NFT Bored Ape Yacht Club (BAYC) and Apecoin (APE) projects, has completed the first test of the Otherside metaverse. The test for the game, which allows users to turn their NFTs into playable and interactive characters in the virtual space of Otherside, lasted about 25 minutes. Feedback from Otherside Land NFT owners has been generally positive.
- Elon Musk’s Vegas Loop Now Accepting Dogecoin Payments. The Boring Company (TBC), Elon Musk’s tunnel construction company, has began accepting Dogecoin as payment for rides on its Las Vegas Loops transit system. While the Boring Company has not officially verified the new payment option, Elon Musk appears to have done so when he responded to a tweet about the announcement, stating, “Supporting Doge wherever possible.”
- Korean Startup Uprise Lost $20 Million By Shorting LUNA. Uprise, a South Korean crypto investing startup platform, reportedly lost 99% of its assets worth approximately $20 million when it was liquidated shorting the LUNA token. The trading desk of Uprise Heybit employs an artificial intelligence (AI) trading system designed to mitigate the hazards of leveraged trading. On July 6, local news portal Seoul Economic Daily stated that Uprise’s AI, dubbed a robo-advisor, made a disastrous misread on the LUNA token in May, causing it to plummet from $60 to fractions of a penny.
- TikTok’s CEO Departs To Launch Blockchain Startup Meta0. Jason Phan, the former CEO of TikTok’s gaming section, is starting a blockchain-focused gaming startup. According to media reports, Phan departed TikTok as parent company ByteDance failed to build a footprint in the global gaming sector. Despite his employer’s shortcomings, Phan feels there is still room for market innovation. Phan intends to move on with the creation of a blockchain infrastructure company capable of connecting many metaverses.
- Italian Government Has Committed $46 Million For Blockchain Projects. According to the country’s Ministry of Economic Development, some blockchain projects would be eligible for a $46 million subsidy. In a statement released on Tuesday, the Ministry stated that businesses and research institutions operating in the public and private sectors would be qualified to apply for funding from the government to support initiatives working in fields like blockchain technology, the Internet of Things, and artificial intelligence.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
crypto market crypto market crypto market crypto market crypto market crypto market crypto market