Crypto Market Highlights April 21, 2022

Crypto Market Highlights: General News

  • NBA will begin minting The Association, an 18,000-asset Ethereum NFT collection. In this year’s NBA playoffs, each Association NFT stands for an actual NBA player. Each of the 16 NBA teams will be represented by 75 NFTs. These NFTs, on the other hand, aren’t stable. NFT attributes will vary during the playoffs based on each player’s real-life performance, thus a particular number of dunks, blocks, three-pointers, rebounds, or assists will alter a player’s picture. The player’s team’s performance will also affect the background and “frames” of the NFT.
  • LVMH, the luxury goods giant that owns Christian Dior, Marc Jacobs, Tiffany & Co., and Louis Vuitton, is “very carefully” examining the metaverse and blockchain gaming, according to Jean Jacques Guiony, LVMH’s Chief Financial Officer, during the company’s most recent earnings call. Several LVMH companies have already begun experimenting with crypto, NFTs, and gaming. Louis Vuitton has its own standalone mobile game in which players may win NFTs. During the business’s April 12 earnings call, the company stated that a partnership between crypto-asset company Ledger and Hubolt has received “high demand.” Alexandre Arnault, a Tiffany’s executive, just converted his CryptoPunk NFT into jewelry. According to OpenSea statistics, the business also purchased an NFT valued 115 ETH ($380,000) in March.
  • Gnosis Chain has upgraded its network to address the vulnerability that let hackers steal $11 million from two DeFi protocols on its network last month. “All application builders on Gnosis Chain can now assume tokens bridged via the native bridge are not prone to the reentrancy attack anymore, which caused the hacks of Agave and Hundred Finance,” Stefan George, co-founder and chief technology officer at Gnosis said.
  • Shiba Inu is currently accepted as a payment method by the Fidinam company, a multinational based in Switzerland. Fidinam is said to have operations in Germany, Austria, Belgium, the United Kingdom, the United States, and Spain.
  • Companies with BitLicense will be required to pay regulatory assessment fees in order to do business in New York. The provision was included in the state’s Fiscal Year 2023 Budget, which Governor Kathy Hochul signed into law on April 9, 2022. The budget proposal allows the New York State Department of Financial Services (NYDFS) to charge fees on enterprises that possess a BitLicense in the state. This new rule would bring cryptocurrency firms into line with other regulated financial services firms that currently have to pay yearly assessment fees to operate in the state.
  • EU regulators just gave QMALL, Ukraine’s most well-known crypto exchange, the green light to trade throughout the EU and beyond. QMALL has accomplished a lot for a company that was only started in 2021. Due to its convenient and straightforward payment mechanisms, robust security to protect funds, and some of the lowest commissions in the business, the brand has developed an almost cult following of 100,000+ users.

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.

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