Crypto Market Highlight May 23, 2022
Crypto Market Highlights: General News
- GameStop revealed on Monday that it has established a crypto and non-fungible token (NFT) wallet. Gamers and others will be able to store, transmit, receive, and use bitcoins and NFTs across decentralized apps using the self-custodial ethereum wallet, the company said in a press release. GameStop’s NFT marketplace is set to start in the second quarter of the company’s fiscal year, commencing in July.
- Paypal is working hard to integrate all conceivable blockchain and cryptocurrency interfaces into its services. PayPal vice president Richard Nash said in an exclusive statement on May 23 that the company is working hard to offer all possible digital services, including digital currencies and central bank digital currency (CBDC). Paypal continues to extend its digital currency-related product after launching its buy, hold, and sell service for Bitcoin (BTC) across the United States in 2020.
- Nox Bitcoin, a Brazilian cryptocurrency exchange, has fully utilized its cash to repay customers for their TerraUSD coins. Following a story in the local press on May 20, the Nox Bitcoin exchange has reimbursed all UST holders with Tether’s USDT at a $1 rate. According to the report, the cryptocurrency brokerage firm paid 620,000 Reais ($127,000). The amount was paid to compensate all of the exchange’s customers who lost money due to the Terra ecosystem’s collapse.
- Balenciaga will accept Bitcoin and Ethereum payments at select stores in the United States, including its branches at Madison Avenue New York and Rodeo Drive in Beverly Hills, as well as the online store www.balenciaga.com. The decision comes as more fashion brands continue to enter the crypto space such as Gucci and TAG Heuer, among others that have delved deeper into the crypto industry, as demand grows of this digital asset class has increased over the years.
- Litecoin has officially announced the activation of Mimblewimble Extension Blocks (MWEB). After months of discussions with network miners, Litecoin reached the 75% network consensus barrier required for activation on May 2nd. Following this, MWEB officially locked in block height 2257920 for activation.
- Ethereum Name Service (ENS) is experiencing its best month ever in terms of new registrations, account renewals, and income. According to lead developer at ENS Nick Johnson, the key reason for the increased demand for ENS domains is that it is a place where users may “form shared communities without any overarching structure imposed on them beforehand.”
- BAYC’s Otherside metaverse has launched a demo of the game to the community on July 16. It also previously shared the first images of the game via a short video, showing the scale, awesome graphics, and ambition of this metaverse game. The Otherside metaverse sale generated $561 million within 24 hours, and recently the eighth rarest virtual land piece from it was sold for a record $1.5 million.
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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