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Young Monday: Algorand and the Bank of Italy, Africa embraces crypto and NFT crimes

Algorand and Bank of Italy, Justin Bieber investigated for his Bored Ape

The Bank of Italy chooses Algorand as its first blockchain platform, cryptocurrency adoption grows in Africa and the “Yuga Labs Gate” scandal erupts

A week full of twists and turns in the world of crypto has just ended. The atmosphere has been tense as Sam Bankman-Fried was arrested a few days ago. Do Kwon, the fugitive founder of the Terra Ecosystem (LUNA) has been spotted in Serbia. Meanwhile, the list of crypto suspects has been growing as Yuga Labs and some celebrities including Justin Bieber, Madonna and Paris Hilton have been accused of manipulating the NFT market.

Beyond the world of crimes, courts and prisons, Algorand has been commissioned to develop a blockchain platform dedicated to the Italian banking and insurance sector. In other news, Africa is showing us new examples of adoption: Nigeria and Kenya are among the twenty countries where cryptocurrencies are most widely used. Moreover, it is increasingly easy to send money to the African continent thanks to the Lightning Network, Bitcoin‘s Layer 2 scalability solution.

Algorand and the first platform for banks and insurance companies

Algorand has been chosen as the Layer 1 blockchain that will support the development of a platform responsible for issuing digital financial guarantees. These are provided by banks and insurance companies to guarantee the fulfilment of contractual obligations or payments. Basically, they are documents that prove to creditors that you have the necessary funds to repay a debt. The platform will be developed in collaboration between Algorand, the Bank of Italy, IVASS (the institute for insurance supervision) and CeTIF, the research centre for innovation and technology of the Cattolica University of Milan.

But why was Algorand’s blockchain chosen? Firstly for its ability to process transactions cheaply and quickly but also because Algorand’s founder is the Italian mathematician Silvio Micali. He commented: ‘we are proud and honoured to be the chosen public blockchain’ moreover – ‘through Algorand’s technology, we can help solve many critical problems facing financial institutions and governments around the world today, bringing opportunity and inclusion to the table’.

The “Yuga Labs Gate” scandal: Justin Bieber, Madonna and Paris Hilton are also under indictment

Last week, several celebrities including Madonna, Justin Bieber, Paris Hilton and Jimmy Fallon were accused of illegally promoting Yuga Labs‘ NFTs, in particular, the famous Bored Ape Yacht Club. Thirty-three other defendants are being indicted, including a large number of Hollywood celebrities. They are alleged to have broken ten consumer protection and financial securities laws.

Yuga Labs has caught the authorities’ attention for devising a secret scheme in collaboration with celebrities, with the goal of inflating the price of the Bored Apes. The document submitted by the prosecution shows the scheme that Yuga Labs allegedly used to secretly reward the complicit stars. They would therefore not have purchased the Bored Apes using their own free will, but were incentivised by a financial return. The investigation also mentions the online payment service Moonpay, which handled the exchange of money between Yuga Labs and the stars.

A spokesperson for Yuga Labs told Decrypt: ‘In our opinion, these claims are opportunistic and parasitic. We firmly believe they are baseless and look forward to proving it’. Yuga Labs and the Bored Apes Yacht Club thus find themselves once again in the crosshairs of the US federal institutions, just two months after the still unfinished investigation by the Securities and Exchange Commission (SEC).

In October, the SEC investigated Yuga Labs to verify that it was not selling its NFT collections as securities without authorisation.

The African continent is embracing adoption

Jack Mallers, the CEO of Strike, a leading payment services company on the Lightning Network, made an announcement on stage at the AfroBitcoin conference. A partnership with Bitnob is being developed to facilitate money exchanges between Europe and Africa. Currently, the only way to send money to African countries, particularly sub-Saharan ones, is to use intermediaries. The best known of them is Western Union. However, intercontinental transactions are quite slow and expensive. For example, to make a $1,000 transfer to Africa you need to spend about five dollars in fees. Also, it takes no less than three working days for the payment to reach the recipient.

Thanks to Strike and its Send Globally app, Africans wishing to send remittance money to family or friends will be able to transfer pounds sterling (GBP) or euros (EUR) into the local currencies of Nigeria (NGN), Kenya (KES) and Ghana (GHS), in the space of a few seconds. The money, as is already the case when using Strike to pay in participating shops, will be automatically converted into BTC. It will then be sent, converted back into the local currency and deposited directly into the recipient’s bank account or mobile wallet.

A report compiled by Chainalisys shows that Africa is one of the continents at the forefront of the cryptocurrency industry. Among African countries where cryptocurrencies are most widely used are Nigeria and Kenya. They rank 11th and 19th respectively in the Global Crypto Adoption Index, which is also used by Chainalisys to measure cryptocurrency adoption in countries around the world.

CryptoCrime: Sam Bankman-Fried and Do Kwon

The vices of the ‘outlaws’ of the crypto world continue coming to light, and the stories are beginning to resemble a true crime series. Sam Bankman-Fried, the founder of the FTX exchange, was arrested early last week at his residence in the Bahamas. He is now awaiting extradition and trial, which could result in a sentence of 115 years imprisonment. This sentence was calculated by adding up the years of imprisonment for SBF’s charges. Namely embezzlement, financial fraud, conspiracy and money laundering, and two counts of wire fraud. In the first hearing, held on Tuesday the 13th of December in a court in the Caribbean archipelago, the prosecutor denied FTX’s founder bail, probably for fear that he might escape. Meanwhile, SBF has already applied for house arrest because of the health problems he claims to suffer from: insomnia and depression.

The other notorious fugitive from the crypto world, Do Kwon, for whom South Korea issued a warrant for his arrest on the 14th of September 2022, appears to have moved to Serbia last month. The former Terraform Labs CEO reportedly arrived in the Balkan country via Dubai, but  he may have already left. Unfortunately, due to the invalidation of Do Kwon’s passport, it is impossible to know his whereabouts with any certainty.

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6 ways to make a deposit on Young Platform and get started with crypto

Buying cryptocurrencies on Young Platform: how to deposit euros

Want to buy cryptocurrencies on Young Platform? The first step is to top up your Wallet. Here are all the available deposit methods!

Want to buy cryptocurrencies but don’t know where to start? The first step is to deposit euros on the Young Platform exchange. Once you have topped up your Young Platform account, you will be able to trade euros for all cryptocurrencies listed on the exchange. However, before topping up, make sure that you have gone through the identity verification process. There are several deposit methods available. To buy cryptocurrencies on Young Platform, you can deposit money via bank transfer, through credit or debit cards, or using a gift card. Choose the deposit method you prefer and start your journey in the world of crypto too!

Where to start?

For all the deposit methods we will go over in this article, the starting point is the same!

From the Home or Wallet section, click on “Deposit”. Once you have selected Euro, you will see all available deposit methods! For cryptocurrency deposits, read this guide.

1. Deposit by bank transfer

The first method we see in this guide on how to deposit at Young Platform, is by bank transfer. Once you have chosen this method, we are assuming you will proceed by SEPA transfer from a foreign (non italian) bank account.

Attention! Before proceeding, you will be asked to enter the amount of money you intend to deposit, at which point a request will be made that must be confirmed. In addition, it is mandatory to enter the reference number for the transfer.

The maximum amount you can deposit by bank transfer depends on your Young Platform account level. The minimum amount you can deposit by bank transfer is 20€. The level of your account is determined by the level of verification of your profile, particularly regarding the origin of the funds you intend to deposit.

Below are the deposit limits per verification level of your account.

  1. The first level is unlocked by completing identity verification. Single transaction limit: €4,000, annual limit €25,000.
  2. To access the second level, it is necessary to provide a bank statement, utility bill, or certificate of residence issued by your municipality. Single transaction limit €8,000, annual limit €50,000.
  3. To join level three, a questionnaire must be completed and a tax return provided. Single transaction limit 30,000€, annual limit 200,000€.
  4. A recorded interview is required to access the fourth level. Single transaction limit €60,000, annual limit €200,000.

For further information on identity verification levels, please contact [email protected]

Once you have selected the method by which you wish to make the transfer, you will be able to view Young Platform’s bank details.

The account from which you make the deposit must be in your name or co-owned by you and must match exactly the name under which you registered with Young Platform. Ordinary SEPA transfers from foreign (non Italian) accounts should take between 2 and 5 working days.

2. Deposit via debit, credit or prepaid card

To buy cryptocurrencies on Young Platform, you can deposit via debit and credit cards that use the Mastercard and Visa circuits. This deposit process is very simple.

  • Select Deposit from the Home or Euro Wallet;
  • Choose Euro;
  • Choose the credit or debit card option;
  • Add a new card or select an already added card;
  • Enter the amount, taking care to respect the minimum amount of 20€;
  • Continue to view transaction summary;
  • Confirm.

Your bank may ask you to authorise the transaction from their app or by SMS

The first time you add a card as a payment method, a small transaction will be processed through which you will be charged a few cents. This is a standard procedure to verify the card; the cents will be credited back to you automatically as soon as the procedure is successful.

Unlike bank transfers, depositing by card is immediate, so you should have received the amount you intended to deposit. Visa and Mastercard fees of 2.2% + € 0.25 apply to this type of deposit. Also for this deposit method, the card you intend to use must be in your name.

3. Deposit with Google Pay or Apple Pay

You can also use Google or Apple Pay to deposit quickly. To do so, you must have enabled Google Pay or Apple Pay on your device and linked at least one payment card

Let’s see how this deposit method works:

  • Select Deposit from the Home or Euro Wallet;
  • Select Euro;
  • Choose Google Pay or Apple Pay;
  • Enter an amount, starting from a minimum of 20€;
  • Confirm.

Done! Your top up should be immediate.

The commission charged for this type of deposit is the same as for card deposits, i.e. 2.2% + 0.25€.

4. Deposit with Young Cash voucher (if available in your country)

To buy cryptocurrencies on Young Platform, you can also deposit cash through Young Cash (if available in your country) by purchasing a voucher at participating tobacconists, bars and shops. 

To deposit to Young Platform with a voucher, simply go to one of the stores that provide them (mostly bars and tobacconists) and buy the one that suits you. Once purchased, you will have to select the “YoungCash” deposit method, and then the “Voucher” section. Enter the alphanumeric code on the receipt and you’re done!


The cash deposit is credited to your Euro Wallet within 15 minutes and transaction fees of 2% are deducted from the amount.

5. Redeem a Gift Card

Gift Cards are gift vouchers from 20€ to 250€ that users can give to their contacts on Young Platform. If you have received a Gift Card, you can redeem it from the Young Platform app or web platform and use the credit to buy cryptocurrencies.

To redeem a Gift Card go to the ‘Profile’ or ‘Wallet’ section, click on the ‘Redeem Gift Card’ button and enter the code you received by email or SMS.

Done! The amount should have been credited to your Euro Wallet.

So, those are all the ways you can make a deposit with Young Platform to buy cryptocurrencies. Once you’ve made your first deposit, all you have to do is choose the crypto that’s right for you!

Everything you want to know about deposit methods: frequently asked questions

1. Why is it necessary to top up my account to buy cryptocurrencies?

The deposit is used to transfer money to your Young Platform account, in order to enable you to buy cryptocurrencies.

2. Do I have to pay a subscription fee to use my account?

Absolutely not! You do not have to pay any subscription fees to use your Young Platform account. You can top up your wallet as often as you like and you are under no obligation to deposit regularly.

How do I know when my deposit has arrived? Check your ‘euro’ balance to verify that the amount you intended to deposit has actually arrived.

3. If there are delays in crediting my money, who can I contact?

Should there be a delay in crediting your funds, first check the timeframe for the deposit method you used. If more time has indeed passed, you can contact support or ask for help on our Discord server. To contact support, fill out a ticket, we will be quick to respond to all your needs!

4. Is it safe to connect my card?

Yes, you do not run any risks by connecting your credit or debit card to Young Platform. Beware though! Some malicious users may create copies of our exchange to try to steal your funds. To avoid running into scams make sure that the website url is always: https://exchange.youngplatform.com/. Want a tip for using Young Platform? Save the above link in your browser favourites or use the app by downloading it from an official store.

5. How many cards can I connect to Young Platform?

You can add a maximum of 5 payment cards per month and 40 cards in total.

6. How do I withdraw my funds?

You can withdraw your funds from Young Platform by bank transfer. Check the dedicated support page.

7. Why are there multiple ‘wallets’ in my account?

On Young Platform, you can deposit both fiat currencies (Euro) and cryptocurrencies. Each account has a dedicated wallet for fiat currencies and a dedicated wallet for each cryptocurrency.

8. Can I remove my card whenever I want?

Yes, you can remove your card at any time! Go to the Profile section of your account from the mobile app or web platform. Then select the ‘Payments’ option and click on the ‘Remove’ card button.

9. How can I pay less deposit fees?

By joining a Club, you can receive cashback on your card deposit fees. Find out how in the dedicated article.

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Sam Bankman-Fried arrested, what happens now?

FTX founder Sam Bankman-Fried arrested: what happens now?

FTX founder Sam Bankman-Fried was arrested last night in the Bahamas. What happened? What will be the next developments?

FTX founder Sam Bankman-Fried was arrested on the morning of the 13th of December (at 5:00 a.m. GMT) in the Bahamas, at his residence in Nassau. Local police forces detained him one day before his testimony before Congress that was scheduled for Wednesday the 14th December 2022. It is now likely to be canceled. But why was SBF arrested today specifically, after weeks of being left free?

There are two main hypotheses. For some, the arrest comes with the fear that Bankman-Fried might move to a country where the US could not extradite him. Others speculate a connection with new allegations made by Do Kwon that were picked up by the media. They concern a possible involvement in the collapse of the Terra (LUNA) ecosystem.

According to the New York Times, there are five charges for the founder of FTX: wire fraud, conspiracy to commit wire fraud, securities fraud, conspiracy to commit securities fraud, and money laundering. What will be the next developments? Will Sam Bankman-Fried’s collaborators Caroline Ellison and Sam Trabucco also be arrested soon? Are SBF and Alameda Research really responsible for the collapse of the Terra-LUNA ecosystem?

What will happen now to Sam Bankman-Fried and his co-workers?

After being ‘at large’ for quite a long time (it has been about a month since the FTX exchange declared bankruptcy on the 11th November 2022), as of yesterday morning, Sam Bankman-Fried is being held in custody in a Bahamian prison. The FTX founder’s arrest came at the request of the US government, which plans to extradite him to a US federal prison.

Commenting on the incident, the Bahamas Prime Minister Philip Davis said: ‘The Bahamas and the United States have a common interest in holding accountable all individuals associated with the FTX failure who may have betrayed the public trust and broken the law.

In these first hours after the arrest, uncertainty reigns. It is not yet clear how many years in prison SBF faces, just as it is not yet known whether he will testify before the US Congress tomorrow as scheduled, although this seems unlikely.

Another question on the minds of many concerns the future of Sam Bankman-Fried’s associates, Caroline Ellison and Sam Trabucco. For the two, respectively CEO and co-CEO of investment fund and market maker Alameda Research, the same fate is probably in store. In the meantime, statements by the FTX founder are circulating again. A few days ago in an interview, he said was sure that he could not be arrested. On that same occasion, he had revealed his commitment to working on a new project with the aim of returning the money lost to his users.

Was it SBF and Alameda that brought down Terra (LUNA)?

What does Terra (LUNA) have to do with the SBF affair? In recent days, there has been talk about the possible responsibility of Alameda Research in the failure of the ecosystem. Alameda was the trading company founded by Sam Bankman-Fried, that has strong ties to FTX for reasons linked to fund management. A large amount of these funds were allocated to FTT, the token of the FTX exchange.

According to these allegations, Ellison and Trabucco’s hedge fund allegedly attacked Do Kwon‘s blockchain in order to destroy its competitor: Three Arrow Capital (3AC). They were heavily exposed to the blockchain’s two main assets: the LUNA crypto and the UST stablecoin.

The accusation, which originated from former Terraform Labs CEO Do Kwon and Three Arrow Capital co-founder Su Zhu, has not been ignored by US prosecutors. They have launched an investigation that will result in a market manipulation charge against Bankman-Fried and Alameda Research. Should evidence be found of Do Kwon’s and Sun Zhu’s allegations, the charge of market manipulation could be added to SBF. This would aggravate the legal situation of the FTX founder in no small measure.

There is currently no conclusive evidence to support these allegations. The investigation by the US government will shed light on the facts as it takes course. In short, as of today, there are very few certain answers. Many questions about the future and past of the former FTX CEO remain.

The opinion of crypto Twitter

Meanwhile, on crypto Twitter, all hell has broken loose. Thousands of users are rejoicing and making sarcastic comments about the FTX founder’s arrest. Some wonder how many years in prison he will have to serve, and how he will pay for a good lawyer.

In particular, the crypto Twitter users are summoning the extraordinary lawyer Saul Goodman, star of the series ‘Better Call Saul’. He is the only one, according to them, capable of saving the defendant.

Nothing is sparing SBF in the world of crypto Twitter. A series of tweets have also surfaced that bring up his alleged relations with the US Democratic Party.

Bankman-Fried had secretly given donations to Joe Biden’s party during the election campaign of late 2020 and early 2021. These tweets underline the strange timing of this arrest. Perhaps his statement under oath to Congress could have been quite uncomfortable.

In light of recent events, the plot of the movie that Apple plans to produce is also thickening. Now that he has been arrested, will Sam Bankman-Fried be convicted? Is the founder of FTX really involved in the collapse of Terra (LUNA)? And what will happen to Caroline Ellison and Sam Trabucco?

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Transfer your crypto to Young Platform

How to transfer crypto to Young Platform: the complete guide

Want to transfer Ethereum and your other cryptocurrencies to Young Platform? Here is the complete guide!

If you want to transfer Ethereum or other cryptocurrencies from external wallets or other exchanges to Young Platform, read this step-by-step guide!

1. Select the crypto you intend to deposit

The first step in making a crypto deposit on Young Platform is to select the cryptocurrency you wish to deposit. To select it, simply go to the ‘Wallet’ section of the Young Platform app or web platform and click on the ‘Deposit’ button.

For this guide, we will use Ethereum as an example. In case you need to deposit a different cryptocurrency on Young Platform, don’t worry! The procedure remains the same, with one small addition. In some cases, as explained in the following paragraphs, you will have to add an extra code, the memo.

2. Copy your wallet address

Once you have selected the crypto you wish to deposit, click on the deposit button. You will then see a similar screen to the one below. Let’s use Ethereum as an example. 

The alphanumeric code you see when accessing this section in person is the address of your Ethereum crypto wallet on the Young Platform exchange. 

What is the wallet address? It is a code of 26-35 alphanumeric characters, needed to send crypto to a wallet. The wallet address has a similar function to the IBAN code for a bank account. It must therefore be communicated to the sender in order to receive cryptocurrencies. 

To transfer your Ether from a self-custody wallet or another exchange, simply send the amount of ETH you want to this address. If you are using the mobile version of your wallet, you can also scan the QR code you see above for the wallet address. 

Use the address found on ‘Deposit Ethereum’ only to send ETH. Each cryptocurrency has a specific network and wallet address. Sending for example AVAX, the crypto on the Avalanche blockchain, to your Ethereum address would result in the loss of the amount sent. 

3. Deposit your crypto from a self-custody wallet

Let’s see how to transfer crypto to Young Platform from self-custody wallets, i.e. wallets whose private key you manage, such as Metamask. If you are not familiar with Metamask, it is a browser extension and open-source crypto wallet that allows users to interact with Dapps. This wallet, which was initially created to carry out transactions on the Ethereum blockchain, now allows interaction with all the most popular blockchains that are compatible with it. It is possible to use Metamask from both your desktop through the browser extension, and from smartphones through the app. 

Let’s now move on to the Metamask browser extension. To transfer Ethereum from Metamask select the “Main Ethereum Network” from the drop-down list in the top right-hand corner. Then click on the “Send” button

How to deposit crypto on Young Platform with Metamask

Once you have selected that you want to send the funds, simply paste the address copied above and continue. 

How to past your wallet address on Metamask

The next step to transfer Ethereum on Young Platform is to enter the amount of Ether you want to deposit. Please note that in order to process a transaction on blockchain, you need to pay gas fees. They are fees that are paid to validators by those who wish to make a transaction on blockchain, to ensure that transactions take place securely on the network. So, make sure you have the necessary amount of Ether on Metamask to pay these gas fees or the transaction cannot be processed. You can see the real-time gas fees. The more congested the Ethereum blockchain is, the higher the fees will be. In addition, the amount of gas fees you pay will be directly proportional to how fast you want the transaction you send to be. You can choose the type of transaction by clicking on the ‘edit’ button inside the Metamask browser extension before confirming the transaction. For this type of transaction, which does not require high speed, there is a tendency to try and save on gas fees.

How to enter the amount you want to deposit on Young Platform via Metamask

Once you have entered the amount you intend to deposit into Young Platform, all you have to do is click the ‘Next’ button. Then this screen will open, where you can see the amount of gas fees you will have to pay to process the transaction and the total amount of cryptos you will ‘spend’. Once confirmed, the transaction will be processed. 

How to confirm the transaction on Metamask

Within a few minutes, you should receive the amount of crypto sent from your self-custody wallet. If the blockchain network is congested, you may experience delays for crypto deposits. In that case, you may have to wait until the transaction is confirmed. Should the crypto not be credited to your Young Platform account, request a ticket from the app or web platform.

4. Deposit your crypto from another exchange

To deposit crypto from another exchange, the process depends on the platform. In most cases, all you need to do is go to the “withdraw” section of your crypto wallet and paste in the address you copied above. One piece of advice we can give you is to read the guides of the exchange you intend to use to withdraw your funds. You can find these guides easily on Google by typing ‘crypto withdrawal (name of the exchange)’. For the Binance exchange for example, just go to the ‘Wallet’ section, select ‘Withdraw cryptocurrency’ and choose the crypto you want to withdraw.

Crypto withdrawal from Binance

Then paste in the address of your Young Platform wallet and select the network you wish to use. Caution! Always select the main network related to the crypto you want to deposit. By network we mean the blockchain on which each crypto is developed. For example, if you want to deposit the ETH crypto on Young Platform’s exchange, select the Ethereum network (ERC 20). If you are unsure which network is correct, ask for help in our Discord channel or contact support. If you send your cryptos to the wrong network you run the risk of losing them! 

5. What is the memo?

For some cryptocurrencies, for example XRP, the crypto on Ripple’s blockchain, the memo must also be entered when sending a transaction. The memo or tag is a unique identifier assigned to each account to identify a deposit and credit it correctly to the relevant wallet.  When you select the crypto you want to deposit and are given the address to send it to by the app or web platform, you will find the memo if you need it.

6. Deposit finalisation

Once the transaction is confirmed, your crypto deposit on Young Platform should be processed within a timeframe of a few seconds to a few minutes, depending on the congestion and speed of the network you are using. To ensure that your funds have arrived on the Young Platform exchange, visit the Wallet section of your app or Web Platform and check the balance of the crypto you have deposited. If you do not receive your crypto even after hours, you can talk to Support by opening a ticket or ask for help, or ask on our Discord server.

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Young Monday: Avalanche, Warner Music and Goldman Sachs

FTX bankruptcy: Goldman Sachs sees it as the crypto world's turning point

Avalanche chooses Alibaba’s cloud for its nodes, Polygon is working with Warner Music Group and Goldman Sachs explains the lessons of FTX’s collapse

In the crypto world this week, there has been renewed talk of adoption. In particular, there is more news of partnerships between traditional and Web3 companies. Avalanche, AVAX’s blockchain, has signed a deal with Alibaba Cloud, one of the world’s leading cloud service providers. After having secured partnerships with Instagram, Reddit, Disney, Starbucks and other companies, Polygon now also boasts a music partnership thanks to an agreement signed with Warner Music Group. A month after the collapse of FTX, two financial giants, Goldman Sachs and Mastercard, describe the collapse of the exchange as a growth opportunity for the industry!

Avalanche will use Alibaba’s cloud for node management

Alibaba Cloud, the most widely used cloud hosting service in Asia and the third largest in the world, has chosen Avalanche as its first Web3 partner. Alibaba Cloud provides cloud-based storage, applications and web infrastructure services. Clouds are global networks of servers that operate as a single ecosystem. They can be accessed through the Internet and serve to free up memory and processing power on the devices we use on a daily basis.

Through its cloud service, Alibaba will facilitate the process of opening an Avalanche blockchain node. In addition to staking the native crypto, validators of a Proof-of-Stake blockchain must manage a node that is constantly connected to the internet. This requires computing power and memory. Thanks to this new partnership, anyone wishing to open a node on Avalanche will be able to use these resources by taking advantage of Alibaba’s services. The partnership could increase the number of blockchain validators, which to date number around 1,200, and consequently also increase decentralisation on the network.

Polygon and Warner prepare the next Spotify?

Polygon is interested in all entertainment sectors that intend to use Web3 technologies. After cinema and social media, it is time for the platform to attack the world of music, thanks to a partnership with Warner Music Group. The collaboration between the two brands resulted in the development of LGND.io, a decentralised application (dapp) very similar to a classic music streaming platform such as Spotify or Youtube Music. LGND also allows tracks and albums to be purchased in the form of NFTs, using either credit or debit cards or cryptos such as MATIC and ETH. Once purchased, these NFTs can be resold on major NFT marketplaces, such as OpenSea.

The main objective of the collaboration is to provide emerging artists with a new way to sell their music through NFT technology and the concept of digital ownership. The final version of the platform will be available from January 2023. It will enable artists to not only sell non-fungible music tokens, but also other types of content that provide various benefits such as VIP concert tickets or exclusive merchandise. In addition to Polygon and Warner Music Group, the record company Spinnin’ Records will handle relations with artists. They also participated in the development of LGND.io.

Goldman Sachs: FTX bankruptcy is a turning point for the crypto world

This week, financial giant Goldman Sachs made some statements on the failure of the FTX exchange and its consequences. Rather than analysing what happened only from a destructive point of view, Mathew McDermott, Goldman Sachs’ head of digital assets, stated that he is optimistic about the future of crypto. McDermott’s statements followed a remarkable fact, namely that following the collapse of Sam Bankman-Fried‘s exchange, the number of traditional investors interested in buying crypto through Goldman Sachs is on the rise.

Mastercard also seems to be of the same opinion, according to Grace Berkley, the director of the company’s start-up branch. Berkley described the incident as a reset opportunity for the crypto world, which could become safer through the exclusion of malicious actors intending to manipulate the market and regulation.

Decentraland: start of LAND leases

A new feature for Decentraland has been announced: LAND rentals in exchange for rewards! Decentraland is one of the most popular metaverses on Web3. It consists of many units of ‘digital land’, and each of these units is an NFT called a LAND. Lending your own LAND is now very simple, just select the NFT you want to put up for rent and choose for how long and at what price you want to rent it. As far as the time period is concerned, each user can choose from seven options: 1, 7, 30, 60, 90, 180 or 360 days. Concerning the price, the decision is entirely up to the tenant.

The rent is paid by the tenants in MANA, the crypto of Decentraland, and 2.5% is retained by the DAO‘s wallet. The DAO of Decentraland is the collective institution that governs the functioning of this metaverse.

Why rent a LAND? Buying one may be too expensive, all the more so if you plan to create events or experience in a limited amount of time. The market for land in the Metaverse is one of the most expensive of the NFT markets. There are only a few LANDs in Decentraland sold directly from the platform, the remainder are only available in secondary markets, which are very competitive. Users will be able to rent their land to DJs who will throw memorable virtual parties, or to universities who will build Web3 university campuses, or even to fashion brands who will organise fashion shows.

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Quelles sont les 5 meme coins les plus célèbres ?

Que sont les meme coins ? Les 5 plus populaires de Dogecoin à Baby Doge

De Dogecoin a Shiba Inu, en passant par Baby Doge et Dogelon Mars. Qu’est-ce qu’un meme coin et quels sont les 5 plus célèbres ?

Que tu le croies ou non, les meme coins sont un élément important dans le monde immense des cryptos. Ils dominent les phases de bull market, puis disparaissent quasiment pendant les bear markets. Le terme “meme coin” peut être défini comme un néologisme, inventé pour décrire la première crypto née en l’honneur d’un meme : Dogecoin. Il reste à ce jour le plus célèbre,avec le market cap le plus élevé d’entre eux.

Mais quelle est donc la définition d’un meme coin? Ce sont des cryptos nées de memes sur internet, ou d’un épisode irrévérencieux de la culture internet. Le terme “meme coin” est souvent utilisé pour décrire une crypto ayant une connotation parodique, ces projets eux-mêmes se définissent souvent de cette manière. Cependant, les meme coins ne sont pas tous les mêmes. Certains sont nés sous forme de blague et le restent. D’autres parviennent à développer un projet sérieux et consolider leur position. Découvre les différences et caractéristiques communes des 5 meme coins les plus célèbres, de Dogecoin à Baby Doge !

1. Dogecoin

Dogecoin (DOGE) a été créé en 2013 par Jackson Palmer et Billy Markus, basé sur le mécanisme de consensus Proof-of-Work. Après le Bitcoin, c’est la deuxième plus grande crypto PoW en termes de market cap. Le premier meme coin de l’histoire a été inspiré par la célèbre photo représentant un petit chien Shiba Inu (nommé Kabosu) accompagné de phrases courtes et mal écrites en police Comic Sans, une sorte de monologue intérieur du Doge.

Dogecoin est l’un des meme coins qui a “réussi”. Sa feuille de route est très simple et brève, semblant s’inspirer de la façon non grammaticale qu’utilise le chien du meme Doge pour s’exprimer : “utilité -> adoption“. Cette équation signifie que l’objectif de Dogecoin pour l’avenir, et par conséquent aussi l’utilité que l’équipe prévoit de donner à Dogecoin, est l’adoption. Ce processus d’adoption se concrétise avec de grandes entreprises qui choisissent d’accepter le Dogecoin comme moyen de paiement. Parmi ces entreprises figurent AMC, Twitch, Tesla et SpaceX. La notoriété du dogecoin dépend également de sa relation avec celui qui est désormais le propriétaire de Twitter, Elon Musk.

Surnommé “The Dogefather” par la communauté Dogecoin, il a été le premier supporter célèbre du projet qui lui doit une grande partie de son succès. D’une certaine manière, toutes les cryptos créées en l’honneur de nos amis à quatre pattes sont les filles de Musk. Certaines d’entre elles, comme nous le verrons plus tard, lui rendent explicitement hommage.  

2. Shiba Inu

Parmi les cinq meme coins les plus célèbres du monde des cryptos figure bien évidemment Shiba Inu (SHIB). Ce token est né d’une expérience : reproduire le projet de Dogecoin et faire en sorte qu’une autre crypto inspirée d’un petit chien devienne mainstream. Le projet Shiba Inu a été créé en 2020 par un développeur anonyme connu sous le pseudonyme de Rioshy. La crypto de Shiba Inu, SHIB, n’est pas un vrai coin puisqu’elle ne possède pas encore sa propre blockchain. C’est un token ERC-20, construit sur le réseau d’Ethereum. Bien qu’elle soit considérée de manière péjorative comme “just a meme coin”, Shiba Inu a intégré diverses fonctions au fil du temps.

L’écosystème de Shiba Inu est peuplé d’un exchange décentralisé (DEX) avec un AMM (similaire à Uniswap) appelé ShibaSwap, et de deux autres tokens : BONE et LEASH. Le premier est le token de gouvernance qui garantit aux détenteurs de participer aux décisions concernant l’avenir de l’écosystème. Le deuxième est distribué comme récompense à ceux qui mettent leur SHIB en staking sur ShibaSwap. Récemment, l’équipe de Shiba Inu a lancé un jeu pour smartphone appelé Shiba Eternity, qui a rencontré un grand succès, atteignant les premières positions de la section “jeux de cartes” sur l’App Store et le Play Store. Les prochaines étapes pour le deuxième des cinq meme coins les plus populaires prévoient une blockchain de layer 2 qui devrait s’appeler Shibarium ainsi qu’un stablecoin nommé SHI.

3. Dogelon Mars

Un meme coin portant le nom d’Elon Musk ne pouvait évidemment pas manquer de voir le jour. Le token Dogelon Mars, ELON, est l’un des nombreux tokens ERC-20 nés à la suite de la montée en puissance de Dogecoin et de Shiba Inu en 2021 : la meme coin season. L’idée de l’équipe anonyme de Dogelon était de créer une crypto entièrement gérée par sa communauté.

En quoi Dogelon Mars diffère-t-il de tout autre meme coin inspiré par les chiens ? La réponse est une incroyable narration ! Selon le synopsis officiel du projet, en l’an 2420, Mars sera colonisée par la race martienne des Dogelons : des chiens humanoïdes ressemblant vaguement à Elon Musk et dotés d’une intelligence distincte. Dogelon Mars a commencé comme meme coin, mais suite à son succès et à la croissance rapide de la communauté le projet a décidé de développer sa propre feuille de route. Les prochaines étapes envisagent le développement d’un écosystème DeFi, qui permettra de mettre les tokens ELON en staking pour recevoir des récompenses en governance token de l’écosystème : xELON.

4. Baby Doge

Baby Doge a également gagné une place dans la liste des 5 meilleurs meme coins du monde des cryptos. Il s’agit d’un token ERC-20 construit sur la Binance Smart Chain, la blockchain de Binance compatible avec l’EVM. Il se présente comme la “fille” de Dogecoin. La crypto Baby Doge est également née pendant la saison des meme coins de 2021, ayant été conçu comme reward token (c’est-à-dire un token qui récompense automatiquement son propriétaire avec d’autres cryptos). Dans le cas de Baby Doge, les récompenses pour les détenteurs sont payées en Dogecoin. C’est rendu possible grâce à un smart contract qui convertit une partie des cryptos utilisées pour acheter des Baby Doge en Dogecoins, qui sont ensuite redistribués aux détenteurs. L’un des projets de Baby Doge est Baby Doge Swap, un exchange décentralisé (DEX) avec AMM très similaire à PancakeSwap sur lequel il est possible de vendre et d’acheter des tokens construits sur la Binance Smart Chain, ainsi que de mettre des Baby Doge (et d’autre tokens) en staking,

5. Floki

Nous concluons cette liste avec Floki (FLOKI), le dernier des cinq meme coins les plus célèbres. Floki est né suite au tweet d’Elon Musk publié en juin 2021, dans lequel il annonçait à ses followers qu’il avait nommé son nouveau chiot Shiba Inu “Floki“. L’équipe de Floki Inu a très rapidement créé un token ERC-20 portant le nom du chiot nouveau-né, d’abord sur Ethereum, puis sur la Binance Smart Chain. Dans les jours qui ont suivi le lancement,  ils se sont lancés dans une campagne marketing impactante sur les réseaux sociaux, ce qui a permis au projet de gagner un grand nombre d’adeptes. Comme l’indique son site web, Floki veut devenir “la crypto du peuple”. Pour atteindre cet objectif ambitieux, l’équipe collabore avec des plateformes qui encouragent les initiatives caritatives.

Grâce au grand succès rencontré dans les jours qui ont suivi son lancement, le projet a pu travailler sur sa feuille de route, en commençant à développer une série de plateformes et d’applications décentralisées. À ce jour, l’écosystème Floki Inu développe un metaverse “play-to-earn”nommé Valhalla, une carte bleue et une plateforme de staking dédiée.

Outre ceux que nous avons vu, considérés comme les plus célèbres, une avalanche de meme coins a vu le jour. Certains d’entre eux n’ont pas survécu, mais pourquoi ? Les meme coins naissent dans des moments favorables du marché et tentent d’intercepter des récits ou des trend dans le but de toucher le plus grand nombre d’utilisateurs possible. Tous les meme coins, après être devenus populaires, ne parviennent pas à devenir utiles en offrant des solutions attrayantes aux utilisateurs. Pour la prochaine crypto dédiée à un emoji ou au museau d’un chien, attention au FOMO et souviens toi de la règle d’or, DYOR !

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What is FOMO? Social media and crypto anxiety

What does FOMO really mean? Here are some examples

“Fear Of Missing Out” is one of the most common forms of anxiety of our time. But what does it really mean? Here are some examples from the crypto world

The word FOMO stands for ‘Fear Of Missing Out’. FOMO is the feeling of anxiety that you may experience when you fear that you have missed out on something important. It could be an event, an opportunity or a conversation. With the arrival of social networks, this fear has become more widespead although it has always characterised human behaviour. In other words, FOMO is the constant feeling of being excluded from experiences that everyone else but us is experiencing. The term has also become very popular in the context of trading and cryptocurrencies. In this context, it could involve a fear of missing out on an upward price movement or a potential profit opportunity more generally. In this article, you will find out what FOMO is, its origins and what the term means in the world of crypto! 

What is FOMO? Meaning and origins

The term FOMO was created in 2004 by Patrick J. McGinnis, a Harvard Business School scholar, as part of his research on the social behaviour of first-year university students. From 2010 onwards, psychologists have taken up the concept of FOMO to describe a condition found in individuals who are constant users of social networks. These people, who spend a lot of time observing the lives of others, find themselves obsessively comparing their own experiences with those of others. By constantly comparing themselves, they feel like something is lacking, that they are mistaken or lagging behind in certain aspects of life. Psychologists have described this psychological condition as a constant apprehension that others might have experiences from which the person experiencing FOMO was personally excluded.

Is FOMO just social media anxiety?

The ways in which FOMO manifests itself can be different and vary mainly depending on the intensity of the sensation. You may experience it once in a while during a conversation or more continuously, which may turn this feeling into a real pathology. Suffering from this fear on a continuous basis can cause a worsening of mood, feelings of social inferiority, loneliness and anger.

As we stated before, FOMO became particularly popular after the emergence of social networks. This gave birth to a new culture based on influencers but also everyday friends, who share their dream life online. This can lead people to compare themselves and feel inadequate. Måneskin‘s bass player Victoria De Angelis also spoke about this recently. In an interview with Radio Deejay, she said that she suffers from FOMO, and that she can’t stop going out for fear of missing out on an experience. In fact, the fear of being cut off turns into a schedule full of commitments and hectic days spent chasing experiences. Often without feeling truly satisfied anyway!

You may have just come home from a hard day and you can’t wait to settle down on the couch, but you see all your friends on Instagram getting ready for a concert. If FOMO arrives, your only thought is ‘I can’t stay at home while the most important concert of the year is just a few steps away from me’. You get ready and go out. When the concert is over, the feeling comes back: ‘maybe I could follow my friends to that club and have a drink instead of going to sleep’. In the mildest cases, people in this situation just crawl into bed with some discomfort. For others, the thoughts become obsessive and limiting.

FOMO in the crypto world

In the crypto world and in trading, the meaning of FOMO remains the same. However it applies to missed profit opportunities rather than experiences. People get convinced that they have forever missed the chance to buy the next crypto that will explode. Everyone but themselves is guaranteed stratospheric gains. The venture into the crypto world of a person suffering from crypto FOMO is conditioned by thoughts like “why did I sell at that price?”, “I should have bought more” or “I absolutely cannot miss out this token’s presale”. This psychological condition usually affects those who have recently got interested in the market and who therefore do not have enough experience to know and control their anxiety. These users often buy and sell impulsively for fear of losing a potential profit opportunity.

Those who get caught up in FOMO when approaching the crypto world are engaging in outright fear, and emotions can hinder the pursuit of a rational strategy. Behavioural finance explains how rash actions, triggered by emotional aspects, can negatively affect the achievement of your goals.

Examples of FOMO with cryptocurrencies

To better explain what FOMO is in the context of crypto, we can use some practical examples. The term is for instance particularly appropriate in the case of new crypto launches. These launches always come together with presales that allow those who participate in them to financially support a crypto project before the official launch by purchasing the native cryptocurrencies. One feature of presales is that they have limited access. Only the quickest users to purchase can actually participate in the launch. This aspect generates crypto FOMO in those who want to participate and fear being excluded.

Dogecoin’s bullish movements linked to Elon Musk‘s tweets can also explain crypto FOMO. Every time Musk posts a DOGE-themed tweet, the price of the crypto goes up thanks to so-called FOMO buyers. These people decide to buy DOGE in fear of missing out on the price rise.

The JOMO (Joy of Missing Out)

The opposite psychological phenomenon is JOMO ‘Joy of Missing Out’. JOMO can be defined as the pleasure of enjoying your interests and passions without worrying about the fact that other individuals are pursuing more satisfying activities.

Instead of despairing over untapped crypto opportunities, those who live in the name of crypto JOMO simply disregard them. In fact, the term JOMO is usually used by no-coiners, those who do not hold crypto. While those in the throes of FOMO feel the need to spend hours and hours in front of charts looking for the next opportunity, the JOMO team doesn’t even bother to give it any thought.

Now that you know what FOMO means and how it differs from JOMO, you might ask yourself: which of the two is the best attitude for experiencing the world of crypto? Probably neither, both FOMO and JOMO are extremes. On the one hand we have a tendency to get too emotionally involved, on the other hand we have a tendency to avoid situations completely. Knowing the latest trends and cryptos on the upside, in short ‘being on your toes’ about all the industry news is certainly not a bad thing. So is learning to be more detached like JOMO fans.

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What are the 5 most famous meme coins?

The 5 most popular meme coins from Dogecoin to Baby Doge

From Dogecoin to Shiba Inu, via Baby Doge and Dogelon Mars. What are meme coins and which are the 5 most famous?

Believe it or not, meme coins are an important component in the huge world of cryptocurrencies. This type of crypto dominates bullish market phases and then almost disappears during bear markets. The term ‘meme coin’ can be defined as a neologism, created to describe the first cryptocurrency born in honour of a meme: Dogecoin. The first meme coin was therefore Dogecoin. To this day, it is still the most famous one and has the highest market cap from all those in our list.

But what is the definition of a meme coin? Meme coins are cryptocurrencies born from internet memes or an episode of internet culture. The term ‘meme coin’ is often used to describe a crypto with a negative connotation, although sometimes projects define themselves purposefully in this manner. However, meme coins are not all the same. Some are created as a joke and remain so, others manage to develop a project and consolidate their position. Discover the differences and common characteristics of the 5 most famous meme coins from Dogecoin to Baby Doge!

1. Dogecoin

Dogecoin (DOGE) was created in 2013 by Jackson Palmer and Billy Markus, and is based on the Proof-of-Work consensus mechanism. After Bitcoin, it is the second largest PoW crypto in terms of market cap. The first meme coin in history was inspired by the famous meme depicting a small Shiba Inu dog (named Kabosu) accompanied by short, broken sentences in Comic Sans, a sort of Doge inner monologue.

Dogecoin is one of those meme coins that ‘made it’. Dogecoin’s roadmap is very simple and brief and also seems to be inspired by the manner Doge expresses himself in broken English: ‘utility -> adoption’. This equation means that Dogecoin’s goal for the future, and consequently the utility the team plans to give to the Dogecoin crypto is adoption. The adoption process is coming to fruition with major companies choosing to accept Dogecoin as a payment method. Among these companies are AMC, Twitch, Tesla and SpaceX. Dogecoin’s fame also depends on its relationship with who is now the owner of Twitter, Elon Musk.

Elon Musk, nicknamed ‘The Dogefather’ by the Dogecoin community, was the first famous supporter of the project. The DOGE crypto owes much of its success to the owner of Twitter. In a way, all the meme coins created in honour of our four-legged friends are Musk’s daughters. Some of them, as we will see later, pay explicit homage to him.  

2. Shiba Inu

Among the five most famous meme coins in the crypto world is undoubtedly Shiba In (SHIB). This meme coin was born from an experiment: to replicate the Dogecoin project and make another crypto inspired by a small dog achieve mainstream status. The Shiba Inu project was created in 2020 by an anonymous developer known by the pseudonym Rioshy. Shiba Inu’s crypto, SHIB is actually not a real coin, since it does not yet have its own blockchain. Instead, it is an ERC-20 token built on the Ethereum network. Although it is derogatorily considered ‘just’ a meme coin, over time, Shiba Inu has been integrating various functions within its ecosystem.

The Shiba Inu ecosystem is populated by a decentralised exchange (DEX) with AMM similar to Uniswap, ShibaSwap, and by two other tokens: BONE and LEASH. The former is the governance token that guarantees holders to participate in decisions about the future of the ecosystem. LEASH is distributed as a reward to those who stake SHIB on ShibaSwap. Recently, the Shiba Inu team also released a smartphone game called Shiba Eternity, which was very successful and reached the top positions of the ‘card games’ section on the App Store and Play Store. The next steps for the second of the 5 most popular meme coins envisage a Layer 2 blockchain that should be called Shibarium, as well as a stablecoin named SHI.

3. Dogelon Mars

A meme coin bearing the name of Elon Musk was not a chance to be missed. The Dogelon Mars token, ELON, is one of many ERC-20 tokens that were created following the rise of Dogecoin and Shiba Inu in 2021, the so-called ‘meme coin season’. The idea of Dogelon’s anonymous team was to create a crypto entirely managed by its community.

How does Dogelon Mars differ from any other meme coin inspired by doggos? The answer is incredible storytelling! According to the project’s official synopsis, in the year 2420, Mars will be colonised by the Dogelon Mars breed : humanoid pooches vaguely resembling Elon Musk and endowed with a distinct intelligence. Dogelon Mars began as a meme coin, but following its success and the rapid growth of the community, it decided to develop its own roadmap. The next steps are the development of a decentralised finance ecosystem (DeFi) that allows the ELON token to be staked in order to receive rewards in the ecosystem’s governance token: xELON.

4. Baby Doge

Baby Doge also earns a place on the list of the crypto world’s top 5 meme coins. It is an ERC-20 token built on the Binance Smart Chain, Binance’s EVM-compatible blockchain. It calls itself the ‘daughter’ of Dogecoin. The Baby Doge crypto was also created during the 2021 meme coin season. Baby Doge was conceived as a reward token, i.e. a token that automatically rewards its owner with other cryptos. In the case of Baby Doge, the rewards for holders are of course paid in Dogecoin. This is possible thanks to a smart contract that converts part of the crypto that users use to buy Baby Doge into Dogecoins, which are then redistributed to the holders. One of Baby Doge’s projects is Baby Doge Swap, a decentralised exchange (DEX) with AMM very similar to PancakeSwap. On this DEX, it is possible to sell and buy tokens built on the Binance Smart Chain and to stake the Baby Doge crypto as well as other tokens.

5. Floki

We conclude our meme coin list with Floki (FLOKI), one of the five most famous meme coins in the crypto world. Floki was created following Elon Musk’s tweet published in June 2021, in which he told his followers that he had named his new Shiba Inu puppy “Floki”. The Floki Inu team was very quick to create an ERC-20 token, first on Ethereum and then also on the Binance Smart Chain, named of course after the newborn puppy. In the days following the launch, Floki’s team embarked on an effective marketing campaign on social networks that allowed the project to gain a large number of followers. Floki, as the website states, wants to become ‘the people’s cryptocurrency’. To achieve this ambitious goal, the Floki team is collaborating with platforms that encourage charitable initiatives.

Thanks to the great success in the days immediately following its launch, the Floki Inu meme coin was able to work on the project’s roadmap, starting to develop a series of decentralised platforms and applications. To date, the Floki Inu ecosystem is working on a play-to-earn metaverse named Valhalla, a debit card and a platform for staking FLOKIs.

In addition to the meme coins we listed, which are considered the most famous, an avalanche of similar cryptos have sprung up. Some of these failed to survive. How come? Meme coins are born in favourable market moments, trying to intercept narratives or trends with the aim of reaching as many users as possible. Not all meme coins manage to become useful and offer appealing solutions to users after becoming popular. When you are considering taking a look at the next crypto dedicated to an emoji or a dog’s snout, watch out for FOMO and as always, DYOR!

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How to tell if an NFT is rare? A guide to rarity tools!

NFT rarity tools: how to use them and understand if an NFT is rare

What is rarity and how can you find the rarest NFTs in a collection? Find out how to use NFT rarity tools!

When you want to buy an NFT, one of the factors to be assessed is the rarity of the token you’re considering purchasing. This is because rarity influences the value of digital works. Usually, the rarer an NFT is, the more expensive it is. Consequently, if you plan to buy an NFT, knowing its rarity could prove to be a great advantage. The rarity level of an NFT can be measured in various ways according to the type of non-fungible token. For PFP collections and NFTs created by generative art systems, this can be done through tools. These are the so-called NFT rarity tools. Find out how to use them to find out if an NFT is rare!

Where to start when assessing the rarity of an NFT

To understand whether an NFT is rare, you must start by considering the type of non-fungible token. To simplify matters, we can divide them into two main categories: digital art produced by the most innovative and prestigious NFT artists and automatically generated NFT PFPs. Artistic NFTs produced by famous artists, such as those of Beeple or the Italian NFT artist Giuseppe Lo Schiavo, are usually unique copies. Because of this, the rarity of such NFTs is primarily determined by the scarcity of the specific digital work piece. Assessing the rarity of these pieces is complex because there are no objective parameters. It would be like asking how rare Leonardo da Vinci’s ‘La Gioconda’ or Botticelli’s ‘Birth of Venus’ are. In this case, rarity is also determined by the prestige of the artist and the beauty and significance of the work.

How to find out how rare a PFP NFT is

For NFTs that belong to PFP collections or that are generated by random algorithms, rarity is calculated in diverse manners, i.e. statistically. Within a PFP collection, some NFTs are rarer than others and this rarity factor is not solely determined by uniqueness, just like for the works mentioned above. In other words, all PFP NFTs are unique, but not all are rare. In this case, the rarity of an NFT coincides with that of the attributes of which it is composed.

These NFTs are composed of a series of traits or characteristics that are randomly combined. Each NFT has a kind of ‘genetic code’ describing these attributes that is inscribed in the token’s metadata. In fact, the latter contains all the information about an NFT, from its transaction history to its attributes. Each of these attributes has its own rarity percentage.

The rarity percentage expresses the amount of non-fungible tokens that possess this characteristic compared to the total number of NFTs in the collection. Take the Bored Apes Yacht Club collection as an example, which to date contains the most expensive NFTs on the market. Among the various traits in the collection (there are a total of 168) are all the aesthetic characteristics that apes possess. For example, whether the eyes are closed or wide open, the Hawaiian shirt or sailor jacket, the diamond or gold teeth. There are only 49 apes that possess the blue beams eyes trait. Since the total number of NFTs in the Bored Ape Yacht Club is 10,000, the rarity of this trait is 0.49%.

Each trait or characteristic contributes to determining the total rarity of an NFT. By adding up the rarity percentage of each attribute, you can roughly determine the total rarity of the non-fungible token. At this point, it may be useful to learn how to find the rarest NFT in a collection. All major NFT marketplaces, such as OpenSea or Magic Eden, grant users the possibility of a filtered search by characteristic. However, to date, they do not allow a collection to be displayed in order of rarity. To meet this need, NFT rarity tools were developed. Let’s find out how to use NFT rarity tools to find out which is the rarest NFT in your favourite collection.

How does a rarity tool work?

Rarity Tools are software programmes that calculate and rank NFTs according to their rarity. In terms of their programming, they are simple databases in which users can search for specific NFTs and see how rare they are within their collection, as well as the characteristics that contribute to their rarity score. With this information, collectors can easily compare the rarity and value of individual NFTs to make informed purchases. Similarly, those looking for a ‘bargain’ can find the rarest NFTs that are offered for sale at a lower price than those with a similar score.

It is important to note that each platform has its own scoring system, so even if the actual rarity rankings are the same across platforms, the rarity score itself will probably differ. Let’s take a look at the 4 most commonly used rarity tools, and how to use them to find out how rare an NFT is.

The main NFT rarity tools

Some of these rarity tools are free of charge and serve mainly to rank NFTs in order of rarity. Meanwhile, others charge a fee and are built for the ‘professionals’ of buying and selling NFTs. Each has its own particularities and is designed for different needs.

1. Rarity Tools

Rarity Tools is the most widely used free rarity tool for finding the rarest and most expensive NFTs on the market.

Scores vary according to the number of different characteristics each collection possesses, e.g. the rarest Bored Ape was given a score of 333.86 while the rarest NFT Azuki anime collection was given a score of 11,096.

On Rarity Tools, you can also filter NFTs by other characteristics besides rarity, such as average price, total sales volume and number of owners. In short, Rarity Tools is a comprehensive tool for delving into which NFT you might want to buy.

On Rarity Tools, it is also possible to search for a specific NFT in a collection by typing its ID into the search bar, i.e. the identification number of the NFT that is usually preceded by a hash symbol. To find the ID of your NFT, simply go to one of the marketplaces where it can be purchased or consult the blockchain explorer of the network on which the NFT was created. For example etherscan.io for Ethereum and solscan.io for Solana.

In the “upcoming projects” section, Rarity Tools presents some of the projects that are about to be launched. To date, the platform only analyses NFT on the Ethereum and Solana blockchains. NFT prices and volumes are calculated in ETH for all collections. NFT collections that want to be included in the “upcoming projects” section of the platform have to pay a fee of 2 ETH. Rarity Tools also takes into account the value that NFT communities give to specific traits. These special traits are called “derived traits” by Rarity Tools, and NFTs that possess them are granted a higher score.

2. Rarity Sniper

The operation of Rarity Sniper is very similar to that of Rarity Tools. The tool started out as a simple Discord server, which users could join for free. Once logged in, you had to type the ID of your NFT in the chat, preceded by a specially created command. Once the message was sent, a bot was triggered by the command, and would give the NFT’s rarity score to the user. In January 2022, the team that ran the Rarity Sniper server decided to develop its own website, which immediately became an institution in the NFT world, reaching one million visitors in less than a month.  

3. Rarity Sniffer

Another popular free NFT rarity tool is Rarity Sniffer. Compared to Rarity Tools, this tool allows the rarity of each NFT in a collection to be displayed in no time after its creation. Whereas Rarity Tools needs a few days to register projects within its platform, Rarity Sniper manages to calculate the rarity of an NFT within a few minutes from the moment the metadata is revealed, i.e. the moment it is created (or ‘minted’ in Web3 jargon). Unlike Rarity Tools, it is not possible to filter collections by volume or price. Also, on Rarity Sniffer, it is not necessary to pay a fee to enter NFT collections for analysis.

4. Freshdrop

The fourth rarity tool is Freshdrop. This paid rarity tool allows you to find out if an NFT is rare instantly, beating all other rarity tools to the punch. On Freshdrop, you can inspect the rarity of an NFT at the exact moment the metadata is revealed. The rarity tool takes care of sending the user a notification when the metadata is revealed and then ranks the rarest NFTs in a collection. In order to use the service, the “All Access Pass” must be purchased. It is also an NFT, available on OpenSea at a price of about 0.07 ETH.

 

Rare NFTs: not just a question of numbers

We have now seen what is implied by the rarity of an NFT, as well as how to tell if an NFT is rare through rarity tools. It is also at this point necessary to specify that it is not only the statistical rarity of traits that determines how expensive NFTs are. Some traits that possess particular aesthetic and symbolic characteristics can become favourites among the Web3 communities and this consequently brings in value beyond mere statistics. For example, the Bored Apes with the golden fur, numbers #8817 and #3749, which are not statistically the rarest, were the two most expensive sales in the history of the collection. They were sold for $3.4 and $2.9 million respectively.

For other collections, it is not sufficient to use the NFT rarity tools. For example, the CryptoKitties collection by Dapper Labs is not present in any of the rarity tools we have seen above. Could it be because the rarity tools can’t stand kittens? Not really, the reason is related to the complex system of attributes, called ‘Cattributes’, and the genetic combinations through which the collection continually evolves.The CryptoKitties are not made up of a fixed number of non-fungible tokens. The NFT kittens reproduce and as a result, Dapper Labs’ collection grows more and more. By combining these ‘cattributes’, genetic mutations sometimes occur that manifest themselves with traits never seen before. NFTs with these mutations are considered among the rarest of CryptoKitties.

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Young Monday: NFTs on Uniswap, Brazil and the Phantom Wallet

Phantom crypto wallet coming to Ethereum and Polygon

The Phantom crypto wallet becomes compatible with Ethereum and Polygon, NFTs can now be bought on Uniswap and Brazil legalises crypto

Now that December is here, people are starting to think about Christmas presents. In case you’ve been thinking about gifting an NFT over the last week, you can now also buy one on Uniswap, thanks to its brand new NFT marketplace aggregator. The second news of the week concerns Phantom, Solana‘s main crypto wallet, which is also arriving on the Ethereum and Polygon networks. If, on the other hand, the cold December weather has already tired you out and you are considering moving to Brazil, there is some good news. The South American state has approved a legislative decree on cryptocurrencies!

On Uniswap you can now also buy NFTs!

Since the 30th of November, NFTs have officially arrived on Uniswap. The announcement for the initiative came in June, when the first decentralised exchange (DEX) in history announced the acquisition of the NFT marketplace aggregator Genie. An NFT aggregator is a decentralised application (dapp) that is responsible for showing users different alternatives for purchasing the same token on different trading platforms. Uniswap will gather data from Looksrare, OpenSea, X2Y2, Sudoswap and others that are yet to be announced.

In order to welcome NFT collectors to its platform, Uniswap has decided to apply discounts on gas fees. The first 22,000 wallets to purchase an NFT will benefit from a discount of 0.01 ETH (approximately $10) on their first transaction.

The news about Uniswap and Genie does not end there. Those who used Genie before the 15th of April 2022 (included) could be in line to receive a nice Christmas present. The NFT aggregator plans to distribute an airdrop to its early adopters. 300 USDC will be distributed to those who completed more than one transaction on the NFT aggregator, and 1,000 USDC to those who held a genesis Genie NFT on the 15th April 2022.

Phantom is also ready to integrate Ethereum and Polygon

The Phantom crypto wallet, created in 2021 on Solana, will soon also integrate the Ethereum and Polygon blockchains. Phantom was created by the same developers who started the 0x DEX, with the aim of competing with MetaMask. However, instead of creating a crypto wallet for Ethereum, the Phantom team opted for a nascent ecosystem. The choice fell on Solana, and it can be said to have been a good one. Indeed, the crypto wallet has reached 3 million users in less than two years.

Now, Phantom is finally ready to arrive on Ethereum and Polygon, bringing with it the ease of use that has characterised it since its inception.

One of the upcoming innovations for Phantom, presented by CEO Brandon Millman, is the display of all tokens and cryptos in one screen, even if they are on different blockchains. This could be a very useful function for those who hold the same crypto in different networks and want to have an overall view of their funds. A further improvement for Phantom, again according to Millman, are cross-chain crypto and NFT exchanges from within the same wallet. The feature is being introduced so that users can move their assets from one blockchain to another without having to rely on complicated bridges.

Brazil’s crypto legislation

Brazil has reached a turning point in crypto regulation legislation. The crypto assets bill was voted by the Chamber of Deputies on Tuesday the 29th of November and will shortly arrive on Brazilian President Jair Bolsonaro’s desk, waiting to be signed.

Brazil’s new cryptocurrency law provides for a licence for exchanges wishing to operate in the crypto market. It also stipulates that assets on blockchain that are considered securities will be regulated by the Commission for Securities and Exchanges (CVM), while assets that do not fall into this category will be the responsibility of the Brazilian Central Bank. To better understand the role these state bodies play, you can make a parallel with the US. The Brazilian CVM plays the same role as the Securities and Exchange Commission (SEC), while the Central Bank plays that of the Federal Reserve (FED) of the United States.The adventure of this legislative decree began some time ago, in April 2022 to be precise, when it was approved by the Senate. However, the vote in the Chamber of Deputies took longer than expected due to the discussion of a very topical issue: the way in which exchanges store users’ funds.