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The top 10 crypto news stories of 2022 (so far)

10 crypto news stories from the first half of 2022

The top 10 decisive crypto news stories of the first half of 2022? Discover the list of the most important events in the crypto space (so far)

With a flashback to these early months of the year, we look back at the 10 decisive news stories of the first half of 2022. Crypto is a sector in turmoil, and we have selected the events that have made their mark so far.

1.   The collapse of the Terra (LUNA) ecosystem

One of the events that has had a major impact on the crypto world is certainly the Terra debacle. After what is called the ‘UST depegging incident’, in which Terra’s algorithmic stablecoin lost its dollar peg between the 9th and 10th of May, the network suffered a general meltdown that led Do Kwon to abandon ship and rebuild the project. The collapse came as a shock to the markets and the community. From being considered a top-of-the-line blockchain, Terra lost all its value in a very short time. Before losing the peg, UST was the third largest stablecoin by market cap! The causes of the collapse have not been clearly defined, but it is likely that Terra and LUNA suffered from a number of factors such as the bearish market. On the 28th of May, through a fork, the new Terra 2 network was released. The idea of Do Kwon and the community was to rebuild the ecosystem by sacrificing the weak element, the algorithmic stablecoin. Terra is currently trying to get back on its feet but user trust has not yet been regained, so much so that native dapps are migrating to other networks.

Our article covering LUNA 2.0’s airdrop:

●     Terra 2 arrives, find out how the new LUNA’s airdrop works

2.   Litecoin’s privacy update

After two years of development, the Mimblewimble update was activated on Litecoin‘s network in February 2022. The first altcoin in history is improving its privacy standards with this protocol that determines a new system to manage the storage of information on the blockchain. Mimblewimble adds Elliptic Curve Cryptography (ECC) to Litecoin, a type of cryptography that allows sensitive information to be rendered invisible when transactions are validated and recorded. In addition to the other four types of cryptography, ECC is already operating on Litecoin. Each type of cryptography hides different data such as values, senders and recipients. Litecoin is thus working on privacy at several levels. Mimblewimble also increases the scalability of Litecoin, as the less information that needs to be recorded, the smoother the blockchain will work.

Our Academy article dedicated to the Mimblewimble update:

● Litecoin: the privacy of Mimblewimble

3.   Crypto and the conflict in Ukraine

On the 24th of February, a conflict broke out in Europe that still shows no sign of ending. Two days after Russia’s initial military escalation, Ukraine‘s official Twitter profile posted the address of a wallet with an invitation to donate cryptocurrencies. Aid to the invaded country came via blockchain, with cryptocurrencies proving to be the most effective and fastest way to bring in economic resources from abroad, especially after banking systems were compromised. In fact, to avoid the collapse of their banking system, Ukraine restricted money withdrawals from the early stages of the conflict and subsequently froze them. In less than a month, around 100 million dollars in crypto donations arrived. Ukrainian President Volodymyr Zelenskyy signed a law on virtual assets on the 16th of March 2022, making cryptocurrencies legal in the country. Ukraine has opened a digital museum that will store and sell NFTs documenting the war.

4.   The Bored Ape Yacht Club makes NFT history

The Bored Ape Yacht Club’s sensational year began with the acquisition of CryptoPunks, one of the first NFT collections to become famous for its sky-high prices. On the 12th of March, Yuga Labs bought the intellectual and commercial rights to CryptoPunks and Meebits for a rumoured sum of $200 million. Yuga Labs has thus brought together the most important NFTs on the crypto scene in terms of both popularity and sales. On the 17th of March, ApeCoin made its appearance. It’s an Ethereum token, developed as the key to the Bored Ape Metaverse. Delivering on their promise, within a few months BAYC announced, developed and launched the first demo of Otherside, its metaverse. Its LAND sales exceeded $1 billion. The Bored Ape Yacht Club is attracting entertainment personalities and has infiltrated pop culture, so much so that the first legal battles over the brand and its image are beginning to arrive.

BAYC updates: 

●     Yuga Labs hires NFT expert to breathe new life into Cryptopunks

5.   The Layer 1 blockchain trend: reducing environmental impact

A recurring theme among blockchain initiatives in the first half of 2022 is the reduction of environmental impact. In April, Polygon released its plan to make MATIC a green cryptocurrency, promising that it would become carbon neutral by the end of 2022. Polygon succeeded in its venture back in June. The aim of MATIC‘s network is to make every operation on the blockchain sustainable from smart contract execution to NFT minting. After studying how much Polygon’s network pollutes, it was decided to offset emissions with carbon credits. For the Polygon team, the ambition, hard work, challenges and victories of blockchain will not be decisive without a concrete blueprint for cryptocurrency sustainability. Algorand has also chosen carbon credits, the purchase of which goes to finance projects that combat the emission of carbon dioxide into the atmosphere. On Earth Day (22nd of April), Micali’s blockchain sent an environmental message by disconnecting the electricity in Times Square in New York.

The green side of cryptocurrencies:

●     Young Monday: Pride parades on The Sandbox, Polygon is now carbon neutral and Pharrell Williams’s NFT

6.   The first Metaverse Fashion Week

Among the 10 decisive events of the first half of 2022 features the first Fashion Week in the history of the Metaverse. A virtual version of fashion week took place in Decentraland between the 24th and 27th of March. Etro, Tommy Hilfiger, Dolce and Gabbana presented their digital fashion items for avatars in the Metaverse with exclusive fashion shows and parties. Decentraland’s Fashion Week was designed to make haute couture accessible to everyone, not just insiders as is the case at events in Paris, Milan, New York.

When technology reframes haute couture: 

●     Meta and The Fabricant, 2 ways of understanding digital fashion

 

7.   Football and crypto increasingly in tune

Sports marketing agencies are looking for crypto partnerships for their clients, according to industry experts there will be no niche in the world of sport that will stay away from blockchain for long. But football is the sport that is getting closer to cryptocurrencies than any other. Among the partnerships signed in recent months is one between Algorand and FIFA, with the blockchain becoming an official sponsor of the federation. The first major event in which Algorand will appear associated with FIFA will be the Qatar 2022 World Cup. Tezos has signed a deal with Manchester United to appear on the men’s and women’s first team training kits. Alessandro del Piero and Lionel Messi are ambassadors of Chiliz and Socios and Kylian Mbappé is the face of Sorare, fantasy football on Ethereum. NFT, fan tokens and sponsorship are a new way to build the relationship with fans.

Football and blockchain, the formation deployed:

●     Complete guide to Sorare, the crypto fantasy football on Ethereum

8.   The European Union approves crypto regulation

On the 30th of June, the European Union approved MiCA (Markets in Crypto Assets), a package of laws to regulate the cryptocurrency market. The document aims to impose standards on the industry to safeguard users. The MiCA provides rules for stablecoins, establishes legal and financial responsibilities in cases of bugs or insolvencies, and designates supervisory bodies and prerequisites for companies that want to provide services on blockchain. This is the first real EU initiative in the crypto field, and its effects will be decisive. MiCA is expected to enter into force by 2024, in the meantime crypto players will have time to adapt to the new regulations.

All points touched upon by MiCA:

●     MiCA approved, new European crypto law to be ratified by late 2024

9.   Solana works on a Web3 smartphone

In June, the Solana team announced the development of an Android smartphone integrated with all crypto services. Web3 is looking to move more to mobile platforms in order to facilitate the simple and immediate spread of blockchain technologies. Solana Saga is the name of the smartphone, and it will be compatible with the decentralised applications typical of Web3. Solana promises a technically impeccable smartphone: 6.67-inch screen with a refresh rate of 120Hz, 512 GB of memory, 12 GB of RAM, 50 MP camera and Snapdragon 8 Plus Gen1 processor. Solana Saga is attracting the attention and curiosity of many, so much so that even Polygon has revealed its mobile plans.

10.  NFTs take to social media: Facebook, Twitter and Instagram

Web 2.0 platforms are also attracted to the possibilities of non-fungible tokens! The first rumours about the integration of NFTs on Meta date back to January 2022, at which time there were rumours about the preparation of Meta’s products to accommodate blockchain technologies. More recently Adam Mosseri, an Instagram executive, announced that he and his team had begun testing NFTs on the platform with the aim of supporting creators financially. Finally, in July, the Meta developers released previews of the integration of NFT on Facebook; it will soon be possible to associate one’s profile with collections or individual digital works and share them as posts. At first, only NFTs on Ethereum and Polygon will be supported, but in the future, those on other blockchains will also be integrated. Facebook is thus preparing to become an NFT platform. On Twitter it is already possible to show off your NFTs as profile pictures by linking to your wallet!

The NFT social journey:

●     Facebook crypto breakthrough – NFTs arrive on the social network platform

The list of the 10 most important crypto news stories of the first half of 2022 ends here, but this year still has a lot to offer. One example? The Merge, Ethereum’s historic upgrade to Proof-of-Stake!

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Otherside takes centre stage, Bored Ape’s metaverse is a hit

Bored Ape Yacht Club opens its metaverse: Otherside

The Bored Ape Yacht Club launches the Otherside metaverse. Here’s what happened at the 16th of July demo and the details of the Litepaper!

On the 16th of July 2022, 4,500 users participated in the first Otherside demo. LAND owners in Otherdeed explored the Bored Ape metaverse for the first time on the “first journey”. The feedback was positive and the Otherside roadmap promises great things, according to the participants the success is overwhelming. The Bored Ape Yacht Club inaugurated Otherside and the project’s Litepaper was also published on this occasion. The challenges of the near future will be mainly technical. How does Otherside intend to develop the technology of the metaverse?

A Metaverse on trial

Otherside is a metaverse that is still under construction, and will be tested in stages by Voyagers, i.e. the owners of Otherdeed, before being opened to the public. The release will therefore be progressive and features will be unlocked one by one. More precisely, Yuga Labs, the laboratory from which Bored Ape and Otherside originated, envisages three phases, divided into several “journeys”. Each of these journeys will allow the user to explore certain areas of the metaverse, interact with the virtual environment and become familiar with the elements and mechanisms of this digital world. Although Otherside is primarily an open world in which it is possible to build and play without constraints, in these test phases the game experience will follow a pre-established narrative. The first phase is divided into 11 parts linked to the mysterious appearance of an Obelisk in the Otherside universe. The second and third phases have not yet been presented.

The Otherside demo and various tests are only available to selected developers and the 4,500 owners of the metaverse. For them, on the 16th of July, the adventure began by following an oversized boring monkey into the beating heart of the metaverse, the “Biogenic Swamp”. The first test was carried out on the avatars, in actions such as dancing, running, jumping. The Voyagers will be responsible for reporting bugs and giving critical feedback on key aspects of the metaverse’s development.

What does the Otherside metaverse look like now?

The Bored Ape Yacht Club has finally opened its doors in Otherside, the place where “normal rules don’t apply”. At the moment, the metaverse appears partly as a galaxy and partly as an archipelago, with islands ranging from the Biogenic Swamp to the Infinite Expanse. These islands are none other than the various LANDS of the Bored Ape metaverse. Otherside is populated by indigenous creatures, the Koda, and relies on four types of elements that shape its world: soul, ore, shard and root. Otherside is also full of hidden objects and materials to collect.

The Otherside Litepaper: community and interoperability first

The Litepaper, a beta and draft version of a classic Whitepaper, sets out the basic principles and roadmap for the Otherside metaverse. On Twitter, the team explained: “This document serves as an initial guide for Otherside. It covers the basic principles of the platform, the prerogatives of developers and the possibilities of creating collective communities.

The first fundamental guideline is precisely the centrality of the community: “In order to plant the seeds of a successful community, we begin the development of Otherside with the Voyagers, our first supporters and followers. Here, Otherdeed LANDs becomes the key to participating and co-creating the final version of the Metaverse. So Voyagers are actively involved: “this deep connection with our most passionate supporters and creatives will be key to understanding what features, moderation, tools and support our community needs as we develop this ecosystem together, from the bottom up.” Otherside’s roadmap also includes the integration of a governance system to manage peaceful coexistence between users. In an atmosphere of trust, communication and shared goals.

The technological challenges of Otherside? The same as the other metaverses

The Otherside Litepaper’s analysis is particularly interesting as it highlights the challenges of technological innovation that affect all metaverses in general, in order to make the sector more mainstream. The main challenge concerns the processing of data to allow large numbers of people to interact simultaneously in the metaverse: “the metaverse does not work without a crowd”. To enable thousands of people to participate and interact at the same time, Yuga Labs relied on Improbable, a company specialising in infrastructure for video games and interactive Web3 events. Otherside’s roadmap also includes offering an interoperable metaverse that can be accessed on all devices. Interoperability means the ability to create elements such as NFTs or games that can also be used in other metaverses outside Otherside. This is the function of the Otherside Development Kit (ODK), which is a set of programming tools for creating interoperable characters, objects and locations.

Improbable’s experience in virtual worlds

With Otherside, Bored Ape Yacht Club also inaugurates its collaboration with Improbable. Since 2012, this British company has been working on multiplayer video games and collaborating with the most important production companies in the game industry. Improbable decided to use its expertise to build architectures capable of supporting the information and data density of the metaverse. Thanks to Morpheus, the technology developed by the Improbable team, Otherside will be able to support the rendering of thousands of unique avatars and handle thousands of audio streams. In addition, Improbable has developed a machine learning-based system to access the Bored Ape metaverse with any device, even mobile phones with less than perfect connections.

Otherside’s “first journey” ended on a positive note, leaving the Voyagers satisfied! The Bored Ape metaverse also continues to grow economically, LAND in the form of NFTs, since its launch in May, has seen sales of over $1 billion, and the ApeCoin token after the 16th of July demo increased its volume by 52%.

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BTC salary for the New York Yankees

Bitcoin: Crypto salaries for the New York Yankees

Players and employees of the famous baseball team can now be paid in Bitcoin. But how interested are people in crypto salaries?

Salaries in crypto for the New York Yankees! The Major League Baseball team has begun a partnership with NYDG, a company that provides Bitcoin-related services to companies, to allow New York Yankees players and employees to receive a portion of their salaries in crypto. The initiative is part of the Yankees’ plan to increase employee welfare, a recent report shows that among workers, especially younger ones, these kinds of cryptocurrency-related benefits are appreciated.

Crypto salaries for the Yankees

For the Yankees, it will be possible to offer salaries in crypto thanks to a partnership with New York-based company NYDG. The official press release kicking off the partnership was released on the 14th July 2022, Kelly Brewster, CMO of NYDG, said “we are proud to partner with our city’s team and iconic sports franchise, the Yankees, to further our mission of bringing Bitcoin to everyone. Initiatives like these actually aim to spread awareness about BTC and its various uses. Thanks to this multi-year agreement, players and employees of the Yankees will therefore be able to access a ‘Bitcoin Savings Plan’ called ‘Bitcoin Savings Plan’, one of the main services offered by NYDG. In essence, players will be able to choose whether and how much of their salary to convert to BTC without paying transaction fees and to accumulate it directly on the platform.

Aryn Sobo, vice-president of the New York Yankees, explained “we are always looking for innovative ways to expand and improve the experience of our employees, NYDIG has made it easy to add Bitcoin to our list of benefits and we look forward to leveraging the NYDIG platform to offer this opportunity to our employees.

Bitcoin as a corporate benefit

But are Yankees players happy to receive their paychecks in crypto? People’s interest in a paycheck in Bitcoin, remains to be determined. In this regard, NYDG conducted a survey that was published in January 2022, entitled ‘Bitcoin Benefits’. The research was conducted on a sample of 2,562 full-time working US citizens who were asked to comment on the possibility of receiving a paycheck in Bitcoin. What emerged was first and foremost a fear of an increasingly rigid labour market and rising inflation, which worries younger workers in particular. 36% of the sample, in the under-30 age group, expressed an interest in receiving part of their salary in BTC. According to NYDG, there would thus seem to be a link between fear of inflation and the choice of BTC as a means of receiving wages. Moreover, about 1 in 3 workers within this 36% said that between two different job positions, they would be inclined to choose the one with a crypto payment option. In today’s environment it is increasingly difficult for employers to find and keep talented workers, could implementing corporate welfare with crypto payments be a solution?

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Post Malone performs in the Facebook metaverse

Post Malone’s exclusive gig in the Facebook metaverse

Post Malone, the famous American rapper, gave a virtual concert in the Facebook metaverse, Horizon Worlds

Could concerts in the metaverse be the new frontier of music? After the music NFTs  and crypto-spotify, the world of music is becoming more and more virtual and crossing physical boundaries. Post Malone, one of the world’s most influential American rappers, held a virtual concert in Horizon Worlds, the Facebook metaverse, as part of the tour for his new album Twelve Carat Toothache. The artist’s performance was designed for owners of the Oculus Rift, a virtual reality headset, to give the audience maximum immersion. Post Malone’s exclusive concert in the Facebook metaverse was a great success!

Post Malone’s new album in the Facebook metaverse

Post Malone, the American rapper with multiple accolades, did not miss the opportunity to experiment with new technologies first hand! He agreed to perform directly in the metaverse with his new album Twelve Carat Toothache. The artist recorded an immersive performance with other young artists such as Kid Laroi, Fleet Foxes and Roddy Ricch. The concert was then streamed three times on Friday 15 July on Horizon Worlds, the Facebook metaverse.

The concert is still available for 2D streaming, and will be available until the 30th of September for Oculus Rift owners, but only in the US and UK. “I’m thrilled to have given fans the opportunity to enjoy this virtual reality experience,” said Post Malone. “We went to great lengths to make the event as exciting as possible. I thank everyone for making this possible.” The performance was recorded in 8K, and custom designed for virtual reality with visual and sound effects that catapult the viewer directly in front of the rapper! The Post Malone concert was part of a larger all-music event organised by Facebook’s metaverse, called Horizon Worlds Block Party.

What is Horizon Worlds?

Horizon Worlds is Facebook’s metaverse created for use with the Oculus Rift virtual reality device. It has been available in the US and Canada since December 2021, after a successful beta phase. Horizon Worlds features an initial hub, similar to other games like The Sandbox and Decentraland, but each player can create their own custom worlds and share them online with other players.

Mark Zuckerberg’s company Meta has decided to focus on music, precisely because virtual reality allows users to attend concerts in the first person without leaving their homes. With his new album Twelve Carat Tootache, Post Malone opened the Horizon Worlds Block Party music event, which will continue throughout the summer, by introducing the artists who will be participating. Some of the events will be free of charge and, in addition to the music, it will be possible to play games or watch films directly in the metaverse!

Post Malone’s exclusive concert in the Facebook metaverse is an indicator of the evolution of “live” music. Although it will be impossible to completely replace the experience of dancing under the stage to the music of your favourite singer, Horizon Worlds is a relevant example that shows in the metaverse have great potential and that the audience enjoys them! Will you also explore the musical possibilities of the metaverse?

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Complete guide to Sorare, the fantasy football crypto game on Ethereum

Sorare: A complete guide to crypto fantasy football NFTs

Sorare is a crypto fantasy football game where you can buy and sell players in exchange for ETH

Do you love football and crypto? There is a way to combine these two passions. It’s called Sorare, a genuine crypto fantasy football game built on Ethereum! The goal of this game is to create your own team, made up of NFTs of footballers, and participate in tournaments trying to beat your opponents. We are going to look at how to start playing, how tournaments work and how to earn the rarest cards in this full guide to Sorare’s crypto fantasy football NFTs. Let’s get started!

How to Play Sorare

The first thing you need to do to start playing Sorare is to have an Ethereum wallet at hand. MetaMask is the quickest solution. Once you have created your wallet, replenish it with some ETH. Playing at the beginning is free, but to participate in the more difficult Leagues you will need to buy NFT cards from Sorare’s marketplace. At this point, sign up to Sorare using your email and mobile phone number. Immediately afterwards you will be asked to choose your favourite teams from 44 leagues around the world. Five players will be randomly selected from the teams you choose. This will serve as your initial team pool, allowing you to learn the mechanics and start playing. You will then be given 5 Common cards, which are not NFTs and are not exchangeable with other players.

You are now in – connect your MetaMask wallet and follow Sorare’s tutorial. You will be faced with a trial round and will have to create your team line-up. Sorare’s crypto fantasy football teams are made up of 5 players: goalkeeper, defender, midfielder, striker and a wildcard that can be a player of any position. When setting the formation you also have to choose the team captain. You can see the average score of each player directly on their card, to help you decide how to set up your team. Players earn points based on their performance during official matches; read the complete list. The captain gets 20% more points, so choose your strongest player!

Familiar with the system yet? Now it’s time to find out how to play Sorare! By clicking on Play, you will see the available Leagues and those in which you can compete with your team. For many of them, you have to meet certain requirements, such as holding a minimum number of NFT cards. The more requirements there are, the more rewards the League has to offer you! You can participate in as many tournaments as you want, but each card can only be part of one team at a time.

How NFT cards work on Sorare

The free Common cards are great for getting started in Sorare, but they won’t get you far. Sooner or later you will need to buy players from the primary or secondary market. Let’s see how Sorare cards work!

Sorare cards are available on the platform in 5 different rarities. Common cards are not NFTs, and only earn half as many points as other cards. Then there are Limited cards (maximum 1000 cards in circulation), Rare (100 cards in circulation), Super Rare (10 cards in circulation) and Unique (only one card in circulation). These cards have a blockchain proved scarcity, and have a higher or lower value depending on the player’s skill. Sorare NFT cards also earn Experience Points each time they are used: depending on the Level, the number of points they earn at the end of the game increases. Common, Limited and Rare cards have a maximum level of 20 and can achieve a 10% bonus. Super Rare and Unique cards can reach level 60 and 100 respectively, accumulating bonuses of 30% and 50%!

How does trading work on Sorare? There are three ways to get your hands on NFT cards. The first is to participate in the platform’s primary market through an auction. Every day, Sorare mints new NFT cards from random players. These cards are put up for auction, and all players can ‘bid’ an amount of ETH to try and grab them. 

Alternatively, you can go through the secondary market. If you own an NFT card, you can offer it for sale directly on Sorare. To sell a card, you have to choose a price that you feel is appropriate and wait. If nobody buys it after 48 hours then the card goes back into your wallet. Watch out, though – trading cards in this way decreases the player level! Alternatively, Sorare cards can also be bought on Opensea.

The third way to obtain a Sorare NFT card is to compete in the Leagues. There are various Leagues with different characteristics, such as the age of the players or the league they play in, but the main one is the All Stars League. Finishing on the podium of these tournaments grants you a random NFT card from Sorare. If your team exceeds the scoring thresholds determined by the League, on the other hand, it gives you a reward in ETH. Considering that many other players participate in the Leagues, though, it is very difficult to win and reach the podium unless you have a strong and balanced team. Therefore you need to get your ETH in hand if you want to play competitively, to put together a team that can rival the other coaches!

Now that you know how Sorare’s crypto fantasy football works, you are ready to go scouting NFTs like a real coach. Create your dream team, join the Leagues and become the best coach in Sorare! And why not, you might even find yourself competing against football legends like Mbappé or Zidane!

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Young Monday: Disney and Polygon, Reddit and the renaissance of Terra’s dapps

Polygon: Disney, NFT Reddit and Terra’s dapps

Disney and Polygon unite for Web3-style entertainment, Reddit’s NFTs and the revival of Terra’s dapps!

Young Monday doesn’t go on holiday, and Polygon doesn’t take a breather either! The undisputed protagonist of the week, gave us the three most interesting news items from the crypto world. Disney has chosen MATIC‘s blockchain for its Web3 entertainment development programme, Reddit has built its NFT avatars on the same blockchain, and the dapps from the defunct Terra ecosystem are migrating to Polygon. Check out the news and Polygon’s week of fire!

The blockchain where ‘dreams are wishes’? Polygon!

Polygon has been selected by Disney for its Web3 development programme. MATIC’s network will participate in Disney’s Accelerator Program. Since the program’s first edition in 2014, has been promoting research into technologies developed to innovate the most magical brand there is. This year’s edition of the Accelerator Program aims to develop projects focussed on augmented reality (AR), artificial intelligence (AI) and NFTs. This means that Polygon will have access to funds and facilities to work on these areas in touch with ‘Disney’s creativity, imagination and experience’ .

The participants in the programme were announced on the 13th of July. In addition to Polygon, among them are Flickplay, an app that allows NFTs to be discovered in the real world through augmented reality. Lockerverse was also included, a platform for companies that want to do storytelling in the context of Web3 ; as well as Obsess, an immersive e-commerce platform and Red 6, which developed a headset and interface for AR. Registration for the programme, which opened on the 22nd of April, closed on the 13th of May. Disney explained that the intention was to intercept ‘growth-stage companies with a vision to impact the future of technology and entertainment’.

Bonnie Rosen, general manager of the Disney Accelerator programme said: ‘For nearly a century, Disney has been at the forefront of harnessing technology to build the entertainment experiences of the future. We look forward to continuing our commitment to innovation and continuing to bring magical experiences to Disney audiences and guests for the next 100 years.” On the other hand, Polygon’s Ryan Watt pointed out that Polygon was the only blockchain selected by Disney. A great source of pride that “speaks volumes about the work [Polygon] has done and the direction we are taking as a company.“

Avatars on Reddit will be NFTs

New Reddit avatars in the form of non-fungible tokens will be released in the coming weeks. Created by independent artists and loyal users of the platform, the NFT avatars will use Polygon as their reference blockchain! According to the official press release, Polygon was chosen for its low transaction costs and its commitment to environmental sustainability. The avatars are currently in pre-sale for a selected part of the community, and will also be available for purchase in fiat currency in the Avatar Builder section, already used by Reddit users to create their virtual characters. The difference of these new NFT avatars on Polygon lies in the blockchain registration that allows for verification of ownership and the calculation of royalties. Artists will receive compensation for all secondary sales of their digital works. Reddit’s NFTs will provide exclusive benefits within the platform and can also be used outside of it. On Reddit, it is already possible to use NFT as a profile picture.

More than 48 Terra projects are migrating to Polygon

What’s left of Terra’s DeFi ecosystem? Polygon is gathering the ashes of Terra’s dapps and a few months after the collapse of LUNA Classic and USTC, some 50 projects are migrating to MATIC’s blockchain for good. Well-known dapps such as One Planet NFT, one of the leading marketplaces for non-fungible tokens on Terra, and Derby Stars, a play-to-earn crypto video game, have already begun this process. Ryan Watt, CEO of Polygon Studios, announced on Twitter that over 48 blockchain projects are coming to Polygon. Watt hinted at his satisfaction and the success of the Terra Developer Fund, which has attracted successful talent and dapps.

One Planet NFT has been a catalyst in this migration, as the marketplace has become a reference point for all projects with the intention of switching blockchains. One Planet started the ‘Ark*One‘ initiative, or its own version of Noah’s Ark, “to save Terra’s thriving NFT biodiversity and bring it to a new home”, providing technical and financial support. “A total of 48 NFT projects, comprising 90 NFT collections, have applied for the mass rescue operation. This is a large percentage of Terra projects, including some that were not launched on One Planet before the cataclysmic de-peg event.”

The One Planet team is also in charge of tracking the progress of this transition and communicating it to the crypto community, the Polygon network is preparing to host some of the most innovative projects! One Planet NFT is expected to complete its migration to Polygon in August.

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Immutable X is radically changing crypto gaming

What is Immutable X, the blockchain for crypto gaming?

Immutable X is a layer-2 solution built on Ethereum, specialised for crypto gaming and NFTs. Find out all about the future of gaming!

Do you dream of playing video games like Skyrim or Fortnite but on the blockchain? Your dreams may soon become reality. Immutable X is a layer-2 blockchain built on Ethereum with low fees and no gas fees for NFT minting. Near-instant transactions and a marketplace with eye-catching graphics complete this ambitious project. The goal? To be the pioneers of crypto gaming and enable the development of games that rival the most renowned development houses. Find out what Immutable X is and how it works, and which video games are being developed on the crypto gaming blockchain!

What Immutable X is and how it works, the crypto gaming blockchain

Immutable X is a blockchain developed by gaming studio Immutable. Founded in 2018, the company released Gods Unchained, one of the first collectible card crypto games to achieve success. The video game was initially based on Ethereum, but Immutable soon realised that Buterin’s blockchain was not ideal for a crypto game. Gods Unchained is based on the continuous exchange of cards between players. Therefore, an efficient and low-commission blockchain was needed to incentivise players to buy and sell cards in the form of NFTs.

The solution? Immutable X, a layer-2 solution that employs the latest technological innovations to guarantee instant and cheap transactions. Unlike Ethereum, Immutable X uses a zero-knowledge rollup system. In short, transactions are not executed one at a time but in batches, which are approved by a smart contract. This system can support up to 9,000 transactions per second. The technology is easy to apply even for budding game developers, so it is popular with developers approaching blockchain. Immutable X’s ZKs allow NFT and crypto to be exchanged at lightning speed, and players can focus on having fun!

IMX is Immutable X’s utility token, an ERC-20 with various uses within the blockchain. There are 2 billion IMX, and they are used both to pay fees and to give incentives to developers and creators. IMX is also a governance token, and gives the right to vote on decisions affecting the blockchain for crypto gaming. The beta staking of IMX started on 1 July 2022 and will last until 30 July. In September there will be a second test of self-custodial staking (i.e. staking without intermediaries). Immutable X chose this approach as a consequence of recent events in which some CeFi platforms blocked their users’ withdrawals. According to the Immutable X team, with IMX self-custodial staking, no one can ever block withdrawals, because Immutable X tokens always remain in the user’s possession.

Immutable X and the NFT marketplace

NFT or non-fungible tokens is the technology that has made crypto gaming a reality. In fact, thanks to them, it is possible to guarantee the uniqueness of certain objects in a user’s possession and consequently their value.

To make the user experience as simple as possible, Immutable has decided to focus on an NFT marketplace integrated on the blockchain. Unlike Ethereum, NFTs on Immutable X do not require gas fees to be mined, incentivising players and developers to use the GameFi ecosystem. Transactions are immediate and without the long wait times that Vitalik Buterin’s blockchain has accustomed us to, and they also consume very little energy. Mining the 8 million NFT cards for Gods Unchained on Ethereum would have required 490,000 mWh of energy, while only 1,030 kWh were needed on Immutable X!

In addition, Immutable X aims to simplify the buying and selling of NFTs with a simple and attractive proprietary wallet. At the moment, the wallet of choice is the popular MetaMask, but the Australian crypto gaming blockchain company plans to create a wallet designed specifically for gamers and integrated with major credit cards and Immutable X’s NFT marketplace. This will allow you to get into the thick of the game in the blink of an eye, even if you are not an expert in crypto and blockchain. Simplicity is a key factor in making the crypto games of the future mainstream!

AAA crypto games to hit the blockchain

Immutable X’s commitment to creating an easy-to-use, player-centric ecosystem can be seen in the growing number of crypto games that choose it as their blockchain of choice. Illuvium and Ember Sword, two video games that promise to be a hit in the industry, have chosen Immutable X to support their game economy.

The company behind the crypto gaming blockchain has also decided to launch a $500 million fund for game developers. This money aims to support all those who want to help build the Web3 and increasingly affordable NFT platforms. Robbie Ferguson, CEO of Immutable, noted that the total value of the crypto gaming market is approaching $1 trillion! “This is just the tip of the iceberg in an industry with enormous potential,” said the company president.

Now you know what Immutable X is and how it works, get your joystick ready: crypto games that are no match for the likes of Skyrim or GTA are coming soon! Star Atlas, Illuvium, Ember Sword and many other games are in development and will be released soon. And if hunting for digital monsters is not enough for you, Immutable X’s NFT marketplace offers plenty of tokens for all tastes. The future of crypto gaming is already here!


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10 musicians and bands who launched music NFTs

NFT Music: 10 musicians who have already launched NFTs

From Snoop Dogg to Linkin Park: discover the 10 musicians who have already launched musical NFTs. 

NFTs, or non-fungible tokens, are one of the most versatile innovations brought by the blockchain. Although they are best known for artistic projects such as Bored Ape Yacht Club, NFTs also hold enormous potential for the music world. There are many artists trying out this new model of music NFTs, and soon there will be purpose-built platforms such as Napster 3.0. Find out which 10 musicians and bands have already launched musical NFTs. Watch out, the last one will surprise you!

1. Snoop Dogg and Eminem

Two of the crypto community’s idols, Snoop Dogg and Eminem have been avid NFT fans for years. Both proud owners of several Bored Ape Yacht Clubs and Mutant Ape Yacht Clubs, the two rappers have seen NFT music as a way to improve the recording industry and reshape the relationship between fan and artist.

On 24th June, the two rap legends released a new music video in collaboration with Yuga Labs, where they impersonate their Ape. Snoop Dogg also has a various other NFT music projects under his belt, and has put 25,000 albums on sale in the form of non-fungible tokens for $5,000. These NFTs, called Stash Boxes, contain his new album B.O.D.R. with 3 bonus tracks for fans. 

2. Shawn Mendes

Shawn Mendes – the pop singer who became famous with his hit Stitches – has entered the crypto world with Genies, an NFT platform that creates 3D characters that can be used in various metaverses. He has published a collection of NFTs inspired by his best-selling album, Wonder, on OpenSea, as well as some digital wearables to display on virtual avatars. 

3. Mike Shinoda, Linkin Park

Linkin Park vocalist Mike Shinoda has also joined the musical NFT trend. The legendary band’s singer has held an NFT auction of a music clip from his single Zora. He has also sold NFTs with exclusive artwork from another of his singles, Happy Endings.

In addition to these experimentations, Mike Shinoda has also tried to educate his audience on the functionality of NFTs, with some tweets clearly explaining what non-fungible tokens are and what their value is. Thanks to his willingness to innovate and educate his audience about new technologies, the Linkin Park singer has become one of the most prominent musicians to have already launched musical NFTs.

4. Whitney Houston

Whitney Houston’s stepsister has sold an unreleased demo the legendary soul singer had recorded when she was 17. The NFT was sold at a whopping $1 million. The song is accompanied by a video by digital artist Diane Sinclair. Unfortunately for Whitney Houston lovers, the NFT-related song cannot be made public, and will forever remain in the hands of the lucky person who won it at the auction. The proceeds were donated to the Whitney Houston Foundation, a non-profit organisation dedicated to empowering young women in the US.

5. Avenged Sevenfold

American alt-metal band Avenged Sevenfold launched a collection of 10,000 NFTs called ‘Deathbat Clubs‘ in 2021. Although not directly linked to songs, these NFTs represent the possible future uses of non-fungible tokens. Depending on the rarity of the token, in fact, fans who own a Deathbat are entitled to certain exclusive benefits, such as free tickets for life to see Avenged Sevenfold or the privilege of spending a day with the band. 

M. Shadow, the alt-metal band’s singer, said that NFTs are much more than a way to make easy money. They should be considered ‘virtual handshakes’ because they have the potential to create strong communities and reward hardcore fans. “Everyone is obsessed with making money, when that hides the real innovations of NFTs,” said the NFT music pioneer. “…NFTs should be tickets to exclusive clubs for real fans.” 

6. deadmau5

One of the 10 musicians who have already launched NFTs is the techno artist deadmau5, already well known in the crypto world thanks to his collaboration with The Sandbox metaverse. In addition to 3D artwork and tickets to exclusive music events, deadmau5 sells his songs directly to his fans via the NFT platform Nifty Gateway. According to his manager, the artist has earned more than $ 4 million from his NFT!

7. Achille Lauro

Achille Lauro, known for his ‘eccentric’ performances is a well-known Italian trap artist, also thanks to his appearances at the Sanremo Festival. But during his 5 July concert in Milan, he unveiled his latest ‘sound-reactive’ generative art project.

‘Generative art’ refers to randomly created art by algorithms from a set of characteristics set by the developers of the NFT collection. In this case, Achille Lauro collaborated with students from the BigRock school on the ”NFT live Superart” project, which will generate artwork based on the notes of his most famous songs. The artworks will be created live during his concerts. They will then be put up for sale in the autumn, with all proceeds going to charity.

8. Justin Blau, 3LAU

Justin Blau, aka 3LAU, is an American DJ among the first to experiment with NFTs. Blau sold his first non-fungible token in 2020, long before tokens came into vogue. But that was just the beginning: in fact, in February 2021, the DJ sold 33 NFTs commemorating his album Ultraviolet, released three years earlier. The sale was a success, and he earned almost $12 million!

Blau has since continued to focus on the world of NFT music, and has launched a decentralised music platform called Royal. Music NFTs sold on Royal are associated with both a song and a percentage of royalties decided by the artist. This means that whoever owns the NFT associated with a song, earns money every time it is purchased or used in advertisements and films. An innovative idea that allows fans to “own” a part of their favourite songs on the blockchain!

9. Kings of Leon

US rock band Kings of Leon took their NFT adventure very seriously – they decided to release their latest album, While You See Yourself, directly on the NFT YellowHeart platform! They offered three types of non-fungible tokens, the first one included the album with some bonus tracks, the second granted a pass to attend all their concerts for free, and the third was a package of artwork on blockchain linked to the album. Each NFT is associated with a different piece of art. Released on 5 March 2021, prices ranged from $50 for the basic token to $2,500 for the rarest ones with the most elaborate designs!

10. Ringo Starr

The Beatles’ drummer launches his own NFTs? Absolutely! Ringo Starr has teamed up with auction house Julien’s Auction for a collection of 20 non-fungible tokens called ‘The Creative Mind of a Beatle’. The collection consists of 5 animated paintings accompanied by the audio of a drum solo by Ringo Starr himself. Each painting is available in 4 unique copies guaranteed by the blockchain. In addition to the digital animated painting, the NFT buyers are also entitled to a physical painting signed by the Beatles’ drummer, and can also ask Ringo Starr for a virtual meeting on the Spatial.io platform. A treat for Beatles fans!

These 10 musicians and bands already using NFTs are just the first to join the upcoming music revolution! Web3 and blockchain have the potential to make the music industry fairer and more equitable towards artists, who frown upon streaming platforms like Spotify. They also permit a special relationship with hardcore fans. NFT music is only just beginning: sooner or later your favourite artist will also arrive on the blockchain!

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The fate of ETH miners after The Merge

The Merge: no more Ethereum mining, what will the miners do?

Ethereum mining comes to a stop with The Merge. Will miners be left unemployed by the switch to Proof-of-Stake?

ETH miners’ work to validate transactions and enable the blockchain to function will become irrelevant after The Merge – the upgrade that will lead to Ethereum becoming a Proof-of-Stake blockchain. The blockchain will function through the mechanism of staking. The change of consensus mechanism does not only have an impact on the performance and sustainability of the blockchain – putting a stop to Ethereum mining also means ending an industry worth $19 billion. What will ETH home-based or listed miners do? Here are the main likely scenarios.

The question of repurposing hardware for mining

The miners’ fate will depend mainly on whether they can convert the infrastructure and technical equipment that they used to mine Ethereum for new purposes. Ether miners can choose between two types of hardware, ASIC or GPU. 

ASIC (Application-specific Integrated Circuits) are designed to perform specific functions, in this case ETH mining , and are difficult to use for other activities or to mine other cryptos. 

GPUs (Graphics Processing Units), on the other hand, are more versatile processors used in other contexts, such as the classic graphics cards popular in the gaming industry, the field of artificial intelligence, and generally for any task that requires the processing of a large number of complex calculations. The market for GPUs has exploded and become very competitive since they are used to mine Ethereum and other cryptocurrencies. The demand for this hardware has increased exponentially, and gaming or tech companies have been clashing and competing for GPUs with ETH miners. Last year, the crypto sector contributed about 14% of the total GPU turnover.

There is no certain data on how many people use GPUs vs how many use ASICs to mine Ethereum. According to one estimate, it’s about 90% vs 10%.

After The Merge, the ASICs that were previously used to mine Ethereum will only be able to mine Ethereum Classic – the blockchain that will continue the original 2015 Ethereum project. However, if this activity does not prove profitable, it is likely that all this hardware will be abandoned. On the other hand, however convertible they may be, the demand for GPUs will drop dramatically, reverting them back to their role of typical gaming devices. Let’s take a look at the four possible scenarios for ETH miners.

Mining alternative cryptocurrencies

One possible option for ETH miners is to continue mining, but only on other blockchains. This solution seems particularly attractive to smaller miners, who are sharing on Reddit their intention to continue mining by migrating elsewhere. According to WhatToMine, a site that indicates the most profitable cryptos to mine based on cost, the most attractive cryptos for ETH miners are Ravencoin (RVN) and Ethereum Classic (ETC). The problem is that these alternatives do not have as active and flourishing a market as Ethereum, and the risk is that mining will not be as profitable. Excluding Ethereum, the total market for GPU mining is $4.1 billion as of 9th June, which is about 2% of Ethereum’s market.

Potenza di calcolo: dal mining al cloud computing

For those engaged in large-scale Ethereum mining, The Merge could be a big loss considering the investment in mining hardware, power, and infrastructure such as warehouses and rooms to house the machines. With GPUs, these miners could choose to offer their computing power to cloud computing and data processing giants such as Amazon Web Service or the nascent Web3 realities, for blockchain infrastructure hosting, NFT storage or graphics rendering. After all, the demand for high-performance computing will increase more and more with the development and growth of video games, artificial intelligence and film animation. 

Laying the foundations for Web3

In a nutshell, Web3 refers to the new stage of the web in which the internet will be built on blockchain and decentralised. Web3 will require a basic structure capable of recreating the Internet as we know it now, but on open source protocols. This structure must enable activities such as video streaming, 2D and 3D object-rendering, and mass data storage. GPUs may come in use for this purpose – once Ethereum mining is over, will the miners devote themselves to building the Web3?

Goodbye Ethereum mining, hello staking

Lastly, one of the possible post-Merge options for ETH miners is to convert to staking ETH. Some miners might choose to continue validating blockchain transactions with a different consensus mechanism. Miners who have accumulated ETH over the years could decide to sell their GPUs and become network validators by staking at least 32 ETH or delegating their crypto to another node. In this way, the miners could continue to earn ETH while continuing to work in the second most important network in the entire crypto world. 

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How to stake. All the ways to get rewards from your crypto

How to stake - getting rewards from your crypto

Learn how to stake cryptocurrencies; what staking is for, which service to use and which tokens can be locked up in staking

Staking is a common crypto mechanism that permits the functioning of Proof-of-Stake blockchains. In fact, to achieve network consensus – which is necessary to validate transactions – these particular blockchains do not use an external source such as electricity or computational power, but, instead, they make use of internal resources, i.e. user guarantees. In other words, staking is first and foremost the basis of a blockchain’s validation mechanism. However, staking can also refer to the process of locking up cryptos to obtain rewards, without necessarily becoming a network’s validator. In this article, we will look at how to stake and all the options available to obtain rewards from cryptos.

What is staking for? 

People who choose to stake might have different goals. Some people stake to become a validator, while others lock up their cryptos only to obtain a reward, delegating to other users the task of transaction validating. Let’s take a look at the different types of staking: 

1. Staking cryptos to become a blockchain validator

The validating nodes of a blockchain are responsible for finalising the network transactions. Contrary to what happens in Proof-of-Work chains, no special technical equipment is needed to validate transactions  in Proof-of-Stake chains – it is sufficient to simply stake your crypto. In most cases, it is people or entities that already have some experience in the blockchain field who become validators. After staking a certain amount of cryptocurrencies, you have to open a node. This type of staking requires downloading a wallet that enables staking in the chain you want to become a node of, and staying online 24/7. Some blockchains also stipulate a minimum share of crypto to be staked, for example on Tezos it is 8,000 XTZ, on Ethereum 2.0 it will be 32 ETH. 

2. Delegating your stake

If you do not want to manage a validator node yourself, you can opt to delegate your stake to an existing node. Delegation is a convenient alternative if you want to participate in the consensus mechanism of a blockchain with a lower investment of time and money. When you delegate a node, the amount of cryptocurrency you have staked joins the node’s stake. This way, the validating node will also use your cryptocurrencies to contribute to the functioning of the network. The rewards obtained for the validation work are then distributed proportionally between the node and those who have delegated. You can delegate a node through platforms (decentralised or otherwise) that offer this service. 

3. Staking cryptos to take part in a blockchain’s governance 

In some cases, staking is used to let users participate in the governance of a blockchain. Whoever stakes a certain amount of crypto earns the right to vote on updates, improvements and the direction of the blockchain’s roadmap. This way, staking increases the decentralisation of a project’s decisions.

4. Locking up cryptos to get rewards

Cryptocurrency staking can also mean simply locking up your cryptocurrencies for a period of time in order to obtain rewards, calculated on an annual basis and expressed in APY. These rewards are the equivalent of what in traditional finance is called an annual percentage return. Locked cryptocurrencies cannot be traded or sold, until the end of the staking period selected. How can I take part in this type of staking? This option is particularly suitable for people who are not particularly familiar with the crypto sector because it does not require any technical expertise, all you need to do is find out about the third-party service you choose. Now let’s see where you can stake! 

Where can you stake?

You can choose different third-party services for staking cryptocurrencies – there are decentralised platforms, dapp, exchanges (centralised and not), as well as offline options such as external hardware.  

1. Staking via hardware 

Offline staking is called cold staking. In this type of staking, cryptocurrencies are locked up and stored in cold wallets, i.e. wallets that are not connected to the internet. Cold wallets can be hardware, paper wallets or offline applications. Cold staking is often used when locking up large amounts of crypto, and to avoid the potential risk of cyber attacks. This type of staking is highly secure, but the staking is managed autonomously, without third parties mediating. For this reason, you need to be familiar with the mechanisms. Even if they are offline, cryptocurrencies in cold wallets are always connected to the blockchain and rewards are earned as in online staking. 

2. Staking via a CEX or DEX

Exchanges are one of the most widely used services for online staking. Whether they are centralised or decentralised, exchanges always provide step-by-step guides on how to stake. Each exchange has its own peculiarities and they differ in the range of cryptos supported for staking and APYs. You can choose the one that best suits your needs. On Young Platform, you can stake cryptocurrencies through the Earning Wallet feature. At the moment, you can lock up three different cryptos for a period of your choice and get a reward, which is calculated as a percentage of the amount you decide to stake. 

3. Staking Pools: decentralised protocols and dapps

There are also many decentralised protocols and dapps that offer different staking opportunities. For example, you can lock cryptocurrencies up in Staking Pools, i.e. smart contracts or features that aggregate stakes of different users. Staking pools are usually used by blockchain nodes to increase the size of their stakes and thus the probability of being chosen as validators. Furthermore, DeFi protocols and platforms also offer options for Derivative Staking and Liquid Staking, in which rewards are earned through derivative products.  

Staking NFTs

Staking doesn’t end at coins or tokens – the latest frontier of decentralised finance also includes NFT staking. This works in a similar way to traditional staking – you lock up your non-fungible tokens on special platforms to obtain rewards in crypto. Not all NFTs are suitable for this practice. Moonbirds, by the startup Proof, is a collection that has implemented a staking feature. Staking NFTs allows people to maximise their digital artwork and in some cases participate in the governance of their projects. 

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