Web3News- August 2022
A somewhat lengthy recap of what has happened during the last weeks of July, before we enter Web3News of this month, August!
- Daimler South East Asia, part of Mercedes Benz Group offers a blockchain-based data sharing network. Its name is Acentrik. Acentrik is a decentralized marketplace based on the Polygon blockchain, it is specifically designed for corporate users. It allows businesses to purchase and sell data in a decentralized setting. The blockchain network will be utilized to exchange data from businesses such as scientific studies, insurance information and clinical trials data through a Mercedes-Benz affiliate product. A non-fungible token (NFT) will represent each dataset and a metadata hash will be stored.
- 3 former US Coinbase employees were charged with insider trading. Prosecutors alleged that a cryptocurrency manager and his brother shared confidential information about forthcoming announcements of new cryptocurrency assets before Coinbase publicly listed them on its exchange. They used anonymous Ethereum blockchain wallets to receive the assets before Coinbase made the announcement and then sold those assets for a profit of around $1,5 million. This case was revealed just one month after an employee of Opensea, one of the largest marketplaces for non-fungible tokens (NFT) was alleged of insider trading.
- The University of Tokyo (Todai), will launch a wide range of educational programs in the metaverse. The program will be open to students and working adults. The faculty of Engineering and engineering-related schools will set the program. The goal is to give an introduction to engineering and information science as well as offering courses in fields such as artificial intelligence and entrepreneurial education.
- The luxury jewellery brand Tiffany & Co has launched its first NFT collection called “NFTiff“, which has already sold out. Tiffany & Co has partnered with the blockchain-based software development company Chain. The collection is exclusively available to 250 CryptoPunk holders, in form of 250 digital assets. It will give them the chance to purchase a custom, one-of-one pendant of their pixelated Punk. The price for one 18K rose or yellow gold pendant with 30 gemstones is 30ETH.
Crypto wallet attack & security
Almost 8.000 digital wallets have been drained of over $4 million of Solana‘s Sol token and USD Coins. Solana has confirmed the hack with a status on Twitter. It all started when users began reporting, that assets that were held in “hot” wallets, such as Phantom, Slope and Trust wallets were emptied. 7,767 wallets in total have been emptied of funds. Phantom announced on Twitter, that it is investigating the “reported vulnerability in the Solana ecosystem”. They believe that this is not an entirely Phantom-specific issue.
It is still unclear what the root cause of the breach is, but since it happened to hot wallet it seems to be a flaw in certain wallet software and not in Solana as blockchain. The identity of the hacker is still unknown. It is always advised to store tokens on a cold wallet.
Blockchains & NFTS
The marketplace Magic Eden offers now Ethereum NFTs. It will enable cross-currency purchases. Collectors can purchase NFTs in either Solana or Ether, and use a new market analytics tool, which makes trading more easily. The Magic Eden co-founder Zhuoxun Yin stated, that despite the bear market and the fact that the volume was softer in June than in July, there are enough collectors and creators across Solana and Ethereum and that they are still innovating.
The marketplace has recently launched Magic Ventures, it is a new fund focusing on investing in Web3 games and funding its games. It has also introduced its own semi-fungible tokens (SFT) marketplaces for Web3 games.
Instagram has begun its non-fugible token (NFT) expansion. Across 100 countries in Africa, Asia-Pacific, the Middle East and Americas everyone can post an NFT on Instagram. One simply needs to connect a digital wallet to Instagram. Rainbow, MetaMask, Trust Wallet, Dapper Wallet and Coinbase Wallet will act as Third-party wallet integrations and enable the use of the Ethereum, Polygon and Flow blockchain.
Zuckerberg said in an Instagram post that he will be creating an NFT from his Little League baseball card in honour of the expansion. “In honor of expanding digital collectible NFTs to 100 more countries on Instagram and launching new integrations with Coinbase and Dapper, I’m sharing my soon-to-be NFT old little league baseball card, which someone recently found and sent to me,” he wrote.
BlackRock Inc., the largest asset manager in the world, is partnering with Coinbase Global Inc. This partnership makes it easier for institutional investors of Black Rock’s portfolio management platform Aladdin, to manage and trade Bitcoin.
“Coinbase Prime integrates advanced agency trading, custody, prime financing, staking, and staking infrastructure, data, and reporting that supports the entire transaction lifecycle”, Coinbase.Coinbase
Michael Saylor, who was CEO of MicroStrategy Inc. stepped down from this role and took on the position of executive chairman. As executive chairman, he will focus on innovation and corporate strategies. He will also continue to provide oversight of the company’s bitcoin acquisitions. MicroStrategy is known as the largest corporate holder of bitcoin. The company invested nearly $4 billion in Bitcoin. Michael Saylor, who is known to be a “bitcoin whale”, has been a Bitcoin influencer on Twitter and CNBC and Time magazine.
Michael Saylor tweeted to his followers on Twitter, “In my next job, I intend to focus more on #Bitcoin.”
President Phon Le will become the new CEO of MicroStrategy.
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