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Summary of Past Week Articles April 01, 2022

It is time to appoint a Minister of Web3, according to the NFT Policy-making Group of Japanese MPs:

The new non-fungible token (NFT) task force of Japan’s leading political party has urged that the government establish a Web 3.0 minister. As previously reported, Japan’s ruling Liberal Democratic Party (LDP), which has ruled since 1955, established an NFT policy task force, officially known as the NFT Policy Review Project Team (literal translation).

The organization is led by LDP MP Masaaki Taira and was founded by Takuya Hirai, the former Minister of Digital Transformation. 

The party members issued a white paper, according to the Japanese media outlet CoinPost and a tweet from LDP MP and taskforce member Akihisa Shiozaki. It outlines how Japan must drive innovation in the Web 3.0 era and that doing so will necessitate the government designating the domestic NFT sector as a new growth engine.

The report outlines the necessity for a minister in charge of Web 3-related concerns and a cross-ministerial consultation desk.

However, the group believes that the NFT sector is currently under-regulated in crucial areas — and wishes to rectify this issue.

As a result, the report indicates that the government stopped the unchecked issuance and sale of NFTs and established a system for ensuring investor safety.

Bitcoin and Cryptocurrency Attempt to Reverse Losses, but Short-Term Obstacles Remain While Surveys Send Positive Signals:

Among other significant crypto assets, Bitcoin (BTC) and ethereum (ETH) pared earlier losses and traded in positive territory over the past 24 hours Friday afternoon in Europe.

At 15:46 UTC, BTC was trading at USD 46,576, stable in the previous 24 hours but up 6% in the last seven days.

Today’s developments followed a sell-off yesterday when bitcoin’s price was rejected at the crucial 200-day moving average, now around USD 48,290.

The firm believes bitcoin has double the upside of gold. However, it admits that the Chinese yuan is more likely to become a reserve currency than bitcoin.

Meanwhile, more good news for crypto came this week from the realm of traditional banking in the form of the Goldman Sachs Digital Assets Survey.

According to numerous media outlets, the survey indicated that 60% of Goldman Sachs clients were asked to anticipate the growth of their digital asset holdings in the next 1 to 2 years.

Meanwhile, Quantum Economics founder and CEO Mati Greenspan stated in his weekly newsletter that the psychological resistance of around USD 50,000 is still a massive hurdle for bitcoin to surmount.

The new Netflix documentary about cryptocurrency scams excites, but also razzle-dazzles:

Netflix’s latest documentary, which investigates the mysterious circumstances surrounding the collapse of Canadian crypto exchange QuadrigaCX and the murder of its founder, Gerald Cotten, is storming over the platform, topping top ten lists around the world.

A purported anonymous victim of the transaction that turned out to be a fraud says in the trailer that fraudsters are clever and not geeky young people.

Cotten died in 2018, and an investigation into the collapse of QuadrigaCX reportedly indicated that the exchange and linked organizations owed 76,000 creditors CAD 215.7 million (USD 172.7 million) after just CAD 28 million in assets were discovered, according to the Ottawa Citizen.

Trust No One: The Hunt for the Crypto King, a 90-minute documentary, has received mixed reviews on the popular website IMDb, with reviewers giving it an average score of 6.4 out of 10. Was he assassinated?

Trust No One: The Hunt for the Crypto King is a fresh, thrilling look at the death of a cryptocurrency superstar,” writes The Guardian, adding that the documentary was wild, conspiracy-filled, and a film you can’t resist.

Meanwhile, The New York Times’ review of the film is less favorable than that of the British paper, claiming that rely on razzle-dazzle to divert attention away from an emptiness of insight

Instead, this flashy documentary feels fundamentally bankrupt.

The EU Draft Regulation Threatens the Crypto Industry, but the Battle Isn’t Over Yet:

Yesterday’s vote by parliamentarians to accept contentious revisions to the Transfer of Funds Regulation (TFR) could jeopardize the operations of many crypto exchanges in the European Union. However, recent statements by industry executives show that the crypto sector is determined to continue fighting the impending crackdown.

The Crypto Council for Innovation remained concerned but somewhat optimistic about the possibility of derailing the problematic aspects of the law at a later stage of the EU legislative process. It’s a sad day for Europe, but not all is lost.

They’re attempting to squeeze a new technology into legacy rules; it’ll fail, he said.  The legislation might open the stage for a crackdown on so-called unhosted wallets – the word institutions use to refer to ordinary wallets – a construct that bears little resemblance to the reality of crypto exchange day-to-day operations.

Following the voting, the document is expected to be set for informal tripartite discussions, often known as trilogies, which could result in the European Union institutions reaching a provisional agreement on the draft legislation.

With Samsung, Nifty Gateway will create a Smart TV NFT Platform:

The NFT market Nifty Gateway announced a collaboration with electronics behemoth Samsung to create the “first-ever smart TV NFT platform” for purchasing and trading digital art and collectibles.

According to a press statement, Nifty Gateway, owned by the extensive crypto-asset exchange Gemini, has already incorporated its NFT marketplace into Samsung’s 2022 premium TV product lines.

Nifty Gateway announced that, in collaboration with Samsung, they would provide consumers with access to over 6,000 digital art pieces by well-known artists such as Beeple, Daniel Arsham, Pak, and others.

The marketplace also stated that Samsung users would be able to identify genuine NFTs and purchase digital collectibles using various methods such as debit cards, credit cards, or cryptocurrency.

According to the South Korean electronics conglomerate, this program includes a straightforward, integrated platform for discovering, purchasing, and trading digital artwork.

The Zilliqa Token is gaining traction as a new NFT Gaming Partnership is announced:

The native token ZIL of the metaverse-focused Layer 1 blockchain Zilliqa increased sharply today, following the announcement of new collaborations and the progress in the roll-out of the decentralized finance (DeFi) protocol.

At 12:04 UTC, the ZIL token was up 19 percent for the day and about 290 percent for the previous seven days, trading at USD 0.1899 after reaching USD 0.21 earlier today.

ZIL became the day’s best performer among the top 100 crypto assets by market capitalization due to the gains.

Furthermore, ZIL’s recent excellent performance means that the token has risen swiftly in the market capitalization rankings.

ZIL, which was ranked outside of the top 100 just one week ago, is currently the 56th most valuable crypto asset, according to CoinGecko.

The gains coincide with the announcement of new cooperation between Metapolis, a yet-to-be-launched virtual world built on Zilliqa, and DeMons, a non-fungible token (NFT)-centered gaming experience in the metaverse.

MMOG is an abbreviation for a massively multiplayer online role-playing game, an online game in which many players join together. AvelyFinance website is now live.  

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