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Summary of Past Week Articles May 27, 2022

This Is How NFTs Will Transform Metaverse Data Ownership:

There is a general belief that the metaverse will still have gaming worlds and stylized fictional avatars. But, many of the things we do on the internet daily will be easier to recreate as hyperreal virtual experiences in the metaverse.

As a hyperreal metaverse arises and our avatars become exact replicas of who we are in real life, it is critical that each exercise control over how and where they appear in virtual environments.

NFT hype cycles come and go, but there is no doubt that NFTs will play a significant role in future content and digital economies. Particularly those relevant to Generation Z. Aside from smashing sales and floor price records, NFTs and blockchain technologies are critical tech stack components that will enable ordinary people to design and own their hyperreal synthetic avatars in the metaverse.

Users will be able to validate their real-world identity, restrict access to their biometric data, and consent to how they are portrayed in hyperreal content through this process.

It is a significant shift from the Web2 data ownership paradigm. Web3 provides a game-changing chance for us to establish our hyperreal virtual identities without sacrificing our data to centralized third-party platforms.

That means people will need persistent, portable versions of virtual selves if the metaverse is to become a seamless extension of physical reality.

The high-resolution biometric data used to create personal avatars mustn’t end up in the hands of every corporation or developer who creates virtual experiences in the metaverse.

We can move our data between virtual places in the metaverse by safely storing it in NFTs. Furthermore, hyperreal NFTs linked to biometric data can be used to create a decentralized and user-controlled identity verification platform incorporated into the metaverse’s fabric.

Those striving to safeguard personal data using NFTs are charting a route toward a metaverse in which our virtual selves possess all of the traits that we cherish in our physical selves.

Despite World Bank reservations, the Central African Republic is pushing forward with its Crypto Hub initiative:

President Faustin-Archange Touadéra of the Central African Republic (CAR) is preparing to launch Sango, the first crypto effort aiming to improve the country’s reputation as an emerging African crypto powerhouse. 

In a message to his official Twitter account, the president explained that a formal economy is no longer an option for the Central African Republic. He went on to say that the project Sango is meant to revolutionize the country and lead it on the path to a brighter future. 

Touadéra praised blockchain technology and cryptocurrency by stating that they have the power to reconstruct the entire world of finance. According to his words, they make the financial transactions more certain, honest, decentralized, and trustworthy. 

Weeks after, the Central African Republic adopted the use of bitcoin, making it the second country in the world after El Salvador to do so. It is also a fact that it is the first region on the African continent that will accept crypto as legitimate cash. 

According to Bloomberg, in response to the plan, the World Bank expressed concern about how the lack of transparency inherent in the CAR’s economy could damage access to financial services in a society that relies on foreign donors for more than half of its budget.

Despite its enormous natural riches, the World Bank describes the country as one of the poorest and perhaps most fragile countries in its appraisal of its political and economic status.

Goblins Become the Top Collection by Flipping Bored Apes in 24 Hours:

Over the past 24 hours, the hideous creature-themed Goblin Town, a non-fungible tokens (NFT) project, has overturned the popular NFT project Bored Ape Yacht Club (BAYC) and became the top collection in terms of sales volume.

On the other hand, Yuga Lab’s BAYC collection has sold a little over USD 2.8 million in the last 24 hours, which is around three times less than Goblin Town.

Goblin Town currently leads the pack in terms of revenues, with BAYC coming in second.

The newest project’s floor has also risen dramatically, hitting ETH 1.94 (USD 3,535), a 244 percent increase in one day.

Furthermore, the collection has attracted 1,949 new purchasers in the last day, a 336 percent increase over the previous day. The Goblin Town NFT project consists of 10,000 NFTs depicting various creatures such as trolls, dragons, sorcerers, and bugs.

Many in the crypto community are perplexed by the rise of the Goblin Town NFT project, with some claiming that the collection has broken bear market predictions.

Meanwhile, given the project’s meteoric rise, others in the cryptocurrency community believe it is heading to zero.

Deepfake, a new Elon Musk cryptocurrency scam, promises 30 percent returns on deposits:

Elon Musk, CEO of Tesla, is the victim of online con artists who use his picture to defraud traders, with a new deep fake video of the billionaire businessman going viral on Twitter.

A short video shared by user DogeDesigner, depicts Musk being interviewed, pushing viewers to participate in the BitVex trading platform through an altered audio track.

In the video, a deepfake, Musk claims that they are unveiling a potential investment opportunity and that victims will gain a 30% return. 

The natural Musk’s answer to this video tweet was brief, but it left no doubt about the video’s legitimacy or his role in the crypto fraud effort.

“Yikes. Def, not me,” remarked the tech entrepreneur.

Scamcoin promoters have long used deepfakes to increase demand among potential investors.

Bitcoin is undervalued, and cryptocurrency is now more valuable than real estate, according to JPMorgan:

JPMorgan, a Wall Street financial firm, believes digital assets have swapped real estate as its preferred alternative asset class and that $38,000 is a reasonable price for bitcoin (BTC)

According to various media sources, digital assets and hedge funds are now the finest alternative asset class to invest in.

The company claims that this year’s broad selloff in risk assets has harmed digital assets more than other alternative assets such as private equity, real estate, and private debt.

As a result, the JPMorgan strategists believe crypto has more room to increase than traditional assets. In addition, according to their statement and memo, other alternative asset types, such as real estate, may soon be affected by delayed repricing. 

The document also stated that bitcoin appears to be undervalued and that $38,000 is a reasonable price for the world’s most valuable cryptocurrency.

JPMorgan’s bitcoin price forecast indicates a 30% increase over the current price of $29,250.

When Bitcoin traded above $40,000 in February, the bank stated that the fair value of Bitcoin was around $38,000.

JPMorgan strategists have concluded that it is critical for crypto assets in general that venture capital (VC) continues to flow into the area. 

According to the report, despite Terra’s recent fall, there are few indicators that funding is drying up (LUNA). So finally, there is little evidence of VC money drying up following Terra’s demise.

OpenSea’s New Marketplace Protocol Could Be the NFT’s ‘Uniswap Moment’:

OpenSea, the renowned non-fungible token (NFT) marketplace, has announced a new protocol that allows anybody to create unique and decentralized NFT marketplaces.

As per some community members, the protocol might become the “Uniswap moment” of NFTs.

According to OpenSea, the initial prototype of the new protocol, dubbed Seaport, has been established by OpenSea, but it is free for anybody to build on.

The protocol allows for various additional features, such as new methods of paying for NFTs, transaction criteria, and new strategies for avoiding repetitive transfers to save gas expenses.

Furthermore, OpenSea stated that the protocol would provide tipping, which will allow developers of other interfaces to levy their platform fees.

The new protocol’s essential features are that OpenSea does not govern it and that it will get to be a free and open resource that anybody can utilize.

Users have previously complained OpenSea for functioning in a centralized manner. Iranian users reported in March this year that they’d been barred from the network without prior notice.

Members of the NFT community, on the other hand, appear to be pleased, with one popular member, atareh.eth, claiming that this may be NFTs’ “Uniswap moment,” alluding to how the decentralized exchange Uniswap (UNI) kicked off the ‘decentralized finance (DeFi) summer’ of 2020. 

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