Author: Lauren Claxton

Lauren is currently a freelance writer with experience in finance writing. She has a growing interest in the metaverse and all things NFTs and expects to graduate in 2022 with bachelors degrees in creative writing and public relations.

Categories
Australia Gaming NFTs

Australia’s Immutable X Raises $200 Million, IMX Token Soars

Australia’s gaming start-up, Immutable, has announced that its most recent funding round has pushed the company’s value to US$2.5 billion. According to an Immutable Twitter thread, the $200 million round was led by investors from Singaporean company Temasek.

Immutable Supercharges Its Mission

Sydney-based blockchain firm Immutable, the start-up behind the scaling solution for Ethereum NFT games – Immutable X – has just joined the ranks of the crypto unicorns (ie, crypto start-ups worth at least a billion dollars). This comes after its latest round of funding, led by Temasek investors alongside metaverse investment firm Animoca Brands and Chinese Temacent. The increase in funding was not the only benefit Immutable received. As a result of the firm’s promotion to unicorn status, Immutable’s token (IMX) has also soared.

Immutable’s previous funding round in 2021 saw it garner US$410 million. Currently, the Immutable X price prediction is neutral; however, the company only seems to be moving from strength to strength. Immutable hopes that the fresh funds will supercharge its goal of pushing NFTs mainstream through high-quality blockchain games.

IMX Pursues Gaming Industry

Immutable X established several high-profile partnerships and deals in late 2021 and early 2022. A partnership was solidified in October with ESL Gaming, a leading Esports company, which provided the ESL Pro Tour NFTs with gasless trading on its platform.

More recently, Immutable X entered a contract with retail game giant GameStop to develop its new NFT marketplace, with the addition of a US$100 million innovation fund to support the NFT space and its creators.

Categories
NFTs Scams

Crypto Twitter Outraged by Tai Lopez’s NFT Collection, Described as ‘Ridiculous Cash Grab’

Entrepreneur, investor and internet personality Tai Lopez has come under fire this week over his latest NFT collection, which is accompanied by questionably expensive opportunities to meet Lopez. Twitter has uncovered some damning information about the project and has labelled it a “ridiculous cash grab”:

Crypto Influencers Arc Up Over Tai Lopez’s NFTs

Tai Lopez’s ‘OG (Original Garage) Social Club’ NFT collection is “personality-based”, meaning some of the options available to investors include opportunities such as watching a movie with Lopez or shadowing him in his office – for a fee. However, the extreme prices of the actual NFTs are drawing the most extreme reactions from a lot of crypto influencers.

Prominent crypto user @Ox_Beans accused Lopez of immediately siphoning funds to his team’s wallet once an investor mints:

Lopez’s reputation is also being called into question, with many suggesting he may have a inflated sense of his own importance. @EddyisKongz was one of the first to question the sky-high pricing of the OG NFTs and Lopez’s associated inducements:

OG Social Club has also been running several “giveaways”, yet concerns have been raised about their legitimacy with some of the “winners” failing to get a response from Lopez’s secretary. If you’d like to know more about the OG project, check out the video below:

NFT Scams and Rug Pulls

Unfortunately, the NFT industry is rife with dodgy behaviour and the community remains the primary defence. This was seen in mid-February when YouTuber “Coffeezilla” explained how he and a group of crypto users had prevented an alleged scam involving US$20 million.

Earlier this month, NFT project “Pixelmon” disappointed investors who had pooled US$70 million when the release failed to live up to pitch quality. The result was crashing floor prices, which led investors to label the project as “pretty much a rug pull”.

Categories
Blockchain Crypto Art Cryptocurrencies Events NFTs

Emergence Conference in Sydney to Explore Blockchain and Crypto Opportunities

Sydney is set to host a three-day conference exploring potential opportunities for blockchain and crypto technology. The Emergence22 conference (March 9-11) at the Fullerton Hotel in the city’s Martin Place will feature more than 40 guest speakers, with free virtual passes on offer for those who wish to attend digitally.

https://www.emergence22.com/
Emergence22 conference banner ad. Source: Emergence22

From Fintech to Web3 and NFT Art

Day one of Emergence Sydney is dedicated to discussion on renewable energy and the power grid, following a keynote address. Attendees can expect day two to touch on fintech and health care, and day three totally devoted to crypto with sessions on Web3 and NFTs and a lengthy list of industry guest speakers. The conference will also feature what Binance Australia is calling “the first NFT art gallery”.

There are free virtual passes to attend online, with live attendance tickets priced at A$101. For a more in-depth rundown of what’s available across the three-day event, access Emergence Sydney’s itinerary online. If you are looking to attend in person, limited tickets are still available.

More Notable Crypto Dates for 2022

March is action-packed in crypto terms, with several partnerships, announcements, rebrands and conferences greenlit. Most of this month’s live events are online, though we’ve compiled a full list of dates to make it easy for you to keep up.

The Gold Coast is set to host Australia’s largest crypto convention in September. This not-to-be-missed weekend will feature guest speakers, workshops, networkers, and more. Crypto News Australia has two weekend conference passes to give away. Visit our Twitter page for info on how to enter the draw:

Categories
Australia Blockchain Crypto News Cryptocurrency Law Regulation

Senator Urges Australian Blockchain Industry to Pick Up the Pace

Liberal Senator Andrew Bragg has urged the Australian blockchain industry to pick up the pace or risk falling behind other developed nations, saying Australia is likely to miss an opportunity to become a world leader in cryptocurrency if the government is not given more power to prioritise digital asset reform.

According to a report titled ‘Cryptocurrency and the Distributed Digital Economy in Australia’, cryptocurrency and related digital assets could generate A$68.4 billion for the Australian economy and create jobs for 205,700 people by 2030. The central issue is that Australia does not currently regulate crypto use and could potentially let this opportunity slip by.

Regulatory Framework a Long Time Coming

Federal Treasurer Josh Frydenberg has announced intentions to establish a regulatory framework to guide crypto’s future growth. However, such a plan will not be ready before the year’s end.

NSW Senator Bragg, a pro-crypto politician ranked #82 in the Cointelegraph Top 100 of People in Blockchain and Crypto 2021, has stated he would prefer this framework be put in place much sooner, despite acknowledging that “governments move slowly”.

NSW Senator Andrew Bragg, #82 on Cointelegraph’s Top 100 People in Blockchain and Crypto 2021. Source: ioandc.com

Bragg intends to call for increased treasury funding so dedicated units can work on these reforms. He is also set to insist on “broad, principle-based, regulation-making power delegated by law to a minister”, and is expected to request these changes prior to the release of the federal budget on March 29.

The Current State of Australian Crypto

Last October, the Australian Senate Committee finalised its 12-point crypto reform plan. The successful implementation of the long-awaited plan should alter the nation’s regulatory approach to the digital asset ecosystem. Bragg is a champion of this reform.

Before finalising the plan, the Australian Senate Committee hosted several hearings with domestic crypto-related businesses who shared their struggles with financial institutions denying or terminating banking services without notice – a practice known as ‘debanking’. The 12-point reform plan has a step dedicated to addressing this issue.

Categories
Crypto Exchange Cryptocurrency Law

Ukraine Vice Prime Minister Calls on Crypto Exchanges to Block Russian Users

Mykhailo Fedorov, Ukraine’s vice prime minister and minister of digital transformation, has requested that major crypto exchanges block the addresses of Russian and Belarusian users. Ukraine is now preparing to make legal demands to ensure its pleas are acted on:

Fedorov has written to eight prominent cryptocurrency exchanges voicing the request in the hope of blocking some of Russia’s potential military funding: “It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users’ [access],” Federov later tweeted:

Demands Require Legal Backing

Ukraine has promised “generous rewards” for anyone with information about the crypto wallets of Russian and Belarusian politicians. The vice prime minister’s ministry then turned its attention to Coinbase, Binance, Huobi, Gate.io, Whitebit, KuCoin, Bybit, and Kuna to address them directly. However, Jesse Powell, co-founder and CEO of Kraken, explained why blocking these users without the backup of legal demands was not possible:

Powell argued that, while Kraken maintains its anti-war stance, blocking users would infringe on what crypto stands for:

https://finance.yahoo.com/news/insulting-kraken-ceo-refuses-comply-154447927.html

The People’s Money is an exit strategy for humans, a weapon for peace, not for war.

Jesse Powell, Kraken CEO and co-founder

In addition, Coinbase has refused to implement Fedorov’s request, saying:

Our mission is to increase economic freedom in the world. A unilateral and total ban would punish ordinary Russian citizens who are enduring historic currency destabilization as a result of their government’s aggression against a democratic neighbor. We remain vigilant as this invasion evolves and are deeply committed to playing our part.

Coinbase statement

Ukraine Embraces Cryptocurrency

Ukraine as a nation has opened its arms to cryptocurrency. In September 2021, draft legislation was passed with the intention to legalise and regulate bitcoin. The purpose of the bill is to protect those who own and trade in bitcoin.

Since the beginning of Russia’s military invasion, Ukraine has had the support of crypto users from around the globe. As of early March, US$37 million had been donated to both the Ukraine government and non-governmental organisations.

Categories
Blockchain Crypto News Gaming Metaverse

Minecraft Goes Web3 with Polygon-Based ‘NFT Worlds’

Microsoft’s hugely popular Sandbox game, Minecraft, is going Web3. ‘NFT Worlds’ is a blockchain layer that will be added to third-party Minecraft servers accompanied by a Polygon-based overlay, with the Ethereum sidechain set to offer gas-free transactions.  

Minecraft Adds a Blockchain Layer

Minecraft seems to be the answer Web3 builders have been searching for, and the announcement of NFT Worlds is generating a lot of hype on social media. The 2011 smash-hit video game has remained widely relevant since its release, and the announcement of the move to Web3 will only heighten interest:

NFT Worlds will permit players to experience the metaverse within an existing game. The NFTs Minecraft is set to add will come in the form of land, similarly to metaverse-specific games like The Sandbox. Users who purchase an NFT will be given a world seed – a unique code that generates a specific landscape. Essentially, this will enable users to purchase their own server.

Beyond this, NFT Worlds will provide players with other Web3 features, including an online shop selling items to enhance gameplay. The current floor price for a Minecraft seed is US$45,000 and the $WRLD token will be used for any in-game purchases.

Microsoft Embraces Crypto and the Metaverse

Mid-2021 saw Microsoft introduce NFTs to Minecraft with the backing of an Enjin wallet. The project permits players to collect in-game digital assets granting players access to a range of special quests and benefits. This venture was followed by Microsoft’s move to purchase prominent gaming company Activision Blizzard. The US$69 million acquisition is a continuation of Microsoft’s metaverse plans.

By Lauren Claxton, Crypto News Guest Author

Categories
Crime Cryptocurrencies Scams

Chainalysis Reveals ‘Criminal Whales’ Hold $25 Billion in Digital Assets

A new Chainalysis report has revealed that a total of 4,068 “criminal whales” across the globe are holding US$25 billion in digital assets.

‘Criminal Whales’ and Crypto Crime

Criminal whales are defined as private wallets holding over US$1 million worth of crypto, where 10 percent or more of these funds are obtained from illicit addresses associated with malware, scams and fraud. Chainalysis’ February 16 report contains data collected from 2017 to 2021 that shows just how drastically the figure has risen over that period.

https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-criminal-balances-criminal-whales/
Sources of illicit transactions. Source: Chainalysis

https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-criminal-balances-criminal-whales/
Shares of all illicit funds. Source: Chainalysis

Crypto’s double-edged sword of minimal regulation is causing the creation of various groups to counter illegal activity. One such example is the US Justice Department’s National Cryptocurrency Enforcement Team (NCET), the formation of which was announced last week.

Chainalysis Findings and Partnerships

Released in late 2021, another Chainalysis report found that scam revenue had risen by 81 percent in that year alone. A large portion of these scams were rugpulls, where a project’s team cuts and runs with investor funds.

In November last year, Chainalysis opened an office in Canberra after agreeing to a partnership with the Commonwealth Bank of Australia (CBA). This came in response to increased mainstream adoption of cryptocurrencies and demand for CBA’s crypto exchange and custody service.

By Lauren Claxton, Crypto News Guest Author

Categories
Crypto News NFTs Solana

You Can Now Buy NFTs Through a Vending Machine in NYC

A New York City vending machine is now allowing users to purchase NFTs with fiat currency. Having closed a US$3 million seed round last month, the bold new project from Neon brings a Solana-based NFT marketplace to the real world:

With the goal of simplifying the NFT purchasing process, Neon’s co-founder and CMO Jordan Birnholtz collaborated on the idea with a summer intern in mid-2021 and soon came to the realisation that when it comes to ease of use, a vending machine ticks all the boxes.

We built it because it shows how powerful and easy it can be to support digital artists, and to demystify the process of getting an NFT.

Jordan Birnholtz, co-founder and CMO, Neon

Crypto Support is Coming

The vending machine is mounted within a shallow shopfront, highlighted by neon lighting. Users can make a purchase with a credit card and scan a QR code stored within the dispensed envelope to claim their NFTs online. Last month’s seed round closed a US$3 million profit and Neon intends to support crypto payments in future.

Expanding Accessibility of NFTs

The New York Stock Exchange (NYSE) is rumoured to be launching an NFT marketplace of its own after it reportedly filed an application with the US Patent and Trademark Office.

As NFTs and cryptocurrencies develop, the financial sector is changing and updating its services to keep up. Mastercard has plans to offer consulting services for all things crypto this year. The brand’s payments-focused consulting service intends to expand its brief by catering to open banking, open data, crypto and digital currencies, and ESG.

By Lauren Claxton, Crypto News Guest Author

Categories
Metaverse Sports

Man City Football Club to Build Etihad Stadium in the Metaverse

English Premier League champions Manchester City has partnered with Sony to bring its home ground, Etihad Stadium, to the metaverse. The project has begun construction and will allow the football club to offer new digital experiences to fans through the “cutting-edge” virtual venture.

Etihad Stadium, home to Man City FC since 2003, has begun its virtual recreation. The replica will be the team’s central hub and the first football stadium to move into the metaverse.

To complete the project, Man City has signed a three-year contract with Sony Group Corporation. Image analysis and skeletal tracking technology will assist specialists in the stadium’s construction. The first-of-its-kind venture will remove geographic barriers for fans outside England who wish to fully experience a live-recorded match.

Metaverse Stadium to Show Action From All Angles 

The goal of the metaverse stadium is to allow fans to watch games live and to see all the action from multiple perspectives. The project seeks to demonstrate the club’s commitment to the sports entertainment business.  

Following in the Footsteps of United

The Manchester football scene has been diving headfirst into the world of crypto and the metaverse, with City’s crosstown rivals Manchester United making some big moves this year. Man U announced a US$27 million partnership with Tezos earlier this month, allowing the blockchain company centre placement on the team’s training kit.

A group of former United legends has also come together to launch a sports-focused DAO. Paul Scholes, Ryan Giggs and Gary Neville are working to allow fans to invest in professional football via their decentralised autonomous organisation (DAO). The project will honour the Red Devils’ class of ’92.

By Lauren Claxton, Crypto News Guest Author

Categories
Crypto News Cryptocurrency Law

Californian Lawmaker Files Bill Allowing Residents to Let State Accept Crypto

California is now allowing its citizens to cover the cost of government services with crypto. The bill, which was sponsored by Democratic Senator Sydney Kamlager-Dove, was approved on February 18.

Likely to come under this banner are items such as education, public health and emergency services.

The legislation reads as follows:

  • Existing law establishes state agencies for various purposes, including to provide certain services to the public for which payment is required.
  • This bill would authorise a state agency to accept cryptocurrency as a method of payment for the provision of government services.

California the Fourth US State to Accept Crypto

The bill is not the first of its kind in the US, with similar legislation filed in Wyoming, Colorado and Arizona. The implications, however, are being met with some confusion on social media:

Crypto Acceptance Spreads

A survey conducted by Visa in early 2022 found that 24 percent of businesses across nine countries have plans to accept crypto this year. Many of those surveyed agreed that adopting more digital payment options was key for future growth.

Crypto acceptance is also spreading among e-commerce sites, with Shopify merchants now accepting payments through Binance. Any transactions made through the platform will be instantaneous.

By Lauren Claxton, Crypto News Guest Author