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
Crypto News Metaverse NFTs

‘Webbland’ Metaverse Sales Soar 126% Amid Flurry of Apartment Sales

Webbland, an “interoperable pixel metaverse”, has seen its NFT sales soar by 126 percent this week after two pixelated penthouses sold for six-figure sums – taking out two places in this week’s top 15 NFT sales:

Webbland Records $3.6m Profit in a Week

Over the past seven days, Webbland has recorded over US$3.6 million in profit thanks to the heavily piqued interest of users.

Penthouse #9051 edged into 14th position on the top 15 NFT sales list for the week, with the apartment selling for 50 ETH – approximately US$139,848 at the time of purchase. Penthouse #9056 took 15th place, going for 48 ETH (US$131,830).

Penthouse #9056 sold for 48 ETH. Source: Opensea

It appears unlikely that metaverse sales, both within Webbland and among the wider industry, will let up. Much of the chatter on social networks surrounding the Webbland sales was about finding humour in the situation. Currently, Webbland’s floor price is 3 ETH:

Big Names Moving into the Metaverse

The metaverse is rapidly growing in popularity with several big corporate names getting involved. Warner Brothers entered a partnership with The Sandbox at the end of January 2022, with a goal to develop the first music-themed metaverse. The project is set to host several popular artists, including Coldplay and Madonna.

It also appears that Walmart is making quiet moves to cash in on the metaverse hype. The American multinational retail corporation has been spotted placing new trademark applications that appear to indicate metaverse-related plans.

By Lauren Claxton, Crypto News Guest Author

Categories
Crime Cryptocurrencies Cryptocurrency Law Ransomware Scams

FBI Announces Crypto Crime Division to Tackle Ongoing Ransomware Attacks

The US Department of Justice has announced the establishment of the National Cryptocurrency Enforcement Team (NCET). The unit, which will specialise in crypto-related crime, has also appointed its first director – long-time prosecutor Eun Young Choi.

The Federal Bureau of Intelligence (FBI) released a statement on February 17 detailing the announcement. NCET aims to counter the criminal misuse of digital assets, and the team will be composed of prosecutors with backgrounds in crypto, money laundering, forfeiture and cybercrime. The proliferation of ransomware will be a particular concern of the unit.

Director Choi, who has a decade’s experience as a cybersecurity prosecutor, has stated she is excited to lead the team:

https://www.pli.edu/faculty/eun-young---choi-28943

[As the world of] digital assets grows and evolves, the department, in turn, accelerates and expands its efforts to combat their illicit abuse by criminals of all kinds.

NCET director Eun Young Choi

The NCET announcement has stirred a lot of discussion on Twitter, with many questioning whether the US government has ulterior motives:

FBI’s Recent Crypto History

The US government has intervened in several crypto-related matters over recent years. Notably, the Justice Department impounded US$3.6 billion in bitcoin earlier this month. This was accompanied by the arrest of a would-be rapper and her husband on charges of conspiring to launder some of the funds, part of the proceeds of the notorious Bitfinex hack of 2016.

In late 2021, US law enforcement seized an impressive US$154 million in bitcoin that had been stolen from Sony Life Insurance Company Ltd. The money had been embezzled by a rogue employee using a business email compromise.

By Lauren Claxton, Crypto News Guest Author

Categories
Crypto Exchange Cryptocurrencies Sports

Red Bull Racing Inks $150 Million Deal with Bybit

Red Bull Racing has entered a US$150 million partnership with cryptocurrency exchange platform Bybit, claimed to be largest per annum crypto venture in international sport. While the figure is yet to be made official, the deal is set to hold for three years.

Red Bull Enters Crypto Big League

Bybit will become the Red Bull team’s exclusive and principal cryptocurrency exchange partner. Red Bull’s media release proclaims it to be “the single largest per-annum cryptocurrency venture yet seen in international sport”.

Bybit is set to join the racing team to promote “crypto-literacy” and green technology growth. Beyond branding on the team’s vehicles, Bybit will also become Red Bull’s fan token issuance partner. The team’s CEO Christian Horner states Red Bull intends to “[enliven] the fan experience in F1 through digital innovation”.

This news comes only weeks after the announcement that tech giant Oracle had signed a title deal with Red Bull Racing worth US$695 million.

Crypto Shells Out on Sports Sponsorships

Oracle Red Bull is not the first team to agree to a million-dollar deal. Earlier this month, English Premier League football team Manchester United signed a US$27 million per annum deal with blockchain platform Tezos.

Meanwhile, last month the Australian Football League struck a five-year deal with crypto.com for A$25 million. The deal will cover both the men’s and women’s competitions, a move inspired by Australian women’s higher-than-average willingness to take up crypto.

By Lauren Claxton, Crypto News Guest Author

Categories
Banking CBDCs Cryptocurrencies NFTs

Mastercard to Offer Crypto and NFT Consulting Services, May Help Develop CBDCs

Mastercard has announced plans to cater to open banking, ESGs, open data, and crypto and digital currencies, by expanding its payments-focused consulting service. It is believed the move may help it develop central bank digital currencies (CBDCs), which has been met with contempt from the industry.

https://www.mastercard.com/news/press/2022/february/mastercard-expands-consulting-with-practices-dedicated-to-crypto-open-banking-and-esg/
Mastercard Consulting Practices. Source: Mastercard

Mastercard Sets Eyes on the Future

In a February 15 press release, Mastercard announced new offerings, directed at banks and merchants, intended to cover crypto and NFT strategies, along with loyalty programs and crypto cards.

Mastercard is also exploring the possibility of developing CBDCs, having previously expressed interest in the potential of digital currencies by working on crypto cards for BitPay and Wirex.

Raj Seshadri, Mastercard’s president of data and services, has said that payments are only the beginning, and that the company will continue to help its clients “understand and navigate” the challenges and opportunities thrown their way.

https://www.linkedin.com/in/seshadriraj/

This evolution of consulting is in recognition of the changing world and of our changing business. It’s about helping customers navigate today’s challenges and anticipating what’s next.

Raj Seshadri, Mastercard’s president of data and services

While consulting efforts are set to cover topics from early-stage education to bank-wide crypto and NFT strategies, those within the industry are not so sold on the idea of CBDCs:

Securing its Place in the Industry

In mid-January, Mastercard solidified a partnership with crypto exchange giant Coinbase, which seeks to enable easier NFT purchases for users. And, in late 2021, the company secured a deal that enables consumers to buy, sell and hold assets through the crypto trading platform Bakkt.

By Lauren Claxton, Crypto News Guest Author

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Coinbase Crypto Exchange Crypto News

Coinbase’s $15 Million QR Code Super Bowl Ad Crashes Site Within a Minute

Coinbase’s Super Bowl ad, basically a US$15 million QR code, saw its platform crash within a minute during the February 14 NFL final playoff. The simplistic, but initially successful, marketing technique drew thousands of Super Bowl spectators to the site, which was ill-equipped to handle the influx:

The ad itself was simply a colourful QR code bouncing around the screen, akin to the ‘DVD video’ logo. Scanning the code took new users to a platform where they could sign up for US$5 worth of free bitcoin – with the deal available until the following day. Not every viewer was able to get that far, however:

Coinbase’s chief product officer Surojit Chatterjee took to Twitter to explain that the platform “saw more traffic than [it had] ever encountered” and that the issue had since been rectified. The crash lasted no longer than an hour; long enough, however, for Coinbase’s exposure to backfire. Coinbase shares took a 5 percent dive as many expressed their frustrations across social media.

The US$15 million ad was live only for a single minute timeslot.

Previous Coinbase Troubles

While Coinbase’s Super Bowl outage was the result of positive consumer interaction, the exchange has suffered previous negative performance issues. In late 2021, hackers stole crypto from 6,000 of the exchange’s users. It was suggested that the hackers had managed to gain access to personal user information in the lead-up, likely from external sources. However, a bug in the exchange’s multi-factor authentication was the cause.

Earlier last year, Coinbase had another significant crash that prevented investor attempts to purchase. Bitcoin and Ethereum had dipped in value, which saw a sudden rise in buyer interest. The platform’s inability to handle the response saw its stock price dip accordingly.

By Lauren Claxton, Crypto News Guest Author

Categories
Fashion Metaverse NFTs The Sandbox Tokens

Gucci Moves into Sandbox Metaverse to ‘Host Immersive Experiences’

Gucci has announced plans to expand into The Sandbox metaverse. The luxury brand has bought an undisclosed quantity of lands within the virtual world in a project labelled Gucci Vault, and is seeking to appeal to Generation Z with the move.

Step Inside the Gucci Vault

The announcement accompanies a February 10 Twitter post introducing the Gucci Vault, which Gucci describes as an experimental space and is the brainchild of the company’s creative director, Alessandro Michele. Fans have already responded positively to Gucci’s corporate metaverse involvement:

In a blatant pitch to Gen Z, The Sandbox has stated that Gucci’s new endeavour is “inspired by childhood memories” and hopes to stimulate the conversation surrounding the metaverse and the designer fashion industry’s future. The company’s plans to enter the metaverse follow its mid-2021 release of a non-fungible token (NFT) collection.

The Gucci Vault Instagram account is up and running and while its posts remain cryptic, it is said that the project will also be a means for Gucci to sell vintage pieces alongside those from other notable designers. If you’d like to learn more about the Gucci Vault, the official Discord channel is now live.

Sandbox Moves from Strength to Strength

Gucci is not The Sandbox’s first partnership. The Ethereum-based game announced a collaboration last month with Warner Bros to launch the first music-themed metaverse. Purchasing lands within the game will allow the company to develop a musical theme park and concert venue.

https://www.sandbox.game/en/about/land/
The Sandbox lands description. Source: The Sandbox

The Sandbox token (SAND) skyrocketed at the end of 2021 as Facebook’s announcement of its rebranding to Meta had a butterfly effect on the industry. While the price of SAND is currently sitting at around A$6.25, further brand involvement could see it continue to rise.

By Lauren Claxton, Crypto News Guest Author

Categories
Crypto News Gaming NFTs

Grand Theft Auto Publisher Thinks NFTs are a ‘Good Fit’

Strauss Zelnick, CEO of game publisher Take-Two Interactive, has flagged his support for non-fungible tokens (NFTs) and their future in the gaming industry, though he remains concerned about their volatility and the prospect of NFTs dividing gamers globally.

NFTs – ‘A Good Fit’

Zelnick recently stated that he feels NFTs are a “good fit” for the company’s future offerings. Yet the publisher of legendary gaming franchise Grand Theft Auto went on to say that his company is wary of “speculation” considering the current state of the industry.

Take-Two CEO Strauss Zelnick. Source: game-news24.com

We want to make sure that consumers always have a good experience every time they engage with our properties and losing money on a speculation is not a good experience, so we’re going to stay away from speculation. However, we’re highly convinced there’s an opportunity for NFTs to fit with Take-Two’s offerings in the future.

Strauss Zelnick, CEO, Take-Two Interactive

Zelnick’s caveat may put GTA fans at ease for the moment, particularly as anticipation for the release date of the sixth franchise instalment starts to mount. And while Zelnick has said the company believes in rare goods and collectibles, this may change in future. Caveats aside, a lot of fans still aren’t buying it:

NFTs Polarise Gaming Industry

NFTs within the gaming industry seem to be increasingly polarising. Ubisoft recently caused its fan base and the greater community to revolt over its decision to bring NFTs to the Ghost Recon series. The release of an NFT trailer at the end of 2021 sent Twitter and YouTube into meltdown, and there seems to be no sign of the conversation slowing.

Even popular YouTube gaming channel, the AngryJoeShow, spent some time berating the use of NFTs in a recent video:

This outrage has seen several game publishers and developers pull back on their plans to implement NFTs. The Ethereum video game Worms cancelled its own NFT plans after the decision caused longtime supporters to walk away. Japanese multinational giant Sega has also reconsidered its future due to negative opinions.

By Lauren Claxton, Crypto News Guest Author

Categories
Crypto News NFTs

Alfa Romeo’s New SUV Uses NFTs to Store and Record Vehicle Data

Whether you are bullish on NFTs or not, it’s undeniable that of late they have taken centre stage. As proof, look no further than being declared 2021’s word of the year. Notwithstanding clear evidence of mania, advocates remain convinced there are practical uses aside from flaunting crypto wealth. Alfa Romeo’s latest move is perhaps one such example.

2023 Alfa Romeo Tonale. Source: Alfa Romeo

Not Just a JPEG

In what appears to be a first for the industry, Italian luxury car manufacturer Alfa Romeo has found a practical use for NFTs. Specifically, they will be used to track and store maintenance records for its new Tonale SUV, set for release next year.

While Mercedes-Benz, Audi and Lamborghini have elected to go the route of creating digital collectibles, Alfa Romeo has decided to go the practical route, and bring some much needed transparency and efficiency to tracking car maintenance records.

Digitalisation is a key enabler of our metamorphosis. The NFTs will sustain the residual values of our models as we are the first in the market to adopt this next-generation technology.

Francesco Calcara, head of marketing, Alfa Romeo

According to its press release, Alfa Romeo suggests that the car’s NFT will be able to generate a certificate from records of its maintenance data, but only for services done by certified dealers.

A Market Gimmick?

Cynics will argue that the move is perhaps less inspired by “transparency and efficiencies” than a desire to catch up to its rivals. For context, Alfa Romeo has sold just 19,000 cars annually for the past three years, compared to Mercedes-Benz, which sold 60,000 in Q4 2021 alone.

The response to the Alfa Romeo news was predictably divisive, as NFTs tends to be:

Whatever Alfa Romeo’s motivation, it’s hard to argue against technological solutions that offer future car owners indisputable evidence of a vehicle’s service track record. Perhaps there are clear cases where NFTs have some utility.

Categories
Australia Bitcoin Brisbane Cryptocurrencies

Crypto Meets Coffee in Brisbane

Crypto is now part of your daily coffee run, via a café in inner suburban New Farm, Brisbane. This one-of-a-kind venture – Crypto Coffee – allows patrons to pay with funds from a crypto wallet, using a business model developed in partnership with cryptocurrency platform Swyftx.

https://content.cryptonews.com.au/wp-content/uploads/2022/02/crypto-coffee.jpg
Crypto Coffee exterior and counter, with live currency screens.

Crypto Coffee uses crypto in all its transactions, removing banks from the equation entirely. Cryptocurrency platform Swyftx, based in the Queensland capital, helped bring the idea to life, removing currency conversion hurdles and helping to convert crypto newbies by offering A$20 worth of bitcoin to new Crypto Coffee customers.

How to Buy Your Coffee with Crypto

Simply sign up to Swyftx with the QR code in-store. Once customers have a wallet, staff will help them place their orders. Swyftx also provides Crypto Coffee with links to live currency price charts that are displayed alongside the menu board.

All meals on offer at the café follow the crypto theme, adding extra novelty to the experience. Options include Shiba toast, Doge BLT, and the BTC chipotle chicken toastie.

Crypto-themed menu items from Crypto Coffee. Source: deliveroo.com.au

Word of mouth has been Crypto Coffee’s best promotional tool, with LinkedIn also spreading the news to the Queensland University of Technology (QUT), whose blockchain course further publicised the café. Crypto Coffee’s Instagram page garnered immense interest in the weeks prior to the café’s opening, further fuelling awareness of the venture.

Crypto Coffee is located at 572 Brunswick St, New Farm.

Crypto Moves into the Mainstream

Australia-wide, more and more industries are accepting crypto as a means of payment. These include online shopping, house renovations, solar installation and luxury properties. An example of the latter is a 2021 sale of a A$8 million Brisbane mega-mansion in a deal that allowed the use of crypto alongside standard payment methods for the purchase.

By Lauren Claxton, Crypto News Guest Author

Categories
Crypto News NFTs Real Estate

Florida House to be Sold as an NFT at Auction

History is about to be made in Florida as a piece of US real estate goes to auction as a non-fungible token for the first time. The property rights will be minted into a token and transferred via blockchain by real estate technology company Propy.

Bidders in Their Thousands Already Lined Up

No 6315 11th Avenue, a modern Spanish-inspired estate in the city of Gulfport, is expected to go to auction on February 10. Initially set for February 8, the auction has been delayed slightly due to immense public interest as 2,000 bidders queue to participate.

Blockchain start-up Propy will host the auction via its online platform, with Ethereum the cryptocurrency of choice. From a US$650,000 starting price, the conclusion of bidding will see one lucky buyer receive the property deed in the form of an NFT. While this transaction will not be a global first – the first NFT property sale was an apartment in Kiev, Ukraine last year – it will be an American first.

The current owner of the Gulfport home, Leslie Alessandra, is a local real estate investor and founder of DeFi Unlimited, a Tampa Bay blockchain company. Alessandra hopes that the auction of her home will stimulate conversation surrounding the potential of NFTs.

https://www.baynews9.com/fl/tampa/news/2022/02/05/gulfport-home-nft-sale-------?web=1&wdLOR=cFB8A1BEC-5FC9-42FA-8F1A-7961743D20E6

We’ve seen what NFTs and crypto does for the art community … Now we’re demonstrating what it can do for the real estate community.

Leslie Alessandra [Bay News 9/Twitter]

This real-world application of NFT and blockchain technology allows the buyer security and anonymity. Alessandra hopes the future new owner will be another NFT enthusiast. However, she acknowledges that market trends are volatile and sharp fluctuations may impact the future performance of the home in the crypto market.

Is Australia Set to Follow Suit?

Real estate-backed NFTs have been slow to gain traction in Australia. However, crypto property transactions have taken place across the country. Sydney, in particular, has seen multiple bitcoin transactions in its property market.

Although we are yet to see any Australian property deeds minted into NFTs, this could change in coming years – pending the outcome of this week’s Gulfport auction.

Broadening Horizons of NFTs

NFTs are moving beyond the realm of mere digital art collectibles into several increasingly varied industries. Worldwide interest in real estate-backed NFTs is taking off, with Propy’s smart contract token excelling since its Coinbase listing in January 2022.

Chinese tech giant Alibaba’s e-commerce platform Taobao has unveiled a digital collection of NFT houses. The backing of this artistic collection serves to demonstrate the willingness of large companies to embrace NFT technology. And, with music festivals such as Coachella and a number of sports teams seizing the opportunities NFT technology provides, it’s likely the technology will keep on adapting.

By Lauren Claxton, Crypto News Guest Author