Category: Blockchain

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Blockchain Google Metaverse NFTs

Google Launches its Own Blockchain Division

As reported by Bloomberg, software giant Google has reportedly formed a division focused on blockchain technology, appointing Shivakumar Venkataraman as the new executive to lead the unit.

What Will the Blockchain Division Do?

Venkataraman, an engineering vice-president for Google, says the new division will focus on “blockchain and other next-gen distributed computing and data storage technologies”.

The new division comes under the umbrella of Labs, an incubator created by Google that focuses on long-term projects regarding emerging technologies such as virtual reality. Venkataraman will also become the “founding leader” of Labs.

Not much is known about the group apart from the information obtained by Bloomberg. This is probably a response to other tech giants integrating emerging technologies, such as Meta (formerly Facebook) and Instagram, both exploring NFTs (non-fungible tokens).

Will Google Integrate Crypto into Its Business Model?

While it’s still not known if Google will integrate digital assets like Instagram and Meta plan to do, this could be its jumpstart for exploring crypto assets and their foundational technology.

Google has alleviated the pressure on cryptocurrency promotion by lifting its advertising ban last August, allowing crypto companies to place ads on its search engine and sites that are part of its platform.

Another tech giant focusing on the rise of NFTs and Web3 is Microsoft, which has followed Facebook/Meta into the metaverse by launching 3D avatars and immersive meetings.

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Blockchain Crypto News NFTs Social media

NFT Hater Builds Plug-in to Auto-Block NFT People on Twitter

Mcclure, a developer, GitHub contributor and obvious hater of NFTs, has built a plug-in that allows the auto-blocking of NFT proponents on Twitter. The release of the tool comes within 24 hours of Twitter rolling out its NFT verification feature for anyone who wants to prove they do in fact own the NFT they have displayed as their profile picture.

The “NFTBlocker” is a Google Chrome and Firefox plug-in that blocks Twitter users who have NFT profile pictures. Users who have installed the tool can press the “run NFT block” button, which then scrolls the page and blocks anybody with a seemingly offensive picture. According to the developer, future versions will scan the user’s notifications and run the blocking process automatically.

Why Block NFT Users?

Explaining on the GitHub page why anybody would be interested in blocking NFT users, Mcclure summarised three reasons:

  • NFTs are designed in a “foolish way” and their impact on global warming is great.
  • The NFT market is rife with scams and art theft.
  • NFT users are just irritating to be around.

The developer also gave his take on NFTs, providing an in-depth explanation. According to Mcclure, an NFT is an “investment scam”. In the README section of the GitHub page, Mcclure indicated the driving force behind Twitter’s pivot to using NFTs. The developer claims that former Twitter CEO Jack Dorsey “is invested in cryptocurrency and if Twitter makes NFTs more popular, Jack Dorsey will make money”.

Mcclure might be a little misinformed in this instance, given that Dorsey has demonstrated little interest in NFTs since stepping down as CEO of Twitter in 2021.

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Bitcoin Blockchain Crypto News ETFs

World’s Largest Asset Manager ‘BlackRock’ Files for Blockchain Tech ETF

The world’s largest asset manager, BlackRock, has filed for a blockchain-focused ETF (exchange-traded fund).

BlackRock is a US-based hedge fund with roughly US$10 trillion in assets under management (AUM). The firm filed for an ETF focused on blockchain technology, called the Ishares Blockchain and Tech ETF.

As per the filing, the ETF will track the NYSE (New York Stock Exchange) FactSet Global Blockchain Technologies Index, which is composed of companies working on the development of blockchain technology in the US and overseas.

Ishares Blockchain and Tech ETF seeks to track the investment results of an index composed of US and non-US companies that are involved in the development, innovation and utilisation of blockchain and crypto technologies.

BlackRock filing

The filing doesn’t disclose the ticker nor the components of the index, but it reads that “the underlying index is composed of (i) blockchain technology companies, (ii) cryptocurrency mining, (iii) cryptocurrency trading and exchanges, (iv) crypto-mining systems, and (v) video multimedia semiconductors”.

Will the SEC Approve BlackRock’s ETF?

It will be interesting to see how the process plays out since the SEC (Securities and Exchange Commission) has been rejecting ETF proposals in the past seven days or so. Last week, for example, the SEC rejected Anthony Scaramucci’s SkyBridge spot ETF.

BlackRock has previously proven its intentions to explore cryptocurrencies and blockchain technology. A year ago, the asset manager disclosed its intent to allow its funds to engage in futures contracts based on Bitcoin.

Besides crypto ETFs, the NFT (non-fungible token) movement has seen the first NFT-focused ETF, thanks to fintech firm Defiance.

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Australia Bitcoin Blockchain Crypto News Ethereum Jobs

Crypto.com Report Predicts Global Crypto Users to Hit 1 Billion in 2022

According to the newest edition of the Crypto Market and Sizing Report by Crypto.com, global crypto owners are predicted to total one billion by the end of 2022. According to the report, as of January 2022 that number has already reached 300 million.

Global Crypto Adoption Up 178% in 2021

The report also states that global adoption increased by 178 percent in 2021, almost tripling from 106 million to 295 million owners in December 2021.

During the first half of 2021 crypto adoption was significant, but slowed down during the second half reaching 37.5 percent, 13 percent higher than over the same period in the previous year.

The report further states that Bitcoin was the main driver behind the observed growth, outperforming Ethereum in terms of adoption. Weak Ethereum adoption is attributed to the emergence of competitors such as Cronos, Terra and Avalanche, together with Layer 2 solutions.   

Rise in Adoption Mirrored by Crypto Jobs Boom

As the blockchain industry continues to grow, so too the crypto job market. In a recent report published by LinkedIn, crypto job ads have seen a significant, and rapid, spike. In 2021, crypto job postings surged a whopping 395 percent, as the number of cryptos listed on CoinMarketCap stood at 7,000-8,000 just a year ago. At the time of writing, this number is closer to 17,000.

Another recent report commissioned by digital asset management firm Mawson found that Australia’s crypto economy alone could grow to $A68.4 billion by 2030, employing around 206,000 workers.

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Blockchain Coinbase Crypto Exchange Crypto News Cryptocurrencies Ethereum Real Estate Tokens

Real Estate Smart Contract Token ‘Propy’ Soars 227% Amid Coinbase Listing

Tokenised real estate is now a reality thanks to NFTs. The global real estate store Propy offers a faster, simpler and more secure process for buying and selling property through smart contracts.

On January 14, Coinbase announced it would list Propy (PRO) on its website’s blog. Coinbase is the largest cryptocurrency exchange in the US and the second-largest cryptocurrency exchange by volume globally.  

Propy is a project focused on expanding the functionality of NFTs beyond the digital art world. The Ethereum-based protocol integrates blockchain technology with the real estate sector and offers an automated closing process for international real estate transactions.

The PRO token is used to pay for platform fees to process tasks such as modifying and creating title and deed contracts. Read the whitepaper here.

First Real Estate NFT in the US

Along with the recent Coinbase listing, Propy has an upcoming sale in Tampa, Florida, which will be the first real estate NFT sale in the US. These two factors appear to have boosted the price of the PRO token:

PRO price movements. Source: Coinbase.com

PRO was worth US$1.12 on January 12 before news of the Coinbase listing. The price moved 227 percent to hit a daily high at US$3.67 on January 14 and has since continued to climb beyond US$4.00. The token has ballooned by an impressive 5192.6 percent in just one year and is still climbing the ranks, currently sitting at #257.

Meanwhile, HeroX announced the tokenisation of the first property in Australia last September. As house prices remain out of reach for many new investors, NFTs seek to disrupt the global real estate market by offering the tokenisation of property around the world.

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Blockchain Crypto News Markets Privacy Tokens

Privacy-Focused Token SCRT Pumps 64% in a Week Amid ‘Shockwave’ Announcement

The Secret Network (SCRT) has seen considerable price movement since the launch of its new bundle of upgrades, Shockwave, aiming to improve the network and get more builders on the chain.

Shockwave Ripples Through the Down-Market

After launching its new upgrade on January 12, SCRT has seen a near 65 per cent rally in the past seven days from a low of US$5.6 to $9.34 at the time of writing, fighting against the current down-market.

The announcement has sparked interest in those who want to both invest and build on the privacy-centric chain, with its US$65 million total value locked (TVL) and total market value of US$1.3 billion at the time of writing.

SCRT 7-day price movement: CoinMarketCap

Adoption and growth are SCRT’s major focus for 2022 and could have a further positive impact on the price. There is also more potential upside after the SCRT token’s listing on FTX, giving it exposure to the major US exchange’s large client base:

Previously, the SCRT token spiked after the project launched its privacy based non-fungible tokens (NFTs) on the OpenSea marketplace.

What Does Shockwave Entail?

SCRT is the only blockchain network to have run private smart contracts on its mainnet for over a year, and in Q4 2021 integrated the Cosmos Inter-Blockchain Communication protocol (IBC) to help optimise the network and add liquidity.

The endgame of Shockwave is to turn Secret Network into cryptocurrency’s privacy-preserving hub, something that’s made possible thanks to Secret’s use of Cosmos’s IBC.

CoinBureau

With Web 3 security and privacy at its heart, SCRT has its eyes on expanding the ecosystem, with the project showcasing some major actions planned in 2022. The chain wants to create funding and incubation opportunities while empowering developers with better tools and support. In so doing, the community can grow and empower itself with a vast array of functionality at its fingertips.

According to Secret’s blog, the network has set the following goals for the first half of 2022:

  • get 100 new projects building in the Secret ecosystem;
  • have hundreds of thousands of new users onboarding onto Secret Apps; and
  • launch multiple Secret Apps achieving 10,000+ active users.
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Blockchain Crypto News Cryptocurrencies Metaverse NFTs Tokens

Walmart is Quietly Preparing a Push into the Metaverse

Not wanting to miss out on the multi-trillion-dollar metaverse market, US-based retail giant Walmart is pressing on with its plans to make and sell virtual goods.

The world’s second-largest retailer (recently outranked by Amazon) is planning to launch a collection of non-fungible tokens (NFTs) and create its own cryptocurrency.

New Trademark Applications Show Metaverse Intent

On December 30, Walmart filed several new trademarks that indicate its intent to build a virtual Walmart store within the metaverse and allow users to shop for electronics, home decorations, personal care items, toys, sporting goods, and a range of other products available in Walmart stores, offering its own virtual currency as a means of payment.

Walmart trademark application.

Walmart even has plans to offer a crypto wallet, described in its trademark application as: “Downloadable software for use in managing portfolios of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitised assets, digital tokens, crypto tokens, and utility tokens; downloadable software for electronic wallet services; downloadable e-wallets.”

Source: Gerben Intellectual Property

Shopping in Walmart in the Metaverse

Watch the video below to get a glimpse of what shopping in Walmart in the Metaverse might look like:

The buzz around the metaverse went ballistic after Facebook announced it was changing its company name to Meta last October. Since then, big businesses across different sectors have been amping up their own efforts for how they can adapt to exist in a virtual 3D world.

Nike entered the Metaverse after acquiring the virtual sneaker company RTFKT (pronounced “artifact”) and teaming up with Roblox to create an online world called Nikeland, following other big sports footwear names such as Adidas and Asics who had already launched their own NFT collections last year.

Many other big brands are also racing to stake their claim in the metaverse. Last week, Crypto News Australia reported that Samsung will open a virtual store hosted in Decentraland. The metaverse is becoming the future frontier for retailers and promises a whole new world of financial opportunities.

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Blockchain Crypto News NFTs

Indonesian Student’s NFT Selfie Collection Goes Viral, Nets $1 Million in OpenSea Sales

An Indonesian student who thought it was “funny” to sell his expressionless selfies as non-fungible tokens (NFTs) has made an astonishing US$1 million in sales.

Sultan Gustaf Al Ghozali, 22, spent five years taking blank-looking selfies in front of his computer, which he later converted into NFTs and uploaded to popular marketplace OpenSea in December 2021. According to Ghozali, he has made over US$1 million in sales after selling almost 1,000 of his selfies online.

Ghozali’s OpenSea profile. Source: OpenSea

What the NFT Market Will Bear

From 2017 to 2021, the computer science major snapped photos of his expressionless face while standing in front of his computer, all with the intention of compiling the photos to create a video time-lapse for his graduation day. Ghozali decided to upload his selfies in December to OpenSea under the title “Ghozali Everyday” and priced each NFT at US$3, without expecting interest from serious buyers. While monetising his expressionless images, Ghozali said in a tweet:

You can do anything like flipping or whatever but please don’t abuse my photos or my parents will very disappointed in me. I believe in you guys, so please take care of my photos.

Sultan Gustaf Al Ghozali

A Story Behind Every NFT

After exceeding his wildest expectations, the student’s NFT offerings blew up further. On the back of their rising popularity, one of the NFTs sold for 0.247 ether on January 14, worth around US$806 at the time of purchase. Some of Ghozali’s selfie NFTs also sold for 0.9 ether, roughly US$3,000. According to his OpenSea profile, the collection subsequently reached a total trade volume of 317 ether, the equivalent of more than US$1 million.

To add rarity to his collection, the young entrepreneur also added a personal touch by providing a bit of background information along with his selfies. Ghozali has also since shared that he would not be listing any more selfies in the next few years.

Should you own a truly rare one of Ghozali’s NFTs, or any NFT for that matter, you can now display them in one of Netgear’s Meural digital frames, which have recently expanded their capabilities to include the display of NFTs.  

Although most users on Twitter see the allure behind Ghozali’s initiative, some remain unconvinced of the endeavour:

Rare and Exclusive Keeps the NFT Business Afloat

Ghozali has managed to preserve the exclusivity and rarity in his collection by announcing he would not be releasing any more NFTs for a couple of years, and it appears to have only added to their popularity.

In another recent example of innovative NFT entrepreneurship, Gary Vaynerchuk, known to the NFT world as Gary Vee, has opened the world’s first “NFT Holders Members Only” restaurant – Flyfish Club. The new premier dining destination will only be accessible by owners of Flyfish NFT tokens, which have unsurprisingly already sold out.

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Blockchain CBDCs China Crypto News NFTs Regulation

China Plans to Create NFTs on a State-Backed Centralised Blockchain

China has created its own version of non-fungible tokens (NFTs), which are in no way linked to any cryptocurrencies or public blockchains and will be running on its state-backed Blockchain Service Network (BSN).

China’s Blockchain to Support NFTs

According to the South China Morning Post, BSN will be rolling out a new infrastructure that will support the use of NFTs called BSN-Distributed Digital Certificates (BSN-DDC).

The ban on cryptocurrencies in China doesn’t necessarily affect the use of NFTs, with one of the technical advisers to BSN stating that NFTs “have no legal issue”. Mainly it’s important that they do, however, distance themselves from cryptocurrencies.

The platform is poised to launch by the end of the month and only Yuan will be permitted for transactions. The main reason public blockchains have been outlawed is that regulators cannot intervene in events classified as illegal, as well as the fact that the state requires all internet systems to verify user identities, which usually isn’t the case with public decentralised applications.

BSN-DDC Could Disrupt the Industry

The BSN-DDC is compatible cross-chain and according to the report, issuing an NFT could cost as little as 0.05 yuan (A$0.01). At the moment the biggest NFT market is for digital art, but China is looking more at using it for certificate management.

NFTs in China will see annual output in the billions in the future.

He Yifan, chief executive officer, Red Date Technology

The expected rise of NFTs in China is in part also due to the platform that will “offer application programming interfaces for businesses or individuals so they can build their own user portals or apps to manage NFTs”.

China’s Solution to Monitoring Chains

According to the report, Red Date, a technical support provider to BSN, has come up with a solution to govern blockchains in China. By connecting them to the open permissioned chain run by China Mobile, China UnionPay and State Information Centre public chains can be “localised”.

Red Date CEO He Yifan also added that since 2018, more than 20 public chains have undergone this process and with the new BSN-DDC another 10 will be integrated including “the adapted version of Ethereum and Corda, plus domestic ones like FISCO BCOS”.

China has long been working on blockchain technology and was even one of the first countries to start research on CBDCs. The Digital Yuan will even be controlled by Smart Contracts, with China’s mobile CBDC wallet launching ahead of the Winter Olympic Games.

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Blockchain Crypto News E-commerce Fashion NFTs Tezos

Clothing Retailer The Gap Launches Tezos-Based Gamified NFT Collection

Gap Inc is collaborating with Brandon Sines, the artist behind Frank Ape, to launch a non-fungible token (NFT) collection on the Tezos blockchain with a gamified digital experience called Gap Threads.

This week’s release will offer a gamified digital experience in which customers can unlock the opportunity to buy digital art by Sines and a physical, limited-edition Gap hoodie. The digital collectibles for Gap Threads feature four levels: Common, Rare, Epic, and One of a Kind. The first level, Common, went on sale at 9am PT on January 13 for a reasonable price of 2 Tez (XTZ) each until 8:59 PT on January 15.

Additional drops will be available over the next two weeks: Rare on January 15 for six XTZ, Epic on January 19 for 100 XTZ, and One of a Kind will go to auction on January 24. At the time of writing, two Tez were worth US$8.30, but exact conversion rates may vary based on market price fluctuations.

Why Tezos?

As part of Gap’s commitment to do the right thing for the planet, it has chosen to leverage Tezos, an open-source blockchain, to create the customer experience. Tezos requires less energy and cost to operate than proof-of-work algorithms, thus making it an ideal platform for sustainable uses. The platform has recently been involved in collections from other consumer-facing brands, including Red Bull.

Gap intends to learn more about how customers want to engage in a digitally focused environment and has flagged additional digital experiences in the future, developed in partnership with cultural influences.

According to Gap’s chief digital and technology officer John Strain, “As part of our mission to create enduring customer relationships, our teams are constantly innovating. We are excited about the possibilities that a more planet-friendly blockchain technology can unlock for us and all the new ways it will enable us to connect with our customers.” 

The Future of Clothing is Here

NFTs are the perfect fit for the fashion industry, which is obsessed with authenticity and exclusivity. Chris Le, co-founder of RTFKT, has said that augmented reality will be a huge part of society in the future and that “you’re going to be walking out on the street and seeing NFT clothing on people”. RTFKT sold about 600 pairs of digital sneakers for US$3.1 million in just seven minutes last February at the inaugural Crypto Fashion Week.

Not everyone shares this view and many believe technology still needs more time before the big luxury brands dive in, according to RTFKT Studios co-founder Benoit Pagotto. If you also believe that the fashion industry is not quite there yet, and think the NFT market is overheated, you can short it.