FTX Launches Unique NFT Platform for Users

In the last 24hours, the NFT marketplace at OpenSea has been on a rough tear. Etherscan block explorers confirm that the primary smart contract of OpenSea has consumed more gas than any other on Ethereum.

As it stands, some strange things are going on in OpenSea, and it’s leaving many people in panic. It appears that Ethereum wallets are canceling orders at an alarming rate on the NFT marketplace, and this has affected more than a quarter of the last 1000 transactions. This has affected the OpenSea contract.

The suggested possible explanation for the recent cancellations can be traced to bots.

The NFT marketplace users are left confused about what is happening and in dire need of an explanation of their fate. Opensea is getting lower prices as the Bots beat them down and cancel bids once accepted before execution.

Amid the panic, FTX presents itself as a way out for Opensea users.

FTX is a marketplace launched for trading non-fungible tokens (NFTs). Several NFTs are already listed on the FXT market, hosted on the FTX exchange and the FTX.US exchange websites.

One of the NFTs on the new FTX marketplace is “SBF Lunch,” which is redeemable for an in-person lunch or 30-minute Zoom call with FTX CEO Sam Bankman-Fried. The highest bid for the NFT at the time of writing was $100,000. 

Other NFTs available on the marketplace include FTX and FTX.US branded caps, hoodies, t-shirts, and socks. Several third parties have also listed NFTs.

These tokens appear to be based on Solana and Ethereum. Block explorers for both platforms are available to view on the platform.

Users of the marketplace will be able to buy, sell, and hold NFTs. They will also “soon” be able to withdraw the tokens to their wallets, according to a statement on FTX’s website. FTX will charge a 5% fee to both buyers and sellers of NFTs.

FTX is the latest crypto exchange to enter the NFTs space. In April, crypto exchange Binance said it would launch an NFT marketplace in June. Recently, Binance-owned Indian crypto exchange WazirX and South Korea’s Korbit crypto exchange also launched NFT platforms.

FXT announced that it’s the platform will be open to US and Non – US users. An additional perk is that it will be a cross-chain between Ethereum and Solana blockchain. 

In recent weeks, however, the NFT activity has declined. Weekly NFT trading volumes, weekly users, as well as transactions of NFT platforms are all down, according to The Block Research. The latest announcement from FXT promises to be a major boost for the NFT ecosystem. 

Bitfinex Pulse – A Network for Avid Crypto-traders

Social Networks have become a critical part of our lives and owing to its huge popularity, Bitfinex, the popular Crypto exchange also has decided to serve the needs of the social ecosystem. It has announced its own social network which initiated today. 

The new social network called ‘Bitfinex Pulse’ intends for the customers and visitors to dedicatedly lock themselves in the world of trading and discover how interesting the concepts are. It aims that people look beyond conventional and explore through a range of concepts and market activities. The users will get an opportunity to interact with other exchange members and will only deepen their insights about the crypto trading world.

The product from the house of Bitfinex is not the first of its kind. Earlier EToro was launched that contained trader profile, messaging options and copy trading that allowed traders to jump along with the positions of other traders. But eToro right from the beginning focussed on social investing whereas Bifinex pulse is more specific towards the needs of the users. The network will cater to the technically superior audience with equally superior content. Here copy trading will not be hosted and further details about user verification are yet to be clarified from the company.

Trading pre and post digitalization has undergone a sea change. Earlier trading was no less than a high-octane battle of the traders who were extremely competitive to earn profits. Post digitalization, competitiveness is still there but now the trading also has included some elements of emotions and importance to the community. It is easily seen on different social media platforms. When the markets are high or low, many platforms including Twitter post trading ideas amid sentiments.

As the community expands on the social network, it will launch newer variants including data insights. As per the spokesperson, the network was launched to provide a technically sound and professional content distribution platform for traders. Once the users are verified they will be able to post publicly and could also communicate with the users through private messages. If the user is not verified then they can only access private posting.

Image Source – Cryptoknowmics

Corona Coin – The Crypto everyone is talking about

Leave it to the crypto space to take advantage of any situation. Recently cryptocurrency dealers went a step ahead that allows traders to bet on the coronavirus pandemic with gambling being based on the death toll. That’s right, you read correctly. 

As much as ironic as it sounds such an initiative has been launched. It is called the ‘Corona Coinwhich will decrease in supply every two days depending on how many cases are being reported. In fact, the value of the coin is stated to increase along with deaths of COVID-19. 

COrona Virus has infected more than 200,000 people and with death rate increasing, Governments around the world are doing their best to curb the pandemic. To a certain extent, some attempts have been successful but with timely measures and social distancing, the situation would improve more rapidly. 

But for the time being, people are speculating a good number of NCOV coins will be burnt considering the spread of the epidemic. Although the concept is garnering criticism for its insensitive nature. It is also believed that more faces will be added to the board to give the project more legitimacy. Currently, all the information related to the virus is being recorded on the NCOV blockchain and users can buy and sell the digital coin on online exchanges including Saturn network. 

The company’s official spokesperson has implied that 20% of the supply will be allocated for the Red Cross society wherein donations will be made by them in popular cryptocurrencies. The intentions sound good, but gambling on death is not a good business model in the eyes of many. 

On further questioning, the official also confirmed that currently WHO also has issued bonds against the backdrop of pandemics. It is also been seen that Bitcoin has suffered due to the pandemic. Last week saw its price dropping to the $5,000 level mark due to the virus’s fear. Reports have pointed out that the losses are in tandem with the Corona fear.

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A Great Start to Crypto Positivity – The South Korea Crypto Bill

After India’s great news of the Supreme Court lifting the ban on Cryptocurrency ,comes South Korea’s Crypto Bill.

The South Korean Crypto industry is rejoicing and why not, the South Korean parliament, the National assembly has finally given the green signal to the passage of the country’s first Cryptocurrency legislation. The special financial transactions which were last modified in November 2019 now will present a formal structure for the industry to operate on. 

Hashed CEO, Simon Kim also is relieved because the uncertainty surrounding the regulations was under thick fog. Cryptocurrency under the law will now be segregated under the asset class by various institutions and virtual operators. 

Several advocates, big and small were after the passage of the law, and with that happening, they have finally heaved a sigh of relief. With its legalization, dealings in crypto will come under the tax net. Despite this, the one benefit that it will provide is that it will attract more investors who had been shying away considering it too risky a proposition. The specifications related to crypto are based on G7’s FATF guidelines elucidating rules on what role the government will play to ensure that these asset providers namely crypto exchanges and brokerages are well within the law when they operate on it. 

As per the reports, the house assuredly voted for the bill with 182 votes registered in favor of the law with zero against it. Looking at the importance of the bill, the house also had zero absenteeism. The bill will be effective in March next year which will have a clear blueprint of the taxation system also. The concept of anonymous trading which was prevalent earlier will get eliminated thanks to the new law. Financial Intelligence Unit or FIU will be the administrative body that will regulate the industry. 

It was feared that the onslaught of coronavirus might delay the bill as the parliament premises were temporarily shut. Due to this, the pendency of bills to heard was mounting up which the industry insiders feared would cause further delays and snags in the process. But thanks to the deep clean process on the premises, the parliamentary sitting was successful and many bills including this were passed. The banks who hitherto questioned such dealings based on legal grounds will not take a 360-degree turn as the much-needed authenticity has now been commissioned. 

Close on the heels of India, Ukraine, and Germany, South Korea has evolved and with the picture of legality setting in, it might just become a powerful source of running the economy. 

Photo Credit – Flickr