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- Casio Launches Virtual G-Shock Watches as Ethereum NFTs ⌚🪙
Casio Launches Virtual G-Shock Watches as Ethereum NFTs ⌚🪙
PLUS: 20% of US Senate in Support of De Facto Crypto Ban. Blockchain-based private loans hit $582M, doubling from last year.
Manan Vora
December 18, 2023
Snapshot Web3
December 18, 2023
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Regulatory and Legal News
John E. Deaton, founder of Crypto-Law.us, claims that 20% of the U.S. Senate supports a de facto ban on crypto and Bitcoin, with Senator Elizabeth Warren as a significant threat. Despite her past unsuccessful bill sponsorships, the crypto community sees Warren as a formidable opponent due to her anti-crypto stance. Ryan Selkis, founder of Messari, warns against underestimating Warren's potential impact on the industry.
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Innovation and Launches
Blockchain-based private loans have seen a resurgence, reaching $582 million, a 128% increase from the previous year. Although still below the peak of $1.5 billion in June 2022, the growth may indicate a preference for blockchain alternatives amid rising interest rates. The average APR for blockchain-based credit protocols is 9.64%, compared to small business bank loan rates between 5.75% and 11.91%. Ethereum-based Centrifuge leads with $255 million in active loans, followed by Goldfinch and Maple. Stablecoins like Tether, USD Coin, and Dai are commonly used for these loans, and the largest loan-seekers are from the consumer and automotive sectors.
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NFT, Gaming and Metaverse
Web3 gaming executives anticipate the onboarding of "tens of millions" of gamers to Web3 in 2024, driven by the "commercial release" of blockchain games and overall crypto market hype. Yat Siu, co-founder of Animoca Brands, estimates up to 100 million gamers entering the Web3 space, with a focus on casual gaming, particularly in Asia. Johnson Yeh, CEO of Ambrus Studio, sees potential in free-to-play games and skin sales on smart contracts. Sebastien Borget, co-founder of The Sandbox, highlights user-generated content as a significant theme. The executives discuss the role of celebrities and the potential impact of the Apple Vision Pro virtual reality headset in shaping Web3 gaming.
Casio has introduced G-Shock watches as Ethereum NFTs, releasing a limited set of 2,000 NFT art pieces for sale. This follows the initial launch of 15,000 limited-edition NFTs on Polygon in September. Ethereum NFT holders will receive benefits such as exclusive experiences with Casio, including a tour of the G-Shock Endurance Test Laboratory in Tokyo and a round table discussion with designers. The NFT owners will also have access to behind-the-scenes design materials and the opportunity to purchase the next wave of Virtual G-Shock NFTs. Casio emphasizes its commitment to innovation and community engagement through these special incentives.
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Scams and Hacks
On December 17, Solana-based gaming platform Aurory experienced an attack, leading to an 80% drop in liquidity for the AURY-USDC pool on Camelot DEX. The breach targeted Aurory's SyncSpace bridge on Arbitrum's Camelot DEX. The liquidity dropped from $1.5 million to around $312,000. Aurory's team reported stolen tokens, which were quickly sold, and they are in the process of buying them back. A post-mortem will be released after an audit. AURY token's price dropped to $1.13 during the incident. This comes after an exploit on NFT Trade platform on December 16.
On December 16, Flooring Protocol, a liquidity solution for NFTs, suffered an attack targeting its multicall smart contract. The hackers stole three dozen Pudgy Penguins and 15 Bored Ape NFTs, valued at around $1.54 million. The stolen NFTs were reportedly sold on Blur for approximately $1.5 million to $1.6 million. The protocol's developers deployed a fix to address the vulnerability. Boring Security suggested that users who lost NFTs might not get them back, as the hacker had already sold them. This incident followed another attack on P2P NFT platform NFT Trader on the same day. Flooring Protocol, launched two months ago, gained popularity for specific NFT collections and experienced a surge in its native token, FLC, despite the attack.
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Funding and Acquisitions
Tap Protocol has secured $4.2 million in a funding round led by Sora Ventures to strengthen its position in the Bitcoin ecosystem and expand its operations. The funds will be used to advance the Bitcoin Ordinals-based protocol, focusing on innovations in tokenization, gamification, and decentralized finance. Tap Protocol offers functionalities like the fractionalization of Ordinals art and supports various gaming applications. The investment will enable the company to hire skilled developers and explore new possibilities within the Bitcoin platform. Notable venture capital firms and angel investors, including Cypher Capital and Animoca Brands, participated in the funding round.
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Interesting Reads
Central Bank Digital Currencies (CBDCs) are digital forms of fiat currency issued by central banks, responding to the rise of the digital economy and the challenges posed by decentralized cryptocurrencies like Bitcoin. CBDCs aim to combine the efficiency of digital transactions with the regulatory stability provided by central banks. Their emergence poses potential disruption to the crypto industry, particularly impacting decentralized assets by offering a controlled alternative to the volatile crypto market. This report explores the challenges associated with CBDCs, their broader impact on the cryptocurrency industry, and the complex relationship they share with decentralized digital currencies like Bitcoin.
In 2023, social media, particularly Twitter (now X), played a pivotal role in influencing the cryptocurrency market, led by notable figures such as Elon Musk. On May 11, Musk's tweet featuring the Milady Meme Coin sparked a 3000% rally in its price. Another tweet on June 21 mentioning Optimus AI led to a 38.6% surge in its market value. Brian Armstrong, CEO of Coinbase, used Twitter to respond to SEC charges against the platform, emphasizing the need for regulatory clarity and criticizing the SEC's enforcement approach. In a surprising move, Changpeng Zhao ("CZ") announced his resignation as CEO of Binance on November 21. Chris Larsen hailed Ripple's partial victory in July, celebrating a judge's ruling that Ripple did not violate securities laws. El Salvador's innovative use of 100% renewable energy from volcanoes for Bitcoin mining was highlighted in a tweet by Bitcoin Magazine in July, showcasing the country's commitment to sustainability and economic development through cryptocurrency.
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Miscellaneous
Ethereum layer 2 solution Arbitrum had a brief downtime on Friday. An update showed a surge in inscriptions had contributed to the spike in network traffic and gas fees. Arbitrum has since “resolved this issue,” with operations back to normal and gas prices steadily recovering.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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