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GameStop to shut down NFT marketplace due to regulatory limbo
GameStop’s decision to close its NFT marketplace comes after a series of cutbacks in its crypto services over the last two years.
Gaming retailer GameStop has warned its users that it will be phasing out its nonfungible token (NFT) marketplace next month due to regulatory uncertainty.
In a statement on GameStop’s website, it notified users that they have just over two weeks remaining to access its NFT platform. However, the company assured NFT holders that the decision to further scale down its relationship with crypto will not impact their NFTs.
“Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs. Your NFTs are on the blockchain and will remain accessible and saleable through other platforms.”
The gaming company cited a lack of regulation as the cause for further diminishing its crypto services. Read More
Indian crypto exchanges lure in Binance, OKX investors after FIU ban
Indian crypto exchanges are promising hassle-free transfers for users who want to transfer their crypto assets from foreign crypto exchanges after the country’s Ministry of Finance Financial Intelligence Unit banned off-shore crypto exchanges like Binance, OKX and others.
Several Indian crypto exchanges have created lucrative fee waiver deals for users with their funds stuck on banned foreign crypto exchanges. CoinDCX — one of the largest Indian crypto exchanges by trading volume — announced that it had set aside $1 million to help users transfer their assets to complaint crypto exchanges.
An estimated USD 4 Bn is invested in crypto in offfshore exchanges by Indian investors. With the recent regulatory developments, users who have been trading on offshore exchanges are worried about their assets. They want to move to a safe and compliant exchange to continue with their crypto journey. Sumit Gupta, CEO of CoinDCX told Cointelegraph:
'We have witnessed a remarkable 2000% surge in new inflows within the initial week following the issuance of show cause notices to non-compliant entities. In a bid to reinforce trust within the crypto community, CoinDCX has allocated a $1 million fund to assist investors in transferring assets from non-compliant offshore exchanges to the CoinDCX platform. The exchange is actively supporting users through seamless crypto deposits, accompanied by a 1% bonus, and has opened secure deposit routes for a smooth transition." Read More
Fantom cuts staking requirement by 90% in a bid to increase security
The Fantom Foundation expects the changes will beef up Fantom’s security without slowing down the network.
The Fantom Foundation has confirmed it has cut the validator self-staking requirement on its layer-1 blockchain Fantom by 90%, more than six months after passing a governance vote.
In a Jan. 15 post on X, Fantom Foundation said the changes were made “recently,” following the vote, which concluded in June 2023. The changes see Fantom (FTM) staking threshold cut from 500,000 FTM to 50,000 FTM, currently worth $19,500.
The foundation said the change will strengthen Fantom’s security while making it “more accessible than ever” to run a validator.
“By having more validators, a network makes it increasingly challenging for malicious actors to launch an attack,” the foundation said on Jan. 15. Read More
Opening the doors to crypto for a broader audience — Interview with Nino Chanev
This crypto platform is streamlining the DeFi landscape, making it more approachable for a global audience.
Navigating the complex terrain of decentralized finance (DeFi) toward mass adoption involves balancing technological innovation, user experience and market trust. With the ongoing evolution of Web3 technologies, the importance of developing effective onboarding strategies is more apparent than ever.
Changex, an all-in-one personal finance management app, aims to simplify the onboarding process. In this interview, Nino Chanev, head of marketing and business development at Changex, details the challenges faced by industry stakeholders and explains how Changex is innovating crypto adoption, ensuring it’s not just a realm for the tech-savvy but an inclusive space for all. Read More
A democratic society values a free-flowing media ecosystem. A healthy media ecosystem is one of the characteristics of a democratic society. Mass media outlets such as newspapers and cable TV networks were prominent in the past. Today, the internet and social media platforms allow for greater communication across society.
Journalism, investigative correspondents, and even freelance writers are essential to that ecosystem. High-quality reporting revealing brutal truths and users' scope and exposure on social media to either create or access information are forces that can drive genuine societal change. And even keep the power structures in check.
Despite the positive aspects mentioned above, harmful practices and negative external forces related to the media ecosystem often eclipse them. These issues are usually easy to recognize once they’re identified. Therefore, it is important to acknowledge them and spread awareness about their potential risks.
Doing so will help you make informed decisions about how you use media and how it can impact your life and the lives of others. The following are a few issues pervasive in many digital news sites, forums, and social media platforms. Read More
Markethive Media has embraced blockchain technology and cryptocurrency, building an ecosystem that belongs to “we the people,” eliminating many of the issues plagued by media outlets today. With its meritocratic culture, dynamic social media interface, and growing community, Markethive is enhancing and bringing the platform into the future internet with new technology and interfaces, but still in keeping with the human touch.
On-chain data in a volatile market: How traders stay ahead of the curve
Exploring the role of on-chain data in helping traders navigate the volatile cryptocurrency market.
Market volatility, a defining characteristic of the crypto realm, introduces opportunities and risks, demanding a nuanced understanding and adept strategies for effective decision-making. Within this dynamic environment, the significance of on-chain data emerges as a crucial tool for traders seeking to navigate the intricacies of volatile markets.
On-chain data, a term resonating within the realms of blockchain and cryptocurrencies, refers to the wealth of information derived directly from the blockchain. This includes transaction data, wallet balances, and various metrics that capture the activities taking place on the blockchain.
Understanding on-chain data is crucial for unraveling the complex dynamics of the cryptocurrency world. Simply put, on-chain data includes a detailed set of information directly from the blockchain. This information covers various transaction details, wallet balances and metrics that create a clear record of activities on the blockchain. Read More
The Rise and Fall of GameStop's NFT Marketplace
What happened to GameStop’s blockchain plans? Here’s a look back into how the gaming retailer got into NFTs—and then bailed.
GameStop has given up on NFTs.
Less than three years after first hinting at its interest in NFTs, GameStop is ditching its NFT marketplace. The game retailer, which began as a U.S.-based brick-and-mortar operation back in 1984, has recently struggled to maintain a profitable business. GameStop was profitable for the first time in years in late 2022, but this followed company-wide layoffs and a corporate exit from some European countries.
Here’s a look into the rise—and fall—of GameStop’s NFT plans. Read More
Circle Completes USDC Upgrade to Version 2.2
Circle is improving its USDC stablecoin to include new functions and improve its functionality. The company recently completed the upgrade of USDC to the 2.2 version, bringing a slew of changes destined to improve performance, and adding new features to the stablecoin.
Most of these changes diminish transaction costs to perform specific functions. For example, the upgrade enhances the performance of the blocklist check function, which allows Circle to identify which wallets can transact and which can’t, according to Circle’s Access Denial policy.
Circle estimates that this brings savings all across commonly used USDC operations, like transacting and trading USDC. According to developers, cost reduction can range between 6-7%. Burning and minting USDC across chains also get savings of 3-4%. Also, some functions that do not involve moving funds are now excluding these checks, bringing further fee savings with this change. Read More
Reports Suggest That Binance is Reviewing the Status of Privacy Coins on Its Platform
Reports indicate that Binance, one of the largest cryptocurrency exchanges, is reviewing the status of privacy coins listed on its trading platform, even considering delisting some. The exchange had been in talks with representatives of these projects about making changes to improve their compliance efforts with the upcoming MiCA implementation.
Jason McGee, a Zcash community grants member, has been having regular meetings with Binance since November 2023, when the exchange expressed its worries about not having the possibility of determining a source address for some Zcash transactions, making it difficult to prove that these funds do not come from an Office of Foreign Assets Control (OFAC) flagged address.
On January 11, after having a meeting with Binance where they rejected implementing a solution to avoid being delisted, McGee declared:
Binance plans to evaluate the discussions they’ve had with various privacy coin projects, whether they plan to adhere to Binance’s requests, and then potentially delist some coins based on this review. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
