The cryptocurrency market remains range-bound with a slight bearish bias as Bitcoin (BTC) struggles to stay above $40,000. While writing this article, Bitcoin was trading at $42,248, down 1.50% in the last 24 hours. Ethereum (ETH) has lost 3.10% to trade at $3,216. XRP was trading at $0.7656, down 1.30% in the past 24 hours.
Major altcoins, which have gained ground in the past 24 hours, include IOTA (IOTA-$1.19, 5.70%). Cardano (ADA, $1.61, 10.40%), EOS (EOS-$2.92, 1.10%), Bitcoin Cash (BCH, $393.94, 2.60%), Bitcoin SV (BSV-$113.35, 1.10%) and Dash (DASH-$136.84, 0.90%).
Major altcoins, which have lost ground in the last 24 hours, include Polkadot (DOT, $25.82, -3.80%), Internet Computer (ICP, $30.03, -1.10%), Tezos (XTZ-4.09, -3.50%), Solana (SOL, $140.32, -3.30%), VeChain (VET, $0.758, -2.50%), Dogecoin (DOGE, $0.1702, -2.20%), Stellar (XLM-$0.2571, -0.30%), ChainLink (LINK-$24.34, -2.90%), Cosmos (ATOM, $39.20, -9.80%) and Uniswap (UNI, $17.06, -3.60%)
Private sector initiatives
Credit Suisse funds two manufacturers through eNote
Credit Suisse has stated that it has funded two manufacturers through the use of a digital promissory note (eNote). While announcing the completion of the trial, the Swiss headquartered institution revealed that the technology was developed by Zurich-headquartered FinTech FQX, and the funding was done to Swiss firms Mikron and SFS.
In its press release, the company said, “the eNote is a blockchain-powered short-term loan document that allows corporations such as SFS and Mikron to significantly simplify corporate treasury activities while enhancing financial options.”
SFS offers automated fastening systems, precision components, assemblies, and supply chain solutions. Mikron provides cutting tools, automation solutions, and machining systems.
In its webpage, FQX said, “An eNote is an unconditional guarantee to pay a certain money to some other party on a predetermined date. The eNote is powered by Blockchain technology and may be sold and handed over to any other party, for example, an investor.”
eNotes surpass alternative financing choices as negotiable instruments “due to their financial steering features and worldwide transferability,” and are centered on “the internationally proven, previously paper-based ‘promissory notes.'”
Associated Press launches NFT marketplace
Independent media outlet Associated Press is unveiling its own non-fungible token (NFT) marketplace for collectibles focused on current and historic photos shot by journalists. Xooa is the technical partner for the intended marketplace. The Associated Press was established in 1846 in an attempt to foster neutral journalism and publish evidence-based news. The organization has received 56 Pulitzer Prizes, including 34 for photography.
Although sports cards and exclusive caricature-like figures are obvious collector prospects, photography is yet to be pursued to the same level.
Sotheby’s has been involved in auctioning photographs for the last 47 years, and in the spring of last year, the firm sold photographs worth over $7 million through its New York and London offices.
The Associated Press project is aimed at filling this market need. The bundle will include digitally improved pictures taken by present and previous photojournalists working for the agency as well as Pulitzer Prize winners. Every NFT will contain data such as time, place, device, and method used to capture the photograph, and also the photo itself. This aspect is likely to appeal to picture collectors, and it is an attempt to appeal to this market instead of strictly focusing on crypto-savvy NFT customers.
As a non-profit organization, the proceeds from the marketplace will be used to finance balanced journalism. In order to be fair and affordable to customers, the cost of each NFT will differ, and buyers will be able to trade them in a secondary marketplace using a credit card or even cryptocurrency.
Homa Games to organize a game jam devoted to Legend Cards
Homa Games, during the fourth release of the HOMAJAM series next month, intends to organize a game jam devoted to Sorare’s collectible Legend Cards and the objective of promoting non-fungible tokens (NFTs) in the mobile gaming market.
Last year, both Homa Games and Sorare had tremendous development and positioned themselves as leading players. In September 2021, Sorare received $680 million in the Series B funding round, the largest ever investment in Europe so far, translating to a valuation of $4.3 billion.
In only a year, the firm achieved $250 million in card trades and over $100 million in net income. Homa Games, which was created four years ago, raised $65 million last year and reached the 500 million downloads milestone with its wide collection of smartphone games. Contestants in the jam will be allowed to utilize their collectible legend cards as avatars in the competition and will be tasked to discover the most interesting manner to do so in order to earn exclusive bundles of Sorare cards.
The winner of the tournament, chosen by Sorare and Homa Games, will get a set of cards, including one exclusive card, two extremely rare cards, four rare cards, and 20 restricted cards. The collectibles are worth more than $7,000 on the secondary market.
Three further rewards in the form of one super rare, two rares, and ten restricted cards worth about $1,500 will be given to the developer that presents the greatest CPI (cost per install for a smartphone game), engagement, and loyalty data. Each member will also get a unique gift. Competitors will get one month to create and present a demo game based on the Legendary personalities.
Miscellaneous
Terra Protocol to launch a native stablecoin
Terra protocol is the second-largest player in the DeFi (decentralized finance) arena. With the total value locked (TVL) currently pegged at $16.80 billion, it stands next to Ethereum blockchain. The firm intends to spend $140 million to make its native stablecoin (TerraUSD-UST), which is the 20th largest crypto with a market cap of $10.30 billion, available on Solana, Ethereum, and Polygon blockchain. TerraUSD (UST) is the fourth-largest stablecoin after Tether, USD Coin, and Binance USD.
Notably, Terra blockchain also issues the LUNA token, which is the 10th largest crypto with a market cap of $25.70 billion. Terra intends to widen its inter-chain deployment of UST across five ventures on Solana, Ethereum, and Polygon. In the case of Ethereum, the project Tokemak will get $50 million in funding over a span of six months.
Also, on the Ethereum blockchain, Rari Fuse (a project run by Rari Capital), which intends to establish permissionless lending and borrowing pools, will receive $20 million in funding. Convex, another Ethereum based protocol, will be funded to the tune of $18 million over a period of six months.
In the case of Solana, InvictusDAO will remain the beneficiary. The Olympus DAO fork presently owns $50 million in Tether and USD Coin. Terra aims to substitute and even eclipse the aforesaid stablecoins. Finally, Olympus DAO, hosted on Ethereum, Solana, and Polygon, will receive 1.425 million UST.
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