The cryptocurrency market has turned bearish, with Bitcoin (BTC) breaking below $19,000. While preparing this report, Bitcoin was trading at $18,532, down 2.30% in the past 24 hours. Ethereum (ETH) was trading at $1,254, a decrease of 6.30% in the same period. XRP had lost 2.1% to trade at $0.4017.
The list of major cryptos, which have gained in the last 24 hours, includes Uniswap (UNI, $5.53, 2.70%).
The major crypto, which has lost ground in the last 24 hours, is Dogecoin (DOGE – $0.0575, -3.3%), Polygon (MATIC – $0.7158, -3.50%), Solana (SOL, $31.04, -2.80%), Avalanche (Avax- $16.70, -0.70%), Stellar (XLM, $0.1118, -4%), Binance Coin (BNB – $264.79, -1.20%), Internet Computer (ICP, $5.94, -0.40%), EOS (EOS – $1.18, -12.1%), Bitcoin Cash (BCH, $110.11, -3%), VeChain (VET, $0.02203, -3.60%), Tezos (XTZ, $1.43, -3.6%), IOTA (IOTA – $0.2539, -3.70%), Cardano (ADA, $0.4417, -3.80%), Shiba Inu (SHIB, $0.00001048, -1.30%), Polkadot (DOT, $6.21, -1.80%) and ChainLink (LINK – $6.74, -3.10%).
Private sector initiatives
Apex Group parners with Inveniam
Apex Group has entered into a partnership with Inveniam, which employs blockchain and AI-powered platforms to offer trusted valuation info for alternative assets, including real estate and private equity. The solution enables Apex to offer its customers ‘Valuation as a Service.’ Notably, in 2021, Apex headed a $25 million Series A funding for Inveniam.
Assets, which are publicly listed, can be easily bought and sold because of liquidity and transparent pricing mechanism. On the contrary, the valuation of private assets necessitates data from the seller, followed by due diligence, which can take several months.
Inveniam’s ‘Valuation at a Service’ intends to expedite the laborious due diligence required for private asset valuations and simultaneously allow the asset owner to retain control of the crucial data. An interested buyer can be provided with permission to access relevant data.
The blockchain platform retains a bouquet of validated records containing the data. The AI facilitates extracting necessary data from the documents. Professionals can validate the data. The platform is currently used by popular entities such as Cushman & Wakefield, JLL, CBRE in real estate, and accountants Deloitte and Baker Tilly, amongst others.
VAKT unveils electronic trade confirmation solution
Invariably, a major portion of physical oil trade contracts utilizes paper-based agreements, usually in the form of pdf versions. Blockchain post-trade firm VAKT performed an analysis and identified that this manual process gives rise to errors in at least 15% of contracts. Utilizing smart contracts, VAKT unveiled an electronic trade confirmation solution, and Gunvor and TotalEnergies were the first parties to carry out real-time transactions.
VAKT has the backing of multiple oil majors, including Chevron, BP, Saudi Aramco, Total, and Shell, in addition to traders and a limited number of banks. Usually, a contract outlining general terms and conditions is signed by traders for trading oil and other commodities. This is followed by a pdf agreement for each transaction. This is where errors occur.
VAKT has almost put an end to it through its platform. The firm has pointed out that it is not an easy task. Furthermore, the blockchain startup has stated that a transaction involving natural gas is quite straightforward, but a refined oil product has 50 columns to fill up. This increases to 135 with the inclusion of delivery terms and pricing structure.
Confirming seaborne oil trades using the VAKT platform is a key milestone in the digitization of physical commodity markets. This forms the groundwork for future tokenization of oil contracts.
PUMA unveils metaverse experience at the New York Fashion Week
At New York Fashion Week (NYFW), popular sportswear company PUMA unveiled its metaverse experience. Referred to as ‘Black Station,’ the aforesaid 3D metaverse platform will encompass future NFT ventures. It also intends to incorporate PUMA’s future plans, offering clients fresh opportunities to engage with the brand through immersive online adventures.
Starting 13 September, unique NFTs that can be used for redemption of limited edition physical sneakers are offered as a portion of PUMA’s NYFW event FUTROGRADE.
The project is seen as beneficial for PUMA. The unveiling of Black Station at NYFW is seen as a tactical positioning as the brand intends to engage with both a digitally savvy client base and futuristic fashion. Additionally, setting it up as an immersive Web3 venue permits PUMA to interact more with clients digitally, thereby promoting community interaction and establishing fresh revenue streams through the metaverse.
Miscellaneous
Accenture hired 150,000 online staff members during Covid
Accenture visualizes the metaverse as the future of the internet. Instead of being a single concept, it views the metaverse as a continuity that fills the gap between the internet of place and the internet of value. The outbreak of COVID-19 paved the way for the deployment of the technology at scale.
Specifically, while the world was reeling under COVID-19, Accenture hired 150,000 staff online. The new Accenture staff were given a laptop and an XR headset on joining the firm. Rather than purely utilizing Zoom, the new staff went through an immersive experience at the Virtual One Accenture Park.
Melanie Cutlan, who heads Accenture’s Metaverse Technology Capabilities, explained, “The metaverse must be supported by a unified wallet architecture that enables me to transport my money, identity, tokens, and certificates into various digital activities. It will require rethinking customer service and communication aspects.”
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
