The cryptocurrency market has turned totally bearish, with Bitcoin (BTC) plummeting to $20,000 levels. While preparing this report, Bitcoin was trading at $21,282, down 17% in the last 24 hours. Ethereum (ETH) had lost 17% to trade at $1,125. XRP was trading at $0.2994, down 9.70% in the past 24 hours.
Major altcoins, which have lost ground in the past 24 hours, include VeChain (VET, $0.02208, -8.80%), Tezos (XTZ-$1.30, -15.90%), Uniswap (UNI, $3.38 -11.60%), IOTA (IOTA-$0.2429, -9.3%), Stellar (XLM-$0.1019, -9.50%), Binance Coin (BNB- $209.28, -12.80%), Polkadot (DOT, $6.86, -2.60), Cardano (ADA, $0.4475, -4.20%), Internet Computer (ICP, $5.29, -3.90%), Avalanche (Avax- $15.17, -6.20%), EOS (EOS-$0.8737, -11.50%), ChainLink (LINK-$5.55, -6.40%), Bitcoin Cash (BCH, $120.56, -14.50%), Solana (SOL, $26.66, -8%), Cosmos (ATOM, $6.10, -9.80%), Polygon (MATIC- $$0.4058, -14.10%), Shiba Inu (SHIB- $0.00000765, -7.10%) and Dogecoin (DOGE- $0.0515, -15%).
Government level initiatives
Japan parliament approves amended Funds Settlement Law
Japan’s parliament has approved an amended Funds Settlement Law, which consists of fresh guidelines to regulate stablecoins. Nevertheless, the latest law, which will become effective in a year, only seems to be relevant to permissioned networks and does not cater to algorithmic stablecoins.
Notably, as per the new law, issuers of stablecoins will be limited to banks, licensed money transfer firms with custodial capabilities, and trust entities. Third parties such as brokers should get enrolled compulsorily as a portion of the fresh licensing rules. Also, there will be improved anti-money laundering rules and a fresh strategy to track trades. Japan’s Financial Services Agency (FSA) is expected to reveal additional details in the near future.
Several institutions in Japan have started working on the issue of digital currencies. MUFG created its Progmat network, which originally looked at security token issuance. Back in February, MUFG revealed its intention for the creation and release of the Progmat Coin, which will act as the basic framework for supporting stablecoin issuance by several banks. Transfers utilizing the stablecoin network will not be reflected by interbank payments.
Private sector initiatives
Neste partners with Circularise
Neste, the Finland-based oil refiner, has joined hands with Netherlands-headquartered blockchain firm Circularise to offer transparency for its sustainable range of chemicals and polymers. Circularise has a proven history of partnering with prominent players in the plastics industry for tracking. This includes Porsche, Marubeni, and plastics producers DOMO and Covestro. The firm also obtained financing from the EU’s Horizon 2020 scheme.
Concerning chemicals and polymers, the part played by the circular economy is crucial. Four years ago, the International Energy Agency stated that Petrochemicals accounted for roughly 12% of oil consumption. Nevertheless, it forecast demand to rise considerably, with petrochemicals representing about a third of the growth in oil demand by 2030 and roughly 50% by 2050. That places is above aviation, trucks, and shipping.
Circularise’ blockchain distribution chain solution generates digital twins for materials utilizing a range of techniques, including QR codes, RFIDs, NFC, DNA, and chemical trackers. This paves the way for monitoring the material’s origin, processing, and carbon emissions. Without any exception, such a solution paves the way for tracking of fragments and detailed verification of sustainability claims.
DC Comics launches an NFT marketplace
DC Comics (DC), a subsidiary of Warner Bros, has unveiled a non-fungible token (NFT) marketplace. In this regard, DC Comics has partnered with Palm Studio as a development partner. The popular comic book publisher has highlighted that the beta version of the platform has gone live. The initial initiatives, including ‘The DC Bat Cowl’ series, have been listed already. The launch of the beta marketplace is seen as the first step towards a comprehensive expansion of DC Comics’ extensive ecosystem; more ambitious initiatives are now under development.
DC Comics has been playing a pivotal role in the comic book sector for the last 87 years. Batman and Superman, to name a few, are some of the world’s most popular avatars created by the DC team.
Currently, as DC Comics studies the NFT domain, the aforesaid avatars and the wider ecosystem will soon see a place on the blockchain. The initial series planned to be hosted on the blockchain are DC FanDome 2021 NFTs, The DC Bat Cowl Collection, AMC ‘The Batman’ Posters, and Gotham City Knightwatch District Sigil NFTs.
Furthermore, considering the low gas costs and impressive transaction speed, DC has chosen the Palm network as a tech partner for the NFT marketplace. Notably, people who purchase the ‘DC Bat Cowl Collection’ will also aid in designing an upcoming edition of the comic on Batman. Specifically, the holders of 20,000 NFTs, which cost $300 per piece, will have a say on the storyline, characters, and art used by the DC Comic.
Miscellaneous
NYX partners with the Sandbox metaverse and People of Crypto
NYX, a cosmetics subsidiary of L’Oreal, has partnered with the Sandbox metaverse and People of Crypto (POC), a blockchain-focused firm exploring Web 3 potential. Under the partnership, an avatar series based on various ethnicities, gender identities, color shades, sexual orientations, and also numerous makeup appearances is planned to be released.
Pride Month is being celebrated via this project, but the series also makes an effort to highlight a variety of underrepresented groups. Overall, 8,430 avatars are planned to be minted and offered for sale in the Sandbox’s metaverse, which will also include a distinct “Belonging Week” aiming to educate users on diversity, fairness, and inclusion. The revenue generated from the avatar sales will be donated to the LGBTQ+ organization.
In addition to the support provided for a significant reason, NYX’s venture additionally showcases the degree to which reality can be portrayed by avatars.
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