The cryptocurrency market remains range-bound, with Bitcoin (BTC) hovering around $40,000. While preparing this report, Bitcoin was trading at $40,525, an increase of 3.80% in the last 24 hours. Ethereum (ETH) had gained 4.70% to trade at $2,999. XRP was trading at $0.6985, up 2.70% in the past 24 hours.
Major altcoins, which have gained ground in the last 24 hours, include Terra (LUNA- $96.03, 7.60%), Binance Coin (BNB- $403.93, 2.50%), Cardano (ADA, $0.8865, 2.50%), VeChain (VET, $0.0558, 3.80%), Polkadot (DOT, $18.05, 1.80%), Internet Computer (ICP, $16.16, 3%), Avalanche (Avax- $72.07, 2.70%), ChainLink (LINK-$13.35, 2.50%), Bitcoin Cash (BCH, $313.94, 2.70%), Solana (SOL, $100.79, 3.60%), Stellar (XLM-$0.1902, 2.10%), Cosmos (ATOM, $21.93, 0.50%), Polygon (MATIC- $1.34, 1.90%), Tezos (XTZ-$2.94, 1.90%), Shiba Inu (SHIB- $0.00002427, 3.70%), EOS (EOS-$2.36, 3%), Dogecoin (DOGE, $0.1528, 19.50%) and Uniswap (UNI, $8.72, 3.20%).
Private sector initiatives
Warner Music partners with POAP
Warner Music has entered into an agreement with POAP (Proof of Attendance Protocol) to develop digital memento NFTs for fans attending music programs. To begin with, NFTs will be created for Atlantic Records rapper Kevin Gates’s event.
Frequently POAP NFTs are used not only as collectibles but also as incentives. For instance, Adidas encouraged people to create a free POAP when it entered the NFT domain. Later on, the holders of Adidas POAPs are whitelisted for consequent NFT drops from Adidas involving its partnership with the Bored Ape Yacht Club. Many firms have also utilized POAP tokens for drawings and private chat rooms.
Joe Khoury, VP of A&R and Marketing, Atlantic Records, said, “POAPs permit us to celebrate special moments, while rewarding die-hard supporters with a way to invoke their past experiences.”
Other popular brands which have made use of POAP include TIME Magazine, Budweiser, Coach, the US Open, and FOX.
Volkswagen SA launches NFT promotion on new Polo
The South African subsidiary of German car manufacturing firm Volkswagen SA has unveiled a non-fungible token (NFT) promotion campaign for the launch of its latest version of Polo. The interactive promotion started with the rollout of a futuristic commercial that comprises hidden NFTs. Volkswagen SA posted clues on social media platforms, and participants were asked to tweet screenshots of NFTs shrouded in the advertisement to win prizes.
The promotion process saw the release of 100 distinct NFTs over a period of five days on the OpenSea marketplace. The NFTs were awarded to the initial 20 participants who tweeted the accurate answer to the hint. Three unique ‘Golden’ NFTs were awarded to the 100 eligible winners, along with prizes such as the Volkswagen Advanced Driving course and PlayStation 5.
Several automobile manufacturers have entered the NFT domain. In March, McLaren Automotive inked a partnership with InfiniteWorld to unveil an NFT series based on McLaren’s high-end cars. Likewise, back in August 2021, Porsche auctioned the outline of a car image via the SuperRare marketplace. Also, Audi unveiled an NFT series in China utilizing the xNFT Protocol.
Miscellaneous
Blockdaemon reveals investor participation
Blockdaemon, which offers a framework including nodes for blockchain and cryptocurrency staking facilities, revealed the participation of Salesforce Ventures, Invicta Growth, Citi Ventures, and Telstra Ventures as investors in the project. However, the firm did not reveal the sum invested.
In January, the company conducted a $207 million Series C investment round based on a valuation of $3.25 billion, taking the tally of funds raised to roughly $400 million. Investors who took part in the funding include JP Morgan Chase, Goldman Sachs, SoftBank Vision Fund 2, and Tiger Global.
Konstantin Richter, CEO and Founder of Blockdaemon, has pointed out that “Wealthy investors from across the globe have placed their faith in Blockdaemon because we provide a robust and safe blockchain framework that allows them to participate in the bitcoin environment.”
The company gained popularity after offering validator nodes to big token holders for PoS (proof-of-stake) blockchains. It backs 50 blockchains, of which 50% use the proof-of-stake protocol. At present, the company has unveiled over 40,000 nodes and averages $10 billion in assets staked on a monthly basis.
Wallenius Wilhelmsen buys a stake in Vinturas
Shipping company Wallenius Wilhemsen has acquired a stake in logistics-focused blockchain platform Vinturas, which is backed by top supply chain companies involved in the transportation of brand new cars in Europe.
Prominent investors in the platform include Koopman Logistics (Netherlands), Axess Logistics (Sweden), Autolink (Norway), NVD (Ireland), and Groupe CAT (France). Notably, the only non-logistics stakeholder in the platform is Santander Consumer Finance.
Vinturas states that the supply chain issue has bolstered the need for tech solutions from truck owners, manufacturers, supply chain firms, and carriers. By digitizing the supply chain of finished cars from the production facility to dealer, and improving efficiencies, there is a possibility to increase value. For instance, dealers will be aware of the estimated delivery time of new cars, enabling manufacturers and truck owners to administer the supply chain in real-time.
Vinturas, which was established in 2019, utilizes enterprise-level blockchain Hyperledger Fabric for its platform. Notably, Hyperledger was developed by IBM. Aman Sharma, IBM’s Blockchain Strategy Consultant, has pointed out that the platform not only enables tracking but also facilitates quality checks and dispute settlements. Additionally, the platform also provides status information and odometer metrics, among other things. The platform can be used for managing ocean-based shipping across the globe and also land transportation in Europe.
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