Crypto NFT Today: The latest news in blockchain, cryptocurrency and NFT: 24-30 August 2022
Welcome to another edition of Crypto NFT Today! If you like cryptocurrency, NFTs and riding emotional roller coasters, this is the place to be.
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The crypto market stabilizes after weekend sales
The weekend saw a huge selloff that saw major cryptos like Bitcoin drop 15% in value. The bleeding appears to have stopped on Tuesday, as markets stabilized for the first time in a week.
After a rally in August, Tier 1 blockchain tokens including Solana and Polkadot mirrored Bitcoin’s 18% loss as investors looked to cash in on the recent rally.
US stock futures showed modest gains and bond prices rose.
Matt Weller, head of research for Forex.com, told CoinDesk in an email that there was “little in the way of fundamental or macroeconomic news to drive the sell-off, but rather traders’ appetite for risk assets has simply collapsed across the board.”
Despite Weller’s comments, the upcoming U.S. Federal Reserve’s annual economic symposium in Jackson Hole, Wyoming, on Friday could affect the recent selloff. The Fed’s July meeting pushed back against hopes of liquidity easing in 2023, and investors could be ahead of another negative report from the central bank.
US lawmaker demands explanation for Tornado Cash Ban
U.S. Congressman Tom Emmer (R-Minn.) sent a letter to the Treasury Department on Tuesday, asking for an explanation of the recent sanctions against the Ethereum coin mixing service, Tornado Cash.
In the letter, Emmer called the ban on a “neutral, open source, decentralized technology” a “deviation” from historical precedent.
The ban came after the Treasury Department’s Office of Foreign Asset Control (OFAC), the Treasury Department’s sanctions watchdog, added Tornado Cash to its list of specially designated nationals over allegations that it helped North Korea’s Lazarus hacking group launder millions of dollars in crypto income that was stolen. from various crypto projects in recent years.
The concerns raised in the letter include how US users can reclaim funds currently locked in the mixer and how Tornado could appeal the sanctions since it is not considered an entity or an individual.
‘Open-Chat Alliance’ allowing cross-chain messaging in development
Solana-based projects join forces to create a cross-chain messaging system. The “Open Chat Alliance”, as it is called, consists of 19 members, including Notifi Network, Bonfida and Only1.
Their goal is to create a messaging standard for crypto projects that proponents hope will break down the data silos between projects and chains.
A transparent and interoperable standard for handling crypto-based messages could potentially spread across the industry, adding convenience and efficiency to crypto users and investors.
Leon Lee, founder and CEO of Only1, said an example of the alliance’s framework includes GameFi and NFT dapp users freely communicating with each other, without the boundaries of separate protocols, wallets or chains.
“You use your wallet as your kind of passport. And that passport has data about what you have and don’t have in your possessions,” said Kim, the Notifi CEO.
GameSwift partners with Polygon to build a Web3 gaming ecosystem
GameSwift has announced that they are creating a Web3 game ecosystem that aims to enable mass adoption of Web3 games.
This new approach to the market from the fundraising platform on the Terra blockchain came from its strategic partnership with Polygon. This partnership will allow GameSwift, formally StarTerra, to begin setting up its ecosystem, leveraging Polygon Edge technology and zero-knowledge security. The aim is to become a one-stop shop for games and players who want to get involved in Web3.
Formerly StarTerra, Gameswift has rebranded and is currently setting up its own chain using Polygon’s technology, changing its business model and focusing on the Web3 gaming segments.
In addition, Polygon awarded the GameSwift team a financial grant as part of the partnership, making GameSwift the ecosystem of choice for all Web3 games built on Polygon.
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