EU Squashes Crypto Mining Ban

ALSO: Japan issues penalties for crypto exchanges, Magic Eden raises $27 Million, and more |
Open your account now at nexo.io

What others are writing...

Off-Chain Signals

  • Tennessee Bitcoin Miner Faces Lawsuit Over Noise Complaints (Decrypt)

  • Darnet Dealer Forfeits $2.3M in Bitcoin, Sentenced to 8 Years (Decrypt

  • Bitcoin mixing service CoinJoin starts blacklisting BTC tied to illegal activity (The Block

  • Crypto vs. physical: The Elon Musk-Michael Saylor inflation debate boils down to scarcity (Cointelegraph)

  • Austin's mayor embraces Web3 tech and crypto payments (Cointelegraph)

  • Crypto Exchange Bitstamp USA Taps Wall Street to Boost Diversity (Bloomberg)

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Putting the news into perspective

The Takeaway

The First NFT Monopoly

 

With Bored Apes and CryptoPunks under the same corporate roof, the NFT market barrels toward further centralization.

 

This past fall, I wrote about the idea that, while much of the rhetoric around cryptocurrencies has to do with "decentralization" as a guiding ethos, the NFT space is in fact already extremely centralized.

 

Specifically, it's centralized on the sales side. According to data from the blockchain analytics company DappRada, the vast majority of all NFT sales volume is concentrated on two platforms: OpenSea, the Andreessen Horowitz-backed incumbent, and LooksRare, a scrappy outsider that emerged a few months ago. But since the vast majority of sales volume on LooksRare comes from "wash trades" – that is, traders selling themselves their own NFTs in an attempt to take advantage of the platform's token rewards system – it's safe to say that what you might call real NFT trades are happening almost entirely on OpenSea.

 

And while that's still very much the case, the NFT market has recently begun a kind of second-order centralization in the realm of content.

 

On Friday evening, Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, announced it had acquired the "brands, copyright in the art and other IP rights" for two NFT projects from the developer Larva Labs: CryptoPunks, the pixelated mugshots that helped elevate NFTs into the public consciousness last year, and Meebits, their 3D counterparts.

 

CryptoPunks were the world's most valuable NFTs for most of 2021, until Bored Apes dethroned them.

 

Read the full story here.

 

Will Gottsegen

Anonymity Is the Key to Everything

 

Anonymity – this word plunges many into fear. Fear of the unknown and fear of ever having to leave your comfort zone. However, some have overcome all this.

 

One international team of experienced risk managers, programmers and quants has decided to make a loud statement about their developments in automatic high-frequency trading algorithms (HFTA). The Mechanics of the Future team has created an anonymous Insider Protocol ecosystem built on an improved version of MimbleWimble technology.

 

*This is sponsored content from Insider Protocol.

The Chaser...

The Node

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