SuperRare reduces employees by 30% as growth slows during crypto winter.

SuperRare reduces employees by 30% as growth slows during crypto winter.

by | Jan 25, 2023 | News, NFTs

What Exactly Is SuperRare (RARE)?

SuperRare is a major NFT platform, having collected about $250 million in digital art and paid out $3 million in artist royalties so far.  SuperRare originated from its 1.0 iteration, in which the core team hand-picked and approved artists to mint their works as SuperRare NFTs on a shared smart contract. SuperRare 2.0 modified that by offering web-scale curation, autonomously functioning platform stores, and sovereign minting contracts allowing artists to mint, advertise, and sell their works directly to collectors.

SuperRare moved ownership and governance of the network to the community by beginning on this road of gradual decentralisation. SuperRare 2.0 is a decentralised organisation that manages important platform settings, distributes monies from the Community Treasury, and votes on proposed network and protocol enhancements.

SuperRare reduces employees by 30% as growth slows during crypto winter.

SuperRare Labs, the business behind the NFT marketplace SuperRare, became the latest crypto participant to announce job cutbacks on Friday, citing a 30% reduction in its workforce.

The announcement was made by SuperRare CEO John Crain, who tweeted a statement he delivered to Slack workers. Crain cited rapid expansion and over-hiring as causes for the layoff, stating he accepts "all responsibility for this blunder."

To correct course, he stated that they have made the difficult decision to rightsize its staff, ensuring that SuperRare Labs can continue to serve their community of artists, curators, and collectors while remaining the destination for the world's finest cryptoart. SuperRare, which debuted in 2018, is a social network for art artists and collectors of NFTs on the Ethereum blockchain. NFTs are blockchain-based tokens that are tied to digital and physical material, proving ownership, legitimacy, or group participation.

Several major figures in sports and entertainment have taken their digital art projects to SuperRare since its inception. SuperRare earned $9 million in a Series A investment round headed by Velvet Sea Ventures and crypto fund 1 confirmation in March 2021. Mark Cuban, Ashton Kutcher's Sound Ventures, and SamsungNext also participated in the funding round.

During Miami Art Week in November of that year, hip-hop musician and NFT collector Snoop Dogg debuted an NFT collaboration with mixed media artist Coldie on SuperRare. Madonna collaborated with digital artist Beeple to offer an NFT collection on SuperRare in May 2022.

Crain stated that SuperRare will assist people affected by layoffs in transitioning to other opportunities. While the news of the layoff may seem bleak for the firm, Crain sought to remain upbeat in his email to staff, stating that there is still much innovation and revolution to come for digital art and Web3.

He went on to say that while they were facing challenges, there was an enormous untapped potential as they worked to create something altogether new: a global digital creative renaissance that is transparent, fair, and accessible from anywhere on the planet. Decrypt has reached out to SuperRare for more comments but has yet to get a response.

Several crypto firms have declared layoffs just a few days into 2023 as a result of the protracted crypto winter and contagion from the collapses of Terra, Three Arrows Capital, and FTX in 2022. Silvergate Capital is laying off 40% of its workers, Genesis is laying off 30%, and Huobi is laying off 20%.

But it's not just crypto that's downsizing: large IT businesses ranging from Salesforce to Amazon are laying off workers as the US economy struggles in the new year.

What Makes SuperRare So Special?

SuperRare 2.0 was created by solving three major issues: A single team's curation and gatekeeping are not conducive to a large creative ecosystem. Artists deserve as much help as they can get, yet a single team can only do so much. There is no viable method to organise one's whole collection in the NFT art ecosystem.

SuperRare solved this by offering SuperRare Spaces, which are independently owned SuperRare storefronts that collect art and artists, publicise deals, hold auctions, and earn commissions. Each Space is free to design its own branded ERC-721 coin and ask artists to mint NFTs using it on an as-needed or continuous basis. This allows each Space to become its own self-contained crypto art gallery.

Furthermore, self-sovereign minting contracts enable artists to run a bespoke NFT minting contract, tokenize, and market their art as distinct independent artists. Thus, in addition to minting on a shared contract with other artists, artists might become their own sovereign creative platform.

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Ripple’s Payments Network Volume Exceeds $15 Billion, According to Top Executive

Ripple’s Payments Network Volume Exceeds $15 Billion, According to Top Executive

by | Jan 25, 2023 | Altcoin News, News

Ripple stated on Tuesday that it had purchased the shares from the investors that contributed to its $200 million Series C round in December 2019. According to the firm, the new share buy values the company at $15 billion, which is a third higher than the $9.8 billion valuation acquired during the Series C.

What Exactly Is Ripple?

Ripple is the inventor of its own cryptocurrency, XRP, as well as a blockchain-based digital payment network and protocol. Ripple's core mechanism is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers used by banks and financial middlemen operating across currencies.

The coin of the cryptocurrency is premined and traded under the ticker symbol XRP.

Ripple is the name of the corporation and network, and the cryptocurrency coin is XRP. The goal of XRP is to act as a form of transitory settlement layer denomination, acting as an intermediary mechanism of exchange between two currencies or networks. Jed McCaleb and Chris Larsen co-founded Ripple, which debuted in 2012. The buyback and value are noteworthy because they indicate that Ripple is optimistic about its prospects, despite an SEC lawsuit that shook the business at the end of 2020.

Also Read: Ripple Vs SEC – The legal battle is about to get closed?

The issue, which is being keenly followed by the wider crypto industry, revolves around whether Ripple and its top executives offered the cryptocurrency XRP to the public as an unauthorised security. According to a Ripple representative, the company used funds on hand to buy out the investors.The spokesman emphasised "our exceptionally strong market position" and stated that "Ripple is cash flow positive, has $1 billion in the bank, and a robust balance sheet."

Tetragon Financial Group, which sued Ripple in early 2020 in an unsuccessful attempt to back out of its investment following the SEC complaint, was among the investors that sold their shares back to Ripple. Ripple also hailed 2021 as its most successful year ever, claiming that the volume of its payment business has doubled and its "on demand liquidity" service has expanded to 22 markets from three in 2020.

The news on Tuesday may persuade Ripple critics who have long questioned the company's viability. Ripple, which was founded in 2011, is most known for controlling the majority of the cryptocurrency XRP, which it has sold for years to support its operations.

Ripple Understanding

Ripple runs on an open-source, peer-to-peer decentralised infrastructure that enables the frictionless movement of money in any currency, including dollars, yen, euros, and cryptocurrencies such as litecoin and bitcoin. Ripple is a worldwide payments network with major banks and financial organisations as customers. XRP is employed in its products to allow for the fast conversion of different currencies.

In recent years, the company has regularly attempted to advertise XRP as a "bridge currency" to enable international transfers, supplying software to banks and money markets to do so. Skeptics, on the other hand, argue that the software business is incidental and that the majority of Ripple's earnings continues to come from XRP sales. The SEC made the same assertion in its case, and as a result of the agency's efforts, the price of XRP fell and some exchanges ceased providing the currency to consumers.

In response to the complaint, Ripple has launched an unusually vigorous defence, accusing the SEC of hypocrisy for classifying Ethereum's currency to be a security but XRP is not. While some legal experts believe Ripple will lose the case, the business has won a series of procedural victories that might embarrass the government by requiring it to give over details of its internal deliberations. Currently, XRP is trading about 60 cents and is the eighth most valuable cryptocurrency.

 

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NFT Trading Volume Increases Amid Market Slump

NFT Trading Volume Increases Amid Market Slump

by | Jan 25, 2023 | News, NFTs

What Is An NFT?

The term "non-fungible token," or "NFT," refers to a token that resembles a cryptocurrency. NFTs, on the other hand, are non-fungible, similar to tangible assets you may sell in a marketplace, in contrast to cryptos, which are fungible like physical currencies in that one Bitcoin is directly interchangeable with another. For instance, a $1 coin is about the same as any other, while a rare baseball trading card stands out from virtually all others. Digital artwork, which can also include digital content like music or video game characters, is where a lot of the enthusiasm surrounding NFT trading is found.

How NFTs Operate

NFTs are digital tokens that are recorded on a blockchain ledger and traded among the network, much like cryptocurrencies. NFT trading has a number of advantages, including immutability, security, and transparency.

NFT Trading Volume Increases Amid Market Slump

Despite the ongoing market decline, NFT trade volumes appear to be increasing as 2023 gets underway. NFTGO data shows that on January 5, a record-breaking 32,000 ETH were exchanged on the NFT market in a single day. This hasn't happened in three months for the first time. On the same day, OpenSea's ETH trade volume reached a two-month high.

Also Read: As a result of community feedback, the NFT rarity ranking protocol has been revised by OpenSea.

According to DappRadar data, total NFT sales volume increased in 2022, nearly matching the high of 2021. The organic trading volume of the NFT market across blockchain platforms and marketplaces in 2022 is expected to be over $24.7 billion. This is a modest decrease from the $25.1 billion recorded in 2021.

According to DappRadar, the number of NFTs exchanged last year surged drastically while total trading volume remained relatively flat. The analytics business recorded over 101 million NFT transactions in 2022, up from approximately 58.6 million in 2021. As the prices of crypto and NFTs fell, more NFTs were swapped at lower USD values.

With the failure of Terra's LUNA and UST in May, the crypto market lost a lot of value over the year. The failure of cryptocurrency exchange FTX, and the accompanying industry contagion, had a significant influence on cryptocurrency values, exacerbating the current bear market. The NFT market moved in the same general direction throughout the year.

Sales surged in January 2022 as the excitement of the previous year flowed over into the new year. OpenSea, the leading marketplace, achieved a record month with $5 billion in trade volume. After that, trade volume fell for a while, but the launch of NFT land plots for Yuga Labs' Otherside in late April bolstered the market and led OpenSea to set a new single-day trading volume record.

Learn More: Let’s take a look at the effect of music NFT on gaming

In December 2022, DappRadar reported approximately $684 million in organic transactions, up from over $662 million in November. In December, NFT sales exceeded 6.7 million, up from 4.8 million in November and 6.1 million in October. With over $297 million in activity throughout the month of December alone, OpenSea retained its position as the primary platform for organic NFT trading.

Are NFTs a passing fad?

Cynics frequently point out that, given the nature of digital artwork and assets, having an NFT is pointless. A digital piece of art, for example, that could be sold for several million dollars can simply be downloaded by anybody to see, change, or use at whim, rendering NFT trade obsolete.

This is not dissimilar to tangible art, as anyone can go online and download a photo of the Mona Lisa or purchase a print. This does not, however, make your printed poster worth $900 million. Similarly, possession of an NFT is more valuable than ownership of a copy, and its value is established by the market forces.

 

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What Can We Expect From NFT and the Metaverse in 2023?

What Can We Expect From NFT and the Metaverse in 2023?

Jan 25, 2023 |

The concept of the metaverse has recently received a lot of interest in the tech sector. The metaverse, also known as the virtual universe, is a computer-generated virtual world that allows users to interact in real time with each other and digital things. A fully...

NFT Research Instrument NFT Inspect is closing down.

NFT Research Instrument NFT Inspect is closing down.

Jan 25, 2023 | ,

What is NFT Inspect? NFT Inspect is a web3 aggregation and social analytics application that allows makers and collectors of non-fungible tokens (NFTs) to obtain real-time data from Twitter through profile images (pfps). It offers a web-based platform and a Chrome...

Mastercard and Polygon collaborate to establish the Web3 musician accelerator programme.

Mastercard and Polygon collaborate to establish the Web3 musician accelerator programme.

by | Jan 25, 2023 | Business, News

What Exactly Is Polygon (MATIC)?

Polygon, denoted by the symbol MATIC, is a cryptocurrency as well as a technical platform that connects and grows blockchain networks. The Polygon platform uses the Ethereum blockchain to link Ethereum-based projects. Using the Polygon platform can boost a blockchain project's flexibility, scalability, and sovereignty while still providing the security, interoperability, and structural benefits of the Ethereum blockchain.

MATIC is an ERC-20 token, which means it can be exchanged for other digital currencies based on Ethereum. MATIC manages and protects the Polygon network while also collecting network transaction fees.

Polygon collaborates with Mastercad

The initiative will help five new artists build and manage their Web3 identities, as well as educate music industry professionals about the benefits that Web3 technology may give. Mastercard is expanding its exposure to blockchain technology again, this time by introducing a Polygon-based accelerator programme to assist artists advance their careers via Web3. In a blog post on Jan. 7, the firm launched the "Mastercard Artist Accelerator" initiative, noting that it will link five new artists from across the world with mentors who will help them grow their brand in the Web3 music sector beginning this spring.

According to the article, the artists will be taught how to construct (and control) their brand using Web3 activities such as minting NFTs. It will represent them in virtual environments, and build an active community and will have exclusive access to special events, music releases, and other opportunities. The initiative will culminate later this year with a live-streamed artist showcase.

Also Read: The expanding Polygon market competes with Ethereum

In addition, Mastercard is creating a non-fungible token (NFT) collection dubbed the "Mastercard Music Pass" for people who were not selected for the programme. The purpose of brand collaborations is to give hodlers with instructional materials and "unique tools” to assist aspiring artists in learning about Web3 connections with the music industry.

Polygon Studios CEO Ryan Watt stated in the release, "Web3 has the ability to empower a new type of artist who can establish an audience, earn a career, and provide fresh medium for self-expression and engagement on their own."

Polygon looks to be on pace to become a hotspot for Web3 music projects. On December 6, Cointelegraph announced that Warner Music Group has teamed with Polygon Studios and e-commerce and interactive platform builder LGN.io to launch LGND Music, a Web3 music portal.

Users will be able to listen to music as well as collect and trade music NFTs on the site, which is expected to launch later this month. Mastercard's participation in the blockchain and cryptocurrency industries has grown. In January 2022, Mastercard teamed with Coinbase to let Mastercard cards be used to purchase NFTs on Coinbase's marketplace.

Also Read: Polygon projected 6.5% within one day As MATIC Investors See Bullish Momentum!

In mid-October 2022, Mastercard teamed with Paxos to enable banks to offer cryptocurrency trading and associated services to their consumers. Cointelegraph reported the same month that Mastercard has released a crypto fraud prevention solution, allowing banks to identify and prevent fraud on cryptocurrency merchant platforms within its network.

The Polygon's Future

Polygon Studios was founded in 2021 as a Polygon firm specialised on blockchain games and non-fungible tokens (NFTs). If Polygon Studios is successful, it might establish Polygon as a leading provider of technology for decentralised gaming and NFTs. Polygon's CEO will be replaced in January 2022. (CEO). Ryan Watts comes from YouTube, where he was the head of gaming.

The Bottom Line

Polygon (MATIC) cryptocurrency and technology platform was created to connect and build Ethereum-compatible applications and blockchains.MATIC tokens are used to administer, safeguard, and pay transaction fees on the Polygon network. MATIC tokens are available for purchase on platforms like Kraken and Coinbase.

 

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Lobbyists in Singapore are opposed to the planned blanket prohibition on lending crypto tokens.

Lobbyists in Singapore are opposed to the planned blanket prohibition on lending crypto tokens.

by | Jan 25, 2023 | Market, Market News

The largest crypto advocacy organisation in Singapore has criticised the central bank's proposals to prohibit crypto businesses from lending out retail clients' digital tokens, calling such a step "overly restrictive."

According to an 11-page comment provided late last month to the Monetary Authority of Singapore and accessed by Bloomberg News, the Blockchain Association of Singapore warned such a blanket prohibition might instead inspire users to seek out unregulated offshore entities to lend their tokens to. The text differed on issues such as retail incentives, but agreed on proposals such as prohibiting consumers from borrowing to purchase crypto tokens and segregating client assets from the company's own.

The group stated that lending tokens allow users to earn interest, which is one of the benefits of owning digital payment tokens. Singapore's central bank has recommended a slew of new safeguards to protect retail customers from the volatile cryptocurrency market, such as prohibiting corporations from lending or staking their tokens to earn profits and prohibiting individuals from borrowing to fund token purchases.

"We are recommending a more balanced and focused approach," Chia Hock Lai, chairman of the association's board, said in response to Bloomberg's request for comment on the memo.

The MAS' consultation paper in October after a string of high-profile crypto blow-ups in the city-state, including notorious hedge firm Three Arrows Capital and platforms Vauld and Hodlnaut. Since then, the collapse of FTX and its subsidiaries has exposed the dangers of poor regulation and client protection, as charges of misbehaviour, including the misappropriation of billions of dollars in customer cash, have surfaced.

Also Read: Do Kwon, Terra’s co-founder, is facing a $57 million lawsuit in Singapore for financial fraud

"While well-intended, the proposed restrictions may have unforeseen repercussions if adopted in their totality, including driving customers to unregulated service providers," Chia added. According to the paper, the MAS received input from 180 persons who attended a seminar held by the association in November. The organisation also objected to placing a blanket prohibition on corporations delivering incentives to retail consumers, calling the idea "extremely harsh".It proposed a more sophisticated approach, such as permitting non-monetary presents, such as door prizes during roadshows.

Contracts with MAS

The group takes particular issue with MAS's plan to outlaw the loan of tokens for the purpose of earning interest. This is one of the key reasons for investing in digital payment tokens, according to the association. Disagreements were also disclosed in the letter, such as giving shop incentives.

Notably, the paper was not solely critical, with the group discovering areas of agreement with the monetary authorities. The group agreed that clients should not be allowed to borrow money in order to invest in cryptocurrency. They also agreed that cryptocurrency firms should make a clear distinction between their own assets and those of their consumers.

The chairman of the association's board, Chia Hock Lai, stated that he planned to pursue "a more methodical and focused approach, without the needed governmental permits." For this to happen, greater active participation on the association’s side is extremely necessary.

For example, by doubling down on teaching customers about the dangers of engaging with unregulated businesses. Lai also recommended stepping up enforcement against people who engage in restricted activities.

Singaporeans are sceptical.

Singapore, despite its reputation for financial openness, has every reason to be cautious about cryptocurrencies. Top crypto firms, such as Three Arrows Capital, that failed the previous year had their headquarters in the city. Singapore's state investment fund recently wiped out its $275 million stake in FTX. MAS has collaborated with investment bank JPMorgan to test international decentralised finance settlements.

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