Welcome Wizardians and crypto enthusiasts.
It's been a crazy week in the cryptosphere as per usual. Here are some of the top stories that caught our attention:
- Sega Pulls Back From Blockchain Gaming as Crypto Winter Persists
- Polygon and Meta Partnership Could Mean Big Things for Crypto
- Coinbase Launches NFT Marketplace
- Sam Bankman-Fried’s Trial Continues Amid Controversies and Revelations
Sega Pulls Back From Blockchain Gaming as Crypto Winter Persists
Sega, once a vocal proponent of blockchain gaming, has pulled back from the industry, citing environmental concerns. This setback reflects the challenges facing blockchain gaming, which is still in its early stages of development.
Another factor is the lack of user interest in blockchain gaming. While there is some hype around blockchain gaming, it has not yet taken off with mainstream gamers. This is likely due to a number of factors, including the complexity of blockchain technology, the high cost of entry, and the poor quality of many blockchain games.
Sega's decision to pull back from blockchain gaming is a setback for the industry, but it is also a reality check. Blockchain gaming has a lot of potential, but it is still in its early stages of development. It will take time for the technology to mature and for gamers to embrace it.
Sega's decision to pull back from blockchain gaming is a reminder that the industry is still in its early stages of development. However, it is also a sign that the industry is maturing and that companies are becoming more realistic about the challenges that need to be addressed.
Polygon and Meta Partnership Could Mean Big Things for Crypto
Polygon, the layer-2 scaling solution for Ethereum, announced on October 10, 2023 that it is partnering with Meta to bring NFTs to Instagram. This partnership is a major development for the NFT industry, as it could help to bring NFTs to a wider audience.
Instagram is one of the most popular social media platforms in the world, with over 2 billion active users. The integration of NFTs into Instagram would allow millions of people to learn about and experience NFTs for the first time.
Polygon's network is well-suited for NFT integration, as it is fast, scalable, and secure. Polygon's low fees will also make it more affordable for people to buy, sell, and trade NFTs on Instagram.
The partnership between Polygon and Meta is a positive development for the NFT industry. It is a sign that major companies are taking NFTs seriously and are looking for ways to make them more accessible to a wider audience.
What Meta Says:
"This partnership will make it easier for people to create, display, and sell their NFTs on the platform. We believe that NFTs have the potential to be a powerful new way for creators to engage with their fans and build communities." - Stephane Kasriel, Head of Commerce and Financial Technology at Meta
What Polygon Says:
"This partnership is a major milestone for Polygon and for the NFT industry as a whole. We believe that NFTs have the potential to revolutionize the way people interact with digital content." - Sandeep Nailwal, Co-founder of Polygon Technologies
Coinbase Launches NFT Marketplace
Coinbase, the crypto exchange, launched its own NFT marketplace on October 7, 2023. The marketplace allows users to buy, sell, and trade NFTs from a variety of creators and projects.
The launch of the Coinbase NFT marketplace is a significant development for the NFT industry, as it has the potential to bring NFTs to a wider audience and to accelerate the adoption of NFTs in general.
In addition, the Coinbase NFT marketplace is likely to have a number of positive knock-on effects for the NFT industry. For example, it could lead to increased competition among NFT marketplaces, which could lead to lower fees and better features for users. It could also lead to increased innovation in the NFT space, as developers look for new ways to attract users to the Coinbase NFT marketplace.
Overall, the launch of the Coinbase NFT marketplace is a positive development for the NFT industry. It is likely to make it easier for people to buy and sell NFTs, add legitimacy to the NFT space, and bring NFTs to a wider audience.
There’s been a lot happening in crypto, see some other major events here.
Sam Bankman-Fried’s Trial Continues Amid Controversies and Revelations
Bankman-Fried is facing seven counts of fraud and conspiracy for allegedly running a multibillion-dollar scheme involving FTX and its sister trading house, Alameda Research.
He has pleaded not guilty and is currently in jail after his bail was revoked for witness tampering.
The trial, which began on October 3, 2023, has seen several witnesses testify against Bankman-Fried, including his former business partner Gary Wang, who pleaded guilty to four counts of fraud and conspiracy in December 2022.
Wang told the jury that Bankman-Fried was the mastermind behind the fraud and that he directed him to lie to investors, customers, regulators, and auditors about FTX and Alameda’s operations.
Wang also revealed some of the extravagant and bizarre spending habits of Bankman-Fried, such as buying a $50 million penthouse in the Bahamas, a $25 million yacht, and a $10 million beanbag chair.
Another witness who testified was Caroline Ellison, a former FTX employee who also pleaded guilty to fraud and conspiracy charges. Ellison corroborated Wang’s testimony and said that Bankman-Fried instructed her to create fake documents and accounts to conceal FTX and Alameda’s activities.
She also said that Bankman-Fried had a delusional ambition to become the president of the United States and that he planned to use his crypto fortune to fund his campaign.
The defense also tried to portray Bankman-Fried as a visionary entrepreneur who was simply overwhelmed by the fast-paced and complex world of crypto. They claimed that he did not intend to defraud anyone and that he was unaware of some of the illegal actions taken by his subordinates.
The trial is expected to last up to six weeks and could have significant implications for the crypto industry.
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JPMorgan executed its first blockchain-based collateral settlement transaction using Onyx and TCN.
BlackRock tokenized shares in a money market fund and transferred them to Barclays as collateral for an OTC derivatives trade.
Bitcoin researchers proposed a new concept called Bitcoin Virtual Machine to enable smart contracts on Bitcoin without a fork.
Bitstamp
Bitstamp is in talks with three large European banks to offer crypto services starting in Q1 2024.
Immutable joined the AWS Accelerate Program to make it easier for developers to launch and scale blockchain games.
Gemini is expanding its crypto operations in India with a $24M investment and plans to increase its workforce by 42% by the end of 2023.
The USDR stablecoin depegged and dropped 50% due to its backing by an illiquid real estate portfolio, causing panic among holders.
Ryan Turnbull
Introducing Ryan Turnbull, a passionate Australian Chief Vibe Officer at Wizardia. Among many things, Ryan builds Wizardia’s community, creates captivating live streams, forms partnerships with other web3 projects, and produces engaging video and blog content. With his expertise, Ryan introduces crypto gaming to both masters and beginners, fostering a vibrant, exciting and supportive environment.
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