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Wizardia Weekly Crypto News: Edition 6

<p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;"><em><strong>Welcome</strong></em> Wizardians and crypto enthusiasts. </span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">It's been a crazy week in the cryptosphere as per usual</span><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">. Here are some of the top stories that caught our attention:</span></p> <p> </p> <ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">Sega Pulls Back From Blockchain Gaming as Crypto Winter Persists</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">Polygon and Meta Partnership Could Mean Big Things for Crypto</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">Coinbase Launches NFT Marketplace</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">Sam Bankman-Fried's Trial Continues Amid Controversies and Revelations</span></li> </ul> <p> </p> <p> </p> <p><iframe src="https://www.youtube.com/embed/5oygzAtX9Jg?t=31s" width="560" height="314" allowfullscreen="allowfullscreen"></iframe><picture><source srcset="https://wizardia.io/images/blog/thumb/watch.webp 576w, https://wizardia.io/images/blog/inner/watch.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/watch. 576w, https://wizardia.io/images/blog/inner/watch. " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/watch. 576w, https://wizardia.io/images/blog/inner/watch. " alt="" loading="lazy"></picture></p> <p> </p> <h1><span style="font-weight: 400; font-size: 24pt;">Sega Pulls Back From Blockchain Gaming as Crypto Winter Persists</span></h1> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><picture><source srcset="https://wizardia.io/images/blog/thumb/1-7470.webp 576w, https://wizardia.io/images/blog/inner/1-7470.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/1-7470.jpg 576w, https://wizardia.io/images/blog/inner/1-7470.jpg " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/1-7470.jpg 576w, https://wizardia.io/images/blog/inner/1-7470.jpg " alt="" loading="lazy" width="896" height="914"></picture></p> <h1> </h1> <p> </p> <h1><span style="font-weight: 400; font-size: 24pt;">Polygon and Meta Partnership Could Mean Big Things for Crypto</span></h1> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <h3><span style="font-size: 14pt;"><strong>What Meta Says:</strong></span></h3> <p><em><span style="font-weight: 400;">"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</span></em></p> <p> </p> <h3><span style="font-size: 14pt;"><strong>What Polygon Says:</strong></span></h3> <p><em><span style="font-weight: 400;">"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</span></em></p> <p> </p> <p><br><picture><source srcset="https://wizardia.io/images/blog/thumb/untitled-design-19-6647.webp 576w, https://wizardia.io/images/blog/inner/untitled-design-19-6647.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/untitled-design-19-6647.jpg 576w, https://wizardia.io/images/blog/inner/untitled-design-19-6647.jpg " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/untitled-design-19-6647.jpg 576w, https://wizardia.io/images/blog/inner/untitled-design-19-6647.jpg " alt="" loading="lazy" width="1600" height="900"></picture></p> <p> </p> <p> </p> <p> </p> <h1><span style="font-weight: 400; font-size: 24pt;">Coinbase Launches NFT Marketplace</span></h1> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><picture><source srcset="https://wizardia.io/images/blog/thumb/screenshot-2023-10-13-at-152749-2111.webp 576w, https://wizardia.io/images/blog/inner/screenshot-2023-10-13-at-152749-2111.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/screenshot-2023-10-13-at-152749-2111.jpg 576w, https://wizardia.io/images/blog/inner/screenshot-2023-10-13-at-152749-2111.jpg " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/screenshot-2023-10-13-at-152749-2111.jpg 576w, https://wizardia.io/images/blog/inner/screenshot-2023-10-13-at-152749-2111.jpg " alt="" loading="lazy" width="686" height="665"></picture><br><br></p> <p> </p> <p><span style="font-weight: 400;">There's been a lot happening in crypto, see some other major events </span><a href="https://wizardia.io/blog/big_crypto_moments"><span style="font-weight: 400;">here.</span></a></p> <p> </p> <p> </p> <h1><span style="font-weight: 400; font-size: 24pt;">Sam Bankman-Fried's Trial Continues Amid Controversies and Revelations</span></h1> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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. </span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">He has pleaded not guilty and is currently in jail after his bail was revoked for witness tampering. </span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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. </span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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.</span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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. </span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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. </span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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. </span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">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. </span></p> <p> </p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">The trial is expected to last up to six weeks and could have significant implications for the crypto industry.</span></p> <p> </p> <p> </p> <p><picture><source srcset="https://wizardia.io/images/blog/thumb/screenshot-2023-10-13-at-140557-5013.webp 576w, https://wizardia.io/images/blog/inner/screenshot-2023-10-13-at-140557-5013.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/screenshot-2023-10-13-at-140557-5013.jpg 576w, https://wizardia.io/images/blog/inner/screenshot-2023-10-13-at-140557-5013.jpg " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/screenshot-2023-10-13-at-140557-5013.jpg 576w, https://wizardia.io/images/blog/inner/screenshot-2023-10-13-at-140557-5013.jpg " alt="" loading="lazy" width="1417" height="641"></picture></p> <p> </p> <p> </p> <p><span style="font-weight: 400;">Don't miss the new </span><strong><a href="https://wizardia.io/blog/weekend-bash">weekend bash</a></strong><span style="font-weight: 400;"> coming up!</span></p> <p> </p> <p><br><br></p> <h1><span style="font-weight: 400; font-size: 24pt;">The Magic Crypto Ball &#128302;</span></h1> <p> </p> <p><span style="font-family: 'courier new', courier, monospace;"><a href="https://finance.yahoo.com/news/jpmorgan-debuts-blockchain-collateral-settlement-070001006.html"><span style="font-weight: 400;">JPMorgan</span></a><span style="font-weight: 400;"> executed its first blockchain-based collateral settlement transaction using Onyx and TCN.</span></span></p> <p> </p> <p><span style="font-family: 'courier new', courier, monospace;"><a href="https://www.ledgerinsights.com/jp-morgan-tokenized-collateral-network-tcn/"><span style="font-weight: 400;">BlackRock</span></a><span style="font-weight: 400;"> tokenized shares in a money market fund and transferred them to Barclays as collateral for an OTC derivatives trade.</span></span></p> <p> </p> <p><span style="font-family: 'courier new', courier, monospace;"><span style="font-weight: 400;">Bitcoin researchers proposed a new concept called </span><a href="https://blockworks.co/news/bitcoin-virtual-machine-smart-contracts-ethereum"><span style="font-weight: 400;">Bitcoin Virtual Machine</span></a><span style="font-weight: 400;"> to enable smart contracts on Bitcoin without a fork.</span></span></p> <p><span style="font-weight: 400; font-family: 'courier new', courier, monospace;">Bitstamp</span></p> <p> </p> <p><span style="font-family: 'courier new', courier, monospace;"><a href="https://coinmarketcap.com/community/articles/652447d054e75971a5c40071/"><span style="font-weight: 400;">Bitstamp</span></a><span style="font-weight: 400;"> is in talks with three large European banks to offer crypto services starting in Q1 2024.</span></span></p> <p> </p> <p><span style="font-family: 'courier new', courier, monospace;"><a href="https://decrypt.co/200895/immutable-amazon-web-services-team-up-help-blockchain-games-scale"><span style="font-weight: 400;">Immutable</span></a><span style="font-weight: 400;"> joined the AWS Accelerate Program to make it easier for developers to launch and scale blockchain games.</span></span></p> <p> </p> <p><span style="font-family: 'courier new', courier, monospace;"><a href="https://www.forbesindia.com/article/cryptocurrency/crypto-exchange-gemini-invests-24-million-in-india/88569/1"><span style="font-weight: 400;">Gemini</span></a><span style="font-weight: 400;"> is expanding its crypto operations in India with a $24M investment and plans to increase its workforce by 42% by the end of 2023.</span></span></p> <p> </p> <p><span style="font-family: 'courier new', courier, monospace;"><span style="font-weight: 400;">The </span><a href="https://coinmarketcap.com/headlines/news/real-usd-usdr-stablecoin-depegs-and-price-crashes-by-50/"><span style="font-weight: 400;">USDR </span></a><span style="font-weight: 400;">stablecoin depegged and dropped 50% due to its backing by an illiquid real estate portfolio, causing panic among holders.</span></span></p> <p><br><br></p>

6 min read
Oct 13, 2023
Ryan Turnbull
Read this article
Contents

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.

 

 

 

 

Don't miss the new weekend bash coming up!

 



The Magic Crypto Ball  🔮

 

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

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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