So far, Dorsey’s first tweet has received the highest bid of $2.5 million as an NFT sold on the Valuables platform. Upon the conclusion of the bid period, Dorsey plans to donate all the proceeds to Give Directly’s Africa Response fund.
Last week, Twitter CEO Jack Dorsey created a storm in the NFT market by selling his first tweet as a non-fungible token. Twitter CEO Jack Dorsey tweeted last week sharing a link to the platform dubbed “Valuables”. The platform has put Dorsey’s first tweet “just setting up my twttr” on March 21, 2006, up for bidding.
So far, the CEO of Bridge Oracles – Sina Estavi – has put the highest bid for $2.5 million as per the official website. The auction will finally conclude on March 21. Dorsey said he will immediately convert the funds received in the NFT sale into Bitcoin and further donate it as part of charity to Give Directly’s Africa Response fund.
Ending this March 21st
Will immediately convert proceeds to #Bitcoin
And send to @GiveDirectly Africa Response
— jack⚡️ (@jack) March 9, 2021
Recently, there’s been a massive surge in the popularity of NFTs as digital collectibles. These non-fungible tokens (NFTs) are unique cryptographic tokens working on a blockchain network. However, unlike other cryptocurrencies, no two NFTs are similar in nature. Thus, they are mutually interchangeable and can’t be exchanged one for the other.
Since NFTs can’t be duplicated they have popularly emerged as digital collectibles. On the other hand, Dorsey has been a vocal proponent of Bitcoin and other cryptocurrencies. Last month, Dorsey joined hands with music mogul Jay-Z for setting up an endowment fund Bitcoin Trust in Africa and India.
On the other hand, his digital payment firm Square Inc has been making aggressive purchases of Bitcoin in the last few months. Expanding its 2020 purchase, Square Inc announced an additional $170 million worth of BTC purchase last month.
Dorsey Joined the NFT Spree
Just like the decentralized finance (DeFi) market, NFTs are seeing explosive growth in recent times. Last month February 2021, the NFT market registered a whopping $342 million in trading volume. In addition to it, billionaire investors and top personalities have recently warmed up to NFTs, in recent times. Let’s take a look at some of the big developments.
- Drawing inspiration from the popular gamer and artist KimDotCom, American media personality Paris Hilton released her first non-fungible token (NFT). Hilton added that “NFT is the future and she is ‘fascinated’ to take part’.
- Billionaire investor Mark Cuban and owner of NBA team Dallas Mavericks is quite optimistic about developments in the NFT market. He added: “as more entrants come into the [NFT] market, it will become more efficient and the pricing will settle down”.
- Reddit co-founder Alexis Ohanian has an interesting proposition. He cites a massive opportunity in the NFT market for women sports collectible.
- The National Basketball Association (NBA) has joined hands with Dapper Labs and is willing to create its own version of digital collectibles.
- Citing a huge demand and opportunity in the NFT market, digital asset custodian Hex Trust has announced crypto custodial solutions for NFTs.
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Binance’s Trading Volume Hits $100 Billion in Just One Day
Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles
Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.
The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.
Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.
Eerier this month, the trading platform also announced a $1 billion ecosystem fund.
Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.
Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack
As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.
Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.
The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.
The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,
“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”
PeckShield provided some details about the same noting,
According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,
“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”
Actions taken by the team
The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.
They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.
NBA Makes Coinbase Its Exclusive Crypto Partner
Coinbase has joined FTX in scoring major partnerships in the sports industry
The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.
Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues.
As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.
Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:
The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.
The shares of Coinbase are up roughly 3% at press time.