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TikTok’s parent company in China to reportedly enter the NFT market

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The Chinese internet giant and TikTok parent company, Bytedance may allegedly join the NFT marketplace. Bytedance founder, Zhang Yiming recently joined a WeChat NFT group, giving away the company’s upcoming plans. Reportedly, Bytedance will acquire the Virtual Reality (VR) firm, Pico as a confirmation of entering the Non-Fungible Token (NFT) sphere.

Internet and VR manufacturing giants in China to sign crypto partnership

Bytedance has purportedly entered VR with a hefty amount of 5 billion Yuan, VR Gyro News reported on August 26. However, the company has not made any official statements about its move into the metaverse, but its actions have spoken louder.

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Pico is China’s VR hardware manufacturing giant. It has secured the first position in the Chinese VR market in 2020 according to the IDC report. Furthermore, Pico has successfully closed Series B Financial round at RMB 242 million, during March this year. In 2021 itself, the Chinese VR manufacturer launched the latest generation of VR all-in-one Pico Neo 3, priced at 2499 Yaun. The launch saw surprising success with over 10 million in sales in the span of 24 hours.

China may witness an uprising to support crypto

Bytedance’s acquisition of Pico can allegedly change the weather of the crypto crackdown in China. The high-ranking market position of these two brands may heat, the underlying uprising in the Chinese market against the government’s crypto crackdown.

China is seeing a steady insurgency being created while the government actively works towards the expansion CBDCs and extinction of the decentralized system in China. Chinese SaaS solutions and Blockchain applications provider, Powerbridge Technologies Co., Ltd. recently signed a crypto mining rigs partnership with Cryptodigital Holdings Ltd. Powerbridge has revealed the purchase of 5,600 Bitcoin (BTC) and Ethereum (ETH) Mining Rigs by October 2021.

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The company also shared that upon the completion of the initial operations of mining rigs, with increased crypto production potential hikes, they plan on purchasing more mining rigs in the foreseeable future. Powerbridge’s gravitation towards the crypto market was followed by China’s district court support of BTC. The court announced the status of Bitcoin as digital property in a recently published piece.

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NFT

Snoop Dogg Partners With Metaverse Sandbox

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  • Snoop Dogg partnered with the Sandbox.
  • Snoop Dogg creates, shares and monetizes NFTs on Ethereum (ETH).

The crypto world’s presence continues to be felt in and outside the crypto space. This time, the famous rapper Snoop Dogg partnered with the Sandbox. In detail, the Sandbox is a non-fungible token (NFT) project of Metaverse. Through this gaming ecosystem,  Snoop Dogg can easily create, share and monetize NFTs and gaming experiences on Ethereum (ETH).

The Sandbox gaming ecosystem will also allow the rapper to build his own mansion where fans can participate. For instance, Snoop Dogg can create his own palace or mansion of his liking where the player can join Snoop at his parties and concerts.

Snoop Dogg further explained:

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I’m always on the look-out for new ways of connecting with fans and what we’ve created in The Sandbox is the future of virtual hangouts, NFT drops and exclusive concerts.

Snoop added that NFT brings online adventure to the next level. he said,

We’ll have a fresh set of Dogg style NFTs that players can integrate into the game experiences to take this online experience to the next level for sure, he said.

On the other hand, the NFT space continues to make noise that can be heard everywhere. Today, NFT is not limited to arts. It has also entered the world of play-to-earn games such as Cryptozoon and My DeFi Pet, to name a few. Through this, we can say that the crypto world is one step closer to dominating the digital and financial system of the world.

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Ethereum’s NFTs Can Now Be Moved to Solana: Here’s How

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Wormhole bridge for digital collectibles goes live to bridge Solana and Ethereum: details

Wormhole, the development team behind the world’s first-ever bridge between Ethereum (ETH) and Solana (SOL) smart contracts platforms, now boasts NFT functionality.

Ethereum, Solana now have common NFT ecosystem powered by Wormhole

According to the official announcement shared by Wormhole cross-chain bridge vendor, Ethereum and Solana users can now send NFTs between two blockchains.

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Starting from today, Sept. 22, 2021, holders of digital collectibles on Ethereum (including iconic Crypto Punks, Degen Ape Academy and so on) can now seamlessly move them to Solana (SOL).

In its inaugural releases, the product will support only the most popular standards of digital collectibles: ERC-721 and SPL tokens. More standards, including ERC-1155, will be added soon.

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Ethereum-Solana NFT bridge goes live
Image by Wormhole

To send NFTs between the two chains, users should only connect wallets (Metamask, Sollet and so on), customize the chain and target account and choose NFTs to transfer and authorize the transaction.

Cross-network bridges are on fire

This release is part of Wormhole’s second iteration (Version v2). As covered by U.Today previously, Wormhole is going to integrate more chains like BSC and Terra (LUNA) in this version.

As DeFi and NFT adoption gains steam, the usage of cross-network bridges is rocketing. Ethereum-Polygon bridges are the most popular in the Web3 universe.

Also, USD Coin (USDC) stablecoin by Circle has surpassed Ether as the top asset of cross-chain bridges.

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Taker Protocol Secures $3M to Build New Financial Primitives Into the NFTs Market

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  • Taker Protocol announced it has raised $3 million from well-known investors.
  • It secured the fund to build new financial primitives into the NFTs market.

Taker Protocol announced it has raised $3 million from well-known investors. The crypto liquidity protocol for the non-fungible token (NFT) said it secured the fund to build new financial primitives into the NFTs market.

According to Taker Protocol, the round was led by Electric Capital, with DCG, Ascentive Assets, Dragonfly Capital, Spartan Group, The LAO, Sfermion, and Morningstar Ventures.

Taker Co-Founder Angel Xu commented, expressing his excitement about the investment fund.

We are absolutely thrilled to welcome so many well-established investment funds to the team. Their participation heralds an exciting new phase for the protocol as we seek to address persistent problems in the NFT lending market for the benefit of end-users. This investment will enable us to further optimize the liquidation of NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.

Furthermore, Xu adds that they are using an innovative approach to solve the biggest problem in the NFT space. “With Taker, we are one step closer to the world where anyone anywhere can use their NFT assets to take out a loan.” (Maria Shen, Partner at Electric Capital),” she says.

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Taker Protocol is a multi-strategy, cross-chain lending protocol for lenders and borrowers to sell and rent digital assets. More so, the platform provides liquidity via its lenderDao support and extensions that integrate into NFT marketplaces.

In addition, the blockchain platform strives to solve liquidity issues that the NFT industry faces. To specify, the firm said it would allow lenders and borrowers to liquidate and rent assets like NFTs, financial papers, synthetic assets, and much more. The team also added that they would create new liquidity streams and possibilities.

As per the team, the funds raised will help the firm launch the complete version of the protocol across multiple chains. This includes Ethereum, Polygon, Solana, Binance Smart Chain (BSC), and Near Protocol.

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Note that Taker’s DAO includes many Curator DAOs. Even more, the team said that each sub-DAO will manage its whitelist and a price for any NFT on its whitelist if the borrower defaults on the loan. Highlighting the interest of the DAOs with that of the lenders, Taker said it would lessen the risk exposure for the lenders. Aside from this, the team will also optimize the profits for the DAOs.

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