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The cryptocurrency exchange Huobi (HT) token rose 24% from $4.38 to $5.46 in 40 minutes, according to Coingecko. This happened after it became known about the plans of the exchange’s founder, Leon Lee, to sell the shares of the platform he owns.
According to Crypto-Auditor, Lee is negotiating with several investors to sell his controlling stake, which includes approximately 60% of all shares in the crypto exchange, BNN Bloomberg reported. The Chinese crypto millionaire held talks with some financiers, including Tron blockchain founder Justin Sun and FTX crypto exchange chief Sam Bankman-Fried, the article said, citing anonymous sources.
A representative of Huobi confirmed that Li is in talks with several international organizations regarding the stake sale. Huobi’s founder hopes to receive $2-$3 billion and the deal could be completed as early as the end of August, the article says.
Huobi was founded by Li in 2013 and has become one of the leading cryptocurrency exchanges in the world. The platform ranks sixth in the world in terms of daily trading volume ($1 billion), 615 different assets are represented on it.
At the end of June, the Huobi exchange accused a former manager of misappropriating $5 million. The crypto platform sued the dismissed employee for trading using a dummy account and issuing a $20 million credit line.
On August 29, the bitcoin exchange rate updated its minimum since June 26 at $21,200. Bitcoin began to decline in price on August 15, when at one point it exceeded $25,200. Over the past 4 days, the cryptocurrency has fallen in price by 15%. The Crypto-Auditor experts explained the reason for the decrease in the value of the asset and how low its rate may fall in the near future.
Crypto Carbon Ratings Institute analysts have found that the Tron blockchain’s DPoS algorithm requires many times less electricity than mining cryptoassets on the PoW consensus.
Commissioned by the Tron Foundation, the CCRI conducted a study and published a report on August 24 claiming that Tron’s low energy consumption requirements make it one of the greenest blockchains in the cryptocurrency market. Tron’s delegated proof-of-stake (DPoS) consensus mechanism helps reduce its carbon footprint, analysts say, especially compared to other cryptocurrencies such as Bitcoin with its PoW mechanism.
Crypto-Auditor informs that the DPoS algorithm involves users verifying transactions and maintaining the network by placing their TRX tokens in blockchain nodes. The report states that the energy consumption of PoW blockchains such as Bitcoin and Ethereum is over 83 million kWh and 22 million kWh, respectively.
Although Ethereum plans to switch to a proof-of-stake (PoS) consensus mechanism and abandon mining with its proof-of-stake.
“Tron’s annual energy consumption was 162,868 kWh for more than 2.31 billion transactions. This is approximately 99.9% less than the power currently consumed by Bitcoin and Ethereum,” the report said. According to CCRI, Tron’s energy consumption is “equivalent to the energy consumption of 15 average US households”.
The verification requirements are key reasons blockchains consume a lot of PoW energy. To verify PoW networks, users need a computer or hardware device capable of solving complex algorithmic tasks, such as the SHA-256 hashing function for Bitcoin and Keccak-256 for Ethereum.
Meanwhile, the CCRI says, while PoS networks consume less energy, other factors should be considered more when evaluating the performance of such networks: “For practitioners choosing a blockchain PoS protocol, there are other crucial factors such as decentralization, network bandwidth, and functionality (such as smart contracts) that should play a vital role as decision criteria.” In February, Polkadot was named by CCRI experts as the greenest Proof-of-Stake blockchain.
Before that, the social network only supported transfers in bitcoin. In addition, Twitter Tips supports Cash App and Venmo payment systems.
According to Crypto-Auditor, Twitter has added support for Ethereum addresses for its mobile donation service. The option came a few months after the social network added the ability to send donations in bitcoin using the Lighting Network.
Have you set up Tips on your profile yet so it's easy for people to show their support?
Yes: Cool, we’ve added Paga, Barter by Flutterwave, Paytm, and the option to add your Ethereum address.
No: What are you waiting for? Here's how: https://t.co/Id5TwTpnCF
— Twitter Support (@TwitterSupport) February 16, 2022
Now donations to Ethereum addresses are available to a wide range of users. However, unlike bitcoins, the direct connection of wallets to the Ethereum network is not yet provided. To send a donation, you must manually copy the wallet address.
In January, Twitter added the ability to put NFT on a profile photo. This feature has become available to subscribers of the Twitter Blue premium service with devices based on the iOS operating system. They can now link their social media account to a cryptocurrency wallet and select NFTs to use as their profile photo.
Berkshire Hathaway Vice Chairman Charles Munger spoke of pride in not investing in digital assets
As Crypto-Auditor knows, Vice Chairman of the Board of Directors of Berkshire Hathaway and longtime partner of Warren Buffett Charles Munger, 98, at the annual meeting of the Daily Journal in Los Angeles, said he was proud that he did not invest in digital assets, writes Bloomberg. Munger also compared cryptocurrency with a venereal disease.
“I have not invested in cryptocurrencies. I’m proud to have avoided it. It resembles something like a venereal disease,” the investor said.
The businessman noted that he has a negative attitude towards cryptocurrencies because of their use by extortionists, terrorists, and persons who evade taxes. According to Munger, the US authorities should immediately ban cryptocurrency, as they did in China.
Munger is a longtime critic of cryptocurrencies. At the end of 2021, he stated that he would never buy cryptocurrency and called the complete ban on cryptocurrency transactions in China correct. In May of the same year, the businessman called bitcoin disgusting, and also stated that he hated the success of the first cryptocurrency.
In February 2020, the investor emphasized that digital money has no value, and is also used in most cases to illegally move capital.
Santiment recorded a significant increase in trading activity for one of the altcoins
As Crypto-Auditor informs, the analytical company Santiment reported that at the moment there is a significant increase in trading activity in the WEMIX metaverse token. At the same time, the altcoin rate has not yet reacted to the increase in activity, analysts noted. A similar situation was observed with the Decentraland (MANA) token before its price increased by more than 75% at the end of January, Santiment noted.
🥽 Checking in on #Metaverse assets, we are seeing that #WEMIX is seeing a massive volume surge, but its price has yet to react. #Decentraland also has shown major development activity levels, which has very likely correlated with its 2022 price surge. 📈https://t.co/R6y2I1dIDU pic.twitter.com/1IlGSPNsf8
— Santiment (@santimentfeed) February 17, 2022
On February 17, the WEMIX token is trading at $6. Over the month, the altcoin has fallen in price by 3%.
In November 2021, the cryptocurrency updated its all-time high above $24. Since then, the asset has fallen in price by 75%.
Earlier, the investment company CoinShares named the most popular altcoins among large investors. Last week, in addition to investing in Bitcoin and Ethereum, institutional investors were most actively investing in investment instruments based on Terra (LUNA), Tezos (XTZ) and Cosmos (ATOM) altcoins.
According to the company’s financial report, in the fourth quarter of the last fiscal year, revenue from the sale of CMP miners amounted to $24 million.
In the fourth quarter of 2021, NVIDIA’s revenue from the sale of special processors for mining amounted to $ 24 million, follows from the company’s report for the fourth fiscal quarter, which ended in January. This is a 77% decrease compared to the third quarter, in which miner sales revenue was $105 million. For the entire fiscal year (February 2021-January 2022), miner sales revenue exceeded $550 million.
NVIDIA announced the release of processors for mining cryptocurrencies CMP (Cryptocurrency Mining Processor) in February 2021. With the help of this processor, the company planned to deal with the shortage of video cards and the confrontation between miners and gamers.
In January, the demand for mining equipment increased 1.5 times. Also, the number of search queries for video cards increased by 46%. The most popular graphics cards for mining were variants from NVIDIA, the demand for which grew by 55%, interest in Radeon products increased by almost a third.
The era of “crazy speculation” in the digital asset market will soon come to an end.
The cryptocurrency market will continue to fall as the US Federal Reserve raises interest rates.
JPMorgan explained that when interest rates rise, investors stop investing in “crazy ideas” because they prefer projects that bring real economic returns. It is possible to have attributed the significant growth of the crypto market in recent years to the stimulus measures of the Fed in connection with the pandemic, which provoked a decrease in bond yields. This has encouraged investors to invest in cryptocurrencies and other high-risk assets.
At the end of January, the price of bitcoin for the first time since July 2021 fell to $32.8 thousand. Then the total capitalization of the cryptocurrency market fell below $1.7 trillion.
As of February 17, the first cryptocurrency is trading at $42.2 thousand, and the digital asset market is valued at $2 trillion.
The American investment bank believes that the emergence of more liquid options will attract more institutional-level players to the digital asset space.
The next major event for the crypto market will be the emergence of more liquid options, according to the investment bank Goldman Sachs. The company sees a strong demand for hedging with derivatives.
The next big step that Crypto-Auditor envisions will be the development of options markets
He believes that cryptocurrency derivatives are in a “rudimentary state” compared to more traditional markets such as stocks or foreign exchange. At the same time, in recent years, interest in bitcoin options has been actively growing.
According to the latest data from the Skew analytical company, open interest in options is $ 12 billion. In the first half of 2020, this value practically did not exceed $ 2 billion.
There are more versatile options for hedging risk with options than with futures alone.
Over the summer, Gooldman Sachs partnered with Galaxy Digital to expand Bitcoin futures. This was the first time that Goldman Sachs used the services of a counterparty to work with a cryptocurrency.