TodayNFTNews

SNEAK PEEK

My Neighbor Alice launches The Alice Collective, a new grants initiative to support Web3 builders.

100,000 $ALICE allocated to onboard third-party NFT communities and expand the game’s universe.

Initiative aims to boost interoperability, storytelling, and creator empowerment in the Alice ecosystem.

My Neighbor Alice, the on-chain multiplayer game known for its vibrant community and immersive crafting mechanics, has launched a new initiative called The Alice Collective, aimed at expanding its universe by supporting Web3 developers and creators. The project kicks off with a 100,000 $ALICE grants program to empower third-party builders and integrate broader NFT ecosystems into the Alice experience.

The Alice Collective is designed to attract creators who want to extend the narrative and functionality of My Neighbor Alice. By supporting projects that introduce storytelling elements, cross-platform connections, and gameplay innovation, the initiative hopes to forge meaningful interoperability between Alice’s world and other NFT collections.

“My Neighbor Alice isn’t just a game—it’s a growing creative universe,” said the team behind the initiative. “The Alice Collective is about bringing in new voices, connecting communities, and turning ideas into playable realities.”

Applicants interested in joining The Alice Collective are invited to submit detailed proposals outlining how they would expand or interact with the Alice ecosystem.

The grants will target projects that align with Alice’s core values of creativity, collaboration, and community. In addition to fostering new content, the program will spotlight recent and upcoming game upgrades, including enhanced crafting stations, new quests, and a robust in-game economy powered by a peer-to-peer marketplace.

The initiative also aligns with Alice’s long-term roadmap, which includes the release of a User-Generated Content Tool to empower player creators, as well as a decentralized NFT(Non-Fungible Token) bridge that will support ERC-721 token trading.

With The Alice Collective, the team aims to unlock fresh possibilities for game developers, storytellers, and artists seeking to co-create within the Alice universe. As Web3 gaming continues to gain traction, My Neighbor Alice is positioning itself as a hub for innovation, interoperability, and immersive storytelling in the decentralized metaverse.

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SNEAK PEEK

5TARS.io is migrating to the Concordium blockchain to scale its Web3 sports gaming platform.

The migration aims to enhance scalability, privacy, and compliance for existing and future Web3 games like 5TARS Football.

New game releases, including a cricket game for India and a MENA cricket title, will launch on Concordium’s high-performance infrastructure.

Dubai-based Web3 sports gaming platform 5TARS.io has announced that it will migrate its gaming ecosystem to the Concordium blockchain, a move designed to enhance the scalability, privacy, and compliance of its platform. This migration will ensure that 5TARS.io can continue delivering a seamless experience for its growing user base while introducing exciting new games.

5TARS Football, the platform’s flagship game, has experienced impressive growth since its launch. With over 250,000 registered users and 20,000 monthly active players, the game has achieved major milestones, such as over 1.7 million arenas joined and 45,000 NFTs traded. During high-profile events like Euro 2024, the game saw peak activity with 45,000 active players at once. As part of the migration to Concordium, 5TARS Football will benefit from improved scalability and performance, enabling the game to cater to its expanding user base.

The migration process is expected to be completed by late March, and once finalized, 5TARS.io will be able to take advantage of Concordium’s Layer 1 blockchain infrastructure. This includes powerful features such as age verification and geo-fencing, which are vital for 5TARS.io’s global expansion into new regions. As part of this transition, 5TARS.io will also launch a cricket game for India, slated for Q3, alongside the existing Starzplay MENA cricket game, which debuted on Concordium last month.

Concordium’s blockchain is designed for high throughput and optimal performance, with an added focus on privacy and identity verification through zero-knowledge proofs. These tools are essential for ensuring compliance in industries like gaming, gambling, and online betting, making Concordium an ideal solution for 5TARS.io’s expanding global presence. The enhanced privacy and security offered by Concordium will provide the necessary infrastructure to manage user interactions in a secure and compliant environment.

Borja Burguillos, Founder & CEO of 5TARS.io, expressed his enthusiasm about the migration:

Migrating to Concordium will provide us with a permanent home where we can launch innovative games that will delight and entertain our global gaming community. The ability to tap into ready-made solutions for privacy and compliance, coupled with the scalability that Concordium provides, will enhance our existing releases and push the boundaries of what can be created within Web3 gaming.

Mike Milner, Chief Commercial Officer of Concordium, added,

We’re thrilled to support 5TARS.io on their journey by providing them with the infrastructure and tooling to create best-in-class Web3 games. Their focus on player ownership and fan engagement aligns perfectly with our vision for the future of decentralized applications.

As 5TARS.io continues to redefine the sports gaming landscape, the migration to Concordium strengthens its position in the Web3 gaming space. With the upcoming releases and expansion into new regions, 5TARS.io remains committed to giving fans an innovative platform where they can interact with sports in entirely new ways—through Non-Fungible Tokens (NFTs) and play-compete-earn mechanics.

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SNEAK PEEK

Somnia’s ecosystem to receive up to $270M in combined investment from Improbable and MSquared.

Improbable’s support follows Somnia’s record-breaking Devnet performance.

Somnia’s blockchain infrastructure is poised for large-scale Web3 adoption.

The Somnia ecosystem is set to receive a significant boost, with up to $270 million in capital backing from technology firm Improbable and Web3 venture fund MSquared. The funding aims to accelerate the growth of Somnia’s Layer 1 blockchain, designed to support high-demand consumer applications and large-scale decentralized experiences.

Improbable’s decision to invest comes after the successful completion of the Somnia Devnet, which set new records for blockchain performance. The network demonstrated its ability to process 1.05 million transactions per second (TPS) for ERC-20 token transfers, mint 300,000 NFTs per second, and facilitate 50,000 Uniswap trades per second. These metrics underscore Somnia’s potential as a next-generation blockchain infrastructure optimized for speed and scalability.

“The future of digital economies depends on infrastructure that can handle real-world scale—far beyond what most blockchains today can achieve,” said Herman Narula, CEO of Improbable. “We’ve spent over a decade solving complex distributed system challenges, and that expertise fuels the Somnia blockchain.”

In addition to financial support, Improbable will integrate Somnia’s technology into its broader metaverse network, further positioning the blockchain for mainstream adoption. MSquared, which raised $150 million in 2022 from major investors such as Andreessen Horowitz and SoftBank Vision Fund 2, is also contributing to the initiative.

With its testnet launch approaching, Somnia’s high-performance chain is expected to drive innovation in gaming, finance, and social applications. Founder Paul Thomas expressed confidence in the blockchain’s trajectory, stating that the team is refining its grant program and forming new partnerships to expand the ecosystem.

As Web3 continues to evolve, Somnia’s technological advancements and strategic backing position it as a strong contender for powering large-scale, on-chain applications in the digital economy.

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SNEAK PEEK

Somnia announces its ambitious $10M grant program to drive Web3 gaming adoption.

With a 400K TPS network and sub-cent fees, Somnia promises a seamless blockchain experience for millions of players.

The blockchain’s architecture supports real-time, reactive games with native on-chain events, enhancing security and lowering costs.

Somnia, a cutting-edge Layer-1 blockchain optimized for high-demand consumer applications, has unveiled a blueprint to bring traditional gaming onchain, marking a new era for Web3 gaming. With its 400K transactions per second (TPS) network and a $10 million grant program, Somnia aims to empower developers and scale high-performance games. After achieving impressive benchmarks on its devnet, Somnia’s forthcoming mainnet demonstrates the speed and scalability required to make blockchain gaming a mainstream experience.

The platform is designed to host GameFi applications, ensuring that game actions are recorded on the blockchain without compromising the gaming experience. Somnia introduces native support for reactive applications, meaning that game events, timers, and player rewards can be managed entirely on-chain. This eliminates the need for off-chain services, reducing complexity, costs, and preserving decentralization. Traditional blockchains require third-party services to implement these features, but Somnia’s architecture seamlessly integrates them into the blockchain itself.

Somnia’s technical advancements, such as 400K+ TPS, sub-second finality, and minimal transaction fees, offer developers the ability to push the boundaries of real-time games. The blockchain enables the creation of immersive virtual worlds with expansive features that are fully recorded on-chain. This makes it an ideal environment for dynamic, event-driven applications like games, predictive markets, and real-time advertising.

Paul Thomas, founder of Somnia, emphasized the breakthrough potential of the platform:

Blockchain gaming has been held back by technical limitations for too long. With Somnia, we’re giving developers the tools they need to create real-time, scalable games that players will love. This is the start of a new chapter for Web3 gaming.

In addition to the technical capabilities, Somnia’s $10M Grant Program will fuel the creation of next-generation Web3 games. It provides resources for GameFi developers to bring their ideas to life, further enhancing the Somnia ecosystem and ensuring that the blockchain can support millions of players simultaneously. By eliminating gas wars and high fees, Somnia ensures gaming remains affordable for both developers and players, while offering in-house support from Somnia’s engineering teams.

Somnia’s vision for Web3 gaming promises a future where developers can create sophisticated, fully on-chain games that scale without limits. The combination of its innovative technology and substantial developer support makes Somnia a major player in the next wave of blockchain-based gaming.

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SNEAK PEEK

Pixelport introduces its incentivized testnet, enabling users to explore cross-chain NFT trading, fractionalization, and minting across multiple blockchains.

Developers and creators can leverage Pixelport’s SDK and API to mint NFTs across chains, enhance liquidity, and bridge assets securely.

Users can earn rewards through engaging quests and participate in collaborative activities with partners like Analog, Rarible, and Pudgy.

Pixelport, a leading NFT super app, has officially launched its incentivized testnet, offering a powerful platform for creating, managing, and trading NFTs across multiple blockchains. By leveraging Analog’s Generic Message Passing (GMP) protocol, Pixelport introduces a seamless solution that enhances the way NFTs are minted, fractionalized, and transferred, ensuring security, liquidity, and cost-efficiency across diverse blockchain ecosystems. The testnet is now live, inviting developers, creators, and early adopters to explore its robust capabilities and earn rewards.

NFT's are about to enter a whole new ERA! #NewYearNewMe https://t.co/LV0lUcZJxf

— Pixelport (@Pixelport_xyz) December 30, 2024

Pixelport’s platform aims to redefine the NFT space by making it easier for users to interact with NFTs across various blockchains. With its innovative SDK and API, developers can now integrate cross-chain functionalities into decentralized applications, facilitating the minting of NFTs on multiple blockchains. The ability to fractionalize NFTs will enhance liquidity, making them more accessible to a broader audience. Additionally, Pixelport ensures secure and efficient bridging of NFTs between different blockchains, simplifying the entire process for users.

The platform’s launch aligns with the growing demand for cross-chain compatibility and fractional ownership in the NFT market, which is expected to reach $13.6 billion by 2027. Pixelport’s technology is designed not only to streamline NFT creation and management but also to open doors for new use cases in industries such as real estate, gaming, and decentralized governance.

Pixelport has made the testnet experience even more engaging with a variety of quests and an enticing incentives program. Participants can earn Pixel Points (PP) by completing tasks such as creating multi-chain collections, bridging NFTs across chains, and deploying collections to additional blockchains. In addition to these quests, collaborative activities with partners like Analog, Rarible, and Pudgy provide users with additional opportunities to earn exclusive rewards, early access benefits, and ANLOG tokens.

As Pixelport transitions to its mainnet, users who actively participate in the testnet will have a chance to earn airdrop allocations, staking rewards, and other incentives. The platform’s testnet is a stepping stone for both developers and creators, empowering them to explore the full potential of NFTs in a multi-chain world. With its emphasis on interoperability and user incentives, Pixelport is poised to transform the NFT landscape and become a go-to platform for innovative blockchain solutions.

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SNEAK PEEK

NikolAI unveils exclusive AI-generated NFT collection to celebrate Nikolai Durov’s 44th birthday.

1,000 limited-edition PFP NFTs offer exclusive benefits within the TON blockchain ecosystem.

NFT holders gain access to governance, early entry to new initiatives, and exclusive airdrops.

NikolAI, the innovative AI-driven cryptocurrency inspired by Telegram co-founder Nikolai Durov, has officially launched its highly anticipated inaugural NFT collection in honor of Durov’s 44th birthday. This exclusive drop marks a pivotal moment for the project, combining cutting-edge AI art with blockchain technology to push the boundaries of community engagement within the TON ecosystem.

The collection features 1,000 unique, AI-generated profile pictures (PFPs) that capture the creativity and technological prowess at the heart of NikolAI. These NFTs are more than just digital art — they represent a gateway to a range of exclusive opportunities for holders, including governance rights, early access to future projects, and eligibility for special airdrops.

To participate in the historic free mint, users must be among the top 44% of $NIKO token holders on the TON blockchain by November 28, 2024, at 23:59 UTC. Token holders are encouraged to transfer their assets on-chain to secure eligibility.

NikolAI’s $NIKO token has already garnered significant attention, reaching a Fully Diluted Valuation (FDV) of $180 million in just two weeks since launch, making it one of the hottest projects in the blockchain space. This NFT drop serves as a celebration of Durov’s legacy and a stepping stone for future developments in the rapidly growing NikolAI ecosystem.

As the project evolves, the NFT series will continue to offer exclusive perks, shaping the future of NikolAI and its expanding community.

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SNEAK PEEK

Somnia partners with Unstoppable Domains to launch .Dream, boosting digital identity innovation.

.Dream domains simplify blockchain transactions and work as usernames across 865+ platforms.

Somnia offers affordable .Dream domains, starting at $2, with 1,200 free domains available.

Somnia, the leading Web3 platform focusing on blockchain scalability and interoperability, has joined forces with Unstoppable Domains to launch the .Dream digital identity. This partnership aims to provide affordable, decentralized domain names to Somnia’s growing user base, with the initiative set to kick off at Somnia’s highly anticipated Token 2024 event.

The collaboration between Somnia and Unstoppable Domains marks a significant step forward in the evolution of digital identity. Users of Somnia’s ecosystem can now secure unique blockchain-based domains under the .Dream extension. 

In addition to making transactions easier across different blockchains, these domains will function as a universal name for the user across upwards of 865 applications, games, and metaverses in the Unstoppable universe.

In response, Paul Thomas, the CEO of Somnia, noted the imperative of identity in the Virtual Society. He showed his enthusiasm for the new partnership, indicating that it will greatly boost the capabilities of the community to manage and protect their digital identities conveniently across multiple platforms.

Among its major benefits, the .Dream domain will allow users to simplify their wallet addresses by replacing them with easy-to-recall names. By making transactions simpler and more secure, this feature adds to the user experience. 

Moreover, owning a .Dream domain will connect users to a vibrant community of innovators within the metaverse, offering exclusive rewards and access to group chats.

Sandy Carter, COO of Unstoppable Domains, expressed her delight, pointing out that .Dream is indicative of something greater than a digital address. It houses ‘aspirations and big ideas’ in a quickly growing digital landscape. 

Carter in addition announced plans to engage Somnia on an impending ICANN gTLD application with the aim of integrating .Dream more deeply into the broader domain system.

Furthermore, .Dream domain has made domains available for $2, through a giveaway of 1,200 free domains. This project aims at making decentralized identities easier to grasp, reinforcing Somnia’s commitment to energizing its Web3 community.

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SNEAK PEEK

Pixelverse launches closed beta MMORPG with TON microtransactions, expanding beyond Telegram.

Neopolis City offers cyberpunk gameplay where player decisions shape the web3 experience.

Pixelverse’s PFP NFTs and Bots collection provide in-game benefits and exclusive quests.

Pixelverse, known for its popular PixelTap mini-game, has officially launched the closed beta of its anticipated MMORPG web browser game. This significant move marks the first time TON microtransactions will be utilized outside of Telegram, expanding Pixelverse’s gaming experience to a wider web3 audience.

The web browser game lets users play TON microtransactions on a different platform, which is a huge step towards integrating the technology outside of Telegram. The closed beta is already accessible to early backers, who can now delve into the cyberpunk-themed city of Neopolis.

This expansion connects the community’s 10 million active users to the game, building on Pixelverse’s momentum within the Telegram platform.

Pixelverse has enjoyed strong success with its previous ventures, including PixelTap, which became one of the leading mini-games on Telegram. In August, the launch of its profile picture (PFP) NFT collection attracted more than 234,000 investors. 

Moreover, Pixelverse launched the Bots NFT collection, which attracted more than 40,000 investors to its ecosystem. These assets also have practical uses in the game, such as sharing profit, going on special missions, or changing into unique characters.

In the Pixelverse browser game, Kibacik and other players come 800 years into the future and are now in a place called Neopolis City, which has elements of cyberpunk. However, the activities available are varied such as exploring, sweeps, loot stealing, and operating in the open economy. The augmented reality element moves according to the players’ actions, which is completely swayed by the web3 gaming ideology.

Kirill, the head of Pixelverse, stated that the software’s main purpose is real-life games and communication, which goes further than Telegram. Since many players are being brought into crypto through the mini-games hosted on Telegram, Pixelverse seeks to enhance this experience with its browser game. The conclusion of the closed beta test will be made to the public in the last quarter of 2024.

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SNEAK PEEK

My Neighbor Alice becomes the first fully decentralized game on Chromia Mainnet.

Beta Season on Chromia launches September 24th, advancing on-chain gaming experiences.

Chromia Mainnet offers gasless transactions, advanced querying, and independent dapp chains.

My Neighbor Alice is set to become the first fully decentralized game to launch on the Chromia Mainnet. This development follows Chromia’s completion of its mainnet launch in July and marks a significant milestone for both the blockchain platform and the game. 

The new Beta Season of My Neighbor Alice, slated to go live on September 24th, will be the first to operate entirely on Chromia, showcasing what is possible in the world of on-chain gaming. The game, which gained attention as Binance‘s Project of the Year in 2021, is now taking the next step toward decentralization, providing players with a more secure and scalable gaming experience.

My Neighbor Alice’s journey to launching on Chromia Mainnet has been a carefully planned process. The game’s Early Alpha Seasons were crucial in testing the integration of the blockchain’s decentralized infrastructure. 

These stages helped ensure the game could handle high volumes of transactions while maintaining smooth and efficient gameplay. The development team worked closely with the game’s community, incorporating valuable feedback to improve the game and ensure the blockchain’s stability and scalability.

This meticulous approach to development reflects the importance of fully decentralizing the game’s logic and infrastructure, a critical step for ensuring the game is truly on-chain and independent of any centralized servers. 

The launch on Chromia Mainnet brings My Neighbor Alice closer to realizing its vision of a fully decentralized, Web3 gaming experience. The game now operates without the need for centralized servers, making it the first of its kind to host all game logic and data directly on-chain. Along with the game’s architecture on the chain, the Chromia blockchain offers a few benefits for developers and players. These are gasless transactions, advanced querying features, and the possibility to give each decentralized application dapp a chain of its own. All this guarantees quick and scalable transactions as well as the improved gaming experience as a whole.

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SNEAK PEEK

De Labs launches $DeGods token to unify its NFT assets, sparking major market interest.

$DeGods token, built on Solana, briefly hits $330M market cap, faces controversy and volatility.

Conversion of NFTs to $DeGods raises concerns, with reports of scams and trader losses emerging.

De Labs, the creator of the popular DeGods and y00ts non-fungible token (NFT) collections, has launched a new cryptocurrency token named $DeGods. This launch marks a significant step in the company’s strategy to streamline its digital assets into a unified and purposeful crypto coin. 

The new token is built on the Solana blockchain and is expected to play a central role in the De Labs ecosystem, which has grown rapidly since its inception in 2021.

On September 15, Frank DeGods, co-founder of De Labs, confirmed the launch of the $DeGods token in a blog post. The new token is part of a broader strategy to integrate all digital items within the De Labs ecosystem into a single crypto asset.

Whenever there is a new launch with liquidity, it gets sniped. I always hate when this happens because it makes the chart look bad.

In the $DEGOD situation, ~1% of the supply was paired at 66M. It got sniped & the sniper is out.

The $DEGOD wick is $330M. Time to fill it. pic.twitter.com/wexKkzYW7v

— Frank (degod mode) (@frankdegods) September 15, 2024

This move is intended to simplify the management of the various digital assets associated with De Labs’ NFT collections, particularly DeGods and y00ts. The $DeGods token has a fixed supply of 10 billion coins and is available for conversion to current holders of $Dust, DeGods, and y00ts NFTs.

De Labs, known initially as Dust Labs, was founded in 2021 to build software that enhances the value of NFT communities. The company is responsible for the DeGods NFT collection, which includes 10,000 NFTs spread across the Solana, Ethereum, and Polygon blockchains. 

The company also launched y00ts, a collection of 15,000 Polygon-based NFTs. Over the years, De Labs has built a global community of creators, developers, and entrepreneurs, positioning itself as a leading player in the NFT market. 

When released into the market the new $DeGods received a fast reaction. The team behind the DeGods project sold 3% of tokens out of the total supply at a low price through a bonding curve for seeding liquidity and it was sold out in a matter of minutes. The token was launched across several crypto exchange platforms and the market capitalization reached $330 million and a stabilized at $70 million. However, the rapid fluctuations in value left some traders with significant losses. Despite this, the token’s introduction has sparked considerable interest, though not without controversy. Some traders have expressed dissatisfaction with converting NFT collections into a memecoin, and there have been reports of scams involving fake $DeGods tokens.

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SNEAK PEEK

Circle partners with Sony to integrate USDC on Soneium, enhancing Web3 payments.

Sony’s Soneium blockchain adopts USDC, marking a key step in stablecoin integration.

USDC integration into Sony’s Soneium boosts Circle’s push for digital dollar adoption in Web3.

Circle, a prominent stablecoin issuer, has announced a strategic partnership with Sony Block Solutions Labs, aiming to enhance the adoption of its USD Coin (USDC) on Sony’s newly developed layer-2 blockchain, Soneium. 

We’re excited to announce our collaboration with Sony Block Solutions Labs to bring bridged USDC on Soneium via our Bridged USDC Standard! This marks a significant milestone to set the stage for a new era of creativity in the Web3 space.

Read more about the collaboration here:… pic.twitter.com/0IRxrXhf5P

— Circle (@circle) September 16, 2024

On September 15, Circle confirmed its partnership with Sony’s blockchain division, which will see USDC integrated into Soneium, a public Ethereum layer-2 blockchain developed by Sony Block Solutions Labs. 

The partnership involves the use of Circle’s Bridged USDC Standard, a specification for deploying a bridged form of USDC on Ethereum Virtual Machine (EVM)-compatible blockchains. This integration is expected to make USDC one of the primary tokens for value exchange within the Soneium ecosystem, enabling digital dollar payments on this layer-2 network.

Soneium, launched in August 2024, represents Sony’s foray into blockchain technology, developed in collaboration with Startale Labs. The blockchain aims to provide a robust infrastructure for Web3 applications, and the integration of USDC is seen as a move to facilitate more efficient and secure transactions within this ecosystem. 

Jun Watanabe, Chairman of Sony Block Solutions Labs, emphasized that the collaboration aligns with Sony’s vision of creating a more interconnected and efficient digital ecosystem.

For Circle, this partnership is a pivotal moment in its ongoing efforts to promote the use of USDC across various blockchain networks. The firm’s CEO, Jeremy Allaire, stated that this collaboration is a significant milestone for Circle’s mission to accelerate the adoption of stablecoins and blockchain technology, particularly in empowering creators within the Web3 space.

This cooperation is a major part of Sony’s blockchain division’s outlined development plan. Today, Sony’s blockchain division partners with several major players in the blockchain industry, such as Astar, Alchemy, Chainlink, Optimism, and The Graph.

Furthermore, in early September, Samsung’s investment division, Samsung Next, announced a strategic investment in Startale Labs, underscoring the growing interest and investment in Soneium’s development.

Circle remains the world’s second-largest stablecoin issuer, with a current circulating supply of $35.7 billion. While this represents a significant increase of 47% since the start of the year, it is still 36% below its peak supply of $56 billion in June 2022. Despite this, Circle remains confident in the mainstream adoption of stablecoins as a key financial tool for the digital age.

During its recent interview, Dante Disparte, Circle’s Chief Strategy Officer, spoke about the stablecoins and the vision to continue to grow as the money of the Internet. Another important step towards the vision is partnering with Sony Block Solutions Labs.

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SNEAK PEEK

Hong Kong’s slow regulatory pace may hinder its growth as a global crypto hub.

Industry leaders urge Hong Kong to expedite crypto regulations to stay competitive.

Banks in Hong Kong remain cautious on crypto custody, lagging behind UAE’s proactive approach.

Hong Kong’s deliberate and measured pace in implementing cryptocurrency regulations is drawing scrutiny as industry players express concerns that it may impede the city’s growth as a global digital asset hub. 

Despite efforts to position itself as a leader in the cryptocurrency space, Hong Kong’s regulatory framework remains limited, with only two fully licensed virtual asset trading platforms currently operational, Hash Blockchain and OSL Digital Securities. Meanwhile, many other exchanges are still awaiting approval to operate in the city.

Vincent Chok, CEO of Hong Kong-based First Digital Trust, emphasized the need for Hong Kong to speed up its regulatory processes to keep pace with the rapidly evolving digital asset industry. 

“It is understandable that Hong Kong’s current approach to regulation is more conservative, prioritizing investor protection,” Chok stated in an exclusive interview with Cointelegraph. However, he expressed concern that the city could fall behind if regulations do not keep up with the fast-paced developments in the industry.

As of June 1, Hong Kong has made it a criminal offense to operate an unlicensed virtual asset trading platform (VATP). Additionally, the Securities and Futures Commission (SFC) has issued an “alert list,” identifying suspicious or unlicensed entities that may be targeting Hong Kong investors. 

In comparison to Dubai, which has adopted a more global approach to cryptocurrency regulation, Hong Kong has yet to implement regulations for USD-denominated stablecoins. First Digital Trust, which was recognized as one of the Emerging Giants in Asia Pacific by KPMG and HSBC in 2022, is keenly awaiting such regulations.

Chok expressed hope that Hong Kong will soon introduce a framework for USD-denominated stablecoins, similar to the proactive stance taken by Dubai.

Meanwhile, the Hong Kong Monetary Authority (HKMA) recently recognized Jingdong Coinlink Technology Hong Kong Limited, a subsidiary of JD Technology Group, as a participant in The Sandbox program. This move follows the company’s announcement to launch a stablecoin pegged 1:1 to the Hong Kong dollar (HKD), signaling the city’s growing interest in stablecoin development.

With regard to digital asset custody, Chok also explained that banks in Hong Kong would still not immediately indulge due to the risk and liability involved; it is more than the current risk appetite of many would allow. This reserved approach is quite the opposite of what happened to Standard Chartered, which has recently been approved to provide crypto custody services in the United Arab Emirates.

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SNEAK PEEK

Magic Eden’s CEO supports clearer NFT regulations amid SEC scrutiny of rival OpenSea.

Magic Eden remains cautious, emphasizing compliance as SEC actions against OpenSea unfold.

SEC’s focus on OpenSea may reshape NFT regulations, impacting platforms like Magic Eden.

Magic Eden‘s CEO, Jack Lu, has welcomed the possibility of clearer regulations following the U.S. Securities and Exchange Commission’s (SEC) recent actions against OpenSea, a rival in the NFT marketplace. 

Unlike OpenSea, Magic Eden has not received a Wells notice, a formal signal of impending legal action from the SEC, Lu confirmed in a recent interview. The notice issued to OpenSea by the SEC suggests that some NFTs traded on its platform might be considered securities, a move that could have broad implications for the NFT space.

The SEC’s investigation into OpenSea marks a new phase in its regulatory approach to NFTs, moving beyond targeting individual projects to scrutinizing entire platforms that facilitate NFT trading. OpenSea, once the dominant force in the NFT marketplace, has acknowledged the SEC’s concerns, with CEO Devin Finzer expressing readiness to challenge the regulator’s stance. 

The potential legal battle could set a significant precedent for other NFT marketplaces, including Magic Eden, which has swiftly risen to prominence in the industry.

While Magic Eden is not currently under the SEC’s scrutiny, Lu is acutely aware of the potential ripple effects a lawsuit against OpenSea could have across the NFT sector. He emphasized Magic Eden’s commitment to compliance, stating that the company has always aimed to operate as a “good actor” within the regulatory ecosystem. 

This approach reflects a broader industry sentiment that clearer regulations could benefit the rapidly evolving NFT market despite their inherent uncertainties.

The actions taken by the SEC against OpenSea also demonstrate that the regulation of NFTs is not easy since they can depict ownership in various objects, including art pieces, links and others. Analysts have mentioned the key issue that might hinder the SEC to engage in the NFT space, which is the absence of the regulator’s experience in supervising the physical art and collectibles markets. 

 However, when targeting NFT trading platforms like OpenSea, the SEC may be preparing for a change of its approach to the regulation of tokens in the whole crypto market. 

 With time, Magic Eden is a bit conservative on the situation. Regarding the charges that may lead to delisting of NFTs, Lu said that any such decision shall depend on the situation surrounding any future charges. The way that it is done makes it harder to speculate; he said this because speculating may seeem unrealistic since it cannot fairly predict what the regulators are likely to do in the future.

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SNEAK PEEK

Sky platform may fully offload WBTC, affecting $200M in DeFi loans amid custody concerns.

BA Labs pushes for a phased WBTC offboarding due to risks linked to Justin Sun’s involvement.

Sky’s decision on WBTC could reshape DeFi lending, impacting $73M on SparkLend, $127M in vaults.

Sky, one of the leading decentralized finance (DeFi) platforms, formerly known as MakerDAO, is poised to make a significant decision regarding the future of wrapped Bitcoin (WBTC) within its ecosystem. 

The platform, managing a large percentage of DeFi lending, plans to put to the vote whether to exit from using WBTC as one of the collateral assets fully. This decision if enacted has the potential to affect around 200 million US dollar equivalent of DeFi loan protocols that use the token as collateral. 

The proposal to remove WBTC from Sky’s ecosystem concerns the involvement of Tron founder Justin Sun with the custodian of the underlying assets. WBTC, a token that enables Bitcoin (BTC) to be utilized on other blockchains, plays a crucial role in DeFi lending, boasting a market capitalization of $9 billion. 

However, the recent developments surrounding the token’s custody have raised red flags within the Sky community.

Concerns arose further about WBTC when BitGo, a leading crypto custody service provider, initiated the process for handing over the asset management to BiT Global, a Hong Kong-based custody provider. The process was designed to distribute custody among three global entities instead of one single custodian, decentralizing the process. 

DeFi risk management firm BA Labs, which holds large sway over Sky’s governance, passed the proposal to dump WBTC. The firm used to suggest decreasing the extent of interacting with WBTC because of the presumed dangers of involvement from Justin Sun. 

On Thursday, BA Labs proposed a phased approach to gradually offboard all WBTC exposure, beginning on September 26, 2024. Each step would require a separate vote from the Sky community.

If you are a user with WBTC collateral in Legacy Vaults (WBTC-A, WBTC-B, or WBTC-C) or SparkLend, please be aware of the WBTC offboarding proposal initiated by @BlockAnalitica.According to the plan outlined by @BlockAnalitica, and pending governance approval, WBTC offboarding…

— Sky (@SkyEcosystem) September 12, 2024

In its proposal, BA Labs emphasized the need for legal due diligence but ultimately concluded that it would not provide sufficient assurance. The firm also suggested that Sky consider onboarding alternative collateral products should the proposal pass.

Sky’s Affiliated lending platform, SparkLend, now has 73 million US dollars equivalent of loans utilizing WBTC as a collateral asset, while Sky’s previous-generation vaulter possesses 127 million US dollars equivalent of debt anchored on WBTC.

The post Sky Set to Vote on WBTC Offloading Amid Justin Sun-Related Concerns appeared first on Today NFT News.

SNEAK PEEK

Trump’s World Liberty Financial to launch on September 16 as a DeFi platform.

The project highlights US dollar-pegged stablecoins and hints at an Ethereum-based ecosystem.

Mixed reactions from the crypto community and security concerns cloud the platform’s launch.

Donald Trump revealed that his much-anticipated crypto platform, World Liberty Financial, will officially launch on September 16. The former U.S. President made this announcement in a video posted on X (formerly Twitter) on September 12. 

.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL

— Donald J. Trump (@realDonaldTrump) September 12, 2024

Trump highlighted the project as a significant step toward embracing the future of finance. His sons, Donald Jr. and Eric Trump, manage the project.

World Liberty Financial is positioned as a decentralized finance (DeFi) platform that aims to disrupt traditional banking systems. The platform is expected to offer users various services, including digital wallets, credit accounts, borrowing and lending capabilities, and investment opportunities in assets like cryptocurrencies. 

Additionally, the platform will introduce a nontransferable governance token, indicating a decentralized approach to decision-making within the ecosystem.

Statements from World Liberty Financial have indicated a strong emphasis on integrating United States dollar-pegged stablecoins into the DeFi ecosystem. This focus suggests a strategic move to attract users looking for stability in the volatile crypto market. 

Moreover, the project has hinted at a potential partnership with the DeFi protocol Aave, raising speculation that World Liberty Financial may be built on the Ethereum blockchain, a leading platform for decentralized applications.

The announcement of World Liberty Financial has garnered mixed reactions within the crypto community. 

ALERT: Lara’s and Tiffany Trump’s X accounts have been hacked. Do NOT click on any links or purchase any tokens shared from their profiles. We’re actively working to fix this, but please stay vigilant and avoid scams!

— WLFI (@worldlibertyfi) September 4, 2024

While Trump’s supporters have shown enthusiasm, others have expressed scepticism, especially concerning the timing of the launch, which is set just 50 days before the U.S. presidential election. 

Nic Carter, a partner at Castle Island Ventures and a Trump supporter, labelled the project a “huge mistake,” suggesting that it may be an attempt by Trump’s inner circle to capitalize on his recent crypto endorsements.

Sophisticated security concerns have also arisen, affecting the project in the last couple of weeks. On September 4, the X accounts of Trump’s daughter-in-law Lara Trump and daughter Tiffany Trump were hacked by the scammers who posted fake links stating affiliation to World Liberty Financial.

The post Trump’s World Liberty Financial Set to Launch Crypto Platform on Sept.16 appeared first on Today NFT News.

SNEAK PEEK

UK introduces bill to classify digital assets as personal property under English and Welsh law.

New legislation to enhance legal protection and clarity for digital assets like Bitcoin and NFTs.

Bill aims to position the UK as a global leader in digital asset regulation and ownership rights.

The United Kingdom has taken a significant step towards legal clarity in the crypto world by introducing a bill that aims to classify digital assets like Bitcoin, NFTs, and other cryptocurrencies as personal property under English and Welsh law. 

This legislative amendment, tabled in Parliament on Wednesday, aims to establish a new category of personal property, address the changing face of digital assets, and offer legal cover. 

 The proposed bill also seeks to introduce a new kind of property, a third kind of property, to be more precise. This will be in addition to the current ‘things in possession’ and ‘things in action’. The proposed new kind of property will be digital assets to enhance their legal status. 

 The bill, if approved, will set the legal foundation of digital currencies, NFTs, and other similar digital assets, and enable their owners to have better protection against fraud and scams. 

Minister of Justice Heidi Alexander underlined that the existing legislation has to be brought in line with the changes that have taken place in the world. She said, “It is important that our legal system is capable of adapting to the new technologies and this legislation will ensure that the UK maintains its position at the forefront of the crypto assets market as well as providing guidance in cases concerning property. ” 

The bill seeks to legalize the use of digital assets such as cryptocurrencies as well as Non-Fungible Tokens (NFTs), and even carbon credits in the digital form as property. This is expected to provide a clear direction for the judges, especially those handling cases that involve the disputed digital assets or the settlements made with them in a bid to minimize the chances of confusion during the trial. 

The bill’s provisions aim to strengthen the legal recourse for digital asset owners, especially in cases of fraud or scam, which has become rife in the digital world.

The introduction of this bill follows recommendations from a 2023 Law Commission report, which identified challenges in recognizing digital assets as property under existing English and Welsh private law. By addressing these challenges, the UK government aims to solidify its position as a global leader in the crypto sector.

The post UK Introduces Bill to Recognize Bitcoin and NFTs as Personal Property appeared first on Today NFT News.

SNEAK PEEK

Buterin sets “stage 1” decentralization as the new standard for layer-2 scaling solutions.

Only “stage 1” layer-2 projects with active proofs will earn Vitalik Buterin’s recognition.

Buterin’s shift highlights stricter decentralization and cryptographic trust for rollups.

Vitalik Buterin, Ethereum’s co-founder, has set a clear benchmark for recognizing layer-2 scaling solutions, emphasizing that only those at “stage 1” of decentralization will gain his acknowledgment moving forward. This declaration, shared on Sept. 12 via X (formerly Twitter), underscores Buterin’s commitment to devolution and marks a significant shift in his stance on layer-2 projects.

I take this seriously. Starting next year, I plan to only publicly mention (in blogs, talks, etc) L2s that are stage 1+, with *maybe a short grace period* for new genuinely interesting projects.

It doesn't matter if I invested, or if you're my friend; stage 1 or bust.

Multiple… pic.twitter.com/4cGxgsfmUc

— vitalik.eth (@VitalikButerin) September 12, 2024

In his recent communication, Buterin highlighted the importance of meeting the “stage 1” decentralization criteria as a minimum standard. This requirement involves an active fraud-proof or validity-proof mechanism and a multi-signature-based override system or “security council.” 

The security council has to function with restrictions, including getting at least 6 of 8 signatures and being located outside of the roll-up organization. Further, the updates need to have at least a week worth of buffers for proper assessment and security concerns. 

Buterin’s message is clear: starting next year, he will only publicly acknowledge layer-2 networks that have achieved this decentralization. He emphasized the seriousness of this stance by stating, “It doesn’t matter if I invested or if you’re my friend, stage 1 or bust.”

Nevertheless, Buterin divides decentralization on layer-2 solutions into three fundamental stages. The first one is known as “stage 0” or “full training wheels,” wherein projects claim rollup status such that all computations and transactions happen on-chain with no interference from the operator. 

 “Stage 1,” the new minimum for Buterin’s acknowledgment, is the next level of decentralization. Third, “stage 2” or “no training wheels” means that no group can prevent something from happening based on the code output unless a flaw is discovered with the new system. 

This stage allows minimal use of security councils, limited to clear bug cases, and requires a 30-day upgrade activation delay.

The problem is that the focus on attaining “stage 1” or higher is rather problematic. Some of the zero-knowledge rollup teams have said they are on course to meet these targets by the end of the year, something that Buterin warmly looks forward to. He pointed out that “the era of rollups being glorified multisigs is ending,” meaning that cryptographic trust will become instrumental.

The post Vitalik Buterin Sets High Standards for Layer-2 Decentralization appeared first on Today NFT News.

SNEAK PEEK

The Digital Chamber urges Congress to classify NFTs as consumer products, not securities.

SEC scrutiny of NFTs raises concerns, pushing for clearer U.S. regulatory guidance.

Legislative protection for NFTs could prevent the sector from moving overseas, impacting the U.S. economy.

The Digital Chamber of Commerce has urged the U.S. Congress to introduce legislation that would clarify the status of non-fungible tokens (NFTs) in the wake of increasing scrutiny from the Securities and Exchange Commission (SEC). 

The organization advocates for NFTs to be classified as consumer products, a move that would exempt them from being treated as securities under federal law.

The Digital Chamber’s recent appeal emphasizes the need for Congress to act swiftly to ensure that NFTs are recognized as consumer goods rather than financial products. This classification would place NFTs beyond the regulatory reach of the SEC, which has been increasingly assertive in its approach to the broader cryptocurrency market. 

The @SECGov’s overreach is putting the livelihoods of NFT creators and communities at risk. NFTs are primarily consumer goods—not securities. We need Congress to take action now and protect innovation, creators, and consumer rights. https://t.co/dp1fb2R3cf

— The Digital Chamber (@DigitalChamber) September 10, 2024

The Chamber argues that without such legislative protection, the growing NFT sector could be driven overseas, potentially harming the U.S. economy.

The SEC’s ongoing actions against various crypto firms have raised concerns within the digital asset community. Recently, the regulator issued a Wells Notice to the NFT marketplace OpenSea, signaling potential enforcement action. 

This move has been met with criticism from crypto advocates, who warn that it could stifle innovation in the emerging NFT space. The Chamber’s statement reflects broader apprehension about the SEC’s approach, which many in the industry view as overreaching.

The Digital Chamber’s call comes at a critical time, as the crypto community waits for clearer regulatory guidance from U.S. authorities. The absence of specific rules has led to an environment where enforcement actions, rather than legislative clarity, dominate. 

This has not only sparked legal battles but has also contributed to the migration of crypto talent and businesses to jurisdictions with more favorable regulatory frameworks.

With the advancement of the next election cycle in the United States, the problem of regulating cryptocurrencies seems to be on an upward trend in terms of policy agenda. There are several crypto-related bills introduced in Congress which shows that the sector is increasingly gaining attention as a national issue. 

 The emergence of the Digital Chamber and its call for legal framework to support NFTs underlines the questions about the source of growth when moving upmarket.

The post Digital Chamber Pushes for Legislative Clarity on NFTs Amid SEC Scrutiny appeared first on Today NFT News.

SNEAK PEEK

X Empire’s NFT voucher system adds complexity to pre-market trading, causing player confusion.

X Empire’s airdrop allocation and in-game coin conversion remain unclear, sparking uncertainty.

X Empire’s approach deviates from traditional games, using NFTs on TON for speculative trading.

X Empire, a new tap-to-earn game on Telegram with a theme centered around Elon Musk, has initiated pre-market trading ahead of its upcoming token launch and airdrop. 

Following the model set by the earlier game Notcoin, X Empire introduces NFT vouchers as a means for players to trade their pre-market tokens. This approach allows players to mint NFT vouchers, which can be traded on the Getgems marketplace before the token officially launches.

Unlike other Telegram-based games such as Hamster Kombat and Catizen, which utilized established exchanges for pre-market trading, X Empire is taking a different route by allowing its players to mint NFTs on The Open Network (TON). 

These NFTs represent a portion of the player’s future airdrop allocation and can be traded, creating an early speculative market.

While the model mirrors Notcoin’s strategy, there are significant differences in gameplay that might affect how the airdrop allocation is managed. Notcoin’s straightforward tap-to-earn structure made it easy for developers to establish a clear conversion rate—1,000 in-game coins for one on-chain NOT token. 

However, X Empire’s gameplay includes more complex elements such as avatar enhancements, betting on fictional stocks, and rock-paper-scissors style negotiations, all of which utilize in-game coins.

This complexity adds uncertainty to the process, as the developers have not yet disclosed how the airdrop allocation will be determined. Players currently face challenges in understanding the value of their in-game coins in relation to the NFT vouchers they can mint.

A high-level X Empire account currently offers the opportunity to mint two NFT vouchers, each said to represent 69,000 on-chain tokens. However, it is not clear whether these vouchers are the final possible tokens that the player will be able to get. This situation has created a lot of confusion among the players, and they are not sure whether to go ahead and mint the NFT vouchers.

The post X Empire Launches Pre-Market Trading via NFT Vouchers Ahead of Airdrop appeared first on Today NFT News.

SNEAK PEEK

Shibarium’s closed beta minted 140K NFTs with just 800 BONE, showcasing its cost-efficiency.

BONE’s role in Shibarium extends beyond transactions, influencing system upgrades and SHIB burns.

Shibarium’s low gas fees make it a scalable, affordable platform for large-scale NFT projects.

Shibarium, a prominent layer-2 solution within the Shiba Inu ecosystem, has achieved a significant milestone by supporting the minting of 140,000 NFTs during the closed beta phase of Shiba Eternity. 

Shibarium Beta Milestone: 140K NFTs Minted with Just 800 BONE in Sponsored Gas Fees

We’re excited to share an incredible achievement from our Shiba Eternity Beta Closed for Leash holders!

So far, these dedicated testers have minted a staggering 140,000 NFTs on Shibarium,… pic.twitter.com/3sPgFMvQ7L

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 6, 2024

This accomplishment not only underscores Shibarium’s capabilities but also highlights its cost-effectiveness, with only 800 BONE tokens, equivalent to around $310, used to cover gas fees for over 20,000 transactions. 

The development is a testament to Shibarium’s potential to become a preferred platform for large-scale NFT projects, offering a scalable and economical solution for creators.

Central to Shibarium’s operations is BONE, a key token utilized for all transaction fees on the platform. BONE’s utility extends beyond just transactions, as it also plays a critical role in system upgrades within the Shibarium ecosystem. This ensures BONE’s continued relevance and importance across current and future projects. 

Additionally, Shibarium incorporates a SHIB burn mechanism, automatically reducing the supply of SHIB tokens with every BONE transaction. This burning process contributes to creating scarcity, potentially increasing the value of SHIB over time, and further solidifying BONE’s importance in the ecosystem.

The minting of 140,000 NFTs during the Shiba Eternity beta highlights Shibarium’s efficiency and affordability. The platform’s ability to handle such a large volume of transactions with minimal costs demonstrates its suitability for NFT creators looking to develop large-scale projects. 

The low gas fees, particularly during the beta phase, have made it easier for creators to engage with the platform, providing a seamless experience for users. This cost-effective structure positions Shibarium as a competitive option for those in the NFT space.

As Shibarium continues to grow and attract more users, particularly from the Shiba Inu community, its role in the decentralized finance (DeFi) sector is likely to expand. With over 1.4 million SHIB holders who have yet to fully engage with Shibarium, the platform’s user base is poised for significant growth. 

Possible with such a rapid strategy of development, new needs will emerge, which means that BONE will strengthen its position in the ecosystem even more. Simply minting NFTs in the Shiba Eternity beta phase indicates that Shibarium is capable of processing large volume transactions at low prices, which puts it on a strong footing as one of the most promising layer-2 solutions in the DeFi world.

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