The NFT industry is firing on all cylinders as more major brands are exploring digital collectibles. The latest franchise to embrace Non-Fungible Tokens is Star Was. Over 800 limited edition collectibles will be issued as NFTs with the help of StarColl.
The NFT Industry Continues To Grow
It is interesting to note the ongoing growth in the world of Non-Fungible Tokens or NFTs. What was initially considered to be a get-rich-quick scheme for aspiring artists is now becoming a global phenomenon. Digital collectibles on the blockchain are gaining momentum with the help of some top brands. Ever since NBA issued its Topshot collection through this technology, other brands are chomping at the bit to do the same.
Speaking of brands and franchises paying attention to NFTs, Star Wars collectibles are coming to the blockchain. With the help of StarColl, the goal is to bring over 800 limited edition collectibles on May the 4th, globally known as Star Wars Day. A physical item backs every NFT issued by StarColl from a major private Star Wars collection.
As a future StarCollNFT owner, collectors can have their name and NFT visible on the traveling exhibition of Starcoll. Owners who want to remain anonymous will have that option as well. All NFT owners will receive free lifetime access to the global traveling exhibition as a special and unique perk. For true Star Wars fans, that is an invaluable bonus.
Securing Star Wars NFTs On The Blockchain
To provide optimal security for these up-and-coming Star Wars collectibles, StarColl taps the QAN blockchain. With its focus on being Quantum-resistant, the blockchain provides a better solution than other public digital ledgers on the market. Quantum resistance will become an essential part of blockchain technology in the following years due to the advent of quantum computing.
QANplatform CTO Johann Polecsak adds:
NFT security is a neglected topic today. Nobody speaks about cybersecurity issues and pain points behind the NFT ecosystem. Source files of NFTs sold for thousands of dollars can be easily changed to memes by hackers. StarColl NFTs will be secured by the Quantum-resistant QAN blockchain, where metadata and ownership information is stored. ”
With its hybrid blockchain platform, QANplatform wants to provide options to developers and enterprises. Whether they want to run DeFi solutions or business processes, QANplatform aims to provide the fastest experience. Moreover, this technology can be deployed to cloud services such as Linode or Amazon AWS, creating a frictionless environment to explore new opportunities.
Whereas some people assumed the NFT craze would come and go very quickly, the opposite scenario is playing out. More and more franchises acknowledge the potential of issuing collectibles on the blockchain. More importantly, various blockchain ecosystems are competing for traction in this segment, which will prove healthy in the long run. By having the Star Wars franchise explore new frontiers to reach its customer base, a strong signal is sent to other franchises.
As more platforms compete for traction in the NFT space, it will be exciting to see if anyone can gain a dominant market position. Some brands may prove more popular than others, but it’s equally worthwhile to keep tabs on the different blockchain ecosystems. Broader accessibility to issuing and minting NFTs will create new market dynamics with global repercussions.
South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud – Bitcoin News
Authorities in South Korea have launched a major raid against a domestic crypto exchange allegedly involved in a millionaire multi-level marketing (MLM) fraud. The police accuse V Global platform of running an illicit operation that reportedly stole hundreds of millions of dollars from investors.
Masterminds Could Have Defrauded Over 40,000 People
According to Yonhap, police obtained a court order to conduct searches into 22 properties connected with the crypto firm, including its headquarters based in the financial district of Gangnam in Seoul.
Although local media outlets refused to disclose the identity of the crypto exchange raided by the police in the first instance, social media users started to make their bets on V Global possibly being involved in the saga. In fact, Hanguk Kyungjae confirmed the news on Wednesday.
Investigators involved in the case believe that the company’s CEO identified by the media as “Lee” could have been allegedly “selling cryptocurrency using multi-level marketing methods.”
That said, a court in Seoul ordered to freeze assets belonging to the company worth $214 million as of press time.
As typical in MLM fraudulent schemes, authorities said the operation posed as a parent company of known domestic crypto exchanges like Upbit, with the premising of guaranteeing high-yield incomes for those who invest into their bogus trading platform.
SBS reports that CEO and his accomplices are accused of defrauding over 40,000 members from August 2020.
MLM Projects Heavily Regulated in South Korea
Currently, the V Global website in its desktop version shows a technical error message, saying that it could take “about 4 hours” to fix the inconveniences. However, that message has been online for over a day. However, its mobile website points out that an error in the transaction systems has been spotted “and is under investigation.”
South Korea has a strict policy regulating multi-level marketing projects in the nation, and they’re paying special attention to bogus crypto-related bogus MLM schemes.
Under the law, companies who use such techniques to promote products must abide by the Act of Door-to-Door Sales and should be registered with the Fair Trade Commission.
What are your thoughts on the latest crackdown of a crypto-related MLM alleged fraud in South Korea? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Early Bitcoin bull market buyers are hodling strong, but short term trading increasing
Bitcoin buyers from the early phases of the bull run are still hodling despite BTC’s meteoric surge into new all-time highs, according to data shared by Glassnode.
The on-chain analytics provider shared its “Realized Cap HODL Waves” chart, noting that the number of coins that were last realized on-chain in the past six months has nearly doubled from roughly 40% to 80% since the third quarter of 2020 — showing that much of the BTC purchased during this period has not been touched since.
HODL Waves are used to estimate the time since BTC coins last moved on-chain, while the realized price is derived from the price the coins were last moved at, rather than the current price. As such, the colored bands shown in the Realized Cap HODL Waves chart increase in thickness “as coins mature or are spent into different age bands.”
The data evidences that a large number of BTC purchased during 2020’s later months have not since been traded, with the chart showing coins progressively maturing from the fourth-quarter 2020 onwards.
#Bitcoin supply accumulated in the early phase of this bull market is beginning to mature.
HODLed $BTC are seen in Realized HODL Waves as the thickness of older age bands swell over time
Read More in The Week On-chainhttps://t.co/0aSkAgiUoE
— glassnode (@glassnode) May 4, 2021
Analyzing the chart in its May 3 Weekly On-chain report, Glassnode stated: “These are coins accumulated in the early bull market that have remained dormant since.”
However, the chart also shows that the share of Bitcoin’s supply represented by coins last active between six months and three years ago has plummeted since mid-2020, dropping from more than 55% in July 2020 to around 10% now. This means long-term investors have been capitalizing on Bitcoin’s all-time highs and realizing profits on multi-year positions.
Short-term speculation also appears to have surged since November, peaking with roughly half of Bitcoin’s supply having been realized in the past three months. This suggests short term traders are driving the markets.
Much DAO: Open DeFi unveils DAO to support the entire ecosystem
Decentralized finance alliance, Open DeFi, has announced it will create a decentralized autonomous organization, or DAO, to support its vision for an open and global cross-chain DeFi ecosystem.
The alliance launched in late 2020 with the goal of bringing together Western and Eastern DeFi projects and has since seen some of the sector’s top projects join its ranks including as Aave, Synthetix and Balancer.
The responsibilities of the Open DeFi DAO, or OD DAO, will include launching DeFi products across multiple layer-one networks, and exploring multi-chain applications for emerging decentralized assets, including data tokens and nonfungible tokens.
The DAO will also incubate early-stage protocols and infrastructure, and seek to “generate long-term value through community-based strategies.” Open DeFi’s Marek Laskowski stated:
“The goal of Open DAO is to develop a truly integrated multi-chain DeFi ecosystem that will open up liquid markets and establish a new operating system for finance. With the support of our members and our community of more than 10,000 DeFi developers and strategists worldwide, we look forward to accelerating the next generation of DeFi.”
The DAO will be community governed through a governance token, with an announcement emphasizing that “anyone can join” the permissionless organization.
To celebrate the new DAO and support DeFi decentralized finance development, Open DAO and Gitcoin launched a hackathon on May 3. The event has been sponsored by more than 20 major DeFi projects including Uniswap and Polygon, with more than $100,000 in prizes to be awarded to the hackathon’s winners.
Open DeFi was launched by blockchain startup Conflux Network in September 2020 with support from the Chinese central government’s Shanghai and Technology Committee, describing its mission as bridging the Eastern and Western decentralized finance markets. By November, the alliance had doubled its membership to span 16 firms, including four of the 20-largest DeFi protocols by total value locked.
In addition to several decentralized finance heavyweights, Open DeFi’s membership currently includes notable actors within the broader crypto sector including fundraising platform Gitcoin and venture capital firm Sequoia Capital.
Decentralized autonomous organizations have seen tremendous growth over the past six months, with the combined assets under management, or AUM, of the DAO ecosystem increasing more than 600% from $140 million as of Nov. 5, 2020, to roughly $1 billion today, according to data provider, DeepDAO.
DeepDAO currently tracks 108 different DAOs, of which 24 hold more than $1 million in assets, and 17 comprise more than 100 members.
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