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Saturday, 19 November 2022
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One of the most prominent NFT collections, Bored Ape Yacht Club (BAYC) was in full hype all through 2021 and the first few months of this year. Famous figures hopped into the craze and splashed fortunes on digital artworks, However, it is no longer business as usual amid the crypto bear market.
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Eleven months ago, the Canadian music star Justin Bieber, purchased one NFT from the BAYC collection for around $1.31 million, equivalent to 500 Ethereum (ETH) tokens. Today, the NFT Bieber bought is worth only $69,522, around 90% decline from its worth 11 months ago.
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Here is our weekly newsletter roundup. Now get a bucket of popcorn and follow through. First, a brief summary….
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Summary of the news
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- Binance to launch industry recovery funds
- Terra co-founder office raided
- Justin Bieber’s NFT is down
- Circle adds Apple Pay support
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Binance to launch industry recovery funds
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On Monday, Binance CEO Changpeng Zhao announced plans to launch an “industry recovery fund”. The industry fund is aimed at minimising the cascading negative effects of FTX. The fund will help projects that are robust, when there is a liquidity crisis.
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The founder of Tron, Justin Sun, also extended his support for the cause. Sun tagged TronDAO, Huobi Global, and Poloniex to support Zhao’s initiative to help good builders stay robust during a crisis. On Twitter, Michael van de Poppe, CEO, and founder of Eight Global also stated that Binance launching the insurance fund is good news.
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Zhao also welcomed other industry players with cash who wanted to co-invest and be a part of the fund. Binance’s CEO mentions how Binance would assist “strong” projects that experience liquidity crises.
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Terra co-founder office raided
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South Korean law enforcers have raided the offices of Chai Corporation, a payments technology company founded by Terra co-founder Daniel Shin. Prosecutors working on behalf of South Korea’s Seoul Southern District confirmed the raid Tuesday.
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On Monday, local media outlets reported that Shin is the focus of a major investigation by South Korean authorities. The case rests on a large number of pre-issued LUNA tokens, which Shin is accused of receiving without notifying regular investors. Shin is then said to have dumped those tokens on the market, allegedly profiting a 140 billion Korean won worth $106 million.
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Since authorities have taken the decision to treat LUNA as a financial investment security, Shin’s actions are being treated as a potential violation of local capital markets law.
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Chai’s partnership with Terra developer Terraform Labs was confirmed in June 2019 when the firm announced it had integrated Terra’s won-pegged stablecoin into its payment app.
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Justin Bieber’s NFT is down
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Pop star Justin Bieber purchased his Bored Ape NFT #3001 in January 2022 for 500 ETH $1.3 million. That same ape is now worth just 57.51 ETH($69,522) representing around 90% loss as digital collectibles take a hit from the decline in the crypto market.
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Back when the music star acquired the NFT, there were mixed reactions regarding his action. While some people welcomed him to the NFT community, others felt he overpaid to obtain a digital token. Justin Bieber also holds non-fungible tokens from the CLONE X – X TAKASHI MURAKAMI, Mutant Ape Yacht Club, Doodles, World of Women, and LIVES of LALISA collections.
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Apart from Justin Bieber, other notable celebrities who own BAYC NFTs are TV host Jimmy Fallon, actress Gwyneth Paltrow, and media personality Paris Hilton.
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Circle adds Apple Pay support
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Circle, the issuer of the dollar-pegged stablecoin USDC has added support for Apple Pay with the intention of bringing the crypto and traditional payment systems closer together.
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Circle made the announcement in a Tuesday blog post, suggesting it may boost sales for crypto-native businesses as they can facilitate traditional payments from non-crypto-using customers while enabling customers to “buy crypto with Apple Pay on their preferred exchange.”
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According to Circle, the addition of Apple Pay support will benefit traditional businesses by allowing them “to shift more retail payments to digital currency.”
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Other stories we are following
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