Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system.
In February, while discussing the budget for 2022, Indian finance minister Nirmala Sitharaman spoke about the launch of a digital rupee to provide a “big boost” to the digital economy. In the annual report released Friday by India’s central bank, RBI revealed exploring the pros and cons of introducing a CBDC.
In the report, RBI stressed the need for India’s CBDC to conform to India’s objectives related to “monetary policy, financial stability and efficient operations of currency and payment systems.”
Based on this need, RBI is currently examining the various design elements of a CBDC that can co-exist within the existing fiat system without causing disruptions. The Indian Finance Bill 2022, which enforced the introduction of a 30% crypto tax on unrealized gains, also provides a legal framework for the launch of a digital rupee:
“The Reserve Bank proposes to adopt a graded approach to introduction of CBDC, going step by step through stages of Proof of Concept, pilots and the launch.”
Halfway through 2022, at the proof of concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.
Earlier this month, on May 17, RBI officials reportedly warned against crypto adoption citing the risks of “dollarization” of the Indian economy.
As Cointelegraph reported based on the Economic Times’ findings, key RBI officials including governor Shaktikanta Das raised concerns regarding the U.S. dollar-dominated world of cryptocurrencies. An unnamed official stated:
“Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy which will be against the country’s sovereign interest.”
“It [crypto] will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” they added.
Equities markets in the United States rallied sharply on May 25 and May 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet.
On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”
In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank’s analysts believe Bitcoin’s fair value is $38,000 which is about 30% higher than the current level.
Could Bitcoin follow the U.S. equities markets higher or will it decouple and continue to languish at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin plunged below the strong support of $28,630 on May 26 but the bulls could not sustain the lower levels. The long tail on the day’s candlestick shows that the bulls aggressively purchased the dip.
BTC/USDT daily chart. Source: TradingView
The bulls are again trying to defend the support at $28,630, which is an important level to keep an eye on. If the price rises from the current level and breaks above the 20-day exponential moving average ($30,868), it will suggest that the BTC/USDT pair may have bottomed out. The pair could then rally to the 50-day simple moving average ($35,721).
Conversely, if the price turns down from the current level or the overhead resistance, it will suggest a lack of demand at higher levels. That may increase the possibility of a break below $28,630. If that happens, the pair could retest the crucial level at $26,700. A break and close below this level could intensify selling and the pair may plummet toward $20,000.
ETH/USDT
Ether (ETH) dipped and closed below the uptrend line on May 25 suggesting that bears were attempting to re-establish their supremacy. The selling picked up momentum on May 26 and the price plunged below the May 12 intraday low at $1,800.
ETH/USDT daily chart. Source: TradingView
The bears are trying to defend the crucial support at $1,700 but the rebound lacks momentum. This suggests that bulls are not aggressively buying at the support. That could embolden the bears who may attempt to sink and sustain the price below $1,700. If they succeed, the ETH/USDT pair could plummet to $1,300.
Conversely, if bulls successfully defend the support at $1,700, the pair could start an up-move toward $2,159. That could keep the pair range-bound between $2,159 and $1,700 for some more days.
BNB/USDT
The long wick on Binance Coin’s (BNB) May 25 candlestick shows that bears are selling on rallies nearing the critical overhead resistance at $350. The selling continued on May 26 and the price broke below the 20-day EMA ($320).
BNB/USDT daily chart. Source: TradingView
There is a minor support at $286 where the bulls will attempt to arrest the decline. If they succeed, it will suggest that the sentiment has changed from selling on rallies to buying on dips. The bulls will then again strive to push the price to $350.
Alternatively, if the price breaks below $286, it will suggest that the aggressive bulls who may have been trapped after buying the break above $320 may be exiting their positions. That could sink the BNB/USDT pair to $260.
XRP/USDT
Ripple (XRP) broke below the immediate support at $0.38 on May 26 but the long tail on the day’s candlestick suggests strong buying at lower levels. The buyers will try to push the price toward the downtrend line.
XRP/USDT daily chart. Source: TradingView
If the price turns down from the downtrend line, the bears will again attempt to sink the XRP/USDT pair below $0.38. If that happens, the pair could drop to the May 12 intraday low at $0.33 where the bulls are likely to mount a strong defense. The bears will have to pull the price below this support to indicate the resumption of the downtrend.
On the other hand, if bulls push the price above the downtrend line, the pair could rally to the 20-day EMA ($0.44). This level may again act as a stiff resistance but if bulls overcome this barrier the recovery could reach the psychological level at $0.50.
ADA/USDT
Cardano’s (ADA) tight-range trading between $0.49 and $0.56 resolved to the downside on May 26. The bulls are attempting to defend the minor support at $0.46 but if they fail, the drop could extend to $0.40.
ADA/USDT daily chart. Source: TradingView
The downsloping moving averages and the RSI near the oversold territory suggest that bears are in command. If bears sink and sustain the price below $0.40, the selling could pick up momentum and the ADA/USDT pair may plummet to $0.33.
Conversely, if the price rebounds from the current level or the support, it will suggest strong buying at lower levels. The bulls will then try to drive the price above the 20-day EMA ($0.56). If they succeed, the pair could rally to $0.61 and later to $0.74.
SOL/USDT
Solana (SOL) broke below the immediate support at $47 on May 26 suggesting that traders who may have bought at lower levels are closing their positions. This opens the doors for a possible drop to the crucial support at $37.37.
SOL/USDT daily chart. Source: TradingView
If the price rebounds off $37.37, the buyers will attempt to push the price to the 20-day EMA ($55). This is an important level for the bears to defend because a break and close above it will suggest that the SOL/USDT pair may have bottomed out. The pair could then attempt a rally to the overhead resistance at $75.
Alternatively, if bears sink the price below $37.37, it will suggest the resumption of the downtrend. The pair could then extend its decline to the next support at $32.
DOGE/USDT
Dogecoin’s (DOGE) tight-range trading resolved to the downside on May 26 and bears pulled the price below $0.08. This suggests that supply exceeds demand.
DOGE/USDT daily chart. Source: TradingView
If bears sustain the price below $0.08, the DOGE/USDT pair could drop to the vital support at $0.06. As this level had acted as a strong support on May 12, the bulls may again try to defend it. If the level holds, the pair could climb toward the 20-day EMA ($0.09).
Another possibility is that if bulls push the price back above $0.08, it will suggest demand at lower levels. The buyers will then try to propel the price toward the 20-day EMA. A break and close above this resistance will suggest that the bears may be losing their grip. The pair could then rally to the psychological level at $0.10.
Polkadot’s (DOT) failure to climb and sustain above the breakdown level at $10.37 attracted selling by traders. The bears pulled the price below the immediate support of $9.22 on May 26 but are struggling to sustain the lower levels.
DOT/USDT daily chart. Source: TradingView
The price rebounded off the immediate support at $8.56 and the bulls are attempting to clear the overhead hurdle at the 20-day EMA ($10.88). If they manage to do that, it will suggest that the downtrend may be weakening.
Contrary to this assumption, if the price once again turns down from the overhead resistance, the bears will try to pull the DOT/USDT pair below $8.56. If they do that, the next stop could be $7.30.
The bulls are likely to defend this level aggressively but if they fail in their endeavor, the pair could start the next leg of the downtrend.
AVAX/USDT
Avalanche (AVAX) continued lower and plunged below the important support of $23.51 on May 26. This indicates the resumption of the downtrend.
AVAX/USDT daily chart. Source: TradingView
Although the downsloping moving averages favor the bears, the RSI in the oversold territory suggests a relief rally or consolidation in the near term. If the price turns up and rises above $23.51, it may trap several aggressive bears, resulting in a short squeeze. That could push the AVAX/USDT pair to the 20-day EMA ($34).
Alternatively, if bears sustain the price below $23.51, the selling could pick up momentum and the pair may decline to the psychological support at $20.
SHIB/USDT
Shiba Inu (SHIB) continues to be under pressure. Although bulls are defending the support at $0.000010, the rebound lacks strength. This suggests weak demand at current levels.
SHIB/USDT daily chart. Source: TradingView
The bears will attempt to pull the price below $0.000010 and if they succeed, the SHIB/USDT pair could decline to the critical support at $0.000009. This is an important level to keep an eye on because a break and close below it could indicate the resumption of the downtrend. The pair could then decline toward $0.000007.
Alternatively, if the $0.000010 level holds, the pair could rise to the 20-day EMA ($0.000013). This level may again act as a resistance but if crossed, the upward move could reach $0.000017.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
In the next decade, we will see a shift from the internet to the metaverse – a virtual reality where people can create their own avatars and interact with each other, and Agoraverse has taken the next step to make that a reality.
The Agora is a shopping mall where businesses, NFT ventures, and influencers may promote and sell their items or services in true Web 3 style.
Agoraverse is a community-driven network for eCommerce where buyers and sellers can transact directly with each other free from fraud, misrepresentation or deception.
Agoraverse is built on top of blockchain technology which enables them to provide security, transparency, efficiency and speed when transacting between buyers.
The marketplace will be partially powered by the $AGORA token, which will also be used for staking rewards, creator rewards, cashback and more.
Tokenomics and its applications in their Metaverse
Agoraverse’s tokenomics model is designed to create value for all participants in the ecosystem: creators, curators, voters, sponsors and token holders.
The Agora marketplace will be a place where anyone can buy or sell NFTs from anywhere in the world. This means that you can sell your own digital assets like artwork, music, clothing designs and jewelry and much more.
Agora is not just another marketplace for buying and selling virtual assets; it is a fully-fledged shopping mall with rich features that allow users to interact with each other in new ways. You can connect with other users through our chatting features or create your own community within the Agora.
The AGORA Token will be able to be used to buy NFTs or material items within the Agora Metaverse.
The $AGORA token is the shopping currency of the Agora marketplace. It is a key component of the Agora ecosystem and will be used to purchase goods from partnered merchants who have listed their products on the Agoraverse platform.
$AGORA will also contribute to the development of this big endeavor. It will reward users, producers, and holders for many years to come.
Token Distribution
Total supply: 1 000 000 000
Initial supply : 460 000 000 (46%)
Release timeline: 4 years
In order to further fund their initiative, the Agoraverse team will also hold an Initial Coin Offering on the 3rd of June 2022. 16 percent of the tokens will be sold in order to provide long-term finance for the project. 40% of the total money raised will go into liquidity pools to maintain a stable and healthy token that can provide income to their holders.
By holding the Access Card NFT, project holders express their dedication to the initiative. The Agoraverse team wants to reward them for it. Therefore, customers will be able to stake them on their website to gain $AGORA.
Cutting-edge technology
We are living in the era of digital economies and virtual worlds. With the rise of blockchain technology, we are now able to create a richer and more immersive experience for users.
Agora’s mission is to bring fairness back to the retail industry by creating a marketplace where consumers have full control over their data, which can be used to build more personalized experiences with retailers.
They are building a revolutionary platform that will enable anyone to buy and sell real goods alongside digital ones. Their vision is to bring back the joy of shopping, but with a modern twist: it’s no longer about spending your energy at malls, but about living a completely new experience. And it’s not just about NFTs anymore – their platform is the bridge to the metaverse for traditional business ventures.
The Team Behind Agora
The Agora team has years of experience building real-life communities and businesses. They have been working together for several months on this project and are excited to share it with the world.
Their goal is to create an ecosystem that will allow everyone to participate in a new way of shopping — one that combines the best of both worlds — online and offline.
The Agora team is composed of professionals from diverse backgrounds with experience in the blockchain industry, retail industry, eCommerce industry, advertising industry, and more.
The world is moving towards a digital economy, and we are at the forefront of this change with our innovative technology and solutions. They have built a team of talented individuals who have an immense drive to create something truly special. Their team consists of designers, developers, marketers and product managers who are passionate about what they do.
Founders
Oscar Bellei
Co-Founder and Project Manager
Amaury Lentengre
Co-Founder and Strategy Manager
Claude Jehl
Co-Founder and Lead 3D Designer
Léo Biewer
Co-Founder and Creative Director
Transparent And Active Team, Focused On The Future
They are a team of experienced developers, designers and marketers who are focused on creating a unique experience for customers that can’t be found anywhere else. They will build the most advanced shopping platform based on blockchain technology, which will unite sellers and buyers from all over the world into one single ecosystem.
Their main strength lies in the fact that they are a transparent and active team which is able to respond quickly to the needs of its users. This approach will allow them to achieve their strategic goals in the shortest possible time frame and develop a strong brand that will be recognized by all people who are interested in cryptocurrency.
Spam and bots have been the bane of anyone that uses the internet for years, but recently this digital scourge has ramped up activity in the crypto sector in a big way.
Crypto intelligence provider LunarCrush has revealed spam in the cryptosphere has increased by an astonishing 3,894%. The firm has been collecting crypto-specific social data since 2019, and says not only is spam at an all-time high, it’s also “the fastest growing metric on social media.”
The findings were published in a May 25 report, stating that “more spam accounts than you would think are actually people.” For this reason, it is often a challenge for software to detect and flag spam.
Spam Volume collected by LunarCrush over the previous 2 years
Twitter is the social media platform of choice for the crypto industry, and it is awash with spam and bots. There has been an estimated 1,374% increase in Twitter spam volume over the past two years, according to LunarCrush.
LunarCrush CEO Joe Vezzani told Quantum Economics founder Matti Greenspan in his crypto newsletter:
“For a Web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts because it increases the value of their platform.”
Tokenized Web3 platforms (such as Aave’s Lens Protocol or Orbis) differ in that they want to have as many genuine users as possible holding the asset rather than trying to extract value from the community, he added.
Billionaire Tesla CEO Elon Musk’s sensational takeover of the platform was put on hold earlier this month pending further details supporting Twitter’s assertion that spam and fake accounts represent less than 5% of the platform’s traffic.
Musk plans to crack down on spam bots that have plagued the platform and suggests that the company’s claim of 95% genuine users is too high.
Twitter claims that >95% of daily active users are real, unique humans. Does anyone have that experience?
Purging the bot accounts would drop the number of followers most genuine accounts have. One estimate from SparkToro suggested that Musk could lose half of his 95 million followers. Earlier this month, the software firm conducted in-depth analysis reporting that almost 20% of all active Twitter accounts are fake or spammers.
Until Musk gets his way and shakes the spammers out of the Twitter tree, users of the platform and other social media sites will have to be extra vigilant regarding the rising tide of crypto scams and spam which none of them appear to have the power to control.
Ahead of the Merge tentatively penciled in for August, Ethereum’s Beacon Chain experienced a seven-block reorganization (reorg) yesterday.
According to data from Beacon Scan, on May 25 seven blocks from number 3,887,075 to 3,887,081 were knocked out of the Beacon Chain between 08:55:23 to 08:56:35 AM UTC.
The term reorg refers to an event in which a block that was part of the canonical chain, such as the Beacon Chain, gets knocked off the chain due to a competing block beating it out.
It can be the result of a malicious attack from a miner with high resources or a bug. Such incidents see the chain unintentionally fork or duplicate.
On this occasion, developers believe that the issue is due to circumstance rather than something serious such as a security issue or fundamental flaw, with a “proposer boost fork” being highlighted in particular. This term refers to a method in which specific proposers are given priority for selecting the next block in the blockchain.
Core Ethereum developer Preston Van Loon suggested the reorg was due to a “non-trivial segmentation” of new and old client node software, and was not necessarily anything malicious. Ethereum co-founder Vitalik Buterin labeling the theory a “good hypothesis.”
Block reorg: Beacon Scan
Martin Köppelmann, the co-founder of EVM compatible Gnosis chain was one of the first to highlight the occurrence via Twitter yesterday morning, noting that it “shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain! (proposals already exist).”
In response to Köppelmann, Van Loon tentatively attributed the reorg to the proposer boost fork which hadn’t fully been implemented yet:
“We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software.”
“All of the details will be made public once we have a high degree of confidence regarding the root cause. Expect a post-mortem from the client development community!” he added.
We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software.
— prestonvanloon.eth (@preston_vanloon) May 25, 2022
Earlier today, another developer Terence Tsao echoed this hypothesis to his 11,900 Twitter followers, noting that the reorg seemed to be caused by “boosted vs. non boosted nodes in the network and the timing of a really late arriving block.”
“Given that the proposer boost is a non-consensus-breaking change. With the asynchronicity of the client release schedule, the roll-out happened gradually. Not all nodes updated the proposer boost simultaneously.”
Van Loon spoke at the Permissionless conference last week and said that the Merge and switch to Proof-of-Stake (PoS) could come in August “if everything goes to plan.”
While the reorg is sure to raise questions of this potential timeline, Van Loon and the other developers have not yet outlined whether it will have any impact at all.
Kazakhstan, one of the global leaders in crypto mining with a recent history of hostile measures against the industry, is taking a step toward a comprehensive fiscal framework for mining operators.
On Thursday, May 25, the lower chamber of Kazakh parliament, Mejlis, passed in the first reading the amendments to the national tax code, regulating the fiscal burden on crypto mining. These amendments suggest graded tax rates tied to the electricity prices consumed by mining entities.
For example, the cheapest grade of electricity prices, 5 to 10 tenges ($0,012–0,024) for Kwh, would come with an additional burden of 10 tenges ($0,024). For 10–15 tenges ($0,024–0,036) per Kwh, the tax would be 7 tenges ($0,017) and for 20–25 tenges ($0,048–0,060) per Kwh — 3 tenges ($0,0072).
Proposed amendments overstride the earlier initiative to raise the price for electricity from $0.0023 per Kwh to $0.01 for crypto miners, voiced by Kazakhstan’s First Vice Minister of Finance Marat Sultangaziyev back in February.
The chamber indicated that the amendments are also aimed at creating a stimulus for using renewable sources of energy. In the case of green energy the tax would be only 1 tenge ($0,0024) without any regard to the electricity cost.
As Kazakh Economic Minister Alibek Kyantyrov stated, the measures are intended to “level the load and de-stimulate the consumption from private sources of energy”.
On April 29, the country’s Minister of Digital Development compelled digital mining businesses to provide information about electricity consumption and “technical specifications” for connection to the power grid 30 days before starting operations. Earlier, in March, 106 illicit crypto mining operations were shut down following raids by the Financial Monitoring Agency, which seized over 67,000 pieces of equipment at the time.
Three years after being ousted as CEO of WeWork, Adam Neumann has jumped on the crypto bandwagon, raising $70 million in the first major funding round for his climate tech venture Flowcarbon.
The project aims to make carbon trading more accessible by putting carbon credits on the blockchain.
Neumann is an Israeli-American businessman and investor famous for his role in founding coworking space provider WeWork in 2010, a company once heralded as the future of work spaces.
However, it all came crashing down in 2019 when the company attempted to go public, which instead lifted the lid on WeWork’s unprofitable business model and questionable leadership antics. The company went from being privately-valued at $47 billion in August 2019 to talk of filing for bankruptcy just six weeks after, with Neumann pressured to step down as CEO.
Adam and his wife, Rebekah Neumann have been listed as co-founders of Flowcarbon, along with CEO Dana Gibber, and COO Caroline Klatt — both of whom are co-founders of Headliner Labs, a company building AI-powered chatbots for major media brands. Ilan Stern, another co-founder of Flowcarbon, heads up Neumann’s own family office.
According to Flowcarbon, the recent funding round includes $32 million in funding from Silicon Valley investors Marc Andreessen and Ben Horowitz through their a16z crypto venture capital firm. Other investors include General Catalyst and Samsung Next.
Another $38 million was raised in a token-sale of Flowcarbon’s first carbon-backed token, the Goddess Nature Token (GNT).
The company describes itself as a pioneering climate technology company working to build market infrastructure in the voluntary carbon market (VCM). Through the tokenization of carbon credits on the Celo blockchain, Flowcarbon wants to make the purchase, selling and trading of carbon credits more accessible and efficient than the current carbon markets.
We highlighted @weareflowcarbon in last week’s State of Crypto report as a prime example of web3 companies making a positive impact.
Flowcarbon’s marketplace is funding projects that reduce or remove carbon from the atmosphere.https://t.co/yntqLkCUdp
Carbon trading is a market-based system designed to reduce greenhouse gas emissions that contribute to global warming.
Businesses that produce carbon-emissions can buy carbon credits to offset them from projects that remove or reduce greenhouse gases from the atmosphere, such as reforestation projects.
However, Flowcarbon argues that the voluntary carbon market is currently “inefficient, opaque, and inaccessible,” with brokers and consultants charging up to 20 percent in fees, many deals done behind closed doors and inconsistent pricing for carbon credit depending on the buyer.
Enter Flowcarbon, which will enable anyone to tokenize their certified off-chain carbon credits, unlocking a new economic flywheel for sustainability.
— AriannaSimpson.eth (@AriannaSimpson) May 24, 2022
Flowcarbon’s solution to the voluntary carbon market is not unique. Other projects aimed at facilitating the buying and selling of tokenized carbon credits include Toucan Protocol, JustCarbon and Likvidi.
Arianna Simpson, General Partner at a16z said it was an obvious area that could benefit from blockchain tech.
“The carbon market is extremely opaque and we believe demand for offsets is rapidly outpacing the speed at which supply can be increased, especially for nature-based projects. Tokenization is an obvious solution.”
Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move which reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021.
According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600 and $31,430.
BTC/USDT 1-day chart. Source: TradingView
Despite the sizable outflow, the month-to-date BTC flow for May remain positive at $187.1 million, while the year-to-date figure stands at $307 million.
On a more positive note, the multi-asset category of investment products managed to record a total of $9.7 million worth of inflows last week. This brings the yearly total inflow into these products to $185 million, representing 5.3% of the total AUM.
CoinShares pointed to the uptick in volatility as a possible source for the increased inflows into multi-asset investment products, which can be seen as “safer relative to single line investment products during volatile periods.” So far in 2020, these investment products have only experienced two weeks of outflows.
Cardano and Polkadot led the altcoin inflows with increases of $1 million each, followed by $700,000 worth of inflows into XRP and $500,000 into Solana (SOL).
Flows by asset during the week ending May 20, 2022. Source: CoinShares
Out of all the assets covered, Ethereum (ETH) has seen the worst performance so far this year with $44 million worth of outflows in the month of May bringing its year-to-date figure to $239 million.
Strengthening dollar continues to impact crypto market sentiment
The declining interest in digital asset investment products comes amidst the backdrop of a strengthening dollar, which has been “one of the most important macro factors driving asset prices over the last 6 months” according to cryptocurrency market intelligence firm Delphi Digital.
U.S. dollar currency index. 1-week chart. Source: Delphi Digital
As shown on the chart above, the Dollar Index (DXY) has risen from 95 at the start of 2022 to 102 on May 23, a year-to-date gain of 6.8%. This marks the fastest year-over-year change for the DXY in recent history and led to a breakout from the range it had been stuck in for the past 7-years.
Delphi Digital said,
“This DXY strength has been a consistent drag to risk asset performances over this same time period.”
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
E-commerce giant eBay has officially launched its first NFT drop, with a series of tokenized collectibles featuring National Hockey League (NHL) legend Wayne Gretsky going live on May 23.
The NFT collection depicts animated versions of Gretsky that were inspired by Sports Illustrated magazine covers. They come in four different tiers of rarity including green at 299 editions per token, gold at 199, platinum at 99, and diamond at 15.
The collection is up for sale on eBay’s marketplace now, however, the limited edition diamond, platinum, and gold tiers worth $1,500, $100, and $25 apiece have already sold out.
According to the announcement from eBay, the collection was developed in partnership with environmentally focused NFT platform OneOf, which supports multiple “energy-efficient blockchains” to provide sustainable NFT collections.
eBay initially enabled NFT listings around mid-2021 but hasn’t integrated blockchain tech to support the sales on its marketplace. In terms of this official drop, users are sent a redemption link via in platform messaging or email to receive their NFT outside of the platform.
Secondary trade for the NFTs on OneOf has been minimal so far, however, with only three users listing platinum tiered tokens at a floor price of $199, while one user has listed a gold tier NFT for $69.
Commenting on the drop, eBay’s VP of Collectibles, Electronics, and Home Dawn Block stated that NFT tech is “revolutionizing the collectibles space” and emphasized that the firm is looking to bring NFTs to mainstream collectors across the globe.
“Through our partnership with OneOf, eBay is now making coveted NFTs more accessible to a new generation of collectors everywhere. This builds upon our commitment to deliver high passion, high-value items to the eBay community of buyers and sellers.”
OneOf CEO Lin Dai echoed similar sentiments, noting that the duo is looking to make NFTs accessible to people that aren’t well versed in crypto:
“You don’t have to be a crypto expert to buy, sell, and collect NFTs. OneOf and eBay are bringing transformative Web3 technology to the next 100M non-crypto-native mass consumers.”
Digital artist and popular non-fungible token (NFT) creator Mike Winkelmann, more commonly known as Beeple, had his Twitter account hacked on Sunday, May 22 as part of a phishing scam.
Harry Denley, a Security Analyst at MetaMask, alerted users that Beeple’s tweets at the time containing a link to a raffle of a Louis Vuitton NFT collaboration were in fact a phishing scam that would drain the crypto out of users’ wallets if clicked.
⚠️ Beeple’s Twitter account has been compromised (ATO) to post a phishing website to steal funds.
The scammers were likely looking to capitalize on a real recent collaboration between Beeple and Louis Vuitton. Earlier in May, Beeple designed 30 NFTs for the luxury fashion brand’s “Louis The Game” mobile game which were embedded as rewards to players.
The scammer continued to post phishing links from Beeple’s Twitter account leading to fake Beeple collections, luring in unsuspecting users with the promise of a free mint for unique NFTs.
Bad actors continue have access to Beeples Twitter account and they have now tweeted another phishing domain.
This one just prompts the user to send ETH to an EOA (0xcad7fc974F61A08ADEF110D1BA446fa5b5B5Bb27).
The phishing links were up on Beeple’s Twitter for around five hours and on-chain analysis of one of the scammers’ wallets shows the first phishing link scored them 36 Ethereum (ETH) worth roughly $73,000 at the time.
The second link netted the scammers around $365,000 worth of ETH and NFTs from high-value collections such as the Mutant Ape Yacht Club, VeeFriends, and Otherdeeds amongst others bringing the grand total value stolen from the scam to around $438,000.
On-chain data shows the scammer selling the NFTs on OpenSea and putting their stolen ETH into a crypto mixer in an attempt to launder the gains.
Beeple later tweeted that he had regained control of his account and added to remind his followers that “anything too good to be true IS A F*CKING SCAM.”
ugh we’ll that was fun way to wake up.
Twitter was hacked but we have control now. Huge thanks to @garyvee ‘a team for quick help!!!!
Beeple has created three of the top ten most expensive NFTs sold to date including one which sold for $69.3 million, the most expensive ever sold to a sole owner. This attention has made him a target for hacks.
In November 2021, an admin account on Beeple’s Discord was hacked with scammers there also promoting a similarly fake NFT drop which resulted in users losing around 38 ETH.
Earlier this month, cybersecurity firm Malwarebytes released a report which highlighted a rise in phishing attempts as scammers try to cash in on NFT hype. The firm noted the use of fraudulent websites depicted as legitimate platforms is the most common tactic used by scammers.
