money / 85 posts found
The SEC Is Suing Binance and Coinbase. What’s Next for Crypto?
The U.S. Securities and Exchange Commission (SEC) rocked the crypto landscape this week, further intensifying its regulatory scrutiny on the industry by filing civil lawsuits against two of the world’s largest cryptocurrency exchanges, Binance and Coinbase. Citing a laundry list of accusations ranging from a failure to protect investors to the mismanagement of customer funds, the SEC also identified several well-known crypto tokens (MATIC, SOL, and ALGO among them) as well as those related to gaming and metaverse platforms (SAND, MANA, and AXS), as potential securities. The lawsuits fall on the week of the 89th anniversary of the SEC, making the […]
$TURBO Creator Faces Backlash for New ChatGPT Memecoin $CLOWN
One of the big trends in Web3 in 2023 has been the rise of memecoins, cryptocurrencies also known as “shitcoins” that are themed around a viral internet trend. Their lighthearted nature is only part of their appeal; with enough momentum surrounding them, they can bring in serious profits for early buyers due to their extreme volatility. One of the most successful memecoins to break onto the scene in recent weeks was $TURBO, an experimental project by the digital artist Rhett Dashwood (Mankind) that, at its height, had a market cap of $50 million. Dashwood had created the token from scratch […]
Unlocking NFT Liquidity: Binance Launches NFT Loan Feature
On May 25, Web3 marketplace Binance announced it will allow NFT owners to use their digital assets as collateral to secure loans in Ethereum. Named Binance NFT Loan, the new service is aimed at bringing the advantages of decentralized finance (DeFi) to Binance’s NFT community, letting users unlock the potential of their NFT holdings without needing to sell them and provide a solution for liquidity needs in the process. Dive deeper Launching May 26, the service will initially cater to Ethereum loans only and will accept NFTs from select collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht […]
Blur: Blend Secures Top Spot in NFT Lending With 82% Market Share
Blur quickly gained recognition in the NFT sector, and its lending protocol, Blend, seems to be following suit. Blend’s popularity has skyrocketed since its launch in May, eclipsing its competitors and also dramatically increasing the overall volume of NFT loans. According to data from DappRadar, Blend secured 169,900 ETH ($308 million) in trading volume in just 22 days. The trading volume across all NFT lending platforms? It reached about $375 million, meaning that Blend secured a staggering 82 percent of the lending volume across all NFT lending protocols in less than a month. What’s more, Blend’s market share is likely […]
Magic Eden and Nifty Gateway Unveil Reward Programs. Here’s the 101.
NFT marketplaces Magic Eden and Nifty Gateway are leveling up. Both platforms recently announced new reward systems to incentivize trading activities and enhance the overall user experience. With Nifty Gateway introducing its Collector Appreciation Month and Magic Eden launching its Chapter II program, these platforms are leveraging incentives to attract and retain users in an increasingly competitive landscape. These moves are similar to OpenSea’s recent decision to launch OpenSea Pro, which many believe was motivated by Blur’s commanding influence and success in the market. As a strategic response, OpenSea decided to incentivize its user base by introducing a rewards system […]
$7 Million in 72 Hours: Inside Ben.eth’s Controversial Memecoin Empire
The recent resurgence of memecoins has seemingly inspired a significant shift within the NFT ecosystem. Why? Because the potential to profit from trading popular tokens such as $PEPE, $TURBO, and the like is just too good to pass up, even for the most staunch NFT traders. While open editions and burn mechanics led the pack for the first half of 2023, memecoins undoubtedly stole the show in April, inspiring both praise and controversy. Yet, even when trading began to slow and prices waned in the wake of a Coinbase fiasco, one NFT influencer emerged as potentially the biggest breadwinner of […]
What Blur’s Blend Protocol Means for NFTs
Once again, the NFT marketplace and aggregator Blur has shaken up the NFT space. On May 1, the company announced the launch of Blend, a peer-to-peer lending protocol built alongside Web3 investment firm Paradigm. Blur claims the new protocol will help unlock liquidity for NFTs and help grow the market overall. In the first 24 hours of its release, Blend became the number one lending protocol both by volume and users on the Ethereum blockchain. Unsurprisingly, the launch has been met with praise, criticism, and everything in between. Blur is no stranger to controversy, but its latest move is its […]
Everything You Need to Know About NFTs and Taxes in 2023
Tax season is finally upon us, with April 18 marked as the official due date for U.S. federal individual income tax returns. Sadly, it’s a day that brings confusion for just about everyone. But over the last year, it’s become especially hard for people reporting gains from NFTs. Don’t let the nerves get the best of you, though, because tax professionals have sought to ready themselves (and those in the NFT space) to tackle a broad variety of 2023 crypto tax needs. Hopefully, this year, those making last-ditch Google searches for “NFT tax loopholes” have already found a wealth of […]
A Web3 Cautionary Tale: The Biggest NFT Brands Had Funds in SVB
On March 10, after days of uncertainty spurred on by $1.8 billion in surprise bond losses, Silicon Valley Bank (SVB) collapsed, sending a tidal wave’s worth of ripple effects throughout the financial industry. The event quickly prompted the U.S. Treasury, Federal Reserve, and the FDIC to step in to effectively circumvent catastrophe and assure depositors of access to all of their funds, whether insured or not. While the situation is still developing, the seeming fiasco has left those in traditional finance to shudder in remembrance of the 2008 financial crisis. Yet, the context of the collapse — that SVB was […]
Blur’s Token is Live: Here’s Everything You Need to Know
$BLUR is finally here. After delaying the launch of the platform’s native token in January, the NFT marketplace officially began letting users redeem care packages for the token at 1:30 p.m. ET on February 14, 2023. The run-up to the launch has been marked by much anticipation, with popular exchange Coinbase tweeting that it would list the token if liquidity conditions are met and Blur’s trading volume surging in the last month, cementing its spot as one of the top ten NFT marketplaces in existence. How did Blur manage to do all of this in such a short time? And […]