The invite-only eCommerce platform Basic Space has become well known for its innovative business model, curating some of the most influential figures in fashion, art and sports as sellers on their marketplace.
Earlier today, the retail marketplace revealed plans to dive deeper into the NFT space, unveiling themselves as the founders of Elon.Space - a mysterious NFT collective we’ve had our eyes on and now know much more about.
Elon.Space will be a collection of 420 one-of-one NFTs featuring Elon Musk, granting holders access to a variety of IRL and digital benefits. Each piece is tied to something exclusive, including items from the mix of sold-out luxury goods comprising Basic.Space’s site.
Holders are also granted membership to SELECT, the brand’s web3-curious community which hosts events across the globe. SELECT will also grant access to member-only luxury items.
Earlier today, the retail marketplace revealed plans to dive deeper into the NFT space, unveiling themselves as the founders of Elon.Space - a mysterious NFT collective we’ve had our eyes on and now know much more about.
Elon.Space will be a collection of 420 one-of-one NFTs featuring Elon Musk, granting holders access to a variety of IRL and digital benefits. Each piece is tied to something exclusive, including items from the mix of sold-out luxury goods comprising Basic.Space’s site.
Holders are also granted membership to SELECT, the brand’s web3-curious community which hosts events across the globe. SELECT will also grant access to member-only luxury items.
Calculating the taxes you owe when it comes to NFT trading has always been complicated, and the lack of clarity regarding NFT taxes around the world have not made things easier. Earlier this week, the IRS released its updated tax guidelines for this year, and along with it came some interesting clarifications around NFTs.
Most notably, the IRS has clarified that “digital assets” is a term used to encompass both cryptocurrencies and NFTs, and as a result the taxes surrounding them must be handled the same way. Prior to this update, clear tax language had only been established around “virtual currencies”, leaving questions about NFTs.
According to the document, investors in crypto and NFTs will be required to calculate and report taxable income from the disposal of “any digital asset in 2022 that you held as a capital asset, through a sale, exchange, gift or transfer”. As always, simply holding or transferring your NFTs between wallets will not incur any taxes.
Most notably, the IRS has clarified that “digital assets” is a term used to encompass both cryptocurrencies and NFTs, and as a result the taxes surrounding them must be handled the same way. Prior to this update, clear tax language had only been established around “virtual currencies”, leaving questions about NFTs.
According to the document, investors in crypto and NFTs will be required to calculate and report taxable income from the disposal of “any digital asset in 2022 that you held as a capital asset, through a sale, exchange, gift or transfer”. As always, simply holding or transferring your NFTs between wallets will not incur any taxes.
⛵️ OpenSea revises NFT rarity ranking protocol after community feedback
A community member argued that the new rarity ranking protocol destroys the market-driven rarity structure for some NFT collections. While giving rarity ranks to nonfungible tokens (NFTs) on a marketplace may help collectors decide on whether to purchase NFTs, some argue that ranking NFTs may do more harm than good.
Taking the Moonbirds NFT collection as an example, the community member argued that since the collection enabled the OpenRarity ranking protocol, it destroyed its own market-driven rarity structure, making every single NFT a “floor Moonbird.” The NFT collector also called out Kevin Rose, the CEO of Proof, the creators of Moonbird, to turn off the OpenRarity ranking function for the collection.
A community member argued that the new rarity ranking protocol destroys the market-driven rarity structure for some NFT collections. While giving rarity ranks to nonfungible tokens (NFTs) on a marketplace may help collectors decide on whether to purchase NFTs, some argue that ranking NFTs may do more harm than good.
Taking the Moonbirds NFT collection as an example, the community member argued that since the collection enabled the OpenRarity ranking protocol, it destroyed its own market-driven rarity structure, making every single NFT a “floor Moonbird.” The NFT collector also called out Kevin Rose, the CEO of Proof, the creators of Moonbird, to turn off the OpenRarity ranking function for the collection.
🥭 DeFi Exchange Mango Markets Will Soon Start Refunding Users for $114M Exploit
Mango Markets, the decentralized crypto exchange (DEX) that suffered an exploit earlier this month, will soon start refunding users for the $114 million exploit.The DEX had earlier said that its decentralized autonomous organization (DAO), entities that are owned and governed by their members without any central leadership, would vote on how to refund users."The program for depositors to recover funds is in audit and should be ready to go by tomorrow morning. Much thanks to all the Mango contributors working tirelessly to make this happen," Mango Labs co-founder Daffy Durairaj said in a tweet.
Mango Markets, the decentralized crypto exchange (DEX) that suffered an exploit earlier this month, will soon start refunding users for the $114 million exploit.The DEX had earlier said that its decentralized autonomous organization (DAO), entities that are owned and governed by their members without any central leadership, would vote on how to refund users."The program for depositors to recover funds is in audit and should be ready to go by tomorrow morning. Much thanks to all the Mango contributors working tirelessly to make this happen," Mango Labs co-founder Daffy Durairaj said in a tweet.
Game design legend and the mind behind both The Sims and SimCity, Will Wright has announced he’s on board to develop the Gogala Games blockchain-backed metaverse VoxVerse.
VoxVerse is centered around unique playable NFT avatars, and Gala has already incorporated a variety of recognizable IP into NFTs for the game’s release. Players will soon be able to explore unique “biomes”, own land and buy, sell and trade VOXs to use.
Wright’s perspective on blockchain gaming and the benefits it offers is a unique one. In a recent statement, he mentions how Sims players custom creations amounted for a staggering chunk of the franchise’s success, while creator’s received just a small percentage of this value for their work.
VoxVerse is centered around unique playable NFT avatars, and Gala has already incorporated a variety of recognizable IP into NFTs for the game’s release. Players will soon be able to explore unique “biomes”, own land and buy, sell and trade VOXs to use.
Wright’s perspective on blockchain gaming and the benefits it offers is a unique one. In a recent statement, he mentions how Sims players custom creations amounted for a staggering chunk of the franchise’s success, while creator’s received just a small percentage of this value for their work.
📈📉DeFi Exchange in Tokens Sushi, Uniswap Plummet Amid Sideways Crypto Market
As the broader crypto market struggles to find momentum for any meaningful bull action, DeFi tokens behind SushiSwap, Uniswap, and Synthetix have been hit hard over the past day, posting losses of more than 7%.SUSHI, the governance and staking token behind the eponymous decentralized exchange (DEX), has plunged as much as 9.7% over the past 24 hours.The token is now trading at $1.30, falling from yesterday's high of $1.45, according to data from CoinGecko.The latest price action comes less than 48 hours after the Sushi app integrated a fiat on-ramp solution developed by ConsenSys-backed Transak, which claims to allow users to buy more than 130 cryptocurrencies directly from the exchange.
As the broader crypto market struggles to find momentum for any meaningful bull action, DeFi tokens behind SushiSwap, Uniswap, and Synthetix have been hit hard over the past day, posting losses of more than 7%.SUSHI, the governance and staking token behind the eponymous decentralized exchange (DEX), has plunged as much as 9.7% over the past 24 hours.The token is now trading at $1.30, falling from yesterday's high of $1.45, according to data from CoinGecko.The latest price action comes less than 48 hours after the Sushi app integrated a fiat on-ramp solution developed by ConsenSys-backed Transak, which claims to allow users to buy more than 130 cryptocurrencies directly from the exchange.
🖼 While Overall NFT Transactions and Buyers Are Down, NFT Sales Jumped 2% Higher Than Last Week
During the last week, non-fungible token (NFT) sales volume has managed to climb 1.9% higher than the week prior with $85 million in NFT sales in seven days. However, the number of NFT buyers slid by 12.63%, and the number of NFT transactions is down 19.19% on October 23, 2022.
While NFT sales are a lot lower than they were a few months ago, this past week with $85,068,480 in sales volume according to cryptoslam.io, NFT sales are up 1.9%. The top collection this week selling the most NFTs stemmed from Sorare as the Ethereum-based project saw $8.5 million in sales. Bored Ape Yacht Club (BAYC) reigned in the second position in terms of seven-day sales, raking in $6.69 million.
During the last week, non-fungible token (NFT) sales volume has managed to climb 1.9% higher than the week prior with $85 million in NFT sales in seven days. However, the number of NFT buyers slid by 12.63%, and the number of NFT transactions is down 19.19% on October 23, 2022.
While NFT sales are a lot lower than they were a few months ago, this past week with $85,068,480 in sales volume according to cryptoslam.io, NFT sales are up 1.9%. The top collection this week selling the most NFTs stemmed from Sorare as the Ethereum-based project saw $8.5 million in sales. Bored Ape Yacht Club (BAYC) reigned in the second position in terms of seven-day sales, raking in $6.69 million.
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🆘Decentralized exchange QuickSwap exploited for $220K, plans to close lending markets
The exploit took place on the Market XYZ lending market, which was the only platform compromised, according to QuickSwap. The attack had initially been linked to Qi DAO — which issues the miMatic stablecoin — by PeckShield. The security and analytics firm later attributed the attack to an exploit on QuickSwap. The DEX later confirmed that $220,000 had been exploited using flash loans, and QuickSwap lend is now set to close. An update had been promised in the early hours of Monday, but users were left waiting around 12 hours for any clarity on the issue. QuickSwap, a decentralized exchange on Polygon, was exploited for $220,000, according to the exchange.
The exploit took place on the Market XYZ lending market, which was the only platform compromised, according to QuickSwap. The attack had initially been linked to Qi DAO — which issues the miMatic stablecoin — by PeckShield. The security and analytics firm later attributed the attack to an exploit on QuickSwap. The DEX later confirmed that $220,000 had been exploited using flash loans, and QuickSwap lend is now set to close. An update had been promised in the early hours of Monday, but users were left waiting around 12 hours for any clarity on the issue. QuickSwap, a decentralized exchange on Polygon, was exploited for $220,000, according to the exchange.
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Last week, Azuki announced the debut of their new physical-backed token standard (PBTs) via an auction of 8 unique 24k golden skateboards.
Earlier this week, the sale took place - and when the bidding concluded the first-of-it’s-kind auction had raised over 1900 ETH.
A momentous occasion for the NFT scene as a whole, pieces from the sale now hold the record for the most expensive skateboards ever sold.
Earlier this week, the sale took place - and when the bidding concluded the first-of-it’s-kind auction had raised over 1900 ETH.
A momentous occasion for the NFT scene as a whole, pieces from the sale now hold the record for the most expensive skateboards ever sold.
🪙 Uniswap Foundation to Distribute $1.8 Million in Grants to 14 Recipients
The decentralized exchange (dex) Uniswap’s foundation, The Uniswap Foundation (UF), announced the first round of foundation grants on Wednesday. In all, $1.8 million will be distributed through 14 grants. The Uniswap Diamond project, which is being developed by GFX Labs, will receive a little bit more than $800K, according to the UF release. The first round of grants to support the decentralized finance (defi) ecosystem and advance R&D was announced by the Uniswap Foundation on September 21. The foundation will distribute $1.8 million in the form of 14 grants, with the largest amount going to the project Uniswap Diamond, according to the UF.
The decentralized exchange (dex) Uniswap’s foundation, The Uniswap Foundation (UF), announced the first round of foundation grants on Wednesday. In all, $1.8 million will be distributed through 14 grants. The Uniswap Diamond project, which is being developed by GFX Labs, will receive a little bit more than $800K, according to the UF release. The first round of grants to support the decentralized finance (defi) ecosystem and advance R&D was announced by the Uniswap Foundation on September 21. The foundation will distribute $1.8 million in the form of 14 grants, with the largest amount going to the project Uniswap Diamond, according to the UF.
🏦 Sushi DAO agrees to implement a new corporate legal structure
Sushi DAO, the community that oversees the decentralized exchange project SushiSwap, has voted in favor of a new legal structure that will create three new entities to manage the DAO and the protocol. SushiSwap’s new DAO foundation will oversee the governance duties usually carried out by a typical DAO. The Sushi DAO voted unanimously in favor of the plan. Participants with a total of 11 million voting tokens expressed their support for the new legal structure. Previous comments on the SushiSwap forum stated that the new structure was a way to compartmentalize risk across the three entities since they handle different aspects of the SushiSwap product stack.
Sushi DAO, the community that oversees the decentralized exchange project SushiSwap, has voted in favor of a new legal structure that will create three new entities to manage the DAO and the protocol. SushiSwap’s new DAO foundation will oversee the governance duties usually carried out by a typical DAO. The Sushi DAO voted unanimously in favor of the plan. Participants with a total of 11 million voting tokens expressed their support for the new legal structure. Previous comments on the SushiSwap forum stated that the new structure was a way to compartmentalize risk across the three entities since they handle different aspects of the SushiSwap product stack.
💰 SushiSwap's new Head Chef describes himself as a 'wartime CEO'
Decentralized exchange SushiSwap Head Chef Jared Grey is certainly aware that he’s got a tough grind ahead. Amid these issues, SushiSwap has largely faded out of sight. While the exchange once nearly matched main competitor Uniswap’s volumes, last month it saw just 2.2% of the activity on Uniswap. Grey, who took on the role three weeks ago — after a lengthy search and public hiring process — has joined a team marred by controversy and personal disputes. The role has been occupied by three individuals in the past, one who stole $16 million from the project’s treasury, one who was ousted by the team, and one who erupted on Twitter blaming everyone but himself. Yet Grey is optimistic that he can turn things around in the same way as a new CEO might revive a dying business.
Decentralized exchange SushiSwap Head Chef Jared Grey is certainly aware that he’s got a tough grind ahead. Amid these issues, SushiSwap has largely faded out of sight. While the exchange once nearly matched main competitor Uniswap’s volumes, last month it saw just 2.2% of the activity on Uniswap. Grey, who took on the role three weeks ago — after a lengthy search and public hiring process — has joined a team marred by controversy and personal disputes. The role has been occupied by three individuals in the past, one who stole $16 million from the project’s treasury, one who was ousted by the team, and one who erupted on Twitter blaming everyone but himself. Yet Grey is optimistic that he can turn things around in the same way as a new CEO might revive a dying business.
💰 PancakeSwap wants to deploy mainnet on Aptos
Developers cite business development opportunities, protocol expansion and the technical capabilities of the Aptos chain as the main reasons for the proposal. On Oct. 20, developers of the popular decentralized exchange, or DEX, PancakeSwap proposed deploying its mainnet on layer-1 blockchain Aptos.Should the proposal pass, developers will deploy four main features of the DEX, including swaps, farms, pools and initial farm offerings on Aptos by Q4 2022. As told by developers, this is to ensure that PancakeSwap can quickly establish itself as the leading DEX on Aptos.
Developers cite business development opportunities, protocol expansion and the technical capabilities of the Aptos chain as the main reasons for the proposal. On Oct. 20, developers of the popular decentralized exchange, or DEX, PancakeSwap proposed deploying its mainnet on layer-1 blockchain Aptos.Should the proposal pass, developers will deploy four main features of the DEX, including swaps, farms, pools and initial farm offerings on Aptos by Q4 2022. As told by developers, this is to ensure that PancakeSwap can quickly establish itself as the leading DEX on Aptos.
📣 P00ls launches creator worlds & decentralized exchange reaching $20m+ combined market capitalization within 24 hrs
P00LS, the leading community-first, decentralized protocol for social tokens, announced two major new features of the platform: Creator Worlds and the zerozero Decentralized Exchange (or DEX), which jointly enable P00LS' over 200,000 users to access the full suite of utilities available to them as tokenholders for each creator and to purchase and trade creator tokens. Twenty four hours after launch, the combined market capitalization of the four creator tokens listed on the zerozero DEX had already reached over 20M USD, demonstrating the market's demand for cultural access through social tokens.
P00LS, the leading community-first, decentralized protocol for social tokens, announced two major new features of the platform: Creator Worlds and the zerozero Decentralized Exchange (or DEX), which jointly enable P00LS' over 200,000 users to access the full suite of utilities available to them as tokenholders for each creator and to purchase and trade creator tokens. Twenty four hours after launch, the combined market capitalization of the four creator tokens listed on the zerozero DEX had already reached over 20M USD, demonstrating the market's demand for cultural access through social tokens.
Shopping malls in the metaverse have several advantages. One of them is that they can house as many stores as the developers’ imagination allows. This is what a Mexican entrepreneur envisioned with Island Shopping Mall: Mexico’s first metaverse mall. The mall can be accessed from mobile devices via an app available in the AppStore or Google Play.
According to the local media outlet Cultura Empresarial, users of both platforms can now download the shopping mall application to enjoy an immersive experience through “an island paradise to have a good time online.” Users accessing this new virtual world will be able to make online purchases and earn gems and coins that can be exchanged for discount coupons or products in several shopping centers distributed throughout the island. Currently, 80 brands have been officially confirmed. They will be divided into categories, with a special hall for the “emerging brands.”
According to the local media outlet Cultura Empresarial, users of both platforms can now download the shopping mall application to enjoy an immersive experience through “an island paradise to have a good time online.” Users accessing this new virtual world will be able to make online purchases and earn gems and coins that can be exchanged for discount coupons or products in several shopping centers distributed throughout the island. Currently, 80 brands have been officially confirmed. They will be divided into categories, with a special hall for the “emerging brands.”
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💰 Uniswap v3 Launches TWAP Oracles On Ethereum’s Proof-of-Stake
Uniswap unveiled an innovation to bring scalability and solution to protocols. The new tool dubbed TWAP Oracles is an algorithm that provides information regarding the price of an asset. This is for developers who encounter setbacks when developing smart contracts fused with a Decentralized Finance (DeFi) protocol on Ethereum. The launch of Uniswap v2 was geared towards empowering mainnet builders to design decentralized on-chain TWAP Oracles, free from internal or external manipulation. Uniswap v3 extended included this with additional gas capabilities within TWAP Oracles.
Uniswap unveiled an innovation to bring scalability and solution to protocols. The new tool dubbed TWAP Oracles is an algorithm that provides information regarding the price of an asset. This is for developers who encounter setbacks when developing smart contracts fused with a Decentralized Finance (DeFi) protocol on Ethereum. The launch of Uniswap v2 was geared towards empowering mainnet builders to design decentralized on-chain TWAP Oracles, free from internal or external manipulation. Uniswap v3 extended included this with additional gas capabilities within TWAP Oracles.