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CashFi and Sandbox Might Be the Cryptocurrencies to Watch As Decentraland Soars

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CashFi and Sandbox Might Be the Cryptocurrencies to Watch As Decentraland Soars

Decentraland (MANA) soared past the $1 mark after partnering with Versus Entertainment, the company behind the crypto film titled “The Infinite Machine.” This is a great development for the crypto industry in general as the film will touch on NFTs and the metaverse.

In the meantime, the film has given Decentraland, NFT, and other metaverse tokens a boost. The cryptocurrency industry needs good news and developments to bring new eyes to the space. This will benefit many projects such as Sandbox (SAND) and CashFi (CFI), a new DeFi project which has entered the presale stage.

Decentraland and The Infinity Machine

The Infinite Machine is a film adapted from a book of the same name written by Camilla Russo. It tells the story of Vitalik Buterin, the co-creator of Ethereum, the most used blockchain in the world.

Decentraland (MANA) is a virtual reality platform that allows users to create and monetize their content or applications. Users of the virtual land platform can buy plots of land that they can treat like real estate because they can develop or sell it. Decentraland was launched in 2017 after raising $24 million in an initial coin offering (ICO). Decentraland has two tokens. MANA is an ERC-20 token and LAND. The LAND token is an ERC-721 non-fungible token acquired by burning MANA tokens. The value of MANA is tied to Decentraland. The partnership with Versus Entertainment is a big win for Decentraland as the platform is expanded by users.

The Infinite Machine film will incorporate the metaverse and there are plans to launch the film’s NFTs. If the conditions further improve in the cryptocurrency market, MANA’s price will likely go even higher due to this deal and the visibility it has given to the project. This is a great marketing opportunity for Decentraland and the crypto space as a whole.

As crypto slowly makes its way to Hollywood, it has the potential to onboard more users. In the case of Decentraland and The Inifinite Machine, this could indirectly benefit other NFT and metaverse projects.

CashFi (CFI)

CashFi is a liquid staking DeFi protocol. It chose liquid staking because it gives users instant access to their tokens. The DeFi platform has also ventured into non-fungible tokens. CFI NFTs will be integrated into CashFi’s ecosystem. CashFi is capitalizing on the NFT frenzy and the success found by cryptocurrencies such as ApeCoin. CashFi will establish CFI NFTs and these will give users the ability to mint and trade cross-chain NFTs.

Sandbox (SAND)

SandBox is a virtual world that allows users to create and sell digital assets in the form of a game. This gaming community brings together the power of NFTs and decentralized autonomous organizations. Sandbox introduces blockchain and decentralized protocols to gaming. SAND is the native token of Sandbox.

Should You Watch These Cryptocurrencies?

The cryptocurrency market usually needs a trigger to spark a price surge. Decentraland’s deal with Versus Entertainment could be a game-changer for metaverse and NFT projects. These projects have taken a knock and need a catalyst to push them to the upside. The biggest advantage for these projects is the exposure that the metaverse and non-fungible tokens will get.

Some people see crypto and NFTs differently. Creators and artists see non-fungible tokens as a way of monetizing their content and this gives them an incentive to try it. Celebrities and athletes have backed NFT projects such as the Bored Ape Yacht Club. CashFi is very young and still raising funding. Its CFI token might as well benefit from a surge in NFTs and DeFi.

Find more information about CashFi on the official website, Telegram, Twitter (NYSE:TWTR) and Instagram. To find more about the presale, click here.

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Crypto Investors intend to have FTX arrested through protests

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founder of FTX

Members of the crypto community intend to have FTX founder Sam Bankman-Fried arrested. Crypto trader and youtuber Ben Armstrong addressed this initiative to the crypto industry.

“If Sam [Bankman-Friede] is not arrested by the end of December, I will gather a large group (probably over a hundred people) who lost money [amid the collapse of] FTX. We will go to the Bahamas and protest outside the government building, the Albany Resort [where Bankman-Fried supposedly has real estate] and other [Bankman-Fried] properties until he is arrested,” Ben Armstrong wrote on his microblog asking subscribers who would like to join the initiative to check in under the post.

FTX arrested?

Many members of the crypto community responded to the trader’s call. For example, the initiative was supported by popular youtuber Dusty BC Crypto. The irony is that earlier Ben Armstrong himself, as a crypto blogger with a million audience, advertised the FTX crypto exchange and its native FTT token.

Some of the subscribers noted that it was time to file regulatory complaints against the crypto blogger himself, as he was involved in attracting investors to FTX. All of these events increase volatility in the cryptocurrency market, so it makes sense for an investor to consider the AMD price chart today.

This isn’t the first time members of the cryptocurrency community have raised the issue that FTX’s creator should be in jail. Some online users speculate that Sam Bankman-Fried could literally buy his freedom. Recall, it was previously revealed that the entrepreneur donated large sums of money to political parties.

Earlier we reported that Binance bought Sakura Exchange BitCoin in Japan.

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Hackers stole cryptocurrency worth $3.37 billion since the beginning of the year

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how hackers steal cryptocurrency

In the 11 months since the beginning of the year, hackers stole $3.37 billion worth of cryptocurrency. According to PeckShield, cryptocurrency companies lost $1.3 billion to fraud in the fall alone.

Thus, in September there were 17 hacks, which resulted in losses of $171 million. Marketmaker Wintermute incurred losses of $160 million.

How do hackers steal cryptocurrency?

In October, hackers stole $760.2 million worth of cryptocurrency because of 44 hacking attacks. Then BNB Chain was hacked for $544 million, but the fraudsters could withdraw only $100 million of it – the other part of the funds were blocked by the developers. Then a hacker stole $1 million from the BitKeep cryptocurrency wallet by hacking it through a swap feature. Another hack came on Team Finance’s launchpad, which lost $14.5 million due to a smart contract migration feature bug.

There were 29 hacks in November that stole $391 million in various digital assets. Another $3 million was stolen from Skyward Finance based on the NEAR Protocol. An unknown hacker could “empty the reserves” of the project through a vulnerability in the smart contract. Note that due to global problems in the cryptocurrency market and the high cost of mining, even the NVIDIA price chart went down.

It was also reported that crypto exchange Coinsquare was hacked, but representatives of the company assured that customers’ assets “are safely stored in cold storage and are not at risk.”

Meanwhile, over the three months of the summer, cryptocurrencies suffered about $446 million in hacks. In June, the loss from 21 attacks was $227.76 million; in July, companies suffered losses from 12 hacks worth $10.2 million; and in August there were 18 attacks, which resulted in the loss of $208.5 million.

Earlier we reported that Terra Classic developers are launching an LUNC wallet.

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Largest bitcoin miners owe banks $4 billion

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largest bitcoin miners

Now the largest bitcoin miners can’t pay back loans and give creditors hundreds of thousands of devices as collateral. This is reported by Bloomberg.

After the collapse of FTX crypto exchange, many companies that provided loans to largest bitcoin miners, including New York Digital Investment Group (NYDIG), Celsius Network, BlockFi Inc, Galaxy Digital, and the Foundry (a division of Digital Currency Group) are facing problems due to non-payment of loans.

Loans backed by mining equipment have become one of the most popular financing tools in the industry. Now, however, mining companies are having trouble making payments because of the drop in the bitcoin exchange rate and don’t have the funds to pay back the loans. Lenders cannot seize any assets from them other than cryptocurrency mining devices, the value of which has fallen 85% since last November. Even the Tesla price chart has gone down from that drop.

“We continue to take a cautious approach to risk-based financing in the mining industry. For example, in the third quarter, Galaxy’s mining division closed three existing leases totaling about $8 million,” said Michael Wursthorn, a Galaxy spokesperson.

Lenders are already paying attention to the surplus of mining equipment received after the loans are paid off. They are having to sell the equipment at a big discount or find data centers to mine bitcoins on their own. This surplus means that lenders could face further losses, given how saturated the market for mining equipment already is.

In November, mining company Iris Energy said it would not repay the loan it took out against the equipment and would prefer to develop other business operations instead. It said its two units registered to buy the equipment secured against it were not generating enough cash flow to service the line of credit.

Earlier, we reported that support for OpenSea Binance’s smart chain had appeared.

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