Axie Infinity virtual land slot sells out for 550 ETH. A plot of virtual land in the widely popular monster-battling NFT game Axie Infinity sold for..
One week in review:
Nov. 21–27 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Axie Infinity virtual land slot sells out for 550 ETH | | | A plot of virtual land in the widely popular monster-battling NFT game Axie Infinity sold for 550 Ether (ETH) this week, with the sum worth more than $2.2 million at the time of writing. | | | The piece of virtual land was purchased on Thursday and is classified as Genesis, the rarest form of virtual real estate available in the Axie Infinity ecosystem. The game enables players to use Pokémon-like Axie monster NFTs to battle other players or complete challenges to earn blockchain rewards. Users can also buy, sell or rent land to other players. | | | The game's developers said on Thursday that they believed it was "the largest sum ever paid for a single plot of digital land." However, a quick Google search shows that a piece of virtual real estate in Decentraland sold for 618,000 MANA ($2.9 million at current prices) the previous day. | | #2. eToro to delist Cardano by 2022 for US users due to regulatory concerns | | | Retail trading platform eToro announced on Tuesday that it will be delisting Cardano (ADA) and Tron (TRX) for U.S. customers by the end of the year due to regulatory concerns. | | | By the start of 2022, users will no longer be able to open new positions in the tokens or stake them. Additionally, wallets holding the assets will effectively be in withdrawal-only mode until the first quarter of 2022, when the selling will also become limited. | | | In the case of ADA, many onlookers were puzzled by the move, as the asset has never had any notable regulatory troubles or legal issues. Cardano has also worked to ramp up its regulatory compliance this year, partnering with blockchain analytics provider Confirm as part of a push to meet financial regulations. | | #3. One million ETH worth have been burned since the implementation of EIP-1559 in August | | | Blockchain research firm CryptoRank highlighted on Wednesday that over 1 million Ether, worth around $4 billion, had been burned since the London hard fork went live in August. The upgrade to the network saw the introduction of a burning mechanism as part of Ethereum's fee structure. | | | According to CryptoRank, the platform responsible for wiping the most Ether out of existence was NFT marketplace OpenSea with 110,237 ETH ($439 million) burned, while decentralized exchange Uniswap V2 accounted for 97,583 ETH ($388 million). | | | Data from Ultrasound Money shows that the current burn rate for Ethereum is 10,451 ETH per day, equating to 7.26 ETH per minute. While many onlookers said that the London hard fork would see ETH promptly become a deflationary asset, it appears there is much more room to burn. The current yearly burn rate is 3.8 million ETH compared to the 5.4 million ETH that is issued every 12 months. | | #4. Prediction of the week: The Metaverse is a $1T opportunity after users increase 10x: Grayscale report | | | Crypto investment giant Grayscale has published a bullish report on metaverses this week, predicting that the sector could become worth more than $1 trillion in the next few years once the tech becomes mainstream. | | | The report argues that open metaverse platforms backed by an "interconnected crypto-economy," such as native tokens, DeFi services, NFTs and decentralized governance, have "created a new online experience" that's rapidly attracting new users. | | | Analyzing "global all-time active metaverse wallets" data since the start of 2020, Grayscale found the user base has grown by ten times to reach roughly 50,000 as of June 2021. | | | "Compared to other Web 3.0 and Web 2.0 segments, Metaverse virtual world users are still in their early innings, but if current growth rates remain on their current trajectory, this emerging segment has the potential to become mainstream in the coming years," the report read. | | #5. FUD of the week: Indian parliament's agenda for winter session includes bill on banning 'private cryptocurrencies' | | | According to reports from local media outlets, the Indian government will look at "The Cryptocurrency and Regulation of Official Digital Currency Bill" as part of a group of 26 bills this coming Monday. | | | The bill proposes the prohibition of "all private cryptocurrencies" except for assets "to promote the underlying technology of cryptocurrency and its uses," and is said to be part of a move to pave the way for the creation of an official digital currency from the government. | | | In March 2020, India's supreme court overturned a blanket ban on crypto imposed by the central bank two years prior, but local media states the government is now looking at alternative ways to regulate the sector as opposed to an outright ban. | | #6. FUD of the week. You shall not pass: Tolkien estate blocks 'The Lord of the Rings' JRR Token | | | A The Lord of the Rings-themed "JRR Token" project was forced to close down this week following legal action from the family and estate of the famed series' late author, J. R. R. Tolkien. | | | The project heavily borrowed intellectual property from the beloved series, such as images of mythical rings, Hobbit holes, and a wizard looking eerily similar to Gandalf the Grey. The estate's lawyer, Steve Maier, described the case as a "particularly flagrant case of infringement," adding that the estate is "pleased that it has been concluded on satisfactory terms." | | | According to the settlement, developer Matthew Jensen promised to shut down the token and delete any content that infringes the estate's trademark rights to the J. R. R. Tolkien name and intellectual property relating to The Lord of the Rings and The Hobbit. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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