NFT land sells for 550 ETH, eToro to delist ADA and 1M ETH burned since August: Hodler’s Digest, Nov. 21-27

by Gordon James

NFTs have been gaining traction in recent years, but the past few weeks saw a wave of attention. The CryptoKitties “cryptocollectibles” game drew worldwide headlines and prompted mainstream coverage. eToro delisted two popular cryptos – Cardano (ADA) and Tron (TRX), while blockchain startup Vulcan Chain successfully sold their NFT tokens for 550 ETH on Nov. 21st at 3 pm UTC over an hour after being listed on cryptocurrency exchange Binance =
You can read more about these stories here: https://www.e-toro.com/blog/cardano-trx-and-theresasaurussales http://coindoojournalismnetworkliberationfrontlinenewsreport20181130
https://medium.com/@VulcanChain_ICO

The “cardano stock how to buy” is a cryptocurrency that has been plagued by volatility. The cardano stock price, which reached an all-time high of $1.36 on November 20th, dropped to $0.097 on November 27th. This was due to the announcement of the eToro delisting and the burning of 1 million eth since August.

Every Saturday, Hodler’s Digest will keep you up to date on all of the major news stories from the previous week. A week on Cointelegraph in one link: the finest (and worse) remarks, adoption and regulatory highlights, top currencies, forecasts, and much more.

 

This Week’s Top Stories

 

The virtual land space at Axie Infinity has sold out for 550 ETH.

This week, a tract of virtual land in the famous monster-fighting NFT game Axie Infinity sold for 550 Ether (ETH), which is now worth more than $2.2 million. 

The virtual acreage was bought on Thursday and is designated as Genesis, the most valuable kind of virtual real estate in the Axie Infinity ecosystem. Gamers may combat other players or accomplish tasks to win blockchain prizes by using Pokémon-like Axie monster NFTs. Users may also sell, rent, and purchase land from other players.

On Thursday, the game’s creators said it was “the biggest price ever paid for a single piece of digital land.” A short Google search, however, reveals that a piece of virtual real estate in Decentraland sold the day before for 618,000 MANA ($2.9 million at current pricing).

 

 

Due to regulatory concerns, eToro will delist Cardano for US consumers by 2022.

Due to regulatory concerns, retail trading platform eToro said on Tuesday that it would delist Cardano (ADA) and Tron (TRX) for US consumers before the end of the year.

Users will no longer be allowed to create new positions in the tokens or stake them after January 1, 2022. Additionally, until the first quarter of 2022, wallets containing the assets will essentially be in withdrawal-only mode, with selling restrictions.

Many observers were perplexed by the action in the instance of ADA, given the asset had never had any major regulatory or legal concerns. This year, Cardano has sought to improve its regulatory compliance, teaming with blockchain analytics specialist Confirm in an effort to comply with financial rules.

 

 

Celsius raises $750 million in a new round of fundraising, valuing the company at $7 billion to $10 billion by 2022.

As a consequence of oversubscription in the firm’s capital offer, Celsius Network increased its $400 million Series B investment round to $750 million earlier this week.

Following the Series B, CEO Alex Mashinsky told Cointelegraph that the company is valued at $3.5 billion, and that Celsius would be worth “twice or treble” that in 2022. 

When describing the company’s development potential, Mashinsky emphasized the company’s capacity to offer services in practically every area of the cryptocurrency industry. The firm now provides loan and DeFi services, as well as profits from its crypto mining operations, and the CEO has said that it intends to join the NFT market shortly.

 

 

SHIB investors are being warned about a fraud by the Shiba Inu team.

On Sunday, the team behind Shiba Inu (SHIB), a popular memecoin, issued a public warning about internet scams that mainly target SHIB-curious altcoin investors.

Scammers are said to be lurking on Twitter and Telegram, waiting for an opportunity to prey on unsuspecting investors by mimicking official accounts and using hashtags like #shib, #shibarmy, #leash, #shibaswap, and #bone.

Shiba Inu’s fraud notice warned users to be wary of bogus Telegram groups, noting that the legitimate community does not provide any kind of promotion, such as airdrops, bonuses, giveaways, or gifts, and would never ask for wallet keys or credentials.

 

 

 

Since the introduction of EIP-1559 in August, 1 million ETH has been burnt.

Since the London hard fork went live in August, almost 1 million Ether, worth roughly $4 billion, has been burnt, according to blockchain analytics company CryptoRank. As part of Ethereum’s fee structure, a burning mechanism was included as part of the network update. 

According to CryptoRank, the site that burnt the most Ether was NFT marketplace OpenSea, which burned 110,237 ETH ($439 million), followed by decentralized exchange Uniswap V2, which burned 97,583 ETH ($388 million).  

The current burn rate for Ethereum, according to Ultrasound Money, is 10,451 ETH per day, or 7.26 ETH every minute. While many observers predicted that the London hard split would quickly turn ETH into a deflationary asset, it seems that there is still plenty of room to burn. In comparison to the 5.4 million ETH released per 12 months, the current annual burn rate is 3.8 million ETH.

 

 

 

NFT land sells for 550 ETH, eToro to delist ADA and 1M ETH burned since August: Hodler’s Digest, Nov. 21-27

Losers and Winners

 

 

NFT land sells for 550 ETH, eToro to delist ADA and 1M ETH burned since August: Hodler’s Digest, Nov. 21-27

Bitcoin (BTC) is at $54,292, Ether (ETH) is at $4,020, and XRP is at $0.94 at the conclusion of the week. The market capitalization is $2.43 trillion. 

Gala (GALA), Zcash (ZEC), and The Sandbox (SAND) are the top three altcoin gainers of the week, with gains of 173.91 percent, 58.07 percent, and 57.88 percent, respectively, among the top 100 cryptocurrencies. 

Nexo (NEXO), WAX (WAXP), and ICON (ICX) are the top three cryptocurrency losers this week, with losses of 22.53 percent, 21.17 percent, and 20.83 percent, respectively.

Read Cointelegraph’s market analysis for more information on crypto pricing.

 

 

The Most Memorable Quotes

 

“An NFT is a piece of digital data that identifies who owns a piece of digital work.” […] The utilization of this technology to market art has truly caught the public’s interest around NFTs.” 

Collins Encyclopedia of the English Language  

 

“We believed CME futures would be a highly successful component of the strategy. We never imagined they’d be as effective as they are when they’re 100 percent of the product.”

Invesco’s global head of ETFs and indexed strategies, Anna Paglia 

 

“I’m not sure, and this may be controversial, that Dogecoin is beneficial for the crypto economy.” […] Dogecoin itself has significant inflationary tendencies that make me wary about holding it.” 

Ripple’s CEO, Brad Garlinghouse

 

“India has the world’s greatest number of cryptocurrency owners, and it is the government’s responsibility to defend the interests of a significant number of crypto investors in the nation.”

Jay Hao, the CEO of OKEx, a cryptocurrency exchange

 

“We perceive hazards in joining [in the crypto industry], but the consequences of not participating are greater.”

The Commonwealth Bank of Australia’s CEO, Matt Comyn

 

“I can assure you that being in a licensed jurisdiction is preferable than being in an unlicensed jurisdiction.” And this is because it has a significant impact on the dialogues we have with the partners with whom we collaborate.”

Independent Reserve CEO Adrian Przelozny discusses upcoming legislation in Australia.

 

“I’m not sure what the answer is. However, I believe that the millions of new users that are expected to arrive should not be chastised for switching to other ecosystems. Developers should not be stigmatized for building on them, either.”

Su Zhu, co-founder and CEO of Three Arrows Capital, on the Ethereum network

 

“Finding a method to strike a balance between investor protection and innovation is difficult, particularly in an industry where new financial products develop every few months.”

Zenfuse’s CEO, Yuriy Kovalev

 

The Week’s Prediction 

 

After users rise 10x, the Metaverse represents a $1 trillion opportunity: Report in grayscale

Grayscale, a crypto investment firm, released a positive analysis on metaverses this week, claiming that if the technology becomes widespread, the industry may be worth more than $1 trillion in the next few years. 

The paper claims that open metaverse platforms, such as native tokens, DeFi services, NFTs, and decentralized governance, underpinned by a “interconnected crypto-economy,” have “built a new online experience” that is fast drawing new users.

Grayscale discovered that the user base had expanded tenfold from the start of 2020, to over 50,000 as of June 2021, after analyzing “global all-time active metaverse wallets” data. 

“In comparison to other Web 3.0 and Web 2.0 categories, Metaverse virtual world users are still in their early innings,” according to the research. “However, assuming present growth rates continue on their current trajectory, this developing category has the potential to become mainstream in the coming years.”

 

 

The Week’s FUD 

 

 

NFT land sells for 550 ETH, eToro to delist ADA and 1M ETH burned since August: Hodler’s Digest, Nov. 21-27

‘The Lord of the Rings’ estate prohibits ‘You Shall Not Pass’ Token JRR

Following legal action from the late author J. R. R. Tolkien’s family and estate, a Lord of the Rings-themed “JRR Token” initiative was forced to shut down this week.

Images like magical rings, Hobbit tunnels, and a wizard who looks strikingly like Gandalf the Grey were liberally stolen from the renowned series for the project. The case was characterized as a “particularly egregious example of infringement” by the estate’s lawyer, Steve Maier, who added that the estate is “pleased that it has been completed on acceptable terms.” 

Developer Matthew Jensen agreed to take down the token and erase any material that violates on the estate’s trademark rights to the J. R. R. Tolkien name and intellectual property pertaining to The Lord of the Rings and The Hobbit, according to the agreement.

 

The Indian parliament’s winter session agenda contains a measure prohibiting the use of “private cryptocurrency.”

The Indian government will consider “The Cryptocurrency and Regulation of Official Digital Currency Bill” as part of a set of 26 proposals on Monday, according to local media sources. 

The law proposes banning “all private cryptocurrencies” save for assets that “advance the underlying technology of cryptocurrency and its applications,” and is reported to be part of a push by the government to create an official digital currency. 

In March 2020, India’s supreme court overturned the central bank’s two-year-old blanket prohibition on cryptocurrency, but local media reports that the government is now considering new methods to regulate the industry rather than an outright ban.

 

A Spanish authority has raised concerns about Iniesta’s Binance promotion.

The Comisión Nacional del Mercado de Valores (CNMV), Spain’s financial watchdog, issued a warning to Andrés Iniesta, the famed Spanish football player and former FC Barcelona star, this week for his promotion of the Binance cryptocurrency exchange. 

“I’m studying how to get started with crypto with Binance,” Iniesta captioned a photo of himself on Twitter on Wednesday, posing with a laptop that displayed the Binance webpage. 

“Hello Andres Iniesta, cryptoassets involve some major risks owing to being unregulated goods,” the CNMV said. Because this was most likely a sponsored promotion for Binance, it’s unknown how concerned Iniesta was by the statement.

 

Cointelegraph’s Best Features

 

NFT land sells for 550 ETH, eToro to delist ADA and 1M ETH burned since August: Hodler’s Digest, Nov. 21-27

 

Adoption deterrent? In the crypto world, balancing security with innovation is a challenge.

Crypto users need security, but regulations may compel businesses to adopt policies that impede innovation.

Nike wants to lure sneakerheads into the Metaverse, so just purchase it.

Nike plans to offer you digital things in the Metaverse, which you will purchase because Nike understands how to make you desire them.

The lights are turned on… Why aren’t blockchain, DeFi, and NFTs being taught at more law schools?

Wouldn’t you want a lawyer with the technical literacy to comprehend blockchain and the legal concerns around it to advise clients in the DeFi space?

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