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Gate.io Introduces OpenPunks, A Community-Based NFT Collection

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Gate.io Introduces OpenPunks, A Community-Based NFT Collection

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Gate.io, a leading cryptocurrency trading platform operated by Gate Technolgy, is happy to announce its community-driven NFT collection called OpenPunks.

As per the announcement, the NFT collection was created to spark creativity and promote the NFT ecosystem among Gate.io users. OpenPunks prides itself as the ‘world’s first community-driven limitless creation platform. The platform is built on Gate.io’s public blockchain GateChain ecosystem. In addition, OpenPunks uses the company’s NFT Magic Box marketplace for trading.

While commenting on the launch, Marie Tatibouet, the CMO at Gate.io, stated:

“Gate.io users will be able to create their own unique OpenPunks based on several different attributes, including character type, hair color, skin tone and role, and more. The system will entirely generate OpenPunk combinations, and users will pick those they resonate with most. Since OpenPunks are built with layered characteristics, users will be able to update them at any point in time.”

As the name suggests, OpenPunks is an open and free NFT platform created to inspire creativity among users. Each OpenPunks is characterized by four elements, with each having different attributes and specifications from the rest. These elements are randomly generated on a variety of possibilities. In addition, the characteristics of each element are displayed in the form of texts allowing a few elements to have rarer value attributes.

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Notably, Gate.io plans to generate a total of 10,000 OpenPunks. Users will then purchase these sets of OpenPunks and use them to create their own NFT works. Depending on the artist’s desires, the end product will be displayed as an image or video. After one year, Gate.io plans to repurchase OpenPunks mintage at the original price through a dedicated repurchase plan. During this period, should the value of these OpenPunks be higher than the original price, Gate.io will allow the users the option of not selling. 

Unlike other Punksm, OpenPunks allows users to layer all the characteristics. The platform also allows creators to update or renew their NFT creations at any given time. 

Lastly, the platform provides a marketplace for users to buy, bid on, and offer punks for sale. Initially, each OpenPunks will be delivered to the market at a fixed price and auctioned.

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Source: https://zycrypto.com/gate-io-introduces-openpunks-a-community-based-nft-collection/

Blockchain

SEC helped Ether Surpass XRP, Ripple CEO

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Ripple CEO Brad Garlinghouse has said that Ether (ETH) overtook the company’s XRP token by market capitalisation because of the US Securities and Exchanges Commission (SEC).

According to Garlinghouse, the US regulator’s approach towards ETH largely encouraged investors, giving it a free pass that enabled the smart contract platform’s native token to overtake XRP in the market.

 “Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped,” he said.

Ripple’s XRP currently occupies the seventh spot among the largest cryptocurrencies, with a market cap of $52 billion according to data from CoinGecko. Ethereum has held the second spot for the last four years after deposing XRP during the 2017 bull run.  The Ether (ETH) cryptocurrency currently has a market cap of over $490 billion after its price surged to set a new all-time high above $4,000.

In comments made on Thursday 21 October at the DC Fintech Week, the Ripple exec also claimed that the SEC’s approach was based on “outdated” laws. He also wondered why a former official at the agency had found it easier to say Ethereum was not a security, yet SEC Chair Gary Gensler cannot make the same pronouncement.

Garlinghouse’s comments come at a time Ripple is battling the US watchdog’s charge that XRP is a security illegally sold by Ripple Labs and the company’s top brass. The company has also faced class-action lawsuits before.

Despite these events, more XRP holders feel the SEC has unfairly targeted Ripple, a view Garlinghouse also holds. According to him, there almost 50,000 holders of the token “are trying to sue the SEC for ‘protecting them‘.”

The tussle has seen the court allow XRP holders to become amicus curiae or friends of the court. However, the same judge handling the Ripple vs. SEC case ruled that token holders cannot join the proceedings as defendants.

XRP has lost about 67% of its value since touching an all-time high of $3.40 on 7 January 2018. However, its current price of around $1.11 means its value is up more than 27% in the past 30 days and more than 340% up since this time last year.

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Source: https://coinjournal.net/news/sec-helped-ether-surpass-xrp-ripple-ceo/

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THORChain Jumps 35% on Ethereum Trading Restart 

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Source: https://cryptobriefing.com/thorchain-jumps-35-on-ethereum-trading-restart/?utm_source=main_feed&utm_medium=rss

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Cryptoeats Disappears After Raising £500K From Token Sale

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Cryptoeats, a company that reportedly raised 8 million in a Series A funding round to build a crypto-based Ubereats alternative, disappeared after launching its token. According to estimations, the startup might have taken more than £500K from investors after the launch of its official token dubbed “eats.” The alleged scam was promoted by UK influencers and manufactured related apparel, and even hosting a launching party in London.

Cryptoeats Initiative Vanishes After Token Launch

Cryptoeats, a company that proposed to build a crypto-based Ubereats alternative, vanished from the internet just minutes after launching its official token. The company, which had an official website and claimed to have raised funds to build their proposal, stated it had run a public beta of the service, partnering with food chains like Nando’s and McDonald’s.

Furthermore, the startup claimed it had already onboarded more than 100,000 customers, who have signed up to download the app and use it on launch day. But the developers of eats, the native token of the platform, emptied the wallet holding the funds coming from the initial token sale, stealing more than £500K from investors, according to reports. Soon after this, all of the social media accounts of the startup disappeared, along with its website.

Cryptoeats Looked Legit

Cryptoeats worried about looking legitimate before disappearing. The company first outed a PR statement where it claimed it had raised $8 million in its series A funding round in 2020. The PR statement, that was published on October 16, declared the company was “set to take a large slice of the $16.6 billion delivery app market.” The statement was issued using Globenewswire and was featured on Yahoo Finance’s website, but both references have been eliminated now.

At a local level, Cryptoeats also did its work bringing U.K. influencers to promote the new initiative among their fanbase. Joey Essex, a reality TV celebrity that promoted Cryptoeats, stated to local media he lamented the situation. Essex stressed:

I’m fuming. This company used my name to dupe lots of people into investing money. It’s disgusting and I feel bad for anybody in that situation.

But Essex was not the only local celebrity that promoted Cryptoeats. Lots of other influencers attended a launch party last week in London, where Cryptoeats apparel was shown and worn by some of the assistants.

What do you think about the whole Cryptoeats fiasco? Tell us in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/cryptoeats-disappears-after-raising-500k-from-token-sale/

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