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This is how NFT mania pumped Litecoin, MATIC, and other alts

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When NFT mania took over the crypto-verse, the Internet was flooded with NFT references, success stories, and of course, a lot of hype. Over the last year, the crypto-community has seen the phenomenal rise of non-fungible tokens. In fact, the NFT market space grew by nearly 300% in 2020 while NFT sales volume rose to $2.5 billion in the first half of 2021. Needless to say, this was a huge hike from figures of $13.7 million in the first half of 2020.

Following the emergence of Cryptopunks and Apes, NFTs emerged as a major trend and 8 September saw one of the largest NFT events in history as more than 18K+ addresses competed to mint 7000 NFTs from a collection called The Sevens.

This contributed to the highest recorded mean gas price, touching more than 5k Gwei in merely 10 minutes. Apart from heightened retail interest, an influx of institutional investors also powered the rise of NFTs.

However, what impact did this have on the market’s altcoins?

NFTs pumping altcoins?

High retail and institutional interest have been key to the rise of the crypto-verse, but NFTs have had their own impact on the market. Here, an interesting trend to note was that while most of the networks wanted to jump on the NFT bandwagon, only some could reap the true benefits of the same. 

Notably, low capped altcoins gained momentum while the NFT fever peaked but it was short-lived. On the other hand, larger cap altcoins like MATIC and Litecoin saw price-driven growth. In fact, it seemed like NFTs were playing a major role in pumping certain alts. 

For instance, recently, the Litecoin Foundation announced the launch of OmniLite, a decentralized token creation platform that makes it possible to produce decentralized tokens and smart contracts along with crypto-assets such as tokens and NFTs. In reaction to this, LTC’s price held well in the market even as the market drowned. 

Additionally, Origin partnered with Polygon to offer mainstream Layer 2 NFTs and the news of the same aided MATIC’s recovery after the pump. In fact, MATIC saw a 3% hike in just 24 hours.

Notably, however, this NFT magic wand didn’t work for all altcoins. In the case of Axie Infinity, for instance, at press time, a huge number of old coins were moved. Now, while this could have been an attempt to shoot the price up, it went in vain. Axie is an NFT-based platform, but the alt’s price seemed to struggle even during the NFT boom. 

Peaked institutional interest 

At the time of writing, Alibaba’s Tmall sold out mooncake NFTs, while Chinese Internet giant Tencent also made a foray into the world of NFTs, launching an NFT trading platform named Huanhe.

Despite this pouring institutional interest, the broader NFT market has seen a pullback lately. In fact, daily volumes came down to around $56 million on 12 September – An almost 50% fall in volumes from 9 September. 

Daily NFT volumes | Source: Dune Analytics

Finally, it is important to note that NFTs are still illiquid. Their value depends on the hype and as long as that hype stays, NFTs will have solid value.

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Source: https://ambcrypto.com/this-is-how-nft-mania-pumped-litecoin-matic-and-other-alts

Blockchain

Crypto Mass Adoption: Bringing Digital Currencies Into Everyday Life

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As the cryptocurrency market cap stands at a staggering $2.53 trillion, it is no more just another alternative financial system. Crypto users don’t want to invest in Bitcoin and altcoins as a future asset that will later appreciate in value. Instead, there is a rising clamor for making crypto a part of the mainstream economy. Visa and PayPal have already introduced crypto payments into their platforms, thus pushing for crypto’s mass adoption.

One of the latest projects bringing cryptocurrencies to the mainstream by lowering the barrier to entry is @Pay. The project aims to open up into unexplored terrains for everyday crypto transactions.

@Pay: Defining New Frontiers for Crypto

‘Buy Now, Pay Later’ transactions are becoming more common in everyday finance, and traditional financial platforms like PayPal who has been offering it for a while. @Pay is a DeFi protocol providing eCommerce payment solutions for merchants and consumers. It has garnered attention for being the first-of-its-kind ‘Buy Now Pay Later’ (BNPL) platform in the blockchain and cryptocurrency space that offers cost-effective solutions for all stakeholders.

The Australian platform is already showing signs of success due to its interest-free ecosystem and low entry cost. It comes with the promise that shoppers no longer will need to pay any interest or late fees for availing of BNPL products.

@Pay comes with its own integrated wallet, which enables users to buy products on the platform and pay using the crypto in their platform-integrated wallet. This removes the complexity of integrating any third-party crypto wallet and makes cryptos easily accessible to everyone.

When a user creates an account on @Pay, they get a base credit of $250. However, if the shoppers make timely repayments, they can increase their credit limits up to $1,200. @Pay enables buyers to purchase products and make payments for them in four installments over a period of three months. The best part is that it charges no interest and only has a fee of $6 per month for the management of users’ accounts.

Another interesting facet of the protocol is that users can stake their approved stablecoins to fund @Pay’s BNPL features. In return, they can receive @Pay yield tokens and earn a variable yield throughout the staking period. Additionally, users will also get @Pay tokens from staking, which they can farm to generate more passive income.

The @Pay Token

An integral part of @Pay is the @Pay token that powers the protocol. @Pay tokens are used for the purpose of governance and distributing platform rewards. The protocol however offers the option to mint more coins in case the supply runs out to cater to ongoing demand. The beauty of this is that all newly minted governance tokens will be based on new revenue-generating transactions on the platform.

How Will @Pay Impact Future Transactions?

To understand the effect that @Pay will have on the market, we first need to look at two things.

Firstly, we have the exponential growth of eCommerce and its staggering sales figures. As countries across the globe witnessed repeated lockdowns due to the COVID-19 pandemic, more people flocked to online shopping. In 2020 alone, eCommerce sales reached a record high of $4.28 trillion.

Secondly, BNPL significantly reduces cart abandonments and increases purchase sizes. The BNPL provider, Afterpay, has seen an 83% sales conversion when shoppers get the BNPL facilities. Klarna has also documented how BNPL shoots up the basket size by 68%.

Realizing the market requirements, the @Pay protocol seems to be providing the necessary solutions for the merchants and shoppers of the post-pandemic age. With a high credit line and interest-free, no late fees platform, shoppers can make hassle-free purchases. They will no longer need to depend on their interest-heavy credit cards to get hold of the items they need.

Furthermore, the elaborate rewards system ensures that shoppers will never want to default on their payments. In tokenizing BNPL features using sophisticated smart contracts, @Pay is at the forefront in driving mainstream crypto adoption. It will not be surprising to see them become one of the biggest platforms for crypto micropayments in the coming years.

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Source: https://www.newsbtc.com/news/company/crypto-mass-adoption-bringing-digital-currencies-into-everyday-life/

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Blockchain

Phaeton Introduces a Renewable Energy Powered Real Estate Tangible NFT Marketplace

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Phaeton has announced the development of a Real Estate Tangible Non-Fungible Token Marketplace that operates as a Sidechain to Phaeton Blockchain, a proprietary Blockchain technology of the company. The Tangible NFT Marketplace is a Blockchain platform for real estate developers and investors to trade TNFTs. In addition, the TNFT platform comes with a crowdfunding mechanism that allows sponsors and developers to mint tokens for their real estate projects and transacts them on the Marketplace.

Phaeton’s sidechains and smart contracts are a Blockchain ecosystem and tool for developing multi-sector business and cross-functional solutions. This feature of the Phaeton Blockchain enables the development of the Phaeton Real Estate Tangible NFT Marketplace. Additionally, as Phaeton prides itself as a Blockchain alternative, focusing on attending to people’s needs before profit, the Phaeton team has developed it to be energy efficient through renewable energy sources. This energy efficiency and low carbon footprint enable the sidechain-based Real Estate TNFT Marketplace to operate on similar lines.

Speaking at the launch, Ron Forlee, Phaeton’s Chief Executive Officer, called the development of the Real Estate TNFT Marketplace a ‘revolutionary innovation that solves the problems associated with current real estate investment and transactions by offering liquidity, capital raising and seamless transactions through TNFTs.’ “What we aimed for was to develop an energy-efficient TNFT Marketplace without authentication and ownership issues. Because we can create the Real Estate TNFT Marketplace on the Sidechain driven by renewable energy, it is a solution that is in line with the core values of our sustainable development goals,” he concluded.

Talking about the advantages of their technology, Chai Shepherd, the Chief Technical Officer, spoke about the benefits of the Phaeton Real Estate TNFT Marketplace. “We developed the Phaeton Blockchain algorithm using the Delegated Proof of Work system that allows lower energy consumption. In addition, as the Real Estate Marketplace is on a Sidechain, the gas fees and transaction volume on the mother chain is reduced. We also made the decision to focus only on tangible items that have authenticity and provenance to ensure proper authentication, permanence, conservation and ownership,” Mr. Shepherd explained.

Speaking on how they have been able to power their technology on a hundred percent renewable energy source Mr. Shepherd added, “We have developed strategic partnerships with key renewable energy players to develop a host of solar, wind, hydro and other renewable power farms from which we power our datacenters and its equipment. We also have equipment that comes with solar wrap-around energy solutions for both power consumption and cooling system.”

In Phaeton’s whitepaper, the company discussed the various types of Real Estate TNFTs offered on the platform. Among the real estate TNFT listed were TNFT used as shares—which was described as an excellent means of crowdfunding investment or developing projects—TNFT as Titles for owning a property, TNFT as Timeshares, TNFT as co-shares and TNFT as Decentralized Finance.

Discussing their marketing plans to ensure that the solution creates a global impact, Chief Operating Officer Damian Robson listed a five-stage marketing approach. It includes identifying and focusing on a target consumer base, building a community that supports and self-promotes the Real Estate TNFT Marketspace, deploying social media marketing, using social media influencers and the investment in Public Relations. “We believe that using these channels properly with a focus on proper data analytics would enable us to understand our consumer base, introduce our product’s uniqueness and chart the course for improvement and enhancement,” he added.

As the world economy continues to grow amid climate change concerns, it has become imperative that businesses across sectors begin to develop practices that reduce their carbon emission and contribute to greenhouse gas. Phaeton has taken the mantel of leadership by creating a Blockchain ecosystem that functions entirely on renewable energy. This initiative and its promise of support to other businesses can significantly decrease the Blockchain sector carbon emission, as the Blockchain industry is infamous for its contribution to energy use from fossil fuels.

Telegram: http://bit.ly/Phaeton_telegram
Website: phaeton.io
IEO on latoken: https://latoken.com/ieo/PHAE
IEO on p2pb2b: https://p2pb2b.io/token-sale/302/


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Source: https://www.livebitcoinnews.com/phaeton-introduces-a-renewable-energy-powered-real-estate-tangible-nft-marketplace/

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Blockchain

ADALend Ignites The DeFi Space

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ADALend is a scalable and decentralized lending protocol governed by a decentralized autonomous organization (DAO).

ADALend will offer various features that will provide its users with decentralized financial instruments accessible to everyone with access to the internet, without the complicated KYC requirements of the mainstream banking system.

The protocol will improve digital assets’ capital efficiency by enabling assets accumulated to fund multiple loan pools. The protocol will utilize the Cardano blockchain to flesh out DeFi potential as a viable replacement to the traditional financial sector.

Green Blockchain

Blockchains of the future will be required to have a lower impact on the environment, working efficiently without consuming enormous amounts of energy to remain operational. Cardano has been one of the most energy-efficient blockchains in the industry. 1.6 million times lower than bitcoin and well below the average level of high market capitalization coins.

Cardano has also announced its partnership with Veritree creating “The First Global Cardano Impact Challenge,” an initiative that aims to reinvest donations into replanting trees worldwide.

Platform Security

The Cardano codebase was developed in Haskell, a widely popular programming language explicitly chosen for its ease of auditing. The Cardano blockchain will offer a protective layer of security for the ADALend protocol to function without breakdown, unlike many DeFi protocols that suffer from issues due to its blockchain complexity. ADALend is considered one of the most efficient and stable DeFi platforms on the market.

ADALend will also enjoy the further developments in the Cardano blockchain performed by Input Output Hong Kong (IOHK) which has a very strong team that is always working on further improving the blockchain.

Summary

In reality, these are the two major factors that will be considered when looking for future providers of financial instruments. Efficiency and security will come as a top concern for users in 2022 and beyond. The replacement of the mainstream banking system will not happen overnight, but it is the constant enforcement of stable alternatives that will be considered the end of traditional financial services.

Adalend had an oversubscribed seed round earlier last month; with the private sale round running out quickly, many investors are rushing in to guarantee their spot in the private sale.

To find out more about ADALend, visit their website and read their whitepaper.

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Source: https://www.newsbtc.com/news/company/adalend-ignites-the-defi-space/

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