Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Trading platform Robinhood has announced the listing of 4 new cryptocurrencies — Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB) — and introduced new crypto wallets to over 2 million users. This is good news for SHIB holders, as they had been petitioning for Robinhood to list the meme token since Oct 2021, and had collected 560,000 signatures at the time of the announcement. However, while the new crypto assets can now be bought and sold, deposit and withdrawal “won’t be available immediately but capability is coming soon”. After its listing on Robinhood, SHIB rose by over 5% in the past week and more than 20% within the last 24 hours to $0.00002799 per token.
Content creators can monetize their work in Meta’s upcoming Metaverse platform Horizon Worlds, but will have their revenues subject to a nearly 50% cut instituted by Meta. The company will take a 25% cut of any user purchase in Horizon Worlds — on top of any amount due to the relevant hardware stores. This means content creators must hand over the applicable percentage of their earnings to platform stores, as well as a further 25% to Horizon Worlds, leaving them with just over 50% of their content’s revenue before any applicable taxes. NFT creators have called Meta hypocritical as it has publicly criticized companies like Apple for charging 30% on similar transactions but the company has dismissed the backlash, with Horizon Worlds VP Vivek Sharma saying Meta’s rate was “pretty competitive”.
An NFT of Twitter founder Jack Dorsey’s first-ever tweet could sell for just below $280, a mere fraction of its current listed price of $48 million. Crypto entrepreneur Sina Estavi had bought the NFT for $2.9 million last Mar and announced his intention to sell it last week, pledging 50% of the proceeds to charity. But when the auction closed yesterday, it had only 7 total offers, ranging from $6 to $277 worth of ETH. The dismal turnout may have something to do with Estavi’s recent 9-month prison stint, which saw his crypto ventures Bridge Oracle and CryptoLand collapse.
He was arrested in Iran in May 2021 on charges of “disrupting the economic system”, after which his CryptoLand exchange folded and left customers locked out of their funds. Estavi is now relaunching his Bridge Oracle (BRG) tokens (originally on the Tron blockchain) to the Binance Smart Chain in a bid to compensate BRG investors, who will be given new tokens in exchange for their now nearly worthless old tokens. However, there is a catch: Estavi wants the original investors to provide their phone numbers and TRX tokens to verify their holdings, whereupon he will send them their new tokens within a month or two, as well as return their TRX tokens. BRG holders are understandably distrustful, especially since he had launched the new token without first establishing how to repay investors for the old one, and has not provided details on the potential swap.
NFL (National Football League) team Dallas Cowboys has chosen Blockchain.com as its first crypto sponsor, taking advantage of the recently relaxed rules regarding NFL teams’ involvement in crypto. The NFL had instituted a temporary ban of all crypto and NFT deals last Sep but amended it last month to approve sponsorship deals not including the promotion of specific cryptocurrencies. The Dallas Cowboys’ Blockchain.com sponsorship is the second official crypto deal in the NFL, following the New England Patriots’ partnership with fan token platform Socios last Nov.
Crypto lender Nexo has partnered with Mastercard to launch the “world’s first crypto-backed” payment card, which will initially be available only in selected European countries and allows users to spend without selling their digital assets as collateral to back their credit. The card, linked to a crypto-backed credit line provided by Nexo, can be used globally at 92 million merchants that accept Mastercard and allows investors to spend up to 90% of the fiat value of their crypto assets. The card also “requires no minimum repayments, monthly, or inactivity fees”, incurs “no FX fees for up to €20,000 per month”, and has no restrictions on how much a customer can spend or withdraw from the open credit line. Furthermore, interest is paid only on the amount of credit actually used, and remains at 0% for customers who maintain an LTV (loan-to-value) ratio of 20% or below.
Show me the money
According to CoinDesk data, BTC was recently trading at about $41,100, up by over 2% over the past 24 hours after 2 weeks of nearly straight declines. ETH saw a similar rise over the same period to around $3,100. Other cryptocurrencies CoinDesk’s top 20 were solidly in the green, with AAVE, GRT and AVAX seeing increases of more than 8% at certain points.
New to Huobi? Register for a Huobi account and receive up to $300 as a ‘Welcome Bonus’ to help you start your investment journey! If you’re an existing user, check out Huobi Earn, where you can start earning interest from your idle cryptocurrencies!