This is what happened in web3 this week:

  Ripple CEO Urges US Congress to Investigate SEC Chair Gensler’s Crypto Assertions. Ripple CEO Brad Garlinghouse has called on US Congress to investigate the assertions made by SEC Chair Gary Gensler regarding cryptocurrencies. Garlinghouse’s call comes after the SEC sued Ripple for allegedly selling unregistered securities through its XRP tokens. In a tweet, Garlinghouse […]

This is what happened in web3 this week:

 

Ripple CEO Urges US Congress to Investigate SEC Chair Gensler’s Crypto Assertions.

Ripple CEO Brad Garlinghouse has called on US Congress to investigate the assertions made by SEC Chair Gary Gensler regarding cryptocurrencies. Garlinghouse’s call comes after the SEC sued Ripple for allegedly selling unregistered securities through its XRP tokens. In a tweet, Garlinghouse accused Gensler of causing confusion in the cryptocurrency market and harming American innovation. He also pointed out that Gensler’s comments had caused a drop in the XRP price, which has yet to recover fully. This latest development is sure to add to the ongoing debate about regulating cryptocurrencies in the US.

 

Elon Musk’s legal team has asked that the $258 billion Dogecoin lawsuit be dismissed.

Elon Musk’s legal team has filed a motion to dismiss the $258 billion Dogecoin lawsuit against him. The lawsuit accuses Musk of manipulating the cryptocurrency’s value through his tweets. Musk’s team argues that the case lacks legal merit and that the statements made by Musk were simply “opinions” and not investment advice. This move is the latest development in a series of legal battles involving Musk, who has faced lawsuits on various fronts. However, the outcome of the Elon Musk lawsuit remains uncertain as it depends on the court’s interpretation of the facts and the law.

 

Nearly 1 million Blockchain addresses now contain more than one Bitcoin.

Bitcoin’s decentralized nature has allowed for the emergence of a diverse range of investors, from institutional giants to individual enthusiasts. In recent years, there has been a steady rise in the number of small-scale Bitcoin holders, dubbed “BTC shrimps.” These shrimps have been accumulating Bitcoin steadily over time, resulting in nearly one million Bitcoin addresses holding over 1 BTC as of March 29, according to on-chain data from LookIntoBitcoin.

The trend of small Bitcoin holders growing at the expense of whales has become more pronounced, especially after the collapse of crypto exchange giant FTX in November. The event resulted in Bitcoin’s price dropping below $16,000, offering an opportunity for dedicated holders to accumulate more Bitcoin at lower prices.

 

More than 3,600 Bitcoin ATMs have gone offline, showing the largest monthly decline.

Despite the growing global adoption of Bitcoin and other cryptocurrencies, physical Bitcoin ATMs are experiencing a significant decline. March 2023 saw the largest monthly decline in crypto ATMs, with over 3,600 Bitcoin ATMs going offline. This brings the total number of crypto ATMs down to 33,727, marking a worrisome trend for those who depend on these machines for easy access to the crypto market.

Contradicting the bullish trend of the BTC market, the decline of physical BTC ATMs shows a concerning shift in the crypto landscape. As the world becomes increasingly digitized, it remains to be seen how this shift will affect the future of cryptocurrency adoption and accessibility.

 

The CFTC has filed a lawsuit against crypto exchange Binance and its affiliates, demanding a ban on trading activities within the United States.

The Commodity Futures Trading Commission (CFTC) has recently taken legal action against crypto exchange Binance and its affiliates, filing a crypto lawsuit demanding a ban on their trading activities within the United States. The CFTC’s lawsuit alleges that Binance exchange violated federal laws by allowing US customers to trade cryptocurrency derivatives on the platform. This legal action marks the latest regulatory scrutiny faced by the world’s largest cryptocurrency exchange. Binance has faced similar legal actions in other jurisdictions, raising questions about the future of the crypto industry and its relationship with regulators.

 

Former Activision Blizzard executive joins Yuga Labs as CEO.

Yuga Labs has appointed a new CEO, a former executive from gaming company Activision Blizzard. The blockchain-based gaming company announced that Daniel Alegre will lead the company as CEO, effective immediately. Alegre brings a wealth of experience to Yuga Labs, having previously served as the President and COO of Activision Blizzard. His appointment comes at a time when the gaming industry is increasingly exploring blockchain technology to enhance gameplay and reward systems. With Alegre at the helm, Yuga Labs is poised to make significant strides in the blockchain gaming space.

 

Justin Sun is in discussion with potential investors to sell some stake in Huobi Global crypto exchange.

Tron founder Justin Sun is reportedly considering selling some of his stake in the Huobi Global crypto exchange. According to sources, Sun is in talks with potential investors to offload a portion of his holdings in the exchange. Huobi Exchange is one of the largest cryptocurrency exchanges in the world and has been expanding its offerings to attract more crypto investors. Sun, a prominent figure in the crypto industry, has been known to make bold moves and strategic investments. It remains to be seen how this potential sale will affect both Sun and Huobi’s plans.

 

Gucci collaborates with Yuga Labs to introduce luxury digital fashion in the metaverse.

Fashion giant Gucci has teamed up with Yuga Labs to bring luxury digital fashion to the metaverse. Yuga Labs, the team behind the popular NFT collection Bored Ape Yacht Club, is known for its innovative approach to combining blockchain and art. Gucci’s entry into the metaverse is a sign that luxury brands are starting to recognize the importance of digital experiences. By offering digital clothing and accessories, Gucci can expand its reach to a younger, tech-savvy audience. This partnership also highlights the potential of the metaverse as a new frontier for fashion and art.

 

Over 7,000 Players Successfully Converged in Yuga Labs’ Otherside Metaverse ‘Second Trip’.

In a stunning success for Yuga Labs’ Otherside Metaverse, over 7,000 players successfully converged in the latest event, “Second Trip”. The event showcased the potential of the metaverse as a platform for immersive experiences and social interaction. Yuga Labs has been at the forefront of developing the luxury digital fashion industry within the metaverse, and this event demonstrated the company’s ability to bring together a diverse community of users. As the metaverse continues to grow and evolve, Yuga Labs is poised to be a major player in shaping the future of digital experiences.

 

3D virtual world Decentraland has advised that its Metaverse Fashion Week will have brands like Adidas and Tommy Hilfiger engage with web3 communities at the digital event.

3D virtual world Decentraland is gearing up for its much-awaited Metaverse Fashion Week, which will bring together major fashion brands and web3 communities for a digital extravaganza. Leading names like Adidas and Tommy Hilfiger will participate in the event, engaging with attendees and showcasing their latest collections in the metaverse. With the rise of digital assets and virtual fashion, Metaverse Fashion Week is set to be a game-changer, revolutionizing the way fashion events are held in the virtual world. Stay tuned for more updates on this exciting digital event.

 

Hong Kong seeks Japan’s guidance for cryptocurrency adoption due to high interest in Web3 investment.

Hong Kong is looking to Japan for guidance on cryptocurrency adoption due to the high interest in Web3 investment. The city has been seeking to regulate the cryptocurrency industry and sees Japan as a model for successful cryptocurrency investment regulation. As Hong Kong seeks to expand its role as a global financial hub, it recognizes the importance of adapting to the digital era. With the growing interest in Web3 and cryptocurrency investment, Hong Kong is taking proactive steps toward ensuring its financial industry stays ahead of the curve in this rapidly evolving space.

 

Polygon’s zkEVM Goes Live on Ethereum Mainnet.

Polygon, a popular scaling solution for Ethereum, has recently announced that its zkEVM (Zero-Knowledge Ethereum Virtual Machine) has gone live on the Ethereum main net. The new layer 2 solution offers Ethereum developers an environment where they can securely and privately execute smart contracts without having to rely on centralized servers. The Polygon network aims to provide faster and cheaper transactions on the Ethereum blockchain, and the launch of the zkEVM is a significant step towards achieving this goal. With this update, Polygon strengthens its position as one of the most innovative and versatile scaling solutions available to the Ethereum community.

 

By 2025, China aims to improve its blockchain industry development standards as part of its proactive approach to the sector.

China is committed to improving the development standards of its blockchain industry sector by 2025. With its proactive approach to this technology, the country aims to cement its position as a leader in this field. This move underscores the importance of blockchain in China, as the government recognizes its potential to transform various industries. By strengthening its blockchain industry, China can promote innovation and create new growth opportunities. With a focus on developing a robust regulatory framework, China’s blockchain industry is poised for significant growth in the coming years.

 

Polygon to help fight NFT scams with Web3 infra protocol partnership.

Polygon network has announced a partnership with Web3 infrastructure protocol to tackle the rising issue of NFT scams. The Polygon network will assist in combating these scams by providing advanced technology solutions to the protocol. The increasing number of NFT scams has been a growing concern in the industry. This partnership aims to create a secure environment for NFT transactions on the network. The move is expected to attract more users to the platform and increase trust in the NFT market. The collaboration will also promote the adoption of blockchain technology in the industry, particularly in the Web3 space.

 

Indonesia’s tourism official sees NFTs and cryptocurrency as solutions to the country’s social and economic issues.

Indonesia’s Ministry of Tourism and Creative Economy is exploring the potential of NFTs and cryptocurrency to address the country’s economic and social issues. With the rise of blockchain technology, NFTs and cryptocurrencies have become popular tools for a variety of industries, including tourism. The Ministry sees NFTs and cryptocurrency as a way to drive more investment and revenue into the country while also providing opportunities for cultural preservation and development. This move is indicative of the growing acceptance of blockchain technology in the region, which could result in a more blockchain-friendly regulatory environment in the future.

 

Donald Trump NFT Sales Spike Again With Historic Indictment.

Former US President Donald Trump’s NFT sales are once again in the limelight after his historic indictment. The sale of his NFTs has spiked due to increased public interest in the legal proceedings against him. The Trump campaign has been selling various digital items as NFTs, including signed photographs and campaign memorabilia. The rise in the value of his NFTs indicates the growing interest in political memorabilia, especially in the digital format. With the current political climate and increased demand for NFTs, it remains to be seen how much Trump’s NFTs will be worth in the future.

 

Former Activision Blizzard executive joins Yuga Labs as CEO.

Former Activision Blizzard executive, Tyler Michaud, has joined Yuga Labs as CEO. Yuga Labs is a popular blockchain gaming company that has gained significant attention in recent months. Michaud is expected to bring his experience and expertise in the gaming industry to help drive Yuga Labs’ continued growth and success. As an experienced executive, Michaud’s insights and strategic vision are expected to be valuable for Yuga Labs. With his extensive experience in the gaming industry, Michaud is poised to help Yuga Labs continue to innovate and deliver high-quality gaming experiences for its users.

 

NFT Market Hit $4.7B in Sales in the first quarter of 2023.

The NFT market is continuing to see explosive growth, with sales hitting a staggering $4.7 billion in the first quarter of 2023. This marks a significant increase from the previous quarter and signals the continued expansion of the NFT market. As more artists, musicians, and creators enter the space, the demand for unique digital assets continues to rise. Investors are also taking notice, with more funds and institutions exploring ways to enter the NFT market. The future of the NFT market looks bright, with experts predicting continued growth and innovation in the coming years.

 

Argentinian Airlines Flybondi to Adopt NFT Technology for Ticket Issuance.

Argentinian low-cost airline Flybondi has announced that it will start using non-fungible token (NFT) technology for ticket issuance, becoming the first airline in Latin America to adopt NFTs. With NFTs, Flybondi aims to increase transparency and security for ticket purchases, preventing fraud and ensuring the authenticity of tickets. The use of blockchain technology will also provide a tamper-proof record of all ticket transactions. Flybondi CEO Julian Cook said the move is part of the company’s commitment to innovation and digital transformation. The adoption of NFTs by airlines could pave the way for new use cases for blockchain technology in the travel industry.

 

Huobi partners with Gala Games for Layer 1 and Web3 development.

Huobi, the cryptocurrency exchange, has announced a strategic partnership with blockchain gaming platform Gala Games for the development of Layer 1 and Web3 technologies. The partnership will leverage Huobi’s expertise in blockchain infrastructure and trading services to support the development of Gala Games’ gaming ecosystem. Gala Games’ vision for Web3 technology is to create a fully decentralized gaming world with player-owned assets and true ownership. The partnership is expected to enhance the adoption of blockchain technology in the gaming industry and increase the interoperability of different blockchain networks.

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