Connect with us

Crypto

Instagram to Run Polygon-backed NFT Marketplace

Published

on

3F0E0A6B7906B9636C715ED8E1038D589400916453AF735D821ACD318B139FC1.jpg


Advertisement
Meta has announced that social media giant Instagram will be introducing a non-fungible tokens (NFTs) marketplace that will run with the support of Polygon.

shutterstock_2142644253 f.jpg

“Creators will soon be able to make their own digital collectables on Instagram and sell them to fans, both on and off Instagram,” Meta announced in an updated blog post.

Advertisement

According to Meta, users will get an end-to-end toolkit starting on the Polygon blockchain. The kit will consist of the creation and showcasing to finally selling.

Through this new feature, users can easily buy and sell NFTs within Instagram, eliminating other middle persons.

Advertisement

Although this new feature has already been available to a small number of users in the U.S, Meta said that theywouldl launch it fullscale in other countries. This move is towards Meta’s goal of expanding into the crypto ecosystem.

According to Meta’s commerce fintech and web3 lead Stephane Kasriel, Meta’s success in the crypto ecosystem requires tapping into the $100 billion worth creator economy with greater portability than the current web service.

Advertisement

On September 29, Meta, the parent company of Facebook and Instagram, announced that Facebook and Instagram users in the US can now connect their wallets and share their digital collectables.

The company said that users of both platformswouldl be able to cross-post digital collectables they own and connect their associated wallets on Facebook and Instagram.

Advertisement

Meta has also announced that they will not charge creators fees in their digital collectables marketplace until 202; rather, the company is focusing on helping creators earn a living.

Until the mentioned date, Meta has planned to pay for the blockchain-related gas costs from their own pocket.

Advertisement

The company also has plans to make its non-NFT features on Instagram seamlessly accessible globally. It has added support for Coinbase and Dapper wallets to complement its earlier integrations with Rainbow, MetaMask, and Trust wallets.

In addition to Instagram, a non-NFT test on Facebook is also in development, with the NFT feature being rolled out to some US creators in early July this year.

Advertisement

Since NFTs help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.

Besides Meta, other social media platforms, including Twitter and Reddit, are also taking their NFT drives to new heights.

Advertisement

Image source: Shutterstock



Source link

Advertisement

Crypto

Australian Bankers Association cost of living probe shows bank pressure

Published

on

By

E32267327CCEB5C9F49BDA2D94642D793930647D6346D7B0BF5E8E67A69423AD.jpg


Advertisement
The Australian Banking Association (ABA), which is the trade association for the Australian banking industry, has initiated a cost of living inquiry in order to investigate the impact that the COVID-19 pandemic, global supply chain constraints, geopolitical tensions, and other factors have had on the people of Australia. The purpose of this investigation is to determine how these and other factors have affected the cost of living in Australia. The primary purpose of this inquiry is to determine the degree to which these and other factors, in addition to Australia’s already high cost of living, have contributed to that level of expense.

The recent analysis of the rising inflation and concurrent collapse of three major traditional banks — Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — proved that more than 186 banks in the United States are at risk of a similar shutdown if depositors decide to withdraw all of their funds. These banks were Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank. Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank were the names of these financial institutions. These particular banking establishments went under the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank respectively. These specific financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively, at one point in time. At one point in time, these particular financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively. The Australian Bar Association (ABA) is currently in the process of conducting an investigation with the intention of determining both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. The goal of the investigation is to determine both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. Both the reaction of the Australian government’s fiscal policies and the ways by which the cost of living in Australia may be lowered are the foci of the inquiry, the objective of which is to discover which of these may be determined. The aim of the study is to determine both of these things at the same time as part of its objective.



Source link

Advertisement

Advertisement
Continue Reading

Crypto

US Banking Crisis Fuels Regulation Debate

Published

on

By

C9A6CCF84F05AF27903FCA6484DE0553431A4970974B317F44F1DC27D9EEA855.jpg


Advertisement
In recent years, the banking industry in the United States has been confronted with a number of issues, including the failure of large banks and the necessity of involvement by the federal government to avert an economic meltdown. These problems have made it necessary for the federal government to get involved. As a result of these events, discussions on the most effective ways to shield the economy and fend off any potential crises in the future have been reignited.

One of the most prominent economists in the world, Peter Schiff, is one of the primary voices in this debate. He maintains that there is a possibility that the present economic crisis may become much more severe if the regulations that are put on banks are made more stringent. Schiff makes reference to the global financial crisis that took place in 2008, which was in large part precipitated by the collapse of the housing market. Schiff, on the other hand, contends that “too much government regulation” was the primary factor that led to the disaster.

Advertisement

The opinion that Schiff is advocating, on the other hand, is not shared by everyone. After conducting a more in-depth investigation of Silicon Valley Bank (SVB) recently, a group of economists came to the conclusion that approximately 190 banks across the United States are in danger of failing as a result of the actions of their depositors. This was the finding that led to this conclusion. They argue that the monetary policies that are written down by central banks might be harmful to long-term assets such as mortgages and government bonds, which would result in losses for financial institutions if they were to invest in these types of assets.

This word of warning calls attention to the problems that the banking industry in the United States is now facing and the need of giving careful consideration to the impact that changes in regulatory and monetary policies will have. As the economy continues to shift and new problems emerge, policymakers will need to work together to devise solutions that will satisfy the concerns of a wide variety of interested parties while also protecting the financial well-being of the banking industry and the economy as a whole.



Source link

Advertisement

Advertisement
Continue Reading

Crypto

DeFi Hack Linked to North Korea

Published

on

By

C38BDDC7BC3E3D9D2BFC45E2EF66EB868F341421C00AF68585E3CBC030D384D4.jpg


Advertisement
The DeFi world was rocked when Euler Finance fell victim to the biggest DeFi hack of 2023, with $197 million in funds stolen. Since then, the crypto community has been closely following the on-chain movements of the stolen funds, hoping to track down the attacker. Blockchain investigator Chainalysis recently identified that 100 ETH from the stolen funds was transferred to an address linked to North Korea.

The hacker responsible for the Euler Finance hack also transferred 3,000 ETH to Euler’s deployer account without disclosing their intent. However, no other transfers have been made at the time of writing, leaving many in the crypto community speculating whether the hacker was trolling or if they genuinely considered accepting Euler Finance’s bounty reward of $20 million.

Advertisement

While Chainalysis has linked the stolen funds to North Korea, it has also highlighted the possibility of misdirection by other hackers. It is unclear whether North Korea is actually involved in the hack or if the hacker was simply using the address to throw investigators off their trail.

The Euler Finance hack has raised questions about the security of DeFi platforms, as Euler Labs CEO Michael Bentley expressed disappointment in the hack, revealing that ten separate audits over two years had assured its security. The fact that the hacker was still able to access and steal the funds has highlighted the need for stronger security measures in DeFi platforms.

Advertisement

The use of DeFi platforms has skyrocketed in recent years, and the potential rewards have attracted many hackers seeking to exploit vulnerabilities in the system. This has led to an increase in DeFi hacks, with many experts calling for stronger security measures to protect investors’ funds. The Euler Finance hack serves as a reminder that even with multiple security audits, DeFi platforms are not immune to hacks, and investors should exercise caution when investing in these platforms.



Source link

Advertisement
Continue Reading

Trending