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Score Big with Coinbase’s Free Ethereum NFT Drop to Mark Base Network Launch

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Coinbase has announced a new project in the form of Base, a layer-2 scaling network for Ethereum built in collaboration with Optimism. To mark the news, Coinbase has released a free open edition Ethereum NFT for anyone to mint through Zora, an NFT minting platform and startup focused on Web3 creator tools. Already, more than 24,000 of the Ethereum NFTs have been minted since the announcement of Base. This NFT has become the largest “gas guzzler” on the Ethereum network, with over $271,000 worth of gas (or network transaction fees) used over the past three hours. Coinbase has a NFT marketplace of its own, however it hasn’t gained much traction since its launch last Spring. In comparison, other NFT marketplaces like Blur have seen $596 million worth of trading volume over the last week. Coinbase has paused creator drops on Coinbase NFT to push resources towards other features on the marketplace. The free Base NFT nods towards the recent “open edition meta” in the NFT world, providing incentives to holders to “burn” (or permanently destroy) a number of them in exchange for a unique, rarer version that isn’t identical to the others. Most of the NFTs are selling for a relatively low price right now, but some of the early-numbered editions or those with so-called “vanity numbers” are commanding higher prices. This is good news for the crypto-space, as Coinbase is entering the NFT market with a unique project that is already gaining traction. #Crypto #NFTs #Coinbase #Base #Ethereum

You can read more about this topic here: Decrypt: Coinbase Drops Free Ethereum NFT via Zora to Mark Base Network Launch

The post Score Big with Coinbase’s Free Ethereum NFT Drop to Mark Base Network Launch first appeared on Byte Syze Crypto.

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Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year

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Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.

This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.

#Huobi #HongKong #CryptoLicense #VASP #JustinSun

You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months

The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.

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Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May

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#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors

You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost

The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.

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CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry

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The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations

You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules

The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.

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