Tag: cryptosphere
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Solana Could Become the Visa of Crypto World, Claims Bank of America
Major US Bank, Bank of America (BoA) compared Solana blockchain to the world’s largest credit card network, Visa. In a research note published Tuesday, BoA research analyst, Alkesh Shah expressed optimism for the top smart contract platform over its ‘scalability, low transaction fees, and ease of use,’ going ahead to add: “Solana could become the Visa of the digital asset ecosystem.” Shah believes Solana even has the potential to take over Ethereum by distinguishing itself through ‘user adoption and developer interest.’ Ethereum, meanwhile, could become the blockchain for ‘high-value transactions and identity, storage and supply chain use cases,’ while Solana grows itself as a settlement layer. Since its launch in 2020, Solana has settled over 50 billion transactions, has more than $11 billion in total value locked, and has been used to mint over 5 million non-fungible tokens (NFTs). Visa, on the other hand, processed 164.7 billion transactions on Sept. 30, 2021. When comparing the transactions per second (TPS) on blockchain networks to those performed on credit card networks, Visa can theoretically handle at least 24,000 TPS but averages around 1,700 while the TPS for Ethereum stands at 15. In comparison, Solana overtakes both Ethereum and Visa with a theoretical limit of 65,000 TPS. Bank of America further stated that Solana and other alternative blockchains could even grab the market share from Ethereum over time. Currently, Ethereum has a market cap of $402 billion, which is more than eight times greater than Solana’s market cap. According to CoinMarketCap, SOL is currently the fifth-largest cryptocurrency with a market capitalization of $47 billion.
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Fashion Retailer Gap Debuts First NFT Collection on Tezos Blockchain
Clothing retailer Gap is launching its first NFT collaboration with a limited-edition, gamified digital experience built on the Tezos blockchain. For this, the fashion retailer collaborated with Brandon Sines, the artist behind the NYC-based Frank Ape project, to create digital art featuring Gap’s iconic hoodies. Beginning Thursday at 9 a.m. PT, Gap’s digital collectibles will feature four levels- Common, Rare, Epic, and One-of-a-Kind, with Common being the first release. Each NFT from this initial drop will be priced at 2 tez (XTZ), or about $8.30. Additional drops will take place over the next two weeks, including the Rare drop on January 15 at 6 tez each ($25), the Epic drop on January 19 at 100 tez ($415) each and the One-of-a-Kind NFT to be auctioned on January 24. The collection will be available to shop exclusively on gap.com/nft and will be available on a first-come, first-served basis. “Gap has always been at the intersection of music, art and culture, so we are excited about this growth opportunity in the digital space with artists like Brandon Sines,” said Chris Goble, Chief Product Officer and General Manager of Gap North America. “With this partnership with Gap, the creative cycle has come full circle as it allows me to express the beautiful messages of Frank Ape while collaborating with one of the most classic brands in history. I cannot wait to share the physical and digital pieces we’ve been working on with Gap and Frank fans worldwide.” The company is leveraging Tezos, a proof-of-stake blockchain network that uses a more energy-efficient approach to secure its network with a low carbon footprint. The company is one of many fashion labels to enter the world of NFTs and metaverse. For instance, major fashion brands including Burberry, Louis Vuitton, Gucci, and Ralph Lauren too have dabbled in the nascent industry last year in an effort to promote their brands.
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Coinbase Enters Derivatives Market Following Acquisition of FairX
The US-based cryptocurrency exchange Coinbase has announced the acquisition of FairX, a CFTC-regulated derivatives exchange. According to the official announcement, the acquisition ‘is an important step toward Coinbase ultimately making the derivatives market accessible’ to its millions of customers in the United States. FairX is the operating name of LMX Labs, LLC, which received approval as a designated contract market (DCM) under the Commodity Futures and Trading Commission in (CFTC) November 20202. Launched in May 2021, the trading platform has already secured brokerage partnerships with industry leaders like TD Ameritrade and E*Trade, ABN AMRO, Wedbush, Virtu Financial. Coinbase will be initially looking to offer regulated crypto derivatives to market through the FairX existing partner ecosystem. The acquisition is set to close in the first quarter of 2022 with terms of the agreement not disclosed. “Over time, we plan to leverage FairX’s infrastructure to offer crypto derivatives to all Coinbase customers in the US. We want to make the derivatives market more approachable for our millions of retail customers by delivering an easy-to-use user experience that Coinbase is known for,” the announcement post read. Over the past seven days, crypto derivatives accounted for $137 billion in 24-hour trading volume over the past day according to CoinGecko. In the same period, spot trading volume across crypto exchanges accounted for $55 billion. This is not the first time a US-based crypto exchange has looked towards the derivatives market. In August, FTX.US, bought LedgerX, another derivatives trading platform regulated by the CFTC. Similarly, last month, Singapore-based Crypto.com announced the purchase of the North American Derivatives Exchange, revealing its entry into the US crypto derivatives market.
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Strike Arrives in Argentina With USDT Support, No Bitcoin Integration Yet
Strike, a bitcoin-based wallet and exchange service, has landed in Argentina, bringing USDT integration to users in the country. Jack Mallers, CEO of Strike, explained that his objective for bringing the app to the country has to do with providing a platform for Argentinians to hold a stable value in cash. This value will be […] KlimaDAO’s Carbon Offsets Catches the Attention of Traditional Firms
KlimaDAO, a cryptocurrency group focused on climate activism, is shaking up the carbon credit market by accumulating over 14 million on-chain carbon offsets. The decentralized autonomous organization now owns the majority of the 17 million BCTs and is spending $100 million on offsets. The project’s native KLIMA token is backed by at least 1 ton of Base Carbon Tonnes (BCT) credits by Toucan Protocol and the latest addition of the MCO2 tokens by Moss, which were first added to the treasury on Jan. 6. The value of the Klima token is determined by the valuation of the Klima treasury and is, therefore, dependent on the value of the BCT and the latest MCO2 token. In fact, the protocol’s rapid acquisition of carbon offsets has caught the attention of traditional carbon offset firms like Gold Standard, the Wall Street Journal reported. CEO Margaret Kim even criticized that the anonymous team behind the project poses transparency issues. “We are also concerned about the fact that the founders are anonymous, which runs contrary to the need for transparency in climate action generally and carbon markets more specifically,” said Margaret Kim. KlimaDao Responds to Its Carbon Credit Responding to a crypto media publication, the team clarified, “There are ways to provide assurances without being doxxed.” Being doxxed refers to revealing an anonymous individual’s true identity. They even argued that traditional firms like Gold Standard “may need more regulatory clarity into how a DAO works legally” to understand their potential for tremendous growth. In fact, anon founder Archimedes also addressed the issue of anonymity and trust on the Jan. 10 episode of the Planet of the Klimates: “Are we ever going to be at a point where we have to reveal who we are? At some point, maybe, Klima becomes so powerful that world governments demand to know who we are.” Klima DAO is a group of environmentalists, developers, and entrepreneurs that utilizes blockchain technology to accelerate the appreciation of carbon credits. The group launched the KLIMA token, a cryptocurrency whose value is linked to carbon credits on October 18.
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Cryptosphere NFT Completes Sold-Out NFT Pre-Sale
Cryptosphere NFT, an up-and-coming NFT, and gaming platform has just concluded its pre-sale. The event saw the community buy the entire lot of 500 NFTs, which were available only for whitelisted members.
Additionally, Cryptosphere NFT is preparing for the imminent public sale. The event will take place on December 4th, and it will put forward 500 NFTs more. These are the remaining NFTs from the total of 1,000 tokens the team initially minted. Also, this time, anyone who wants to join can purchase the project's proprietary non-fungible tokens.
Cryptosphere NFT uses transparent features and trustability to build a loyal community around it. The team will consult all token holders regarding upcoming projects. For instance, the holders can vote on future project initiatives, which they will access free of charge.
Also, Cryptosphere aims to reward those who join the project and stay on for the journey. These rewards will include weekly giveaways and free minting on future projects. Furthermore, the platform will give back to holders 10% of all launch sales and 20% of secondary sales. Lastly, additional rewards include future NFT drops, random ETH sent to wallets, and physical items like AR posters and merchandise.
One of Cryptosphere's most promising features is its immersion into augmented reality (AR). For instance, the platform will send buyers an AR digital file of their NFT. Additionally, anyone who buys 3 NFTs or more will receive a physical AR poster. Most importantly, deliveries are available worldwide.
About Cryptosphere NFT
Cryptosphere NFT is a new presence in the gaming and NFT market. Its roadmap involves building a growing community around its multiplayer game. Also, its members will fight for weekly prizes and become eligible for airdrops.
The Cryptosphere NFT team is available at:
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