Connect with us

Projects

In Less Than a Week, the Price of Ethereum Competitor Solana has Nearly Doubled

Solana’s native cryptocurrency, SOL, is up 96% this week on the high-volume blockchain network, owing to increased NFT and DeFi usage.

Published

on

Solana’s native cryptocurrency, SOL, continues to soar to new heights, with a new all-time high price achieved today. According to CoinGecko data, SOL hit a new high of $79.57 this morning, continuing a remarkable surge that has seen its price nearly double in a week.

The coin price was just under $40 a week ago, but it has already risen 96 percent to a new all-time high. Before this week, SOL reached a high of $56 in May, before the cryptocurrency market as a whole began to decline. On July 20, SOL fell below $24 for the first time in over a month.

Solana has seen substantially bigger gains than nearly any other crypto asset in the top 100 ranked by market cap as the general market has recovered from the summer doldrums. Only the AUDIO token from Audius, a decentralized music service, has risen in value in the last week, presumably due to a deal with TikTok announced this week.

Solana is a proof-of-stake blockchain designed to compete with Ethereum, the most popular smart contract platform. Smart contracts are bits of code that carry out specific instructions and are used in various decentralized applications (dapps), including decentralized finance (peer-to-peer lending and trade) and even NFT crypto collectibles.

While Ethereum is a more established blockchain ecosystem and the most popular destination for dapps, Solana can handle 2,000 times more transactions per second than Ethereum alone.

Layer-2 solutions (such as Polygon) function alongside the mainnet blockchain to handle more transactions, and Ethereum will eventually switch to a more efficient proof-of-stake network paradigm. However, we’re starting to see developers take advantage of Solana’s present advantages.

SOL achieved a new all-time high of $63 earlier this week, presumably due to the launch of an NFT collection named Degenerate Ape Academy. An NFT serves as a receipt for a digital object like an image, video file, or video game item, and Ethereum-based profile picture collections such as CryptoPunks and Bored Ape Yacht Club have witnessed increased demand in recent weeks.

According to the Solanart marketplace, the Degenerate Apes launch has generated almost $10.8 million in trade activity since its inception, indicating that Solana might be a viable platform for in-demand NFTs. In addition, the collection now has a starting price of 7.3 SOL, or roughly $575.

Furthermore, DeFi applications based on Solana are gaining a lot of traction. According to DeFiLlama, the value locked in Solana DeFi contracts topped $2 billion earlier this week. It has now crossed $2.2 billion as of this writing, owing in part to the growth in the value of the SOL token. Thus, Solana DeFi is still growing, despite being only a minor part of the over $107 billion in Ethereum DeFi contracts.

In the middle of all the excitement surrounding Solana, the developers announced Solana Breakpoint, the ecosystem’s first annual conference. It will be held on November 7-10 in Lisbon, Portugal, while the dates are likely to change owing to COVID-19 constraints.

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

Published

on

A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

Continue Reading

NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

Published

on

The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

Continue Reading

Projects

The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

Published

on

The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 17,130.30 1.58%
ethereum
Ethereum (ETH) $ 1,271.78 2.20%
tether
Tether (USDT) $ 1.00 0.00%
chiliz
Chiliz (CHZ) $ 0.151192 0.45%
enjincoin
Enjin Coin (ENJ) $ 0.304901 2.19%
decentraland
Decentraland (MANA) $ 0.397774 0.49%
flow
Flow (FLOW) $ 1.02 0.33%
the-sandbox
The Sandbox (SAND) $ 0.583521 0.25%
wax
WAX (WAXP) $ 0.057547 2.47%
ecomi
ECOMI (OMI) $ 0.001004 0.41%