UK Crypto Industry Seeks Global Collaboration with Regulators to Avoid Post-Brexit Isolation
Stakeholders in the UK's crypto industry have welcomed proposed legislation for regulation, but are urging collaboration with global regulators to avoid isolation after Brexit. The UK plans to regulate crypto under existing frameworks and may publish crypto-specific rules within the next year. However, concerns have been raised by the Association of Financial Markets in Europe that the UK's authorization regime could damage its reputation as an open market. CryptoUK, AFME, and Binance have called for a transition period and clarity on the scope of economic activities and treatment of assets like NFTs.
The Evolution of Blockchain Gaming: Prioritizing Fun for Mass Adoption
Blockchain technology has become a separate industry in the gaming world, with traditional gaming companies exploring its benefits. Blockchain-based games allow players to own in-game assets through NFTs, creating new revenue streams for developers and players alike.
Limewire Surpasses $15M Goal for Revived Platform with Cryptocurrency Token Sale
Limewire has exceeded its $15 million funding goal by raising over $16.5 million through sales of its cryptocurrency token (LMWR). The project aims to raise $30 million and the sale will close on May 11, with the token set to be listed on four major exchanges from May 16. Limewire's revived version will serve as a platform for music artists, allowing them to create content on blockchain-based content and monetize it with cryptocurrency rewards, payments, and subscriptions. Content on the platform will be stored and traded as non-fungible tokens (NFTs), with access to that content gated behind NFTs and other tokens.
Bitcoin Ordinal Inscriptions on Fire: Total Count Doubles to 5 Million in Seven Days.
The use of ordinal inscriptions on the Bitcoin network has surged, with over 5 million inscriptions now recorded. The majority of these inscriptions are text-based, while image-based inscriptions make up a smaller percentage. The market cap of BRC-20 tokens, which include ordinal inscriptions, is currently at $690 million. The popularity of ordinal inscriptions has led to increased network activity, but also higher transaction fees and longer confirmation wait times. Binance has announced plans to add support for Bitcoin Ordinals in its NFT marketplace.
Pudgy Penguins Raises $9 Million in Seed Funding to Scale Intellectual Property and Team
Pudgy Penguins, a non-fungible token (NFT) collection, has raised $9 million in seed funding led by 1kx. The company plans to use the funds to expand its intellectual property and team. This funding round comes after the project voted out its founders for allegedly misusing treasury funds and failing to meet community goals. Entrepreneur Luca Schnetzler bought the rights to Pudgy Penguins for $2.5 million in April 2022 and has since built out the brand with licensing deals, social media campaigns, live events, and physical goods. Other investors in the round included Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures.
Hong Kong’s Artifact Labs Raises $3.25M in Seed Financing Round for NFT Expansion
Hong Kong-based non-fungible token (NFT) company Artifact Labs announced it raised US$3.25 million in seed financing led by Blue Pool Capital and Animoca Ventures. The company, a spinoff of Hong Kong newspaper South China Morning Post, plans to use the funds to expand operations and increase its technical headcount. Artifact's CEO, Phillip Pon, emphasized the importance of driving engagement with historically significant collections through Web3 and plans to release NFT collections as a revenue stream for preservation organizations. The NFT startup previously partnered with RMS Titanic Inc to mint NFTs based on physical artifacts recovered from the ship.
NFT Trading Volumes Surge in Q1 2023 on Ethereum, Thanks to Blur's Native Token Airdrop
NFT trading on Ethereum saw a significant surge in Q1 2023 compared to the previous quarter, largely due to the airdrop farming frenzy for Blur's native token. Data from Nansen shows that NFT trading volume more than doubled in Q1 2023, with a modest increase in the number of unique wallets trading NFTs. However, NFT activity for this spring shows a slightly more bearish picture, with a 30% decline in trading volumes across various marketplaces in April and the lowest number of sales and users reported in the first week of May. Despite this, trading volumes in USD terms remain high due to Ethereum's bullish start to the year.
Crypto Evening Briefing: Crypto Startups Raise Approx $52 Million in the Past Week
Last week, crypto startups raised approximately $52 million, with Fedi raising $17 million and zkLink raising $10 million.
Hong Kong NFT Firm Artifact Labs Raises US$3.25 Mln in Seed Round
Artifact Labs, a Hong Kong-based non-fungible token (NFT) company, has raised $3.25 million in its seed financing round led by Blue Pool Capital and Animoca Ventures. The company, which is a spinoff of Hong Kong newspaper South China Morning Post, plans to use the funds to expand operations and increase its technical headcount. Artifact Labs aims to release NFT collections as a revenue stream for preservation organizations and drive engagement with historically significant collections using Web3. The company previously partnered with RMS Titanic Inc. to mint NFTs based on physical artifacts recovered from the sunken ship. Gary Liu, founder of Artifact Labs, has emphasized the importance of NFTs possessing intrinsic value beyond endorsement by a group of people.
Garan - The First Global Web3 Meditation Platform
Garan aims to provide a modern and immersive meditation experience for users around the world. By leveraging Web3 and blockchain technologies, Garan connects practitioners and devotees, helping to build positive relationships between them and fostering collective cultivation.
