Chinese Media Xinhua Will Issue NFTs During Crypto Crackdown
Policymakers in Beijing have banned all crypto-related transactions. However, China’s official Xinhua News Agency plans to issue news collectibles based on technology used in NFTs.
These collections are from this year’s photojournalism reports. They will be released for free via its news app at 8 pm on Friday. The agency said in its announcement on Wednesday.
Despite China’s total crackdown on the crypto sector, this has banned almost all activities from exchanges and initial coin offerings to mining and trading in the past few years. Other media such as the New York Times and CNN have earlier provided similar services.
Although the Chinese authorities did not mark the NFT as illegal, it is a gray zone. Any participant must exercise caution to avoid unnecessary scrutiny. Domestic companies such as Tencent Holdings Co., Ltd. and Ant Group Co., Ltd. have issued NFTs on their strictly controlled blockchain platforms. The domestic media has warned the NFT of blind speculation.
NFT runs on public agreements such as Ethereum trades freely outside of China and can sometimes earn millions of dollars. The NFT of the New York Times column on NFT sells for $560,000.
The agency stated that Xinhua News Agency’s digital news collections would have unique identity and ownership information on Tencent Cloud’s blockchain, with special commemorative significance and collection value. Tencent and Ant previously also changed the name of the NFT on their platforms to “digital collectibles.
According to Xinhua News Agency, 11 vehicles will be provided in the first batch, each limited to 10,000 cars, with special editions attached.
You can Now Purchase Steph Curry’s NFT Replica of His Famous Sneakers’ to Wear in Metaverse
The National Basketball Association player and recent cryptocurrency converter Stephen Curry released 2,974 irreplaceable tokens containing digital copies of the shoes he wore when he broke the 3-point scoring record this month, allowing the owner to pay for three Show off them in different meta-universes.
Priced at US$333 and sold out, the NFT price cut allows buyers to exercise these shoes on three Ethereum-based Meta Festival platforms: Eric Schiermeyer’s Gala Games, Animoca Brands’ The Sandbox, and Decentraland. According to a dedicated website established in cooperation with Under Armour Inc., Curry’s natural sneaker brand, the net proceeds from the sale will be donated to organizations that support sports.
The popularity of NFTs this year is partly due to celebrity endorsements and the high prices paid for the most famous examples, which sparked a speculative boom. The digital Genesis Curry Flows sneakers are an early attempt at one of the NFT’s promises: to allow a person to purchase a digital product once and then use it in various games or virtual experiences.
One of the features they inherited from the game field is the loot box mechanism. There are five variants of shoes, and they are becoming scarcer, and each owner does not know which one they will get in advance.
The platform points interested parties to the OpenSea secondary market, where most of the NFT speculative frenzy occurred.
To sum up, Curry and his fans of nearly 3,000 NBA three-pointers might have to trade with others due to the scarcity of sneakers. Still, despite their enthusiasm for this developing field, a recent Chainalysis study found that Only a small number of insiders are reaping most of NFT’s benefits.
El Salvador Government Purchases 21 More Bitcoins On 21st Of 2021
21 seems to be a symbolic number for El Salvador. President Nayib Bukele said in a series of tweets on Tuesday night that the country had purchased another 21 bitcoins to commemorate the 21st day of the 21st century.
Buckler said that he bought it at 21:21:21 and pointed out that El Salvador has an area of 21,000 square kilometers. The president posted a screenshot of the transaction, the total amount was more than $1 million, and said receipt received.
Before the purchase, El Salvador held 1,120 bitcoins in its treasury, bringing its current total to 1,141.
Bukele plans to issue tokenized bonds worth $1 billion and then purchase $500 million worth of the world’s largest cryptocurrency by market value.
El Salvador became the only country to use Bitcoin as legal tender in September. The president also plans to create a “Bitcoin City” so that residents do not need to pay taxes.
British Advertising Standards Agency (ASA) Bans Arsenal Football Club’s Crypto-Related Ads
The British Advertising Standards Agency (ASA) has banned the promotion of Arsenal Football Club’s crypto-based fan tokens. The token was promoted on the football club’s website and Facebook page.
Lots of other top football clubs offer fan tokens. However, Arsenal is the first ASA to take action.
The club works with Socios to provide consumers with access to digital platforms. They can interact and collect tokens that must be purchased with cryptocurrency to participate in the club’s decision-making.
Arsenal stated that these tokens were not promoted as financial products or investment tools during the ASA investigation, discouraging trading.
It also explained that the Socios app has a disclaimer stating that tokens do not represent financial instruments or financial products of any kind and are only used for entertainment and fan experience purposes.
However, the ASA told Arsenal that future advertisements must not underestimate investment in crypto assets or irresponsibly take advantage of consumers’ lack of experience or credibility.
Last week, the regulator stated that crypto-assets such as Bitcoin (BTC-USD) and Ethereum (ETH-USD) are its priority red alerts because it has banned seven cryptocurrency advertisements that violate the rules, including Coinbase ( COIN) and Papa’s advertising Johns (PZZA).
The American Advertising Standards Agency (ASA) stated that its ruling follows the active monitoring of encrypted asset advertising and forms part of a broader project that will eventually develop specific guidelines around advertising these products in 2022.
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