Take Photos and Mint NFTs to the Ends of the Earth with FOTO’s John Knopf

• John Knopf, an Emmy Award-nominated landscape photographer and National Geographic employee, was an early adopter of the NFT space.
• Together with seven other prominent photographers, Knopf helped form FOTO, a collective that trains artists to work in Web3.
• Time magazine partnered with FOTO for their own NFT drops and featured Knopf’s work as well.

John Knopf: Emmy Award-Nominated Photographer

John Knopf is an Emmy Award-nominated landscape photographer who works for National Geographic and was an early adopter of the non-fungible token (NFT) space.

FOTO: Training Artists To Work In Web3

Knopf co-founded FOTO with seven other prominent photographers – Alejandro Cartagena, Ben Strauss, Cath Simard, Dave Krugman, Isaac „Drift“ Wright, J.N. Silva and Ravi Vora – to train artists to work in Web3. The collective now boasts hundreds of members of amateur and professional artists today.

Collaborating With Time Magazine

In 2021, Time magazine partnered with FOTO on its own NFT drops and featured Knopf’s work as well. The idea is to elevate digital art while making no money from the artists regardless of whether their work sells or not.

Turning An Industry Into A Community

Knopf said he initially joined crypto during the heady days of the NFT bull market thinking he could make a „quick buck,“ but quickly became enthralled with the potential of distributed networks which are all about elevating one another to advance the art form.

Conclusion

Good photography often requires technical skill as much as artistic sensibility making it uniquely fit for experimentation in Web3 .Through FOTO ,Knopf has been able to turn an industry into a community using crypto where digital art can be elevated without any monetary benefit from the creators .

Voyager Digital Liquidates $80M in Crypto Assets for USDC Stablecoin

Voyager Digital’s Liquidations

• Voyager Digital has liquidated over $80 million worth of crypto assets since March 8.
• Binance.US‘ acquisition of Voyager’s assets was approved by a bankruptcy judge.
• The three largest liquidated assets were roughly $58.1 million in Ether, $10.9 million in Shiba Inu, and $7.2 million in Voyager’s own VGX token.

Binance US Acquisition Approved

Facebook iconLinkedin iconTwitter iconBinance.US cleared a major hurdle in its effort to acquire the assets of bankrupt crypto lender Voyager Digital when Michael Wiles, a bankruptcy judge in the Southern District of New York, overruled the various objections to the proposed acquisition. CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De discussed the details and key takeaways from this move.

Asset Liquidation Overview

Since March 8, bankrupt crypto broker Voyager Digital has received almost $86.8 million in USD coin (USDC) and sent nearly $82.5 million in crypto tokens to various addresses belonging to exchanges including Coinbase, Binance US and Wintermute as tracked by blockchain analytics firm Arkham Intelligence .The three largest liquidated assets were roughly $58.1 million in ether (ETH), $10.9 million in shiba inu (SHIB) and $7.2 million in Voyager’s own VGX token at press time..

Crypto Market Performance

The asset liquidations by Voyager came amid a broader 5.6% drop in the value of the crypto markets, as measured by the CoinDesk Market Index which includes Bitcoin (BTC), Ether (ETH), BNB (BNB), Ripple (XRP) and Aave Protocol Token (APT).

Conclusion

To date, Voyager has sold off more than $358million worth of cryptocurrencyassets since launching its bankruptcy proceedings earlier this year, with most proceeds going toward redeeming USDC stablecoin for creditors

Bitso and Mastercard Launch Debit Card in Mexico

Latin American Crypto Exchange Bitso and Mastercard Launch Debit Card in Mexico

• Bitso, a leading Latin American crypto exchange, launched a debit card in Mexico in partnership with Mastercard.
• The exchange has enabled the card for over 100,000 users who had requested the card in Mexico.
• The launch of this debit card is part of Mastercard’s portfolio of crypto partnerships in Latin America which includes Binance, Belo and Buenbit.

Bitso’s Expansion across Latin America

Bitso is a leading cryptocurrency exchange operating across Latin America. It has enabled its debit card for over 100,000 users who had requested it in Mexico. In addition to Mexico where it started, Bitso also operates in Argentina, Brazil and Colombia with a total of more than 6 million users and 1,500 institutional clients. In September 2022, Bitso enabled its users in Argentina to make QR code payments using Argentine pesos, digital dollars, bitcoin, ether and DAI.

Mastercard’s Portfolio of Crypto Partnerships

The launch of this debit card is part of Mastercard’s portfolio of crypto partnerships in Latin America which includes Binance, Belo and Buenbit. Although Mastercard was reported to be taking a step back from the crypto space recently; the company still intends to „work with partners to bring relevant payments solutions and programs to market“. Visa also said that its plans with crypto continue despite the winter season.

Advantages Offered by Bitso Card

Bitso Card offers many advantages such as being able to use MXN from one’s wallet to pay for everyday expenses such as groceries or restaurant bills etc., without needing any cash or credit cards anymore. This makes it easy and convenient for people living in Mexico who may not have access to traditional banking services due to various reasons such as income levels or geographic location etc., thereby providing them financial inclusion too!

Conclusion

This move by Bitso will prove beneficial for both companies as well as their customers as it provides an easier way for people living across Latin America countries such as Mexico to access cryptocurrency services without having any traditional banking systems available at hand. And with more partnerships like these coming up between exchanges and payment networks; we can definitely expect more innovation within the industry soon!

Magic Links Vulnerability Discovered – Crypto Wallet Security at Risk

• Crypto wallet startup Dfns has discovered a critical vulnerability in ‚magic links‘, a passwordless sign-in method popular among crypto wallets and web apps.
• The vulnerability has been classified as a zero day exploit, meaning it is potentially toxic for developers to use.
• Services impacted by the vulnerability have downplayed its risk, calling it more benign than Dfns suggests.

Magic Links Have Critical Vulnerability

Crypto wallet startup Dfns has discovered a critical vulnerability in ‚magic links‘, a passwordless sign-in method popular among crypto wallets and web apps. Dfns categorizes the vulnerability it discovered as a „zero day“ exploit – so severe as to essentially render magic links toxic for developers. Given the ubiquity of magic links beyond just crypto wallets (they’re used by some popular password managers, for example), Dfns said in a statement that the vulnerability could „​​pose a considerable risk to a substantial portion of the global economy.“

What are Magic Links?

A magic link is a unique, one-time-use URL that is generated by a website or app to authenticate a user without requiring them to enter a password. When a user clicks on a magic link sent to them by an app, it verifies their identity and logs them into their account. Initially spearheaded by Slack and other popular Web2 apps, magic links have become an increasingly common sign-in method for crypto wallets due

Crypto Investors in Emerging Economies Hit Hardest by FTX, Terra Collapses: BIS

• The Bank for International Settlements (BIS) recently published a report stating that crypto investors in emerging economies were hit hardest by the collapse of Terra and FTX.
• The BIS reported that around $450 billion was lost from the crypto market after Terra’s implosion in May 2022, and another $200 billion was lost after FTX’s bankruptcy in November.
• Investors outside of major economies were affected the most.

Impact of Crypto Contagion

The Bank for International Settlements (BIS) recently published a report highlighting the impact of last year’s collapse of two prominent crypto ecosystems – Terra and FTX – on investors across the world. The report revealed that crypto investors in emerging economies, particularly those located outside major economic centers, took the biggest hit from these collapses.

Terra Collapse

In May 2022, more than $450 billion was wiped out from the global crypto market following Terra’s implosion. This led to significant losses for many investors worldwide who had holdings in digital currencies or projects related to Terra’s ecosystem.

FTX Bankruptcy

In November 2022, another $200 billion was lost when FTX declared bankruptcy. This further worsened investor losses as many people had invested their money into cryptocurrency using FTX’s services.

American Investors Losing Money

The BIS noted that losing money due to risky investments is not an uncommon occurrence: In 2021 alone, American investors lost approximately $9 trillion due to falling stock prices. However, it is worth noting that individuals investing in digital currencies are far more exposed to such risks as they are largely unregulated assets with both high volatility and liquidity risk associated with them.

Conclusion

Overall, this report shows how vulnerable non-institutionalized investors can be when dealing with digital assets like cryptocurrencies which remain highly volatile and largely unregulated despite their growing popularity over recent years. As such, it is important for individuals investing in these assets to do so cautiously and always research about potential risks extensively before making any decisions related to their investments.

Grayscale’s Bitcoin Trust Discount Widens to Record High

• Grayscale’s Bitcoin Trust (GBTC) has seen its discount to net asset value (NAV) widen to near-record highs.
• The discount has been increasing since news of Digital Currency Group (DCG)’s exposure to disgraced crypto exchange FTX was reported last week.
• Shares of GBTC are currently trading at a 47% discount to NAV, the widest discount since late December 2022.

Grayscale’s Bitcoin Trust Discount Widens

Grayscale’s Bitcoin Trust (GBTC), the world’s largest publicly traded bitcoin fund, has seen its discount to net asset value (NAV) widen to near record highs. The shares are currently trading at a 47% discount to NAV, the widest discount since late December 2022. This comes as the Financial Times reported last week that Digital Currency Group (DCG) started selling holdings in several investment vehicles run by Grayscale at a steep discount, according to U.S. securities filings.

Decrease in Price of Bitcoin

Bitcoin was up 40% in January, but has since retreated slightly, losing 9% for the month to date. Sheraz Ahmed, managing partner at Storm Partners said „there has been a significant surge in the price of bitcoin recently“, which may have undermined the value of GBTC and forced Grayscale to decouple it from bitcoin’s price movements.

FTX Disgrace

The initial plunge in GBTC’s share price came after news of Genesis‘ and DCG’s exposure to disgraced crypto exchange FTX was published on Feb 7th 2021 when the discount was 43%. Shares of GBTC have not traded at a premium since March 2021 according to TradeBlock data.

Grayscale Fights on Multiple Fronts

Ahmed noted that „Grayscale is fighting a battle on many fronts with some of the most influential minds in crypto,“ but expects „the bitcoin trust to find calmer waters.“ However he warned that “nobody saw the disaster of FTX before it was too late“ and “the fall of Grayscale could have a similar impact“.

Conclusion

Overall this article explains how Grayscale’s Bitcoin Trust’s (GBTC) discounts widened significantly due to both exposure from DCG’s connection with FTX combined with decreasing prices in bitcoin over recent weeks leading potential investors wary about investing into bitcoin trusts managed by Grayscale Investments or any other company associated with DCG/FTX scandal

Uniswap DAO Votes for Boba Network Deployment, Expanding its Community

Uniswap v3 Deployment on Boba Network

  • Uniswap Community Votes in Favor of Boba Network Deployment: The Uniswap community voted overwhelmingly in favor of deploying Version 3 (v3) of the decentralized exchange on Boba Network, a separate blockchain that works atop Ethereum.
  • Benefits for Both Platforms: With its deployment on Boba Network, Uniswap has the opportunity to expand its community to include the users within Boba’s multichain ecosystem, significantly increasing both its total value locked and its transaction volume.
  • Boba Foundation Committed $1 Million Worth of BOBA Tokens: The Boba Foundation told CoinDesk that it had committed to $1 million worth of BOBA tokens to foster the adoption of Uniswap v3 on the Boba Network. These tokens will be sent to a multisig wallet co-owned by the Uniswap Grants Program and the Boba Foundation.

Uniswap Community Vote

The Uniswap community voted overwhelmingly in favor of deploying Version 3 (v3) of the decentralized exchange on Boba Network, a separate blockchain that works atop Ethereum. Over 51 million UNI were staked for the vote with support from FranklinDAO and Ethereum development and investment lab ConsenSys.

Benefits for Both Platforms

With its deployment on Boba Network, Uniswap has the opportunity to expand its community to include those within Boba’s multichain ecosystem, significantly increasing both its total value locked and transaction volume. As of Tuesday, Boba Network holds over $4.5 million in locked value.

Boba Foundation’s Commitment

The Boba Foundation told CoinDesk that it had committed to $1 million worth of BOBA tokens to foster adoption of Uniswap v3 on their network. These funds are allocated towards various projects aiming to boost adoption on their platform and will be distributed by a multi-signature wallet owned by both parties involved – The Uniswap Grants Program and the Boba Foundation itself.

Conclusion

The recent favorable vote from Uniswaps’community is set to have major implications for both platforms as they look forward into their futures; offering increased utility for users on both sides while also providing additional financial opportunities for projects utilizing either platform through active partnership initiatives such as this one between The Boba Foundation and The Unswaps Grants Program .

Solving the Coordination & Regulatory Challenges of DAOs

• DAOs have recently begun to purchase real-world assets including art, a golf course, a copy of the U.S. Constitution, a National Basketball Association team and real estate.
• The coordination and regulatory costs associated with these purchases have caused significant issues for DAOs.
• Scott Fitsimones, the founder of CityDAO and author of „The DAO Handbook,“ considers solutions to the coordination and regulatory problems plaguing decentralized autonomous organizations.

The past few years have seen a dramatic shift in how we think about organization and governance. Decentralized Autonomous Organizations (DAOs) have emerged as a powerful tool for crowdfunding and governing digital assets, and recently, some of these DAOs have started to acquire real-world assets such as art, a golf course, a copy of the U.S. Constitution, a National Basketball Association team and real estate.

Unfortunately, these purchases have highlighted a major issue for DAOs: coordination and regulatory costs. These costs can range from the mundane (filing paperwork for the purchase) to the complex (working through the legal system to resolve disputes between members).

To better understand the coordination and regulatory problems plaguing DAOs, it’s important to consider the history of DAOs and the current environment in which they operate.

The concept of the DAO has been around for more than a decade, but the technology to support them has only recently become available. Ethereum, the most popular platform for launching DAOs, was released in 2015, and since then, a wide variety of DAOs have been launched. DAOs have been used to manage financial protocols, steward digital assets, and even purchase real-world assets.

But while the technology has advanced to support the creation of DAOs, the legal and regulatory environment has not kept up. As DAOs begin to acquire real-world assets, they must navigate a myriad of laws and regulations that were not designed with decentralized organizations in mind. For example, DAOs must consider how to resolve disputes between members in the absence of a centralized authority, how to ensure their assets remain secure, and how to register their assets with the appropriate government agencies.

These coordination and regulatory costs can be quite significant, and are a major barrier to the growth of DAOs. To help address these issues, Scott Fitsimones, the co-founder of CityDAO and author of “The DAO Handbook,” has put forth a number of potential solutions.

First, Fitsimones suggests creating a set of standardized legal documents specifically designed to address the needs of DAOs. These documents would include things like articles of incorporation, operating agreements, and dispute resolution mechanisms. By having a set of pre-defined documents, DAOs could quickly and easily address the legal and regulatory needs of their organization.

Second, Fitsimones proposes establishing a set of DAO-friendly laws in the jurisdictions where DAOs operate. Several states have already begun to implement such laws, but more action is needed to ensure that DAOs have the legal freedom to operate in the real world.

Finally, Fitsimones recommends creating a set of tools and services specifically designed to facilitate the coordination and governance of DAOs. These tools would include things like voting platforms, dispute resolution mechanisms, and financial management services. By providing these tools, DAOs could reduce the coordination and regulatory costs associated with their operations.

Overall, the emergence of DAOs has brought about a number of exciting possibilities for how we can organize and govern ourselves. But in order for DAOs to reach their full potential, they need to address the coordination and regulatory costs associated with their operations. By adopting the solutions proposed by Scott Fitsimones, DAOs could move closer to realizing their vision of a more decentralized world.

CFTC Commissioner Calls for Congress to Expand Agency’s Crypto Acquisitions Review Authority

• CFTC Commissioner Kristin Johnson urged Congress to expand the agency’s authority to review crypto acquisitions.
• Johnson believes that old regulatory frameworks, like antitrust legislation, may not be enough to prevent the next crypto crisis.
• She proposed modifications to digital asset legislation to formalize the obligation to separate customer property, ensure financial resource requirements, and introduce effective governance and risk management controls.

At a speech at Duke University on Wednesday, Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson called for Congress to modify several pieces of proposed digital asset legislation to give the agency more authority to review crypto acquisitions. Her comments come on the heels of the rapid collapse of crypto exchange FTX in November, a development that caught regulators and industry participants alike off guard.

Johnson expressed her concerns that the existing regulatory frameworks, such as antitrust law, are not enough to protect against similar future shocks in the crypto market. To that end, she proposed that Congress expand the CFTC’s authority to conduct due diligence on any firm – foreign or domestic – seeking to purchase a minimum 10% share of the equity interest in a CFTC-registered market participant. This would include the ability to “separate customer property, ensure financial resource requirements … and introduce effective governance and risk management controls.”

The CFTC Commissioner cited the example of LedgerX, a crypto company that was subject to a CFTC investigation in 2020 due to its failure to properly segregate customer funds from company funds. She noted that such incidents could be avoided in the future if Congress were to pass the proposed modifications to digital asset legislation.

“It’s important that Congress give the CFTC the authority to review potential acquisitions of registered entities, so that we may better protect the public from harm,” Johnson said. “The CFTC has a long history of protecting consumers, and these changes to the regulatory framework would ensure that we can continue to do so in the digital asset space.”

Given the continued growth of the crypto market, and the potential for future shocks, Johnson’s call for Congress to grant the CFTC more authority to review crypto acquisitions is becoming increasingly significant. If Congress were to pass the proposed modifications to digital asset legislation, it could go a long way in helping the agency protect consumers from harm and ensure that the crypto market remains healthy and stable.

Cardano-Based Stablecoin Djed Set to Launch, Unlocking DeFi Opportunities

• Djed, a Cardano-based overcollateralized stablecoin, is expected to launch next week.
• Djed will be integrated to several Cardano dapps on launch, and a payments application, DjedPay, is also being developed.
• Djed will use an overcollateralized mechanism to ensure its value holds stably and prevent a collapse like that of terraUSD.

Cardano-based decentralized stablecoin djed is set to launch next week, made possible by a joint development by Cardano code maintainer IOG and Coti, a layer 1 blockchain. This highly anticipated stablecoin will be integrated to several Cardano-based decentralized finance (DeFi) applications on launch, and has been designed to use an overcollateralized mechanism to ensure its value holds stably and prevent a collapse like that of the infamous stablecoin terraUSD.

The overcollateralized mechanism of djed requires more than 400% in collateral value to be posted before it is issued to a user. This means that the value of the stablecoin will remain relatively stable even during market stress. The token can also be minted by ADA holders. In addition to djed, a payments application, DjedPay, is also being developed that would allow users to transfer the tokens to merchants and businesses.

The launch of djed is highly anticipated by the Cardano community, as the decentralized finance (DeFi) ecosystem on the network currently locks up over $72 million worth of tokens, according to data from DefiLlama. With djed, users will be able to use the Cardano network to borrow, lend, and trade with stablecoins, allowing for greater financial rewards for users.

The launch of djed will be a major milestone for the Cardano ecosystem, as it will open up new opportunities for users to access a variety of DeFi services from one platform. With djed, users will be able to securely store their funds while earning passive income, and merchants and businesses will be able to accept payments in djed with minimal fees. With the launch of djed, Cardano is set to become a major player in the DeFi space.