A while ago I've posted here that FB's Metaverse is "a silly idea" and it won't help crypto in meaningful way, and that people are not ready for a shitty video game and are not ready to live their lives behind a VR face mask. People were upset for the last two years because they…
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For far too long big corporations have dominated the entertainment industry by keeping total control over consumers and content creators. Blockchain, the technology that powers cryptocurrencies, and NFTs have opened a door to turn that model upside down and place power on fans and artists. This transformation process is at an early stage but could be a great leap forward in 2022 as content creators from all over the world begin to take note of NFTs and their potential to connect them with their audiences. These digital assets let fans live new experiences and provide artists with a direct income stream; with a straightforward method to monetize their work. The LABEL Foundation and the Ethereum-based infrastructure LABEL, backed by two of South Korea’s most prominent companies in systematic music education, CLESSON and OPENTRACK, seem poised to be a relevant piece of this digital revolution. Created to completely remove any third parties for content creators and their fans, LABEL has the tools to take the entertainment industry into the future. Including its own native NFT Market that lets content creators digitize their work in the form of these assets, and an incubation platform to receive funds from the community. In that sense, Intellectual Property (IP) distribution, promotion, and financial support have moved from big companies directly into the hands of content creators and LBL holders. The latter is LABEL’s native token which operates as the backbone of its governance model, run by the platform’s Decentralized Autonomous Organization (DAO). Its voting system gives the users a voice over the proposals that will impact LABEL’s future. A Multichain Vision, How LABEL Will Disrupt Entertainment The LABEL Foundation and its platform believe in making the entertainment industry more open, transparent, and fair for content creators. Unlike its legacy counterparts, LABEL is built around its community, and it’s building a transparent profit-sharing ecosystem. According to the team behind the project: LABEL provides a decentralized P2P incubating platform to invest in world-class entertainment-education content through the DAO voting system to further allow contributors to claim profits through the NFT shareholding mechanism. The growth in the blockchain-based ecosystem has been massive in past years, as more users demand transparent and decentralized services. The LABEL Foundation understands that the crypto industry is heading for a cross-chain ecosystem to provide users with more accessibility and interoperable functionalities. In that sense, they have recently reconfirmed their commitment to take LABEL and its infrastructure to other networks. The Foundation consolidated a partnership with Ankr to leverage their nodes, and with Curvegrid, to provide LABEL with their multi-business-as-a-service (BaaS) middleware. By expanding its cross-chain capabilities, more users will be able to onboard the platform and benefit from its features. Thus, bringing the revolution of entertainment closer. LABEL, What NFTs Need To Usher A New Wave Of Adoption? LABEL has seen impressive growth, despite the current bearish price action across the crypto market. The LABEL Foundation has announced more partnerships as it expands to achieve its objectives, its native token LBL has seen an explosion of interest as demonstrated by its 4,600% increase since launched on crypto exchanges. In addition, OPENTRACK, the platform that provides a majority of the IP for LABEL released its version 2.0. Now, the platform has improved on its features by integrating it with NFTs. In that way, artists can bring their content as this digital assets into the platform. The LABEL Foundation also announced the successful raise of $1 million in a private sale round. The project received support from some of the most relevant venture capitalists and institutions within the crypto space, such as HG Ventures, Mindfulness Capital, M6, IOST, Adaptative, Icetea Labs, Alphabit, Pragma, and others. Simon Jeung, a co-founder at HG Ventures, the leading investor in the LABEL Foundation, said: We believe that NFTs will definitely need the next level of adoption, and the musicians, artists and other content creators that were previously restrained from their legitimate profits will now be able to protect their rightful IP rights in the most innovative NFT infrastructure platform (LABEL).
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I have a really basic cryptography question that I can't seem to find a straight answer for on Google. Let's say I create another wallet on my hardware device by changing the derivation path. Is there a way for someone to figure out that the NEW wallet comes from the same private key? I am…
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Crypto exchange Valr has announced it has closed its crypto arbitrage service to new customers in order to comply with the requirements of its banking partner. This announcement makes Valr the latest South African crypto exchange platform to close its arbitrage business. Ovex was one of the first exchanges to announce its exit from the […]
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Are the CryptoPunks V1 the original CryptoPunks? Technically, yes. According to LarvaLabs, the company behind the collection, the V1s “are not official Cryptopunks,” though. How will the market react now that they’re making a resurgence? This might be the first, but it’s not the last time you’ll hear about the CryptoPunks V1. Let’s explore their history and the controversy around them. Related Reading | Snoop Dogg Joins The Bored Ape Yacht Club And The Sandbox. Read All About It What Are The CryptoPunks V1? Back in 2017, prehistory for the NFT market, LarvaLabs distributed 10.000 CryptoPunks V1. However, there was a fatal mistake in the governing smart contract. After a transaction, it allowed the buyer, not the seller, to withdraw the money. The buyer could literally have its cake and eat it too, leaving the seller completely in the red. Here’s a thread explaining the technical details of the faulty contract: Explaining the V1 CryptoPunks exploit…this one is incredibly tricky so want to share what I learned! TL;DR – when a buyer purchased a punk, the ETH deposited in the contract could be withdrawn only by the *buyer*, not by the seller. So buy(), withdraw(), repeat. pic.twitter.com/apGwackvMz — foobar (@0xfoobar) March 24, 2021 What did LarvaLabs do? They disowned the original series and started again. They gave away another set of 10.000 CryptoPunks, the V2, and the rest is history. The almost free collectibles gained traction little by little and became the behemoth they’re today. All of the CryptoPunks in circulation were V2s, until now… A Rebel Marketplace Arises The CryptoPunks V1s still exist, but they had no marketplace to commerce in because Open Sea banned them. However, a new platform came into town and allowed them to reappear. This time, they’re called Classic Punks or Wrapped CryptoPunks V1, because to be able to sell them you have to wrap them in a new smart contract that doesn’t have the know vulnerabilities of the original contract. The rebel marketplace is LooksRare.org and, so far, these up-and-coming NFTs have made 307.44 ETH in sales. Not bad, considering there are only 116 holders and LarvaLabs owns at least 1000. In LooksRare, only 23 owners are selling 269 items, so they’re pretty rare. The marketplace describes them as: “A wrapped CryptoPunk from the initial exploited V1 contract version. Buyer beware – if you don’t understand the preceding sentence, this is not the CryptoPunk you’re looking for.” Another buyer beware has to be, that low number of holders means that a few people have control of the market and can potentially manipulate it as they see fit. So, tread lightly. ETH price chart for 02/04/2022 on Kraken | Source: ETH/USD on TradingView.com LarvaLabs Disowns The CryptoPunks V1 Through their public channels, the only thing LarvaLabs said was: “PSA: “V1 Punks” are not official Cryptopunks. We don’t like them, and we’ve got 1,000 of them… so draw your own conclusions. Any proceeds will be used to purchase real Cryptopunks!” PSA: “V1 Punks” are not official Cryptopunks. We don't like them, and we've got 1,000 of them… so draw your own conclusions. Any proceeds will be used to purchase real Cryptopunks! — Larva Labs (@larvalabs) January 25, 2022 However, in the company’s official Discord channel, they are threatening legal action. They also admitted that they sold a bunch of CryptoPunks V1 because they thought that by “selling some of the tokens we would signal our distaste for it.” According to LarvaLabs, they’ve been using the 210 ETH that they received to buy V2 CryptoPunks. And they matched that amount and made a donation to the Rainforest Foundation. Here’s trader extraordinaire and crypto influencer Cobie explaining the situation: wtf is larva labs doing tbh pic.twitter.com/KmgMlBwBGW — Cobie (@cobie) February 2, 2022 As he puts it, “they dumped on people and now they’re trying to make what they dumped as worthless as possible.” Real people paid those 210 ETH. Why do they have to suffer? However, they might end up with the upper hand. LarvaLabs can use all the legal tricks that they want, but they can’t destroy the CryptoPunks V1 contract. The Intricacies Of The V1 Contract As this pseudonymous Twitter user puts it, “my understanding is the contract code is permanent – you can only update a contract post deployment by calling the selfdestruct() function, if there is one. A function which neither of the two Crytopunk contracts have!” @larvalabs cannot do that with v1 punks because, both their v1 and v2 contracts point to the same file! You'll find this identical imageHash in both contracts: ac39af4793119ee46bbff351d8cb6b5f23da60222126add4268e261199a2921b pic.twitter.com/cg0AFQR7Tt — Stroudonian (@0xStroudonian) January 29, 2022 Not only that, there’s another way to destroy a contract, and here’s where the big reveal comes. “Because of ETH’s extortionate storage costs, most use external forms of storage (punks are off-chain art!). In layman’s, contracts essentially include a link to specific reference point, which contains the image. LarvaLabs cannot do that with v1 punks because, both their v1 and v2 contracts point to the same file!” Oh, what a tangled web we weave! And that’s the story of the CryptoPunks V1. Related Reading | Will NFTs Kill Traditional Art? Famed Collector Cozomo de’ Medici Makes The Case The CryptoPunks V2 Market According to NFT Stats, “The total sales volume for CryptoPunks was $41.42M. The average price of one CryptoPunks NFT was $232.7k. There are 3.373 CryptoPunks owners, owning a total supply of 9,999 tokens.” Let’s check in a few years to see if the CryptoPunks V1 make a dent on that. Featured Image: Screenshot of CryptoPunks V1 from LooksRare | Charts by TradingView
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EPL giant, Manchester United is set to announce a partnership with blockchain platform, Tezos, and Baby Doge has struck a deal with a German professional football team to develop NFTs.
Ethereum stayed above the $2,550 support zone against the US Dollar. ETH price is rising, but it must clear $2,700 for a sustained move higher Ethereum found support near $2,580 after a downside correction from $2,800. The price is now trading above $2,650 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,640 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a strong increase if there is a clear move above the $2,700 resistance. Ethereum Price Revisit $2,700 Ethereum started a downside correction from the $2,800 resistance zone. ETH traded below the $2,750 support level and even declined below $2,700. The price even spiked below the $2,600 level, but the bulls remained active above $2,500. A low was formed near $2,577 and the price is now rising. There was a recovery wave above the $2,600 and $2,620 resistance levels. Ether climbed above the 23.6% Fib retracement level of the downward move from the $2,819 swing high to $2,577 low. Besides, there was a break above a key bearish trend line with resistance near $2,640 on the hourly chart of ETH/USD. The pair is now trading above $2,650 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,700 level. It is near the 50% Fib retracement level of the downward move from the $2,819 swing high to $2,577 low. Source: ETHUSD on TradingView.com A clear move above the $2,700 resistance could stage a strong upward move. The next key resistance is near the $2,800 level, above which ether price might accelerate higher towards the $3,000 resistance zone in the near term. Fresh Decline in ETH? If ethereum fails to start a fresh increase above the $2,700 resistance, it could start another decline. An initial support on the downside is near the $2,660 level and the 100 hourly SMA. A downside break below the 100 hourly SMA might put pressure on the bulls. The next major support is near the $2,600 level, below which there is a risk of a sharp decline. In the stated case, the price might dive towards the $2,500 level or $2,480. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $2,600 Major Resistance Level – $2,700
