Category: Cryptocurrency News

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As of Dec. 29, the company held about 124,391 bitcoins purchased at an average price of $30,159. MicroStrategy (Nasdaq: MSTR), the business-intelligence software company that’s taken to accumulating bitcoin, said it bought 1,914 bitcoins between Dec. 9 and Dec. 29 for about $94.2 million in cash. The company paid an average price of $49,229 per…
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Facebook’s name change to Meta, and the announcement of its strategic pivot to becoming a Metaverse company, have sent shock-waves through the tech community. Metaverses are already considered to be the next technological great leap forward, and potentially far bigger than the internet revolution. They can be defined as a combination of multiple elements of technology, including virtual reality, augmented reality, and video where users “live” within a digital universe. These users will be looking for a messaging and trading solution inside the metaverses, something that Secretum could offer. The gaming sector is already pioneering the Metaverse era with significant success, and combining it with the advantages of  Blockchain technology. Games like Axie Infinity and Sandbox turn in-game assets into Blockchain-based Non-Fungible Tokens (NFTs), which hold real economic value and can be traded and/or held for long-term appreciation. The use of NFTs in gaming metaverses has resulted in an unprecedented boom in player spending and NFT values: Axie Infinity is generating $2.7 billion in annualized revenues, mostly from NFT character sales, with an in-game currency having a market value of over $9 billion. Sandbox, a virtual world development game, saw its sales of NFT land plots surge by over 1,600% in 2021 with sales of over $3 million per day. LitCraft Nysperience’s limited-time NFT launch sale raised $2 million in under two weeks. The overall NFT market has also remained robust, with new records being set in 2021: To date in 2021 NFT sales have surpassed $9 billion, a more than 25-fold growth over 2020’s total sales of reached $340 million. Digital artwork “Everydays — The First 5000 Days,” sold for $69 million at a Christie’s auction in March. Sales of NFT trading platform OpenSea reached $14.6 billion. NFT Metaverse Gaming – Growing Success, Rising Challenges An innovative Blockchain startup has created an unprecedented Solana-based solution to allow secure and low-cost NFT trading and P2P communication – Secretum. Secretum could help solve the new challenges to gamers and NFT traders alike that the proliferation of NFT gaming Metaverses is bringing: High Fees – Over 80% of all NFTs are based on Ethereum-standard Blockchain tokens (ERC-20, ERC-721 or ERC-1155). Since each token needs a certain amount of power to be generated, each NFT transaction comes with a so-called “gas fee”. The fee comes to an average of 23%, constituting a significant burden on traders and players. A Broken Market – Although a number of NFT trading platforms are operating (Opensea, Rarible), they do not help NFT Metaverse gamers find specific NFT gaming assets. Liquidity is therefore artificially limited and slows down the expansion of Metaverse ecosystems. Crypto Asset Insecurity – Gaming NFTs are worth more than $10 billion As crypto thefts are becoming more frequent and bigger in size, gamers need to find a way to keep their NFTs safe – and be able to trade and communicate with other gamers in complete safety. Secretum – The Messaging and NFT Trading Solution To Power Gaming Metaverses Secretum is a fully-encrypted P2P messaging and OTC crypto trading app, based on the innovative Solana Blockchain. It offers Metaverse gamers and NFT traders unrivaled features and benefits: Fully P2P trading of NFT and other crypto assets via an escrow smart contract functionality, with users able to locate NFT assets owned by other wallets. This creates an ecosystem of NFT trading for gaming Metaverses, where games can meet and trade in-game assets at a minimal cost – Solana’s average transaction fee is only $0.00025, beating Ethereum’s cost by a factor of over 100x. Anonymous registration and messaging with any other wallet owner in the world, based only on wallet address – ideal for becoming the medium of communication for Metaverse communities. High-security NFT storage on a network of distributed nodes, eliminating a central point of failure and the risk of crypto theft. This incentivizes the storage of more gaming NFTs on Secretum, in turn creating a larger trading market. An NFT trading platform built for scale, thanks to Solana’s capability of processing up to 700,000 transactions per second, 40,000x more than Ethereum. Solana’s cross-chain compatibility with Binance Smart Chain and Ethereum, the latter constituting the vast majority of Metaverse gaming NFTs. This will facilitate Secretum’s penetration of the NFT gaming market from the day of launch. As many online games have communities of over 50 million users mostly rely on teams of players, secure communication is a key element to make gameplay run smoothly. In NFT Metaverses, players will both communicate and exchange NFT assets to enhance their gaming capabilities. Secretum offers a single solution to solve both market needs, in a user-friendly, inexpensive, and secure manner. The final goal for Secretum is nothing less than becoming the go-to app for all Metaverse NFT trading and gaming communication. As the era of gaming Metaverses dawns, Secretum is positioned to leverage its powerful growth and future expansion from the very start.  

The argument on who really benefits from bitcoin is a long one in the making. For those who have been invested in the digital asset for a couple of years, they have obviously been making the most profit given the recent rallies in the market. However, there is still a lot of BTC that remains in the possession of what is a small number of bitcoin users and that has led to some concerns regarding the distribution of the digital asset. Majority Of BTC Held In 0.01% Of Wallets It was reported a little over a week ago by the Wall Street Journal that only 0.01% of bitcoin holders held the majority of the asset’s supply. It revealed that about 5 million BTC were held in these wallets, leading to an even larger concentration in the distribution of the digital asset when compared to cash. Estimating the 1% of wealthy individuals in the U.S. controlled about 33% of the dollar supply. Related Reading | Bitcoin Should Not Be Measured In Dollar Terms, Says Pompliano This has sparked debate about if bitcoin is really the equalizer that it is purported to be. For one, there is only 10% of supply left to be mined over the next 120 years and the majority of the already circulating supply of the digital asset is being held by BTC investors who are currently very wealthy given the currently value of the cryptocurrency. BTC at $46K | Source: BTCUSD on TradingView.com U.S. Senator Elizabeth Warren is one of those that has openly spoken out about this concentration. The senator does not believe that bitcoin, which is a completely decentralized ecosystem, equally benefits both the rich and the poor. Bitcoin Works For The Wealthy In a recent tweet, Senator Elizabeth Warren called out bitcoin and crypto in general. She questions the financial inclusion that is pushed by the space and linked the WSJ article stating that the supply of BTC is heavily concentrated in a small percentage of wallets. She also points out the fact that it is an even higher concentration of the US dollar. Related Reading | The Year In Review: An Emotional Rollercoaster For Crypto Investors In conclusion, Senator Warren states that better solutions are needed to solve financial inclusivity. Pointing out that bitcoin only favors the wealthy. The crypto industry claims that crypto is the path to financial inclusion, but bitcoin ownership is even more concentrated within the top 1% than dollars. We need real solutions to make the financial system work for everyone, not just the wealthy.https://t.co/8OiHwZEBUz — Elizabeth Warren (@SenWarren) December 28, 2021 Warren as at various times called for there to be more regulation in the crypto market. The senator has never been shy to air her anti-crypto views and has asked for there to be tighter restrictions placed on the market. Featured image from Al Jazeera, chart from TradingView.com

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Credit card provider Visa has more than 60 partnerships with crypto platforms, its head of crypto says in an interview. It also wants to get into the NFT business. In an interview with NDTV, Visa's crypto chief Cuy Sheffield provided insight into the payment service provider's strategy. He shared that the company has doubled its…
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