Community slams NYT for its latest ‘sympathy piece’ on FTX’s Bankman-Fried

December 27, 2022 Coin Telegraph

bahamain

The article bizarrely contrasts the alleged fraud carried out by Sam Bankman-Fried with gang violence on the Bahamian island of New Providence.

The online community including some cryptocurrency figures has condemned the latest so-called “sympathy” article from The New York Times written about FTX founder Sam Bankman-Fried.

In the Dec. 26 article published titled "In the Bahamas, a Lingering Sympathy for Sam Bankman-Fried," New York Times journalist Rob Copeland quotes local Bahamians who appeared to have mostly positive things to say about the cryptocurrency exchange founder.

One resident opined he had a “good heart,” with another local saying they “feel bad for him.” A resident interviewed for the article even said it “doesn't make any sense” that Bankman-Fried’s alleged crimes landed him in prison.

The article suggests that the glowing reviews of Bankman-Fried by locals stem from his millions of dollars in donations to local charities, churches and government entities, including the police. The FTX founder's plans to build a hotel and FTX's head office there were considered another positive by locals.

Cryptonator, a self-described “crypto-degen,” said Bankman-Fried “did it like Pablo Escobar” with regard to his donations to local charities and the government. Escobar, a notorious Columbian narcoterrorist and drug lord, spent millions of dollars building infrastructure and donating to charity in an attempt to garner favor with locals.

SBF did it like Pablo Escobar:

'[...] donated millions of dollars to a dizzying collection of Bahamian charities, churches and government entities — including the local police.'

And according to this NYT article, it worked:

'I think he had a good heart'https://t.co/4bQe7EZdsV pic.twitter.com/lRqHh3ILOh
— CR1337 (@cryptonator1337) December 27, 2022

Only one person interviewed for the article appeared negative about the billions of dollars of alleged fraud by the FTX founder, which included stealing customer funds, saying it gave them a “negative outlook on crypto.”

“Why would you publish this” one Twitter user asked; “this is embarrassing,” another wrote.

“Gotta respect the NYT for doubling down,” one user tweeted in reference to a Nov. 14 New York Times article that was also slammed by the crypto community as a “puff piece.”

Perhaps one of the most egregious parts of the article was a section where it calls Bankman-Fried’s years-long alleged fraud “troublesome” but “hardly comparable to the gang violence” on the island of New Providence.

Olayemi Olurin, a native Bahamian and New York public defender, posted a video to Twitter blasting the article, saying:

“The lengths they will go to try to prop up this white collar criminal and they immediately start trying to criminalize a black nation [with gang violence]. The Bahamas is not some gang violence-ridden country get the fuck out of here.”

“Bahamians do not give a fuck about that man,” she added.

Others in the crypto community came forward to criticize the piece.

Crypto newsletter founder Alex Valaitis said he “can’t believe your joke of an organization continues to try to publish puff pieces on the biggest fraud since Madoff.” Bernie Madoff was found guilty of running the largest Ponzi scheme to date to the tune of nearly $65 billion.

Can’t believe your joke of an organization continues to try to publish puff pieces on the biggest fraud since Madoff…

Actually, I can believe it.

I will enjoy watching your continued decline.
— Alex Valaitis (@alex_valaitis) December 26, 2022

Podcast host Scott Melker said the article was “astoundingly absurd and inappropriate” and likened The New York Times to United States tabloid newspaper the National Enquirer.

Astoundingly absurd and inappropriate.

The New York Times has become the National Inquirer. https://t.co/YNwt0XhfeE
— The Wolf Of All Streets (@scottmelker) December 27, 2022

Bankman-Fried was arrested on Dec. 12 on multiple charges relating to wire fraud and money laundering. He was extradited to the U.S. on Dec. 21 and is currently out on bail after his parents posted their Palo Alto home as collateral for the $250 million bond.

Bringing community-based solutions to crypto lending can solve trust issues

December 20, 2022 Coin Telegraph

Blockchain

The crypto lending space is plagued with trust and security concerns, but crypto lending platform BNPL Pay offers an innovative community-based lending solution.

A type of decentralized finance (DeFi) that allows investors to lend their crypto tokens in return for regular interest payments, the crypto lending space comprises both centralized and decentralized crypto entities that manage the entire process on behalf of their investors.

Offering high annual percentage yields (APY) to investors from whom the tokens have been borrowed, these lending platforms further lend the same assets in the form of collateralized crypto loans to borrowers.

However, despite providing businesses with easy access to capital and promising high yields for investors, the crypto lending space finds itself entwined in liquidity issues stemming from their unregulated and overleveraged lending practices.

As a result, crypto investors have either lost their tokens in debacles such as the Celsius Network meltdown or are gripped with fear that they may be unable to withdraw their crypto staked with distressed crypto lending platforms.

Major problems afflicting the crypto lending space

With major cryptocurrencies correcting by over 70% from levels last seen in November 2021, the crypto lending industry has been mired in a spiraling credit crisis, exaggerated by the crash of the Terra stablecoin in May 2022. The ensuing liquidity crisis has already consumed leading crypto lenders and hedge funds such as Celsius Networks, Vauld, Three Arrows Capital (3AC), Voyager Digital, and Babel Finance, further exaggerated by overleveraged trading and suspect business practices.

Consequently, the crypto lending space has been clouded with severe trust issues, with more lending platforms seeking fund infusions to tide over the current bear market.

As a niche market with limited offerings, investors or crypto firms often employ borrowed capital to indulge in speculation, hedging, or working capital.

Any over-exposure on the part of the borrower could put the lender at an immense risk of marking down the lent amount, leading to liquidity concerns in case a majority of the investors proceed to withdraw their deposited tokens. Making matters worse is the opaque nature in which most crypto lenders function, often using tokens staked by investors to pursue high-risk trades, all in the hope of turning a larger profit.

As in the case of Celsius Networks, many lenders continue to be at risk of becoming insolvent if cryptocurrency prices dip further, potentially setting off another domino effect.

What are the possible solutions to these overriding concerns?

The major problems with collateralized crypto lending are exposed during volatile market conditions, especially when cryptocurrency prices drop consistently. With a lender’s ability to repay investors hinging on price movements of the underlying staked tokens and the amount of collateral collected, there is a clear need to delink crypto lending and adopt a more community-focused approach to finding a solution.

One such example is BNPL Pay, a decentralized crypto platform where communities can create banking nodes to borrow and lend from one another.

Based on the assumption that communities can better manage trust, BNPL Pay allows each banking node to be self-governed and decide which loan requests to accept or decline. Borrowers, on their part, can set the loan terms, decide on the percentage of collateral they are comfortable with and provide any additional information as deemed fit.

As a result, both lenders and borrowers enter into an agreement with conditions set by both parties at the very start of the contract. BNPL Pay merely acts as a technology provider and facilitator without interfering with the assets covered by the contract.

With funds managed via the BNPL Smart Contract suite that is additionally audited by leading cybersecurity firm PeckShield, there remains no scope for BNPL Pay to misappropriate capital or face solvency issues in the event that a borrower defaults on payments.

Where is the crypto lending space headed?

With crypto markets currently going through one of the most challenging bear periods yet, it is time for DeFi providers like crypto lenders to develop new business models unaffected by market volatility. Building trust within the stakeholder ecosystem is a must, and BNPL Pay has shown one unique way to do this.

As developers and entrepreneurs learn from the mistakes made by the growing list of bankrupt crypto lenders, the space will witness rapid transformation in the days to come. The focus needs to be on building solutions that promote financial inclusivity, targeting real-world businesses like mom-and-pop stores and solving their working capital requirements.

This will require crypto lenders to adopt more transparent business practices and adhere to stringent self-regulated disclosure norms, at least until a formal regulatory framework is mandated by the various governments worldwide.

What is certain, though, is that the next leg of growth for crypto lenders will come from attracting more mainstream crypto investors, focusing on their ability to help communities lend and borrow within themselves for greater trust and security.

Material is provided in partnership with BNPL Pay

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Crypto community baffled by SBF dictating terms over congressional hearing

December 5, 2022 Coin Telegraph

Coin Telegraph

Many in the crypto community pointed towards Bankman-Fried’s political donations and good Democratic connections via his parents, being one of the key reasons for him to evade arrest.

Sam Bankman-Fried, the former CEO of now-bankrupt cryptocurrency exchange FTX has declined to testify before the United States Congress until he’s “finished learning and reviewing what happened.”

Rep. Waters, and the House Committee on Financial Services:

Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.

I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt
— SBF (@SBF_FTX) December 4, 2022

Bankman Fried’s unwillingness to testify before the Congress slated for Dec. 13, despite a barrage of media appearances, didn’t go down well with the crypto community. After a spiral collapse of the FTX and its sister companies in the second week of November, Bankman-Fried made his first live public appearance on Nov. 30 during the New York Times' DealBook Summit. A day later, he appeared in a Good Morning America interview and a Twitter space hosted by IBC Group founder and CEO Mario Nawfal.

Alex Berenson, an author by profession, took a quip at Bankman-Fried’s refusal to testify despite his media frenzy and said that the former CEO is “happy to talk to anyone and everyone… just as long as he’s not under oath.”

Zerohedge, a popular libertarian financial blog, mocked the whole debacle and how Bankman Fried has managed to dictate terms with the lawmakers.

"It may take me 50 years to learn what happened in the company I ran, but by god I SWEAR it will be my duty to appear before Congress... some time in 2089" https://t.co/HjwFtjZajO
— zerohedge (@zerohedge) December 5, 2022

Another user pointed toward the hefty donations made by the former CEO to the democratic party, implying that his donations have given him leverage to get away with stealing people’s money while telling Congress when he will testify.

That’ll be good enough for @RepMaxineWaters. Whenever you’re ready, Sam. Take your time. After all, Sam and his family have been very good to Democrats.

Like, (D)elightfully good.

https://t.co/i6SmebwgxY pic.twitter.com/KiKTHmCsxl
— Viva Frei (@thevivafrei) December 5, 2022

A popular crypto influencer that goes by the Twitter name Crypto Bull called Bankman Fried, a “Democrat rat” who stole $8 billion in people’s money without facing any consequences while there are people in jail for smoking marijuana.

There are people in this country rotting in jail for life, because they smoked a few joints. Meanwhile this Democrat rat stole 8 billion dollars, roaming free and dictating Congress when he will appear. What the actual fuck? https://t.co/v4aniARj6U
— CryptoBull (@CryptoBull2020) December 5, 2022

Another Twitter user called it a disgrace that a man who stole money from customers has the leisure to dictate terms with Congress. The user wrote:

“He shouldn’t have the option of “at his leisure” - they need to subpoena him to show up and get the handcuffs ready. Learning what happened is a complete lie.”

Many in the crypto community have questioned the lawmakers in the U.S. over their failure to act swiftly against the disgraced CEO. Others have pointed toward Bankman-Fried’s hefty donations to Democrats and his political affiliations.

Party-to-earn: Blockchain breaking down the doors in electronic music community

December 1, 2022 Coin Telegraph

Artists

With access getting more exclusive and ticket prices rising, electronic music fans are at the heart of a new push to rebalance the scene.

Electronic music is big business. According to a report by the International Music Summit, in 2021, the electronic music sector was valued at $6 billion dollars and that sector is poised for significant further growth. That $6 billion dollar figure marks a 71% increase from the industry’s valuation in 2020, which was understandably much smaller due to the effects of the pandemic. While revenue is down from where it was in 2019, barring further massive disruptions, the industry is on pace in 2022 to surpass its pre-pandemic heights.

This should be great news for artists and music lovers alike, but there is a caveat. As electronic music continues to flourish, access to festivals and concerts — the heart of the electronic music scene — has become increasingly exclusive. The price of concert tickets is up across the board throughout the entire music industry. Earlier this year, a furor was sparked when tickets to see Bruce Springsteen, an artist with a committed following among working-class people, went on sale for astronomical prices. The high prices were blamed on algorithms used by ticket-selling platforms, but this wasn’t an isolated incident.

Take Tomorrowland, one of the biggest electronic music festivals. In 2022, a general admission ticket to the festival cost about $280. These tickets get sold out very fast, leaving only the more expensive packages, which can cost several thousands of dollars. And that base price doesn’t take into account travel, food and all of the other expenses that go into attending one of these events. The total cost of going to one of these events can be anywhere from $1,500 to $50,000. That is simply not something that the vast majority of people can afford.

Restoring the Electronic Music Scene to Its Roots

Electronic music festivals are about more than just the music. These are events that are supposed to bring together people from all walks of life in a communal setting. The way things currently operate, going to these events is becoming more of a privilege.

However, one blockchain project has decided to do something about this and use its platform to bring electronic music back to its roots. Klubcoin bills itself as the “1st cryptocurrency for all clubbers, festival goers and electronic music fans.” The project’s goal is to create a currency that is accepted by everyone in the electronic music scene. By using the Klubcoin currency, music fans get rewards that include access to VIP events, meet-and-greets with famous DJs and artists and more.

Klubcoin and the Pary-to-Earn Model

The model of operation is called “party-to-earn,” and has been positioned as a means of decentralizing the music and festival scene in a similar fashion to how play-to-earn games have shaken up the gaming industry. Klubcoin gives clubbers and festival goers the ability to earn rewards and gain access to exclusive events by doing what they love. Now, fans will not only be able to get into sold-out events for reasonable prices, once there, they will also be eligible for discounts on food and drinks, get cashback on all their purchases and have access to parties and meetups exclusive to the Klubcoin community. By introducing a means of exchange tailored to electronic music creators and fans, the project is aiming to bring those creators and fans back into focus.

Klubcoin has already met with some success in its efforts, forging partnerships with some of the biggest music festivals and DJs in the world. The project’s roster of partners now includes Amnesia Ibiza, Bootshaus, Caprices Festival, DJ Mag, Pacha Barcelona, Opium, Motel Particulier and many more. As it progresses, Klubcoin will be looking to integrate into even more festivals and partner with more artists to expand its ecosystem and offer more people alternatives to the current status quo.

For music creators, Klubcoin represents a unique opportunity to expand their audience and contribute to a more direct relationship between fans and artists. The sustained success of Klubcoin could have a profound impact on an industry that is becoming increasingly unrecognizable to its original creators.

Material is provided in partnership with Klubcoin

Helping mainstream artists into Web3: The triumphs and struggles

November 14, 2022 Coin Telegraph

Artists

As the music industry continues to push into the Web3 space getting artists both mainstream and up-and-coming has its hurdles but also major rewards.

Musicians and executives alike have seen the power of Web3 tools such as nonfungible tokens (NFTs) to transform audiences into active communities with fewer barriers between artists and fans.

Recently, the crypto-savvy Snoop Dogg partnered with country music stars Billy Ray Cyrus and the Avila Brothers to create an NFT experience that crossed genres and created new communities in the process. While Snoop may be a veteran in the space, many musicians find the Web3 world a whole new frontier.

Cointelegraph spoke with Bernard Alexander, the head of IP at the company Animal Concerts, which facilitated the aforementioned NFT collection, to better understand what it takes to bring artists into Web3.

Alexander affirmed that onboarding someone like Snoop is very different from “artists who don’t typically keep up with the Web3 ecosystem.” It also can depend on the size of the artist.

He said It is likely easier to set up smaller artists just getting started who are eager for new opportunities. Whereas bigger artists can sometimes be more laden with partnerships already yet they often have greater influence across mainstream culture:

“All artists, regardless of their size, have something to gain from dipping their toes in the world of Web3.”

Nonetheless bringing the Web3-native community together with mainstream culture is not an easy task, especially when one is an established institution and the other is in a constant state of development.

As f the general adoption of Web3 outside of the music industry, Alexander said education and an accurate understanding of the space are both instrumental and a significant challenge:

“People can naturally be hesitant to jump into such a nascent, rapidly evolving space.”

He said that when onboarding new artists, it's important people and companies within the space provide “a safe, secure space where they can effectively learn about this technology and work with industry experts to make sure they are leveraging it in all the right ways.”

When artists are introduced to this new, powerful technology they’re often excited by the possibility of new ways to create and connect with their existing communities. Alexander gave the example of concert experiences :

“For artists who have been putting on the same concerts for years, this possibility to push the limits of tech and music is a huge attraction.”

Additionally, he highlighted the difference in partnerships in a Web3-centered industry as more appealing to artists. “They’re more transparent, more fair, and more democratic,” he says.

This new Web3-inspired way of connecting and creating is being considered by artists and major labels alike. Recently, music industry giant Warner Music Group entered into a partnership with the NFT marketplace OpenSea to create new possibilities for artists.

Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds

November 13, 2022 Coin Telegraph

Assets

A wallet address linked to the Huobi exchange was found transferring 10,000 ETH to Binance and OKX deposit wallets soon after releasing its asset snapshot.

To counter the rising mistrust among crypto investors following the FTX collapse, crypto exchanges unanimously decided to share proof of reserve with the public as a way to showcase legitimacy. However, certain anomalies found during on-chain investigations suggest foul play and market manipulation.

Just two days after Crypto.com made its cold storage information public, investigators found that 320,000 Ether (ETH) was sent to Gate.io on Oct. 21, 2022. However, Kris Marszalek, the CEO of Crypto.com, dismissed any wrongdoing by stating that the funds were transferred accidentally and were eventually returned back to the original storage.

*Gate.io released asset snapshot on Oct. 28. Source: Colin Wu*

On Oct. 28, Gate.io released its proof of reserves snapshot, which, Solidity developer Shegen alleged, was done using Crypto.com’s funds, and questioned:

“This was topping up for the proof. Gate and crypto.com are fucked?”

Moreover, the crypto community suspects Huobi of attempting a similar manipulation. A wallet address linked to the Huobi exchange was found transferring 10,000 ETH to Binance and OKX deposit wallets soon after releasing its asset snapshot.

After Huobi released the asset snapshot of the asset reserve, 10,000 ETH was transferred from 0xca...c3fc (Huobi 34) to Binance and OKX deposit wallets. The Huobi 34, which had 14,858 ETH at the time of the snapshot, currently has only 4,044 ETH left. https://t.co/wrphZxadBM pic.twitter.com/B2lRXMF8su
— Wu Blockchain (@WuBlockchain) November 13, 2022

Blockchain investigator Colin Wu pointed out the transactions on Etherscan, which proves that Huobi had shown 14,858 ETH in its latest snapshot, which has since fallen down to 2,463.5 ETH at the time of writing.

*Huobi's wallet information. Source: Etherscan*

None of the exchanges in question have publicly retaliated against the claims put forth by the crypto community. The possibility of multiple crypto exchanges working together to manipulate investor funds has forced the community to keep their guard up until an official statement.

Both Huobi and Gate.io have not yet responded to Cointelegraph’s request for comment.

As more crypto exchanges make their cold storage information public, the immutable nature of blockchain technology will allow investors and investigators to dive into the history of the exchange’s operations.

“Our objective is to allow users of our platform to be aware and make informed decisions that are aligned with their financial goals," said Binance while revealing wallet addresses.

Alameda on the radar of BitDAO community for alleged dump of BIT tokens

November 8, 2022 Coin Telegraph

Coin Telegraph

Bybit co-founder Ben Zhou stated that while no wrong-doing is confirmed, the BitDAO community would like to see proof of fund from Alameda.

The recent concerns related to the volatility of FTX Token (FTT) seeped into FTX CEO Sam Bankman-Fried’s other business operation, Alameda Research, as the BitDAO community requested information about Alameda’s BitDao (BIT) holding commitment.

On Nov. 2, 2021, BitDAO swapped 100 million BIT tokens with Alameda in exchange for 3,362,315 FTT tokens with a public commitment to hold each other’s tokens for three years, so until Nov. 2, 2024. Given the rising uncertainties and speculations, the BitDAO community was quick to react to the sudden fall of BIT prices on Nov. 8, 2022, suspecting Alameda of dumping the BIT tokens and breaching the three-year mutual no-sale public commitment.

*BIT market price chart (1 day). Source: CoinMarketCap*

To narrow down the reasons for BIT’s price drop, the BitDAO community requested an allowance for monitoring and verifying Alameda’s commitment to holding BIT tokens. BitDAO provided proof of honoring its side of the commitment by sharing an address that shows BitDAO Treasury holding all 3,362,315 FTT tokens.

In return, the community gave Alameda a deadline of 24 hours to prove its commitment, requesting that:

“The preferred method is for Alameda to transfer the 100 million $BIT tokens to an on-chain (non-exchange) address for the BitDAO community to verify, and hold until the end of the agreement.”

Ben Zhou, the co-founder of crypto exchange Bybit, summed up the matter by stating that while nothing is confirmed, the BitDAO community wants to confirm proof of funds from Alameda.

Standing up against the accusation, Caroline Ellison, the CEO at Alameda Research, confirmed no wrongdoing from the company’s end and promised to share the proof of funds, telling Zhou that:

“Busy at the moment but that wasn’t us, will get you proof of funds when things calm down.”

BitDAO’s proposal to request for Alameda’s funds proof was accompanied by vague warning:

“If this request is not fulfilled, and if sufficient alternative proof or response is not provided, it will be up to the BitDAO community to decide (vote, or any other emergency action) how to deal with the $FTT in the BitDAO Treasury.”

Alex Svanevik, the CEO of blockchain analytics platform Nansen, investigated the on-chain data to find that Mirana Ventures — Bybit’s venture capital arm — withdrew 100 million BIT from FTX. However, he advised the crypto community not to fall for speculations, as withdrawing funds doesn’t mean Alameda is selling.

From Nov. 6, numerous FTX users faced problems while withdrawing their funds from the exchanges, such as delays and failures.

FTX addressed the concerns raised by investors by highlighting the smooth operation of the matching engine. However, the exchange agreed on delays with Bitcoin (BTC) withdrawals due to limited node throughput.

In addition, users facing delays in stablecoin withdrawals were told that withdrawal speeds would get back to normal after banks resumed operations during the weekdays.

NFTs are the key to turning passive fandom into an active community

November 8, 2022 Coin Telegraph

Art

DAOs may be where all the action takes place, but the genesis of new Web3 communities popping up on the scene starts at the NFT.

Nonfungible tokens (NFTs) are giving Web3 communities the tools to transform user participation.

The Web3 world has been watching NFTs grow up. These digital assets have evolved from hype-centered digital art collections to utility-focused tools building the next generation of the internet.

One of the most important utilities of NFTs is that they are increasingly used as the key to communities of the future - both digital and physical. This is also true when it comes to existing communities, be it fan clubs in sports and music or legacy brands.

These incentivized digital assets can take passive fandoms and turn them into active communities, where members own and delegate activity in a living ecosystem.

The inBetweeners project falls somewhere in the middle of this Web3-born phenomenon. It combines the digital art of artist GianPiero, who designed Justin Bieber’s iconic Drewhouse clothing line, and serves as a key to real-life hype-events like a VIP party at the Coachella music festival.

Bear holders. Are you claiming your box or waiting?
Milano, Italy = Luxury Brands = Gianpiero?

Please advise. @inBetweenersNFT pic.twitter.com/YRvoYcTsn8
— NFTMonday (@NFT_Mondayz) October 22, 2022

Fans of the artist and big name figures involved with the project are now exposed to a new cosmos created through the NFTs, as is the case with many other similar projects in the space.

Cointelegraph spoke with the co-founder and the community manager of inBetweeners, Ogden and Miana Lauren, on community building through NFTs and the purpose it gives to fans.

Ogden commented that Miana started off as a fan of the collection and, through the engagement possible via NFTs, was able to take that fandom to another level. “We blindly trusted her because we saw how passionate she was,” he said.

The inBetweeners co-founder said most of their team and partnerships came from within the Discord channel.

“It's a collective, but at the beginning, it was just a bunch of us sitting around a table. Now it's people all over the world.”

Miana said beginning as a holder and fan of the project has enriched her current role as a part of the core team. From starting from within the community, she said it's easier to understand the core needs of the fan as a community manager.

“We can really play to their needs and wants, and really all come into alignment in these decisions."

NFTs are often the gateway for many newbies to participate in the Web3 space, as are other avenues such as play-to-earn blockchain gaming. However, as Miana highlighted it’s all a big learning curve at the moment, especially for first time holders in the space.

“Once we get over that hump, we can actually see how efficient these web three solutions are and how everyone will be able to integrate all of these solutions in their daily life.”

This is already the case in many major industries around the world, such as the music industry which is increasingly using NFTs to transform audiences into communities.

Web3 grows in online searches as interest in Bitcoin declines: Google Trends

October 24, 2022 Coin Telegraph

Bitcoin Community

Online searches for the term “Bitcoin dead” reached an all-time high owing to peak anxiety among investors amid ongoing selloffs at the time.

The global crypto community has started to redirect its interest from Bitcoin (BTC) to Web3, according to Google search trends.

In order to keep up with decade-long innovations spanning from blockchain-based applications to nonfungible tokens (NFTs), crypto investors and enthusiasts rely on searching the web — disclosing their true sentiments in real-time. Most recently, searches for the term “Bitcoin dead” reached an all-time high, owing to peak anxiety among investors amid ongoing sell-offs at the time.

As a result of the prolonged bear market, global Google searches for Bitcoin have reached their lowest point in over a year. On the other hand, Google searches for Web3 have picked up steam and recorded an all-time high in terms of peak popularity in 2022.

*Google search results for Bitcoin (top) and Web3 (down). Source: Google Trends*

As shown above, the interest in Web3 stands at 72, while for Bitcoin, the number has come down to 27 — a three-times difference based on peak performance.

Taking a closer look shows that interest in Bitcoin (based on Google searches) is strongest in El Salvador, supported by communities residing in Nigeria and the Netherlands. However, China takes the number one spot in searching about Web3.

Interestingly, Nigeria is in the list of the top three countries for both Web3 and Bitcoin Google searches. Supporting local interest, the Nigerian government recently conducted early-stage talks for a crypto-friendly economic zone with crypto exchange Binance.

On Oct. 11, Google added a new feature allowing users to find details about Ethereum wallet addresses.

Well done, blockchain address is now available in Google Search! pic.twitter.com/7IuKv1gddR
— Han⚡️ (@hhua_) October 11, 2022

Further research from Cointelegraph confirmed that the feature comes with limited functionality because Google is not yet able to pull up wallet details of numerous addresses.

What are CC0 NFTs, and why are they important?

October 15, 2022 Coin Telegraph

Art

A CC0 (Creative Commons Zero) NFT is an NFT with a copyright in which the owner permits anyone to use the NFT for commercial gain.

What are the future possibilities with CC0 NFTs?

The world of NFTs is in its infancy. As artists and creators explore ways to create and monetize their content, products and platforms are emerging to offer frameworks for creators to operate and build their brands, and monetize them.

It is still the early days for the nonfungible token world. The last couple of years have seen an economic model emerge for artists and creators. With every new business model, there needs to be new distribution strategies that emerge.

NFTs have shown how brands can be monetized. However, relying on a small community to create the distribution capability for the brand is not scalable. As more co-creation models emerge and more platforms to actively promote become mainstream, CC0 NFTs would have the bells and whistles needed to scale their brand outreach.

Another fundamental building block for nonfungible tokens to scale their reach is interoperability. The NFT world is still siloed across different blockchains. Even the cultures of the Ethereum and Solana NFT collections are noticeably different. There is a need for better interoperability across chains, and nonfungible token cultures would need to be agnostic to the infrastructure on which they are created.

As these infrastructural and community collaboration layers get more sophisticated, CC0 nonfungible tokens will have the rails they need to scale their brand beyond a community of 10,000 NFT holders.

What are the implications for the CC0 NFT project team?

As the Web3 world has largely promoted transparency and openness with code, NFT creators and teams are also opting for the same with art. However, that is just the beginning of the journey, and these nonfungible token creators and communities must realize that.

CC0 can sometimes be portrayed as a logical conclusion where the NFT creators hand over the process of building on their creation to their community and beyond. Some NFT collections have had several derivative projects promoting the culture of the NFT almost as brand extensions. However, declaring a project as CC0 is just the beginning.

NFT project teams and creators who take the CC0 route must actively promote the use of the brand and onboard other creators and projects to build brand extensions to their NFT collections.

No open-source software project could have scaled without a strong codebase. Similarly, CC0 NFT projects need a strong creator community to spread the word, get inspired by the original nonfungible token collections and make them household brands. This is only possible through the conscious community-building efforts of the NFT project teams.

Therefore, by going down the CC0 route, NFT creators have almost reduced the burden on its nonfungible tokenholders to promote the brand. Instead, they have a more considerable responsibility with their NFT holders to onboard brand, product and art extensions to their nonfungible tokens.

For instance, if a Nike product line chooses to use a Moonbirds image on their shoes, that increases the awareness of Moonbirds within the retail audience, thereby improving the brand outreach. However, these top-tier brand partnerships must be often forged by the NFT project teams.

What are the implications for the NFT community?

The CC0 approach isn’t without its challenges, particularly for the individual NFT holder keen on monetizing their ownership rights on the nonfungible tokens.

NFTs that haven’t embraced CC0 have had NFT holders license the use of their nonfungible tokens to businesses, brands and creative initiatives. Some nonfungible token communities that had gone down the CC0 route had unhappy community members and commercial downsides in the short term.

CC0 allows for the very open use of the NFT brand and art by removing the IP friction points. However, some NFT holders of top communities own their profile picture (PFP) nonfungible tokens to monetize the IP of the NFTs. In some scenarios, NFT holders had lost significant opportunities in licensing contracts when the nonfungible token project team chose to go down the CC0 route.

This approach has its pros and cons like the open source approach to software. There are short-term downside implications for community members who want to tap into the IP rights they had over the NFTs. However, the long-term benefit of building the brand through an open approach is equally alluring for many.

How did the rise of CC0 NFTs happen?

Although one significant project chose CC0 in 2021, many followed suit in 2022, with a CC0 summer that saw many big NFT projects embracing the CC0 route.

Perhaps the first significant NFT project to open the door to the CC0 licensing model was the “Nouns” project. They were soon followed by many nonfungible token projects, including Moonbirds, Cryptoadz, Cryptoteddies and Loot, that chose to go down the CC0 route.

This has given derivative NFT collections more freedom in drawing inspiration from these CC0 collections. Derivative NFTs are typically those that draw design and art inspiration from the parent NFT collection, which often increases the brand outreach of the parent collection. With CC0s on the rise, derivatives had more liberty.

However, this also resulted in commercial implications for the NFT holders and project teams who make fundamental business strategy decisions for the nonfungible token community.

What are CC0 NFTs?

As nonfungible tokens (NFTs) rose to fame over the last couple of years, they were hailed as the solution to digital ownership and intellectual property (IP). However, a new class of NFTs and founders who believe in them have emerged in CC0 NFTs.

CC0 nonfungible tokens are to NFT creators as open source software is to developers. However, the digital ownership and IP protection was the design principle behind NFTs when they first launched. Several projects, including Bored Ape Yacht Club and CryptoPunks, have benefitted from the holders of these NFTs owning the IP to their art.

Nonfungible tokenholders could create revenue opportunities for themselves by allowing creators, businesses and brands to use their NFT artwork for a fee. Other creators, NFT collections and even traditional businesses could use nonfungible token images as a brand-building exercise if they had the permission of the NFT holders.

Recently, a movement termed CC0 NFTs has taken the nonfungible token world by storm. The term CC0 NFTs was inspired by the “Creative Commons Zero” licensing model. As per this model, creators can waive their rights to their art, allowing others to use the artwork freely to build more art, a product or a brand on top of it.

This is akin to the open source movement in operating systems, as Linux chose to open its ecosystems for free use. Similar to the Linux operating system, which has a market cap of $15.95 billion and powers over 85% of smartphones, CC0 NFT collections expect a larger base of projects, artwork and brands using their NFT artwork.

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