NFTs could give Bitcoin a new face as it increases its blockchain demand • InNewCL
NFTs could give Bitcoin a new face as it increases its blockchain demand • InNewCL
#NFTs #give #Bitcoin #face #increases #blockchain #demand #InNewCL Welcome to InNewCL, here is the new story we have for you today:
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Welcome back to Chain Reaction.
The last few weeks in crypto-land have focused on the latest craze: ordinal numbers.
What are ordinal numbers, you might be wondering? They are NFT-like bitcoin digital artifacts residing on the blockchain.
While the project isn’t the first to attempt to bring NFTs to the Bitcoin blockchain, it’s definitely gaining the most traction today.
To date, according to data from Dune Analytics, approximately 122,500 ordinal numbers have been inscribed, which in technical jargon means created (or coined). Total registrations are up 40% from around 88,000 on Tuesday. The number of inscribed ordinal numbers peaked above 21,000 on February 8, and Wednesday was the second-highest day at above 17,7000, the data showed.
“It’s really escaped, it’s gone nuclear,” Ordinals creator Casey Rodarmor told InNewCL. “There are people building things that I don’t even hear about until they come to market. So it’s really about where people want to take that.”
Although things started strong, time will tell whether or not the project will continue to grow and compete with large NFT ecosystems on chains like Ethereum and Solana.
More below.
This week on the web3
Ordinals creator views his bitcoin-centric creation as digital artifacts, not just NFTs (TC+)
InNewCL sat down with the Ordinals creator to discuss inspiration for the fast-growing NFT-like Bitcoin project. “I thought I was building something good and I thought I would fill an unmet market need that NFT collectors had asked for,” Rodarmor said. And after the reaction of the current market, his creation has indeed filled that demand.
Crypto exchange Binance expects fines to settle US investigation
Binance, the world’s largest crypto exchange, expects to pay fines to settle investigations into its U.S. business, a top executive has said in a major about-face after publicly denying the idea that he was under investigation , and the media ridiculed about it reported otherwise. In an apparent admission of violations of the law, Binance Chief Strategy Officer Patrick Hillman told the WSJ that the company’s executives are unfamiliar with laws and regulations related to bribery, corruption and money laundering.
Bitcoin NFTs growing fast as community sees long-term potential (TC+)
After the ordinals topic, InNewCL also spoke to a handful of experts about what the growth of ordinals means for the Bitcoin ecosystem. Although ordinals and Bitcoin NFTs in general are exploding, they are still in a very early stage, especially when compared to giants like Ethereum and Solana. “If bitcoin is to remain the most decentralized, widely used, and productive cryptocurrency, it needs something like [Bitcoin NFTs] to push it forward,” said Alex Adelman, co-founder and CEO of bitcoin rewards platform Lolli.
SEC Proposal Could Impact Which Crypto Firms Can Manage Assets (TC+)
The U.S. Securities and Exchange Commission on Wednesday proposed a new rule that could further corner crypto companies as regulators continue to crack down on the space. The SEC voted 4-1 on a proposal that would direct Registered Investment Advisors (RIAs) — such as money managers or hedge funds — to hold client funds and securities with qualified custodians, such as a bank, broker-dealer, or trust company, when selling digital assets save , leaving crypto companies mostly on the outskirts.
Would you like to buy an NFT with your credit card? Magic Eden lets you do just that (TC+)
One of the biggest complaints in the crypto world is that the technology is, you know, quite difficult to use. But as the ecosystem evolves, many big players are trying to alleviate the problem with new ramps or payment solutions. MoonPay, a Web3 infrastructure company, has partnered with Magic Eden, one of the largest NFT marketplaces, to help make NFTs more accessible through old-fashioned tricks, the companies announced Monday.
The newest pod
We released a fun bonus episode this week that dives into InNewCL’s latest podcast: Inside Startup Battlefield, a four-part series that takes you behind the Startup Battlefield competition.
For last week’s episode, Jacquelyn spoke to Gwendolyn Regina, Investment Director at Layer 1 blockchain BNB Chain. Prior to her current role, Gwen worked at Facebook, or as some now call it, Meta, where she built a new business unit dedicated to venture capital partnerships and startup growth. She is also the founder of a number of different companies and a founding member of the early stage technology investment firm Thymos Capital.
Launched in 2020, BNB Chain was initially launched by Binance, the world’s largest crypto exchange by trading volume. Since then, BNB Chain aims to be a decentralized, community-owned entity separate from Binance, focused on three audiences: retail markets, builders and developers, and connecting Web 2.0 businesses to Web3, Regina shared.
Gaming on the BNB chain has also grown “organically through robustness and cheaper fees”, but the blockchain team is now “doubling down” on this sector to encourage more players and developers to play and build on their chain, added Regina.
We also discussed:
dApps Developers Build On-Chain BNB’s Investment Strategy What Investors Are Looking For In Founders Advice for startups launching in a bear market
Subscribe to Chain Reaction on Apple Podcasts, Spotify, or your favorite pod platform to keep up to date with the latest episodes, and please leave us a review if you like what you hear!
follow the money
Stelo Labs Raises $6M in 16z-led Round to Help Crypto Wallet Users Protect Themselves Led by Sequoia and Dragonfly Capital, Ironblocks raises $7M to support decentralized finance and Web3 protect against threats and theft
This list was compiled using information from Messari as well as InNewCL’s own reporting.
