Kategorie: Crypto Markets

Leading American video gaming platform, GameStop on Monday launched its first NFT marketplace duped GameStop NFT. The market provides users with the opportunity to buy, sell, and trade NFT collections.

According to the press release, the NFT marketplace will also enable users to connect their digital wallets including the GameStop Wallet that was recently released. With time, GameStop also plans to expand the functionalities of the NFT marketplace to include Web3 games.

Commenting about the newly launched NFT marketplace, GameStop said:

“The Company’s NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain. Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators, and other Ethereum environments.”

Projects currently available on GameStop NFT

In the meantime, the GameStop marketplace houses a variety of projects built on Ethereum mainnet and Loopring, a layer-2 scaling solution.

In essence, the video gaming company is aiming to also become a significant player in the NFT gaming industry. Besides digitized artworks, NFTs have also found their way into the gaming arena where they exist as vital interactive elements that gamers can use within the games and also trade on NFT marketplaces.

GameStop also recently hinted at integrating Immutable X, which is an Ethereum-based platform used by some NFT games. This comes months after the two (GameStop and Immutable X) announced a $100 million grant incentive for NFT creators.

The NFT marketplace is a significant milestone for the company since it comes at a time when the company has been battling with the falling crypto market that has forced it to lay off workers and even fire its CFO.

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Bitcoin continues to hover just above the $20,000 price level, where bulls have been battling fresh downside pressure following the bounce from bear market lows of $17,600.

The crypto market is also in a similar sentiment zone, and what investors might be looking out for is whether the bottom is in. Of course, several market commentators and analysts warn of one possibility: the crypto winter could still have further downside legs.

Bitcoin is yet to see a recession

CoinShares, a leading digital assets management firm, believes the market may struggle to establish an upside movement. 

This view was shared by the company’s chief strategist officer Meltem Demirors, who told CNBC’s Squawk Box’ that the current crypto market will likely persist for a while. 

“For us at CoinShares the view is [that] we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see Bitcoin in a recession,” Demirors told CNBC’s Andrew Ross Sorkin on Monday.

What’s going suggests more pain

The strategist indeed expects the global macro environment to dictate fresh downturns across stocks and crypto.

„For us at @CoinSharesCo the view is we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see #bitcoin in a #recession,“ says @Melt_Dem. „Certainly expect more pain ahead for tech stocks, growth and also #crypto.“ pic.twitter.com/3dQ7ke9tA5

— Squawk Box (@SquawkCNBC) July 11, 2022

“Arguably, are we in a recession? We don’t know,” she added, “but with what’s going on in the Eurozone, around the world and in the United States – the Fed hiking rates and cutting back on their open-market activities – certainly expect more pain ahead for tech stocks, growth, and also crypto.”

The CoinShares executive also noted that with a lot of liquidity squeezed out of the market following the crypto price crash, traders might yet be apprehensive of what’s coming next. 

According to the expert, the uncertainty is a strong indicator of near-term price movement possibilities, with more companies likely to hit turbulence before the market calms down.

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Crypto exchange CoinFlex, which recently paused customer withdrawals amid liquidity stress, and revelations that crypto investor Roger Ver owed $47 million in failed repayments, has instituted legal action to recover even more from the pioneer crypto investor.

According to an update the crypto exchange published over the weekend, the same account that had the $47 million in counterparty losses, has now been readjusted. The customer now owes $84 million.

Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.

— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022

“The first estimate of $47m which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. Now that we have found a bid for that size, the liquidations have created a final deficit of $84m for the account,” CoinFlex co-founders Sudhu Arumugam and Mark Lamb said in the blog post. 

Customer is “personally liable to pay”

CoinFlex said that its commencement of an adjudication process in Hong Kong is in a bid to recover the money from the “individual” – initially identified as Bitcoin Cash (BCH) promoter Roger Ver.

“We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him,” the co-founders added.

The crypto exchange expects a favorable decision, though it notes the legal proceedings could take up to 12 months.

Meanwhile, the crypto platform has plans to resume customer withdrawals, with eyes on external funding via stablecoin USDC. 

The exchange is also in talks with a large US-based exchange over plans for a joint venture meant to keep CoinFlex in business.

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Paris Saint-German (PSG), a renowned French football club, has kicked off the selling of NFT tickets and commemorative NFTs for their first tour in Japan since 1995 (27 years).

The football club stated in their website:

“In the summer of 2022, Paris Saint-Germain, one of the best football clubs in the world, will tour Japan! To commemorate their first visit to Japan in 27 years, we will be offering premium NFT tickets and commemorative NFTs that you can only get here and now.”

According to the announcement, there will be 3 NFT tickets (each ticket will cost about 180.36 ETH, which is over $205k at current price rates) for the three matches that are scheduled to take place in Japan. 

On the other hand, the commemorative NFTs will feature moments captured in pictures and videos from the tour. The first match is scheduled to kick off on July 20 with Japan Kawasaki Frontale. The PSG match will be featuring stars like Lionel Messi.

The sale will end on Wednesday and all the ticket holders will have a chance to access the VIP room as well as join the VIP party with the players.

PSG crypto adoption

PSG has been among the football teams that have been embracing NFTs and Cryptos in their recent campaigns. 

Last month, PSG disclosed its plans to launch an NFT collection that will commemorate their 10^th league championship and also the year of the Tiger featuring Taiwanese Pop Star, Jay Chou. The collection is expected to feature 10,000 NFTs. 

Also, according to last year’s reports, Lionel Messi while signing a deal with PSG opted to receive some of his transfer package in the crypto fan tokens.

The sports world seems to be on the rising spree to adopt crypto as more clubs sign partnerships with crypto organizations. These partnerships will be a great boost for the Crypto firms since they will be able to reach new fans and investors.

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Blockchain.com is one of the cryptocurrency companies likely to lose millions of dollars as a result of the collapse of crypto hedge fund Three Arrows Capital.

A report by CoinDesk states that the crypto exchange, among the oldest in the industry, could see $270 million flushed down the drain due to 3AC’s liquidation.

Crypto firms collapse amid massive contagion

Three Arrows Capital is one of several crypto firms caught in the throes of a massive contagion, catalyzed by blatant financial irresponsibility. Terra’s collapse in May appears to have been just the tip of the iceberg.

With liquidations and bankruptcy filings all over, the market is likely yet to see the full impact of what has happened at companies such as Celsius Network, Voyager Digital, BlockFi and Vauld.Some more will have probably have bitten the dust by the time the tide fully recedes.

As for Blockchain.com, CoinDesk cites a shareholder letter the company published on Friday noting 3AC’s insolvency risks putting a $270 million hole in the exchange’s balance sheet. According to the report, these are the sentiments of Blockchain.com CEO Peter Smith. 

Earlier in June, Smith commented on the “historic wash out” in crypto, noting that the space was likely to see continued crushing of “high risk capital.”

1/ Question of the week: what is happening in crypto markets right now? Answer: A historic wash out of leverage and risk capital across the space.

— Peter Smith (@OneMorePeter) June 24, 2022

On Thursday, Galaxy Digital CEO Mike Novogratz said the events in the crypto industry, specifically around the collapsing companies, could be subject to investigation and prosecution.

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