Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Magic Eden launches SFT marketplace and minting for Genopets

Solana-based NFT marketplace Magic Eden has announced the launch of its first Semi-Fungible Token (SFT) marketplace, a platform that will allow gamers on the Free-to-Play, Move-to-Earn NFT game Genopets to mint and trade in-game SFTs.

Magic Eden said in an announcement on Wednesday that the SFT marketplace is set to boost the Genopets ecosystem, adding to the growth of Web3 by intersecting Web2 gaming.

“We are excited to partner with Genopets to power their new SFT marketplace which will bring familiar Web2 trading mechanics to players looking to build and grow their in-game assets,” said Tony Zhao, the head of Gaming Investments at Magic Eden venture arm Magic Ventures.

What are SFTs?

Semi Fungible Tokens, or SFTs, are tokens that start off as fungible – say like Bitcoin (BTC) – but then can take on non-fungible properties to function like an NFT. These types of tokens are only just starting to get popular in the crypto space and are mainly helping to bridge Web2 and Web3 in the gaming sector.

GameFi is thus finding SFTs crucial in bringing things such as “stackable” assets into a Web3 gaming environment.

Developers are using SFTs to tap into low minting requirements and in-play transactions. This is what Magic Eden brings to its community, with Solana-minted SFTs sharing a “Mint Account“, allowing for a significant reduction of storage needs and minting fees.

Magic Eden is Solana’s largest NFT marketplace, accounting for the vast majority of the NFT volumes on the blockchain. 

The platform is also focused on becoming a key player in Web3 gaming, a goal it hope to achieve via its recently launched Magic Ventures initiative.

The post Magic Eden launches SFT marketplace and minting for Genopets appeared first on CoinJournal.

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Here is why NEAR is up by more than 4% in the last 24 hours

The cryptocurrency market is slowly recovering after underperforming earlier this week. 

The cryptocurrency market is having an excellent Wednesday after underperforming over the past two days. After dropping below the $1 trillion mark earlier this week, the total cryptocurrency market currently stands above $990 billion after adding more than 3.5% to its total value.

Bitcoin remains the leading cryptocurrency by market and is currently trading above the $21,500 level after rallying by more than 3% in the last 24 hours. 

Bitcoin, the world’s leading cryptocurrency by market cap, has also been performing well over the past 24 hours.

Ether is also performing well, up by more than 6% in the last 24 hours and is trading above the $1,400 level.

NEAR, the native token of the Near blockchain, is up by more than 4% in the last 24 hours. The positive performance came after the NEAR Foundation announced its partnership with Fireblocks. 

The Fireblocks integration with NEAR will allow institutional users to now access the NEAR Protocol’s fast and low-cost sharded proof-of-stake blockchain safely and securely.

Key levels to watch

The NEAR/USDT 4-hour chart is bearish despite the Near protocol performing well in the last 24 hours. The technical indicators show that NEAR has been underperforming in the last few days.

The MACD remains within the negative zone, indicating bearish momentum. The 14-day relative strength index of 40 shows that NEAR is no longer within the oversold region.

At press time, NEAR is trading at $3.718 per coin. NEAR could surge past the $4.094 resistance level if the positive performance continues. 

However, it would need the support of the broader market to reach last week’s high of $4.671.

The bears might regain control in the short term and send NEAR towards the $3.20 support level before the end of the day. 

The post Here is why NEAR is up by more than 4% in the last 24 hours appeared first on CoinJournal.

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Bitcoin eyes the $22k resistance level as the broader market recovers

The cryptocurrency market is having an excellent Wednesday after underperforming over the past two days.

The cryptocurrency market is recovering from the losses it recorded earlier this week. After dropping below the $1 trillion mark earlier this week, the total cryptocurrency market currently stands above $990 billion after adding more than 3.5% to its total value.

Bitcoin, the world’s leading cryptocurrency by market cap, has also been performing well over the past 24 hours.

After losing its value above the $23k level, Bitcoin risked dropping towards the $20k support level.

However, BTC has added more than 3% to its value in the last 24 hours and is currently trading at around $21,700 per coin. 

The market has been bullish so far today, and that could see Bitcoin perform well in the coming hours.

The United States Federal Reserve is expected to hike interest rates later today, and that could affect Bitcoin’s performance in the short term.

Key levels to watch

The BTC/USD 4-hour chart is bearish despite Bitcoin performing well over the last 24 hours. The technical indicators show that BTC is currently recovering from its recent losses.

The MACD line remains below the neutral zone, indicating that the bearish momentum is not over. The bulls would need to push Bitcoin higher over the coming hours or days for the MACD to move into the positive zone.

The 14-day RSI of 48 shows that Bitcoin is no longer in the oversold region. Further rally could see the RSI surge towards the 60 mark in the coming hours. 

At press time, BTC is trading above $21,699 per coin. If the rally continues, BTC could surge past the $22k resistance level before the end of the day. 

However, it would need the support of the broader market to make a move towards the $23k resistance level in the short term. 

The post Bitcoin eyes the $22k resistance level as the broader market recovers appeared first on CoinJournal.

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CoinFlip launches $1 million fund initiative to support Web3 startups

Cryptocurrency ATM firm CoinFlip has announced a new fund venture set to boost the emerging Web3 ecosystem, according to a news release the fintech company shared on Wednesday.

The CoinFlip Ventures, which the Chicago-based crypto company will fund to a tune of $1 million, will seek to support start-ups and entrepreneurial teams across the Web3 space. 

Notably, the firm is looking to boost the efforts of university students and other underrepresented developer initiatives.

Startups in DeFi, NFTs to benefit

CoinFlip Ventures will support developer teams and projects focused on advancing growth within the decentralised finance (DeFi), NFTs and marketplaces and tokenisation.

Applicants need to have their projects at the pre-seed or early stage level. Such projects will either have a “prototype, service model or business plan, but [are] not yet profitable,” the company advised interested parties via the press release.

Successful applicants will receive financial help of up to $250,000 as well as industry insight, business advice and networking opportunities, including from CoinFlip’s executive team members.

“We’ve learned so much through trial and error since our founding and are honoured to pass along our knowledge and resources to startups we believe in,” CoinFlip founder Daniel Polotsky said in a statement.

CoinFlip is the largest cryptocurrency ATM operator in the world, with over 4,000 teller machines installed across 49 states. The company launched its operations in 2015 and has grown to include a Trade Desk that was announced in 2021.

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Fantom adopts use of burn fees to fund ecosystem projects

Fantom will use 10% of the burn fee to support various projects within its ecosystem.

The Fantom (FTM) community has passed an on-chain governance proposal aimed at supporting the continued evolution of the Layer-1 platform’s ecosystem.

The governance proposal was created on 5 July and sought the community’s approval via a vote. According to the Fantom Foundation, the vote passed on Tuesday, 26 July by a majority of 99.75%.

What’s the Ecosystem Support Vault?

The Ecosystem Support Vault allows Fantom to support new projects and ideas on the Fantom Opera network via funds set aside from a percentage of the 30% transaction fees burn rate.

Through the proposal, 10%, or a third of the 30% burn fees will go to a vault controlled by Fantom validators and stakers. 

The community will oversee the application of the funds on key ecosystem projects, doing so via on-chain governance mechanisms to ensure a decentralised approach is maintained.

Fantom is a high performance blockchain fully compatible with Ethereum and has seen over 200 decentralised applications (dApps) deployed.

These include apps across decentralised exchanges (DEXs), Lending and Borrowing, non-fungible tokens (NFTs) platforms, GameFi, wallets and Cross-chain Bridges. Top DeFi protocols on Fantom include Aave and Alpaca Finance.

Notably, the adoption of the governance vote means Fantom’s burn rate is effectively 20%.

The post Fantom adopts use of burn fees to fund ecosystem projects appeared first on CoinJournal.