Quote of the week:
“We firmly believe that NFTs would become a currency in their own right in the nearest future, hitting the mass market as the next asset class after cryptocurrencies.” – Ken DiCross, AirWire founder and CEO
The United States Threatens to Sue Coinbase: The United States Securities and Exchange Commission is threatening to take legal action against Coinbase if the exchange follows through with its plans to launch its lending platform, Lend. Lend is a program that intends to allow users to earn interest on lent assets. Coinbase claims that the SEC has not even told the company why it’s threatening to sue. On September 1, the SEC issued the exchange a Wells Notice and is claiming that the lending feature is classified as a security. Source: https://blockworks.co/the-sec-will-sue-coinbase-if-it-launches-lend/
NFTs on the Rise: It is stated that NFTs are in an extremely early stage; but, their growth is expected to be explosive. NFT growth so far has already caught industry attention. AirWire, a Los Angeles- based startup backed by VC fund Alpha Sigma Capital has solidified a deal with Anifie to give its musicians on the platform an “NFT camera.” The NFT camera is the first of its kind and is described as “a point and click smartphone app allowing to create and trade NFTs. Fans coming to metaverse concerts download the app, mint NFTs for a small fee going to the artist, trade it through AirWire marketplace: everybody wins.” Source: https://thetokenizer.io/2021/09/08/wall-street-ramps-up-tokenization-infrastructure-as-second-wave-of-digital-assets-builds/
NFTs’ Gone Wrong: OpenSea: Reports have emerged that a bug on OpenSea’s marketplace has destroyed and deleted user-owned NFTs worth approximately $100,000. Source: https://cointelegraph.com/news/opensea-bug-appears-to-have-destroyed-nearly-100k-in-nfts
Bitcoin Update: The price of Bitcoin has rallied over the past weeks. On Thursday, September 9 Bitcoin’s price returned back above $46,000, although the cryptocurrency is down overall about 4% this week.
International Regulation: Ukraine: On September 8, the Ukrainian Parliament gave the Draft Law on Virtual Assets the green light. The bill received backing from 276 parliament members, but the bill still has to be signed into law by President Volodymyr Zelensky. The bill will grant Bitcoin and other cryptocurrencies legal status. Source: https://finance.yahoo.com/news/ukraine-legalizes-bitcoin-passage-crypto-131853608.html
And, that’s a wrap!