Weekend Wrap: $50M NFT platform shutters, OpenSea’s ‘HUGE mistake’ and more

Developed on Coinbases layer-2 network Base, friend tech is a platform that enables users to buy shares of their influencers and pals, which in turn grants them access to a private chat with that user.Also making newsThe United States securities regulator is likely to authorize several applications for Ether futures Exchange-Traded Funds (ETFs) at the same time, The Wall Street Journal reported, mentioning sources knowledgeable about the matter. There are currently 16 finance firms in line for the regulators approval in the middle of news that it will start accepting applications soon.Cheems Balltze, among the internets most popular dogs, tragically died on Aug. 18 after losing a tough battle with cancer, according to an Aug. 18 post on Cheems Instagram account. While the Shiba Inu isnt the official mascot of the Shiba Inu (SHIB) or Dogecoin (DOGE) cryptocurrencies, messages of acknowledgements have actually originated from cryptocurrency neighborhoods and meme-lovers alike, including the Dogecoin Foundation.

The real good friend tech protocol introduced on Aug. 11. By Aug. 19, the platform managed to cash in over $1 million in costs– more than the Bitcoin network and Uniswap over the exact same timeframe.However, some cryptocurrency commentators think the procedure will have six to eight more weeks of hype before it starts dying down.Let me tell you one thing.Something isnt best about @friendtech.

NFT platform Recur closes down regardless of $50M financing roundNonfungible token (NFT) platform Recur is unwinding operations in spite of a highly-anticipated launch less than 2 years ago.The company discussed on Aug. 18 that the choice to shutter wasnt simple, however ultimately a tough service environment served too huge a barrier:” Unanticipated obstacles and shifts in the business landscape have actually made it progressively tough for us to continue providing the level of service and devotion that we have always aimed to maintain,” it said.Today, with heaviness of hearts, we should share some hard news.After much contemplation and factor to consider, we have actually decided to deprecate the RECUR platform, efficient November 16, 2023 Learn more: https://t.co/5NbiTQSAGo— RECUR (@RecurForever) August 18, 2023

NFT trading volumes have mostly plunged across the board in 2023, according to data from Dune Analytics.Recur stated all deals on primary and secondary markets will be disabled on Aug. 31. All staying website functionality, such as NFT withdrawals and USD Coin (USDC) squander will then close on Nov. 16. To continue accessing NFTs, Recur described that users will require to move them over to a self-custodied wallet prior to Nov. 16. Recur was founded in the middle of NFT summer in 2021 and handled to raise $50 million in a Series A funding round in Sept. 2021. The company was valued at $333 million at the time.Ethereum co-founder Joe Lubin and U.S. entrepreneurs Cameron and Tyler Winklevoss and Gary Vaynerchuk were other significant financiers in the platform.Mark Cuban knocks OpenSea over developer royalty cost decisionU.S. billionaire and Shark Tank investor Mark Cuban has actually called out OpenSea over its recent decision to stop enforcing developer royalty costs across other platforms.On Aug. 17, OpenSea revealed it will switch off its Operator Filter function which makes it possible for developers to blacklist NFT marketplaces that do not implement royalties fees, and transition to an “optional” design on Aug. 31. In an Aug. 18 post, Cuban, an OpenSea investor, said the choice was a “HUGE mistake” and will have a two-fold influence on both OpenSea and the wider industry: Not gathering and paying royalties on NFT sales is a HUGE error by @opensea. It reduced trust in the platform and injures the market. And I say this as an @opensea investor @DevinFinzer– Mark Cuban (@mcuban) August 18, 2023

Like CertiK, several industry pundits cautioned their audiences not to fall for the scam that positions to be a legitimate job. ❤ Do not buy the phony Friend Tech tokens listed on BASE.They are all honey pots, and they are rugging.The liquidity is all fraud experts and thieves.They fabricated the volume with buy/sell bots ⚠ pic.twitter.com/85MpQppPkP— yourfriendSOMMI ❤ (@yourfriendSOMMI) August 21, 2023

In response to claims that OpenSeas decision was required to maintain its market share, Cuban rebutted that an optional royalty method will kill future NFT applications that surpass collectibles.OpenSeas CEO Devin Finzer specified that the on-chain royalty enforcement tool hasnt had the success they would have hoped due to the fact that competitor platforms such as Blur, Dew and LooksRare began to prevent the Operator Filter by integrating the Seaport Protocol to bypass OpenSeas blacklist and for that reason prevent developer fees.Several members of the NFT community think about the relocation to be a potential blow for NFT artists looking to make passive income.Bitcoin miner turns off Kazakhstan center, stock slides 12% Bitcoin mining firm Canaan has confirmed that it briefly closed down 2 exahashes (EH/ s) of calculating power in Kazakhstan in order to comply with the nations altering regulatory landscape.Stricter guidelines entered result in April by Kazakhstans Ministry of Digital Development, Innovations and Aerospace Industry, which prompted Canaan to begin turning off mining rigs in the third quarter, according to an Aug. 18 report by Cision.Prospective miners need to now get a specialized license in accordance with the countrys Digital Assets in the Republic of Kazakhstan. It is comprehended Canaan is working toward obtaining a Type II license.The Chinese-based Bitcoin miner acknowledged the choice will likely affect its (BTC) production and income, mainly due to decreased uptime.Canaans share cost fell over 12.3% on Aug. 18 to $2.06, according to Google Finance.Late last month, Canaan unloaded 2,000 brand-new A1346 Bitcoin miners to fellow mining company Stronghold for approximately $3 million.Fake friend.tech token creator drains pipes $226K through phishing scamThe introduction of friend.tech, a brand-new decentralized social media platform, has actually drawn in a scammer who managed to produce a fake friend.tech token and scam investors for about $226,000 or 135 Ether (ETH). Information on the make use of was shared by blockchain security company CertiK on Aug. 19, pointing out a big liquidity removal as the exit fraud method. #CertiKSkynetAlert We have discovered a big liquidity removal on a phony Friend Tech token. ETH: 0x2cf82a3Ad32AA580110278022a6493b631044beFThe deployer gained 135 ETH (~$ 226.5 k). Not to be puzzled with genuine projects.Read more listed below: https://t.co/MciIPYFVdD— CertiK Alert (@CertiKAlert) August 19, 2023

To continue accessing NFTs, Recur described that users will need to move them over to a self-custodied wallet before Nov. 16. Recur was established in the middle of NFT summertime in 2021 and managed to raise $50 million in a Series A financing round in Sept. 2021. In an Aug. 18 post, Cuban, an OpenSea investor, stated the decision was a “HUGE mistake” and will have a two-fold impact on both OpenSea and the more comprehensive market: Not collecting and paying royalties on NFT sales is a HUGE error by @opensea. In reaction to claims that OpenSeas choice was required to maintain its market share, Cuban rebutted that an optional royalty method will kill future NFT applications that go beyond collectibles.OpenSeas CEO Devin Finzer specified that the on-chain royalty enforcement tool hasnt had the success they would have hoped due to the fact that rival platforms such as Blur, Dew and LooksRare began to circumvent the Operator Filter by incorporating the Seaport Protocol to bypass OpenSeas blacklist and therefore avoid creator fees.Several members of the NFT community think about the relocation to be a potential blow for NFT artists looking to make passive income.Bitcoin miner turns off Kazakhstan facility, stock slides 12% Bitcoin mining firm Canaan has actually confirmed that it temporarily shut down 2 exahashes (EH/ s) of computing power in Kazakhstan in order to comply with the nations altering regulative landscape.Stricter rules came into result in April by Kazakhstans Ministry of Digital Development, Innovations and Aerospace Industry, which prompted Canaan to start turning off mining rigs in the third quarter, according to an Aug. 18 report by Cision.Prospective miners need to now get a specialized license in accordance with the countrys Digital Assets in the Republic of Kazakhstan.

Other Questions People Ask

What happened to the $50M NFT platform mentioned in the Weekend Wrap?

The NFT platform Recur, which raised $50 million in funding, has announced it will cease operations effective November 16, 2023. The decision comes after facing unexpected challenges in the business environment, making it difficult to maintain their service levels. Users are advised to transfer their NFTs to self-custodied wallets before the shutdown date to avoid losing access.

Why did Mark Cuban call OpenSea's recent decision a 'HUGE mistake' in the Weekend Wrap?

Mark Cuban criticized OpenSea for its choice to stop enforcing developer royalty fees across platforms, labeling it a 'HUGE mistake.' He argued that this decision undermines trust in OpenSea and could negatively impact the broader NFT market. Cuban believes that not collecting royalties will hinder future NFT applications that go beyond mere collectibles, affecting artists' ability to earn passive income. This directly relates to Weekend Wrap: $50M NFT platform shutters, OpenSea’s ‘HUGE mistake’ and more in practical terms.

What are the implications of OpenSea's royalty fee changes discussed in the Weekend Wrap?

The changes to OpenSea's royalty fee structure could significantly impact NFT artists and developers who rely on these fees for income. By transitioning to an optional royalty model, OpenSea risks diminishing the financial viability of NFT projects, as competitors may not enforce royalties either. This shift could lead to a decline in trust and investment in the NFT ecosystem.

How did the cryptocurrency community react to Cheems Balltze's passing mentioned in the Weekend Wrap?

The passing of Cheems Balltze, a beloved internet dog, elicited a wave of condolences from both cryptocurrency communities and meme enthusiasts. Although not an official mascot for any cryptocurrency, Cheems had a significant following, and his death resonated deeply with fans. The community's response highlights the emotional connections formed within the crypto space, extending beyond financial interests.

What challenges did Canaan face regarding Bitcoin mining in Kazakhstan as noted in the Weekend Wrap?

Canaan faced regulatory challenges in Kazakhstan that led to the temporary shutdown of 2 exahashes of computing power. Stricter regulations implemented by the Kazakh government required miners to obtain specialized licenses, prompting Canaan to comply by turning off mining rigs. This decision is expected to impact their Bitcoin production and revenue, as they work towards obtaining the necessary licenses to resume operations.