CRYPTO UPDATE

deVere Group launches new NFT platform

deVere Group has launched?dV Gems, a non-fungible token?(NFT)?platform that aims to give investors access to the emerging?digital asset?class and streamline digital ownership.

Nigel Green, the CEO and founder of?deVere Group, comments:?“NFTs are an exciting new asset class, and they shouldn’t be ignored or dismissed by those wanting to seriously build wealth for the long-term. This platform will help clients and prospective clients spot the winners of the future. We’ll guide you to understand the new market and why we believe NFTs have a massive part to play in the future of financial investing.”

One key focus for?NFT collectors?around the world is sports with major brands, including Formula 1 and the NBA, involved in the marketplace. People have always loved to own sports collectibles and the dV Gems Platform will offer a new digitised way of doing it.

Nigel Green concludes:?“deVere has always been ahead of the trend in financial services. Our new NFT platform is another first.?Uniquely positioned to help investors see value and opportunity in a digital financial era,?dV Gems?will provide immediate access to the?decade’s hottest emerging asset class?– an asset class that will become a standard feature of investment portfolios within a few years.”

Ukraine legalises cryptocurrency

Ukraine President Volodymyr Zelenskyy officially signed the country’s ‘Virtual Assets’ bill into a law. This was the final step in establishing the legal status of cryptocurrencies in the country. The move came in the light of the war-inflicted country receiving a huge amount of donations in cryptocurrencies. Crypto exchanges and firms handling digital assets will now be required to register with the government to be able to operate legally in Ukraine. Banks will also be allowed to open accounts for crypto firms.

Malaysian minister calls for crypto & NFT regulation

Malaysia’s Ministry of Communications and Multimedia (KKMM) is now?advocating cryptocurrencies, according to reports, with the deputy minister urging the government to legalise crypto. Datuk Zahidi Zainul Abidin, Malaysia’s Deputy communications and multimedia minister, has called on the country’s regulators to legalise specific use cases of digital currencies and NFTs (non-fungible tokens), according to a report by Harian Metro news agency.

HSBC enters the Metaverse

In its first major foray into the Metaverse, the global banking giant has entered into a partnership with virtual space?The Sandbox. The bank said it plans to buy a plot of land it will develop to engage with sports, esports and gaming fans.?HSBC?is the second global bank to invest in a popular metaverse platform after?JPMorgan?last month?set up a presence?in blockchain-based?Decentraland. In the meantime, global payments firm?American Express?has filed trademark applications in readiness for its eventual?entry into the metaverse.

Why invest in Cryptocurrency?

Getting involved in?cryptocurrency?has, for many, become an irresistible trend over the past few years.?Blockchain?advocates believe we are at the start of a technology revolution that will reshape the future of finance; Rick Falkvinge claimed,?“Bitcoin?will do to banks what email did to the postal industry”.

Crypto critics, however, including world-famous investor Warren Buffett, have dismissed the trend claiming:?“Cryptocurrencies basically have no value and they don’t produce anything. They don’t reproduce, they can’t mail you a check, they can’t do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person’s got the problem. In terms of value: zero.”

The jury is out as to what the future holds for?cryptocurrency; however, what is for sure, is that price drops and governmental restrictions don’t appear to deter advocates, and critics appear likely to remain unsold on the idea until there is widespread adoption.

NFT snippets

• Meta CEO Mark Zuckerberg has confirmed that?NFTS are soon coming to Instagram. Speaking during the SXSW conference/festival, he also hinted that users will also be able to mint and add new NFTs.
• TIME?issued its?first-ever full magazine issue as an NFT, with Ethereum founder?Vitalik Buterin?on the cover. In his interview, Buterin expresses concern about the current public perception of crypto, but it is optimistic that the Blockchain will be a breeding ground for new socio-political experiments.
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Yuga Labs, creators of the Bored Apes Yacht Club (BAYC) NFT collection, unveiled APE: “a token for culture, gaming, and commerce used to empower a decentralised community building at the forefront of web3”. They also teased the launch of its metaverse called?Otherside, coming in April, through a video which featured Yuga Labs NFTs including Mutant Ape Yacht Club and the newly acquired CryptoPunks and Meebits.

• Car manufacturer?McLaren Automotive?is planning luxury car NFTs with?InfinteWorld. Although this is their first attempt at NFTs, its Formula 1 team McLaren Racing has broad experience in the industry. The team launched an NFT collection with Blockchain?Tezos, one of its sponsors, and had a fan token and sponsorship deal with?Bitci.