Fuse Migration to L2, Millions Seized in NFT Raid, Ghana's CBDC Hackathon, S&P Rates Stablecoins & Web Gaming Gears Up for Mass Adoption

This week, Fuse made a significant announcement as we revealed a collaboration with leading blockchain company Polygon to establish an Ethereum-based Zero Knowledge (ZK) Layer-2 (L2) network. Find out how we're shaping up to redefine payments on the blockchain.

In other news, hackers have seized millions in NFTs in a daring breach, including iconic collections like Bored Ape and Mutant Ape Yacht Club. But the twist? Boring Security Company swiftly recovered the treasures in a dramatic 24-hour rescue operation! Discover how U.S. real estate giants are eyeing cryptocurrency for B2B transactions. Will the benefits outweigh the challenges in this crypto-powered real estate revolution?

EMTECH's groundbreaking 12-week CBDC Hackathon, in partnership with the Bank of Ghana, explores the future of digital cash infrastructure. Get a front-row seat to the fusion of traditional finance and fintech innovation.?

S&P's stablecoin report delivers a vote of confidence for the crypto market, but it's not all sunshine. Dive into the details of which stablecoins shine and which ones fall short. Sending Bitcoin via text message, email, and messaging apps? River makes it possible! Learn about the "River Link" that's revolutionizing global Bitcoin transactions.

Web3 gaming is gearing up for a spectacular ride in the upcoming bull market. Find out how Animoca Brands, Sandbox, and Immutable are set to redefine the gaming landscape. At the same time, Immutable introduces "Passport" to streamline user onboarding in web3 gaming. It's a game-changer that simplifies wallet creation and enhances the player experience.

Stay tuned for these thrilling stories and more in this week’s Spark the Fuse!

?? Fuse Network Updates

Fuse Network joins forces with Polygon Labs to create a cutting-edge, ultra-efficient, and robust Ethereum-based Zero Knowledge (ZK) Layer-2 (L2) network, harnessing the formidable capabilities of the Polygon Chain Development Kit (CDK).?

?? Twelve days of opportunities to earn this Christmas with Fuse!?

?? on Web3 Payments & Crypto Adoption

?? NFT Heist Shakes Crypto World

Hackers have stolen millions of dollars worth of NFTs in this breach, including NFTs from collections like Bored Ape and Mutant Ape Yacht Club. The breach occurred on a trading platform called NFT Trader on December 16th, 2023. The exploit affected high-value NFTs from various collections, including Bored Ape, Mutant Ape Yacht Club, World of Women NFTs, VeeFriends, and Art Blocks. However, Boring Security Company recovered all the stolen Bored Ape and Mutant Ape NFTs within 24 hours after the hack was discovered, thanks to a 120 ETH bounty payment.

?? Real Estate Embraces Crypto Payments

There is growing interest among real estate companies in the United States to explore the use of cryptocurrency for B2B (business-to-business) payments. Specifically, one in five U.S. real estate companies plans to utilize cryptocurrency for B2B payments in the upcoming year. However, the news raises the question of whether the advantages of using cryptocurrency for these payments will outweigh potential challenges.

?? CBDC Hackathon: Bridging Central Banks and Fintech

EMTECH, a Central Banking Infrastructure company, has conducted a 12-week CBDC Hackathon pilot in collaboration with the Bank of Ghana. The pilot aimed to test EMTECH's Web3-based Digital Cash Infrastructure, which allows for easier accessibility and trust in digital cash. The initiative brought together developers, banks, fintech innovators, and the Bank of Ghana to explore the tokenized Central Bank Digital Currency (CBDC) provided by EMTECH.

?? S&P's Stablecoin Verdict

A report by S&P evaluates the relative ability of eight stablecoins to be redeemed for one US dollar, to which they are all pegged. S&P's report is seen as a vote of confidence for the cryptocurrency market. However, the report also highlights several stablecoins received lackluster scores, notably Tether's USDT, the largest stablecoin. Stablecoins are gaining attention and investment in traditional and new financial sectors, making them a growing area of interest.?

?? Crypto Goes Mainstream: Key Trends

A Consumer Report by Cryptorefills explores the adoption of cryptocurrency payments. This report offers an extensive analysis of crypto payment adoption trends. It includes insights into various aspects of cryptocurrency payments, covering over 80 cryptocurrencies, technologies, and products. Some of the main findings from the 2023 edition of this report include the following:?

• Bitcoin remains the predominant currency, held by 60% of crypto shoppers, while stablecoins gain popularity, with 53.2% having USDT and 9.7% holding USDC.??
• The dominance of Bitcoin and Ether in crypto shopping is declining due to the rising popularity of stablecoins, particularly USDT, driven by increased availability and adoption of alternative networks and layer-2 protocols.?
• Primary concerns for crypto shoppers include transaction fees (35.5%) and limited availability of stores/products accepting cryptocurrency (33.9%). Notably, concerns about store/product availability have decreased compared to 2022, suggesting a growing presence of crypto payment options.?
• Fraud and scam concerns have decreased significantly, which is indicative of a healthier marketplace and increased trust in or acceptance of crypto payments by prominent brands.?
• Adoption of the Lightning Network has increased by 20%, and users of layer-2 solutions engage in daily crypto shopping eight times more than non-users.?
• Most crypto-consumers believe in the potential of crypto-shopping, with 64.9% planning to make cryptocurrency purchases in the next six months. Additionally, 51% anticipate crypto-shopping within the next month, signaling a growing trend among crypto-consumers.

?? River's Global Bitcoin Payments

A new feature launched by the Bitcoin technology and financial services company River enables global Bitcoin payments via text messages, email, and various messaging apps. Users can send a "River Link" through these communication channels, including WhatsApp, Signal, and Telegram. Recipients of the River Link can claim the Bitcoin sent to them through this method.

?? Web3 Gaming in the Bulls-Eye

According to the founders of Animoca Brands and Sandbox, Web3 gaming is expected to receive a significant boost in the bull market, which is anticipated to begin in 2024. This boost is attributed to new game launches and innovations within the Web3 gaming sector. Moreover, there is increasing optimism from key figures in the Web3 gaming industry, who foresee increased growth and new developments during the anticipated bull market in 2024.?

?? Immutable's Passport: Web3 Gaming Simplified

Immutable, a Web3 gaming project, has introduced a new feature called "Passport." This feature simplifies the login process for users, allowing them to create and recover their wallets using Google or Apple accounts or an email address. Immutable Passport aims to enhance the user experience and reduce barriers to entry for web3 gaming. It is a non-custodial wallet and authentication tool for seamless onboarding, making it easier for players and developers to engage with web3 gaming applications.

?? Fuse: Blockchain for Business

Bring the benefits of crypto payments to your business without blockchain complexity with Fuse Network.

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Thanks for reading, and have a fantastic day! ?