The Wallet Report #25

Top Stories

Binance Ends BUSD : Binance is ending support for its Binance USD (BUSD) stablecoin in December, following Paxos halting the minting of new coins. Users are advised to withdraw or convert their BUSD on Binance before December 15. From December 31, withdrawals for BUSD will be disabled and existing balances for certain users will automatically be converted into First Digital USD (FDUSD). This decision is part of Binance's plan to gradually phase out BUSD support by February 2024, starting with the cessation of borrowing and lending services for the stablecoin in October. (link)

IRS crypto regulations : The IRS is proposing new tax rules for cryptocurrency providers, expanding the definition of "brokers" to include decentralized exchanges and wallet providers. This would require them to collect user data starting in 2025 and report it to the IRS in 2026. The move could reduce anonymity and flexibility for crypto users and increase compliance obligations. It marks a significant shift in how digital assets are regulated and could impact the cryptocurrency industry's growth and innovation. The industry is actively engaging with regulators to strike a balance between regulation and innovation.(link)

EU virtual worlds governance : The European Parliament's Internal Market and Consumer Protection committee adopted a report on virtual worlds, emphasizing the need for them to align with EU values and fundamental rights. MEPs urge the EU to lead in developing these worlds, ensuring consumer protection, and addressing risks like mental health, data protection, and cyberviolence. The report calls for consistent digital rules, fostering European businesses, and promoting responsible use among citizens. Virtual worlds, seen as the next digital revolution, blend physical and virtual elements and have broad implications for various sectors. (link)

United Nations Blockchain Initiative : The United Nations Development Programme (UNDP) is set to train its 22,000 staff across 170 countries in blockchain technology through a partnership with the Algorand Foundation. The initiative, launching in 2024, aims to educate UNDP personnel on the potential of blockchain for financial inclusion, supply chain transparency, asset tokenization, and digital identity, supporting sustainable development goals. This effort is part of the UN's ongoing exploration of blockchain applications for social good.(link)

Web3 Gaming

Illuvium has launched its Early Access phase on the Epic Games Store, introducing players to a new era of blockchain gaming with high-quality AAA gaming and Web3 interoperability. The early access features two main game modes: Ascendant Arena PvP and Survival Arena PvE, along with a team-building feature. Progress in this phase will reset in future Beta phases, and the full Overworld experience is currently exclusive to beta key holders.(link)

Axie Infinity : Sky Mavis has launched an exclusive Axie Infinity merchandise store, featuring a limited-time collection that includes figurines, plushies, and apparel. This initiative, aimed at establishing Axie Infinity as a lifestyle brand, involves the community, especially Mystic and Origin Axie holders, in merchandise design and sales. A partnership with GrabAds seeks to expand Web3 in Southeast Asia, with special rewards for early Ronin Wallet purchasers.(link)

Off the Grid, a blockchain shooter game directed by Neill Blomkamp and developed by Gunzilla Games, has launched a mobile game and its own Avalanche subnet. It features PvP and PvE modes, a unique crypto ecosystem, and a companion game, Technocore, for item trading as NFTs. The game, which includes contributions from celebrities and notable writers, will be available for PC, PlayStation 5, and Xbox Series consoles, with a narrative campaign and battle royale experience.(link)

The Sandbox partners with Nuqtah and Sandsoft to promote Web3 and metaverse adoption in Saudi Arabia and the MENA region. The collaboration includes listing Sandbox land and avatars on Nuqtah's NFT marketplace and a design contest for local creators. This initiative is part of The Sandbox's expansion efforts in the region.(link)

Kingship/Roblox, Kingship a virtual band based on Bored Ape Yacht Club NFTs, has launched an interactive game on Roblox, offering quests, in-game items, and Kingship-themed purchases. Key Card NFT holders receive exclusive game access and badges. This initiative is part of Kingship's expansion as a metaverse band with music from Grammy-winning producers.(link)

NFTs

Pudgy Penguins, a successful NFT collection, launched an exclusive "influencer box" of toys and collectibles with Walmart for Cyber Monday, including a free NFT certificate. Since its 2021 launch, the brand has grown in popularity and value, expanding into toys and raising $9 million for further development, despite the overall NFT market downturn.(link)

Candy Digital is attracting baseball fans to web3 by offering digital commemorative tickets and Major League Baseball collectibles. They aim to onboard up to 500,000 new customers by 2024, introducing many to web3 for the first time. Despite a decline in the speculative NFT market, Candy Digital focuses on sports fans with digital memorabilia, supported by significant recent funding.The company has raised significant funding, including $38.5 million at the start of 2023.(link)

Bioniq, a new Bitcoin NFT marketplace, leverages the Internet Computer Protocol (ICP) to reduce network congestion and fees. It offers Ordinals smart contracts, a Bitcoin-ICP cross-chain wallet, and lower costs. The platform aims to improve user experience and plans to evolve towards a more decentralized model, catering to the growing interest in Bitcoin NFTs. (link)

NFT sales and pricing : Recent studies indicate that NFT sales and pricing are influenced by factors like luck, scarcity, and optimism. Personal experiences with cryptocurrencies, particularly Ethereum, affect market engagement and investment decisions. Positive experiences encourage more active and riskier investments, while negative past experiences don't necessarily deter future investment in the NFT space. (link)

XRP Ledger's Game-Changing Update for NFTs : The XRP Ledger has introduced an update called "fixNFTokenRemint" to prevent NFT duplication. It also proposes allowing NFT escrows beyond XRP tokens. Since XLS-20, over 4.8 million NFTs have been minted, with many held and traded among accounts. (link)

DeFi

Uniswap Labs has partnered with Talos to provide decentralized finance (DeFi) liquidity to institutional traders. This collaboration, supported by Fireblocks, offers Uniswap's Trading APIs and plans to integrate UniswapX ecosystem. It reflects growing institutional interest in crypto, driven by higher yields and deeper liquidity in DeFi compared to traditional exchanges.(link)

Sui, a new Layer 1 blockchain, has rapidly grown to over $150 million in Total Value Locked (TVL), surpassing Bitcoin in on-chain transactions. Its success is fueled by a robust DeFi ecosystem, high transaction capacity, and strategic partnerships, positioning it as a notable player in the Web3 space. (link)

TeddySwap, a new decentralized exchange, has launched on Cardano, boosting its DeFi ecosystem. The platform, which initially supports swaps between its TEDY token and ADA, has plans to expand its offerings. This launch contributes to Cardano's rising DeFi activity, with its total value locked (TVL) surpassing Bitcoin and nearing a new high. The ADA price has also seen growth due to this increased activity. (link)

The Web3 Foundation/Centrifuge : The Web3 Foundation has invested $1 million in Centrifuge to tokenize US Treasury Bills, supporting the integration of real-world assets into decentralized finance (DeFi). This collaboration aims to expand DeFi's asset range and contributes to the growing tokenization industry, projected to reach $16 trillion. Centrifuge's focus is on diversifying high-quality assets within the DeFi space. (link)

Cega, supported by Dragonfly, has introduced a new strategy offering 22% APY for staked ether and ETH holders, enhancing yields through options trading. Launched amidst a period of high staking activity but a quiet market for ether, this product aims to provide innovative yields. Cega recently raised $9.3 million in seed funding.(link)

One more thing!

Whether you're a GameFi enthusiast or just embarking on your journey into the Web3 world, we've got something special for you. Head over to the Chrome store to download the latest version of the Kayros wallet and be among the first to get a taste of what's coming with Kayros quests!