Bitfinity Weekly: Bitfinity Testnet Explorers

Bitfinity Weekly: Bitfinity Testnet Explorers

Welcome to Issue #110 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.

What's in Today's Email?

  • Global Crypto News
  • This Week in our Blog
  • NFT Market Bytes
  • Tweet of the Week
  • Meme Time
  • A Matter of Opinion

Global Crypto News

UnAmerican Dollars: Paxos International announced their intent to launch a new interest-bearing stablecoin, Lift Dollar (USDL). The token will be regulated by the Abu Dhabi Global Market and backed by liquid U.S. goverment securities as well as cash equivalents. Despite being pegged 1:1 to the U.S. dollar, USDL will not be available in the United States.

No Longer Friends?: FriendTech, the decentralized social media platform that led the early SocialFi run last year, has announced plans to develop its own blockchain. Users were left confused by the decision as FriendTech is currently built on Base, an Ethereum L2, with no apparent real need for its own blockchain. FriendTech confirmed that their airdropped $FRIEND token would be used for gas on the new chain, though further information has not been released.

Summertime Speculation: SEC chairman Gary Gensler said he expects several Ethereum spot ETF applicants to be approved this summer. During a recent Senate hearing, Gensler seemed positive about the possibility of getting the necessary regulatory nod from individual issuers. The spot ETF approval would follow the Ethereum futures ETF approval, which went live last year.

A TON of Games: Hot on the trails of Notcoin and Hamster Kombat, two more Telegram-based web3 game projects have announced their intention to build on The Open Network (TON) blockchain. Tapswap and Yescoin are both simple tap-to-earn-points games that are playable via mini apps directly on the Telegram messaging platform.

This Week in our Blog

Want to get started with the Bitfinity testnet but unsure of where to start? We've written up this comprehensive guide, covering everything from the basics of what a testnet is, to how to simulate transactions:

Exploring the Bitfinity Blockchain: A Comprehensive Testnet Tutorial
Discover the power of the Bitfinity testnet for seamless Dapp development. Learn how to mint BFT tokens, simulate transactions, and explore the blockchain effortlessly.

NFT Market Bytes

Under New Management: Rap pioneers Wu-Tang Clan's album 'Once Upon a Time in Shaolin' is available for purchase... kind of. The exclusive record used to be owned by 'Pharma Bro' Martin Shkreli, but currently under ownership of PleasrDAO. After filing a lawsuit against Shkreli for copying and streaming the album without permission, PleasrDAO has put partial ownership of the album up for sale as NFTs. Fragmented into teaser clips, the NFTs are available for $1. Each sale will bump up the public release of the full album by 88 seconds at a time.

For the Masses: South Korea's Financial Services Commission has finally clarified the guidelines on whether or not an NFT falls under the category of virtual assets. Mass-produced NFTs lacking distinctive traits, and are divisible and usable for payments, will fall under the virtual asset classification. This follows Korea's formal structuring of the Capital Markets Act which outlines when NFTs can be considered securities.

Cards in Hand: Parallel, an NFT-based card battler game on Ethereum and L2 Base, debuted on the Epic Games store this week. The game, which already boasts 75 million active players monthly, has been expanding into mainstream avenues over the past year in hopes to onboard non-crypto natives to web3 gaming. The Epic Games Store is a prominent PC gaming marketplace, best known for its envolvement with popular games such as Fortnite and Rocket League.

Tweet of the Week

Meme Time

what Bitcoin ranging feels like lately

A Matter of Opinion

Dapper Labs, which owns several prominent web3 IP brands (such as CryptoKitties), has recently settled a class action lawsuit. The legal dispute is over allegations that Dapper Labs' NBA Top Shot Moments were sold as unregistered securities. This settlement, pending final court approval, offers significant insights for crypto and NFT enthusiasts who are observing the regulatory paths laid down by the U.S. government concerning securities liabilities.

To summarize: Dapper Labs argued that their NBA Top Shot Moments are akin to traditional sports trading cards, driven by collector interest rather than investment intent. However, the court highlighted Dapper’s control over the Flow blockchain and its marketplace, along with marketing tactics implying potential financial returns, as key factors that brought the Howey Test into play.

While the case outcome does not equate to a legal precedent, it provides a practical framework for other NFT projects. Key stipulations include Dapper relinquishing control of the Flow blockchain to ensure decentralization, allowing Moments to be traded on various marketplaces, and implementing robust compliance measures.

This settlement, alongside recent SEC actions against other NFT issuers, suggests that the regulatory focus is on asset issuer control and marketing, at least for the time being. Issuers should be wary of centralized control over the blockchain, creating exclusive marketplaces, using sales revenue for project development, and implying investment returns in their marketing. While regulatory definitions still have a long way to go, both market speculators and builders can find reassurance and better form paths of self-guidance under these newly defined parameters.

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*Important Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself. The information provided here is for general informational purposes only and should not be considered as financial advice.