Trait Sniper Weekly News 15 (12.09 - 18.09.2022)
The blockchain market has responded in various ways to "The Merge's" success, which was the most awaited event in the bear market. In addition to the news that the Korean government arrested Do Kwon, the operations of NFT and a few newcomers prove that despite the fluctuating prices of cryptocurrencies, there is still a bustling market. Let Trait Sniper give you a quick overview below!
Blockchain Market
The Ethereum Merge Is Done, Opening a New Era for the Second-Biggest Blockchain
After years of research and delay, the Merge, a huge redesign of Ethereum, has finally occurred, transitioning the digital machinery at the heart of the second-largest cryptocurrency by market value to a considerably more energy-efficient system.
Now, Ethereum should utilize around 99.9% less energy. According to Ethereum's creators, the update will make the network's $60 billion ecosystem of cryptocurrency exchanges, lending firms, non-fungible token (NFT) markets, and other applications more safe and scalable.
At 6:43 a.m. UTC, when the Merge officially began, almost 41,000 individuals watched the "Ethereum Mainnet Merge Viewing Party" on YouTube. They awaited with bated breath the arrival of vital measurements indicating that Ethereum's core mechanisms were intact. After around 15 minutes, the Merge was finished and could be considered a success. The price of ETH, the second-largest cryptocurrency behind bitcoin (BTC), based on its current market value of close to $200 billion, remained relatively stable following the Merge.
"This is the first step in Ethereum's big journey towards being a very mature system, but there are still steps left to go," said Vitalik Buterin, Ethereum's co-creator, as he reflected on the Merge during the viewing party. He went on to mention Ethereum's relatively high fees and slow speeds, which were not addressed by the update, but remain as much a barrier to growing the network's user base as environmental concerns ever was.
South Korean prosecutors ask Interpol to issue a red notice for Do Kwon
South Korean prosecutors have accused Kwon of financial fraud and are investigating him, and his company after two complaints were filed on behalf of 81 investors over allegations that the business deceived investors. Authorities in South Korea are said to be asking Interpol to issue a ‘red notice’ for Terraform Labs co-founder Do Kwon, as his current location is unknown.
A red notice is a request for law enforcement worldwide to locate and arrest the named individual and hold them until extradition proceedings can commence. If issued, the notice would go out to member police forces in 195 countries.
On Saturday (Sept. 10), the Singapore Police Force confirmed to the press that Kwon was no longer in the city-state as was believed earlier.
South Korean prosecutors issued an arrest warrant for Do Kwon on Sept. 14 and then moved to invalidate his passport days later. While Kwon is a South Korean national, whether he holds a second or third nationality is unknown.
Kwon tweeted that he is not on the run, is in “full cooperation” with authorities, and has “nothing to hide.” He also said that unless “we are friends, have plans to meet, or are involved in a GPS-based Web3 game, you have no business knowing my GPS coordinates.”
NFT Market
The Fresh Capital Boosts Doodles’ Market Valuation Up to $704 Million
Prominent NFT project Doodles has been quietly building since sharing a trailer for its sophomore NFT collection in June. On Tuesday, even bigger news came: The brand announced in a Twitter thread that it had closed a $54 million Series A fundraising round at a $704 million valuation.
Doodles is a Web3 brand created last year by Jordan “Poopie” Castro, Evan “Tulip” Keast, and Scott “Burnt Toast” Martin (they’re primarily known in the Web3 world by their working aliases). Doodles NFTs are known for decorating cats, humans, pickles, flowers, and aliens in pastel colors and rainbows.
Doodles’ floor price sits nicely at about $13,100 (8.25 ETH) on OpenSea as of writing this, but NFTs from the popular brand has sold for far more. In January, Doodle #6914 — the rarest of the collection — sold for about $1.1 million (296.69 ETH); avid NFT collector and investor Pranksy made the big purchase.
Starbucks Details Its Blockchain-based Loyalty Platform and NFT Community, Starbucks Odyssey
Starbucks Odyssey will debut later this year, marking the coffee chain's first venture into the Web3 platform. The new experience blends the Starbucks Incentives loyalty program with an NFT platform, enabling users to both earn and buy digital assets that unlock special experiences and rewards. The business has previously teased investors about its web3 intentions, stating that it hoped this new experience would expand on the existing Starbucks Rewards program, in which consumers earn "stars" that can be redeemed for rewards such as free beverages. It views Starbucks Odyssey as a means for its most devoted consumers to receive a wider variety of prizes while also fostering community. NFTs are the passes required to enter this digital community. To participate in the Starbucks Odyssey experience, Starbucks Rewards members will use their current reward program credentials to log in to the online app.
PUMA Hosts A Metaverse Experience For New York Fashion Week
Black Station, the first-ever metaverse experience from iconic brand Puma, features a variety of special NFTs redeemable for limited-edition physical footwear. The company announced its new endeavor during its FUTROGRADE presentation at New York Fashion Week.
Puma described Black Station in a tweet as “Our very own 3D spatial playground. A unique Web3 space that enables our NFT community and all PUMA followers to experience the brand like never before.” Black Station is an immersive location for customer interaction. Additionally, Black Station is anticipated to change over time. Consumers may visit Puma's Black Station, which offers a limited number of NFTs and actual footwear.
Furthermore, the first two portals of Puma’s Black Station site reveal new and exclusive sneakers – the Nitro NFRNO and Nitro Fastroid sneakers, which are linked to the NFT Nitropass mint. Customers who purchase a Nitropass are granted access to two NFTs, one of which is tied to redeemable tangible goods and the other to an experience tied to their selected shoe. Successful minters of NFTs may get their shoes by destroying their NFT.
Final Thoughts
Despite the rise and fall of cryptocurrencies, many significant corporations and governments still improve apply NFTs and blockchain technology in real life. Since then, we may still expect a better future for blockchain and NFT.