Web 3 With FTC for February 14th - SEC Crypto Warning, Metaverse Differences, NFT Record Sale, Binance Audit Challenges, and DeSo's MegaSwap Launch.
"Welcome to Web3 with FTC For February 10th by Fintech Confidential, the place where we keep you up-to-date on the latest developments in the world of Web3, Crypto, Blockchain, NFTs, and Fintech.
"Get ready for some fresh and thrilling insights on the crypto and blockchain world right here on Web3 with FTC! No more stale, regurgitated stories. We've got the hottest and newest updates for you."
This Podcast is not regulated by the SEC, but it promises to be a good time!
Speaking of the SEC, they've issued an investor alert warning about crypto investments in retirement accounts. So, grandma, put down that Bitcoin and listen up! And if you're looking for some gaming action, you can now play a DOOM game clone on Bitcoin through Ordinals. It's not the real thing, but it's a great way to lose yourself in the blockchain. Meanwhile, Giannis Antetokounmpo's NFT just sold for a record-breaking $187,000 on Sorare. That's almost as much as he makes per basket! We're also exploring the differences between Facebook and Microsoft's metaverse projects. In other news, the Render Network Token has surged after approving a new tokenomics model, proving that sometimes burning things can be a good thing. Binance is facing challenges getting audited due to a lack of industry standards, but no one's perfect, right? And last but not least, DeSo's MegaSwap is changing the game for cross-chain swaps with over $5 million in volume.
Top stories for today.
1️⃣ SEC Warns Against Crypto Investments in Retirement Accounts
2️⃣ Playable DOOM Clone Game on Bitcoin Blockchain Available via Ordinals
3️⃣ Giannis Antetokounmpo NFT Sells for Record-Breaking $187,000 on Sorare
4️⃣ Facebook Metaverse vs Microsoft Metaverse: Similarities and Differences Explained
5️⃣ Binance Faces Auditing Challenges Due to Lack of Industry Standards
6️⃣ DeSo Launches Revolutionary Cross-Chain Smart Service MegaSwap with Over $5 Million in Volume
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Transcript
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Speaker:Welcome to Web3 with FTC by Fintech Confidential, the place where we
Speaker:keep you up-to-date on the latest developments in the world of Web3,
Speaker:Crypto, Blockchain, NFTs, and Fintech.
Speaker:"Get ready for some fresh and thrilling insights on the crypto and blockchain
Speaker:world, right here on Web3 with FTC!
Speaker:No more stale, regurgitated stories, we've got the hottest
Speaker:and newest updates for you."
Speaker:The SEC has issued an investor alert warning about crypto assets
Speaker:in retirement accounts, cautioning investors to be wary of crypto
Speaker:investments in individual retirement accounts (IRA) which may be securities
Speaker:offered without SEC registration or a valid exemption from registration.
Speaker:Industry lobbyists and company executives have argued that the agency isn't
Speaker:providing a realistic pathway for exchange registration, while the SEC has
Speaker:been waging a legal contest on multiple fronts against the crypto industry.
Speaker:In other news, the Ordinals project has announced the availability of a playable
Speaker:DOOM game clone on the Bitcoin blockchain, made possible by the Taproot upgrade.
Speaker:The game is identified as Inscription 466 and allows users to store
Speaker:unique assets on it similar to NFTs.
Speaker:While it's a crude imitation of the original game, it gives players a
Speaker:taste of what's possible with Ordinals.
Speaker:The Ethereum-based Sorare NBA platform has set a new record, with
Speaker:a 1/1 NFT of Giannis Antetokounmpo selling for $187,000 in ETH.
Speaker:NBA Top Shot played a role in the popularity of NFTs in 2021, with secondary
Speaker:market sales generating over $1 billion.
Speaker:Facebook (now Meta) and Microsoft have invested Billions of dollars
Speaker:in the development of the metaverse, with both companies having a
Speaker:similar vision for the metaverse.
Speaker:While Facebook's metaverse is more focused on social media relationships, Microsoft's
Speaker:is more concentrated on work, and its utility and collaboration tools continue
Speaker:to be the top choice in the workplace.
Speaker:Render Network Token, RNDR, has seen a significant surge in value, with positive
Speaker:funding rates and mostly bullish sentiment among traders following the approval of a
Speaker:new burn-and-mint equilibrium (BME) model.
Speaker:Binance is facing challenges in getting audited due to the lack of industry
Speaker:standards for handling crypto-specific issues such as price volatility.
Speaker:Last but not least, DeSo has launched MegaSwap, a revolutionary cross-chain
Speaker:smart service that enables users to swap coins between different blockchains
Speaker:with a frictionless zero-login.
Speaker:The platform has already seen more than $5 million in volume in its
Speaker:limited release, demonstrating its potential to revolutionize the
Speaker:crypto market with cross-chain swaps.
Speaker:Stay here for the rest of the story, right here on Web3 with FTC."
Speaker:Remember to follow us on our Telegram Channel, Linkedin, Twitter, Facebook,
Speaker:and Instagram, and sign up for the latest news delivered straight to your inbox at
Speaker:access dot fintech confidential dot com.
Speaker:SEC Issues Investor Alert Warning About Crypto Investments
Speaker:in Retirement Accounts......
Speaker:The U.S.
Speaker:Securities and Exchange Commission (SEC) has issued an investor alert,
Speaker:warning that crypto assets are often unregistered securities being
Speaker:traded on unregistered exchanges.
Speaker:The SEC caution investors to be wary of crypto investments in
Speaker:individual retirement accounts (IRA), which may be securities
Speaker:offered without SEC registration or a valid exemption from registration.
Speaker:The SEC also warned investors about companies handling cryptocurrency trading,
Speaker:as many trading platforms for these crypto assets refer to themselves as "exchanges,"
Speaker:which may give investors the misimpression that they have registered with the SEC.
Speaker:Self-directed IRAs sometimes offer crypto investments, which may not be accompanied
Speaker:by complete or accurate information to aid investors in making informed decisions.
Speaker:Industry lobbyists and company executives have argued that the agency isn't
Speaker:providing a realistic pathway for exchange registration and have maintained that
Speaker:many cryptocurrencies aren't securities.
Speaker:Nevertheless, the SEC has been waging a legal contest on multiple
Speaker:fronts against the crypto industry.
Speaker:The agency has been cautioning investors about the risks associated
Speaker:with cryptocurrencies and trading platforms for these assets.
Speaker:The crypto industry has been contesting the SEC's position, arguing that many
Speaker:cryptocurrencies aren't securities.
Speaker:. Next up
Speaker:Playable DOOM Game Clone Now Available on Bitcoin Through Ordinals.....
Speaker:The Ordinals project has announced the availability of a playable DOOM
Speaker:game clone on the Bitcoin blockchain, made possible by the Taproot upgrade.
Speaker:The game is identified as Inscription 466 and allows users to store
Speaker:unique assets on it similar to NFTs.
Speaker:The DOOM game clone was created by Nicholas Carlini and can be
Speaker:played with a keyboard and mouse.
Speaker:While it is a crude imitation of the original game, lacking the bloody,
Speaker:pixelated impact of the groundbreaking original, it gives players a taste
Speaker:of what's possible with Ordinals.
Speaker:The game is constantly evolving and involves people trying to get the game,
Speaker:with over 94,000 Reddit users subscribed to a subreddit dedicated to the pursuit.
Speaker:According to The Ordinal Theory Handbook, Bitcoin inscriptions, such as the DOOM
Speaker:clone game, are preferable to NFTs.
Speaker:Unlike most NFTs, whose metadata can be changed or deleted by the creator,
Speaker:every inscription on Bitcoin through Ordinals is referred to as a "digital
Speaker:artifact" that cannot be changed.
Speaker:Furthermore, the protocol allowed for the mining of the largest Bitcoin block
Speaker:ever this week, with a high-definition "Taproot wizard" transaction with
Speaker:a 3.96MB transaction size, just shy of Bitcoin's 4MB block size limit.
Speaker:The size of the DOOM Ordinal was only 31.2 KB.
Speaker:The game is constantly evolving and gives players a taste of
Speaker:what's possible with Ordinals.
Speaker:f Giannis Antetokounmpo NFT Sells for Record-Breaking Price on Sorare.....
Speaker:The Ethereum-based Sorare NBA platform has set a new record, with
Speaker:a 1/1 NFT of Giannis Antetokounmpo selling for $187,000 in ETH.
Speaker:This is the largest sale ever for a Giannis Antetokounmpo NFT and one of
Speaker:the biggest NBA NFT sales to date.
Speaker:The unique Antetokounmpo NFT was sold at an auction on the Sorare NBA platform over
Speaker:the weekend, breaking the previous peak sale record of an Anthony Davis NFT that
Speaker:sold for more than $62,000 in December.
Speaker:According to data from CryptoSlam, the sale price was nearly
Speaker:triple the previous record.
Speaker:However, Sorare's best NBA players can't match the athlete's highest
Speaker:score when measured against physical trading card sales.
Speaker:NBA Top Shot played a role in the popularity of NFTs in 2021, with secondary
Speaker:market sales generating over $1 billion.
Speaker:The majority of these sales, however, took place in the first few weeks of 2021.
Speaker:A piece of LeBron James memorabilia sold for nearly $388,000 in April
Speaker:2021 at an off-chain auction house.
Speaker:The highest single NFT sale for Top Shot was this one.
Speaker:That's all for today's news update, where we brought you the record-breaking sale
Speaker:of a Giannis Antetokounmpo NFT on the Sorare NBA platform for $187,000 in ETH.
Speaker:This is the largest sale ever for a Giannis Antetokounmpo NFT and one of
Speaker:the biggest NBA NFT sales to date.
Speaker:NBA Top Shot played a role in the popularity of NFTs in 2021, with secondary
Speaker:market sales generating over $1 billion.
Speaker:Stay tuned for more news and updates on finance and technology, and
Speaker:don't forget to subscribe to our channel for the latest updates.
Speaker:Thank you for watching!
Speaker:Facebook Metaverse vs Microsoft Metaverse: Similarities and Differences.....
Speaker:Facebook and Microsoft have invested millions of dollars in
Speaker:the development of the metaverse.
Speaker:While both companies have a similar vision for the metaverse,
Speaker:there are some differences in their approach to integrating
Speaker:the concept into their projects.
Speaker:In this video, we will explore the similarities and
Speaker:differences between Facebook and Microsoft's metaverse projects.
Speaker:The metaverse is a system of interconnected, realistic virtual
Speaker:worlds that allows users to interact with each other, make
Speaker:and play games, work, and shop.
Speaker:While the concept of a single, acknowledged metaverse is still
Speaker:hypothetical and science fiction at this point, tech behemoths like
Speaker:Facebook (now Meta) and Microsoft have continued to create metaverse-like
Speaker:experiences like virtual fashion shows, live concerts, and workplaces.
Speaker:Facebook, through its Horizon Worlds app, allows users to participate in
Speaker:the metaverse experience by joining computer-simulated events that are meant
Speaker:to be realistic, including work meetings, sporting events, parties, and workouts.
Speaker:The company encourages creators to add new places using the world-building
Speaker:tools available on the Horizon platform.
Speaker:Similarly, Microsoft wants people to use its metaverse apps for work,
Speaker:school, training, and entertainment.
Speaker:The company is employing a hierarchical strategy by integrating its metaverse
Speaker:concept into projects like Mesh for Teams, connecting people in
Speaker:mixed reality through employment.
Speaker:While both companies have a similar vision for the metaverse, there are
Speaker:important distinctions between them.
Speaker:Facebook's metaverse is more focused on social media relationships, while
Speaker:Microsoft's is more concentrated on work.
Speaker:Additionally, Microsoft's utility and collaboration tools continue to
Speaker:be the top choice in the workplace.
Speaker:As the metaverse becomes more prevalent, it may represent the
Speaker:next step in how people communicate, interact, and conduct business online.
Speaker:While companies like Facebook and Microsoft have taken the lead in
Speaker:creating metaverse-like experiences, occupiers and investors looking to
Speaker:expand into the metaverse should decide which applications are best for their
Speaker:industry and long-term planned goals.
Speaker:The metaverse promises to enhance the overall studio experience and
Speaker:complement the physical environment.
Speaker:Render Network Token Surges After Approval of New Tokenomics Model.....
Speaker:The utility token of blockchain-based rendering service Render Network,
Speaker:Render , has surged by over 80% in the past week, with a current value of $2.16.
Speaker:The price increase follows the approval of a new burn-and-mint
Speaker:equilibrium, BME, model by the network’s community, aimed at making Render
Speaker:a commodity and deflationary asset.
Speaker:The new model approved in a vote on Jan.
Speaker:31 allows artists to burn Render in exchange for non-fungible work
Speaker:credits, distributed to node operators.
Speaker:The Render Network provides distributed graphics processing unit
Speaker:(GPU)-based rendering services for the entertainment sector, and the
Speaker:BME model aims to cap net emissions.
Speaker:Crypto data provider Coinglass has indicated positive funding rates
Speaker:for the token, reflecting mostly bullish sentiment among traders.
Speaker:Bitcoin and Ether, the two largest cryptocurrencies, have also shown
Speaker:price increases in response to remarks by Federal Reserve Chairman
Speaker:Jerome Powell about the start of “a deflationary process.” Bitcoin rose
Speaker:2% to $23,250, while Ether emulated the pattern and recently traded
Speaker:at $1,670, up 3.5% from Monday.
Speaker:The CoinDesk Market Index, which measures the overall crypto market
Speaker:performance, was recently up 2.2%.
Speaker:Traditional markets also rose after Powell’s comments, with the S&P 500 index
Speaker:closing up 1.2%, and the tech-heavy Nasdaq Composite and Dow Jones Industrial Average
Speaker:finishing up 1.9% and 0.7%, respectively.
Speaker:Render Network Token, Render, has seen a significant surge in value,
Speaker:with positive funding rates and mostly bullish sentiment among traders following
Speaker:the approval of a new BME model.
Speaker:As Bitcoin and Ether continue to show increases, traditional markets have
Speaker:also reacted positively to remarks by Federal Reserve Chairman Jerome Powell.
Speaker:Binance faces challenges in getting audited due to lack
Speaker:of industry standards.....
Speaker:Binance, the largest cryptocurrency exchange by trading volume, is facing
Speaker:challenges in getting audited due to a lack of industry standards.
Speaker:Binance detractors have criticized the exchange's operations and
Speaker:called for greater scrutiny.
Speaker:While Binance has admitted to past mistakes, its head of Asia-Pacific
Speaker:argues that traditional auditors have a lot to learn about the crypto
Speaker:industry and its unique challenges.
Speaker:According to Bloomberg, Binance's head of Asia-Pacific, Leon Foong, has stated
Speaker:that traditional auditors are not ready to audit crypto companies because
Speaker:they lack agreed standards for dealing with issues such as price volatility.
Speaker:Foong argues that there is a learning curve and that these auditors do not have
Speaker:the necessary core competence to handle the complexities of the crypto industry.
Speaker:Critics of Binance, such as Kevin O’Leary, a big businessman and entrepreneur, have
Speaker:also raised concerns about unregulated exchanges and their “faux equity” tokens.
Speaker:O’Leary recently mentioned Binance as being one of the main culprits,
Speaker:while speaking on the Wolf of All Streets YouTube channel.
Speaker:Despite the challenges faced by Binance, the Bloomberg article notes
Speaker:that Deloitte audited Coinbase's annual statements, suggesting that major
Speaker:accounting firms can carry out this type of work for crypto companies.
Speaker:Binance has also acknowledged its own mistakes in the past, including how
Speaker:it manages its stablecoin reserves and holding various token collateral
Speaker:in the same wallet as client funds.
Speaker:Foong has stated that these issues are being rectified and that
Speaker:the exchange's proof-of-reserves statement will be expanded upon.
Speaker:Binance is facing challenges in getting audited due to the lack of industry
Speaker:standards for handling crypto-specific issues such as price volatility.
Speaker:Despite its detractors and past mistakes, the exchange is taking steps to address
Speaker:these issues and improve its transparency.
Speaker:As the crypto industry continues to evolve, it remains to be seen
Speaker:how traditional auditors will adapt to the unique challenges
Speaker:posed by this emerging asset class.
Speaker:Coinbase-Backed DeeSo Launches MegaSwap, A Revolutionary Cross-Chain Smart Service
Speaker:With Over 5 Million dollars In Volume...
Speaker:. . . . De So has launched MegaSwap, a frictionless zero-login smart service
Speaker:that enables users to swap coins between different blockchains with
Speaker:more than $5 million in volume.
Speaker:MegaSwap offers a safer and alternative solution to traditional centralized
Speaker:exchange models and makes it easier for developers to build web3
Speaker:applications on different blockchains.
Speaker:DeeSo’s MegaSwap is a cross-chain smart service that has the potential
Speaker:to revolutionize the crypto market by offering a safer and
Speaker:alternative solution to traditional centralized exchange models.
Speaker:In its limited release, the platform has already seen more than $5
Speaker:million in volume, demonstrating its potential to revolutionize the
Speaker:crypto market with cross-chain swaps.
Speaker:MegaSwap enables users to securely and easily swap coins
Speaker:between different blockchains with a frictionless zero-login.
Speaker:This makes it easier for liquidity and new users to be onboarded
Speaker:into any blockchain ecosystem.
Speaker:Developers can install its frictionless zero-login API with a single line of
Speaker:code, making their apps chain-agnostic and accessible from any blockchain.
Speaker:MegaSwap solves various critical pain points, including onboarding new users
Speaker:and liquidity to any web3 application across any blockchain ecosystem.
Speaker:This eliminates the need for users to ever log in or provide
Speaker:sensitive personal information.
Speaker:Instead of storing their coins on a centralized exchange, users can store
Speaker:them in their own self-custody wallets to mitigate the risk of unforeseen meltdowns.
Speaker:According to Nader Al-Naji, founder of DeeSo, “One of the biggest
Speaker:use cases we think will have the greatest impact is onboarding new
Speaker:users that don't own your coin.
Speaker:That all changes with MegaSwap, where devs can leverage crypto-to-crypto
Speaker:swaps between any two coins no matter what blockchain ecosystem they're in.
Speaker:This last use case is a great wedge because it solves the biggest pain
Speaker:point for every blockchain dev today: getting new users without making
Speaker:them buy your coin on an exchange.”
Speaker:MegaSwap is a simple, innovative solution for developers seeking to build web3
Speaker:applications on different blockchains.
Speaker:With support coming soon for other blockchains like Near, ADA, Doge, and
Speaker:more, users can easily and securely swap between Ethereum, Solana,
Speaker:Bitcoin, DeeSo, and USDC, making it easier than ever to move funds between
Speaker:blockchains allowing communities to seamlessly navigate from app to app.
Speaker:DeeSo's MegaSwap is a revolutionary, cross-chain smart service that enables
Speaker:users to securely and easily swap coins between different blockchains
Speaker:with a frictionless zero-login.
Speaker:The platform has already seen more than $5 million in volume in its
Speaker:limited release, demonstrating its potential to revolutionize the
Speaker:crypto market with cross-chain swaps.
Speaker:The launch of MegaSwap is a testament to DeeSo's commitment to creating
Speaker:a Social Layer for Web3 that allows communities to seamlessly transition
Speaker:between different blockchains, eliminating a major hurdle preventing
Speaker:the mass adoption of cryptocurrencies.
Speaker:With its comprehensive suite of powerful tools, including Openfund,
Speaker:DeeSo is positioning itself as the go-to layer-1 blockchain to build
Speaker:decentralized social media applications.
Speaker:As we wrap up today's episode of Web3 with FTC by Fintech Confidential.
Speaker:Today we've covered some of the biggest Web3 stories that are shaking up the
Speaker:Web3 world and what they mean for you.
Speaker:From the SEC cautioning investors about the risks associated with
Speaker:cryptocurrencies, to the launch of DeSo's MegaSwap, which enables users
Speaker:to swap coins between different blockchains, the world of finance and
Speaker:technology is always full of surprises.
Speaker:Whether you're interested in NFT sales or cross-chain smart services,
Speaker:there's something for everyone in this exciting and ever-evolving industry.
Speaker:And remember, even if auditors aren't quite ready to handle the complexities
Speaker:of the crypto world, the community is always pushing the boundaries and
Speaker:finding new ways to innovate.Thanks for tuning into “Web3 with FTC”,
Speaker:where we cover what’s behind the disruptive and innovative world of Web3,
Speaker:Blockchain, Crypto, NFTs and Fintech.
Speaker:And remember to follow us on our Telegram Channel, Linkedin, Facebook,
Speaker:and Instagram, and sign up for the latest news delivered straight to your inbox at
Speaker:access dot fintech confidential dot com.
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Emily:This has been a production of Diamond D3 Media,
Emily:with All Rights Reserved.
Emily:This is provided for informational purposes only.
Emily:It is not offered or intended to be used as legal, tax, investment,
Emily:financial, or other advice.
Emily:We strive to provide accurate and up-to-date information, but will
Emily:not be responsible for any missing facts or inaccurate information.
Emily:You comply and understand that you should use any of this
Emily:information at your own risk.
Emily:Cryptocurrencies are highly volatile financial assets, so research and