OpenSea has officially opened up support for the Avalanche blockchain, with the move providing broader access for the network’s native NFT projects and faster transactions for OpenSea users. The Avalanche team noted in an Oct. 12 blog post that around 10 of the network’s native NFT projects have been initially listed on OpenSea, with more to come. “On Avalanche, OpenSea users will benefit from the fastest time to finality for NFT trades — regularly settling transactions in under a second — and consistently low transaction fees as a result of Avalanche’s success in horizontally scaling with Subnets,” the post reads. …

Sources say that the U.S. Securities and Exchange Commission (SEC) probe into Yuga Labs is actually part of a wider investigation into the nonfungible token (NFT) market, which already came to light in March. On Oct. 11, a report from Bloomberg citing a source “familiar with the matter” said the SEC is investigating Yuga Labs over whether certain NFTs are “more akin to stocks” and whether the sales of certain digital assets violate federal laws. However, Cointelegraph understands that the investigation is part of the ongoing SEC probe into the wider NFT market, which is looking at whether certain NFTs …

According to a new Twitter post published Monday evening, U.S.-based multimedia outlet The Cable News Network, colloquially known as CNN, says it will shut down its nonfungible tokens (NFT) project less than four months after its launch. Dubbed "Vault by CNN: Moments That Changed Us," the collection included a series of tokenized iconic news moments from its 41-year history, along with a vault to purchase, store and display the NFTs. In explaining the decision, CNN staff said that Vault was a "six-week experiment" and a "first foray into Web 3.0." However, the firm will "no longer be developing or maintaining …

A nonfungible token (NFT) purchased for 188 Ethereum (ETH) at a cost of $623,000 in 2021 by American YouTuber Logan Paul saw a dramatic loss in value to only $10 by the end of September, but has seen a small bump in its price after it trended on social media. Paul's loss of over $600,000 on his 0N1 Force K4M-1 #03 NFT has been public knowledge for months, but after the YouTuber shared a post on his Snapchat on Sept. 27 talking about it, several Twitter users picked up the story resulting in more attention for the NFT. Now, the …

Nonfungible tokens (NFTs) and the sports world are on a mutually beneficial trajectory into the next generation of connectivity. The latter is a catalyst for more mainstream adoption, with average sports fans rushing to collect NFT memorabilia and Web3-backed event tickets. While NFTs give the industry never-before-experienced levels of democracy and the connectivity which fans crave. The platform FANtium is using NFTs to take financing athletes to the next level. Fans can use digital assets like bets on the future success of their favorite up-and-coming sports stars. However, instead of placing a bet and walking away with only a monetary …

Ethereum (ETH) blockchain-based Metaverse projects Decentraland (MANA) and Sandbox (SAND) have hit back at reports suggesting low daily user activity on platforms, arguing a “misinformed” metric was used to measure each of the platforms' Daily Active Users (DAU). The controversy appears to have come from data originating from DappRadar, with observers suggesting the Decentraland metaverse sees 30 Daily Active Users despite having over $1.2 billion in market cap. Decentraland ( $MANA ) has 30 Daily Active Users and a $1.2 Billion Market Cap pic.twitter.com/u4MBNsWvwk — SHAKE (@0x_shake) October 6, 2022 However, Decentraland said in an Oct. 8 tweet that “some …

According to a recent Twitter post by 0xngmi, the anonymous creator of decentralized finance (DeFi) project aggregator Defi Llama, the smart contract code for a novel nonfungible tokens (NFT) borrowing and lending protocol dubbed 'LlamaLend" is near completion. The protocol aims to solve the problem of NFT holders needing to obtain liquidity when holding their digital collectibles and primarily targets small NFT collections. The project's LlamaLend GitHub page explains: "If a holder needs liquid money because a good opportunity has appeared, all they can do [now] is just sell their NFTs." As per its GitHub page, LlamaLend will allow users …

Cardano founder Charles Hoskinson has been pointing out the flaws affecting the Ethereum protocol following its latest upgrade. A major issue, according to Hoskinson, is the locking mechanism that prevents investors from withdrawing their staked Ether (ETH) from the Beacon Chain until the completion of the next upgrade. “Ethereum is the Hotel California of cryptocurrencies. You can check in but you can't check out,” said Hoskinson in a recent Cointelegraph Interview. According to Hoskison, this mechanism heavily impacts ETH's liquidity and could eventually spark a liquidity crisis. “You'll have less and less Ether trading in the marketplace," he explained. "And …

United Arab Emirates (UAE) has emerged as one of the fastest-growing destinations for Web3 projects, thanks to the initiatives taken by its government. A recent research report published by the Web3 platform Crypto Oasis Ecosystem highlighted the dominance of UAE in the Web3 economy as it identified more than 1,450 active Web3 organizations with nearly 7,000 individuals. The report divided Web3-based projects into two categories, namely native blockchain projects and non-native ones. The native blockchain projects are those which are solely based on the native decentralized technology and currently, there are 950 organizations (65%) working towards it while 35% or …

The idea of Web3 has begun to take hold among business web developers in recent years. Modern business models emphasize the significance of moving beyond Web2 and discovering new ways to manage, organize and create meaning from the enormous volume of user-generated data, even though ideas about the current developments of the Web are still hazy and unclear. The Semantic Web is frequently linked to the concept of Web3 as business strategies and web developers envisioned it. Tim Berners-Lee, the inventor of the World Wide Web, initially proposed the idea in 1999. He saw the potential for enabling robots to …

Flow blockchain developers Dapper Labs has suspended Russian accounts after the European Union (EU) imposed new sanctions against Russia and its nationals. Announced on Oct. 6, the latest set of EU sanctions on Russia stipulates a full ban on the provision of crypto-asset wallets, accounts and custody services, regardless of the total value of the assets. Following the sanction announcement, Dapper stated that accounts with connections to Russia will no longer be able to sell, purchase or gift nonfungible tokens (NFTs), withdraw funds from their accounts or add to their balances, stating: “It is now prohibited to provide crypto-asset wallet, …

The chief financial officer of NFT marketplace OpenSea, Brian Roberts, has become the latest high-profile Web3 executive to step down amid the bear market, resigning from his position after only 11 months in the role. In an Oct. 7 post on LinkedIn, the former CFO of ride-share platform Lyft and OpenSea said it was time for him to “come ashore” from the “open seas,” but didn’t state his exact reasons for leaving, though he noted he would be staying on as an advisor to the company moving forward. Roberts was appointed as the OpenSea CFO in 2021 after working at …