Day: August 22, 2024

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Grayscale Introduces Avalanche Trust

Grayscale Investments, a leading cryptocurrency asset manager, has introduced the Grayscale Avalanche Trust, providing investors with exposure to the AVAX token. This token is crucial for transaction fees and securing the Avalanche blockchain, known for its high-speed and scalable capabilities as a competitor to Ethereum.

This launch is part of Grayscale’s broader expansion into decentralized finance and AI tokens. The firm has recently introduced several new products, including decentralized AI token funds. The Avalanche Trust announced on Thursday, marks a significant addition to Grayscale’s suite of investment options.

Growing Interest in Crypto Investment Products

Interest in publicly traded cryptocurrency products has surged since the Securities and Exchange Commission (SEC) approved the first Bitcoin (BTC) ETFs for U.S. trading in January. Grayscale, a prominent player in the industry and part of Digital Currency Group, has been a pioneer in bringing digital assets to traditional investors. Its Bitcoin Trust was among the first ETFs to receive approval, and it recently transitioned its Grayscale Ethereum Trust (ETHE) to an ETF structure.

Under the leadership of new CEO Peter Mintzberg, who took over from Goldman Sachs, Grayscale now offers over 20 crypto investment products. Recent additions include the Grayscale Bittensor Trust and Grayscale Sui Trust, focusing on the TAO and SUI tokens, respectively.

Rayhaneh Sharif-Askary, Grayscale’s head of product and research, highlighted Avalanche’s role in advancing real-world asset (RWA) tokenization through strategic partnerships and its multi-chain structure. At the time of writing, the AVAX token was trading at approximately $23.

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M^0’s New Partnership with Fireblocks

M^0, a protocol for minting stablecoins backed by U.S. Treasury bills, has announced its collaboration with Fireblocks to provide advanced cryptocurrency custody services. This integration ensures that institutions using Fireblocks for crypto key management can seamlessly operate with M^0’s stablecoin-minting and validation system.

M^0 aims to address the limitations of current stablecoin systems, where yield is either retained by token issuers or distributed to token holders. With Fireblocks’ key-management technology, M^0’s protocol enables users to transfer, update collateral balances, retrieve, burn tokens, and interact with validators to verify reserves more efficiently.

Revolutionizing Stablecoin Yield Management

M^0 Labs, the developer behind the protocol, highlights a unique feature of its business model—flexible revenue sharing. Unlike traditional models where issuers like Tether (NASDAQ) or Circle (USDC) either keep all the yield or pass it entirely to token holders, M^0 offers a more versatile approach. Users can choose to retain the full yield or distribute it based on custom criteria, thus promoting a more dynamic ecosystem.

The protocol, governed by the decentralized M^0 Foundation, allows for complex yield management and incentivization directly on-chain. M^0 has already achieved a collateralized float of approximately $30 million, with reserves validated on-chain every 30 hours. Note that the service is not available to users in the U.S.

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CryptoPunks’ Continued Dominance in NFT Sales

CryptoPunks has achieved a significant milestone, leading CryptoSlam’s daily non-fungible token (NFT) sales chart with a notable US$1.29 million on Wednesday. This marks the third consecutive day CryptoPunks has topped the sales rankings.

Despite CryptoPunks’ impressive performance, there is speculation within the community regarding a potential decline in the value of these iconic NFTs. Investor Deepak Thapliyal recently sold CryptoPunk #5822, which was previously valued at US$24 million. Although the exact sale price remains undisclosed, it is speculated that the transaction, which involved approximately 5,000 Ether (US$12.8 million), might have resulted in a loss.

Market Overview and Other Notable NFT Sales

On Wednesday, CryptoPunks saw 15 transactions involving 11 unique buyers and 13 sellers, with an average sale price of US$86,582. The day’s performance contributed to CryptoPunks’ all-time sales volume, which has now reached US$2.87 billion, placing it third in the NFT market.

In second place for the day, Bored Ape Yacht Club recorded US$861,724.21 across 26 transactions. Mythos Chain’s DMarket followed with US$738,879 in sales from a substantial 25,578 transactions. Pudgy Penguins secured fourth place with US$587,545 in sales. Guild of Guardians Heroes and Mutant Ape Yacht Club rounded out the top sellers with US$464,522 and US$433,094 in sales, respectively.

Ethereum (ETH), the blockchain platform hosting CryptoPunks, led all blockchains with US$6.46 million in sales.

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Discussion Overview

In a recent roundtable discussion led by Rob Nelson, with insights from Michael Wagner, CEO of ATMTA, and David Gokhshtein, CEO of Gokhshtein Media, the focus was on how blockchain technology is reshaping monetization in the gaming industry. The panel explored how this transformation could expand the gaming audience while navigating the challenges posed by traditional revenue models and emerging player-driven monetization.

Industry Reluctance

Rob Nelson highlighted a key issue: major players in the entertainment industry, including gaming, are hesitant to embrace greater monetization opportunities for players. This reluctance stems from a fear of disrupting existing revenue streams. Nelson believes that industries such as film and sports might eventually see the benefits of allowing fans to monetize their engagement, but the gaming sector remains cautious. Despite this, Nelson is optimistic about a gradual adaptation to these changes.

Gameplay and Audience Expansion

Michael Wagner emphasized that the growth of the gaming audience will depend on developing engaging and repeatable gameplay experiences. He acknowledged that while the industry is not yet fully there, a strategic development roadmap is in place. Wagner is confident that as gameplay loops become more compelling, mainstream audiences will increasingly engage with blockchain-based platforms.

Simplifying Technology for Adoption

David Gokhshtein agreed with Wagner’s assessment but also stressed the importance of making new technologies more accessible. He pointed out that younger generations are already adopting NFTs and cryptocurrencies. Gokhshtein suggested that if a major player like Epic Games were to integrate blockchain technology, the transition from Web2 to Web3 could accelerate. He believes that a stable ecosystem is crucial for mainstream acceptance, and once established, it will drive significant growth in the gaming industry.

Future Outlook

The discussion highlights a pivotal moment for the gaming industry as it navigates the integration of blockchain technology. The shift toward player-driven monetization and the expansion of audience engagement is promising but faces resistance from established players. As technology continues to evolve and gameplay experiences improve, the potential for blockchain to revolutionize gaming monetization becomes increasingly tangible.

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