This week’s edition of Crypto NFT Today features an abundance of exciting updates, including the first-ever US city Bitcoin mining operation, another multi-million dollar NFT hack, and a massive spike for Dogecoin as Elon Musk acquires Twitter. So now, let’s get crunching!
This past week, Stripe, a popular online payment processor, began piloting a new cryptocurrency payout system with Twitter. As a result, select Twitter creators can now receive payments in USDC, a stablecoin tied to the US dollar.
Introducing crypto payouts: https://t.co/xJnpLmsBKn. pic.twitter.com/PJQ2oTaU7J
The new platform, Stripe Connect, will funnel payments over the Polygon network, a blockchain tied to Ethereum. At least initially, Stripe says that they will only be supporting payments in USDC but “plan to add support for additional rails and payout currencies over time.” After payments are received, creators can store their earnings on Polygon or exchange them for other cryptocurrencies on the Ethereum network.
Twitter is the first partner to pilot this new payout program with Stripe. Visit https://stripe.com/use-cases/crypto to learn more about Stripe and its dedication to entering and building in the crypto space.
Bored Ape Yacht Club announced early Monday morning on Twitter that their Instagram account was compromised, and hackers swiped over $13 million in NFT assets.
The hackers were able to scam BAYC community members using a fake airdrop prompt, allowing the transfer of NFT assets directly to their wallets. Even using 2FA and other security measures on all social channels, hackers were able to infiltrate and compromise the BAYC community.
Unfortunately, this isn’t the first and won’t be the last massive attack within the crypto and NFT space. Legislators globally have stressed the need to manage both spaces better to protect investors from hackers and outside threats. As a result, these latest hacks are a hot topic as federal and local governments continue navigating toward mainstream adoption and management of digital assets. There’s no doubt that these headlines deter new investors and further damage outside views of digital assets.
It’s official! Fort Worth, Texas, is the first city in the US to pursue Bitcoin mining. Mayor Mattie Parker has been advocating and pursuing the potential positives of backing Bitcoin and started a new city-funded venture this week by installing three bitcoin mining rigs set to operate 24/7 at the City Hall.
Launching the @CityofFortWorth #Bitcoin mining pilot program w/ @TexasBlockchain1 and becoming the first city government in the United States to mine #Bitcoin #ItBeginsInFW https://t.co/W7yE9nWnFr
“We’re the fastest-growing city in the country. There’s so much excitement around North Texas and Fort Worth, in particular. To really keep that energy going, we have to push ourselves differently, and we think cryptocurrency is a huge part of our future economy,” said Mayor Parker.
With energy consumption being an important topic of conversation regarding Bitcoin mining, each of these three Bitcoin mining machines will consume as much power as a household vacuum.
This small Bitcoin mining operation piloting program will last approximately six months. At that point, Mayor Parker and the city will reevaluate and decide whether or not to build on or part ways with the Bitcoin initiative. Mayor Parker is adamant that this move is not about financial profit but about helping the city step into the digital age.
After submitting a $44 billion bid, Elon Musk finally finagled his way into full ownership of Twitter.
One question looms large, does Elon’s acquisition of Twitter mean anything for the world of cryptocurrency, explicitly highlighting Dogecoin? Investors seem to think so. The same man stated he would eat a McDonald’s Happy Meal on TV if the conglomerate began accepting Dogecoin as a form of payment. Regardless, Dogecoin found a 30% raise after the news broke but came towering down with the rest of the market a day later.
We know that Elon has a strong knack for technology and is a massive advocate for exploration (not just in space) but within all realms of business. So it’s likely safe to assume that Dogecoin, among other cryptocurrencies, will have a more permanent space within Twitter, but time will tell.
In a blog post released last week, the VP of Coinbase Products, Sanchan Saxena, released a blog post highlighting the exciting news revolving around Coinbase’s long-awaited NFT platform Coinbase NFT, which has now reached beta status.
Over time, Coinbase NFT aims to be the new gold standard for NFT marketplaces. It will directly compete with OpenSea, which is now debatably the largest NFT Marketplace with over one million active platform users. Beta testing to Coinbase NFT is open to limited users that joined a waitlist in Q4 of 2021. Users can join, create profiles, and manage NFT assets, having the ability to buy, sell, and interact with fanbases. The Coinbase NFT user interface is eerily similar to Instagram’s, but the familiarity and navigation usability will be a highlight.
In addition to the sleek, minimalistic user interface, users will have the ability to manage their NFTs using third-party platforms and the well-integrated Coinbase wallet.
As for now, Coinbase NFT currently provides limited access for user signups but can be explored by all at https://nft.coinbase.com/.
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