China GPU prices drop to new lows after the Ethereum Merge

As the Ethereum network’s move to a proof-of-stake (PoS) consensus mechanism drives adoption from institutional investors, the prices for graphics processing units (GPUs), often used for mining cryptocurrencies like Ether (ETH), have gone down in China.  Following the historic Ethereum Merge on Sept. 15, the previously highly sought-out Nvidia GeForce GPUs have become significantly cheaper, according to a report by the South China Morning Post. Peng, a Chinese merchant, gave the RTX 3080 as an example as the GPU’s price dropped from $1118, or 8,000 yuan, to 5,000 yuan within…

OpenSea implements a new protocol that ranks NFT rarity

With thousands of nonfungible tokens (NFTs) getting minted every single day, trying to find rare pieces can be a challenge for NFT collectors. However, as the industry continues to progress, the hassles in finding rare NFTs may soon become a thing of the past.  In a tweet, NFT marketplace OpenSea has announced the implementation of OpenRarity, a protocol that provides verifiable rarity calculations for NFTs, within its platform. The protocol uses a transparent mathematical approach to calculating rarity. OpenSea said that rare NFTs will be awarded lower numbers like 1…

BendDAO contract drained overnight with 15 ETH left to pay lenders

Lending protocol BendDAO has run out of Wrapped Ether (wETH) in its contract. At the time of writing, the contract only has 15 WETH to pay lenders, and an estimated 15,000 Ether (ETH) left to be paid to lenders.  Researcher NFTStatistics.eth dissected the issue in a Twitter thread, highlighting that NFT borrowers in the platform should now pay 100% interest on the ETH they borrowed. In addition, the debt positioned against the NFTs is also on the rise. Furthermore, the researcher noted that many of the NFTs that have been…

Coinbase denies reports of selling customer data to the US government

Crypto exchange platform Coinbase denied reports alleging that the company is selling its customer information to the United States Immigration and Customs Enforcement (ICE), an agency that works under the country’s Department of Homeland Security.  On Thursday, news that Coinbase has been providing geolocation data to the ICE has circulated online. Because of this, Twitter users like Solobase Mac were shocked and noted that they “didn’t sign up for that.” They tweeted: Now why would they be doing that? So basically invasion of privacy. Sells with out knowledge? They will…

BSV president urges Meta to store data for its metaverse on a public blockchain

While Meta has not yet launched its metaverse project, Bitcoin SV (BSV) Association President Jimmy Nguyen thinks that it would be better for the firm to store user data on a public blockchain.  In a Cointelegraph interview, Nguyen shared that a global and interoperable metaverse ecosystem would mean that individual data will be stored within a public blockchain. If Meta takes this method, Nguyen noted that Meta could become an interface that connects a blockchain to companies’ metaverse apps. This will allow other metaverses to access user data once users…

Terra to burn 1B UST from the community pool as holders vote for it

In another attempt to support the revival of Terra (LUNA), the community voted to burn a large amount of UST from its community pool.  Earlier in May, Terra founder Do Kwon explained that a potential solution to the Terra debacle is to absorb the stablecoin supply. In response to this, users proposed the burning of the 1 billion TerraUSD (UST) that was stored in Terra’s community pool and the remaining cross-chain UST that’s deployed on the Ethereum blockchain as incentives. According to the proposal, the burn will help “reduce the…

NFT custody is ‘the missing piece’ for mainstream adoption, says Veritic CEO

On day four of the World Economic Forum 2022, presentations on nonfungible tokens (NFTs) have taken place with speakers sharing their takes on NFT use cases and adoption.  At the Blockchain Hub Davos, speakers Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman spoke on the importance of NFTs, their role in society, and how the community can attract the mainstream into using the technology. In his lecture, Holzer argued that simplifying access to NFTs may push mainstream adoption forward. According to the Veritic CEO, minting in more…

Blockchain community breaks stereotypes at Davos

On the second day of the Global Blockchain Business Council’s (GBBC) Blockchain Central Davos 2022, Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr moderated a panel discussion focusing on the current direction of the financial industry.  Panelists included co-founder and CEO of Soramitsu Makoto Takemiya; Treasury executive at Oesterreichische Nationalbank Johannes Duong; and chief operating officer (COO) of theStellar Development Foundation Jason Chlipala. The panel tackled various issues such as educating the mainstream about blockchain, how blockchain companies are breaking stereotypes at the World Economic Forum (WEF) 2022 and current market issues surrounding…

Singer Kiesza backs robot NFT to give prosthetic limbs to a young man and a dog

In a positive twist for the nonfungible token (NFT) mania, Canadian singer Kiesza backs an NFT drop called MetaMoves in partnership with NFT marketplace Portion aiming to provide funds for patients who need prosthetics.  In an interview with Cointelegraph, Kiesza said that being someone who experienced an accident, the singer empathizes with those who face the challenges of losing a limb. She explained that: “Movements are at the core of everything we do, as we understand the central role they play in people’s identities. […] You can only imagine how…

Aave launches open-source platform for social networking DApps on Polygon

Aave (AAVE) has announced a new project called the Lens Protocol that focuses on helping developers build social networking decentralized applications (DApps) on the Polygon blockchain.  Apart from social media DApps, the liquidity market protocol creators aim to use nonfungible token (NFT) technology along with Lens’ open-source blockchain tech to allow developers to create marketplaces, recommendation algorithms and other applications. According to Aave, this will allow users to completely own their own data and give creators new monetization opportunities. Lens Protocol allows users to have a single Lens profile that…