Amazon to Launch NFT Initiative in Spring 2023, Focusing on Gaming and Rewards

• Amazon is reportedly launching an NFT initiative in Spring 2023.
• The initiative will focus on different sectors, including gaming and rewards for Prime subscribers.
• The platform will be developed and could run on Amazon proper instead of AWS.

Big tech giant Amazon is taking a major step into the world of cryptocurrency by launching a non-fungible token (NFT) initiative sometime in Spring 2023. According to sources from crypto news outlet Blockworks, the company has partnered with over ten crypto projects to support the initiative, which could potentially revive the sector following a decline in the NFT market from its 2021 high.

The initiative will focus on various sectors, including gaming, and is anticipated to reward Prime subscribers with unique items in the form of NFTs. Amazon already offers its Prime service subscribers access to a gaming platform, through which members can access the platform’s catalog and receive monthly rewards to claim AAA games. The potential addition of an NFT initiative could further bolster the service by offering more rewards and attracting more users.

The report also claims that the NFT platform is currently under development and could run on Amazon proper instead of Amazon Web Services (AWS). This could be a major move for the e-commerce giant, who could reveal further information about the initiative in April 2023.

Amazon is far from the first big tech company to enter the crypto space. Microsoft, Facebook, and Google have all taken steps to embrace cryptocurrency technology and further its development. According to the Blockworks report, Amazon’s move could further solidify the company’s position in the crypto industry and make it a major player in the space.

It remains to be seen how the NFT initiative will progress and what impact it will have on the current crypto landscape. However, Amazon’s move could potentially reignite the sector and bring more attention to digital assets and blockchain technology.

Vauld Gets Lifeline: Singapore High Court Extends Creditor Protection Till 2023

• The Singapore high court has extended the creditor protection period for Vauld, a crypto lending platform, till February 28, 2023.
• Vauld filed for protection from Singaporean creditors due to the bearish market in 2022.
• Two digital asset fund managers have expressed interest in taking over the remaining Vauld assets.

The crypto space has endured a tumultuous period, with the market having been engulfed in a sea of chaos and volatility as a result of the bearish trend that has been prevalent since 2022. One of the companies that have felt the full brunt of this situation is Vauld, a crypto lending platform. Vauld has been facing immense difficulties in its operations, leading to the suspension of withdrawals on the platform. In a bid to protect itself from its Singaporean creditors, the company filed for creditor protection.

The Singapore high court has now granted Vauld an extension period of over a month to devise a revival plan on its present negotiations. This extension period will last till February 28, 2023. This will enable the company to complete all the necessary processes in its negotiations with the two digital asset fund managers who have expressed interest in taking over the remaining Vauld assets.

These two digital asset fund managers have indicated to Vauld that they are in the advanced stages of negotiations and need more time to conclude the process. This extension period is seen as a much-needed lifeline for the company and could help it return to profitability. It is also hoped that this period of protection will help Vauld to revive its operations, and ensure that the company does not succumb to bankruptcy.

The crypto space has been hit hard by the bearish market trend, with many companies being forced to file for bankruptcy. Vauld is one of the companies that has been affected by this, but it appears that the company may yet have a chance at making a comeback. With the extension period granted by the Singapore high court, Vauld will now have the time to work on its revival plan and negotiations with the two digital asset fund managers. This could prove to be the lifeline that the company needs to get back on track and return to profitability.

Coinbase Cuts 1,000 Jobs to Survive Crypto Winter

• Coinbase is letting go of 1,000 employees as part of a critical strategy to survive the crypto winter.
• The crypto exchange was founded in 2012 and has survived multiple bear markets before.
• The most significant factor influencing this decision was the collapse of the crypto exchange FTX.

Coinbase, the leading crypto exchange, is cutting its staff by 1,000 employees as part of an effort to survive the prolonged crypto winter. The company’s CEO, Brian Armstrong, announced the decision in an effort to reduce operating expenses by 25%.

The company was founded in 2012 and has been able to survive several bear markets in the past. This time, however, the situation is different. The crypto winter coincides with a macroeconomic downturn, which has caused a massive decrease in the demand for cryptocurrencies.

The most significant factor influencing the decision to lay off employees was the collapse of the crypto exchange FTX. The company filed for bankruptcy in late 2022, and the ripple effect of that collapse is still being felt across the crypto industry. Coinbase is worried that other companies will be affected by the collapse in the coming months and is taking measures to ensure its survival.

The affected teams have already been informed and the company is taking steps to ensure that those affected by the layoffs receive the necessary support. Coinbase is also looking at the long-term prospects of the industry and is already planning for 2023.

Overall, the decision to reduce staff was a difficult one, but it is necessary to ensure that Coinbase can survive the crypto winter. The company will continue to monitor the situation and take necessary steps to ensure its survival.

Crypto Fear Index Suggests Now is the Time to Invest

• The crypto fear and greed index is a metric used to determine the sentiment among investors in the crypto market.
• Values above 50 indicate the market is being greedy, while values below this threshold suggest investors are fearful.
• Extreme fear is observed when the metric falls below 25, while extreme greed is observed when the metric is higher than 75.

Crypto investors have been living in fear for most of the year, with the crypto Fear and Greed Index continuing to point at “fear”. The index is a metric used to gauge the sentiment among investors in the crypto market. It uses a numerical scale of 0-100, with values above 50 indicating that the market is being greedy and values below the threshold suggesting that investors are fearful.

The metric also has two “extreme” regions, with values lower than 25 indicating “extreme fear” and values higher than 75 indicating “extreme greed”. Historically, when the metric is in the “extreme fear” region, it has marked the bottom formation for cryptos like Bitcoin. This has led some traders to believe that this is the best time to buy digital assets. Similarly, when the metric is in the “extreme greed” region, it has marked the top formation, making it the ideal time to sell. This strategy is based on Warren Buffet’s famous quote: “Be fearful when others are greedy, and greedy when others are fearful.”

The chart below shows the trend in the crypto fear and greed index over the past year:

As the chart shows, the crypto market has been in the “fear” zone for almost the entirety of the year, with only brief flashes of “greed”. This trend has continued into the new year, indicating that investors are still hesitant to invest in digital assets. This could be due to a number of factors, such as uncertainty about the regulatory landscape, the volatile nature of the market, and the recent negative news about high-profile hacks.

However, this could also be an opportunity for savvy investors, who can take advantage of the low prices and buy digital assets while they are still relatively cheap. This could be the perfect time to invest, as the market could be poised for a rebound in the near future.

Crypto Winter of 2022: Market Plummets, But Signs of Recovery Emerge

• The cryptocurrency market experienced a significant downturn in 2022, with total market capitalization dropping from $2.2 trillion to $800 billion.
• Ethereum (ETH) was the tenth-ranked cryptocurrency in 2022, losing almost 70% of its value.
• Bitcoin (BTC) was the most valuable and largest cryptocurrency in the world, but even it was unable to avoid the market crash, dropping in value by more than 50%.

The cryptocurrency market experienced a tumultuous year in 2022, with a dramatic fall in value that was felt across the board. At the beginning of the year, the total market capitalization of all cryptocurrencies was estimated to be $2.2 trillion. However, by the end of the year, it had plummeted to $800 billion, a decrease of more than two thirds. This downturn had a significant impact on the industry’s top companies, with many of them going belly up.

As expected, the biggest losses were seen in the altcoin sector, with many of them losing more than 80% of their value. Ethereum (ETH) was the tenth-ranked cryptocurrency in 2022, losing almost 70% of its value. Ethereum stands out as the most well-known altcoin because it is more than just another cryptocurrency. Despite a difficult first half of the year, experts believe that by 2022 it will be back above $3,000. At the time of writing, ETH was trading at $1,194, a decrease of 2.2% over the past week.

Even the most valuable and largest cryptocurrency in the world, Bitcoin (BTC), was not able to avoid the market crash. Despite its size and market share, it still dropped in value by more than 50%. As of the end of the year, BTC was trading at $11,741, a decrease of more than 15% over the week.

The crypto winter of 2022 has been difficult for many investors and cryptocurrency aficionados, but the market is showing signs of recovery. With the introduction of new technologies such as DeFi, NFTs and blockchain-based services, the industry is beginning to pick up steam again. While the future of the cryptocurrency market remains uncertain, it is clear that it is here to stay.

XRPL-based NFTs Booming: Over $2.45M Sold, $3M Investment Made

• Ripple CTO David Schwartz has launched XRPL’s own standard for NFTs on the mainnet.
• The XRPL-based NFT marketplace onXRP has sold over 7.3 million XRP, equivalent to $2.45 million.
• 21,469 artworks have already been sold on the onXRP NFT marketplace.

The world of blockchain-based Non-Fungible Tokens (NFTs) is booming with new records being set every day. Ripple CTO David Schwartz recently re-ignited the NFT-fever when he announced the launch of XRPL’s own standard for NFTs on the mainnet, activated with Amendment XLS-20. This new development has been met with much enthusiasm from the XRPL community and it has already started to bear fruit.

Kaj Leroy, the founder of the XRPL-based NFT marketplace onXRP, recently announced that all sales on the platform have exceeded a volume of 7.3 million XRP, equivalent to about $2.45 million. This makes onXRP by far the most popular NFT marketplace on the XRP Ledger, followed by xrp.cafe (434,000 XRP, equivalent to around $146,000), and xMart (57,003 XRP, equivalent to $19,184).

The success of onXRP is largely due to the exclusive Xpunks collection that the marketplace is presenting. Xpunks are sharing their roots with the legendary CryptoPunks NFT collection. As of today, a total of 337 Xpunks have been traded for a total value of 5.1 million XRP, equivalent to $1.7 million. The top-selling Xpunk is the #1 Xpunk, sold for a staggering 1.2 million XRP, equivalent to $400,000.

The XRPL-based NFT marketplace is also starting to attract larger investors. Just recently, a group of investors acquired a group of Xpunks for around $3 million. This is a sign of the growing popularity of the XRPL-based NFTs and it is likely that more and more investors will start to get involved in the near future.

The future of the XRPL-based NFTs is bright. With the launch of Amendment XLS-20, the XRPL can now be used to create and trade NFTs. This has made it easier for developers and artists to create and trade their own NFTs. Furthermore, the increasing demand for XRPL-based NFTs is attracting more and more investors, which is likely to further drive the growth of the XRPL-based NFT ecosystem. As such, it is safe to say that the future of XRPL-based NFTs is looking very promising.