After weeks of flirting with projects in the non-fungible token (NFT) space, one of the leading clothing brands in the world, Adidas, has now stepped into the space in style as it purchased a Bored Ape Yacht Club NFT while also scoring a number of partnerships within the space.

Adidas names it Bored Ape NFT Indigo Herz

Adidas has revealed its new NFT, which was discovered to be Bored Ape Yacht Club NFT #8774 that it has named Indigo Herz and could be seen wearing an apparel with the brand’s logo. The revelation was completed with a video teaser of the collaboration between Yuga Labs, the creator of Bored Apes NFT, and the leading clothing firm.

Apart from its partnership with Yuga Labs, the firm is also partnering with other NFT-related projects like Gmoney, who is a renowned NFT collector, and Punk Comics, an NFT derivative project that was inspired by CryptoPunks.

The video trailer shows the alliance with its numerous partners as 3D avatars related to Gmoney alongside an original Punks Comic character plus its newly purchased Bored Ape NFT entering into a virtual world adorned with the Adidas logo.

While speaking on the partnership, a representative of Adidas disclosed in a Twitter Spaces conversation that the project took five months of meticulous planning. The Punks Comic team, on the other hand, revealed that its next issue of the NFT comic would feature Adidas’ Indigo Herz.

Why Bored Ape NFT?

The Bored Ape Yacht Club is one of the most sought-after NFT projects in the space. The NFTs are a collection of 10,000 unique avatars that have been sold for millions of dollars. According to CryptoSlam, the project has cumulatively raked in over $1 billion in sales since its launch earlier this year.

One distinct feature the NFT project has is that it gives its owners commercial rights to their respective avatars, letting them create and sell derivative projects, physical goods, and more.

This could be what has spurred several patronages that the project enjoys from celebrities like Post Malone, Dj Khaled, Timbaland, and even institutional investors like the popular record label, Universal Music Group and most recently, Adidas.

A recent cabinet note shared by the government of India states the new crypto bill will be regulated by the Securities and Exchange Board of India (SEBI). It labels cryptocurrencies as crypto-assets” and might restrict Indians from trading cryptos on foreign platforms.

As per NDTV, the cabinet note circulated suggests that a cut-off date will be declared for crypto holders in India, allowing them to disclose their holdings and bring them under locally-regulated crypto exchanges.

India may restrict crypto trading on foreign exchanges

The new cabinet documents also notify that SEBI will keep a close watch on the cryptocurrency advancement in India. Crypto holders in India are said to be relieved, but further clarification is awaited since the bill is yet to be tabled in the parliament.

Among the various litigations proposed are penalizing the violation of clauses to be met with strict punishment—including imprisonment for one and a half years—followed by a heavy penalty of upto Rs.5 crores ($667,500). NDTV also reports that violations involving sponsoring terror crimes will be evaluated under provisions of the Prevention of Money Laundering Act.

According to local publication Livemint, India is home to more than 10 million crypto investors and its citizens are rapidly showing interest in cryptocurrency trading. WazirX, one of India’s largest crypto exchanges by trading volumes, has recently reported increased user activity on its platform.

India’s crypto concerns

Indian Finance Minister Nirmala Sitharaman had earlier expressed her qualms on cryptocurrency trading in India, such as the possibility of increased fraudulent activities.

This is a risky area & not in a complete regulatory framework. No decision was taken on banning its advertisements. Steps are taken to create awareness through RBI&SEBI. Govt will soon introduce a Bill: FM Nirmala Sitharaman on Cryptocurrency during Question Hour in Rajya Sabha

ANI (@ANI) November 30, 2021

A tweet posted by Prime Minister Narendra Modi on November 18 had also sparked speculation of a “ban” after he urged nations to protect their youth from “getting spoiled” by cryptocurrencies.

Take crypto-currency or bitcoin for example.

It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth: PM @narendramodi

PMO India (@PMOIndia) November 18, 2021

India is also gearing up to take responsive measures to restrict misleading ads on crypto, however, a concrete decision highlighting such measures is yet to be announced by the government.

Ethereum layer-2 scaling platform Polygon is hosting the zk Summit next Thursday. The firm bills the event as a space to discuss zero-knowledge technology to examine its use in advancing the cryptocurrency sector.

“Join the leading lights of the Zero-Knowledge space for a discussion about the future of zk-STARKs and applications of ZK proofs.”

Concluding the tweet thread, Polygon teased a major announcement to be revealed during the Summit – building speculation over what this could be.

4/4 And one more thing.

A strategist at the Bank of America, Haim Israel, in a recent interview has declared that the new buzzword in the crypto space, Metaverse, holds a lot of potential for the crypto industry and it could be the niche that would drive the global adoption of the space.

Bank of America sees massive opportunities in metaverse

According to Israel, the metaverse would create a massive opportunity for blockchain technology, and it could potentially lead to the use of crypto assets in mainstream financial transactions. Though he added that stablecoins like Tether and USDC would enjoy more patronage than private tokens which are very volatile.

In his words:

“I definitely believe this is a massive, massive opportunity. You need the right platforms. that are definitely going to be a big opportunity for this entire ecosystem.we’re going to start using cryptocurrencies as currencies.”

The strategist continued that he expects the large traditional financial companies to begin entering the space the moment crypto assets gain wider adoption and usage in the metaverse. He stated that there would be “a lot of collaboration between the two.”

What is the hype surrounding “Metaverse?”

In recent times, the word “Metaverse” has piqued the interest of crypto enthusiasts and the world generally after Facebook revealed that it was changing its name to “Meta” and refocusing its business into the space.

This rebranding by the top social media platform has drawn interests of the wider tech community to the limitless potential that the space holds.

In one of our earlier reports, we revealed that Grayscale stated that the metaverse has the potential of becoming a $1 trillion industry. Already, a number of institutional investors and retail investors around the world have begun investing in projects in the space.

DappRadar confirms this in its own report where it revealed that metaverse-related projects have been enjoying quite a lot of attention recently. According to the report, virtual properties like lands and real estates grossed over $100 million within the last seven days.

Well, not always, but one of the biggest problems is the lack of interoperability, where it is impossible or inefficient for users on one blockchain to make transactions or transfer data with another.

Just as the ARPANET became the internet we know today with the development of a TCP/IP, a handful of projects aim to be the connectivity technology that makes the whole blockchain ecosystem a seamless experience.

Polkadot is one example.

Gavin Wood, its most well-known co-founder, was also the co-founder of Ethereum and authored the yellow paper (a more technical version of a whitepaper).

As the project officially launched its much-anticipated first parachains slot auction (also called a parachain auction) on Nov. 12, now is a great time to understand what it aims to accomplish and how.

About Polkadot

Polkadot, founded in 2015, is positioned as a next-generation blockchain protocol capable of connecting multiple dedicated blockchain networks into a common network, allowing them to operate seamlessly at scale.

It is a blockchain that can be composed of multiple chains and uses a scalable heterogeneous multi-chain system.

Polkadot attempts to address the issues of scalability, speed, and cost by allowing for more personalized blockchains, interoperability and upgrades between chains, and self-governance of chains. In addition to supporting token transfers, Polkadot also supports the interchange of data between different chains.

Polkadot has three main network infrastructures.

Relay Chain: Called Polkadot’s master chain, it’s responsible for network sharing security, consensus and cross-chain interoperability, which can be thought of as a plug outlet with 100 slots.

Parachains: Processing data operations and transaction information, these can be thought of as different appliances connected to the plug outlet. These allow the blockchain to be expanded and solve the performance issues of the blockchain.

Bridges: These allow parachains and parathreads to connect and communicate with external networks like Ethereum and Bitcoin.

Polkadot was created to address the joint interaction of separate chains of value silos on Etheruem, similar to a Cross-Chain Bridge.

How Polkadot differs from Ethereum

Blockchain 1.0 essentially provided computing power for bookkeeping with a decentralized ledger, but there was no ecosystem. It was basically just Bitcoin.

Then Blockchain 2.0 emerged as Ethereum introduced programmable properties and smart contracts. However, there were problems like congestion and high transaction fees.

To solve these problems and explore new possibilities, projects in so-called Blockchain 3.0 are now booming, including Ethereum 2.0, Layer2 Rollups and other ecosystems.

Interoperability projects realize that blockchain is not a zero-sum game and that connecting these various proliferating projects and chains is inevitable. Gavin Wood set up Polkadot to create a pivotal core where different blockchains can interact, which could also help solve Ethereum’s network congestion problem.

Now, let’s get technical to see the main differences between Polkadot and Ethereum.

Sharding: Ethereum 2.0 will have 64 sharding chains by 2022 with the same transition function (STF) while Polkadot uses heterogeneous sharding, or unique STF where each parachain can be customized and optimized for each case, running in parallel rather than the same across all shards.

Upgrades: Ethereum 2.0 follows the regular hard fork process (i.e. old and new versions are not compatible), while Polkadot uses the Wasm (WebAssembly) metaprotocol, the first to implement a chain upgrade without a hard fork.

Governance mechanisms: Ethereum 1.0 relies primarily on off-chain governance, whereas Polkadot network development is a DOT holder decision, with an overall reduced scope relative to the Ethereum governance mechanism.

Consensus mechanism: In order to increase efficiency and save resources, Ethereum 1.0 used the PoW mechanism and is now Ethereum 2.0 moving to PoS, w...

RomeDAO is taking the word ‘experimental’ to new heights, proposing a 100% community token allocation, no VC funding, and a reserve currency held stable by rock-solid governance.

Built by a core team of developers, researchers, and community builders from the OlympusDAO community, RomeDAO is based on the audited OlympusDAO contracts. The Ethereum-based algorithmic stablecoin solution backs its stablecoin OHM with DAI and other crypto assets. If the value of OHM drops below the value of DAI, the algorithm buys back OHM on the open market and burns it—if the opposite happens, it mints new OHM and sells it.

However, the team maintains that Rome isn’t a fork per sé, as it includes various changes to the contracts to make them compatible with Moonriver. RomeDAO’s treasury will be backed with three different bond types—Magic Internet Money (MIM), DAI, and ROME/MOVR Liquidity Position.

The experimental EVM-compatible chain launched on the even more experimental Kusama was chosen to provide the project with quite a lot of freedom. The freedom provided by Moonriver will also eventually enable the project to expand into Moonbeam on Polkadot.

“Our long-term goal is to be seen as the premier stable asset of not only Moonriver & Kusama but also the broader Polkadot ecosystem, an ecosystem we believe is primed for explosive growth. To do this requires many thoughtful steps to create a robust treasury and long-lasting reserve currency,” RomeDAO developers said in a Medium post.

Gamifying governance

Launching a treasury-backed unpegged reserve currency is an extremely challenging endeavor. And while OlympusDAO managed to position itself at the forefront of that movement, RomeDAO believes there’s a lot that can be improved.

Namely, the developers believe that DeFi is currently too centralized—it lacks community participation and has a low ratio of volunteers to output. RomeDAO is an experiment in gamification and an attempt at making governance fun and engaging. Rome’s success won’t be measured in its market cap or its TVL—it will be measured in the percentage of ROME tokens participating in governance.

Governing a protocol like RomeDAO won’t be easy.

In order to provide as much incentive as possible to its users, the entire supply of ROME tokens will be allocated to the community. The developers said that they have not and will not receive any venture capital money, or reserve allocations to the team.

We are a community project building with/for our community.

VCs can stop DMing us asking for allocation in a venture round. We are not raising venture money.

If you are a VC who wants allocation, get in line next to our community members.

For Rome.

Polkadot smart contract parachain Moonbeam recently announced the native integration of Chainlink Price Feeds on Moonriver, marking a pivotal moment for projects building in the Kusama ecosystem.

Moonriver is a layer 1 Ethereum-compatible parachain connected to Kusama, and a permanently incentivized canary network of Moonbeam.

Following the news that Chainlink Price Feeds officially went live on mainnet, market watchers are speculating Moonriver price could pump, with the integration unlocking major functionality like lending, borrowing and sophisticated trading applications.

What does this integration mean?

Chainlink is a decentralized oracle network that brings real-world data to smart contracts at the speed of their native blockchain, including retrieving the latest pricing data of assets.

1/

Gensokishi Online Project has announced the launch of METAWORLD, the newest iteration of the popular game. Metaworld is a blockchain-based version of “Gensokishi Online,” a game whose 8 million users in Japan, Taiwan, and the U.S. won it the “Game of the Year Gold Award” in 2012.

The newest version of the game will incorporate elements of GameFi and NFTs in a metaverse environment.

What can we expect from Gensokishi in 2022

Gensokishi’s meta world is based on 3DMMO (3D Mass Multiplayer Online) technology and it aims to create a new fantasy world economy. The game will encompass all three types of blockchain-based gaming—”Free to Play,” “Play to Earn,” and “UGC to Earn.”

In addition to providing a free gaming platform and profit-generating rewards in the form of NFTs, Gensokishi’s Metaworld will also introduce the concept of User Generated Content (UGC).

The game will feature infrastructure that will enable individuals and companies to purchase land in the Metaworld and freely edit the metaverse surroundings. Aside from being able to create buildings, natural environments, and characters, users will also be able to mint and sell their own NFTs within the game.

“Metaverse enables us to create a new age society,” Gensokishi said in a press release shared with CryptoSlate. “In addition to being able to engage in fantasy world adventures and economic activities with players from all over the world, players can also live in a virtual space while communicating in a variety of ways.”

According to the company’s roadmap, the first step in its launch will be to set up the production, sales, distribution, and monetary mechanisms for in-game cryptocurrencies and NFTs. Following that, the team will focus on integrating UGC features into the game and enable the transfer of virtual world rights to NFTs. Once the game structure is fully established, the management will be transferred to a decentralized autonomous organization (DAO).

Metaworld will feature two different tokens—MV and ROND. The game’s main currency, MV will be a Polygon-based utility token with a total supply of 2 billion used for purchases and staking. ROND, on the other hand, will be circulated in the in-game economy. However, it will have real-world value as users will be able to exchange the token on DEXs.

Metaworld’s MV token is set to be listed on Uniswap, Quickswap, and Pancakeswap at the end of December. Listings on other DEXs, such as Sushiswap and Curve is expected in Q1 2022.

The official public release of the game is expected next summer. Until then, the game will be in beta mode with users able to test its upcoming features.

To celebrate the announcement of Metaworld, which was developed by licensing the Japanese 3DMMO title “Elemental Knights Online,” the company will distribute “Limited Equipment NFTs” to users who participate in its online communities. The campaign will last from December 2nd to December 27th, while the distribution process is set to begin after December 28th.

For more information, visit genso.game.

A San-Francisco-based crypto index fund manager, Bitwise, has released a report showing its perspective of the burgeoning decentralized finance (DeFi) sector saying it could have an Amazon-like effect on the traditional financial system.

In the report titled “Decentralized Finance (DeFi): A Primer for Professional Investors,” the crypto index manager noted that despite the significant changes that digital technologies have effected on several industries, traditional finance remains unchanged, as it is still very much dependent on the archaic underlying infrastructure behind payments. Though it noted that there have been improvements in user experience through financial applications like Venmo and Cash App.

However, with DeFi gradually cementing its place as a viable alternative to the traditional system, the financial system could have a newer outlook in years to come.

According to the fund manager:

“DeFi replaces traditional financial intermediaries with software: self-executing ‘smart contracts,’ secured by blockchain technology, allow innovators to reimagine everything from lending to trading, asset management, and more.”

The advantages it holds over traditional finance

To cement its point, the Bitwise report examined the various advantages DeFi holds over the traditional financial system.

The major advantage DeFi holds over the traditional financial system is the speed at which it completes transactions plus its almost nonexistent transaction fees.

Bitwise notes that because the innovation does not require the input of any intermediary to complete a transaction, financial activities are completed at record time and the charged fees are minimal when compared to what is applicable via the traditional system.

Bitwise Research Analyst Ryan Rassmusan pointed out that despite the level of growth seen by DeFi, it is still very minute compared to what traditional finance commands. According to him, “JPMorgan, the world’s largest bank, boasts a market cap of [about] $508 billion, more than 3x the combined value of all DeFi apps combined.”

He concluded that “DeFi is tiny compared to the size of the industry that it aims to disrupt: [less than] 1% of the $24 [trillion] legacy finance market.”

After weeks of supporting Solana-based NFTs on its NFT marketplace, FTX U.S has revealed that it would now also support the trading of Ethereum-based NFTs on its platform.

FTX is the first marketplace to support Solana and Ethereum NFTs

According to the official announcement made by the leading crypto exchange, users of its platform can now scour its NFT marketplace to buy, sell, and display their Ethereum NFTs alongside their Solana NFTs

You will recall that the Sam Bankman-Fried-led exchange became one of the earliest centralized crypto exchanges to open up its platform for NFTs. Then, the exchange only supported Solana-based NFTs.

However, with the new announcement, it means the exchange is stepping up its work into becoming a viable marketplace for this class of digital asset and it also holds the distinction of being the only marketplace that supports both Ethereum and Solana NFTs.

FTX founder in a recent interview hinted that the exchange could be putting more effort into building a solid base in the burgeoning sector as it has the potential of leading to the mass adoption of the crypto industry citing its use cases in other sectors like event planning, gaming and others.

In his words, “I would now put NFTs in that top category probability-wise with a couple of other things in terms of what brings a non-crypto native audience to crypto for something other than financial investing.”

FTX woos NFT traders with cheaper fees

Since yesterday, trading for some Ether-based NFTs has started on the platform, mounting pressure on the NFT market leader, Opensea, with its lower fee structure and subsidized withdrawal fee in its efforts to win more users.

FTX.US President, Brett Harrison said, “By not requiring gas for doing things like bids, we’re going to see a lot more price action and price discovery on the platform, and we hope that in general attracts liquidity.”

While OpenSea remains the leader in this field, FTX hopes that it would have an edge over other competitors like Coinbase who recently announced its own marketplace.