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The biggest crypto news and ideas of the day Sept. 1, 2021 Sponsored by Welcome to The Node.
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Today's must-reads Top Shelf BITCOIN OR BUST? Twitter may soon enable users to tip content creators using bitcoin following the latest update to its “Tip Jar” feature, which appears to show an integration with the Lightning Network app Strike. Meanwhile, El Salvador’s government will develop the country’s blockchain infrastructure on the Algorand blockchain, not Bitcoin, after signing an agreement with Latin American asset tokenization and blockchain financial infrastructure company Koibanx. LEGAL AFFAIRS: Tether asked a New York court to block the state’s Attorney General from releasing documents detailing the composition of its reserves to CoinDesk. Separately, Chainalysis found addresses associated with Eastern Europe received about $1.15 billion of illicit crypto funds from July 2020 to June 2021, while the law enforcement arm of the U.S. Postal Service will develop a “comprehensive cryptocurrency training program” for its inspectors. NFT ZOO: United Talent Agency has signed Larva Labs’ CryptoPunks, Meebits and Autoglyphs in what appears to be the first time crypto-native intellectual property will be represented by a Hollywood whip. Topps dropped the Wax blockchain for Avalanche to mint its latest Major League Baseball collection. Finally, Sotheby’s is auctioning 101 Bored Ape Yacht Club NFTs – but that doesn’t mean the project’s founders have joined any real yacht clubs. –D.K.
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Overheard on CoinDesk TV
Sound Bite "From the crypto derivatives perspective, when we’re talking about the top two or three traded products overseas, the options, the futures, even stuff further out on the risk curve, the framework is clear. It’s just that the industry hasn’t really stepped up."
–LedgerX CEO & Co-founder Zach Dexter, on CoinDesk TV's "First Mover."
What others are writing... Off-Chain Signals Some quick thoughts on the recent Loot mint, which had NFT-ville abuzz (Graeme on Mirror)DeFi’s Cream is using protocol fees to return funds stolen in a recent exploit (Medium) Men are twice as likely as women to invest in cryptocurrencies, but that may be changing (Decrypt) –D.K.
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Putting the news in perspective The Takeaway How NFTs Are Becoming DeFi However interesting non-fungible tokens might be as a new technology, one of their superpowers within the crypto space is that they’re not considered securities for regulatory purposes. This frees marketplaces like OpenSea from the burden of becoming a registered broker-dealer, among other constraints. That missing hurdle is certainly a major structural factor underlying the current NFT frenzy.
At the same time, the code underlying them, not much different from the structure of a cryptocurrency token, makes it easy to integrate even simple image NFTs into more complex financial products. The most valuable NFTs are already being “fractionalized,” or split up into more affordable chunks for sale to investors, a process that is overseen by the Securities and Exchange Commission.
They could also theoretically be used as collateral for decentralized finance loans or other instruments, but that entails a technical problem. As with a regular loan, you’d have to know a solid price for an NFT to use it as loan collateral, but the NFT market right now is extremely volatile. More fundamentally, how do you value a truly unique object, digital or otherwise?
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