Weekly update: Crypto Snapshot
Blockchain Comes To The Motor Industry With BMW’s Loyalty Program
BMW Thailand has launched its loyalty program on the BNB Chain to take advantage of its low cost and fast transaction speed while providing ease of use for its customers. The well-known vehicle company will be partnering with the Layer-2 platform Coinweb to create a Web3 interface for the blockchain-based loyalty program.
Ethereum & Solana Take The Top Spots In An Ever-Growing NFT Ecosystem
Are NFT sales dipping? On the contrary, the launch of non-fungible token (NFT) collections continued to grow well into 2022 along with the increase in NFT sales on popular networks like Ethereum and Solana. An additional 85,000 NFT collections were added to NFT marketplaces along with the existing 14,500 in 2021, and total sales hit US$55.5 billion this year as compared to US$20.2 billion in 2021.
2023 Could See Increased Demand For OTC Services
Over-the-counter (OTC) trading services could soon see higher demand in 2023 thanks to the cascade of events that played out in 2022. The collapse of major centralized exchanges in the cryptocurrency space has affected the trust that institutions have in such platforms, and they may turn to companies such as DWF Labs that specialize in OTC solutions and can provide deep liquidity to facilitate large trades.
Conflux Network Makes Headway into Hong Kong’s Web3 Space
With Hong Kong’s recent efforts to brand itself as a blockchain and crypto hub in Asia, government officials invited Dr. Ming Wu, the co-founder of Conflux Network, to share his knowledge with leaders of different institutions on how the Layer -1 blockchain is contributing to the growth of Web3 initiatives in China and Hong Kong.
South Korea Comes In Second In The Metaverse Race
While South Korea may be ramping up regulations in the cryptocurrency space, it is not slowing down its metaverse aspirations with a new US$13.8 million initiative from its supposed metaverse capital of Eastern Gyeongbuk province. The country aims to maintain its spot as one of the top five in metaverse developments by 2026.
Blockchain Industry Thrives In China Despite Heavy-Handed Approach, Says China’s 2022 Blockchain Whitepaper
China has been taking a strict attitude towards cryptocurrencies in the past year, but authorities also played an essential role in encouraging blockchain utility while cutting down on speculation. The latest whitepaper released by the state-owned institution on information and communications disclosed that enterprise blockchains have been making progress by facilitating transparent telecommunications fees and improving food supply chains.
It’s Back To Basics While Building Through The Winter, says Messari’s Crypto Theses 2023
Cryptocurrency research company Messari released its annual report for 2022 and its predictions for 2023. While the co-author and CEO of the report, Ryan Selkis, notes that current conditions in the cryptocurrency space are wildly different from a year ago, he believes that conditions are ripe now for projects with the potential to start building through the crypto winter.
China Enables Gifting Of CBDCs In Anticipation For Chinese New Year
China’s Central Bank Digital Currency (CBDC) program, also known as the E-Yuan, shows no signs of slowing down with its previous expansion to four Chinese provinces and another four more cities are slated to be added to the trial list. A feature to gift the E-Yuan as a digital red packet has been added to drive further adoption over the Chinese New year.
Venture Capital Investments Show No Signs Of Slowing Down With Record Funding In 2022
The Web3 space continues to see positive investment inflows despite the current downturn, but how much are the investments valued at? According to CoinTelegraph’s top funding rounds, a total of US$7.55 billion have been invested in funds and projects. Speaking of positive investments, DWF Labs has also invested in a number of promising Web3 projects including Mars Labs, SOMESING, and Onomy Protocol, while aiding the industry with Binance’s Web3 Industry Recovery Initiative.
BNB Chain Adds Initiative To Build The Web3 Ecosystem
To help new projects get their feet off the ground, BNB Chain has launched a condensed starter pack known as the ‘BNB Chain Kickstart’ for new developer teams. The starter pack includes various discounts on necessary services such as cloud services, software developer kits, and oracles to help fledgling projects get started.
Disclaimer: This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.
Join BIT’s Premium channel for more insights into crypto!