The popularity of Bitcoin has given way to concerns surrounding its ecological impact. As of writing this article, Bitcoin is trading at US$45,106. The global impact of Bitcoin has been so tremendous that El Salvador adopted it as legal tender and Ukraine legalized Bitcoin exchanges.
In August 2021, the cryptocurrency market hit the US$2 trillion mark. The NFT market has been doing equally well, with sales volume surging to US$2.5 billion in the first quarter of 2021. The common thread between these figures is the use of blockchain technology and smart contracts.
On September 14, 2021, OpenSea, a popular NFT (Non-Fungible Tokens) marketplace startup, admitted to insider trading on their website. Insider trading happens when people—employees or otherwise—use a company’s non-public knowledge to their financial advantage. OpenSea did not reveal the employee’s name; however, Twitter users took advantage of blockchain’s public access and transparency to ascertain who did it.
In the latest addition to China’s cryptocurrency crackdown, the government of Sichuan province halted all crypto mining activities in the region. The efforts to restrict cryptocurrency mining have also spread to China’s northwestern province of Hebei. The cyberspace commission of Hebei announced on September 14, 2021 that it will cooperate with the central government’s efforts to curb crypto mining and trading.
NFT’s or Non-Fungible Tokens have been surging in popularity in 2021. Much like other NFTs, CryptoPunks have also been seeing a rise in popularity and value. They make up 3 out of the top 5 most expensive NFT’s ever sold. (For more details on this, check this out here).
El Salvador takes a decisive first step towards cryptocurrency, here’s what it means for the world In a first-of-its-kind decision, El Salvador has adopted Bitcoin
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NFTs are cryptographically generated tokens. They use blockchain technology to establish a unique digital asset. NFTs are “non-fungible,” meaning that they cannot be interchanged with each other like money. The authenticity of an NFT can be verified by the historical ownership data stored on the blockchain, which allows any digital artwork to be traced back to its original creator. Thus, the artist’s signature is baked into the NFT.
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