Recently the NFT space is booming! The crypto exchanges are competing to allow users NFT trading and Snoop Dogg is working closely with SuperRare. Atop is the largest NFT marketplace by trading volume, OpenSea!
In today’s letter:
📚OpenSea with new CFO plans IPO
📚Ethereum gets another upgrade: Arrow Glacier
📚Binance try to get a license in the UK
📚OpenSea with new CFO plans IPO
The NFT marketplace is reaching new records when it comes to trading volume. As a result, many started talking about an eventual airdrop that will reward the early-stage users.
Unfortunately for the NFT community, the new CFO of OpenSea, Brian Roberts, has quite different plans. Previously Roberts served as CFO of the ride-sharing app Lyft but his new position made him state the NFT marketplace should go public via IPO (Initial public offering).
“When you have a company growing as fast as this one, you’d be foolish not to think about it going public,” - he said according to Bloomberg. Roberts added that it “would be well-received in the public market given its growth.”
He might be right. Earlier this year the crypto exchange Coinbase went public and according to many, this was the most exciting IPO in years.
Despite Brian’s ambitions most of the NFT fans are disappointed. They expected the NFT platform to launch an OpenSea token and reward its early adopters. However, OpenSea has not confirmed that it will not issue a native token. The platform could use a hybrid model that combines a traditional IPO with some type of community token.
📚Ethereum gets another upgrade: Arrow Glacier
A few months ago Ethereum developers asked the network users to upgrade their nodes.
Now they should do it again due to the latest Ethereum upgrade: Arrow Glacier. It is one of the upgrades that will help the network transition from proof-of-work to proof-of-stake mechanism.
Unlike the London upgrade, which changed the fees structure, Arrow Glacier is not as dramatic. Despite that, the latest upgrade and the other upgrade, Altair, which come into effect in October, are important steps for Ethereum’s beacon chain. The beacon chain is the starting point for Ethereum 2.0.
📚Binance try to get a license in the UK
Crypto exchange Binance is trying to get a license in the UK under the financial regulator FCA.
“We’re fully re-engaged there. We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators,” said the CEO of Binance, Changpeng Zhao. He added that Binance would like to serve UK customers.
This is not the first time Binance applied for a license in front of the FCA. Last time the agency’s doors remained closed.
In addition, the largest crypto exchange bumped many issues with regulators all around the world. One of the jurisdictions was the UK itself where the FCA sounded the alarm about Binance Markets Limited - Binance subsidiary.
I've seen the recent NFT craze, but haven't jumped on board yet. I've mostly ignored it after seeing the average ETH transaction costing roughly $75 recently. Today I found Raretoshi (https://raretoshi.com). It's bringing NFTs to the Liquid sidechain of Bitcoin. I haven't thoroughly evaluated it yet, but I believe it's worth checking out.
Please keep writing more content. You now have a new subscriber. Me.