Ethereum completed its highly anticipated software upgrade known as The Merge last week, shifting to a more eco-friendly and sustainable framework. The upgrade is designed to reduce Ethereum’s energy consumption while making the platform cheaper and easier to use and laying the groundwork for future improvements. Ethereum developers prepared with diligence and attention to detail, but the industry was still on pins and needles as engineers scanned for snags and, though unlikely, braced for the possibility of systemwide collapse. Huge in scale, it was a high-wire act transitioning a live network. Continue reading Ethereum Foundation Completes ‘Merge’ for Energy Efficiency

LG Electronics has launched a non-fungible token platform, LG Art Lab, available in the U.S. on the company’s smart TVs running webOS 5.0 or later. Accessible from the home screen, the LG Art Lab lets users buy, sell and enjoy digital artwork transacting as NFTs. Based on the enterprise-grade public Hedera network, the LG Art Lab uses onscreen QR codes and works via Wallypto, LG’s new cryptocurrency wallet for smartphones. The platform includes a discovery feature, LG Art Lab Drops, which profiles artists, previews upcoming works and includes a real-time Live Drops countdown clock to keep purchases on track. Continue reading LG Electronics Offers NFT Art Marketplace via Its Smart TVs

Thirdweb — licensor of a development toolkit that simplifies creation of Web3 products including games, smart contracts, NFTs, marketplaces and more — has raised $24 million in a Series A funding round with buy-in from Shopify, Coinbase, Polygon and Haun Ventures. The new investment translates to a valuation of $160 million for the startup, which provides cost-effective turnkey solutions for non-coders (or coders that want to save time) to try Web3 while waiting for it to hit critical mass. The company currently has operations in London, San Francisco and Brooklyn. Continue reading Thirdweb Attracts Investors for Its Web3 Development Toolkit

Mining on the blockchain is a notorious energy hog and bad for the environment. Ethereum is on the verge of a big change aimed at substantially reducing its carbon footprint. After seven years of using the traditional proof-of-work mining technique, Ethereum is switching to the more efficient proof-of-stake method that is expected to reduce energy consumption by 99.5 percent. That change, known as The Merge, is scheduled to take place September 14. The Merge will see Ethereum’s proof-of-work blockchain fused with the proof-of-stake Beacon Chain, which launched in December 2020 but has yet to process its first transaction. Continue reading Ethereum’s Proof-of-Stake Method Will Reduce Energy Use

Intellectual property protection is leveraging the power of AI using search. MarqVision is a firm built around monitoring e-commerce and general content platforms policing IP rights, with particular attention to blockchain and NFTs. The Los Angeles-based startup has raised $20 million in Series A funding to further its goal of detecting counterfeits and having them removed from points of online distribution and sale. Originally incubated at Y Combinator, MarqVision has put together a client base that spans from luxury brands LVMH, Ralph Lauren and Baccarat to the more populist Pokémon. Continue reading MarqVision Raises $20 Million to Help Monitor and Protect IP

Mojang Studios, creator of the wildly popular “Minecraft” game, has taken a public stance banning NFT integrations and blockchain functionality. The Stockholm-based company, owned since 2014 by Microsoft, stated this week that “integrations of NFTs with ‘Minecraft’ are generally not something we will support or allow.” Mojang says it is updating terms of use with further details explaining its position, but a blog post emphases ensuring “Minecraft” players have “access to the same content.” In a blog post, Mojang concludes NFTs “can create models of scarcity and exclusion that conflict with our guidelines.” Continue reading ‘Minecraft’ Developer Mojang Rejects Blockchain, NFT Tech

The Walt Disney Company has announced the six companies to participate in its latest business accelerator program. The 2022 Disney Accelerator focuses on tech startups involved in Web3 and immersive experiences through work in augmented reality, NFTs and artificial intelligence. The six participants are: Flickplay, Inworld, Lockerverse, Obsess, Polygon and Red 6. Disney will offer participants investment capital, co-working space, guidance from Disney’s senior leadership team and an executive mentor. The Accelerator program will conclude with a Demo Day this fall at the Walt Disney Studios lot in Burbank, California. Continue reading Disney Accelerator Startups Focus on Web3, Immersive Tech

The decentralization that promised to make cryptocurrencies accessible, transparent, and an everyman’s investment dream has turned into a nightmare for many. While professional investors have largely done well shorting blockchain stock, other individuals haven’t been as successful. Fortune wrote of “crypto carnage” in a market that has so far lost $1 trillion in this year’s market selloffs. Bitcoin has lost about 50 percent of its market value this year, while Ethereum has fallen by 56 percent since January. Last week, the European Union advanced a framework for crypto-assets that includes consumer protection and safeguards against cybercrime. Continue reading EU Advances Crypto Regulation in Face of Small Investor Pain

Madison Avenue continues to scale in the metaverse, which is experiencing a land-grab for the best storefronts as brands like Gap and Nike unveil digital-only versions of their goods competing against — and sometimes collaborating with — digital-first brands like sneaker maker RTFKT and fashion house Fabrikant. Mobile game destination The Sandbox has already sold more than 70 percent of its “land” to businesses including cryptocurrency exchange Binance and video-game maker Atari. Even traditionalists like NASCAR and JPMorgan Chase are pitching virtual tents. The bank has signed a lease in Decentraland, a 3D online world. Continue reading Major Brands Are Starting to Experiment with the Metaverse

As blockchain projects diversify into sales marketplaces for creative works, many find themselves dealing with copyright problems due to uncertainty as to how existing law applies to things like NFTs (non-fungible tokens) and DAOs (decentralized autonomous organizations). For instance, while purchase of an NFT confers certain rights, copyright isn’t one of them, unless the buyer applies for a standard copyright license. Spice DAO spent $3 million to purchase director Alejandro Jodorowsky’s 1970s illustrated pitch for an unfilmed version of “Dune,” only to have the “Dune” copyright holder block the ability to turn the storyboards into an animated film. Continue reading IP Protection for NFTs and Blockchain Assets Is Still Unclear

A debate as to whether cryptocurrencies are more like commodities than securities is playing out in Washington, with Senators Cynthia Lummis (R-Wyoming) and Kirsten Gillibrand (D-New York) introducing legislation to regulate them like commodities. If passed, the bill would put digital currency under the regulatory purview of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC), a win for the crypto sector, which prefers the smaller agency. SEC chair Gary Gensler takes the position that digital assets are akin to publicly traded stock and should be regulated by the SEC.
Continue reading Senate Cryptocurrency Bill Could Be a Victory for Blockchain

Wall Street is warming up to cryptocurrencies. Large banks and other financial institutions have been staffing departments ready to serve clients’ blockchain needs. Hedge funds and professional investment outfits led the way, with many mutual funds and pension managers now following along, lest they be perceived as out of touch. Some say the involvement of traditional investment sectors could add some stability to the often-volatile crypto markets, whose ongoing viability is hardly assured. Although Coinbase CEO Brian Armstrong thinks it is, predicting that at least one billion people will have tried crypto within a decade. Continue reading Wall Street Begins Dabbling in Crypto While Some Hang Back

Decentralized autonomous organizations (DAOs) are riding the crypto wave, with some asking if their notion of distributed decision-making marks an evolution from crowdfunding through platforms like Kickstarter and Indiegogo to crowdsourced creativity on a blockchain. It’s already been demonstrated that tokens can be used for smart contracts and to designate property ownership. The film and television industries are just becoming aware of the potential impact of NFTs, which have already disrupted the worlds of art and gaming, driving creator economies. The wisdom of the crowd might be tapped to find fresh stories, too. Continue reading Are DAOs About to Revolutionize the Film and TV Industries?

Although the cryptocurrency known as stablecoin has garnered mainstream attention recently, with the Biden administration’s call for federal guidelines, critics warn that a subset known as “algorithmic stablecoin” is a crisis in the making. Meanwhile, specific crypto brands like Bitcoin and Ethereum have seen prices drop — Bitcoin below the $40,000 per unit mark, while Ethereum shares dipped below $3,000. In fact, the entire cryptocurrency market is reported to have lost about $400 billion in April as part of what’s being described as “selloff mode.” Continue reading Cryptocurrency Market Faces Challenges While Stocks Spiral

Washington policymakers have identified stablecoins as the initial target for stricter cryptocurrency regulation. Stablecoins — which are backed by a reserve asset — are booming due to investors using them to trade among other cryptocurrencies. The stablecoin sector grew by about 500 percent in the 12-month period ending October 31, according to a report issued by the Biden administration. While there are four basic types of stablecoin, the ones collateralized by fiat currency — and specifically the U.S. dollar — is by far the most popular. A bipartisan effort exists to create safeguards ensuring one stablecoin is expeditiously redeemable for one dollar. Continue reading U.S. Lawmakers Target Stablecoin in Cryptocurrency Debate