Daily Archives: July 2, 2021

Bank of Russia to Study Risks of Crypto Investing With Banks and Payment Providers

Bank of Russia to Study Risks of Crypto Investing With Banks and Payment Providers

The Central Bank of Russia (CBR) has set out to examine the risks associated with cryptocurrency investments. The regulator is going to conduct a dedicated study with the participation of major banks and payment processors operating in the Russian market.

CBR Adds Crypto to Its Survey Program for 2021

Russia’s central bank, known as Bank of Russia, is planning to carry out research regarding the risks that accompany crypto investing. The study titled “Assessment of risks of using cryptocurrencies” has been added to the recently published “Bank of Russia survey program for the second half of 2021.”

Bank of Russia to Study Risks of Crypto Investing With Banks and Payment Providers

The survey will be conducted in order to “obtain information on trends to assess systemic risks in connection with investments of Russian individuals and legal entities in cryptocurrency,” CBR explained in a note. The regulator will send out questions to a number of financial market participants, including 15 banks such as VTB, Tinkoff, Alfa-Bank, Raiffeisenbank, and the state-owned banking giant, Sberbank.

Bank of Russia also wants its study to feature input from the global payment systems Visa and Mastercard, as well as the Russian Mir, RBC reported. Payment service providers like Юkassa, Webmoney, Qiwi, and Western Union should expect to receive the central bank’s questionnaire too. The data submission deadline has been set to July.

Central Bank of Russia Remains Hostile to Cryptocurrencies

Over the past few years, the central bank of Russia has maintained a negative attitude towards cryptocurrencies. Moscow’s monetary policy regulator remains firmly opposed to accepting the decentralized digital money as a means of payment in the Russian Federation, where the ruble is the only legal tender by law. Bank of Russia is working on a digital version of the national fiat and aims to unveil a ‘digital ruble’ prototype by the end of 2021.

In June, the head of the CBR, Elvira Nabiullina, advised against crypto investments, referring to “speculative cryptocurrencies” as “the most dangerous of all strategies” for investors. “The price is very volatile and the losses can be enormous,” Nabiullina warned. She was also quoted by Komsomolskaya Pravda as saying:

The central bank never gives advice on where to invest, but in this particular case – [investing] here is definitely not necessary.

Early last month, Nabiullina called cryptocurrencies a monetary surrogate and voiced opposition to their use in the country. Russian legislation prohibits the issuance and circulation of “money surrogates.” At the same time, the CBR chairwoman admitted it’s difficult to restrict the crypto market at the national level since it is fundamentally transnational.

Why do you think Bank of Russia wants to conduct a crypto survey? Share your thoughts on the subject in the comments section below.

Venezuela to Slash Six Zeros From Its Currency to Facilitate Payments

venezuela

The government of Venezuela is considering a new redenomination of its fiat currency. The proposal that is under study would cut six zeroes from the inflation-affected Bolivar. This would aid companies in processing taxes and provider payments that are absurdly complex with today’s numbers. However, the dollar is the predominant coin in retail payments in Venezuela, according to consulting firms.

Venezuela to Redenominate Its Currency

The government of Venezuela is studying a mathematical redenomination of its currency, the sovereign bolivar, to simplify payments for big companies. This redenomination would slash six zeros, making it easier to calculate payments now reaching high sums. While there has not been an official announcement yet, Bloomberg reported this subject was commented on by three people with knowledge of the matter.

The new measure comes to aid companies who had to make big payments in bolivars. This would also aid consumers paying in bolivars using POS terminals, who now have to swipe their cards several times due to system limits. However, this measure shows the government has failed in controlling inflation and devaluation of the currency. The bolivar now trades at approx. 3,200,000 VES per dollar (or 3.2 redenominated VES per dollar).

Most of the payments in the country are now digital, so the government would not have to print many bills to substitute the amount of cash present in the market. According to some estimations made by Econometrica, a national consulting agency, only 1.9% of the money in the Venezuelan system is cash. The highest note has a value of 1,000,000 VES, or about $0.30, and is only useful to pay for bus fares.

Not the First Time

This is not the first time Venezuela’s central bank will have taken such a measure. In fact, citizens have already gone through this process twice. The first event of monetary reconversion happened in 2008, and it slashed three zeros from the bolivar. At that time, the country was in a very different situation, with interannual inflation of only 20.44%.

The second conversion was applied not so long ago, in 2018, and it deleted five zeros from the currency. This time, Venezuela was in dire straits, facing a hyperinflationary process and the start of sanctions that would impact economic development. Around that time, the government launched Petro, its official cryptocurrency, as an attempt of countering this situation.

This means that in less than 15 years, Venezuela will have slashed 14 zeroes off of its currency. But, without any effective measures to counter inflation, this only serves as a bandaid for some citizens affected by the current situation.

What do you think about the latest fiat currency redenomination in Venezuela? Tell us in the comments section below.

Skybridge Capital Launches Ethereum Fund — Ether ETF Filing to Follow

Skybridge Capital Launches Ethereum Fund — Ether ETF Filing to Follow

Asset management firm Skybridge Capital has launched an ethereum fund, CEO Anthony Scaramucci has confirmed. He added that the asset manager will be filing for an ether exchange-traded fund (ETF).

  • Skybridge Capital CEO Anthony Scaramucci revealed in the latest episode of The Scoop, published Tuesday, that his asset management firm has launched a private ethereum fund.
  • “July 1st, we’re launching a private ethereum fund,” he said prior to the launch of the ether fund, adding:

We’ll then file for an ETF for ethereum. Again, it is anybody’s guess when those things will be going.

  • He also revealed, “As we’re speaking, we’re making an announcement on an ETF for a digital innovation fund that has some great publicly traded assets that we think are geared, related to [ethereum], related to bitcoin, but also the other coins.”
  • The company filed a registration statement for a bitcoin ETF with the U.S. Securities and Exchange Commission (SEC) in May.

  • Scaramucci emphasized:

We have a full commitment to crypto.

  • Skybridge launched a bitcoin fund in December last year with $25 million as the company expected an “avalanche of institutional investors.” The fund was open to the public in January with $310 million in assets under management. Last month, Scaramucci said that bitcoin still had more upside than gold.

What do you think about Skybridge launching an ether fund and planning to file for an ETF? Let us know in the comments section below.

BIS Economist Recommends ‘Technology-Neutral’ Crypto Regulation, Low-Cost Supervision of Decentralized Markets

BIS Economist Recommends 'Technology-Neutral' Crypto Regulation, Low-Cost Supervision of Decentralized Markets

An economist with the Bank of International Settlements has found that cryptocurrencies are not sought as an alternative to fiat currencies or regulated finance, therefore a “technology-neutral regulation to this asset class” is recommended. The economist discussed “embedded supervision,” adding that “The main aim is low-cost supervision of decentralized markets.”

BIS Economist Suggests Regulatory Approach for Cryptocurrencies

The Bank of International Settlements (BIS) published a working paper Thursday on “The socioeconomic drivers of US cryptocurrency investments.” It is authored by Raphael Auer, a principal economist for innovation and the digital economy at the BIS, and David Tercero-Lucas from Universitat Autònoma de Barcelona (UAB).

In the 52-page report, the authors state that based on an in-depth analysis of representative data on crypto owners:

We disprove the hypothesis that cryptocurrencies are sought as an alternative to fiat currencies or regulated finance … Investors in cryptocurrencies show no more concern about the security of cash or commercial banking than the rest of the population.

The study also revealed: “Cryptocurrency investors tend to be educated, young and male. People who have experience using digital finance are more likely to invest in cryptocurrencies.”

Emphasizing that investors continue to view cryptocurrencies as “a niche digital speculation object,” the authors detailed that “A clarifying regulatory and supervisory framework for cryptocurrency markets may be beneficial for the industry.” They added:

From a policy perspective, the overall takeaway of our analysis is that as the objectives of investors are the same as those for other asset classes, so should be the regulation.

The report stresses that “Better regulation may also be beneficial – quintessential in fact – for the industry.”

It proceeds to discuss applying “technology-neutral regulation to this asset class, while at the same time harnessing the potential of the technology itself in the supervision process.” The authors suggested:

One promising option that supervisory and regulatory agencies could pursue is ‘embedded supervision’ … The main aim is low-cost supervision of decentralised markets, which may be particularly relevant amidst recent deliberations of the need for adequate prudential oversight of the cryptocurrency industry.

By embedded supervision, “we understand implementing a supervisory framework for cryptocurrencies that allows for compliance to be automatically monitored by reading the market’s ledger,” the report clarifies.

What do you think about the BIS report’s findings? Let us know in the comments section below.

ETH 2.0 Contract Exceeds 6 Million Ether, Data Shows Ethereum Outperformed BTC in Q1 and Q2

ETH 2.0 Contract Exceeds 6 Million Ether, Data Shows Ethereum Outperformed BTC in Q1 and Q2

Statistics show that the Ethereum 2.0 deposit contract has exceeded 6 million ether this week as more than $12.4 billion worth of ethereum is held in the contract today. Onchain metrics show that Ethereum has seen some significant drawdowns in recent times and decentralized finance (defi) activity has slowed compared to last summer’s statistics. Despite the onchain dips, this year ethereum markets outperformed bitcoin in Q1 and Q2.

Ethereum 2.0 Contract Now Holds 6 Million Ether Worth $12.4 Billion, Onchain Ether Stats Slide

There’s been a lot of focus on the Ethereum (ETH) network recently as the Ethereum 2.0 deposit contract now commands more than 6 million ether. Meanwhile, Ethereum participants are getting ready for the highly anticipated EIP1559 upgrade and London hard fork.

ETH 2.0 Contract Exceeds 6 Million Ether, Data Shows Ethereum Outperformed BTC in Q1 and Q2
Statistics from Glassnode and researcher Lars Hoffmann show Ethereum network onchain dips and defi activity slowing in recent times. “Despite volumes declining, the year-over-year growth in monthly [decentralized exchange] volume remains up 5600%+. Volume has consolidated around the $2B daily level, with significant spikes during periods of heightened volatility, silence otherwise,” Glassnode’s study notes.

Bitcoin.com News recently reported on the three Ethereum testnets that are transitioning to the London upgrade, and if all goes well the mainnet fork will follow. As more than $12.4 billion has entered the ETH 2.0 contract, a newly published report from Glassnode shows defi activity has dropped considerably but growth remains strong from a big picture perspective.

“Growth in new and existing activity throughout defi has taken a hit, as many participants move into a risk-off mindset amidst -60%+ dips from ATH across most governance tokens. While on-chain activity is no longer increasing as a % total month-over-month, year-over-year growth remains massive,” the Glassnode defi study details.

ETH 2.0 Contract Exceeds 6 Million Ether, Data Shows Ethereum Outperformed BTC in Q1 and Q2
Even with Glassnode’s and Lars Hoffmann’s onchain drawdown data, ethereum still outperformed bitcoin in Q1 and Q2 this year.

Even though ethereum has managed to make larger gains in comparison to other crypto assets and climb back above the $2K handle, research shows the network has seen some big onchain drawdowns. For instance, The Block Crypto’s Lars Hoffmann shared some insights on Ethereum’s onchain activity on July 1 via Twitter.

“As expected, most metrics had severe drawdowns (with ETH metrics having a higher beta),” Hoffmann tweeted. “While we are basing at high levels YoY, the parabola for most metrics is broken. Total adjusted on-chain volume declined by 46.6% to $572.7bn.” Hoffmann added:

As for [ethereum] futures, volume declined by 49.3% to $862bn. [Ethereum] monthly options volume declined by 68.8% to $5.19bn, yet still higher than at any time in Q1.

Ethereum Active Address and Market Metrics Still Outshine Bitcoin in 2021

Besides the noticeable drawdowns, there have been some positive Ethereum metrics in addition to the 6 million ether locked into the ETH 2.0 contract. For instance, the ether supply on exchanges is the lowest since November 2018. Glassnode’s report shows that defi gas prices have dropped considerably in recent times.

“Gas prices have returned to early defi Summer levels from 2020, so much so that traders willing to deploy patience can even get away with a single-digit Gwei gas fee during off-hours,” Glassnode’s defi study details.

The latest crypto market insights from Unfolded.io show that the Ethereum network had “about 200K more daily active addresses than BTC on Sunday, June 27th. This was only the third day since January 1st, 2017 that ETH has had more active addresses than BTC.”

In fact, Unfolded.io data shows that Bitcoin saw its “worst Q2 performance in over 8 years” and “despite high correlation with bitcoin, ethereum outperformed BTC in Q1 and Q2.” On Friday, bitcoin dominance levels are around 45.7% while ethereum’s dominance is around 17.6% of the entire $1.358 trillion crypto market cap.

What do you think about the 6 million ether locked in the Ethereum 2.0 contract? What do you think about ether outperforming bitcoin in Q1 and Q2 this year? Let us know what you think about this subject in the comments section below.

US Senator’s Advice: Buy, Hold, Save Bitcoin for Retirement as Congress Floods Economy With Trillions of Dollars

US Senator's Advice: Buy, Hold, Save Bitcoin for Retirement as Congress Floods Economy With Trillions of Dollars

U.S. Senator Cynthia Lummis has encouraged “people to buy and hold” bitcoin in their portfolios. “I encourage them to save bitcoin for their retirement, for their future,” she said, adding that with Congress flooding the economy with trillions and trillions of dollars, “there’s no way” the value of the U.S. dollar will not be debased.

US Senator Urges People to Invest in Bitcoin for Retirement

U.S. Senator Cynthia Lummis talked about bitcoin in an interview at the CNBC Financial Advisor Summit Tuesday. Responding to the question of what her ideal crypto future would look like, the pro-bitcoin senator described:

I would like to see cryptocurrency, like bitcoin, become part of a diversified asset allocation that are used in retirement funds and other opportunities for people to save for the future.

Not only she would like to see retirement funds investing in “bitcoin and other cryptocurrencies that are good stores of value,” the senator from Wyoming said that she would “also like to see individuals be able to use bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act.”

Senator Lummis further shared: “For me, I see bitcoin as a great store of value. I buy bitcoin and I hold bitcoin.”

When asked about how much bitcoin she has, Lummis replied, “Well I only have, I think, five bitcoin,” adding that she paid $330 for her first BTC.

Responding to a question about whether she invests in other cryptocurrencies, like ether, Lummis said she does not. “The only one I really understand is bitcoin. Now that doesn’t mean that ethereum might not have benefits as well,” the senator clarified.

Reiterating that she sees bitcoin as “a great store of value,” the senator said she currently does not see the cryptocurrency “as a means of exchange,” elaborating:

I want to buy and hold. I encourage people to buy and hold. I encourage them to save bitcoin for their retirement, for their future.

She explained that is “because, as the Congress spends trillions and trillions of dollars, and is flooding our economy and the world economy with U.S. dollars, there’s no way that we cannot debase the value of the U.S. dollar. So, I worry about having all of our retirement monies denominated in U.S. dollars.”

Lummis emphasized that one should have a diversified portfolio. “So as part of diversification, having a very diverse asset allocation, so you don’t have all your eggs in one basket, I think one of the strongest stores of value for the long run is bitcoin,” the senator concluded.

Do you agree with Senator Lummis? Let us know in the comments section below.

Robinhood IPO Filing Reveals $88 Billion in Cryptocurrency Trading, Dogecoin 34% of Crypto Revenue

Robinhood IPO Filing Reveals $88 Billion in Cryptocurrency Trading, Dogecoin Accounts for 34% Crypto Revenue

Robinhood’s IPO prospectus shows that 9.5 million customers traded $88 billion of cryptocurrency on its platform in Q1 and the company held approximately $12 billion in crypto assets under custody, a 23-fold increase from last year. Meanwhile, 34% of Robinhood’s cryptocurrency revenue was attributable to the meme cryptocurrency dogecoin.

Robinhood’s IPO Prospectus Reveals Crypto Business Details

Robinhood Markets Inc. (Robinhood) filed a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) Thursday for its initial public offering (IPO).

The company lists “cryptocurrency trading” through its subsidiary, Robinhood Crypto LLC (RHC) as one of the offerings on the Robinhood platform. The company explained that it “offers commission-free buying and selling of cryptocurrency” through the subsidiary. The crypto trading service was launched on Feb. 20, 2018. The platform currently supports seven cryptocurrencies: bitcoin, bitcoin cash, bitcoin sv, dogecoin, ethereum, ethereum classic, and litecoin.

For the three months ended March 31, Robinhood held cryptocurrencies worth nearly $11.60 billion, in assets under custody. The filing details:

For the three months ended March 31, 2021, 17% of our total revenue was derived from transaction-based revenues earned from cryptocurrency transactions, compared to 4% for the three months ended December 31, 2020.

Robinhood also wrote: “We believe that growing interest and adoption of cryptocurrency will drive increased customer interest in our platform and that we have significant room to grow even within our current customer base.”

In addition, the company pointed out that “A substantial portion of the recent growth in our net revenues earned from cryptocurrency transactions is attributable to transactions in dogecoin.” For three months ended March 31, 2021:

34% of our cryptocurrency transaction-based revenue was attributable to transactions in dogecoin, as compared to 4% for the three months ended December 31, 2020.

As of March 31, Robinhood has also expanded its coverage to 46 states and Washington D.C. The company also supports real-time market data for 10 cryptocurrencies, which is available to all customers. The company further declared:

In the first quarter of 2021 alone, we saw over 9.5 million customers trade approximately $88 billion of cryptocurrency on our platform, and we held approximately $12 billion in cryptocurrency Assets Under Custody as of March 31, 2021, a 23-fold increase from March 31, 2020.

What do you think about Robinhood’s crypto business? Let us know in the comments section below.

Bitcoin of America’s Chief Financial Officer Reports Record Company Growth

PRESS RELEASE. Bitcoin of America (BOA), a popular virtual currency exchange, is reporting record growth. Bitcoin of America is registered as a money services business with the United States Department of Treasury (FinCEN). Their mission is to provide their customers with a fast and easy transaction process, while securing the best rate in the market. The company launched back in 2015 and is headquartered in Chicago, IL. Bitcoin of America is known for their several different services including Bitcoin ATMs (BTMs), Tablets, and online exchange.

Bitcoin of America, one of the leading operators in the industry, has seen tremendous growth this year. Their top line revenue is up 220% and their earnings have increase 8 times the amount of last years. Bitcoin of America is known for their BTMS. They are located in 31 states including major cities across the USA. This year so far, the company has seen a 96 percent increase in BTMs. At the end of January 2021, the company had 630 BTM locations. To date, the company now has 1236 locations. Another aspect of Bitcoin of America that has seen massive growth, is the company’s team. The number of employees grew 32% in just one year.

CEO of Bitcoin of America, Sonny Meraban, is ecstatic about the company’s achievements. “Samantha, our Chief Operating Officer, helped jump start our growth in just a short 16 months. She has truly brought in all of the right people to Bitcoin of America. Paul, our Chief Financial Officer, has been a great addition to our team. He joined Bitcoin of America in January and has already accomplished so much. The rapid growth of Bitcoin of America called for someone with the experience and knowledge of the industry that Paul brings. Meraban also mentioned, “We are not the largest operator yet, but we believe we are the best run operator in the market. From compliance to operations and accounting, we have brought a rational, metrics driven approach so that we can run the business efficiently and profitably.”

Bitcoin of America’s Chief Operating Officer, Samantha Miller is excited about all of the advancements she has seen at the company in just a year. “Since I have started with BOA, I have truly seen exponential growth and we aren’t slowing down anytime soon. Having worked for a startup company in the past this feels like “home”, and I cannot be more excited about what the future holds for us.

Paul Bialobrzewski, Chief Financial Officer, joined Bitcoin of America in January of this year. Bialobrzewski spoke out about the success the company has seen in the last year. “Bitcoin of America has seen impressive growth especially when compared to prior year. The company is well positioned to deliver on the strategic vision the management team has laid out”

In just a year Bitcoin of America added new products and even made updates to their BTMs. The company recognized the high demand for 24/7 customer service and decided to act upon it. Bitcoin of America now offers around-the-clock support on their website.

The company also launched a new point of sale software to their tablet program. This software allows for businesses to start accepting cryptocurrency as a form of payment for their services. Jenna Polinsky, Director of Marketing and Head of Tablet Sales, seems optimistic about the future of Bitcoin of America. “Our new point of sale software will help incorporate cryptocurrency into everyday life. We are excited to offer something that’s free and easy to use. Bitcoin of America offers a great host program that is geared towards businesses that want to get involved in the cryptocurrency industry but are unsure of where to start. I am excited to see where this program goes in the next couple of years.”

Bitcoin of America also launched a new universal kiosk, which combines the capabilities of a traditional ATM with a Bitcoin ATM. There are 3 total functions that these kiosks offer. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy cryptocurrency with cash. The last is that customers can sell crypto in return for cash. This is huge for business owners. These universal kiosks are bringing stores additional revenue streams, while also saving floor space. Many of Bitcoin of America’s ATMs are placed next to a traditional ATM, often taking up extra room. Now, Bitcoin of America is making it possible to just have 1 machine with all of the same capabilities. You can visit Bitcoin of America’s website to find a location near you or signup as a host!

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Dutch Professional Football Club AZ ‘Confident’ About Bitcoin’s Future, Keeps BTC on Balance Sheet

Dutch Professional Football Club AZ 'Confident' About Bitcoin's Future, Keeps BTC on Balance Sheet

Dutch professional football club AZ has formed an exclusive partnership with a regulated cryptocurrency exchange platform, Bitcoin Meester. Part of the sponsorship amount is paid in bitcoin and AZ will leave the cryptocurrency on its balance sheet during the collaboration. The club says it is the first Dutch club to do so.

  • Professional football club AZ Alkmaar (also known as just AZ) and Bitcoin Meester independently announced Thursday their official and “exclusive partnership.”
  • The two companies have entered into a three-year agreement and will be linked at least until 2024. Bitcoin Meester explained that “Central to the partnership is the further marketing of crypto in the football world.”
  • Bitcoin Meester is a crypto exchange service provider registered with the Dutch central bank, De Nederlandsche Bank. The platform allows users to buy, sell, and store over 200 different cryptocurrencies, its website details.
  • AZ’s Commercial Director, Michael Koster, commented: “The cryptocurrency market is booming, with an exponential growth of users in recent years. That is appealing, but it is precisely in a new market that some direction is important.”

  • The announcement details:

Both AZ and Bitcoin Meester are confident in the future of bitcoin. That is why part of the sponsorship amount is paid in the digital currency. AZ will leave this on the balance sheet during the collaboration and is the first Dutch club to do so.

What do you think about this Dutch football club keeping bitcoin on its balance sheet? Let us know in the comments section below.

Enjin’s NFT Marketplace Efinity Rakes In $20 Million From EFI Token Sale on CoinList

Enjin successfully auctioned all tokens available for sale for the new Efinity NFT marketplace it has developed for the Polkadot ecosystem.

Latest Sale Brings Total Marketplace Funding to $38.9 Million

Given the concerns about Ethereum’s high costs and sluggish transaction throughput, competition amongst NFT marketplaces is heating up fast. More platforms are launching daily to keep up with demand and new use cases for NFTs.

As more blockchains compete for the torrent of demand for non-fungible tokens, Enjin has become the latest to launch another marketplace. Enjin, the team behind the ERC-1155 standard, has concluded a $20 million public sale of EFI tokens on CoinList for its next-generation Efinity blockchain. The oversubscribed sale ran for just 2.5 hours, and added to the already garnered $18.9 million from an earlier sale.

Efinity aims to tackle Ethereum’s many pain points, namely high gas fees and low throughput by constructing a blockchain marketplace capable of handling 1,000 transactions per second with six-second transaction confirmation. Built on Substrate, Efinity plans to leverage Polkadot’s interoperability for handling transactions in fungible and non-fungible tokens from Polkadot, Kusama, Ethereum, JumpNet, and nearly any other chain.

The multifunctional EFI token will play multiple roles within the ecosystem, including governance, staking, rewards, and paying transaction fees. It can also be applied to Enjin’s JumpNet, a gas-free blockchain, to increase transaction limits. It echoes other developments that Enjin has pioneered, like the ERC-1155 standard.

Unlike the standard ERC-721 non-fungible token (NFT) used to represent the original version of a piece of art, music, or video, the ERC-1155 standard can be both a fungible and non-fungible token simultaneously and is applied to more commoditized products, like popular in-game items that are collected, won, or traded.

A Race to Marketplace

Efinity is far from the only new blockchain marketplace to make its debut as other competing platforms enter the race to become NFTs’ winner-takes-all destination. Binance recently unveiled its own Binance NFT Marketplace late in June, Stellar blockchain hosts StellarNFT, and Solana features Sollectify. Tezos is now home to Hit Et Nunc and even Rarible has expanded to the Flow Blockchain after raising fresh capital.

These are in addition to the dozens of existing marketplaces that cater to different niches within the NFT space and the others that will arise as new use cases for NFTs emerge over time. However, given the vast incentives within the marketplace model, a fight for market share could unfold as new, more scalable, low-cost frameworks enter the ecosystem.

What do you think of the new Efinity NFT marketplace? Let us know in the comments section below.