Altcoin News by Thebittimes.Com

Web3 has been gaining momentum. However, with general understanding remaining low, the burning question becomes—is the adoption of web3 a reality or merely hype? The internet has become ubiquitous in people’s everyday lives, molding their reading choices, shopping preferences, entertainment options, and communication methods.  A Sandvine global internet report from earlier in the year revealed that the average person spends as much as eight hours on online apps. However, there has been growing unease about the access and control of people’s intimate information. Large tech firms have increasingly come under the cosh for their handling and potential misuse of personal data and their substantial influence over the internet due to their market supremacy. Per the Sandvine report, nearly half (48%) of the total internet traffic was directed through titans like Microsoft, Alphabet (Google), Meta (formerly Facebook), Amazon, and Apple, a group commonly referred to by the acronym MAMA...

In October, Bitcoin (BTC) reached a nearly 17-month high. Meanwhile, Latin America appears to be positioning itself as a blockchain hub, with the industry valued at over $500 billion in 2022. Notably, in Mexico, the world’s second-largest recipient of foreign remittances, there is a surge in crypto payments. This shift has also been observed in various economies across Latin and South America, where blockchain and cryptocurrencies are seen as secure, cost-effective, and user-friendly alternatives to traditional financial systems. Caracas Blockchain Week, held from Oct. 24 to 28, served as a gathering for industry professionals, including pioneers, thought leaders, startup founders, investors, partners, and projects. The event featured workshops, a hackathon, and an interactive conference highlighting projects and platforms in blockchain . These discussions showcased the potential of both emerging and established blockchain initiatives. You might also like: JPMorgan ...

The global metaverse market is projected to grow massively, reaching $322 billion by 2030, according to a report by ResearchAndMarkets. Massive growth potential  According to ResearchAndMarkets’ latest report, the metaverse market was valued at around $42.05 billion during the 2021 bull market. However, the report notes that this figure is expected to grow to $322 billion in the next seven years. The growth will happen due to the current increase in demand for immersive experiences, the rapidly growing blockchain gaming industry, and the continuous increase in blockchain adoption, ResearchAndMarkets suggests. Segmenting the metaverse market The global metaverse market is categorized based on type (mobile and desktop metaverses), technology (blockchain, virtual reality (VR), augmented reality (AR), and mixed reality), application (gaming, online shopping, content creation, social media, etc.), and region in the report.  You might also like: UAE economy ministry sets u...

The request was denied by US District Judge Lewis Kaplan, who characterized it as a "fishing expedition" lacking justification. Sam Bankman-Fried, the co-founder of FTX, has been denied his request to obtain documents from a Silicon Valley law firm, Fenwick & West LLP, as part of his defense strategy in his ongoing federal fraud case, Bloomberg reported. Bankman-Fried had hoped to use these documents to support his claim that he relied on legal advice while engaging in the activities for which he is currently facing prosecution . In a recent development, Bankman-Fried's legal team approached the judge overseeing the case, urging the prosecution to hand over the documents obtain ed from Fenwick & West or to allow them to be obtain ed directly through a subpoena. However, US District Judge Lewis Kaplan dismissed the request, calling it as "fishing expedition" that would not be justified. In preparation for his defense, Bankman-Fried's legal tea...

The move-to-earn platform had 2 billion $SWEAT tokens locked up in inactive user accounts which the community has voted to be returned to a governance contract. Move-to-earn platform Sweat Economy is set to repurpose over 2 billion native $SWEAT tokens that were locked up in inactive user wallets. The tokens, valued at around $10 billion, were locked up in dormant user accounts following a token airdrop event in Sep. 2022. According to the platform, Sweatcoin users that opted into the Web3 move-to-earn’s crypto offering received $SWEAT tokens that were locked up in a 24-month lock-up contract. Users that failed to install the Sweat Wallet over the past year and claim locked tokens essentially left a sizable portion of the ecosystem’s token supply frozen in inactive accounts. Sweat Economy’s foundation controls the keys to the lockup contract responsible for the token generation event, allowing for the platform to repurpose the tokens that otherwise would have been ‘abandoned’ and unre...

Fastex, an up-and-coming crypto project, aims to reshape the Web3 space with one of the most developed ecosystems out there. As the Web3 space continues to grow and evolve, there are now several defined aspects that users tend to affiliate it with. Whether one likes to use crypto for payments or is interested in hunting down the latest NFT collectible, the crypto space is rapidly diversifying what it can offer users. Regardless of the sub-sector, Web3 continues to onboard new users. According to the latest DappRadar industry report, the number of unique active wallets that connected to a blockchain-based application on a daily basis rose significantly in 2022. While in 2021, the Blockchain industry saw an average daily wallet count of about 1.58 million, in 2022, this number skyrocketed to 2.37 million. Still, despite rising activity, one big challenge remains — the Web3 space is fragmented, and the various services the space has to offer require a multitude of tools and interactions ...

NFTs hosted on FTX platform were affected by the firm’s collapse, showing blank images instead of the original art. The FTX collapse highlighted many flaws in the crypto industry. Now, the effects of the FTX debacle have broken into the nonfungible token (NFT) space with users unable to view their FTX-hosted NFTs.  In a tweet, Solana engineer jac0xb.sol pointed out how the metadata of FTX-hosted NFTs now points to a restructuring website that gives out information about bankruptcy proceedings. According to jac0xb.sol, the NFTs minted on FTX were hosted using a Web2 application programming interface (API), resulting in images not showing. Example of an NFT hosted by FTX. Source: Magiceden.io After the FTX exchange filed for bankruptcy, the FTX.us domain was entirely redirected to the bankruptcy proceeding page. Because of this, NFT owners are still able to see that their NFTs exist. However, images cannot be seen anymore, even when viewing them within wallets or listing them on NFT tr...

The metaverse platform announced that users who own LAND within Decentraland can officially rent out the rights to the space through the digital marketplace. The metaverse platform Decentranland announced a new platform feature which allows its users who own virtual LAND to essentially become landlords. Owners can now officially rent out their property to other users on the platform for predefined periods of time. This allows users to earn passive income off of their metaverse assets.  Decentraland classifies LAND owners as accounts or wallet addresses which own the smart contract for LAND, whether it be “a Parcel, an Estate, or both." All LAND rentals are performed in (MANA), the native token of Decentraland and paid upfront in total. The platform gave examples of digital universities renting out land to build campuses or DJs renting space for a club or party. Similar to most rental contracts of physical properties, Decentraland landlords can not sell the land, nor can they ...

Cable news network CNN has bid adieu to its Web3 and NFT experiment, Vault. Announcing the same, the official statement on Twitter read, “We have decided that it’s time to say goodbye to Vault by CNN . “ Vault by  CNN  was created last year and typically offered buyers NFTs that commemorated major news events. Post the announcement, people from the space did not hesitate from adding tags like bizarre to its market. Elaborating on the journey, the statement noted, “Vault was originally launched as a six-week experiment, but the support and engagement from our community let us expand this project into something much larger.” News of our own to share pic.twitter.com/qcxaDXNRYO — Vault by CNN (@vaultbycnn) October 10, 2022 Rug-pull accusations against CNN pour in At the time of the launch, the news cable network had chalked out its intention to expand and had given word to users about future airdrops . It had stated at that...