Bitfinity Weekly: Betting on the Future
Welcome to Issue #124 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Global Crypto News
- This Week in our Blog
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
Sky News: Sky (formerly MakerDAO) launched a new dApp and two new tokens (governance token $SKY and stablecoin $USDS), as part of their 'Endgame' overhaul, which will completely phase out tokens $MKR and $DAI. Sky is also holding a vote to remove $wBTC (a version of wrapped Bitcoin) under concerns regarding Tron's founder Justin Sun's involvement with its asset custodian. The removal of $wBTC could potentially affect $200m in DeFi loans.
Bitcoin Kingdom: The Kingdom of Bhutan was revealed to be the world's fourth largest government holder of Bitcoin, thanks to the wallet tracking done by Arkham Intelligence. Bhutan possesses just over 13,000 $BTC, eclipsing El Salvador (5.7k+). Unlike other large governments' supply, the majority of Bhutan's Bitcoin was acquired through mining, not via seizure of assets. Bitdeer, a Singapore-based blockchain solutions company, has been a strategic partner for Bhutan in their mining efforts.
MultiMarket: Popular token-based events betting platform Polymarket has a new competitor. Wintermute, an algorithmic digital assets trading firm, announced it will be launching OutcomeMarket--a prediction market that will cover the U.S. presidential election. The market will be accessible on three chains: Ethereum, Base and Arbitrum. Ironically, due to regulatory concerns, OutcomeMarket will not be accessible to American speculators.
American Blues: Republican House Majority Whip Tom Emmer and Patrick McHenry (Chairman of the House Committee on Financial Services) released an open letter to the SEC and its Chairman Gary Gensler. The document asks for better regulatory clarification and argues that under current guidelines, Americans are eligible to receive crypto airdrops. Prominent crypto attorney Gabriel Shapiro weighed in on X, saying that the regulatory position is not unclear but consistent.
This Week in our Blog
Ready to really learn about NFTs? This week we take you through a thorough examination of Non-Fungible Tokens, and why the Internet Computer blockchain offers a myriad of technological advantages to this unique asset class.
Hans
In Bitfinity’s Blockchain Bash – Sixth Strategy Summit, we partnered with amazing industry projects and visionaries to define the next steps in blockchain innovation.
Fred
NFT Market Bytes
Hammer Time: Kemonokaki, a popular and high volume NFT collection on the Base blockchain, is moving their project elsewhere after clashing with the Base Discord team. Following a major escalation where the Kemonokaki Discord server was banned (then restored, thanks partly to intervention by the Pudgy Penguins team), the Kemonokaki team released a statement expressing their intention to no longer build on Base. They announced later in the week that their upcoming collection (Pixelady Maker: Cataclysm) will be released on Abstract, a new L1 launched by Igloo Inc., the parent company of Pudgy Penguins.
Presidential Favorite: Former President and current candidate Donald Trump credited NFTs for his change of heart regarding cryptocurrency. In an X Space promoting his family's latest crypto venture (World Liberty Financial), Trump said that seeing crypto being used as currency to purchase his NFTs changed his opinion. Previously, he had publicly stated that he saw Bitcoin as a scam.
Caught in a Net: NYC restaurant FlyFish Club was fined $750k by the SEC over the sale of its FlyFish NFTs. The Securities and Exchange Commission alleges that the NFTs were promoted as investments, despite the restaurant's claim that they are club membership tokens, emphasizing that 42% of investors purchased more than one NFT. In addition to the fine, FlyFish Club has to destroy all FlyFish NFTs in its possession and no longer accept royalties from future NFT sales.
Tweet of the Week
📣For a long time, Web3 development has involved various languages and frameworks across ecosystems.🌐
— Bitfinity Network (@bitfinitynet) September 19, 2024
The team at TNGlobal recognized our efforts, alongside leading industry protocols, in enhancing cross-chain interactions.🔗
👉Read the full piece here https://t.co/LfkGlLZpxX
Meme Time
A Matter of Opinion
Cryptocurrency trading giant Wintermute has entered the token-based prediction markets game. As popular future events betting site Polymarket broke over $1 billion dollars in bets over the U.S. presidential race, Wintermute announced that it will soon be launching OutcomeMarket. While placing bets on future events is nothing new, we are witnessing the creation of a brand new money market, one that may completely alter the way we consume and interact with the news.
The future of news consumption may soon look radically different from the traditional formats we are accustomed to. As interactive, token-based prediction platforms grow in popularity, we’re likely to see a major shift in how current events are engaged with. Rather than passively consuming information, audiences can become more directly involved by betting on real-world outcomes, merging news with speculative markets.
Perhaps, if incentivized enough, exceptionally invested participants may choose to directly affect outcomes in the future. In such a scenario, news might be less about reporting events after they happen and more about influencing monetized outcomes. People would not only stay informed but also feel personally invested in the results of major global events and compelled to act.
This could be a net positive society, as civic minded participants push for greater, more effective activism. However, this evolution raises important ethical questions. While an incentivized outcomes model could increase public engagement, it could also risk undermining the credibility of news sources and further polarizing information consumption.
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