Weekly Market Chummary: August 29th, 2022

This is not financial advice. This is for informational purposes only. Remember to do your own research!

Shark Bites:

$0 Trades on Binance

Binance, AKA the largest crypto exchange by trade volume, has been in the news a lot lately… Last week, Binance started allowing users to trade Ethereum against Binance Coin (BNB) for zero trading fees. The move which went live on August 26th, is a strategic effort in attracting and retaining customers prior to the highly anticipated ETH Proof-of-Stake transformation. I’m sure many other crypto exchanges will follow…

Coinbase Wraps ETH

Told ya. As of August 25th, Coinbase launched staked ETH (or cbETH) which allows ETH tokens to be staked on its platform. The move comes as, you guessed it, many cryptocurrency market participants are preparing for ETH’s transition, AKA “The Merge”, set to take place on September 15th.

South Korea Explores Crypto Tax Updates

South Korea is supposedly toying with the idea of taxing recipients of crypto airdrops. For those unfamiliar with airdrops, an upcoming coin or web3 project may gift free tokens to some wallets as a marketing tool and method of growing awareness. The new tax South Korea may introduce, which could see airdrops taxed somewhere between 10% and 50% of proceeds, will require recipients to file a gift tax return within three months after the airdrop. 

Speaking of South Korea and Binance…

We just can’t get away from Binance! Late last week, it was reported the crypto platform signed a Memorandum of Understanding with Busan, South Korea, aimed at helping to support Busan’s blockchain ecosystem. Binance will provide technological and infrastructure support while also promoting Busan Digital Asset Exchange. Seems like competition is heating up as crypto.com acquired two South Korean startups earlier in the summer.

Aussie Token Mapping

Australia’s Labor Government announced early last week it will begin analyzing how digital assets such as crypto can be evaluated from a regulatory framework. The goal of the so-called “token mapping” is to improve management of crypto transactions and protect consumers from risks such as fraud and theft.

NFT Corner:

10KTF

https://10ktf.com/ – Alright, we have another apparel-based NFT project for you to check out… Well sort of. These are NFTs that feature digital collectibles of apparel and merchandise, sporting IP (through CCO-type arrangements) from several different projects including BAYC, MoonBirds, Pudgy Penguins, etc. In order to mint merchandise, 10ktf “requires the user to own the corresponding parent NFT in order to create their derivative accessories”.

VeeFriends Iconics

https://blog.veefriends.com/a-guide-to-veefriends-iconics-inspiration-and-collectibility-c0a7cdad3770  – Gary V always has something up his sleeve… always pushing the envelope. Designed by the legendary artist of CryptoStrikers, Gilang Bogy, to redesign rare VeeFriends originals.

Term of the Week: Ethereum Request for Comment (ERC)

A standard protocol used to issue tokens under the Ethereum platform. ERC specifically refers to the technical documents used by smart contract developers to define the rule framework for implementing new tokens.