Vitalik-Supported Charity NFTs Shake The Market

GM Readers!📪 It's BitDegree Insider, and it's time to take a look at what is going on.

⭐️Today's selection:

• 👨‍🎨Vitalik's NFT!?
• 🕴️Positive Crypto Regulation
• 🧩️Thursday Quiz
• 👌Selected Meme of The Day
• 📰Bite-Sized News

WHAT IS GOING ON + NEW NFT BUZZ

Greetings!

Before we get to the positive side of the news, let's address what is actually going on. (Because, if you take a look at that Fear & Greed index, the market's not smiling)

While the recent closure of Silvergate Cryptobank really caused some turbulence in the industry.

As you may have heard, Silvergate Capital Corporation recently announced the closure of its operations and liquidation of its banking division.

The company provided lending services to multiple businesses in the cryptocurrency industry, but cited recent industry and regulatory developments as the reason for the decision to wind down operations.

While the news hit the crypto market hard, with Bitcoin losing 2.34% after breaking through the $22,000 support line, we're happy to report that there are still positive developments happening in the world of cryptocurrency.

Something like...

Vitalik-Supported NFTs skyrocket!

A new NFT collection, "Gitcoin Presents", has taken over the market and twitter.

The collection has gained extra hype due to the inclusion of Vitalik Buterin's work.

The open edition was minted for 0.05 ETH, with 9,221 NFTs minted.

At the time of writing, the secondary volume has exceeded 7,000 ETH, with the current floor price at 0.50 ETH (approximately $800).

The collection is centered around the concept of "Quadratic Funding", a mathematical model for directing resources towards projects in a way that benefits the greatest number of people.

The "Gitcoin Presents" collection aims to celebrate and support this approach by raising funds for public goods projects through the Gitcoin Matching Grant Pool and the Plurality Institute.

As well as all the proceeds are going to further funding!

Gitcoin is a decentralized platform that provides funding for open source projects through its grant system = a platform that allows anyone to donate to upcoming blockchain projects. 

The platform is built on Ethereum and has been a pioneer in using blockchain technology to fund open-source projects.

And here's a cool fact: before the Launch of Optimism, anyone who donated at least $1 via Gitcoin received a later airdrop of $800 worth of OP tokens.

The highlight of the Gitcoin Presents NFT collection sale was the Quadratic Funding Signature Edition 12/12, which sold for an impressive 52 ETH (around $80k).

This edition includes a physical copy of the Quadratic Funding whitepaper hand-signed by Vitalik Buterin, Zoë Hitzig, and Glen E. Weyl, along with a digital copy and essays by Gitcoin co-founders Kevin Owocki and Scott Moore.

TL;DR: The market today has been buzzing with the release of the "Gitcoin Presents" NFT collection. Among many works, a piece by Vitalik Buterin can be found in it. A total of 9,221 NFTs were minted, and its current floor price sits at 0.55 ETH (around $850).

CLEARER CRYPTO OVERSIGHT AHEAD

Exciting news from the world of crypto regulation!

Rostin Benham, the head of the Commodity Futures Trading Commission (CFTC), has taken a positive step towards promoting greater clarity in the market.

Benham recently stated that Stablecoin and Ethereum should be classified as commodities, rather than securities.

This is a promising development for the industry, as it paves the way for increased regulation and oversight.

And that's not all - Germany's financial regulator, BaFin, has taken a positive stance on NFTs.

They don't see any reason to classify NFTs as securities at the moment, which is great news for the crypto art community.

While BaFin admits that NFTs could potentially be used for profit, they don't believe that's sufficient reason to classify them as an investment sector.

Plus, the regulator notes that AML requirements only apply to NFTs that fall under financial services, meaning that many artists and creators won't have to worry about additional regulatory burdens.

Overall, these developments signal a growing recognition of crypto assets as commodities and a willingness to promote greater transparency and security in the market.

It's an exciting time for the industry, and we can't wait to see what the future holds!

TL;DR: The head of the Commodity Futures Trading Commission (CFTC) recently stated that Stablecoin and Ethereum should be classified as commodities. In addition to that, Germany's financial regulator, BaFin, has taken a positive stance on NFTs by communicating that they don't see any reason to classify NFTs as securities.

THURSDAY QUIZ

Thursdays should be fun. Let's make them fun. Here's a mini brain-scratcher for y'all. Or should I say... an eye-scratcher (?)

Here. Among these yellow fellow birds... There's one particular individual that's different. Really different. This bird is... a Bitcoin hoDler!

And you can find this Bitcoin holder because he's got a BTC tattoo on his side.

The question here is simple. Can you spot him?

So...

Have you found the Bitcoin Maximalist?

Good luck!

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Silvergate Capital Corporation Announces Plans to Liquidate Silvergate Bank. The reason why things don't look happy today.
• Lawyers Say Sam Bankman-Fried's October Trial Could Face a Delay. This story will take a looooooong time to develop.
• University in San Diego Receives $15M from Vitalik Buterin's Foundation. This was the 'biggest-ever donation for research on airborne pathogens, including COVID-19'.