June 17, 2024

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: May 11-May 17, 2022

This week’s edition of Crypto NFT Today features several exciting updates, including California’s move toward digital currency, Shiba Inu launching their burn portal, and an indictment for a crypto pyramid scheme. So now, let’s get crunching!

Shiba Inu Devs Launch Highly Anticipated Burn Portal

One of the most critical looming questions revolving around the popular Shiba Inu crypto is whether or not it can create enough utility to pursue the “one-cent-dream.” Perhaps the biggest hurdle is creating demand, which would require a substantial burn to the current circulating token supply. However, thanks to the dedicated dev team behind Shiba Inu, the first of many token-burn mechanisms has arrived.

Meet the Shiba Inu token burn portal. This burn portal incentivizes $SHIB token burns by rewarding those who do with passive income opportunities. Those who partake will receive passive income in Ryoshi Vision tokens. Since its launch at the end of April, community members have burned over 26 billion Shiba Inu tokens!

California Moves To Embrace Cryptocurrency

After President Joe Biden’s recent statement addressing federal cryptocurrency regulations, California State Governor Gavin Newsom signed an executive order last week laying its groundwork for crypto regulation statewide.

“California is a global hub of innovation, and we’re setting up the state for success with this emerging technology – spurring responsible innovation, protecting consumers, and leveraging this technology for the public good,” said Governor Newsom. “Too often government lags behind technological advancements, so we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive.”

While Fort Worth has emerged as the first city to provide a Bitcoin mining hub, California is the first state to begin forming an extensive framework supporting the growth of Web3 tech. As a result, we anticipate more states pursuing stances on adopting and advancing blockchain and the Web3 industry.

Mining Capital Coin CEO Indicted For Alleged Crypto Pyramid Scheme

The DOJ (Department of Justice) has indicted Luiz Capuci Jr. for allegedly operating a “$62M global investment fraud scheme.” Capuci Jr., CEO of Mining Capital Coin (MCC), promised substantial returns by selling “Mining Packages” to over 65,000 investors. Instead, Capuci redirected funds into his crypto wallets, the DOJ alleges. MCC netted at least $8.1 million from the sale of mining packages and $3.2 million in initiation fees, funding a luxury lifestyle for Capuci, including real estate investments, Lambos, and a yacht.

Headlines like this are why states and even federal levels are hesitant to pursue the mainstream adoption of cryptocurrency. Yet, while it remains immanent, the importance of consumer protection remains at the forefront of discussion.

Meta’s Instagram to Support NFTs from Ethereum, Polygon, Solana, and Flow Networks

This week, Meta CEO Mark Zuckerberg shared that Instagram will begin testing NFTs with user profiles.

“We’re starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs,” said Zuckerberg. A Meta spokesperson verified that Instagram (and eventually Facebook) would allow integrations with NFTs from the Ethereum and Polygon blockchains at first, with Solana and Flow to follow. In addition, compatibility for third-party wallets MetaMask, Trust Wallet, and Rainbow will be available at first, with support for Coinbase, Dapper, and Phantom later.

Picture of By Joshua Schweigert

By Joshua Schweigert

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