Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional rollercoasters, this is the place to be.
Are you ready for the crunch? Let’s get started.
FTX Token Plummets
FTT token value was down 20% Tuesday following a report last week that Alameda Research may be in financial trouble. Alameda is a trading firm owned by Sam Bankman-Fried — who also owns the FTX exchange platform. Alameda is considered a crypto whale and has placed much of its wealth in FTT, the in-house token of FTX.
Data from CoinGlass shows that there continues to be building short bets on FTT as open interest in the crypto-derivatives market has surged 8% during the last hour to a total of $215 million.
FTT is currently trading down 19% at $17.93. SOL is lower by 17% and Serum’s SRM token is down 10%. The action is spilling over into bitcoin (BTC) as well, which is down 5.6% to $19,650.
Press Release: World Crypto Conference 2023
One of Europe’s most exciting blockchain conferences — the World Crypto Conference 2023 — will be held from Jan. 13 to 15 in Switzerland, the global center of traditional finance and one of the world’s most crypto-friendly countries.
Fittingly, the WCC2023 takes place just before the annual World Economic Forum in Davos. Delegates to both events will be debating the economic and social impact of technology, and especially the transition to Web3.
The specific goal of the WCC2023 is to bridge the gap between the traditional world of finance and business (TradFi) and the crypto world. It also aims to facilitate mass adoption of crypto assets and the creation of sustainable, fast and secure financial systems. It will encourage collaboration and networking between TradFi and DeFi companies, and connect traditional IT companies with Web3.
The timing of the event could not be better, coinciding with the move of several TradFi institutions toward blockchain solutions.
Polygon Emerges as Top Web3 Blockchain
The polygon blockchain is emerging as the top web3 blockchain. According to a recent Bernstein research report, the popular blockchain is the leading gateway for moving Web2 consumers to Web3.
The system has been chosen by Starbucks, NuBank, Reddit, DraftKings, Robinhood Markets and Instagram.
Polygon’s native cryptocurrency, MATIC, rallied 30% in two days last week after Meta said it would introduce a toolkit allowing Instagram users to mint and sell Polygon-powered non-fungible-tokens (NFTs).
Web3 and Blockchain Conference Focuses on Supporting Indigenous Communities
The Web3 and Blockchain World conference on Nov. 8 and 9 in Toronto is working hard for a diverse program supporting human rights and progress.
Proceeds from the W3B Awards Gala on Nov. 8 will support the Fraser Region Aboriginal Friendship Center Association (FRAFCA) with an NFT Art Education program. FRAFCA’s mission is to foster the health and wellbeing of urban indigenous people in the Fraser Salish region by providing culturally relevant services, support and advocacy. The NFT Art Education program will be delivered by Tamara Goddard, CEO and founder of Four Our Future Indigenous Economics and co-founder of 400 Drums. This program will enable members of the FRAFCA community to harness the power of Web3 and NFTs to keep Indigenous cultures and teachings alive.