April 19, 2024

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- February Week 2

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With new research showing a majority failure for new crypto projects, the Empire State Building launching NFT rewards, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

New Research Shows Majority Failure For New Crypto Projects 

According to a report by AlphaQuest and Storible, 72% of projects originating during the 2020-2021 bull market did not succeed. Within the pool of 12,343 examined crypto projects, more than 8,850 became inactive in the past year. Notably, 2023 proved to be the most challenging within the 2020-2023 cycle, witnessing nearly 60% of failed projects. 

The Empire State Building Launches NFT Rewards

The Empire State Building has introduced a new program catering to locals hosting guests in the city and enthusiasts of its Observatory Experience. Upon joining the Ambassador Program, each new member will have a unique Empire State Building NFT as a sign-up bonus.

Participants will receive additional customized NFTs corresponding to the tiers they attain. The exclusive NFTs function as digital mementos and unlock personalized rewards for the participants. These collectibles are stored securely on the blockchain in a user-friendly wallet.

Studies Show a Drop in Crypto Laundering

In 2023, illicit transactions involving cryptocurrencies experienced a notable decline of approximately 30%, as outlined in Chainalysis’ recently published 2024 Crypto Crime Report. This reduction signifies a significant shift in the patterns of cryptocurrency-related money laundering. The report further highlighted a 14.9% decrease in the total funds transferred between illicit addresses.

Chainalysis attributes the diminished figures to an overall contraction in the total volume of cryptocurrency transactions, coupled with the concerted efforts of malicious actors to conceal illicit activities.

Increased Bitcoin Transactions for Human Trafficking

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury has noted a surge in the use of Bitcoin transactions linked to instances of human trafficking and online child exploitation.

According to recent findings by FinCEN, a substantial 95% of cases involving online child exploitation and human trafficking exhibited connections with digital assets or “convertible virtual currencies.”

By I&T Today

By I&T Today

Innovation & Tech Today features a wide variety of writers on tech, science, business, sustainability, and culture. Have an idea? Visit us here: https://innotechtoday.com/submit/

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