In this recap of the crypto world, let us explore the events and news that had the most significant impact in the past week. Our focus will be on the following developments:
- Yuga Labs and Magic Eden Pave the Way for Creator-Centric NFT Ecosystem
- Coinbase Experiences an Outage Following the Recent Bitcoin Pump
- Backpack Exchange Secures $17 Million in Series A Funding
- Parallel TCG launches in Open Beta
- OKX Launches a ‘Snap’ Trading Feature in Collaboration with Uniswap
Yuga Labs and Magic Eden Pave the Way for Creator-Centric NFT Ecosystem
In a monumental stride towards supporting creators in the NFT space, Yuga Labs has recently unveiled a groundbreaking policy change. This development comes in tandem with the launch of Magic Eden’s new Ethereum NFT marketplace, a platform expressly designed to champion and empower creators.
Yuga Labs has taken a decisive stance against NFT marketplaces that compromise on fair royalty practices. This proactive move is a response to the concerning trend of marketplaces lowering royalty percentages or completely eliminating them to attract higher trading volumes and users. With a commitment to championing the rights of creators, Yuga Labs announced that, starting February 27, it will withdraw support from marketplaces that fail to ensure proper royalties for all creators.
This policy change impacts various Yuga Labs collections such as Otherside Expanded, Vessels, Maras, Koda, and more. These collections will now exclusively be available on platforms that adhere to and enforce fair creator royalties.
This move aligns with the broader goal of refocusing the NFT market on creator rights and sustainability. Recognizing the crucial role royalties play in providing creators with a sustainable income, this initiative by Yuga Labs, coupled with the launch of the Magic Eden ETH Marketplace, may mark the beginning of a creator-centric movement in the Web3 space. Read more on this here.
Coinbase Experiences an Outage Following the Recent Bitcoin Pump
On February 28th, 2024, Coinbase, a renowned cryptocurrency exchange, found itself grappling with a significant outage that left numerous user accounts in disarray. This abrupt disruption unfolded against the backdrop of a rapid surge in Bitcoin’s price, briefly going over the $64,000 mark. This downtime prevented users from accessing their accounts at a crucial time of price volatility.
Acknowledging the problem promptly, Coinbase initiated investigations into the issue. Currently, there are no specifics released so far but Coinbase has assured its user base that their assets are safe.
In a subsequent communication, Coinbase CEO Brian Armstrong shed light on the situation. He disclosed that the exchange was contending with an unprecedented surge in traffic, a surge attributed to the frenzied Bitcoin price action. While reiterating the security of users’ assets, Armstrong admitted that the influx of users had strained Coinbase’s infrastructure beyond its anticipated capacity. Moreover, he affirmed that the Coinbase team was tirelessly engaged in resolving the issue.
Now, as Coinbase works to restore normal operations for its vast user base, it is important to note that this event serves as a stark reminder of the inherent risks associated with relying on centralized exchanges, particularly during periods of heightened market activity. Read more on this here.
Backpack Exchange Secures $17 Million in Series A Funding
The Mad Lads community is abuzz with excitement following Backpack Exchange’s announcement of the successful completion of its Series A funding round. The platform raised an impressive $17 million, reaching a valuation of $120 million.
Led by Placeholder VC, a notable venture capital firm, the funding round witnessed active participation from strategic investors, including Hashed, Robot Ventures, Amber Group, Wintermute Ventures, Selini Capital, Delphi Digital, and visionary founders from Web3 ecosystems such as Solana, Tensor, and Jito, among others.
It is important to note that this funding significantly empowers Backpack Exchange by providing the financial support essential for its global expansion and accelerated company growth. Moreover, the strong vote of confidence from investors in this funding round underscores belief in both the project and its team, highlighting the potential of the platform in the bull market.
Parallel TCG launches in Open Beta
Parallel Studios has officially launched the Open Beta of its highly anticipated game – Parallel TCG. This cutting-edge Web3 Trading Card Game (TCG) promises an enthralling narrative of interstellar exploration and societal transformation, captivating players with its unique blend of strategic battles and immersive storytelling.
Launched officially on February 29th at 10 am EST, the Open Beta signals a pivotal moment for both the developers and the growing Parallel community. Moreover, following the successful conclusion of Closed Beta Season 7 and its corresponding tournament, the Open Beta marks a significant expansion of the player base.
As the Open Beta unfolds, Parallel Studios has also unveiled a new season of in-game content, adding to the game’s allure and excitement. As per the announcement, starting February 29th at 7 pm EST, this release includes the introduction of a premium battle pass, promising both newcomers and seasoned players an enriched gaming experience.
Considering the quality of gameplay so far, along with the bull market taking heat and gaming being one of the biggest narratives this time around, this is one of the projects worth keeping an eye on.
OKX Launches a ‘Snap’ Trading Feature in Collaboration with Uniswap
In a groundbreaking collaboration that resonates across the DeFi landscape, OKX, a global technology company, has joined forces with Uniswap Labs to introduce the ‘Snap’ trading feature on its DEX. This strategic integration not only leverages Uniswap Labs’ trading APIs but also holds the promise of reshaping the DeFi ecosystem by offering OKX users gasless transactions.
The ‘Snap’ trading feature operates seamlessly on the OKX DEX interface via Uniswap Lab’s UniswapX protocol. This protocol, known for its permissionless and open-source nature, facilitates trading across various automated market makers (AMMs) and liquidity sources, ushering in a new era of gas-free trading for OKX users.
The integration of the ‘Snap’ trading feature significantly enhances OKX’s suite of offerings. The protocol is designed to provide users with better prices, increased liquidity, and the ability to execute gas-free token swaps. Notably, the ‘Snap’ feature eliminates the costs associated with failed transactions and prevents maximum extractable value (MEV), enhancing reliability and security in DeFi transactions.
This strategic partnership between OKX and Uniswap Labs crafts a comprehensive DeFi experience for Web3 users. By seamlessly integrating Uniswap’s robust protocol, OKX enhances the reliability and security of decentralized exchange transactions. And as the industry progresses, collaborations like these mark pivotal steps toward creating a seamless and intuitive interaction between users and the entire blockchain space. Read more on this here.
