• John Knopf, an Emmy Award-nominated landscape photographer, is an early adopter of NFTs.
• He helped found FOTO, a collective geared at training artists to work in Web3.
• Time magazine partnered with FOTO on its own NFT drops and Knopf’s work has also been featured.

John Knopf: A Digital Culture Pioneer

John Knopf is an Emmy Award-nominated landscape photographer who works for National Geographic and was an early adopter of non-fungible tokens (NFTs). Together with seven other prominent photographers, he founded FOTO – a collective aimed at training digital artists to use Web3 technologies. The organization has hundreds of members from amateurs to professionals and curates their art for exhibitions and events. Time magazine even partnered with FOTO for its own series of NFT drops, and Knopf’s work has been featured as well.

The Potential of Web3

Knopf initially came into crypto during the bull market with hopes of making a quick buck, but he quickly became enthralled with the potential of distributed networks. He believes that Web3 is all about “elevating one another and working to advance the art form” – something that photography can uniquely benefit from due to its technical nature as much as artistic sensibility.

FOTO: Turning Industry Into Community

The main purpose behind founding FOTO was to turn what could have become a highly exclusive industry into a community that values collaboration over competition. It serves as both a platform where people can display their artwork and also provides valuable resources such as news articles or tutorials on how best to prepare artwork for sale on the blockchain space. With such efforts, larger organizations like Time magazine have taken notice which has led to further exposure for the artworks produced by members of FOTO.

Achievements & Accolades

As mentioned previously, John Knopf’s work has been featured in many places including his recent partnership with Time magazine for multiple NFT drops featuring his photos plus those of other artists associated with FOTO. This is only part of his success story though; he received an Emmy award nomination in 2019 for his documentary called „Bored Apes“ which explored digital culture through interviews conducted around the world; this project provided him invaluable insight into how technology influences our lives today as well as what it will look like tomorrow.

Conclusion

In conclusion, John Knopf has proven himself time and time again not just as a talented photographer but also as someone who understands how technology can be used creatively to improve our lives – whether it be through exploring digital culture or turning what could have become an exclusive industry into one that values collaboration above all else using cryptocurrency platforms like Ethereum’s blockchain network via non-fungible tokens (NFTs).

FTX Reaches $45M Deal to Sell Interest in Sequoia

• FTX’s investment arm, Alameda Research, has struck a $45 million cash deal to sell its interest in Sequoia Capital to the Abu Dhabi sovereign wealth fund.
• The agreement requires approval from a Delaware bankruptcy court as the failed exchange seeks to raise funds for creditors.
• The would-be buyer, Al Nawwar Investments RSC Limited, is ultimately owned by the government of Abu Dhabi and already invests in Sequoia.

Background on FTX Bankruptcy

FTX group filed for bankruptcy protection in November 2020. In January 2021, Judge John Dorsey granted permission for some of FTX’s more easily separable assets – including derivatives arm LedgerX, stock-clearing platform Embed, and Japanese and European units – to be offered for sale. However, poor record keeping at the company had left a large balance sheet shortfall.

Agreement with Purchaser Details

Following indications of interest from four parties and negotiations with two potential buyers, FTX decided to enter into an agreement with a purchaser based on their superior offer and ability to execute the sale transaction quickly. The agreement is subject to approval by Delaware bankruptcy court Judge John Dorsey and could be closed as soon as March 31.

Buyer Information

The would-be buyer is Al Nawwar Investments RSC Limited which is ultimately owned by the government of Abu Dhabi. It already invests in Sequoia Capital Fund.

Conclusion
FTX’s agreement with Al Nawwar Investments RSC Limited is subject to approval by Delaware bankruptcy court Judge John Dorsey before it can be finalized. If approved, this deal will help provide funds for creditors who have been affected by FTX’s financial struggles due to poor record keeping at the company.

• NFTs have a ‚digital first sale‘ problem due to outdated copyright laws.
• Short interest is rising on China tokens while Bitcoin treads water just above $23,000.
• Prices for Bitcoin, Ethereum and other Chinese tokens are in the red as of March 1st.

NFTs Have a ‚Digital First Sale‘ Problem

Non-fungible tokens (NFTs) have been gaining considerable attention lately, but their widespread adoption is being hindered by outdated interpretations of copyright law. These interpretations are mired in an era before blockchain technology existed and fail to recognize the concept of digital-first sales which could revolutionize the art world and beyond.

Short Interest Rising on China Tokens

As Asian markets opened on March 1st, several China tokens were seeing declines in price. Web3 ecosystem token Neo was down 8%, Conflux’s CFX token was down 12.5%, and Filecoin’s FIL token declined 5.5%. Short interest has been increasing rapidly on these tokens, with NEO split 50/50 between long and short positions while CFX has slipped into a majority short position at 52.71%. FILECOIN’s FIL is nearly even between long and short positions as well.

Bitcoin & Ether Prices In The Red

The top two cryptocurrencies, Bitcoin and Ether also began trading lower today as well. Bitcoin opened trading at $23,141, down 1.3% while Ethereum dipped 22 points to $1,607 or 1.4%. Other crypto prices from CoinDesk Market Index (CMI) showed an overall decline of 18 points or 1.6%.

Gold Price Rises As Treasury Yield Falls

In contrast to the negative sentiment seen in crypto markets today, gold prices rose 14 points to $1,831 or 0.8% according to COMEX spot price data . Meanwhile treasury yields fell back towards recent lows with 10 year yields reaching 3 .92%, down 0 from yesterday’s close .

Conclusion

Despite weak performance in many crypto markets today , gold prices continue to rise as investors seek safe haven assets amid economic uncertainty . Copyright legislation will need to catch up with modern technology before NFTs can fully realize their potential , leaving digital artists unable to capitalize on their creations until then .

• MicroStrategy has raised $46.6 million through share sales since September.
• The company suggested the proceeds may be used to pay down debt, including its term loan with Silvergate Bank.
• Michael Saylor’s MicroStrategy had entered into an agreement with underwriter Cowen and Company in September for the sale of up to $500 million in common stock.

MicroStrategy Has Raised $46.6M Through Share Sales

MicroStrategy has raised $46.6 million via share sales since it entered an agreement with underwriter Cowen and Company in September for the sale of up to $500 million in common stock.

Use Of Proceeds

The company also updated its “use of proceeds” statement, saying money raised may also go towards repayment of debt, including its term loan with Silvergate Bank (SI). That loan – for $205 million and taken out in March 2022 – is a floating rate, and has thus gotten more expensive as the U.S. Federal Reserve has hiked short-term interest rates.

Silvergate Loan Maturity

The Silvergate loan matures in March 2025 and does have a prepayment penalty, but that penalty in March 2023 drops by half to just 0.25% of the principal balance being repaid.

Proceeds Used To Add To Bitcoin Holdings

MicroStrategy has previously mostly used proceeds from share sales to add to its bitcoin (BTC) holdings.

Michael Saylor Background

Michael Saylor is CoinDesk’s co-regional news chief, Americas and holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000. He is Executive Chair at MicroStrategy which he lost big during the dot-com bubble crash but aims to rebound again through his investments into crypto assets such as Bitcoin (BTC).

• Kraken agreed to pay a $30m fine and shut down its crypto-staking service for US customers due to SEC charges of offering unregistered securities.
• The SEC announced that Payward Ventures, Inc. and Payward Trading Ltd., the registered companies that make up Kraken, will end staking services and programs.
• Former SEC Attorney Zachary Fallon discusses what this could mean for the future of SEC enforcement actions over the crypto industry.

Kraken Agrees to $30M Fine

Kraken has agreed to pay a $30 million fine and shut down its crypto-staking service for US customers due to charges from the Securities and Exchange Commission (SEC) of offering unregistered securities. The complaint alleges that Kraken had been touting an easy-to-use platform with benefits derived from their efforts on behalf of investors since at least 2019.

Payward Ventures & Payward Trading Affected

The SEC announced that Payward Ventures, Inc. and Payward Trading Ltd., the registered companies that make up Kraken, will end staking services and programs as part of the settlement agreement. Any assets staked by U.S. clients except for staked ether will be automatically unstaked, with ether being unstaked after Ethereum Network’s Shanghai upgrade takes effect.

Implications for Future Enforcement Actions

Former SEC Attorney Zachary Fallon has discussed potential implications this could have for future enforcement actions taken by the commission over the crypto industry in general terms such as clarification over who can offer securities versus who cannot or should not be able to.

CoinDesk Scoop Confirmed

The announcement confirms a CoinDesk scoop from earlier Thursday which reported on plans by Kraken to shutter its crypto staking-as-a-service platform in light of pending settlement by the regulator involving unregistered security offerings in violation of federal law.

Live Discussion Over Crypto & Web3

Join a live discussion taking place in Austin, Texas April 26th – 28th regarding policy, regulation & more related to cryptocurrency investments & Web3 projects.

Bittrex Cuts 80 Jobs

• Seattle-based cryptocurrency exchange Bittrex is reducing its staff by more than 80 people due to the new economic environment.
• The market downturn triggered by multiple failures in the crypto ecosystem caused the company to reset their strategy and balance investments.
• This is part of a larger trend, with Coinbase, Gemini and other exchanges announcing layoffs as well.

Economic Impact on Crypto Exchanges

The recent economic downturn has had a massive impact on the crypto industry, leading to job losses across multiple exchanges and companies. According to CoinDesk, since April more than 29,000 jobs have been lost due to crypto industry instability. Bittrex has now joined this list with the announcement of cutting more than 80 personnel from various departments within the company.

Bittrex CEO’s Statement

In a leaked email on Twitter, Bittrex CEO Richie Lai told employees that they had been trying to reduce expenses and increase efficiencies but were unsuccessful due to „multiple failures in the crypto ecosystem“. He noted that this led to an „outright collapse“ which necessitated a resetting of strategy and balancing investments according to the new economic environment.

Other Exchanges Making Cuts

Bittrex is not alone in making such cuts; U.S.-based exchange Gemini announced a third round of layoffs in January while Coinbase said it would cut 20% of its workforce at around the same time. These developments point towards an increasingly uncertain future for many businesses operating in the crypto sector as market conditions remain volatile and unpredictable.

Conclusion

Overall, it appears that many businesses within the crypto space are struggling due to unfavorable market conditions and are having to make difficult decisions regarding staffing levels as a result. While this may be necessary for some companies‘ survival, it still creates an uncertain outlook for employees who may soon find themselves without work despite their best efforts.

• Rebecca Barkin, former executive at Magic Leap, has been promoted to CEO of metaverse-focused layer 1 blockchain protocol Lamina1.
• Barkin will be in charge of all business operations, partnerships, fundraising, developer relations, and the execution of the product roadmap.
• Lamina1 was first teased in June as a foundation for an open metaverse and launched the Lamina1 Ecosystem Fund late last year.

Rebecca Barkin, former executive at Magic Leap, has been appointed to serve as the new Chief Executive Officer (CEO) of metaverse-focused layer 1 blockchain protocol Lamina1. With this promotion, Barkin will be in charge of all business operations at Lamina1, including partnerships, fundraising efforts, developer relations, and the execution of the product roadmap.

Barkin joined Lamina1 in August as the company’s President and is now taking on the role of CEO. She brings to the table a wealth of experience from her time at Magic Leap, where she served as Chief Revenue Officer and was responsible for overseeing all revenue-generating activities.

Lamina1, the brainchild of science-fiction author Neal Stephenson and global blockchain expert Peter Vessenes, was first teased in June as the foundation for an open metaverse. The promise of the Lamina1 protocol is to provide users with the tools to create, publish, and monetize their own 3D content, applications, and virtual worlds.

The team launched the Lamina1 Ecosystem Fund (L1EF) late last year, a $50 million fund aimed at supporting the development of the Lamina1 protocol and ecosystem. The fund is backed by prominent investors such as Andreessen Horowitz, Decentraland, and Elad Gil, among others.

The Lamina1 team is excited to have Barkin at the helm and looks forward to her leadership in driving the project forward. With her expertise and drive, Lamina1 is poised to become the leading infrastructure for virtual worlds.

• Immunefi, a crypto platform, has recently banned 15 users who submitted ChatGPT-regenerated bug reports.
• OpenAI’s ChatGPT has stirred controversy since its launch, with the Twitterverse commenting on how the software could eventually create code, write stories, steal jobs and even fight wildfires.
• Immunefi developers stated that the platform’s reasoning on the subject is crystal clear, as there is a difference between something like GitHub Copilot and ChatGPT.

Immunefi, a crypto platform that pays out bounties to white hat hackers, has recently taken a firm stance on ChatGPT-regenerated bug reports. 15 users were banned last week for submitting such reports to the platform, with Immunefi developers claiming that there is a difference between something like GitHub Copilot and ChatGPT.

OpenAI’s ChatGPT has been a hot topic in the Twitterverse, with many discussing how the software could eventually create code, write stories, steal jobs and even fight wildfires. But Immunefi is not having any of it. In a statement to CoinDesk, Immunefi developers said that the platform’s reasoning on the subject is crystal clear for now. “There’s a difference between something like GitHub Copilot and ChatGPT,” the statement said. “With the former, you are driving the process and the role of Copilot is offering useful suggestions in context, which you accept or reject as you write your program. With the latter, you are using a single prompt to generate something that looks like a well-written bug report, but is nonsense.”

Immunefi’s stance has been met with mixed reactions. Some have applauded the platform for taking a stance against what they perceive as an unethical practice, while others feel that such actions are unjustified. However, Immunefi has made it clear that it is not taking any chances when it comes to the quality of bug reports that it receives.

The ban on ChatGPT-regenerated bug reports is a sign that Immunefi is taking its security measures seriously. It is a reminder that security is paramount in the crypto world, and that all bug reports should be taken seriously and handled with the utmost care. By banning these 15 users, Immunefi is sending a clear message that it is not willing to compromise on the quality of its bug reports.

• The global stockpile of negative-yielding bonds has vanished as central banks around the world raise interest rates at a record pace.
• Analysts had previously cited the stockpile of negative-yielding debt as a source of bullish momentum for bitcoin, which rose sixfold in the six months to April 2021.
• With the vanishing of negative-yielding debt, the case for investing in bitcoin has weakened.

As central banks around the world continue to raise interest rates at a record pace in order to combat inflation, the global stockpile of negative-yielding debt has vanished, weakening the case for investing in risky alternative assets such as cryptocurrencies. The value of the Global Negative-Yielding Debt Index from Bloomberg and Barclays has dropped to zero from a record high of $18.4 trillion in December 2020.

Negative-yielding debt is when investors receive less money at maturity than the original buying price, so the higher the number of negative-yielding bonds in circulation, the more investors would be incentivized to move their money into riskier investments like bitcoin. This incentive was increased following the coronavirus-induced crash of March 2020, as central banks injected record liquidity into markets and economies through rate cuts and bond purchases.

The result of this was that investors moved their money out of fixed-income securities and into Bitcoin (BTC) and tech stocks. This drove the price of Bitcoin up sixfold in the six months to April 2021, reaching record highs above $60,000.

However, now that the global stockpile of negative-yielding debt has vanished, the incentive for investors to move their money into riskier investments such as Bitcoin has significantly decreased. As such, the case for investing in Bitcoin has weakened. Analysts have warned that this could lead to a pullback in the price of Bitcoin, as investors look to more stable assets to put their money into.

• OneMeta AI has unveiled Verbum, a service providing real-time translation for up to 50 individuals in 82 languages and 40 dialects.
• Verbum can also provide voice translations, making it a great fit for the metaverse.
• This technology could solve the language problem that has been a barrier to entry for many in the metaverse.

The metaverse is a virtual world that is theoretically open to everyone, but language has been an issue for many users. OneMeta AI has developed a solution called Verbum that could solve this problem. Verbum is a real-time translation service that can handle up to 50 individuals speaking in 82 languages and 40 dialects. It also offers voice translations, making it a great fit for the metaverse. This technology could provide a much-needed barrier to entry in the virtual world, as it would allow people to communicate regardless of their native language. By breaking down language barriers, Verbum could open the metaverse up to a much larger audience.

The potential of this technology is huge. For example, it could be used to facilitate international business meetings, allowing people from all over the world to communicate without having to worry about language barriers. It could also be used in education, allowing people to learn about different cultures without ever having to leave their homes. In addition, it could be a great tool for connecting people from different backgrounds and fostering understanding and collaboration.

Verbum is a game-changing technology that could revolutionize the metaverse. By providing real-time translation in dozens of languages, it could make the metaverse accessible to people from all over the world. This could be a huge boon for the virtual world, as it would open the door to a much larger audience. Verbum could be the key to unlocking the full potential of the metaverse and making it a truly global experience.