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US Lawmakers Issue Instruction Letter To Crypto Related Firms, Here Are The Details

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US Lawmakers Issue Instruction Letter To Crypto Related Firms, Here Are The Details

The democratic lawmakers of the US have now demanded the country’s crypto firms to disclose all the data in relation to their diversity practices.

According to the reports, the US Representatives administered by House Financial Services Committee Chairwoman Maxine Waters has issued a letter to 20 largest firms connected with crypto, Web3 and digital assets companies.

These big companies include, Aave, Andreessen Horowitz, Binance.US, Circle, Coinbase, Crypto.com, Digital Currency Group, FTX, Gemini, Haun Ventures, Kraken, OpenSea, PancakeSwap, Paradigm, Paxos, Ripple, Sequoia Capital, Stellar Development Foundation, Tether, and UniSwap

Lawmakers Issue Questionnaire

The reason behind demand for the letter is that lawmakers will use this letter to understand how the companies are working towards creating an unbiased environment for everyone. The letter was basically a questionnaire regarding the various practices that the companies are practicing.

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However, the reports state that the questionnaire wasn’t made public. According to the letter, alarmingly, there is a shortage of information that is readily available to the general public for assessing the diversity of America’s major digital assets businesses and the investment firms that have major stakes in these firms.

The letter also mentions that the companies have just four weeks of time to respond to the questionnaire as the said date is on or before September 2nd.

As known, the information regarding cryptocurrencies are very limited and now the lawmakers are attempting to change this scenario. Even regulators are eager to understand what is it going on with investors?

Till today, the questions related to crypto didn’t have much information as it just consisted of what they sold, received, or exchanged any digital currencies.

A further development states that the SEC is currently looking into every US cryptocurrency exchange, including Binance, according to a spokesperson for Senator Lummis. It is already a widely known reality that Coinbase is being looked into by the regulatory authority.

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$4 Billion

Axie Infinity Surpasses $4 Billion In All-Time Sales, Team Removes SLP Rewards From Classic Game Mode

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Axie Infinity Surpasses $4 Billion In All-Time Sales, Team Removes SLP Rewards From Classic Game Mode

After recording more than $4 billion in all-time sales, Axie Infinity announced the game’s classic mode will no longer allow users to obtain smooth love potion (SLP), as SLP rewards have been added to the new Origin ranked gameplay mode. The team also introduced non-fungible token (NFT) runes and charms that can be minted on the Ronin network through the marketplace.

As the Play-to-Earn Game Hits $4 Billion in Sales, Axie Infinity’s Classic Mode Will No Longer Collect SLP

Axie Infinity is changing the rewards system and removing SLP from the classic gameplay, according to a blog post published on August 11. Axie Infinity is one of the most popular play-to-earn (P2E) games that incorporates NFTs. The game’s NFT collection so far has seen $4.24 billion in all-time sales, according to all-time statistics collected by dappradar.com.

Cryptoslam.io data also shows that Axie Infinity has over $4 billion in all-time sales, but the metric is a touch less ($4.08B) compared to dappradar.com’s stats. The $4 billion in sales took place across 17,038,131 transactions to date and there’s 2,291,087 NFT owners.

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Axie Infinity is the top NFT collection on cryptoslam.io as Bored Ape Yacht Club (BAYC) follows behind Axie Infinity in sales with $2.36 billion, and Cryptopunks has $2.35 billion in all-time sales. In the latest blog post called “Origin Season 0: Phase 3 Is Here,” Axie Infinity details that some changes to the game will remove classic mode rewards.

The game’s management plans to reward players using Origin’s ranked gameplay mode. NFT runes and charms have been introduced as well, and the team adjusted the game’s leaderboard rewards.

“As planned, we will be moving SLP over from Axie Infinity Classic (V2) to Axie Infinity Origin (V3) as part of Phase 3,” Axie Infinity explained on Thursday. “This means that SLP emission will be completely turned off from V2 on August 12th at 9:30 AM GMT +7. One major benefit of transitioning to Origin from Classic is expanded abilities to balance the SLP economy. Thus, the design of the SLP rewards system with Origin is being tuned in a way to align with that goal.”

Axie Infinity has two native tokens, smooth love potion (SLP) and axie infinity (AXS), that are integral to the P2E game. While SLP is used for rewards, AXS is the community’s governance token. AXS tapped an all-time high (ATH), four days before BTC reached its lifetime price high, when AXS hit $164 per unit on November 6, 2021. AXS is currently down more than 88% from its ATH, and SLP’s fall from its price high is even worse. On July 13, 2021, SLP reached a $0.399 price high, and today it’s down more than 98% from that point.

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$4 Billion, $4 Billion in sales, August 11, axie, axie infinity, axs, Blockchain, Classic, Classic Mode, Cryptocurrency, cryptos, Games, Leader Board, Leaders, Markets, nft, NFTs, Non-fungible Token, Non-Fungible Token Collectibles, Origin Season, P2E, play to earn, Rewards, rewards system, sales, SLP, Smooth Love Potion, v2

What do you think about Axie Infinity changing the SLP rewards structure? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Blockchain

Study: Number Of People Working In Blockchain Industry Went Up By 76%, Large Gap In Demand For Technical Talent Exists

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Study: Number Of People Working In Blockchain Industry Went Up By 76%, Large Gap In Demand For Technical Talent Exists

The number of people working in the blockchain industry went up by 76% year-on-year as of June 2022, a study undertaken by the professional networking platform Linkedin and the crypto trading app OKX has found. The study also found there is “a large gap in demand for technical talent in the global blockchain talent pool.”

China Top Ten Country With Lowest Growth Rate

According to the findings of a study undertaken by the professional networking platform Linkedin, and crypto trading app OKX, “the total number of people working in the blockchain industry among LinkedIn’s worldwide members grew by 76% year-on-year as of June 2022.” The findings also show the United States along with India and China as the top three countries for blockchain talent globally.

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In terms of the growth rate for blockchain talent globally, the study determined India to be the highest-ranked country with a growth rate of 122%. Canada is next with 106%, while Singapore is in third place with a growth rate of 92%.

In Nigeria, the blockchain talent growth rate was 81%, the fourth-highest globally and the highest in Africa. Among the top ten global blockchain talent-gathering countries, China had the least growth, at 12%.

Gap in Demand for Tech Talent

With regards to blockchain job postings, Canada had the highest growth rate of 560%. Singapore is in a distant second with a growth rate of 180%, while India’s growth rate of 145% puts it at number three. The United States and Germany, which both saw an 82% increase in the number of blockchain job postings, are tied in fourth place.

Concerning the composition of talent in the blockchain industry, the Linkedin/OKX study found finance talent to have the highest proportion of people, at 19%. Engineering talent accounts for the next highest proportion at 16%. Business development, IT, and sales talent complete the top five list with proportions of 6% each.

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As to the large gap in demand for technical talent, the study’s report said:

“There is currently a large gap in demand for technical talent in the global blockchain talent pool. Up until June 2022, in terms of job postings, engineering talent tops the global demand for blockchain talent, followed by IT talent. Product management, marketing and human resources are close behind. The finance category, which currently ranks first in terms of blockchain talent, is only sixth in terms of hiring demand.”

The study report also acknowledges that one of the consequences of the demand for blockchain talent outstripping supply has been the “global blockchain talent mobility [that] is characterized by short tenure and high talent turnover.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ape Punk

Fractional NFT Markets Slide 76% In Value In 7 Months, Diced-Up Doge NFT Still Leads The Pack

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Fractional NFT Markets Slide 76% In Value In 7 Months, Diced-Up Doge NFT Still Leads The Pack

When non-fungible token (NFT) collectibles became popular, the fractionalized NFT market grew past the $200 million range seven months ago in December 2021. Since then, the fractionalized NFT market has lost more than 76% in value, dropping to an overall market capitalization of around $50 million.

Fractional NFT Market Value Slides From $212 Million to $50 Million

The fractionalized NFT market followed alongside the sizable growth the entire NFT industry saw last year. At its height in December 2021, the overall fractionalized NFT market valuation was approximately $212.6 million, according to metrics recorded by dappradar.com.

Today, the value has evaporated by 76.41%, as the current fractionalized NFT market capitalization is roughly $50,401,068. Over seven months ago on Sunday, December 12, 2021, the largest fractionalized NFT project market valuation belonged to the Doge NFT (DOG) with a $130.14 million market cap.

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Today, the Doge fractionalized NFT project is still the top dog, so to speak, in terms of market valuation, with $19.71 million. The second most valuable fractionalized NFT project today is Etherrock #72 (PEBBLE) with $5.96 million, but back in December, it had a $22.73 million market valuation.

On Tuesday, August 9, 2022, dappradar.com metrics show that fractionalized NFTs have an overall market cap of around $50.4 million.

All of the top fractionalized NFT projects followed the same downward path like the third-largest project Feisty Doge NFT (NFD), which once held an $18.29 million market cap. Today, statistics show NFD is down to $4.22 million. Ladypunk (LADY) had a $7.67 million market valuation seven months ago, and now it’s down to $2.9 million.

LADY also once held the fourth spot, at that time in December, but now it’s coasting along in the fifth position. The fourth-largest fractionalized NFT project today is Ape Punk (APES) with its $2.99 million valuation. The fractionalized Ape Punk project was worth $3.13 million and the project Dissected Meebit NFT (DSMB) was the fifth largest last December.

Today, DSMB has slipped to the seventh-largest market valuation position among all the fractionalized NFTs. Following suit with the greater NFT industry, the fractionalized NFT market valuations have improved during the last 30 days. While NFT sales were down more than 60% in June, last month’s NFT sales were only down 5.23%, according to cryptoslam.io statistics.

Meanwhile, while DOG, PEBBLE, and NFD have the largest market caps today, they also have the most liquidity. The Doge NFT has around $4.86 million, Etherrock #72 is $1.25 million, and the Feisty Doge NFT has roughly $1.15 million in liquidity. The fourth-largest fractionalized project Ape Punk has just over $100K in liquidity, while the rest of the fractionalized gang of NFTs have less than $100K in terms of liquidity.

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Ape Punk, Blockchain, dappradar.com, dissected Meebit NFT (DSMB), Doge NFT (DOG), Etherrock #72, Feisty Doge NFT, Fractional, Fractional NFT, Fractionalized NFT markets, fractionalizing NFTs, Ladypunk (LADY), Markets, nft, NFT industry, NFT Market, NFTs

What do you think about the fractional NFT market economy sliding to $50 million? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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