Crypto Flipsider News – PayPal Eyes More Crypto & NFTs, Nike Partners Roblox for Metaverse, SAND Soars, DeFi Scams Hit $10B By DailyCoin

Cryptocurrency News – PayPal Eyes More Crypto & NFTs, Nike Partners Roblox for Metaverse, SAND Soars, DeFi Fraud Hit $10 Billion

Read the summary

  • PayPal (NASDAQ:) considers listing, Algorand, and NFTs.
  • There’s a metaverse in Nikeland coming, The Sandbox is jumping into ATH magazine, the new TIME to educate people about the metaverse.
  • ‘DeFi’ scams and thefts reached $10 billion in 2021.
  • Mining company Bitdeer goes public after the $4 billion SPAC merger deal.
  • The NFT Pirate Bay has 1.2 million users, while the NFTs are an exploit – exec from Microsoft.

PayPal is considering listing Ethereum, Polkadot, Solana, Algorand, and NFTs

2021 has been an interesting year for crypto adoption, with many FinTechs racing towards full crypto integration. PayPal has been in the lead, expanding its services to include crypto purchases and payments.

Keeping true to its promise of increasing crypto offerings, PayPal is now actively monitoring new L1 and L2 platforms. Paypal Vice President, Jose Fernandez stated:

“I’m sure if you ask me six weeks from now I can give you four or five different names. That’s how exciting it is.” Fernandes notes that Ethereum, Polkadot, Solana, and Algorand are some of the best L1 and L2 blockchains, adding that PayPal has not included a stablecoin on its platform because they haven’t seen any stablecoins designed for payment purpose.

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  • While emphasizing PayPal’s interest in NFTs, Fernandez explained that the technical complications of buying and holding NFTs may deter many users from interacting with the sector.

Why should you care

By incorporating more cryptocurrencies and NFTs, PayPal can play an important role in bringing cryptocurrency to the masses.

A Nikeland Metaverse Is Coming, Sandbox Moves To ATH’s New TIME Magazine To Educate People On The Metaverse

Since Facebook’s rebranding to Meta, we’ve seen more and more giants signal their interest in creating virtual worlds. Join the Metaverse Race You Sports Giant nike (NYSE 🙂 announced a partnership with Roblox.

In cooperation with gaming company Roblox, Nike plans to create a metaverse called “Nikeland”. In the virtual world, users will be able to wear their avatars in Nike-branded clothing and sneakers.

This insanity led to massive gains in the Metaverse platform “The Sandbox (SAND)”. While the rest of the cryptocurrency market is largely corrected, SAND has gained over 65% over the past week. SAND has now crossed the $4 mark, setting a new all-time high of $4.68 in the process.

The seven day price chart for The Sandbox (SAND). Source: Tradingview

As the search for the metaverse intensifies, TIME has partnered with Galaxy Digital to educate readers about the virtual world. TIME has announced that it will launch the TIME100 Metaverse class of companies, which will include builders in the metaverse.

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  • Microsoft (NASDAQ:) president Brad Smith pressed the brakes on the metaverse hype, warning that it’s not like dying and going to heaven.

Why should you care

With the growing interest in virtual reality, the metaverse is likely to become an important part of our lives in the next 3-5 years.

DeFi scams and thefts reached $10 billion in 2021

The decentralized finance (DeFi) sector has exploded in 2021, with more money pouring into DeFi protocols than ever before. On November 9th, TVL in DeFi reached a new high of $275 billion, now at $250 billion, as of this writing.

The boom in the DeFi sector has also helped expose some weaknesses in DeFi protocols, as the likes of Cream Finance, DAO Maker, Poly Network and Yearn Finance were exploited in 2021.

According to a new report, the levels of fraud and theft recorded so far in DeFi in 2021 amounted to $10.5 billion, more than 7 times the amount recorded in 2020. According to the London-based blockchain analytics firm Elliptic, bugs in code and design flaws allow criminals to target websites DeFi.

Tom Robinson, analyst at Elliptic stated;

“Decentralized applications are designed to be unreliable because they eliminate any third-party control of users’ funds. But you still have to trust that the creators of the protocol didn’t make any coding or design mistakes that could lead to a loss of money.”

prank:

  • Despite the increasing number of DeFi scams, the protocols continue to raise huge amounts of capital. Element Finance recently raised $32 million for its fixed-price DeFi protocol.

Why should you care

While the DeFi sector has high prospects, the protocols need to work on their weaknesses before mainstream adoption can be considered possible.

Bitcoin Miner Bitdeer Will Go Public After $4 Billion SPAC Merger Deal

On Thursday, Bitdeer Technologies, a leading cryptocurrency mining company, announced its merger with Special Purpose Acquisition Company (SPAC) Blue Safari Group Acquisition Corp.

The deal would see Bitdeer, which currently operates five mining data centers in the US and Norway, at the receiving end of $4 billion. Bitdeer is the first miner to reach a base rate of 1 TB hash capacity, and the deal is expected to close in the first quarter of 2022.

According to Cision PR Newswire, the company will be publicly listed on the Nasdaq with a tape to be announced. The merger will be known as Bitdeer Technologies Group and remain listed on Nasdaq.

prank:

  • There have been calls to ban mining in Europe with the Norwegian minister describing its energy consumption as “difficult to justify”.

Why should you care

Bitdeer revealed that the deal will help the company provide more innovative, reliable and easy-to-use cryptocurrency mining solutions.

NFT Pirate Bay reaches 1.2 million users, while NFTs are exploited – Microsoft’s Exec

In 2021, the non-fungible token (NFT) market grew by leaps and bounds, becoming one of the most talked about topics today. To highlight the sector’s growth, the NFT Bay, a new online repository of NFTs, was launched on Thursday, only to get more than 1.2 million hits within 10 hours.

NFT Bay was launched by software developer Jeffrey Huntley, with 17.96TB archived NFT images. According to an NFT skeptic, the archive is an “educational art project” that can help people purchase NFTs.

prank:

  • While NFTs have claimed a significant share in the crypto market, Phil Spencer, head of games at Microsoft Some elements of NFT are believed to be “exploitative”.
  • He feels NFT’s software is becoming “more exploitative than entertainment,” adding that Microsoft and Xbox “don’t want that kind of content.”

Why should you care

While there are differing opinions about the value placed on NFTs, they have revolutionized how digital art is perceived.

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