23 June

“As part of a new series of connect-to-consumer initiatives developed this year, Shopify will allow merchants to connect with fans and drive sales by creating exclusive merchandise for tokenholders. The feature serves as a gateway between NFT communities and consumer brands on the platform.

In addition, vendors can partner with other brands for upcoming NFT drops and team up with Shopify’s merchandising partners to develop premium products. Furthermore, vendors can mint custom NFTs on popular blockchains like Ethereum (ETH), Polygon (MATIC), Solana (SOL) and Flow (FLOW). Afterward, they can list and sell them right from their store.

See Also: EBay Acquires NFT Marketplace KnownOrigin for Undisclosed Amount
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Voyager Digital (VOYG) shares fell more than 60% after the crypto broker disclosed its exposure to hedge fund Three Arrows Capital (3AC) and said it may issue a “notice of default” to the crypto fund if it fails to make a loan repayment. Voyager’s exposure to 3AC consists of 15,250 bitcoins ($370 million) and $350 million USDC, the company said in a statement Wednesday.

Failure by 3AC to repay either requested amount by these specified dates will constitute an event of default. Voyager intends to pursue recovery from 3AC and is in discussions with the Company’s advisors regarding the legal remedies available. The Company is unable to assess at this point the amount it will be able to recover from 3AC.

Wall Street analysts have turned cautious on Voyager, and are opting to steer clear of purchasing shares until there’s more clarity. BTIG analyst Mark Palmer downgraded the firm’s recommendation on Voyager shares to neutral from buy.

The 3AC exposure raises survivability questions for VOYG.”

See Also: SEC’s Hester Peirce opposes crypto bailouts — SBF didn’t get the memo

“During a hearing before the Senate Banking Committee on Wednesday, Powell said that a soft landing “is going to be very challenging,” and that a recession is “certainly a possibility.” Powell said the Fed will continue to raise interest rates until it sees a clear sign that inflation is cooling down.

We are not trying to provoke and do not think we will need to provoke a recession, but we do think it’s absolutely essential that we restore price stability. Financial conditions have already priced in additional rate increases, but we need to go ahead and have them.

Digital finance products, in some ways, are quite similar to products that have existed in the banking system or the capital markets, but they’re just not regulated the same way. So we need to do that.”

See Also: US Fed Evaluating SEC’s Position on Digital Assets Custody, Powell Says
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“Meta, Microsoft, Nvidia, Unity, Sony, and 30 other companies are coming together to build the infrastructure for an interoperable metaverse. The forum will focus on pragmatic, action-based projects and open-source tooling to accelerate the adoption of metaverse standards, while also developing consistent terminology and deployment guidelines.

One of the goals of the forum is to ensure that one company does not dominate the development of the metaverse, similar to how the development of the World Wide Web was led by multiple stakeholders.

Industry leaders have stated that the potential of the metaverse will be best realized if it is built on a foundation of open standards.”

“Cryptocurrency exchange dYdX announced Wednesday that it is launching a standalone blockchain in a bid to decentralize the platform. The layer 1 blockchain will become the home of the DYDX token. The chain, which will introduce the fourth version of the dYdX platform, will be built in the Cosmos blockchain ecosystem. dYdX noted that having a standalone chain on Cosmos would provide the platform with extra flexibility around fees and features.

Compared with most decentralized exchanges, which use automated market makers (AMMs) and liquidity pools to fill orders, dYdX will continue to use a traditional order book model with the new version of its platform. DYdX has long maintained that order books, which directly match buyers to sellers, are better suited to handle institution-sized transactions.”

See Also: Introducing Oasis Earn

BAYC Investigation (Recommended watch)