In recent years, the technological advances that are impacting the way of doing business have been evident. With the arrival of cryptocurrencies as a decentralized alternative to the traditional banking system for investments and financial operations, many businesses are changing rapidly. It is evident that day by day applications and use cases of decentralized technologies are developed in different sectors in order to generate greater productivity and security.

In this opportunity, the creative sector is the protagonist with the adoption of cryptocurrencies, NFT technology and the impact that this is generating in the orange economy is significant. For this reason, we invited and talked, as a digital media group, to Alex Cabello, known as AlexCocoPro,, a Venezuelan engineer and programmer of smart contracts who, in addition to mastering the technological area, is also immersed in the aforementioned orange economy and NFTs as a musician. and visual artist. Who better than him to tell us about this business trend that is booming in the world and learn more about NFT technology and its impact on the artistic sector.

What are NFTs?

NFTs are non-fungible Tokens, technically they are assets that are protected by cryptography, supported by a smart contract registered in a blockchain in order to make counterfeiting impossible thanks to their unique, consensual and distributed registration in many nodes of a digital network. However, each one of the transactions is reflected, allowing its traceability. The system is based on a cryptocurrency blockchain whose registration is immutable and is not only constituted as a means of digital payment. Cryptocurrency networks such as Ethereum, Solana, Tezos, Polygon and Hive have a chain of blocks that allow programs to be saved. These are executed automatically when a series of conditions agreed by the parties are met, which is known as a smart contract.

– As a digital artist, how could you define Non-Fungible Tokens in a simple way?

They are like a certificate of authenticity that can be used to protect the intellectual property of digital files such as a song, an animation or a photograph, as well as being used to certify physical works such as a painting through digitization and registration in the blockchain. The registration process is commonly known as mint, which allows it to be a unique virtual piece that cannot be modified.

Cryptocurrencies are fungible assets, because they can be exchanged with others for their equivalent value, they can even be exchanged for fiduciary money, they are also divisible, such as bitcoin, the dollar or the bolivar. Non-fungible assets cannot be substituted for another, and their value may be subjective. An apartment is a non-expendable asset because it cannot be replaced by another due to its unique characteristics, in addition its value can be influenced by the location, the view, how it is conditioned, how the spaces are distributed, if it is close to a trending business, their nearby means of transportation, among many other factors. Works of art are non-fungible since a work by Picasso cannot be easily replaced by another of the same work by Picasso since its value will be influenced by many factors such as technical characteristics, technique, creative, conceptual, philosophical and historical value. . You can also expand and deepen on this technology by consulting a good article available on Wikipedia.

Why are NFTs in fashion?

Because they benefit both the artist and the collector. Through the smart contract, the artist can certify the authenticity of the work, can guarantee its scarcity by defining the specific number of authentic copies available, and can also program the percentage of royalties that can be received for each transaction made with the work. If the person who bought my work sells it for a higher or lower price, I can automatically get 5% at the time the transaction is executed, in case I have defined that royalty percentage, because it can be more. When an artist places their music for sale on Spotify, they only charge when their music is played on the platform, however, users often download music and share it from one device to another without being able to trace its use, for therefore, royalty money for intellectual property is lost.

So this technology allows artists access to the international market, especially with digital works. Digital works can be copied and shared on different devices, but these would be ordinary copies since there is a record that indicates who is their creator and who is their owner, therefore, selling an NFT is selling a certificate of authenticity. Pablo Picasso’s “El Guernica” is a unique work of art, and while many copies may exist, only one is the original. The same goes for NFTs, but in digital format. Some of my buyers have used the NFT to print and display it in their living room without being limited by geographical locations, but at the same time they have it stored in their digital wallet as a certificate of ownership.

When an artist mints an NFT, there is an immutable record of who was the creator of the work and when it is placed or sold, there is a record of the wallet address (digital wallet) that acquired it, which certifies who is the owner of the work in a decentralized public registry supported by a network made up of millions of computers around the world, which empowers the artists and the holders (the owners of the work). This registration also serves to grant benefits to the aforementioned holders, the latter serving as a tool to generate value and to create marketing campaigns.

– That is, can artists offer benefits beyond the sale of the work?

Absolutely. Many artists publish a roadmap and white papper so that their target audience is aware of the benefits they will receive from the purchase of the NFT or how the money will be used. Some artists use NFTs as a form of crowdfunding, offering holders a percentage of sales, percentage discounts on their projects, and even membership in an exclusive community. There are nightclubs that have VIP spaces for holders of a collection of NFTs. A work of art already has a use, however, many artists give it some additional use.

– So is it a good investment to buy NFTs?

Many wealthy people buy NFTs as a form of safe haven, much like buying a Rolex watch, for example. I don’t want to give investment advice, but those who want to collect Very Fungible Tokens should study the project well if they are looking for the purchase to be a refuge of value, since the value of art is quite subjective. A good use case is to find a work by an emerging artist whose technical and creative mastery allows it to be highly valued by other collectors.

Alex Cabello emphasizes that he has always considered buying art a good investment. “I have always considered that any type of asset is better than fiduciaries. The currencies issued by a central bank of a country over time have lost confidence. Financial indicators currently warn or show a recession in the United States, which will not take long to impact the rest of the world. The monetary policies of many governments do not guarantee to keep inflation at bay, which makes our money lose value. There will be people who find it more convenient to invest in machinery, work tools, properties and even precious metals, and others who prefer to invest in NFTs, physical art, stocks or cryptocurrencies. What I am sure of is that this technology is here to stay and evolve.

– Specifically or in summary, what is the impact that NFTs have had on the creative sector?

Now digital artists have a way to guarantee authenticity and exercise their rights as an author. In many fields of the cultural and entertainment sector, NFT technology is being implemented, to the point that artists are financing their tours with the profits obtained from their collectibles. There are artists who in a short time have become millionaires and have achieved international recognition. Others have simply crossed the borders of their countries using NFTs.

I would say that this is a revolution in the art sector and has a significant impact on the orange economy. Globally, the cultural and creative industries (CII) represent 3 % of GDP and generate 25.9 million jobs. OpenSea, an online marketplace for non-fungible tokens, moved over $202 million in July 2021 (read more). According to a study carried out by finder.com in September 2021, Venezuela was in the 9th position of countries that have adopted NFTs, in addition, 13.5% of those surveyed plan to buy an NFT. According to the same study, 67.6 % of those surveyed did not know about this technology, which indicates that as the benefits of NFTs become known, the intention to invest in them will increase (see report).

On the other hand, a market analysis company called Grand View Research, recently published a report projecting that the NFT market will grow almost 13 times over an eight-year period. Due to these data, I have decided to plan a massive training to educate on the subject of NFTs, in addition to the development of an organization that helps reduce the technological gap that exists in the creative sector to include more artists in this market, thanks to the support of several companies in the technology sector, whose dates will be announced through my social networks. “I really appreciate this conversation, your attention, and I greatly appreciate the opportunity.” This is how Alex Cabello closes his explanations and said goodbye to our editors.

BF.N

Based upon conversation with the interviewee

La entrada AlexCocoPro explains and shares what NFTs are and their impact on the art sector apareció primero en Bitfinance.

The National Superintendence of Crypto Assets and Related Activities (Sunacrip) authorized the Canguro store chain to receive the Petro cryptocurrency as a form of payment for its products using the “PetroPago” payment gateway.

The information was provided by the regulatory body on its website, highlighting that “now all Venezuelans will be able to make their purchases with the PetroPago option in the Canguro store chain.”

As will be remembered, at the end of March, the Superintendent of Crypto Assets of Venezuela, Joselit Ramirez, reported on the “multiple commercial operations” that could be carried out in the country using the PetroApp payment platform, which mainly handles the “Petro state token”.

Some publications point out that currently there are few Venezuelans who use the Petro cryptocurrency as a means of payment, preferring other cryptos such as bitcoin and tether to acquire goods and services.

Establishments that accept Petro increase

In 2018, the Venezuelan government launched its own cryptocurrency called Petro, which is backed by the oil of the Caribbean country. Since its launch, different advertising campaigns and operational strategies have been developed to encourage its use, which has been happening slowly but progressively.

In the month of March, the cryptocurrency takes a new boost when the government launched the platform “Petro-App for devices with Android operating system, with which Petros can be transferred and used for trading”. In this way, the use of currency is being promoted and establishments that accept it as a form of payment are added.

The state airline Conviasa, in the same month of March, included cryptocurrency as a form of payment on its flight from Caracas to the Felipe Ángeles International Airport (AIFA) or “Santa Lucía”.

While the new airport in Mexico also included the Petro as a payment method for its flights, which makes it a cryptocurrency with acceptance not only in Venezuelan businesses; but also internationally.

M. Rodríguez

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Source: es.beincrypto.com

La entrada Venezuelan chain of stores Canguro receives payments with Petro apareció primero en Bitfinance.

The new cryptocurrency project is called “SHIB: The Metaverse”, which will have 100,595 lands. Developers decided to accept ETH as the purchase currency instead of using their own token SHIBA.

The land will be sold in NFT plots and by delivery phases. The introductory phase, considered the first one, will consist of 36,431 lands and they were divided into four categories: Silver Fur, Gold Tail, Platinum Paw and Diamond Teeth with a value ranging between 0.2 ETH and 1 ETH.

In an official statement, the developers explained that among the reasons for adopting ETH they highlight, firstly, the neutrality of the currency, which is “better for establishing land prices” and secondly, it highlights security because that way risks of devaluation of your Shiba Inu token will be avoided.

The statement notes that “using our ecosystem tokens is a risk as we would have to get rid of the price of our own tokens to cash them in and that is a long way from our plans.”

The beneficiaries who have the NFTs in the SHIBA world will enjoy some advantages such as obtaining passive income, pooling resources in the game and creating rewards.

Criticism to SHIB: The Metaverse

Billy Markus, co-founder of Dogecoin (DOGE), expressed his disagreement with the new project, through the social network Twitter. He said: “I mean, anyway, if people want to give developers even more money, go ahead, but if I were a SHIB holder, I’d be upset.”

Other personalities in the crypto environment have also criticized the SHIB: The Metaverse project for not generating “much utility for Shiba Inu token holders.” Nonetheless, the price of the tokens held up, motivating Shiba supporters and investors.

The main token saw a slight increase of 6.36 % daily to settle at $0.00002723. In the last week the price of Shiba Inu has increased by 11.52 %.

M. Rodríguez

Source: bitcoin.es

La entrada Shiba Inu launches “SHIB: The Metaverse” apareció primero en Bitfinance.

Mark Zuckerberg, CEO of Meta, confirmed that non-fungible tokens, NFTs, will soon be available on the Instagram social network. The information was provided by Zuckerberg during his participation in the SXSW Conference and Festivals, in Austin, Texas.

During the conference, the founder of Meta Platforms, formerly Facebook, highlighted that his organization is making great efforts to make NFTs available on the social network very soon. He said: “The company is working to bring NFTs to Instagram in the short term.”

The company is developing and managing all the necessary plans so that users can “create and sell NFTs in a very short time.” However, Zuckerberg did not want to reveal how long his organization will be launching this initiative.

At the insistence of the participants, the executive director limited himself to responding: “I am not ready to announce exactly what it is going to be.”

M. Rodríguez

Source: merca20.com

La entrada Non-fungible tokens are coming to Instagram apareció primero en Bitfinance.

The Trade Commission for Economic Affairs of the Parliament of Panama resumed the debate of the two bills that aim to regulate cryptocurrencies in the country. The proposals were presented by deputy Cenobia Vargas, last August, and independent assemblyman Gabriel Silva in September 2021.

The commission is analyzing both legislative proposals in order to select one of them or combine them and draft the final proposal of the commission, which would be sent to the Assembly for review.

The National Assembly of Panama reported through the instant messaging Twitter that a subcommission was created to unify the criteria of bill 696, which regulates “the use of cryptocurrencies as payment methods and everything related to blockchain technology in Panama and 697, Crypto Law: what makes Panama compatible with the digital economy”.

Scenario of cryptocurrencies

The legislative proposals differ in their approach to the regulation of digital currencies in the country. The proposal presented by Deputy Vargas, known as Bill 696, refers to the regulation of “bitcoin and ether”. And it includes other currencies in the regulation such as the “tether stable currency”.

Vargas also refers to “other types of tokens, such as NFTs (non-fungible tokens) or the 7even Utility Token (7UT)”, highlighting that “7UT would be an excellent means of payment for Panamanian businesses.”

For his part, Assemblyman Silva explains in his Bill 697 the potential that the regulation of cryptocurrencies “bitcoin and ether, and admitting them as a means of payment” would have. The deputy also explains in the project the opportunities that investors and entrepreneurs can have with the regulation of cryptocurrencies.

Currently, both Vargas and Silva are defending their respective proposals and answering each and every one of the doubts or questions from their colleagues within the commission. The latter will present its conclusions to the National Assembly so that it proceeds to discuss the project presented again, later they will proceed to its deliberation and vote.

If the project manages to advance and obtain a favorable result, it will be issued to the President of Panama, who will have the responsibility of definitively approving or rejecting the Law.

M. Rodríguez

Source: en.cointelegraph.com

La entrada Panama debates regulating cryptocurrencies as a payment method apareció primero en Bitfinance.

One of the most important companies in the cryptographic world, BitMEX, announced through its official account on the social network Twitter, that as of February 1, 2022 it will begin the process of marketing its own cryptocurrency called BMEX. “We are delighted to announce the minting of our token, BMEX, the token for true believers!” the company noted on Twitter.

According to the information provided, the exchange will be depositing an initial amount in the addresses of its clients, although it emphasizes that the delivery is not exclusive to current clients. They also estimate to have a significant influx of new customers in the first weeks of this year 2022.

The supply of the new cryptocurrency will be restricted to 450 million coins that are planned to be launched in 5 years, according to the following distribution: “20% will be for employees of the firm, while 25% will be reserved for the commitment to long term of the company with the token and the ecosystem. The rest will go to users as a reward”. BitMEX pointed out.

It is important to note that the crypto asset does not yet have an established listing price, waiting to be determined by the market at the time of its launch. In addition, users will not be able to trade their tokens until the cash sale begins.

BitMEX is not the first exchange in South America to launch its own cryptocurrency, it was previously carried out by the company RipioCoin, which gave 2,000 tokens to each of its users and offered the same through its platform.

M. Rodríguez

Source: cripto247.com

La entrada BitMex launches its own cryptocurrency BMEX in February apareció primero en Bitfinance.

The digital asset banking platform SEBA Bank, fully integrated into the Swiss financial market regulatory body since 2019, launched its Golden Token.

The digital token is regulated to make investments and deliver physical gold on demand, which shows that Swiss financial institutions are making progress compared to other global financial entities.

This is how the authorities of the Swiss bank SEBA reported that they are issuing “a token backed by responsibly sourced gold, providing profitable access to the precious metal, and setting a new standard in the stablecoin sector.”

Gold Token offers investors the opportunity to deliver it at “any time through the associated refineries, avoiding costly commissions” according to the press release published by the financial entity.

This new token is considered a historical advance because it makes it easier for investors to obtain physical gold digitally “through a fully regulated, profitable and future-proof solution.”

SEBA Bank offers stable money

The financial institution explains that investors can use this token as a stablecoins. This sector has registered an important growth in the market, obtained a capitalization in the order of 130,000 million dollars.

This stablecoin is “fully compatible in digital asset markets, enabling trading and acting as a store of value to protect investors from volatility in both traditional and crypto markets.”

The Managing Director of SEBA Bank, Guido Buehler, recognizes the role of gold in the capital markets as the economic unit of global account and the basis of the international financial system. This token “offers investors a reliable hedge against inflation and a store of value regardless of economic turmoil.”

M. Rodríguez

Source: diariobitcoin.com

La entrada SEBA Bank launches token backed by physical gold apareció primero en Bitfinance.

The Shiba Inu token is an example of the growing adoption by investors around the world, following its listing on the Gemini exchange.

Shiba Inu’s listing on the major Gemini platform comes after the token was supported by Binance, KuCoin, and Coinbase.

The announcement was made known this Friday, when the cryptocurrency trading platform reported that it will support Shiba Inu, along with another group of tokens, such as Audius, Quant, Burn, Radicle, among others.

Additionally, Gemini reported through its social networks that it is ready to “include data management, infrastructure, metaverse and DeFi tokens.”

Important data

Its ecosystem is made up of Shiba Inu, Leash and Bone. SHIB is the main currency of the entire project. Then there is the Leash rebase token designed for Dogecoin price tracking. It is followed by the governance token Bone.

The DeFi platform for trading Shib and Leash is ShibaSwap, which also allows you to buy Shib-centric NFTs minted on the Ethereum blockchain.

M.Pino

Source: beincrypto

La entrada Shiba Inu enters the Gemini list apareció primero en Bitfinance.

Brazilian cryptocurrency exchange Mercado Bitcoin recently signed a contract with Brazil’s retail energy provider Comerc to develop two renewable energy tokens.

The launch of this digital asset, which will be linked to a reimbursement scheme for solar energy, is scheduled to take place in 2022.

The second token will be linked to certificates documenting energy consumption from renewable sources.

Nori CEO Matheus Nogueira indicated that “the token can be treated like any other currency, but it has an additional benefit: it is a token that represents a renewable generation.”

Mercado Bitcoin claims to be the largest cryptocurrency in Latin America, with more than 3 million customers. The exchange lists 11 coins and has a trading volume of 19.4 million in the last 24 hours.

K. Tovar

Source: Cointelegraph

La entrada Mercado Bitcoin to develop renewable energy token apareció primero en Bitfinance.

The United States Commodity Futures Trading Commission (CFTC) punished companies Bitfinex and Tether $ 42.5 million for failing to comply with the commodity exchange law and some regulatory requirements.

The regulator revealed that Tether, the cryptocurrency company of the same name, maintained the backing of the asset pegged to the dollar for only a period of 26 months. Therefore, they consider that the company violated the law by maintaining part of the reserves in non-fiduciary financial instruments and, in addition, combining operating and reserve funds.

According to the information published on the official website of the regulator, the company must cancel 41 million dollars for the claims on the guarantee of the assets, since they argued that the “USDT was fully backed by US dollars.”

On the other hand, Bitfinex must pay 1.5 million dollars for not complying with all the regulatory requirements established by the regulator. In addition, the CFTC ordered the Exchange to implement additional systems that will allow it to prevent illegal commodity transactions.

The regulator’s acting chairman, Rostin Behnam, said they should focus on “expectations of fairness and transparency in the fast-growing and emerging digital asset market.”

It is important to note that the sanction to cryptocurrency companies did not impact their behavior in the crypto market, since both the Leo token, native to Bitfinex, and the tether rate did not have any negative reaction against the dollar.

The G20 calls for more control

The rulers of the countries that make up the G20 are requesting greater control and supervision for stablecoins, tokens issued on blockchain and whose value is linked to an external asset such as national currencies or precious minerals, and are forcing the issuers of these assets to comply with the established standards.

The G20 has declared that the so-called stable cryptocurrencies should not be approved until they comply with all the established requirements and “all the problems associated with this market are resolved.”

M. Rodríguez

Source: es.beincryto.com

La entrada Tether and Bitfinex fined $ 42.5 million apareció primero en Bitfinance.