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Home Monthly Roundup Singapore Cryptocurrency and NFT News Roundup January 2023

Singapore Cryptocurrency and NFT News Roundup January 2023

Know more about the latest cryptocurrency and NFT news in Singapore for the entire month of January 2023 only here at SGBusinessTalk. 

Jihan Wu’s Matrixport Cuts 10% of Staff

Matrixport, a cryptocurrency financial services company founded by Jihan Wu, has announced a 10% reduction in its workforce. The company, which offers services such as trading, lending, and custody of cryptocurrencies, has cited the current market conditions as the reason for the layoffs. The decision was made after careful consideration, and the company will continue to focus on providing its customers with high-quality services while also ensuring operational efficiency. Despite the reduction in staff, Matrixport remains committed to its long-term growth plans and will continue to invest in its business and services.

Read more: https://www.coindesk.com/business/2023/01/27/jihan-wus-matrixport-cuts-10-of-staff/


NFT Marketplace SuperRare Cuts Staff by 30%

SuperRare, a popular non-fungible token (NFT) marketplace, has announced a 30% reduction in its workforce. The company has cited the recent slowdown in the NFT market as the reason for the layoffs. SuperRare allows artists to sell their digital artwork as NFTs on its platform, and the recent downturn in the market has affected the company’s revenue. Despite the reduced staff, SuperRare remains committed to supporting its community of artists and collectors and will continue developing new features and tools to enhance the NFT experience. The company is optimistic about the future of the NFT market and believes that it will continue to grow and evolve over time.

Read more: https://www.coindesk.com/web3/2023/01/07/nft-marketplace-superrare-cuts-staff-by-30/


How ‘naming collisions’ threaten the promise of Web3

Naming collisions are emerging as a significant threat to the Web3 ecosystem. In a recent article, Forkast News highlighted how naming collisions can lead to confusion and disputes in the ownership of domain names and trademarks in the decentralized world of Web3. Unlike the traditional domain name system, Web3 uses decentralized domain name systems not managed by a central authority. This decentralized approach to domain name registration has created a situation where multiple parties can claim ownership of the same domain name, leading to disputes and legal challenges. The article suggests that the Web3 community needs to develop a clear framework for managing naming collisions to ensure the stability and sustainability of the ecosystem. Failure to do so could result in long-term damage to the reputation and credibility of Web3.

Read more: https://forkast.news/how-naming-collisions-threaten-web3/


Crypto Brokerage Blockchain.com Lays Off 28% of Workforce as Industry’s Cruel Winter Continues

Blockchain.com, a major crypto brokerage, has laid off 28% of its workforce due to the ongoing tough times in the industry. This is a part of the cost-cutting measures taken by the company to survive the industry’s “cruel winter.” The company’s CEO noted that the crypto market’s volatility and regulatory uncertainty had affected many businesses in the industry and that Blockchain.com is taking proactive steps to position itself for success in the long term. Despite the layoffs, the company remains committed to providing its clients with the best service possible.


Read more: https://www.coindesk.com/business/2023/01/12/crypto-brokerage-blockchaincom-lays-off-28-of-workforce-as-industrys-cruel-winter-continues/


Hashkey Capital commits $500M to advance crypto, and blockchain initiatives

HashKey Capital, a leading digital asset investment firm, has committed to investing $500 million to promote the growth of crypto and blockchain initiatives. The firm has already started investing in various crypto and blockchain companies and plans to continue supporting the development of new technologies in the industry. According to the company’s CEO, the fund will help startups and projects work on innovative solutions to problems in the crypto and blockchain space. This significant investment by HashKey Capital is a positive sign for the industry’s future. It will likely attract more attention from investors and entrepreneurs looking to make a difference in the space.

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Read more: https://cryptoslate.com/hashkey-capital-commits-500m-to-advance-crypto-blockchain-initiatives/


The Fool’s Game of Annual Crypto Price Predictions

Cryptocurrency experts have warned against the dangers of making annual price predictions for digital assets. The unpredictable nature of the cryptocurrency market, along with various external factors, makes it almost impossible to predict the price of crypto assets for a year accurately. The experts argue that such predictions can be misleading and create false investor expectations. Instead, investors should focus on long-term strategies, including portfolio diversification and risk management, rather than short-term price movements. While it may be tempting to predict the crypto market’s future, experts advise caution and emphasize the importance of a holistic approach to investing in digital assets.

Read more: https://www.coindesk.com/markets/2023/01/05/the-fools-game-of-annual-crypto-price-predictions/


Mastercard Moves Into the Music Scene With the Launch of Polygon Artist Accelerator

Mastercard, a global payment technology company, has announced its entry into the music industry by launching a new program called the “Polygon Artist Accelerator.” The program aims to support musicians and artists in creating and distributing their work by providing access to various resources and tools. This initiative will be built on Polygon’s blockchain technology, which offers fast and low-cost transactions. The move by Mastercard marks its first significant step into the music industry, with the company looking to leverage its payment infrastructure and expertise to support the sector’s growth. The launch of the Polygon Artist Accelerator is expected to significantly boost emerging artists and help them reach a wider audience.

Read more: https://beincrypto.com/mastercard-moves-into-the-music-scene-with-the-launch-of-polygon-artist-accelerator/


Singapore Arbitrator Rules Against Mining Software Firm Poolin’s IOU Model, But the Firm Hasn’t Paid Yet

A Singaporean arbitrator has ruled against the mining software company Poolin, stating that its IOU (I owe you) model for mining payouts is invalid. The arbitrator ruled in favor of a mining pool operator who had accused Poolin of breaching their agreement by using the IOU model instead of paying out mining rewards in cryptocurrency. However, despite the ruling, Poolin still needs to pay the operator. The IOU model has been controversial in the mining industry, with some companies using it to delay payouts or manipulate rewards. This ruling will likely have significant implications for other companies using the IOU model, as it may prompt legal challenges and further regulatory scrutiny.

Read more: https://www.coindesk.com/policy/2023/01/06/singapore-arbitrator-rules-against-mining-software-firm-poolins-iou-model-but-the-firm-hasnt-paid-yet/

PlayMining GameFi Platform Now Accepts Both Legal Tender and DEAPcoin ($DEP) as Payment for NFTs

PlayMining, a GameFi platform offering blockchain-based games and NFTs, has announced that it will now accept the legal tender and DEAPcoin (DEP) as payment for NFTs. The move aims to give users more flexibility and convenience in purchasing NFTs on the platform. DEAPcoin is the native token of the platform, and it can be used to buy various in-game items and NFTs. With the addition of legal tender as a payment option, users can now buy DEP using fiat currency and use it to purchase NFTs on the platform. This move is expected to boost the adoption of the DEAPcoin token and provide users with more options when using the platform.

Read more: https://www.globenewswire.com/en/news-release/2023/01/25/2594858/0/en/PlayMining-GameFi-Platform-Now-Accepts-Both-Legal-Tender-and-DEAPcoin-DEP-as-Payment-for-NFTs.html

Better Policy Can Turn NFTs Into an Intellectual Property Powerhouse

A new report argues that better policies and standards are needed to make NFTs a “powerhouse” for protecting intellectual property (IP). The report notes that NFTs have the potential to revolutionize IP protection by enabling creators to authenticate and prove ownership of their work in a decentralized and secure manner. However, the lack of clear legal frameworks and industry standards for NFTs has limited their adoption and raised concerns about fraud and theft. The report suggests that better policies and standards could unlock the full potential of NFTs for IP protection and highlights several initiatives to improve NFT standards and promote their use. The report also notes that NFTs could provide a new revenue stream for creators and enable new forms of collaboration and innovation in the creative industries.

Read more: https://www.coindesk.com/consensus-magazine/2023/01/27/better-policy-can-turn-nfts-into-an-intellectual-property-powerhouse/

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