Data Published On Crypto Exchange Volume, NFT Royalties, Crypto ... - JD Supra

Data Published On Crypto Exchange Volume, NFT Royalties, Crypto … – JD Supra

New Data Published on 2022 Crypto Exchange Trading Volume, NFT Royalties

By Amos Kim

According to recent reports, Binance, currently the world’s largest cryptocurrency exchange by trading volume, controlled 92 percent of global bitcoin trading volume at the end of 2022, as compared to 45 percent at the beginning of last year. The increase in bitcoin trading volume on Binance is reportedly attributable to its move to eliminate trading fees in the beginning of the summer and the collapse of the cryptocurrency exchange FTX.

According to reports, cryptocurrency newsletter MilkRoadDaily recently shared data on the total royalty income earned by various non-fungible token (NFT) projects. Yuga Labs had total royalty income of $107.8 million from three non-fungible token (NFT) projects, including $49.9 million from its Otherdeed for Otherside project. Yuga Labs’ first NFT collection, BAYC, reportedly earned $32.3 million, while its MAYC collection earned $25.6 million. Other NFT collections that reportedly topped the list of royalty income earned include Azuki ($41.5M), CloneX ($27.7M), Moonbirds ($27M), Doodles ($17.1M), RTFKT MNLTH ($16.5 million), NFT Worlds ($12.8 million), and Beanz ($11.2 million).

In other news, a major U.S. financial services firm recently announced an accelerator program that “will harness Web3 technologies on the Polygon blockchain, forging new territory by connecting artists with mentors and fans in an exclusive development program.” According to a press release, the program will begin in the spring of 2023 by preparing five artists to “build (and own) their brand through Web3 experiences like minting NFTs, representing themselves in virtual worlds and establishing an engaged community.” The announcement was made alongside the blockchain application development company Polygon Studios.

For more information, please refer to the following links:

  • Binance Controlled 92% of Bitcoin Spot Trading Volume at End of 2022: Arcane Research
  • Yuga Labs’ NFT royalty income hits $107.8M in 2022
  • Mastercard announces Web3 spotlight program to develop & launch emerging musical artists in the digital economy

Blockchain Development Firm Integrates Avalanche with Major Cloud Provider

By Robert A. Musiala Jr.

According to a recent press release, blockchain development firm Ava Labs has launched “new infrastructure features” on a major cloud provider, “including validator tools for compliance use cases.” The press release notes that the cloud provider “supports Avalanche’s infrastructure and dApp ecosystem, including one-click node deployment” and “Avalanche node operators can run in … GovCloud for FedRAMP compliance use cases — a vital capability and a pre-requisite for enterprises and governments.” The press release further notes that the cooperation between Ava Labs and the cloud provider “makes it easier for more people to launch and manage nodes on Avalanche, giving the network even more strength and flexibility for developers.”

For more information, please refer to the following links:

  • Ava Labs and AWS Bring Scalable Blockchain Solutions to Enterprises and Governments

Governments of El Salvador and Nigeria Take Steps Toward Crypto Adoption

By Joanna F. Wasick

According to reports, this week El Salvador, which became the first country to use bitcoin as legal tender in 2021, passed legislation providing the framework for a bitcoin-backed bond called the “Volcano Bond” that reportedly will be used to pay down sovereign debt, create bitcoin mining infrastructure, and fund the construction of a proposed “Bitcoin City,” a renewable crypto-mining hub powered by hydrothermal energy from the nearby Conchugua volcano. The bonds have been targeted to raise $1 billion for the country, with half of it going into building the special economic zone. The bill also includes a legal framework for non-bitcoin digital assets and creates a new regulatory agency that will be in charge of applying securities laws and providing protection from bad actors.

The “Nigeria Payments System Vision 2025” report was recently published by the Central Bank of Nigeria (CBN). In it, the CBN declares Nigeria’s readiness to accept private stablecoins, says that stablecoins are likely to become a successful payment mechanism in the country, and considers the development of a regulatory framework for stablecoin use. The report also addresses the regulation of initial coin offerings (ICOs) and, while acknowledging the current absence of ICO regulation and related investor losses, notes the potential for responsible ICO fundraising, peer-to-peer lending and crowdfunding.

For more information, please refer to the following links:

  • El Salvador passes landmark crypto bill, paving way for Bitcoin-backed bonds
  • Nigeria to create the stablecoins and ICOs legal framework

DOJ Enforcement: NFT Rug Pull, Insider Trading, Crypto Fraud and Theft

By Teresa Goody Guillén

The U.S. Department of Justice (DOJ) published four recent press releases related to cryptocurrency enforcement actions. According to one of the press releases, the developer of “Mutant Ape Planet” NFTs, who is a French national residing in the United Arab Emirates, has been charged with a $2.9 million fraud scheme. The press release alleges that the developer executed a “rug pull,” which is similar to a “pump and dump” scheme in which the developer made false representations of the benef