Crypto News: NFT, VeChain & Tezos News

NFTs are the hottest trend this summer as
celebrities from Busta Rhymes to Snoop Dogg jump on the train. A famous financial company, the name might
surprise you, has even bought in which we’ll tell you in just a second. In other news, Tezos has partnered with several
Swiss firms to offer a new digital financial product, and VeChain is going green with its
latest carbon tracking service. And how much ETH has been burned since its
latest EIP 1559 upgrade? Filling in for Kris this week I’m your host
Layah Heilpern and this is the Exodus crypto News Roundup! NFTs are the hottest crypto craze of this
summer. The trading volume on OpenSea, the most popular
NFT trading platform in the world, is growing exponentially.

More than two-thirds of the platform’s total
trading volume has happened in the last month, and the total number of sales has doubled
in the last two months. What’s driving all that trading volume? Well, celebrities are doing their best to
pump up the space. For example, Busta Rhymes just Tweeted, “IF
YOU ARE AN #NFT ARTIST DM ME – Serious Inquiries Only !!!” We’re not sure whether Busta Rhymes is looking
for a collaboration or to showcase another artist’s work, but he’s clearly interested
in this space. He’s not alone either, celebrities from
Snoop Dogg to Lindsay Lohan to Tony Hawk have also released their own NFTs.

While celebrities capitalizing on the latest
trend isn’t unheard of, this next one definitely took us by surprise. Just a few days ago Visa announced that they’d
bought CryptoPunk #7610 for 49.5 ETH, or about $165,000. Cuy Sheffield, the head of crypto at Visa,
says "NFTs will play an important role in the future of retail, social media, entertainment,
and commerce.” When asked what excited him about NFTs, Sheffield
replied, “NFTs have the potential to become a powerful accelerator for the creator economy
and lower the barrier to entry for individual creatives to earn a living through digital
commerce.” It’s awesome that Visa is getting involved
with NFTs and hopefully other large companies take note. The supply chain management platform VeChain
is one of those blockchains that pops up on our radar whenever they have a big announcement. This time the latest news from VeChain is
that they’ve created a new Software as a Service product which can help companies,
and even countries, track their carbon emissions. Known as the Digital Carbon Footprint service,
according to VeChain the product, and I quote, “provides a comprehensive and scalable platform
for any enterprise to be able to better calculate, track and report their carbon reduction initiatives
across the entire value chain.” In other words, companies can use the service
to track their carbon footprint from the beginning to the end of a product’s production cycle.

Consumers can then check the status of a product
to find out if it’s really as green as it claims to be. Notably, this is the first carbon tracking
service to integrate blockchain technology and VeChain is hoping that they’ll be able
to market their solution all over the world. First up, according to VeChain, is China. Although they haven’t mentioned any specific
partnership with the world’s most populous country, VeChain believes that their technology
would be a great fit for China, which hopes to go carbon neutral by 2060. A China partnership might actually make a
lot of sense, since VeChain is one of only two blockchain projects that’s been given
the green light to operate in the country. If VeChain can make it happen we’ll probably
see lots of other countries becoming interested in the coming years as well.

It’s Tezos’s time to shine, as the token
just skyrocketed 33% higher, from $4 to $5.40, in only 12 hours. We don’t always know why a token decides
to take off but in this case it’s pretty obvious: Tezos just announced a new, high-profile
partnership with several Swiss-based financial companies. InCore Bank, Inacta and Crypto Finance Group
have announced that they’ve selected Tezos as their partner to provide a series of brand
new digital financial products. The firms will start offering digital assets,
most likely digitized bonds, with Tezos’s new DAR-1 token standard. Similar to Tezos’s existing FA2 token standard,
the DAR-1 standard will support smart contracts, however, the standard will also allow the
firms a greater degree of control so that they can integrate anti-money laundering laws
and asset governance. According to a public statement, the firms
chose to work with Tezos because of its self-amending feature. Unlike most other blockchains, Tezos can initiate
an upgrade without having to do a hard or soft-fork.

That prevents any disruptions to all of the
protocols built on top of a blockchain and is a good assurance that Tezos will keep running
smoothly for years to come. We’re thrilled for everyone at Tezos and
hope that this deal is just the tip of the iceberg. It’s amazing how fast everything moves in
crypto. Last year NFTs were a niche product that almost
nobody had heard of, now Visa is in the mar ket! Tezos is hosting digital bonds on its platform
and VeChain is eyeing a partnership with China to track their carbon footprint. Did we mention that EIP 1559 has already burned
100,000 ETH? Things are looking up for crypto and we hope
you’re excited as we are about the blockchain revolution. Have a great week, Remember to like it if
you liked it, and sub it if you dug it! We’ll see you next Friday for another edition
of Exodus Crypto News!

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