Author: The Daily Hodl

The Avalanche Foundation says it is funding select memecoins, non-fungible tokens (NFTs) and other similar crypto assets through its Culture Catalyst program. In 2022, the non-profit organization behind the layer-1 blockchain Avalanche (AVAX) launched the Culture Catalyst initiative to support community coins created for culture and engagement. In a new statement, the foundation says it has finally established the eligibility requirements for community coins seeking to receive funding from the $100 million program. “The eligibility criteria are designed to identify community coin projects that show stability, growth potential, and a commitment to fair practices in the crypto world.” Avalanche says…

The native altcoin for a gaming-focused non-fungible token (NFT) marketplace surged more than 35% in a 24-hour period this week, defying the overall crypto market doldrums. Prom (PROM) bills itself as a “decentralized, confidential, and safe” ecosystem for exchanging and renting NFTs. The project’s native token, PROM, is up 36.3% in the past 24 hours and is trading at $7.65 at time of writing. It’s not immediately clear what drove the token’s price surge. The asset’s gains did materialize a few hours after Prom advertised a new game listing. The project now supports Poglin, a fantasy-world, blockchain-based battling game. New…

The Depository Trust and Clearing Corporation (DTCC) has declared that exchange-traded funds (ETFs) linked to Bitcoin (BTC) or cryptocurrencies have no collateral value as investments. In an announcement, the DTCC, which provides clearing and settlement services to the financial markets in the US, says digital asset-linked ETFs will be subject to a 100% “haircut.” “No collateral value will be given for any ETF or other investment vehicle that includes Bitcoin or any othercryptocurrency as an underlying investment, hence will be subject to a 100% haircut.” According to the announcement, the DTCC’s new changes will be effective April 30, 2024, and…

Non-fungible token (NFT) activity is exploding on the XRP Ledger (XRPL), according to a recent update from Ripple. In a new quarterly report, Ripple notes that more than half of all the NFTs ever minted on the XRPL since the release of the XLS-20 standard in 2022 happened in the fourth quarter of 2023. The payments company says the surge represented a more than 400% increase from Q3. Crypto analytics firm Messari breaks down the numbers even further, noting that there were 3.4 million NFT mints on the XRPL in Q4. The firm also notes total NFT transactions shot up…

Web3 and non-fungible token (NFT) development company Yuga Labs has acquired NFT collective PROOF and its assets, according to a new announcement. Yuga Labs, the creator of some of the biggest NFT collections like Bored Ape Yacht Club (BAYC) and TwelveFold, says the acquisition is part of its goal of being “the front door of web3.” PROOF’s NFTs include collections like Moonbirds, Oddities and Mythics. As part of the acquisition, Moonbirds will be integrated into Yuga’s Otherside platform, a gamified, interoperable metaverse currently under development. Says Daniel Alegre, CEO of Yuga Labs, “As a company committed to championing art, culture,…

A Bitcoin whale has stacked over $282 million in BTC since late March as the flagship digital asset struggles to find a bottom after hitting all-time highs. First spotted by blockchain tracking firm Lookonchain, an address beginning with “12QVsfA” bought 4,380 BTC worth $282.38 at an average price of $64,471. Says Lookonchain, “After the price of BTC dropped, this whale bought another 620 BTC ($39.8 million) at the bottom. Since March 21, this whale has bought 4,380 BTC ($282.38 million) at $64,471 from Binance. Address:12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qo.” On the same day, the firm also spotted another whale depositing over $77.67 million worth…

A non-fungible token (NFT) platform is launching a classic Nintendo emulator on Bitcoin (BTC) using BTC ordinals. In a new announcement, NFT platform Pizza Ninjas says it has successfully launched an N64 emulator on the crypto king using ordinals, which inscribe data on satoshis, the smallest unit of BTC. Emulators allow gamers to play video game consoles on other devices without needing to own or operate the console itself. According to Pizza Ninjas, utilizing Google’s Brotli Compression method has allowed them to inscribe bigger and bigger items. “Inscribing a larger system like N64 and its games is more realistically feasible…

Shiba Inu’s (SHIB) marketing lead Lucie is telling members of the community to be vigilant following the debut of the crypto project’s new collection of non-fungible tokens (NFTs). On February 20th, the Shiba Inu development team introduced the Sheboshi NFTs, which are digital collectibles using the DN404, or divisible NFT 404 standard that merges the functionalities of the ERC-20 and ERC-721 tokens.  All of the 20,000 Sheboshis were sold out before the public minting phase as holders of Doge Killer (LEASH) and Shiboshis – the male counterparts Sheboshis – scrambled to get their hands on the new NFT collection. Says…

Entertainment giant Sony has submitted a US patent application for “super-fungible tokens” designed for gaming. Sony, the developer behind the popular PlayStation console series, submitted the patent application back in 2022, though the document just became public at the end of February. The application lays out plans for an electronic device that tracks gaming assets and creates a new type of super-fungible token. Explains the document, “Metadata associated with the set of gaming assets is received and a super-fungible token is created, based on a storage of the metadata to a distributed ledger associated with the gaming application. The creation…

A widely followed crypto analyst says that gold may just have signaled the local top of Bitcoin’s (BTC) recent strength. In a new video update, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that if gold continues to do well, the top crypto asset by market cap may be in for a an extended correction “At least so far, you can see that the breakout of gold in 2019 marked the top locally for Bitcoin. Bitcoin did go higher obviously a year later. But even [this year], you can see gold broke out right when Bitcoin/USD found that local…