Loopring Launches L2 Wallet with zKRollup Baked In, Ethereum L2 Developer StarkWare Introduces L3

Loopring Launches L2 Wallet with zKRollup Baked In, Ethereum L2 Developer StarkWare Introduces L3

Loopring also announced direct L2 fiat on-ramps to “onboard the masses” while ZK-rollups focused StarkWare targets applications’ need for specific tailoring with L3.

Ethereum Layer 2 zkRollup protocol, Loopring (LRC), has announced the launch of its L2-exclusive Counterfactual Wallet.

“A major step forward today on our mission to onboard the masses directly onto Ethereum secured Layer 2,” said the team.

Loopring, which is building non-custodial products on top of its Layer 2 that includes Ethereum smart wallet and an AMM DEX, unveiled the iOS version of the wallet on Tuesday, with the Android version coming soon.

According to the Loopring team, this wallet is the first Ethereum wallet with zkRollup scaling baked in. The scaling solution aims to help smaller users who are priced out of Ethereum due to its high gas fees.

Building the wallet on L2 means users don’t have to pay costly creation fees, as they have to on L1.

“One day our goal is to give users a complete L2-only experience, without the need to ever have to withdraw back to L1.”

The Loopring team claims that the Counterfactual Wallet offers 100x cheaper fees while coming with zk-baked in, which ensures the user gets the same security as Ethereum. ETH -0.88% Ethereum / USD ETHUSD $ 3,986.55
-$35.08-0.88%
Volume 13.87 b Change -$35.08 Open $3,986.55 Circulating 118.85 m Market Cap 473.8 b
2 h SEBA Bank Submits A Proposal To Be A Whitelister to Aave Arc 9 h Loopring Launches L2 Wallet with zKRollup Baked In, Ethereum L2 Developer StarkWare Introduces L3 9 h Trump Warns of A Crypto Explosion Bigger Than Big Tech While Appreciating Former First Lady’s NFT Plans

Besides the wallet, the team also announced direct L2 fiat on-ramps, removing a massive barrier to Loopring adoption. Initially, direct deposits on Loopring L2 and Loopring Wallet have been introduced, with withdrawals to come soon too.

In its announcement, the Loopring team urged centralized exchanges to support direct layer 2 deposits and withdrawal as well.

On the back of these developments, Loopring’s native token LRC, a $2.8 billion market cap cryptocurrency, spiked 26% in value. As of writing, LRC is trading around $2.26, down 40% from its all-time high hit just last month.

The same day as Loopring’s announcement, StarkWare, an Ethereum L2 developer using ZK-rollups, introduced L3, the application-specific layer built recursively over L2.

While L2s boost scalability with reduced gas cost per transaction and retain the benefits of decentralization, StarkWare said some applications need specific tailoring, and that’s why it is bringing in L3.

L3 will offer the benefits of hyper-scalability, better control, privacy, cheaper/simpler L2-L3, and L3-L3 interoperability, and acting as a “Canary” network for L2.

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Author: AnTy

SEBA Launches Regulated Gold Token Backed by Physical Precious Metal

SEBA Launches Regulated Gold Token Backed by Physical Precious Metal

Digital asset banking platform SEBA announced on Wednesday that it is offering a gold token. This token will represent the digital ownership of the traditional safe-haven asset.

SEBA’s gold token is a regulated digital token, a stablecoin backed by precious metal. The physical gold is “ready for any time on-demand delivery,” eliminating costly transport and storage fees.

The Zug, Switzerland-based firm said that this token differs from other gold derivatives investment products such as OTC contracts or ETFs because investors can redeem the yellow metal at any time.

The token can act not only as a store of value but also be used as a compliant stablecoin in trading.

“SEBA Bank Gold Token acts as a regulated stablecoin, providing secure transaction settlement and trading in crypto markets,” said the FINMA licensed bank in its official statement.

SEBA aims to provide cost-effective access to gold through this offering, calling it a “landmark” development in investment products.

It “allows investors to own a fully regulated digital form of physical gold for the first time,” said Guido Buehler, CEO at SEBA Bank, noting that with a market cap of $11 trillion, gold plays a major role in capital markets.

However, there are already other digital assets backed by physical gold, such as PAX Gold (PAXG), which was introduced in late 2019 and manages about $12 million in daily trading volume.

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Author: AnTy

Grayscale Launches Solana Trust, CEO says Investors Increasingly Diversifying Beyond BTC and ETH

Grayscale Launches Solana As Its 16th Product, CEO says Investors Increasingly Diversifying Beyond Bitcoin and Ethereum

Grayscale Investments, the world’s largest digital asset manager, expands its offering to include the popular Ethereum competitor Solana (SOL).

This latest offering “reflects the firm’s ongoing commitment to providing investors access to the ever-evolving digital economy,” said Grayscale.

In October, the firm added SOL token to its Grayscale Digital Large Cap Fund (OTCQX: GDLC).

The asset manager has now launched its sixteenth product Grayscale Solana Trust. The Trust is solely and passively invested in the $66.9 billion market cap token, native to the Solana Network, which it says “expand(s) blockchain use beyond just a peer-to-peer money system.”

Currently trading around $222, SOL is one of the biggest gainers of this year, with its YTD gains at 11,776% while being down 15.4% from its ATH at $260 about a month back. Grayscale CEO Michael Sonnenshein said,

“We have had a front row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.”

As we reported, investors have already poured in $187 million into Solana (SOL) year-to-date behind the $6.9 billion inflows into Bitcoin (BTC) and $1.2 billion inflows into Ethereum (ETH), according to CoinShares’ weekly digital asset fund flows report. BTC 0.39% Bitcoin / USD BTCUSD $ 57,229.83
$223.200.39%
Volume 36.86 b Change $223.20 Open $57,229.83 Circulating 18.89 m Market Cap 1.08 t
4 h Purpose Investments Launches Bitcoin and Ethereum ETFs, Will Pay 8%-10% Monthly Yield 6 h Bitcoin ETF: Grayscale Pushes Back Against SEC’s “Capricious” Behavior, Fidelity Bypass US to Launch Spot ETF in Canada 9 h Bitcoin Lags as Ether OI Aims for a New ATH as ETH/BTC Surpasses 0.08
ETH -0.81% Ethereum / USD ETHUSD $ 4,586.33
-$37.15-0.81%
Volume 27.64 b Change -$37.15 Open $4,586.33 Circulating 118.57 m Market Cap 543.79 b
4 h Purpose Investments Launches Bitcoin and Ethereum ETFs, Will Pay 8%-10% Monthly Yield 9 h Bitcoin Lags as Ether OI Aims for a New ATH as ETH/BTC Surpasses 0.08 9 h Grayscale Launches Solana As Its 16th Product, CEO says Investors Increasingly Diversifying Beyond Bitcoin and Ethereum

“Solana is faster and cheaper, so it’s been a really great on-ramp for folks looking to buy NFTs, DeFi, or various applications being built on top of it.”

The Trust is open for daily subscriptions for eligible individuals and institutional accredited investors. It has a minimum investment limit of $25,000 and an annual fee of 2.5%.

Founded in 2013, Grayscale Investments is currently managing more than $52.9 billion in assets under management.

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Author: AnTy

Investment Firm Launches Another Attempt at Ether Futures ETF With Kelly Ethereum Ether Strategy ETF

Investment Firm Launches Another Attempt at Ether Futures ETF With Kelly Ethereum Ether Strategy ETF

Kelly Strategic Management has filed for an Ether Futures exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).

The Kelly Ethereum Ether Strategy ETF is an actively managed fund that will invest in cash-settled Ether futures contracts traded on CME, as per the filing.

In February of this year, CME launched Ether futures, and it limits these futures contracts to 8,000 contracts for an applicable month, with each contract representing 50 ETH.

CME will also be rolling out micro Ether futures that will be one-tenth of one Ether on Dec. 6. Micro Ether futures would provide an efficient, cost-effective way for individual and institutional investors to hedge their price risk as liquidity in Ether futures contracts grows steadily among institutional traders, said CME at the time.

The second-largest cryptocurrency is enjoying an uptrend today as it surpassed $4,740, up 520% YTD, only to follow Bitcoin and drop back to $4,585 as of writing.

This move from the Denver-based firm comes about three months after VanEck and ProShares pulled their similar filings following several Bitcoin Futures ETF applications. It was speculated at the time that the SEC pushed back on Ether futures ETF.

Last month, two Bitcoin futures-based ETFs from ProShares and Valkyrie went public after SEC chair Gary Gensler said futures contracts provide sufficient and better investor protection than spot Bitcoin.

Thanks to the first-move advantage, ProShares Bitcoin Strategy ETF (BITO) is holding $1.4 billion in assets under management.

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Author: AnTy

Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists 3 Crypto-Basket ETPs in Europe

Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe

After dropping its plan to launch a Bitcoin futures ETF in the US while pursuing a physically-backed ETF, Invesco launched a physically-backed bitcoin exchange-traded product (ETP) in Europe.

The Invesco Physical Bitcoin ETP (BTIC), which tracks the CoinShares Bitcoin Hourly Reference Rate index, is listed on the Deutsche Boerse. The ETP has a fixed annual fee of 0.99%.

Invesco has chosen the UK-based digital asset manager Zodia Custody for the custody of Bitcoin. The Custodian is registered with the FCA as a crypto asset business under the UK Money Laundering Prevention Regulations. Zodia was incubated by SC Ventures, the innovation arm of Standard Chartered, with Northern Trust as its co-investor, which will also act as the administrator for BTIC.

“We have been working on the product since the middle of 2018,” Gary Buxton, head of EMEA ETFs and indexed strategies at Invesco, told ETF Stream.

“In the last two to three years, we have been trying to structure a product that looked, from an institutional point of view, as close as possible to a traditional ETF like our gold structure, and that has been the driver of BTIC’s timeline.”

Asset manager WisdomTree also launched a trio of crypto basket ETPs in Europe, which are listed on the Swiss stock exchange SIX and Frankfurt-based Börse Xetra.

These ETPs track proprietary indices developed by WisdomTree. One of the indexes is the WisdomTree Crypto Market (BLOC) — which provides exposure to the most established crypto assets such as BTC, ETH, BCH, and LTC, but caps Bitcoin and Ether’s combined allocation to 75% to void overexposure to the top two cryptos.

WisdomTree Crypto Mega Cap Equal Weight (MEGA) meanwhile focuses only on Bitcoin and Ether.

WisdomTree Crypto Altcoins (WALT) is another index that focuses on altcoins like Solana, Cardano, Polkadot, BCH, and Litecoin.

BTC 0.94% Bitcoin / USD BTCUSD $ 57,830.11
$543.600.94%
Volume 32.38 b Change $543.60 Open $57,830.11 Circulating 18.89 m Market Cap 1.09 t
5 h Indian Finance Minister says No Plan to Recognize Bitcoin as a Currency, Meanwhile Indians Want Crypto Taxed but Not Legalized 6 h MicroStrategy Buys 7,002 BTC At An Average Price of About $59k for Over $414 Million 8 h Kimchi Premium & P2P Crypto Trading in South Korea Spikes, FSC Taxing NFTs & Banning NFT Games
ETH 3.51% Ethereum / USD ETHUSD $ 4,447.77
$156.123.51%
Volume 19.09 b Change $156.12 Open $4,447.77 Circulating 118.54 m Market Cap 527.25 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 9 h Brace For A Bear Market or Risk Seeking into Year-End? Bitcoin and Ether Recover from Weekend Sell-Off 5 d “Fear” in The Crypto Market And Bitcoin’s Correlation With S&P 500 Climbs to Highest Level of 2021
SOL 1.70% Solana / USD SOLUSD $ 204.23
$3.471.70%
Volume 2.11 b Change $3.47 Open $204.23 Circulating 304.18 m Market Cap 62.12 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 6 d Investors Unfazed by Profit-taking as Another Week of Flows Bring YTD Crypto Inflows to $9.2B 1 w Allocate to Cryptocurrencies to “Beat Inflation” And For “Hypergrowth” in Portfolio, says Strategist
ADA 0.26% Cardano / USD ADAUSD $ 1.60
$0.000.26%
Volume 1.8 b Change $0.00 Open $1.60 Circulating 33.31 b Market Cap 53.37 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 6 d Investors Unfazed by Profit-taking as Another Week of Flows Bring YTD Crypto Inflows to $9.2B 1 w 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time
DOT 3.67% Polkadot / USD DOTUSD $ 37.13
$1.363.67%
Volume 1.28 b Change $1.36 Open $37.13 Circulating 987.58 m Market Cap 36.67 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 1 w DeFi Hub Acala Network Secures First Spot In Polkadot’s Parachain Auction 1 w “Ethereum Is The Clear Winner,” says ConsenSys CEO as MetaMask Users Grow 38x in Last Year
BCH 0.91% Bitcoin Cash / USD BCHUSD $ 575.65
$5.240.91%
Volume 1.09 b Change $5.24 Open $575.65 Circulating 18.91 m Market Cap 10.89 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 2 w “We’re Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million 2 w Cryptocurrencies Are “Providing Another Means Of Payment,” for Criminals and Scammers: BoE Governor
LTC 3.08% Litecoin / USD LTCUSD $ 205.73
$6.343.08%
Volume 1.78 b Change $6.34 Open $205.73 Circulating 69.08 m Market Cap 14.21 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 2 w $100 Trillion Market Showing Growing Interest in Digital Gold (Bitcoin) and Web 3.0 (Ethereum) 2 w “We’re Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million

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Author: AnTy

XBTF Dips Amidst Market Turbulence, 3rd Bitcoin Futures ETF Launches with Lowest Fee

XBTF Dips Amidst Market Turbulence, 3rd Bitcoin Futures ETF Launches with Lowest Fee But Fails to Gain Traction

VanEck’s Bitcoin Futures ETF (XBTF) only amassed $9.6 million in AUM compared to ProShares’ (BITO) over $1 billion and Valkyrie’s (BTF) $60 million.

A third Bitcoin Futures exchange-traded fund (ETF) has entered the US market.

The VanEck Bitcoin Target ETF (XBTF) launched on Tuesday, about a month after ProShare’s Bitcoin ETF (BITO) became the first to debut in the US.

BITO’s launch saw record-setting demand by amassing $1.1 billion in just two days, the fastest an ETF has ever done so. However, since then, the pace of its growth has cooled off as its assets remained between $1.3 billion and $1.4 billion in the past several weeks.

Three days after BITO’s launch, Valkyrie’s Bitcoin Futures ETF (BTF) also made its debut and has accumulated just $60 million.

Now, VanEck’s Bitcoin Fund has been launched at a time when the market is experiencing some volatility, with Bitcoin down 12.3% from its all-time high of $69,000 a week back. On Tuesday, Bitcoin’s price fell as low as $58,570 but is currently above $60k.

Since mid-October, Bitcoin has slipped 5.7% while the BITO shares slumped even more by 7.7% because the fund must continually roll forward its future exposure as the contracts aspire and pays a fee to do so.

On its first day, XBTF saw 38,398 shares trading, ending the day at $59.73 per share, a bit below its opening price of $60 per share.

According to VanEck, the ETF has $9.6 million assets under management. While “normally that would be pretty good,” its launch is shadowed by the massive demand seen by BITO at $1 billion on its opening day and even BTF, which did $78 million, said Eric Balchunas, a senior ETF analyst for Bloomberg.

However, the new VanEck ETF carries a lower fee at 0.65% than the other two funds, both of which have a 0.95% fee, which can help its demand.

“It has its work cut out for it. Low fee will help but not in near term. I do see it being successful, but it will take some time,” Balchunas said.

Last week, the SEC rejected VanEck’s attempt to launch a spot Bitcoin ETF, which is seen as superior to Futures ETF as it will directly invest in the cryptocurrency.

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Author: AnTy

Twitter Launches Dedicated Crypto Division for “All Things Blockchain and Web3”

Twitter Launches Dedicated Crypto Division for “All Things Blockchain and Web3”

Social media giant Twitter is building a new dedicated division for cryptocurrencies called Twitter Crypto. This division is for “all things blockchain at Twitter” due to “massive and growing interest” among “decentralized apps to manage virtual goods and currencies.”

Tess Rinearson has been hired as the team’s engineering lead, who will work under Twitter’s chief technology officer Parag Agrawal, to “set the strategy for the future of crypto at (and on) Twitter,” the company said.

“Twitter gets crypto, and its early integration of Bitcoin Tips and NFT authentication demonstrates that.” “There’s so much more to explore to help people participate in the promise of an evolving, decentralised internet, directly on Twitter.”

On Wednesday, Jack Dorsey’s Bitcoin-friendly company said it would be exploring how they can support the growing interest among creators to use decentralized apps. For this, the crypto division will be working closely with Bluesky, Twitter’s decentralized social network standard.

“Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.”

Just a couple of months back, Twitter enabled the creators on its platform to be tipped in Bitcoin and before that dropped its very own non-fungible tokens (NFTs). It also said Twitter was creating a feature for verifying NFTs as they exploded in popularity this year, and their usage as profile pics (PFP) on the platform grew immensely as well.

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Author: AnTy

Visa Launches NFT Support Program, Stripe Sees Crypto’s Potential of Faster and Cheap Payments

Visa Launches NFT Support Program, Stripe Sees Crypto’s Potential of Faster and Cheap Payments

Payments giant Visa is launching a non-fungible token (NFT) support program in partnership with Major League Baseball player turned NFT artist Micah Johnson. With this program, the idea is to support artists who want to sell NFTs of their artwork.

Johnson is the creator of animated astronaut Aku which was released on Nifty Gateway in February this year and sold for more than $2 million.

“Working together [with Visa], we want to arm creators with the resources they need to stay at the forefront of this revolution,” Johnson said in a statement.

There is an application process to participate in the program for which Visa will select a small group of creators and help them learn about blockchain and the crypto industry.

“We believe that we are at the beginning of a digital renaissance in the world of art and content creation,” Visa’s Head of Crypto Cuy Sheffield wrote on Twitter.

“New technologies emerging in the crypto ecosystem, like NFTs, have the potential to lower the barrier to entry for digital creators across the world to build their own small businesses.”

Another payment company Stripe has also jumped into the crypto scene. As we reported two weeks back, Stripe has been hiring an engineer for its brand new “Crypto” team, and this week, the company made the official announcement.

The crypto engineering team that Stripe has begun assembling will be run by the company’s former head of engineering for banking and financial products, Guillaume Poncin.

Those engineers “will design and build the core components that we need to support crypto use cases,” the job posts said. “Crypto is a brand new team at Stripe.”

Stripe first supported Bitcoin in 2014, only to end it four years later. But the $95 billion company says it never left and continues to watch the space develop, and this time, it will remain tech-neutral and won’t be picking any favorites.

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Author: AnTy

Supply Chain Protocol VeChain Seeks Consensus to Enforce Major Upgrade

Vechain (VET) Launches Voting Process for VeChainThor Proof of Authority 2.0 Upgrade

Blockchain-powered supply chain platform VeChain is looking to implement ‘mass adoption’ of its blockchain solution. In a recent release, the protocol called on community members to vote on adopting a new consensus algorithm.

PoA 2.0 Best Of Both Worlds

VeChain set out to address the issues in the supply chain industry, and to a large extent, it has been successful. However, the protocol seeks more adoption and is planning on launching its upgraded blockchain protocol.

A blog post reported that this new upgrade would be the best of both worlds, combining the prestigious Nakamoto mining algorithm with the Byzantine Fault Tolerance (BFT) consensus mechanism.

This is expected to form a new proof-of-authority (PoA) consensus algorithm, PoA2.0, which will enable higher throughput and high scalability while ensuring no data loss and a secure platform.

The upgrade called SURFACE is geared towards enabling more institutional adoption of the VeChainThor blockchain. SURFACE, which stands for a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension, will comprise three major components. This includes a VRF-based source of randomness, a committee-based block-producing process, and a passive block finality confirmation process.

So far, the VeChain Foundation has been able to implement the first part of its VIP-193 upgrade. Also known as the VRF-based source of randomness. It balances the unpredictability and unbiasedness of the block-proposing schedule while allowing for the highest level of data security. This component is expected to make it impossible for anyone to predict and subsequently doctor the block proposers ahead of time.

The two remaining components are currently up for votes, with the VeChain Foundation requiring all stakeholders to either accept or reject the new upgrade.

The voting is expected to last for a week and commenced on October 11, continuing to October 18.

VeChain Closes Deal With Blue Aqua

The new upgrade will take into account three sets of key stakeholders. This will be the Authority Masternodes with 40% voting authority, Economic X nodes with 40% voting authority, and the Economic nodes making up the remaining 20% voting authority.

Stakeholders will be required to cast their vote to adopt the PoA 2.0 Phase 1 upgrade of the VRF-based source of randomness on the VeChain Thor Mainnet or choose to discard the upgrade.

However, the news has not positively impacted VeChain’s price, with the digital asset largely trading in the red.

Trading currently at $0.10518, VET is down 5.94% on the daily chart, with the market valuation dipping 5.85% as well.

VeChain recently partnered with Singapore-based aquaculture service provider Blue Aqua to adopt blockchain traceability in the shrimp farming industry. This will see the urban farming company integrate with VeChain’s ToolChain for implementing a traceability system for seafood source, quality, and sustainability of their farming operations.

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Author: Jimmy Aki

TikTok Launches NFT Series “Tiktok Top Moments” on a Site Powered by ​​Layer 2 Ethereum Solution

TikTok Launches NFT Series “Tiktok Top Moments” on a Site Powered by ​​Layer 2 Ethereum Solution

The fast-growing social media platform TikTok, which has surpassed 1 billion monthly users worldwide, has jumped into the non-fungible tokens (NFT) scene by announcing TikTok Moments.

“TikTok is exploring the world of NFTs as a new creator empowerment tool,” says the company on its TikTok Top Moments.

“NFTs are a new way for creators to be recognized and rewarded for their content and for fans to own culturally-significant moments on TikTok.”

To begin with, TikTok is leveraging content from a select few of its top creators including Lil Nas X, Bella Poarch, Grimes, and Rudy Willingham. It will be one-of-one limited edition NFTs that will generate the buzz essentially among the existing NFT community.

“Now, you can own a moment on TikTok that broke the internet.”

The proceeds will “largely” go directly to the creators and artists of the NFTs, it further added.

These NFTs will be available on a dedicated site powered by Immutable X, a layer 2 solution for Ethereum that claims to be “100% carbon neutral.” These moments can be traded on secondary NFT marketplaces such as OpenSea.

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Author: AnTy