- Kevin Rose has confirmed that the 2023 PROOF of Conference will no longer take place.
- Moonbirds NFT holders are selling their digital assets in light of the event.
- The price of the Moonbirds NFT collection has plummeted in the last 24 hours.
A flock of Moonbirds NFT holders and community members have been upset that the anticipated PROOF of Conference 2023 has been canceled.
On February 20th, 2023, PROOF Collective disclosed that the reasoning behind the PROOF of Conference cancellation was due to “considerably less interest than anticipated for.”
Kevin “KRO” Rose and PROOF Collective have apologized to the community for the disappointment and inconvenience stemming from the controversial cancellation of the NFT conference. The PROOF of Conference creators have further vowed to refund affected community members with Ethereum (ETH) reimbursements for tickets, upgrades, and related transactions.
In light of the event, the floor price of Moonbirds has decreased 9.6% to 6.656 ETH in the last 24 hours, according to data from CoinGecko. The collection has fallen from the #2 to the #5 rank by 24-hour trading volume. The market capitalization for the collection has recorded a similar decrease of 9.6% to $108M, leaving the collection with -02% of the total NFT owners.
24-Hour chart for Moonbirds. Source: CoinGecko
The cancellation of the event and the nature of the announcement have sparked FUD amidst the Moonbirds NFT holders and members, who are expressing a spectrum of reactions and commentary.
Some Feathers are Ruffled
Moonbirds was launched in 2022 by Kevin Rose’s PROOF Collective to build connections between NFT collectors, and the PROOF of Conference was set to be a flagship event for the community.
According to a statement by PROOF Collective, the Web 3.0 celebration of art, culture, community, and technology was a “major lift” for the community. In its absence, the creators have shared they will be able to “concentrate on delivering products, art, and connections that benefit all of the Moonbirds and PROOF Collective communities.”
Appearing displeased, one holder reportedly sold 16 Moonbirds NFTs for a loss of 596 ETH (approximately $978,778) on February 21st, according to CirrusNFT.
NFT holder DancingEddie called the occurrence “absurd,” questioning the long-term viability of the project when the “crux piece” has been canceled.
Other community members are displaying various reactions on Crypto Twitter, considering the hefty price tag of 1.5 ETH (approximately $2, 452 USD at the time of writing) for a ticket to PROOF of Conference. Some members believe this was asking a lot from the community, especially in the current market.
Although there is a degree of understanding displayed by some commenters, the “sugary sweet positivity” is referred to as “Stockholm Syndrome” by Twitter user Astronaught.eth, considering the cancellation of the event.
Tr0m chimed in as a self-proclaimed “expert in events and throwing them,” opining that a mass amount of ticket sales would possibly have been purchased at the last minute or on the day of the event. The comment could aim to discredit the creators’ main reason for canceling the event despite the inconvenience to the community.
To appease the backlash, the conference creators have stated that they will host a “holistic PROOF and Moonbirds update” on all active initiatives on March 2nd, assuring the community that the occurrence does not mark the permanent cancellation of the events.
Moonbirds is a high-volume NFT collection and thus a significant player in the broader ecosystem. The increased negative sentiment from the Moonbirds community could infect a similar FUD in the broader NFT market.
- Charles Hoskinson is defending his work in the industry following continued criticism.
- The Cardano community remains divided in debates and commentary.
- The price of ADA is hovering around $0.39 despite climbing a rank by market capitalization.
Charles Hoskinson is refuting commentary about the Cardano (ADA) network and his representation thereof following ongoing backlash about his comments on contingent staking.
An ongoing conversation about contingent staking on the Cardano network continued with a tweet by a prominent community member on February 20th, 2023. Cardano Whale shared that the “drama” around contingent staking had left them “disenfranchised.”
In response, Twitter user Barren Wuffet praised Cardano Whale, calling them an asset and a preferred representative for the Cardano community over Charles Hoskinson, who was lambasted as a “liability.”
Cardano and IOG founder Charles Hoskinson has retorted the critique and resurrected the cult commentary in the same breath. Hoskinson referred to contingent staking as an “optional hypothetical feature,” calling out the commentary as “discounting the last seven years” of his work in the industry.
Cardano has notably climbed the ranks from the #8 position to the #7 position by market capitalization, recording a $13.9B total market value of circulating ADA on February 21st, 2023.
The price of ADA is hovering in the vicinity of $0.39 USD at the time of writing despite the myriad of ongoing debates, most notably including the topics of Cardano staking.
During his most recent video in a discussion of the Voltaire phase, Hoskinson has compared the impact of Cardano on humanity to that of ChatGPT, the iPhone, and the internet.
Despite the optimism from the founder, increased whale activity, and network developments, the Cardano community remains distracted, as reciprocated in the thread by Cardano Whale and the price of ADA.
In the community’s defense, $psilobyte PSB SSPO has remarked that there will be “a lot more lessons to come” as Cardano progresses through the Voltaire phase but expressed their confidence that the Cardano community is “capable.”
The fact that Cardano has climbed a rank by market capitalization, among other notable developments, questions the rationale behind Barren Wuffet’s criticism against Hoskinson in favor of Cardano Whale as the leading representative for the ecosystem.
- The Cardano community appears to be maintaining a reputation of division.
- Cardano Whale expressed that they would accept contingent staking if voted in through Voltaire.
- The viability of Cardano “for the masses” will depend on the widespread adoption of the network.
The Cardano ecosystem plays a notable role in the future of cryptocurrencies and decentralization. The network’s current #7 rank by market capitalization hints at the efficacy of Cardano’s methodology in the long term.
- Solana has confirmed that Helium will be migrating to the Solana blockchain.
- The migration will enable Helium to focus more on building its wireless network.
- The price of SOL has increased notably in response to favorable sentiment following recent developments.
The upcoming Helium migration and increased NFT sales volumes appear to be fueling a notable retrace for Solana (SOL).
On February 20th, 2023, the official Solana Twitter account confirmed that the Helium network would migrate from its current Layer-1 network to the Solana blockchain.
The Helium Network has revealed that the official migration will occur on March 27th and is referring to the event as “the most significant upgrade to Helium Network scalability and reliability” in combination with the deployment of Oracles.
Recent developments have fostered positive sentiment in the Solana community, boosting the network’s market capitalization beyond $10B for the first time this year.
Following increased NFT sales volumes and Helium anticipation, the price of Solana has shot up 30%, with SOL trading at $26.33 at the time of writing.
Migrating to the Solana blockchain will allow Helium to shift its focus from sustaining its blockchain to expanding its network of hotspots and building wireless protocols, according to a blog post by the Helium Foundation.
Solana as a Saving Grace?
Helium, a decentralized network of IoT devices called “hotspots,” has faced criticism concerning scalability and economics. The Solana migration could address these challenges, as the platform can handle many transactions per second.
Solana’s ecosystem of developers, applications, and integrations will provide Helium with the speed and scalability necessary to become a “network of networks,” potentially unlocking new possibilities and use cases for the Internet of Things (IoT) industry.
The migration will also benefit token holders as HNT will become natively compatible with other platforms within the Solana ecosystem, adding utility for HNT, MOBILE, and IOT token holders. Furthermore, the migration is set to bring nearly one million hotspots across the LoRa and 5G networks.
The price of Helium (HNT) is reflecting optimism from the community, trading at $3.10 at the time of writing, which records an increase of 27.55% in the past seven days.
- Speculation has surfaced around the idea that Helium will be used to power the much-anticipated Solana Mobile, which is pending release in early 2023.
- Helium hotspots have been growing at a slower pace in the past months.
The successful migration of the Helium network to the Solana blockchain would represent a unification of Web 3.0 utility. The migration could propel the progress of both networks and potentially the adoption of Web 3.0 technologies in the mainstream.
- Developer numbers on the Cardano network have been soaring.
- IOG is inviting more developers to join working groups to further development on Cardano.
- The Working Groups are divided according to specific topics of discussion and expertise.
Developer numbers on the Cardano network have been soaring since the beginning of February 2023.
Input Output Global (IOG), the blockchain technology firm responsible for the development of Cardano (ADA), has invited more community members to join several developer Working Groups to catapult the ecosystem.
According to IOG, the goal is to self-mobilize the community to collaborate on decision-making processes with the combined expertise of the members. The Working Groups will bring together a group of committed community members around specific topics, such as developer experience, certifications, interoperability, and stablecoins.
In another developer-focused event, the network launched its SECP upgrade on Valentine’s day to increase interoperability and secure cross-chain dApp development. The new Working Group initiative serves as another testament of Cardano’s community-centric approach.
IOG further revealed that interested community members could join their preferred type of Working Group by choosing from the four current pools of developers.
- The Developer experience Working Group will be identifying problems and pain points faced by decentralized application (dApp) developers on Cardano and help triage improvement areas that will serve the broader ecosystem.
- The Certifications Working Group will work on making the dApp ecosystem more sustainable by promoting the benefits of certification across Cardano and the wider industry and creating best practices and “standards in certification and auditing processes.”
- The Interoperability Working Group will be supporting the development of cross-chain decentralized bridges between Cardano and other chains.
- The Stablecoins Working Group will be combining the best practices and expertise to support the implementation of stablecoins on Cardano to address cryptocurrency volatility.
The admission of Cardano community members into the Working Groups will reportedly depend on approval from existing members and the applicant’s qualifications, in alignment with the goal of fostering collaboration and driving innovation within the Cardano community.
Developer numbers and whale activity on Cardano have been increasing throughout February. The price of ADA has recently surged, trading at $0.40 USD at the time of writing, a 23.70% increase from its one-month low of $0.32 on January 19th.
- The decision to create more Working Groups will depend on the community’s willingness to mobilize.
- The price of ADA has seldomly reflected positive sentiment following major developments in the ecosystem.
By empowering and mobilizing its community, IOG is fostering a culture of innovation within the Cardano network. By progressing such principles of decentralization, Cardano could inspire market sentiment to boost its current #8 ranking by market capitalization.
- In early February, Louis Vuitton announced a collection with Yayoi Kusama.
- Several Web 3.0 news outlets shared speculative claims from an unverified NFT collection.
- The unverified NFT collection has been removed for copyright infringement.
Unverified claims about a Louis Vuitton x Yayoi Kusama NFT drop were rampant in early February 2023.
After the international fashion house Louis Vuitton released a collaborative collection with Japanese contemporary artist Yayoi Kusama, an NFT collection surfaced on OpenSea with the same title.
Despite the fact that the listed NFTs and the collection’s description appeared somewhat legitimate, the collection was unverified by OpenSea. Nevertheless, many Web 3.0 news outlets distributed the information from the unverified collection, claiming that 10, 000 NFTs would be released and Louis Vuitton would allow customers to exchange the digital assets for tangible copies.
The unverified Louis Vuitton x Yayoi Kusama NFT collection has since been removed from OpenSea based on a claim of intellectual property infringement, according to the notice prompted by OpenSea.
Since the collection can no longer be accessed, it is unclear what the floor price, total volume, best offer, and total owner volume were before the collection was removed by OpenSea.
However, soon after the collection surfaced in early February, OpenSea recorded two NFT owners, revealing that there had been buyers who invested in the collection before the copyright infringement of the NFTs were exposed.
Hadrien Huet, the Head of Online Brand protection at Louis Vuitton, reportedly debunked the false claims about the NFT collection and its connection with physical products.
Huet apparently stated that Louis Vuitton had acknowledged forged NFT collections on OpenSea, adding that “ill-intentioned third parties” were “attempting to take advantage” of the rampant speculation.
The incident serves as a reminder for NFT buyers to conduct independent research and verification from primary sources to elude scams related to digital assets.
- A number of speculative articles about the NFT collection have been corrected, but the implications of the unverified reports remain unclear.
- Web 3.0 personalities have criticized the news industry for shortcomings in ethical journalism before.
Unverified reporting can result in financial implications for the reader, undermining the credibility of the industry and eroding trust in Web 3.0 developments, potentially hindering its adoption.
DailyCoin prioritizes and values journalistic principles in the interest of our readers.
- Magic Eden has dismissed 22 team members.
- The CEO stated that aligning the team with the company’s goals was necessary.
- The NFT marketplace is providing support for the affected employees.
Magic Eden is streamlining their operations to remain competitive in the current NFT landscape.
On February 14th, 2023, the leading NFT marketplace shared a blog wherein CEO and co-founder Jack Lu announced a “company-wide restructuring” and associated employee layoffs.
Lu later shared a thread in which he expressed his empathy for the affected individuals, assuring the community that the layoffs had occurred prior to the news going public in the interest of those impacted.
The CEO revealed that it was a “difficult and painful decision” to part ways with the 22 teammates. The decision was illuminated during an assessment of the companies’ strategic goals, considering the expertise required to propel the ecosystem in the desired direction.
Magic Eden has reportedly evolved to a state where changes needed to be implemented in the team to align with their vision for 2023.
The marketplace’s goals moving forward will be centered around “growing traction across chains, developing services for NFT creators, and exploring new use cases like rewards and social experiences.”
Lu has stated that the strategic goals for the marketplace will require team members who must encompass a certain skill set and expertise to drive the evolution of Magic Eden “without losing momentum.”
Magic Eden will be providing alternative means of support for the ex-staff members this week, before moving into a “reset” period to move the ecosystem forward.
Magic Eden is celebrated as the most significant NFT marketplace on the Solana blockchain. The marketplace’s recent employee notice is part of a series of layoffs across the crypto ecosystem since the dawn of the notorious crypto winter of 2022.
- The price of ADA has increased by 9.78% after the launch of the Valentine’s upgrade.
- The upgrade has not elicited an overwhelming response from the community on Crypto Twitter.
- Developer numbers on Cardano have been soaring.
The lead-up to Cardano’s anticipated SECP network upgrade has left the community divided, with some doubting the impact of the upgrade.
On February 14th, 2023, Input Output Global (IOG) announced that the day was finally here for the network’s SECP upgrade. The system upgrade, also known as the Valentine’s upgrade, “is now live on the mainnet.”
The upgrade will increase interoperability and secure cross-chain development, enabling developers to use a broader range of multi-signature and threshold signature designs native to Cardano.
In the week leading up to the SECP upgrade, the stagnating price of ADA did not indicate any particularly intense anticipation from the community, despite other notable developments in the ecosystem.
The SECP upgrade enables developers to “easily create cross-chain dApps that are secure, reliable, and cost-effective.” IOG claims that new cryptographic primitives will allow developers to use a broader range of multi-signature or threshold signature designs native to Cardano, providing interoperability for cross-chain dApp development.
Following the implementation of SECP, ADA is trading at $0.38 at the time of writing, representing a 9.78% increase from its one-month low of $0.33 recorded on January 18th.
Although ADA remains in a similar price range, the upgrade had an immediate, if brief, impact on the price of ADA. Cardano’s native token rose to $0.39 in value on February 14th, indicating mild positive sentiment among the community in light of the SECP upgrade.
Cardano Community Feeling the Love?
Thus far, no Twitter user has shared any critiques in response to the upgrade, but responses have not been overwhelmingly positive either. The tweet has accumulated close to 70,000 views and stimulated a few little conversations.
Cardano and IOG founder Charles Hoskinson shared a brief statement, asking if anyone had ever noticed a hard fork, claiming that the point of a hard fork is that no one should notice it.
The upgrade is intended to “simplify the process” for (decentralized application) dApp developers. Cardano overtook Ethereum (ETH) as the protocol with the highest level of development activity in 2022, ranking first in a development report by Santiment. The surge reflects optimism from the developer community about the Cardano ecosystem’s dedication to improving the experience for its developers.
- Cardano whales have been increasingly active in the ecosystem, proving to be a source of positive market sentiment.
- Bitcoin (BTC) also recorded a brief boost to $22,120 on February 14th, bringing into question how impactful the upgrade was for the upward trajectory of ADA.
Cardano’s SECP upgrade is a testament to the sustainability of Cardano’s methodical development-focused approach. The steadily increasing developer activity indicates the network’s progress in the dApp sector.
- Solana NFT sales have increased 8% in the last year, according to Delphi Digital.
- The TVL for DeFi platforms on Solana decreased significantly in the same time frame.
- Despite soaring NFT sales volumes, the price of SOL has not reflected a similar notable increase.
NFT sales volumes on Solana have reportedly increased from 2022, slotting in the ecosystem’s place as the second largest NFT marketplace after Ethereum despite recent downturns in the price of SOL.
According to crypto research platform Delphi Digital, “Solana has grown significantly in market share” from claiming 6% of the NFT market sales volume to 14% in less than a year. The claim matches the data shared by aggregator Cryptoslam.
The graphic presented by Delphi Digital indicates that the 8% rise in Solana’s NFT sales volume was the only notable increase in volume among leading NFT marketplaces.
A Leader of the Middle-Ground
The Ethereum blockchain claimed 81% of the NFT sales volume, down 5% from 86% in 2022. While Solana possessed 14% of the total NFT sales volume, the next highest is tied between Immutable X, Cardano, Polygon, Flow, and BNB, each with only 1% of the NFT sales volume from February 2022 to February 2023.
Immutable X, Cardano, and BNB have claimed new positions on the leaderboard for NFT sales volume, pushing Ronin and Avalanche aside. On the other side of the coin, Flow and Polygon retained their positions.
Delphi Digital further disclosed that Solana’s DeFi numbers have proven unable to hold a candle to the NFT sales volumes, going as far as to say Solana’s “NFTs are carrying the ecosystem.”
Solana’s DeFi overview on DappRadar similarly reveals that the total value locked (TVL) of DeFi platforms on Solana has suffered a blow, decreasing from $3.2B USD in February 2022 to just $238M in February 2023.
Despite soaring NFT sales, SOL has recorded a decrease in value, dropping to $20.55 at the time of writing, down 6.75% from its seven-day high of $23.91 on February 8th, 2023.
Potentially adding to the network’s apparent woes, Twitter user RaphaelSignal opines that Delphi Digital is misleading its readership with false claims.
- Solana (SOL) is outperforming Polygon (MATIC) in terms of NFT sales volume, despite holding a lower market capitalization, according to CoinMarketCap.
The Solana ecosystem is expected to continue undergoing sustainable growth throughout 2023 and should consequently retain its position as the second most prominent NFT marketplace after Ethereum.