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The survival of the bear market in 2022 with over 100 million transactions shows that the NFT market is here to stay. And because Dubai wants to be one of the top 10 economies in the metaverse, this Arabian metropolis is a great place to start teaching people about this new technology. But for this technology to be widely used, it takes more than turning physical work into digital goods. It requires a two-way interaction between the physical and digital worlds. That's why ftNFT has introduced the world's first physical store for digital items.
Dubai, which was one of the first places to use cryptocurrencies, has given non-exchangeable tokens (NFT) a new twist by opening two branches that offer new ways to use NFT.
In fact, both stores feature a "photo booth out and an avatar booth in." Visitors can enter the booth and create 3D replicas of themselves in seconds. Then, they can use those characters as avatars in the virtual world, which gives them a deeper look into the metaverse.
Visitors can also easily print their favorite NFTs on T-shirts, mugs, or posters. Essentially, they can create their own product without having to leave the branch. NFT gives creators a bigger presence in the real world by letting them print their digital art in different ways.
Despite the ongoing ban on cryptocurrencies, China is still trying to promote blockchain technology. The local government has even decided to launch a national center for innovation in blockchain technology in the capital, Beijing.
China Daily said on February 8 that this innovation center will work with local universities and blockchain businesses to set up a research network that will look into the benefits of the technology in depth. The results of the research will be used to help digitize China and grow its tech industry even more.
Along with research on blockchain, the Chinese government is also putting a lot of effort into making a digital central bank currency. For the country's adoption of its own digital yuan, the government has given out e-CNY worth millions of dollars across the country. However, cumulative e-CNY transactions in October 2022 only exceeded 100 billion yuan ($14 billion).
A former executive director of the People's Bank of China recently called on the country to reconsider its strict restrictions on cryptocurrencies. This former official says that a permanent ban on cryptocurrencies could mean missing out on a lot of chances to improve the financial system, such as with blockchain and tokenization-related innovations.
There is a growing interest in AI-powered tokens.
The recent surge in AI token prices is a hot topic in the cryptocurrency world. Institutional investors and crypto traders are both interested in the growth of AI and how it could be used in things like self-driving cars and autonomous cities. The official launch of OpenAI's ChatGPT chatbot, which has raised $10 billion from Microsoft and is worth a total of $29 billion, has made this trend even stronger.
According to prominent crypto traders on Twitter, AI-backed tokens could be a pulling force in the next bull market. And the recent surge in these tokens supports this view, as they have seen an average increase of 80% in the last week. Among the most profitable tokens are platforms such as Alethea's artificial liquid intelligence (ALI), fetch.ai (FET), and SingularityNET (AGIX), which have risen by as much as 220%.
Still, some market analysts are cautious about the "AI hype" and argue that the community should be aware that some trends in the cryptocurrency market may be short-lived.
Even though the future of AI projects is still unclear, we will keep a close eye on the situation to bring you the latest news and insights.