Arijit Mukherjee News

Fractional non-fungible tokens (NFTs), which have the crypto community all agog, have the potential to make fine art popular among youngsters.

NFT enthusiasts hard, who either own them or wish to own them Only one NFT collection in the top 25 platforms by market capitalization has attempted to confer intellectual property rights to the purchasers of digital arts, the report added. According to the report, the majority of NFT operators apparently have 'misled NFT purchasers' about the extent of their rights, and this has faced some backlash from the buyers. However, NFT players have come out in defence. The question of ownership, both intellectual and actual, when talking about an NFT is way more nuanced than it is with physical art and assets, they said.

Ethereum is at the centre stage of the crypto community as it is scheduled to undergo a major upgrade to its protocol from proof-of-work (PoW) to proof-of-stake (PoS), next month. The upgrade will move it towards a more efficient mechanism and bring significant changes to the Ethereum network and potentially change the investment outlook for the blockchain. With The Merge, Ethereum will move towards a more sustainable, eco-friendly blockchain closer to its original vision, making it more energy efficient and faster, said Edul Patel, CEO and co-founder, Mudrex. «The Merge will complete Ethereum's transition to PoS, making it extremely energy efficient and convenient to make payments. That will only aid Ethereum's massive use cases, ultimately driving demand higher for the ETH token,» he added.

The global cryptocurrency market crossed $1 trillion in market capitalisation in the past 24 hours, bringing relief to investors and raising hopes about the start of a bull run.

Deutsche Bank have forecasted a strong upside in the Bitcoin by the end of the current calendar. The International lender has a target of $28,000 for Bitcoin, signaling an upside of 40 per cent the largest crypto token. Bitcoin saw the April-June 2022 period as the worst quarter in the last one decade, thanks to deteriorating macroeconomic conditions across the globe. The report from Deutsche Bank provides an interesting perspective on the medium-term outlook for Bitcoin and suggests that cryptocurrency markets have mirrored movements of the Nasdaq 100 and S&P 500 since late 2021.

The latest rebound in the crypto markets might be a surprise for many, but the hilarious part of this is that meme tokens have evolved as the biggest winners in this recovery. Elon Musk's favourite Dogecoin has gained over 30 per cent in the last week, but the second-largest meme coin, Shiba Inu, has zoomed more than 45 per cent in seven days after a beatdown from the peak.

One such example is Dogecoin (DOGE), the most significant meme token, which continues to remain in the news thanks to the push from Elon Musk, fondly known as the 'Doge Father' by the masses. The token has rallied over 13 per cent in the last 24 hours to $0.07768 from $0.06858, the data from Coinmarketcap suggested, with its market cap scaling more than the $10.3 billion mark.

Meta (erstwhile Facebook) reported better-than-expected earnings in the March quarter. The company reported a revenue of $27.91 billion, with an EPS of $2.72. The company had 2.94 billion active users on a monthly basis, with an average revenue per user (ARPU) of $9.54. However, its recently created Facebook Reality Labs (FRL), the metaverse division, reported a first quarterly loss of $2.96 billion. The company had announced its earnings earlier this week.

According to a tweet from Aditya Singh, Co-Founder of Crypto India, the major crypto trading platforms have registered a two-third in the trading volumes on their platforms. As announced in the union budget 2022, the Indian government is levying 30 per cent taxations on the gains arising from the trade of crypto assets. Many of the market players saw this move as an anti crypto stance.

Sitharaman pitched for a global framework to regulate the crytpo tokens, particularly their use in money laundering and terror financing. Speaking in a discussion hosted by the International Monetary Fund (IMF) in Washington DC, Sitharaman said, «I think the biggest risk for all countries across the board will be the money laundering aspect and the aspect of currency being used for financing terror.» The crypto industry is echoing the similar voices and said that global regulations are the need of the hour as no country can handle this alone. However, it will not be a cakewalk, they warned.