Crypto NFT Today: The Latest on Blockchain, Cryptocurrency and NFTs: June 15 – June 21, 2022

Where do I start? Cryptocurrency is in free fall. The Bored Ape market is now below $100,000, Bitcoin and Ethereum are hitting 2020 lows, and we are now in the “crypto winter.” So the question is: can he recover?

After internally screaming, in short, my answer is yes.

Now, I’m not here to “be an expert”, but as a long-term investor and supporter of the technology, there is a need and benefit to using blockchain for several reasons. The good news is that we don’t even need to get into that conversation to justify a recovery in this challenging market climate. Global companies are investing in NFTs, scaling the metaverse, and supporting cryptocurrencies through payments. In fact, the market is not even close to breaking the tip of the iceberg.

It’s just a question of when.

I think it’s important to note that many other markets, including Wall Street and the stock market, will continue to fall, and some predict that this could continue for years. General goods, gas and the cost of living are also rising. Inflation is reaching absurd levels globally. Now is a great time to be frugal and focus on maintaining good habits!

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Now let’s get into some market updates.

Binance Doubles Down on Cryptocurrency Commitment

As global cryptocurrency exchanges are laying off workers ahead of “crypto winter” and shockingly futile market numbers, industry leader Binance has doubled down on its commitment to the cryptocurrency sector. Binance CEO Changpeng Zhao announced the company’s promise to grow its global forces throughout 2022.

Binance is hiring for over 2,000 job positions globally. Click here to view Binance job postings.

Shiba Inu’s anonymous lead developer teases the highly anticipated Layer-2 blockchain, Shibarium

Shytoshi Kusama, the anonymous lead developer of Shiba Inu, has shared a new update on WELLY’s Discord. Shy confirmed that the Layer-2 solution, known as Shibarium, will arrive soon, adding that it is “already in discussion to strengthen efforts.”

Shibarium is one of the most talked about Ethereum Layer-2 blockchain solutions that will hopefully provide transaction relief and a safe and creative space within cryptocurrencies and web3. The release of this project is expected to add immense value to the Shiba Inu ecosystem as a whole.

For now, there is no official timeline for the release of Shibarium.

Scientists Present a Fully Decentralized Stablecoin Anchored by Electricity

Scientists and researchers at Lawrence Livermore National Laboratory in California are introducing a new fully decentralized stablecoin anchored to a physical asset; electricity.

But what exactly does that mean?

This “fully collateralized stablecoin” is pegged to a physical asset and its value depends on the use of electricity as a public utility. Supposedly, scientists claim that energy can be transmitted without the need for physical cables or a network-based transmission system. This stablecoin, initially introduced as an e-stablecoin or electric stablecoin, would be the first of its kind.

“Any anonymous individual can mint an E-Stablecoin token with the input of approximately one kilowatt hour of electricity. They can then transact with the digital token like any other cryptocurrency or even turn it back into usable electricity without the need for power companies, electrical transmission lines, permits or authorities. So it’s a trustless system from top to bottom,” explained Maxwell Muriado, one of the scientists involved in the project.

This news potentially means the end of high transaction fees with global exchanges and could create new excitement in the industry.

Coinbase fires the highest employee fees of any cryptocurrency exchange

Coinbase is laying off nearly 1/5 of its active workforce, leading to recent layoffs by massive global cryptocurrency exchanges. As a result, CEOs and executives are preparing for a sharp decline in market value, production, and the inevitable “crypto-winter.” Crypto.com plans to lay off 5%, Robinhood 9%, Gemini 10%, BitMex 25% and many other employee cuts in the market.

For Coinbase, the recent layoff announcements fell strangely after their newly aired commercial debuted during Monday’s NBA Finals.

WELLY NFT Collection Release A Success for the Shib Community

The WELLY NFT collection was released this week and has proven to be a huge success, driven by the vigorous efforts of the Shiba Inu community ($SHIB). While thousands of NFTs were collected over the weekend through initial minting or purchasing on OpenSea, the remaining unminted supply was burned by WELLY NFT developers, adding value to the assets held for those who participated.

Each NFT owner owns a minority interest in all existing and future WELLY franchise locations.

Disclosure: At the time of writing this article, the author holds several cryptocurrencies and NFT assets. The information in this article does not constitute financial advice.

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