Cover photo

❌ Coinbase CEO against AI regulation

All Things Flooz newsletter is for innovators, creators and traders.

Talking Points

  • ⏸️ Terra Classic community vote to stop minting

  • πŸ–ΌοΈ NFTs finding South Korean interest

  • ❌ Coinbase CEO against AI regulation

GM! β˜•A smile a day, keeps the bear market away... Or so we hope.

Let's have a look at the latest news!

πŸ‘€ Quick Market Outlook

Another week... another dull market. It seems we still have minimal movement but we are edging closer to the Bitcoin halving so it's just a patience game.

So... Let's jump into some insight πŸ‘‡

As they say - If you zoom out, you get a better picture. And it seems here that we could still expect a drop to $20k but then it looks like the market could climb.

But as usual, nothing is guaranteed, so have a plana and be safe.

⏸️ Terra Classic community vote to stop minting

In a pivotal decision, the Terra Classic community has chosen to cease all minting and reminting activities associated with TerraUSD Classic (USTC) in an effort to restore a stable peg between USTC and the United States dollar.

In a recent community proposal, the outcome revealed that 59% of the participants were in favor of discontinuing USTC minting, while approximately 40% opposed the proposed change.

The primary objective of this move is to safeguard the interests of both the Terra Classic community and external investors. By reducing the supply of USTC, the community aims to work towards the restoration of the USTC peg to the U.S. dollar.

The backstory to this decision dates back to May 2022 when USTC became unpegged from the U.S. dollar. This decoupling had far-reaching consequences, with Terra's value experiencing a catastrophic collapse. Luna Classic (LUNC), closely linked to USTC, bore the brunt of this decoupling, plummeting by nearly 100%. This downturn in the crypto markets resulted in a staggering loss of approximately $40 billion in total market capitalization.

The community proposal also highlighted an important aspect: major crypto exchanges are now likely to burn USTC. The proposal stated, "Most importantly, this proposal opens the door for institutions like Binance to start burning USTC knowing that the minting and reminting is over."

This development follows reports that the Terra Classic community has expressed concerns over a surge in spam activity, coinciding with the decline in LUNC prices.

Moreover, as previously reported on September 10th, the Terra Classic community was voting on several proposals, including one to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC. The outcome of this particular proposal, which concluded and with overwhelming support, a 93.22% vote in favor of the increased minimum deposit requirement.

The Terra Classic community's proactive steps and commitment to stabilizing USTC demonstrate their determination to address the challenges that arose from the unpegging incident and to create a more secure and predictable environment for participants and investors alike.

πŸ–ΌοΈ NFTs finding South Korean interest

Dreamus, a prominent South Korean entertainment and events company and subsidiary of SK Planet, is making its foray into the world of blockchain by introducing NFT ticketing services through its parent company's rewards app.

This innovative app empowers fans to purchase tickets for a wide range of events, including K-pop concerts and other shows, in the form of Avalanche NFTs, all hosted on SK Planet's private Avalanche subnet, which was launched earlier this year.

Currently, Avalanche-based NFT tickets are available for events like this year's Seoul Jazz Festival and the timeless musical "Phantom of the Opera." While NFT tickets for the K-pop Superpop Festival were initially offered, they had to be canceled due to an unforeseen incident during stage installation. Refunds for these tickets are now being processed, as confirmed by the event's official website.

Dreamus' NFT tickets come with a distinctive featureβ€”a QR code that activates on the event day. Notably, these NFTs differ from conventional ones found on platforms like OpenSea, as they are exclusively visible to the purchaser. This unique approach prevents unauthorized entry using someone else's NFT.

Dreamus' move into NFT ticketing aligns with previous NFT initiatives undertaken by influencers and celebrities, offering a creative approach to ticketing and membership. An example is social media entrepreneur Gary Vaynerchuck's 'Veecon,' a business conference in Minneapolis where holders of his 10,000+ piece NFT collection enjoy three years of access to the event.

Justin Kim, Head of Korea at Ava Labs, emphasized the potential of NFT tickets in addressing the persistent problem of bots and scalpers plaguing the live event ticketing industry. Kim noted that this practice hurts both artists and fans emotionally and financially.

Blockchain-based NFT tickets can incorporate features that combat resales or impose restrictions on resale prices, giving artists greater control over their events.

Gyosu Kim, Chief Business Officer at SK Planet, highlighted that blockchain-based tickets serve as a potent tool against scalping. He explained that the onsite authentication process enhances the overall event experience and prevents ticket scalping.

Numerous crypto startups are also entering the NFT ticketing space, such as Sports Illustrated Tickets on Polygon and Get Protocol on Tezos.

Looking ahead, Dreamus and SK Planet, a subsidiary of South Korea's largest wireless carrier, SK Telecom, are gearing up to launch a secondary marketplace for NFTs later this year. This marketplace will offer loyalty benefits and additional features.

Slowly but surely we are seeing growth within the Web3 world and NFTs are attracting more attention by the day. As the adoption continues, the more bullish the space is and the more exciting it becomes.

❌ Coinbase CEO against AI regulation

In a recent statement shared on the social media platform X (formerly Twitter), Brian Armstrong, the CEO of leading cryptocurrency exchange Coinbase, has made his stance on artificial intelligence (AI) regulation abundantly clear: he believes that AI should remain unregulated.

Armstrong's proclamation, made on September 23rd, underscores his conviction that the AI domain should experience unhindered development, primarily due to concerns related to national security. The Coinbase CEO contends that regulation, despite its well-intentioned motives, often results in "unintended consequences" that stifle innovation and competition.

Drawing a parallel, Armstrong harkened back to the early days of the internet, emphasizing that it thrived during what he dubbed the "golden age of innovation" precisely because it remained unregulated. He posits that a similar approach should be adopted for the burgeoning AI technology space.

Furthermore, Armstrong proposed an alternative strategy for safeguarding the AI realmβ€”one that steers away from traditional regulation. Instead, he advocates for a path that encourages decentralization and open-sourcing, allowing the industry to flourish organically.

While Armstrong champions a hands-off approach to AI, various jurisdictions worldwide have initiated efforts to either regulate AI or express concerns about its potential ramifications. In China, for instance, provisional guidelines for AI activity and management took effect on August 15th, representing the country's first set of AI regulations amid the recent AI surge. These regulations are the result of collaboration among six Chinese government agencies.

In the United Kingdom, the competition regulator conducted an in-depth study of AI's potential impact on competition and consumers. The U.K.'s Competition and Markets Authority, in its findings announced on September 18th, recognized the transformative potential of AI in people's work and lives. However, it raised concerns about the pace of change and its potential to significantly disrupt the competitive landscape.

Brian Armstrong's vocal stance on AI regulation adds to the ongoing global dialogue about the appropriate framework for guiding the development and deployment of this transformative technology. There will always be mixed opinions but as with Web3 and other new occurrences, some things have to be embraced.

πŸ“Š Stats of the week

Total Crypto Market 7D 🚨

As you can see, we have seen a little dip of in the market, with a high of $1.117T and a low of $1.082T.

Top Gainers 7D 🚨

As you can see, we have $WEMIX coming in with the huge 119.6% gain. Then we have $CRV which saw a 24.8% climb and then $LINK also had a rise of 17%.

Top Losers 7D 🚨

And last but not least, we have the losers. In first, it's $RLB with a 17.9% drop. Then we have $RUNE which saw an 8.1% dip and coming in last, we have $SNX with a 6.9% drop.

🧯 Trending tokens on Flooz

We've got allot of new and undervalued #DeFI projects to share with you today, let's dive in!

Sorcery Finance has been making waves recently with their suite of web3 analytics tools, and struck a recent partnership with Blockify, powering multiple projects with best in class charts! Discover $SOR on Flooz before everyone else does, currently at 300 holders with $50k MC 🀯

Home of the memes, we've also listed Smurf Cat! Don't be fooled this project has been set for takeoff πŸš€ with a recent listing on centralised exchange MEXC the market cap has risen to over $3.2m MC and over $1.2m in 24h trading volume with 3k holders on Ethereum πŸ˜†

Another gem from today's listings is Doge Bonk, a trending meme narrative on now on ETH 🐳

Let's take a look at $RNT currently up 12.19% in the last 24 hours. Market cap sits at $55M with a 362 total number of holders, this a bsc early alpha πŸ“Š for those who like utility driven projects.

$RNT is the global crypto solution for Rentable Assets, opening the door to users to rent with crypto in a diverse array – from homes to vehicles, motorcycles, and even construction tools!

Last week we picked up another gem on Ethereum, this time it was $CHOO token πŸš€

Chooky is an ecosystem upon the blockchain unlike any other in the industry.

Aspiring to be the premier entertainment hub of crypto, with an already established music label, music streaming platform and upcoming animation series, Chooky has become a pioneer in crypto providing such fundamental real life use case. The team behind Chooky is also hosting a Twitter space tonight, you can tap in here πŸŽ™

Last but not least is $COLR – a private phygital club leveraging vast relationship capital and brand connections to create one-of-a-kind community activations, the project has nearly gathered 500 holders, with a rising market cap of $550k and 24h volume of $575k πŸ”₯

Not enough alpha? Join our Telegram community for daily updates on the Most Bought Crypto projects in the last 24h... serious whale 🐳 alerts you don't wana miss out on!

⚑ Flooz Newsroom

Start tracking your favorite Tokens and Traders on Flooz.xyz and earn $USDC rewards πŸ€‘

In partnership with TaskOn, we've launched another quest guides you through the journey of personalising your watchlist, to keep track of popular whale wallets and tokens in Web3.

Have you already heard of Full Force quest platform? πŸš€

The team has began their TestNet last seek and already onboarded 50k users onto the platform!

Count yourself early, discovering a new quest platform is like finding a new chain before it hits mass adoption, become an OG user in the web3 gamification landscape, and embark on the adventure via FullForce πŸ”₯ and keep updated on their upcoming missions via Twitter πŸ‘‡

Flooz is partnering up with Full Force as the first DEX to join the partner consortium, starting next week! You'll be able to complete missions, earn rewards and join a unique community.

Want to get in front of 56,000+ web3 readers? Or secure yourself an article feature on Cointelegraph? Sponsor All Things Flooz Newsletter via Advertise on All Things Flooz

Like getting this newsletter? Browse all our weekly and daily emails to get even more insights from your All Things Flooz subscription.

Written by Lewis πŸ•΅οΈ

Authors of All Things Flooz newsletter own cryptocurrencies and stocks. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.

All Things Flooz logo
Subscribe to All Things Flooz and never miss a post.
#terra#nft#coinbase#bitcoin#ai