This week’s CryptoNFT Today includes several exciting updates, including the move to California’s digital currency, the launch of a write portal by Shiba Inu, and the prosecution of a crypto pyramid scheme. Let’s crunch!
Shiba Inu developer launches long-awaited burn portal
One of the most important and urgent questions that revolves around the popular Shiba Inu cryptography is whether we can create enough utilities to pursue a “penny dream”. Perhaps the biggest hurdle is to generate demand, which will require significant burns to supply the tokens that are currently circulating. However, thanks to the dedicated development team behind Shiba Inu, the first of many token burn mechanisms has arrived.
Please see the Shiba Inu Token Burn Portal. This burn portal encourages the burning of $ SHIB tokens by rewarding those who take advantage of passive income opportunities. Participants will receive passive income with RyoshiVision tokens. Since its launch at the end of April, community members have burned over 26 billion Shiba Inu tokens!
California moves to accept cryptocurrencies
Following President Joe Biden’s recent statement addressing federal cryptographic regulations, California Governor Gavin Newsom last week signed a presidential directive that lays the foundation for state-wide cryptographic regulations.
“California is a global hub of innovation, establishing a state to succeed with this new technology by promoting responsible innovation, protecting consumers and leveraging this technology for the public good. “Masu,” said Governor Newsam. “Governments often lag behind technological advances, and we are ahead of this in laying the groundwork for consumers and businesses to thrive.”
While Fort Worth has emerged as the first city to offer Bitcoin mining hubs, California is the first state to begin forming an extensive framework to support the growth of Web3 technology. As a result, more states are expected to pursue a stance towards adoption and progress in the blockchain and Web3 industries.
CEO of Mining Capital Coin accused of rat lecture
The DOJ (Department of Justice) has charged Luiz Capuci Jr. for running a “$ 62 million global investment fraud program.” Capuci Jr., CEO of Mining Capital Coin (MCC), has promised significant profits by selling “mining packages” to more than 65,000 investors. Instead, DOJ claims that Capuci redirected the funds to his crypto wallet. MCC has raised at least $ 8.1 million from the sale of mining packages and $ 3.2 million in admission fees to fund Capuci’s luxury lifestyle, including real estate investments, rambos and yachts.
Such headlines are the reason why even the state and federal levels are hesitant to pursue mainstream adoption of cryptocurrencies. Still, it remains intrinsic, but the importance of consumer protection remains at the forefront of debate.
Meta’s Instagram with Ethereum, Polygon, Solana, and Flow Network NFT support
This week, Meta CEO Mark Zuckerberg shared that Instagram will start testing NFTs using user profiles.
“We’re starting to test digital collections on Instagram so creators and collectors can view NFTs,” Zuckerberg said. A Meta spokesperson confirmed that Instagram (and eventually Facebook) allowed the integration of Ethereum and NFTs from the polygon blockchain first, followed by Solana and Flow. In addition, compatibility with third-party wallets MetaMask, Trust Wallet, and Rainbow will be available first, with support for Coinbase, Dapper, and Phantom later.
