ICYMI - Last week in crypto: Nigeria's First Bitcoin Node & The return of Degen Szn

The return of the degen 🤑💸

Last week, a Nigerian innovator launched a new Bitcoin node in Lagos and OVR Technologies introduced touch and smell in the metaverse at the CES 2023 event. Crypto Twitter was thrown into the ‘Degen season’ frenzy with the launch of feetpix, and Game of Thrones NFT collection tank after reveal show shoddy artworks.

Nigerian innovator launches first active Bitcoin Lightning node in the country

The Earth has been struck by the Lightning Network in one of the most tricky operational environments. Last week, Lagos (yeah, you read this right), Nigeria's capital of excellence, welcomed a new Bitcoin Lightning Network (LN) node, an important step toward better tying the continent to the layer-2 payments network that sits atop Bitcoin. Nigeria is the most populous nation in Africa.

Lagos frequently experiences energy and electricity blackouts, so the node is powered by an old laptop running on a diesel generator.

Megasley’s diesel generator and a laptop running the node. Source: Megasley 

In an interview with Cointelegraph, Megasley—who runs the first Nigerian Lightning node of 2023 and the only one that is currently operating—discussed his plans to use the Lightning Network to bring low-cost, instant payments to Africa.

”Light takes 50 milliseconds to cross the earth. This is quick, but with many hops, these milliseconds can add up. And when you’re standing at a point of sale waiting for your payment to clear, it can be frustrating.”

Megasley expressed his desire for instant payments that are as close to free as possible for Africans. "The best Lightning experience will be provided to a Nigerian Bitcoiner and a Nigerian retailer if they are both connected to a node in Nigeria," Megasley added.

The operator is the only active node on the map of Nigeria at the moment, according to the explorer services Mempool and Amboss. The operator hopes to increase Africans' access to Lightning payments by spinning up the node.

The node runner responded when asked why it was crucial to establish a vast global network of nodes to enable Bitcoin transactions: "If Bitcoin is to succeed, it must become a better, easier, faster medium of exchange than the incumbents. We need to create a vast global network of nodes to make these payments in order to get there.

Megasley also discussed the erratic nature of the Bitcoin price and how it is viewed in Africa:

“People talk about the problem of volatility, but this is nothing when you live in a place where your money could easily lose half its value in a year.”

Indeed, the Central African franc-using nations have been adopting Bitcoin more frequently, helped along by conferences and forums held in Senegal and Ghana. Despite discussions about making Bitcoin legal tender and other encouraging signs of adoption in Nigeria, the legacy financial system will impose more restrictions starting in 2023.

For instance, as part of the government's efforts to phase out cash, Nigerians will only be permitted to withdraw $44 per week per individual and a maximum of $11,000 for businesses in 2023. As a reminder, there are no restrictions or limitations on the use of Bitcoin. Users only need a phone and an internet connection to conduct free transactions on the Bitcoin network.

The launch of a Nigerian Bitcoin Lightning node is a significant step toward boosting the currency's usability and acceptance across the nation as well as the entire continent. At the end of the day, Megasley wants to give African people and companies the financial autonomy they need.

NFT sales up 26% in the first week of 2023.

With sales volume increasing by nearly 26% in the first week of 2023 compared to the previous week, it appears that the post-Christmas blues have subsided, at least for the NFT market.

Data from market metrics aggregator Cryptoslam shows that over $211.4 million in NFT sales volume was transacted between over 400,000 buyers in the seven days that ended on January 7.

Although there were 17% more buyers than the previous week, there was only a 2.5% increase in transactions.

Sales of Ethereum-based NFTs increased by almost 26% on the blockchain, indicating their continued popularity and demand.

The top three collections for the week were all Ethereum-based, with Yuga Labs' Bored Ape Yacht Club taking the top spot with nearly $19 million in trades—a volume increase of almost 50%.

The second-placed Mutant Ape Yacht Club collection saw sales volume increase by 80% to $14 million. Sales for Azuki, which came in third, increased 132% to $12.7 million.

‘Touch & smell set to be the next big thing for the metaverse’ - CES 2023

As demonstrated by companies with a focus on the metaverse at the Consumer Electronics Show (CES) 2023, the sense of smell has been added to the virtual reality (VR) experience.

A company by the name of OVR Technology displayed a virtual reality headset with eight aromas that could be combined to produce different scents.

According to a recent report from the consulting firm McKinsey & Company, the metaverse may be able to produce $5 trillion in value by 2030. The report did point out that a more developed human component that offers its users satisfying experiences is necessary for the metaverse to succeed. The incorporation of the senses of smell and touch into recent CES VR experiences may be one of these catalysts.

According to Fortune, one of the companies, OVR Technology, displayed a headset with a container holding eight aromas that could be combined to produce different scents. According to reports, the VR headset will be available toward the end of 2023. An earlier version that was employed for fragrance marketing allows users to smell a variety of settings, such as a bed of roses or a marshmallow being roasted.

The CEO of OVR Technology, Aaron Wisniewski, claims that extended reality will soon be incorporated with business, entertainment, social interaction, education, and well-being. The CEO emphasized the "unmatched power" that scent imparts to these experiences.

Aurora Townsend, an executive at FireFlare Games, also mentioned that once the technology is widely available on the market, her company will release a VR dating app that also incorporates immersive sensations like touch.

Consumers might not be overly excited about the new development in the meantime. Ozan Ozaskinli, a CES attendee, tested a few haptics products and noted that they are currently "far from reality." The tech consultant added, however, that it might also be incorporated into online meetings because users can now actually feel something thanks to technology.

Game of Thrones NFTs: ‘Worst thing I’ve ever seen’

Though it ultimately sold out in seven hours on the NFT marketplace, Nifty's, the highly anticipated Game of Thrones "Build Your Realm" NFT collection launch has drawn a lot of criticism over the last week.

The collection was referred to as the "worst thing I've ever seen" by Loopify, a pseudonymous co-founder of the Web3 gaming project Treeverse, on January 11.

“Game Of Thrones NFT reveal,

this is the worst thing I’ve ever seen” - @loopifyyy shared in a tweet 

In a separate post, Loopify informed their 200,000 Twitter followers that some avatars had "salad fingers."

With his nearly 60,000 Twitter followers, NFT supporter Justin Taylor voiced his disapproval of the launch and said it lacked "creative vision" and was downright "terrible."

“Chaos isn't a pit. Chaos is a ladder…

This reveal is making me cry  

It’s worse than OXYA” - @iambhutia said as he revealed his avatar in a tweet. 

“This Game of Thrones NFT collection is just like the the last season of the show.

No creative vision and terrible” - Justin Taylor @TheSmarmyBum 

The first series of NFTs were created through a partnership between Nifty's and the NFT production company Daz 3D. Each NFT is produced on the Palm sidechain, which is compatible with Ethereum, allowing collectors to design their own distinctive realms and avatars.

The popularity of the show made the quick sellout unsurprising, but many collectors complained about problems with the minting procedure and expressed general dissatisfaction with the shoddy avatar designs.

Tennis Australia still playing ball with NFTs

Following the announcement of the Australian Open (AO) Artball NFT collection, which was started last year as a way to engage NFT collectors and tennis enthusiasts, Tennis Australia has demonstrated that it is still investing in the NFT market.

According to the Artball website, the goal of the NFT is to "leverage live match data to deepen global fan engagement beyond a tournament" online.

6,776 Australian Open Artballs were sold in the 2018 collection, and 2,454 more will be available in time for the 2023 competition, which gets underway in Melbourne on January 16th.

Each Australian Open ArtBall, according to the website, is connected to real-time match data that represents a 17cm by 17cm plot on the court.

The NFT metadata will be updated in real time and the collector will be compensated if a winning shot from any match lands on their plot.

One of the unique ArtBalls is Artball SuperSight, which offers a comprehensive collection of premium 360-degree front-row viewing tools, a 3D stats explorer, and customized streams that have been "custom built" for members.

If their Artball earns a "Match Point" in AO23, collectors will also be eligible to win two free tickets to the equivalent live match in AO24 and gain access to "exclusive behind-the-scenes streams."

AO Artball holders can win themselves tickets to AO2024 if certain conditions are met. Source: Australian Open Artball.io.

Pixelated Feet: The new look of “Degen” season

With soaring trading volumes, Feetpix.wtf's recently released nonfungible token (NFT) collection "Feetpix" appears to have taken the NFT community by storm, leading some to speculate about the return of "degen" season.

On January 11, the collection from Feetpix.wtf outperformed Bored Ape Yacht Club (BAYC) with the fifth-highest trading volume ever seen on NFT marketplace OpenSea.

Feetpix NFTs come in different skin tones, nail colors, shoes and backgrounds. Image: OpenSea.

Since its debut on January 8, the project, which distributed 10,000 Feetpix NFTs, has transacted more than 825 Ether ETH ($1,157,000) over nearly 18,000 transactions.

Crypto Twitter users are still divided over what caused the spike in foot fetish-related NFT trading volumes. A "love for feet" is not only legitimate but also obviously monetizable through digital art, according to Feetpix, who also pointed out the absence of a roadmap, promise, and marketing strategy.

“0 Roadmap

0 Promises

0 Marketing

0 Paid influencers

1 Common love for feet” - @feetpixwtf announced in a tweet. 

A return of "degen szn" (season), which involved a large trading volume of high-risk NFT collectibles at the bull market's peak in 2021, was suggested by a number of Twitter users who highlighted the project's absurd, short-term success.

However, even the creators themselves suggested that buyers "stop buying feetpix" and instead "use that money for therapy," suggesting that there may be a mental health issue with collectors.

The Rideshare Killer Becomes The First ‘Every Frame Minted’ Feature Film

After the creators created individual 1-of-1 NFTs for each of the 119,170 frames on the Polygon Blockchain, The Rideshare Killer became the first "every frame minted" (EFM) feature film.

The Rideshare Killer, a horror/thriller feature film directed by Tony Greenberg, Gavin Periti, and Ashley Scott Meyers and starring Oscar-nominated actor Eric Roberts (The Dark Knight, The Expendables), Tuesday Knight (A Nightmare on Elm Street 4), and exploring some of the dangers associated with using ridesharing services, is produced by these three people.

Tony Greenberg, the film's producer, predicted that NFTs "will change the independent film landscape" because they give fans a "possibly appreciating collectible" and artists a "sustainable revenue source."

Under the brand "Every Frame Minted," each and every frame from the full-length movie The Rideshare Killer has been minted into an NFT for fans to collect and enjoy (EFM). There are almost 120,000 individual NFTs in this 83-minute movie, which was shot at 24 frames per second. Each NFT is a one-of-a-kind, original frame from the feature film, and it will only be made available once.

If the movie's reviews are any indication, it may need to rely on NFT sales to make a profit.

On the online movie database and reviews website IMDb, it currently has an overall rating of 4/10 across eight reviews, with one critic stating that the film "should never have been made."

WonderFi Merges With Coinsquare to Create the Largest Crypto Exchange in Canada (Report)

In the event that WonderFi and Coinsquare merge, a crypto exchange with more than 1 million users will be produced.

A merger deal between WonderFi Technologies and the trading platform Coinsquare has reportedly been under consideration. WonderFi Technologies is a tech company that offers access to decentralized finance (DeFi).

The objective would be to establish Canada's biggest cryptocurrency exchange.

The two parties have been engaged in advanced merger negotiations, as Bloomberg has reported. WonderFi added that the discussions could not ensure the collaboration but made no further comments:

“These discussions are preliminary in nature and are ongoing, and no assurance can be given that any agreement or agreements will be reached, or that the terms of a transaction will be agreed upon, or that a transaction will be completed.

The company does not intend to make further comment unless or until an agreement has been entered into and there is a transaction to announce.”

In the event that the two companies shake hands, they might create Canada's largest cryptocurrency exchange. Due to the fact that Coinsquare has 500,000 users and WonderFi has about 650,000, the potential trading venue would have over 1.15 million visitors.

Uncertainty surrounds the agreement's precise terms. Nevertheless, one scenario envisions Coinsquare shareholders acquiring a majority interest in the combined company and having more board seats.

Shortly after the rumors surfaced, WonderFi, which is supported financially by well-known TV personality Kevin O'Leary, saw a rise in the price of its shares. WNDR is currently trading at around $0.23, up almost 30% from yesterday's prices.

In October of last year, Coinsquare became the first cryptocurrency company in Canada to join the Investment Industry Regulatory Organization of Canada (IIROC). The registration compelled the business to use a licensed custodian to segregate client assets and maintain more capital on hand. The money held in customer trading accounts is also protected by the Canadian Investment Protection Funds.

Recently, Coinsquare came very close to acquiring CoinSmart Financial, uniting Canada's two largest cryptocurrency companies. After considering the "unacceptable costs and risks" related to the deal, the company ultimately withdrew its intentions.

In October of last year, Coinsquare became the first cryptocurrency company in Canada to join the Investment Industry Regulatory Organization of Canada (IIROC). The registration compelled the business to use a licensed custodian to segregate client assets and maintain more capital on hand. The money held in customer trading accounts is also protected by the Canadian Investment Protection Funds.

The O'Leary-backed company expanded its reach in April 2017 when it paid approximately $163 million for the Toronto-based cryptocurrency exchange Bitbuy Technologies.

A week later, WonderFi doubled down and paid about $30 million to acquire the Coinberry platform. The latter had 750,000 customers and more than 150 employees.

“We’re definitely setting ourselves up to go toe to toe on the global stage. But remember, we’re doing it on a regulated basis, unlike those other players. We are 100 percent operating under the order, and we’re not taking any risks on that,” O’Leary said at the time.