NFT Weekly Roundup #1
Week in Review
Biden Has Signed an Executive Order on Digital Asset Policy
“Although many digital asset activities are subject to existing domestic laws and regulations, the United States is a global leader in this area,” says the document. “The US government’s strategy must evolve and harmonize in light of the expanding development and use of digital assets and related innovation, as well as uneven restrictions to protect against some major risks.”
The goal of the signed document is to protect consumers, investors, and companies, enhance financial stability and national security, and get financial justice, as stated by the US President.
Within 180 days of the date of this order, the Secretary of the Treasury, in consultation with the Secretary of State, Attorney General, Secretary of Commerce, Secretary of Homeland Security, Director of Management and Budget, Director of National Intelligence, and other relevant department heads, will submit to the President a report on the future of money and payment systems, including the conditions that encourage widespread adoption of digital assets.
The Price of Bitcoin Is Growing
After Biden’s announcement of the executive order, the cost of bitcoin rose by 8% up to 41.6 thousand dollars on Wednesday morning.
On 10 March, the price of bitcoin started to fall up to $39 thousand.
Bitcoin’s price dropped over 17 percent in January, but it recovered slightly in February, rising 12 percent. The value of the cryptocurrency has dropped by around 3.7 percent since the beginning of March.
Crypto Exchange Binance Will Block Russia
Binance, a cryptocurrency exchange, announced that it will stop processing transactions with Russian-issued Mastercard and Visa cards from March 9.
“All transactions using Russian-issued Mastercard and Visa cards will be unavailable on Binance from March 9, 2022. Furthermore, any transactions initiated by financial institutions situated outside of Russia using Mastercard and Visa cards would be inaccessible on Binance “- as said in the statement.
MetaMask Is Blocking All Wallets With Iranian IP Addresses
This week, MetaMask, a prominent cryptocurrency wallet, began prohibiting any wallets connected with Iranian IP addresses. On Thursday (March 3) several members of the crypto and NFT communities announced that they had been blocked from using MetaMask services completely.
As the company clarified that the prohibition was due to an agreement they had with Infura, the service provider MetaMask employed to get information on and off blockchains. Finally, the wallet provider noted that “some regions will not be able to access services due to legal compliance.”
On the other hand, OpenSea also reported banning accounts registered in Iran.
Millions of Dollars in Cryptocurrency Donations for Ukraine
Since Russia launched military attacks in Ukraine last week, more than $50 million on bitcoin has been raised for the country. Many of these gifts were given to the Ukrainian government directly. Ukraine’s digital transformation minister, Mykhailo Fedorov, tweeted wallet addresses for bitcoin donations, which were also shared by Ukraine’s official Twitter account. According to Elliptic, a blockchain analysis business, over $47 million in bitcoin has been donated this way.
$25 Million for the Found of the World of Women
The World of Women NFT collection and The Sandbox have teamed together to launch an inclusivity project with a five-year funding commitment of $25 million. The ‘WoW Foundation,’ which will increase the participation of women in Web3 ecosystems through educational and mentorship activities, is the name of the program.
The project aims at leading and supporting women into NFTs and the metaverse!
The WoW Foundation will also provide free online education on all things Web3, which will take place in The Sandbox through immersive experiences. Students will get a certified ‘NFT diploma’ once they have finished the course. The Sandbox will also host a WoW Museum, which will record the history and achievements of the foundation and its students.
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