Is AI the next big theme for crypto? The crypto community has jumped on the recent AI boom, with AI crypto tokens on the rise and the industry exploring applications of AI content in Web3. For answers on how AI will shape the future of Web3 and blockchain can improve one of AI’s most central issues — trust — take a look at Crypto.com’s recent Research reports.
Markets Spotlight
Note: Market prices captured in US$ at the time of reading. Explore more on Crypto.com/Price.
News Snaps
CBDC Down Under
The Reserve Bank of Australia (RBA) announced a pilot phase for its digital version of the Australian dollar (eAUD). The RBA also invited firms like ANZ and Mastercard to help explore use cases for the eAUD.
On the Rise
Assets under management (AUM) for digital asset investment products grew to its highest level since May 2022. In February, the AUM for digital asset investment products increased by 5.2% from January, growing to US$28.3 billion, marking the third consecutive monthly growth.
BAYC Goes BTC
Yuga Labs, the creator of “Bored Ape Yacht Club,” has revealed its first Bitcoin NFT project, dubbed “TwelveFold.” The collection will consist of 300 limited-edition generative art pieces inscribed to the Bitcoin blockchain.
Global Expansion
Lotte Group, one of South Korea’s largest conglomerates, plans to expand its NFT business globally through a partnership with the Polygon blockchain, which will start with rebranding Lotte Homeshopping’s Bellygom NFTs.
Fox Play MetaMask is making its foray into the gaming industry with the launch of the MetaMask SDK in the Unity Asset Store. The launch will allow developers to connect their games to the MetaMask wallet, enabling users to interact with Web3-enabled features within the game itself.
What’s Ahead
Shanghai Upgrade Live on Goerli
The much-anticipated Shanghai Upgrade, which will allow staked ether to be withdrawn from the Ethereum blockchain, is scheduled to run on the Goerli testnet on 14 March. The event will be the final test before Ethereum’s upcoming hard fork on the mainnet.
Additionally, Ethereum developers have pushed back the Shanghai hard fork, which will now likely be deployed in April, according to the Ethereum developer meeting.
NFT Spotlight
Enter a dream-like reality — or a reality-like dream — with Natacha Einat’s upcoming NFT collection, “STARDUST,” which drops Wednesday, 22 March. Einat, a digital artist based in Paris, uses distant objects from our reality, blending realistic representation and metaphorical concepts to create visual metaphors in deep harmony with nature. This collection features 🪂 NFT airdrops created by Einat.
STARDUST is a place of exploration, of embracing the unknown, and navigating uncharted territories. It is a place of self-discovery. And growth.
Each day, we are given the gift of experiencing the beauty of the world in our own unique ways. Stardust is a collection filled with gratitude for the natural wonders that surround us.
Natacha Einat, giving her own gift
Explore and embrace this place called STARDUST. Visit Natacha Einat’s enchanted Collections. Or skip closer.
Product Picks
Crypto.com NFT New Shopping Cart Feature Available Globally
Purchase up to 20 NFTs on Crypto.com NFT in one go with the newly launched Shopping Cart Feature — now available worldwide. Save the hassle of repeating the checkout process by conveniently paying for multiple items at once. Try it out now at Crypto.com NFT.
Crypto.com Visa Cards Now Available With Apple Pay in Brazil
You can now add your Crypto.com Visa Card to Apple Wallet and make contactless purchases using Face ID or Touch ID. Make easier, faster payments in Brazil with your Crypto.com Visa Cards using Apple Pay. Learn how to set up Apple Pay for Brazil-issued cards here.
Crypto Level Up
Custodial vs Non-Custodial Wallets
To store fiat money, you’ll need a wallet, bank account, or a pillow to store it under. Cryptocurrency also offers various storage options — hardware and software wallets, with two broad categories of software wallets to store digital assets. Read on to learn more about custodial and non-custodial wallets.
Custodial Wallets
For custodial wallets, you hold the public key of your cryptocurrencies, but a third party has custody of your assets’ private keys. This third party protects your assets and signs transactions, essentially controlling your crypto. One example of a custodial wallet is the Crypto.com App, which is available for iOS and Android devices.
Non-Custodial Wallets
Non-custodial wallets grant you complete control of your cryptocurrencies’ public and private keys. You also need to sign transactions yourself and secure your assets; there are fewer recovery options if you lose your keys or seed phrase. The Crypto.com DeFi Wallet is one example of a non-custodial wallet, and it is available on desktop, iOS, and Android.
Get the Full Picture on Custodial and Non-Custodial Wallets
Crypto IRL
Love what you’re doing, @_silverstar88_. Blue skies, outdoor art — and the Crypto.com Jade Green Visa Card make for an excellent outing. Cheers to that.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the CROFam awaits you!
Decoder
Close Price
This is the price an asset last trades at within a given time period, which can be defined freely, but is most commonly a day. It can be used to determine long-term trends.
What Is Knowing the Close Price Useful For?
Close price can provide market participants a broader view of an asset, as it can buffer random fluctuations to establish longer-term trends. For example, a daily close price below the previous close for seven consecutive days typically means that the market is not improving, as a week is generally considered long enough for a close price to establish a trend.
This Week in Crypto History
India Lifts Two-Year Ban on Cryptocurrency Trading
On 3 March 2020, India’s Supreme Court overturned its central bank’s decision to ban regulated financial institutions from dealing with cryptocurrency. This rule had been put in place in April 2018 and caused many local cryptocurrency businesses to shutter.
The Supreme Court overruled the Reserve Bank of India’s circular on the grounds of disproportionality, with many saying it was a ‘historic’ verdict. However, high taxes for cryptocurrency trading, plus a tricky regulatory environment, still plague the South Asian nation today.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
