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<ul><li>Terra’s LUNA token is up by more than 3% since yesterday, while other cryptocurrencies continue to struggle</li><li>The surge comes on the back of <keyword id="6359140" type="General" weightage="20" keywordseo="binance" source="Orion">Binance</keyword> completing LUNA’s integration into the exchange and activating deposits for the altcoin.</li><li><keyword id="12996929" type="General" weightage="20" keywordseo="luna-foundation-guard" source="Orion">LUNA Foundation Guard</keyword> also announced its formation with the aim of supporting new projects that use Terra’s stablecoins.</li><li>Moreover Terra is stepping into the <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> with Robohero, a play-to-earn game that uses the LUNA cryptocurrency.</li></ul>Terra’s LUNA cryptocurrency is the only major player in the space to gain above 3% in the last 24 hours. The token is one of very few to make price gains over the past week, even amidst a bear market. While the <a href="http://coindcx.com">cryptocurrency</a> wasn’t spared from the initial crypto crash, which saw its price plummet from an all-time-high of ₹7,693 in December — it has been climbing back up since and is currently trading at ₹6,134. Reasons for why LUNA has been able to hold its own range from the formation of the Luna Foundation Guard (LFG) to the launch of RoboHero, a <keyword id="12996928" type="General" weightage="20" keywordseo="metaverse-game" source="Orion">metaverse game</keyword> for smartphones based on the LUNA token. <a href="https://www.binance.com/en/support/announcement/ce99cf0612174b30bfec0400acf8e0af">Binance</a> too has completed LUNA’s integration into the exchange and activated deposits for the altcoin. Ever since it broke into the top ten cryptocurrencies in terms of market capitalisation last year, LUNA has more than <a href="https://www.businessinsider.in/cryptocurrency/news/to-the-moon-terras-luna-crypto-coin-has-shot-up-almost-80-in-a-week-vaulting-past-shiba-inu-and-avalanche/articleshow/88074641.cms">doubled</a> its price over the course of a year. Showing no signs of a slowdown yet, LUNA is seen to have the wind on its sail lately, with at least three positive influences. <cmsannotation type="cmsannotation" annotationid="LUNA Foundation Guard (LFG) established" comment="subhead" text="LUNA Foundation Guard (LFG) established">LUNA Foundation Guard (LFG) established</cmsannotation> Intended to grow the Terra ecosystem and help stabilise it, the LFG is a non-profit organisation. LFG has been<a href="https://medium.com/terra-money/formation-of-the-luna-foundation-guard-lfg-6b8dcb5e127b"> gifted 50 million</a> LUNA tokens by Terraform Labs, the company that operates the LUNA token. In a<a href="https://finance.yahoo.com/news/luna-foundation-guard-lfg-officially-003000734.html"> press release</a>, the LFG is stated to have two major goals – funding decentralised finance (DeFi) projects that utilise Terra’s stablecoins, and building a reserve to maintain Terra’s dollar-pegged stablecoin. Olympus DAO, Rari Fuse, Convex Finance and Tokemak are some of the crypto projects to whom Terra<a href="https://agora.terra.money/t/ust-goes-interchain-degen-strats-part-three/3527"> was discussing fund</a> allocation. <cmsannotation type="cmsannotation" annotationid="RoboHero: Metaverse game for smartphones that uses LUNA" comment="subhead" text="RoboHero: Metaverse game for smartphones that uses LUNA">RoboHero: Metaverse game for smartphones that uses LUNA</cmsannotation> RoboHero is a game<a href="https://robohero.io/roadmap"> in development</a>, which made a splash since releasing a<a href="https://www.youtube.com/watch?v=Q0EC089aAlU"> video trailer</a> last week. It is a metaverse game that lets players battle each other using<a href="https://cointelegraph.com/news/mechanical-beings-come-to-life-in-the-first-ever-play-to-earn-game-designed-for-smartphones-and-integrated-with-terra"> ‘BioRobots’</a>, while trading using ROBO tokens in-game. The developers have said it will be a play-to-earn (P2E) game, meaning rewards can be accumulated and traded for real-world cash. It will also feature NFTs, billboard ads, and give the player money just for watching ads (Watch 2 Earn). When completed, players can play RoboHero on their smartphone, and buy ROBO tokens using LUNA cryptocurrency. <cmsannotation type="cmsannotation" annotationid="Terra UST stablecoin rises three-fold" comment="subhead" text="Terra UST stablecoin rises three-fold">Terra UST stablecoin rises three-fold</cmsannotation> The UST is a major, but just one of the stablecoins maintained by Terra. Between November 2021 and mid-January 2022, the circulating value of Terra UST<a href="https://messari.io/asset/terrausd"> rose three-fold</a>, from less than $3 billion to $11.06 billion today.<a href="https://www.coindesk.com/markets/2021/11/10/terra-passes-highly-anticipated-proposal-to-burn-nearly-89m-luna/"> Changes in LUNA</a> supply is seen to have enabled the steep rise in its circulating market capitalisation value. Such a rise encouraged the founder of Terra to<a href="https://twitter.com/stablekwon/status/1473101249117515780"> tweet a wish</a>, indicating desire to become dominant among stablecoins. <cmsannotation type="cmsannotation" annotationid="What is Terra’s LUNA cryptocurrency" comment="subhead" text="What is Terra’s LUNA cryptocurrency">What is Terra’s LUNA cryptocurrency</cmsannotation> <a href="https://www.businessinsider.in/investment/news/terra-is-the-second-biggest-defi-player-in-the-crypto-market-but-it-may-be-overvalued/articleshow/88412814.cms">Terra</a>, the promoter of the LUNA token says this blockchain intends to create a better digital financial system. LUNA allows smart contracts and building dApps on top of the Terra network, including DeFi protocols such as Anchor and Mirror. Eschewing powerful mining networks, the currency issuance mechanism of Terra helps reduce <a href="https://www.businessinsider.in/cryptocurrency/news/energy-consumption-is-a-constant-concern-in-crypto-mining-but-more-sustainable-practices-are-emerging/articleshow/84444051.cms">energy consumption</a>. Terra uses the day-to-day price stability of fiat currencies, to create ‘stablecoins’ – similar to how Tether uses the US Dollar as a peg to create the USDT cryptocurrency. Thus <a href="https://www.businessinsider.in/cryptocurrency/news/terras-stablecoin-ust-trumps-makerdaos-dai-with-5x-increase-in-valuation-this-year/articleshow/88613563.cms">Terra offers a basket of stablecoin</a> currencies, pegged to the likes of the US Dollar, Euro, IMF SDR, British Pound, Japanese Yen, and South Korean Won. When transaction volumes of these currencies increase, Terra sells the native LUNA to get price stability — liquidity to match the fiat currency in circulation. When transaction volumes decrease, Terra buys back LUNA. This does mean intra-day volatility for the LUNA token, structured intentionally to minimise volatility of Terra’s stablecoins. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/cardano-jumps-on-the-metaverse-bandwagon-with-pavia-heres-everything-you-need-to-know-about-adas-entry-into-play-to-earn/articleshow/89012262.cms">Cardano jumps on the metaverse bandwagon with Pavia — here’s everything you need to know about ADA’s entry into play-to-earn</a> <a href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a> <a href="https://www.businessinsider.in/investment/news/one-of-the-largest-cryptocurrency-swapping-platforms-just-lost-1-3-million-as-users-failed-to-update-approvals/articleshow/88992186.cms">One of the largest cryptocurrency swapping platforms just lost $1.3 million as users failed to update approvals</a>

Terra's LUNA token continues to hold its own even in a crypto bear market — here's why

<ul><li><keyword id="11973832" type="General" weightage="20" keywordseo="terra" source="Orion">Terra</keyword> is now the second-biggest decentralised finance (<keyword id="4164994" type="General" weightage="20" keywordseo="defi" source="Orion">DeFi</keyword>) player in the <keyword id="6380571" type="General" weightage="20" keywordseo="crypto-market" source="Orion">crypto market</keyword>, after Ethereum.</li><li>However, its total value locked (TVL) ratio shows that the cryptocurrency may be overvalued as its current price of $82.04.</li><li>Terra’s <keyword id="216973" type="General" weightage="20" keywordseo="luna" source="Orion">LUNA</keyword> token hit an all-time-high of $83.81, earlier today.</li></ul>Terra, whose LUNA token has been bucking the doldrums of the crypto market to barge its way into the top 10 most valuable cryptocurrency by value, is now the second-biggest smart contract platform after Ethereum. Moreover, Terra’s LUNA token’s price hit <a href="http://coindcx.com">all-time-high</a> of $83.81 earlier today as it continues to surge. Compared to last year, LUNA’s price is 12,000% percent higher. This means if you had invested ₹10,000 in the token on January 1, it would be worth ₹12,00,000 today. Top five smart contract platforms by total value locked (TVL): <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Seven-day change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total value locked </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ethereum (ETH) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.88% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$153.18 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Terra (LUNA) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">55% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$18.06 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSC (BNB) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.87% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$16.61 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avalanche </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.37% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.33 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Solana </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.85% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$11.7 billion </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: DeFi Llama <cmsannotation type="cmsannotation" annotationid="Is Terra headed for a dip?" comment="subhead" text="Is Terra headed for a dip?">Is Terra headed for a dip?</cmsannotation> According to data cited by <a href="https://defillama.com/chains">DeFi Llama</a>, the total value locked (TVL) in Terra has surged by 55% in the last seven days, overtaking Binance Smart Chain (BNB). TVL is an indicator of how many assets are currently being staked on a specific platform. Simply put, it’s the overall underlying supply. However, at a price of $82.04 and market capitalisation of $30.48 billion, according to <a href="https://coinmarketcap.com/currencies/terra-luna/">CoinMarketCap</a>, the TVL ratio of Terra comes up to 1.68. This indicates that the recent bull run has left the cryptocurrency overvalued. According to <a href="http://fxstreet.com/cryptocurrencies/news/cryptocurrencies-price-prediction-cardano-terra-bitcoin-american-wrap-20-december-202112202038">FXStreet</a>, investors will now be looking to book profits, which is likely to push LUNA to lower, but more stable, levels. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Value Locked (TVL) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market capitalisation </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVL Ratio (TVL/M Cap) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$18.06 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$30.48 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.68 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Data as of 3:00pm Indian Standard Time (IST) | TVL figure from DeFi Llama, Market capitalisation from CoinMarketCap | Calculation done by Business Insider India As of 3:00pm Indian Standard Time (IST), Terra’s price has jumped by nearly 9% in the last 24 hours with a 44% increase over the last seven days. During the last week, it broke into the top 10 most valued cryptocurrencies in the global market alongside Avalanche’s re-entry. And, a lot of the credit goes to the hype behind DeFi. Terra UST (UST) is one of the stablecoins — others include the Euro (EUT), the Canadian Dollar (CAT), and the Japanese Yen (JPY) — that’s based on the Terra blockchain. It is now the most valuable decentralised stablecoin in the world after overtaking DAI. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/the-sandbox-decentraland-and-cryptovoxels-see-sales-surge-as-companies-look-to-get-in-on-the-ground-floor/articleshow/88137990.cms">Battle of metaverses: The Sandbox, Decentraland and CryptoVoxels see sales surge as companies look to get in on the ground floor</a> <a href="https://www.businessinsider.in/investment/news/alibaba-tencent-and-other-chinese-players-are-betting-big-on-the-metaverse-but-the-government-is-yet-to-buy-into-the-hype/articleshow/88062372.cms">Alibaba, Tencent, and other Chinese players are betting big on the metaverse — but the government is yet to buy into the hype</a> <a href="https://www.businessinsider.in/investment/news/bitcoin-mining-is-bring-immersion-cooling-back-in-vogue/articleshow/87998756.cms">Immersion cooling has been around for over a decade, but it’s coming back in vogue thanks to Bitcoin mining</a>

Terra is the second-biggest DeFi player in the crypto market, but it may be overvalued

Ethereum, Solana, Polkadot and other cryptocurrencies hit fresh all-time-highs as altcoin season kicks in

<ul><li>A couple from Tamil Nadu has decided to host their wedding within a Harry Potter-themed <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword>.</li><li>Currently the state allows only 100 people to attend wedding ceremonies, but there’s no law against gathering in a virtual world.</li><li>The couple’s wedding reception is going to be held in a virtual world built using <keyword id="2462624" type="General" weightage="20" keywordseo="polygon" source="Orion">Polygon</keyword>’s blockchain platform.</li></ul>The COVID-19 pandemic has thrown a wrench in many a plan to get married but, just as work-from-home kept businesses going, love is taking to the metaverse. And, that’s just what one Indian couple is doing. With the burgeoning Zoom weddings industry quickly <a href="https://theprint.in/opinion/pov/indias-zoom-wedding-experiment-fizzled-out-it-didnt-have-that-four-day-hangover/561459/">fizzling out</a>, when the wave of omicron cases forced them to cancel their wedding party, Tamil Nadu-based Dinesh Kshatriya and his fiance Janaganandhini Ramaswamy decided to step into the metaverse. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> On January 9, the Tamil Nadu government had announced that people going to family functions would have to produce invitations, and that only 100 people would be allowed at weddings. This put a dampner on Kshatriyan and Ramaswamy’s plans, who presumably had invited many more for their reception — a common occurrence for Indian weddings. <cmsannotation type="cmsannotation" annotationid="Organising a Hogwarts-theme metaverse wedding" comment="subhead" text="Organising a Hogwarts-theme metaverse wedding">Organising a Hogwarts-theme <keyword id="12973220" type="General" weightage="20" keywordseo="metaverse-wedding" source="Orion">metaverse wedding</keyword></cmsannotation> A project associate at the Indian Institute of Technology (IIT), Madras, Kshatriyan decided to collaborate with homegrown blockchain firm Polygon and mixed reality company Tardiverse to build his own little virtual world themed on the <keyword id="6357995" type="General" weightage="20" keywordseo="harry-potter" source="Orion">Harry Potter</keyword> universe. He tweeted the invitation, which invited guests to appear virtually in the <keyword id="708827" type="General" weightage="20" keywordseo="hogwarts" source="Orion">Hogwarts</keyword> School of Witchcraft and Wizardry, the school for witches and wizards in the books and movies. <div type="twitter" handle="kshatriyan2811" handlename="Dinesh Kshatriyan 💜" image="http://pbs.twimg.com/profile_images/1476996173038686212/CNsOlxEl_normal.jpg" favoritecount="541" retweetcount="128" status="I feel so proud and blessed that I have seen and taken advantage of many great opportunities in this world before m… https://t.co/yPkjf3WWON" createdat="1641870873000" id="1480739883681415169"></div> The guests won’t have to put on virtual reality (VR) headsets, and can join in on the festivities through a simple web browser – they just need the right login credentials as well, Kshatriyan explained in an <a href="https://www.thehindu.com/news/cities/chennai/dinesh-sp-janaganandhini-ramaswamy-tardiverse-metaverse-wedding-reception-2022/article38296616.ece">interview</a> with The Hindu. The wedding is scheduled to take place on February 6. <cmsannotation type="cmsannotation" annotationid="Not the ‘first’ Indian metaverse wedding" comment="subhead" text="Not the ‘first’ Indian metaverse wedding">Not the ‘first’ Indian metaverse wedding </cmsannotation>The wedding has since been covered widely as the first Indian metaverse wedding. While Kshatriyan may very well be the first Indian to think of the idea, he’s definitely not the first ever. On December 10 last year, the New York Times (NYT) <a href="https://www.nytimes.com/2021/12/08/fashion/metaverse-virtual-wedding.html">reported</a> about Traci and Dave Gagnon, who didn’t just host a reception but also walked the aisle in the metaverse. Does this mean metaverse weddings are going to be the next big thing? As NYT pointed out in its article — “How the immersive virtual world known as the metaverse, which few of us understand, will change the traditional wedding is, at the moment, anyone’s guess. But the possibilities of having an event unfettered by the bounds of reality are interesting enough to consider.” <cmsannotation type="cmsannotation" annotationid="The 'metaverse' is still a work-in-progress" comment="subhead" text="The 'metaverse' is still a work-in-progress">The 'metaverse' is still a work-in-progress </cmsannotation>Titans of technology, like Mark Zuckerberg and Satya Nadella are more than excited about the metaverse to the point where Zuckerberg has renamed <a href="https://www.businessinsider.in/tech/news/facebook-is-changing-its-name-to-meta/articleshow/87346459.cms">Facebook to Meta</a>. Meanwhile, Nadella has <a href="https://www.businessinsider.in/tech/news/microsofts-activision-blizzard-acquisition-will-boost-its-metaverse-plans/articleshow/88991167.cms">spent $68.7 billion</a> to buy the third largest gaming firm in the world, Activision, to ramp up metaverse activities. But there are more than enough people who don’t really believe in the concept just yet. Perhaps the most important criticism of metaverse products today is that the term doesn’t refer to fragmented virtual worlds that do not interact with each other. Instead, the metaverse is supposed to be one continuous virtual space which allows everyone in the world to interact within the space, buy property, explore economies and even get jobs — as depicted in science fiction movie Ready Player One. There’s one problem with all that though. We just don’t have the computing power required for such a world, let alone a chip that’s powerful enough and have it fit inside something as portable as a wearable set of goggles or headsets. “We need several orders of magnitude more powerful computing capability, accessible at much lower latencies across a multitude of device form factors. To enable these capabilities at scale, the entire plumbing of the internet will need major upgrades,” Raja Koduri, Senior Vice President and General Manager of Accelerated Computing Systems and Graphics Group at Intel, said in a <a href="https://www.intel.com/content/www/us/en/newsroom/opinion/powering-metaverse.html#gs.iyi67m">blog post</a> on December 14. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/terras-luna-token-continues-to-hold-its-own-even-in-a-crypto-bear-market-heres-why/articleshow/89021154.cms">Terra's LUNA token continues to hold its own even in a crypto bear market — here's why</a> <a href="https://www.businessinsider.in/investment/news/lifecycle-of-cryptocurrencies-from-creation-to-trade-and-destruction/slidelist/89052114.cms">Lifecycle of cryptocurrencies – From creation to trade and destruction</a> <a href="https://www.businessinsider.in/investment/news/twitters-long-awaited-hexagonal-profile-pictures-that-give-bragging-rights-to-nft-holders-is-here-but-not-everyone-loves-it/articleshow/89042268.cms">Twitter’s long-awaited hexagonal profile pictures that give bragging rights to NFT HOLDers is here — but not everyone loves it</a>

This Indian couple plans to get married in a Hogwarts-themed metaverse to beat the pandemic's restrictions

<ul class="summary-list"><li><keyword id="13891032" type="UNKNOWN" weightage="60" keywordseo="terrausd" source="Orion">TerraUSD</keyword> fell below its $1 peg in a weekend selloff.</li><li>The fall of the token and its sister coin luna put the spotlight on <keyword id="13891031" type="UNKNOWN" weightage="60" keywordseo="algorithmic-stablecoins" source="Orion">algorithmic stablecoins</keyword>. </li></ul>The recent plunge of the <a href="https://www.coingecko.com/en/coins/terra-usd">TerraUSD</a> cryptocurrency below its peg to the US dollar is highlighting vulnerabilities in so-called algorithmic <keyword id="11931190" type="UNKNOWN" weightage="60" keywordseo="stablecoins" source="Orion">stablecoins</keyword>, two experts told Insider. TerraUSD is the fourth-largest stablecoin in the cryptocurrency market, according to <a href="https://coinmarketcap.com/view/stablecoin/">CoinMarketCap,</a> but its market cap has been more than halved to $7 billion in less than a week. Heavy selling in TerraUSD — or UST — that started <a href="https://markets.businessinsider.com/news/currencies/terra-peg-dollar-luna-stablecoin-crypto-and-stokes-fears-bitcoin-2022-5">over the weekend</a> prompted it to lose its $1 peg, with Wednesday's move taking it as low as $0.298, according to CoinGecko data.UST's price is maintained by its sister coin called <a href="https://www.coingecko.com/en/coins/terra-luna">luna</a>, which itself on <a href="https://markets.businessinsider.com/news/currencies/terra-terrausd-luna-ust-stablecoin-plunge-do-kwon-death-spiral-2022-5">Wednesday tumbled by as much as 97%</a>. Do Kwon, co-founder of Terraform Labs, the group behind UST, said Tuesday he was <a href="https://twitter.com/stablekwon/status/1524049689510694916">working on a recovery plan</a>. "The problem with an algorithmic stablecoin is there's no formula that can currently predict everything that's going to happen, and to my knowledge, there isn't a very successful Artificial Intelligence algorithm that self-adjusts," Mark Fidelman, direct of SmartBlocks, an agency that develops marketing strategies for cryptocurrency technology and businesses, told Insider on Tuesday. He's also the host of the <a href="https://www.youtube.com/channel/UCdydg2MsKIAm4KL3tU97rhw">"Cryptonized" podcast</a> on YouTube. The value of algorithmic stablecoins is set by a computer algorithm. Those digital assets are unlike so-called traditional stablecoins which are backed up by assets such as fiat currency or government bonds or gold.There's a balancing act in UST as traders are incentivized by profit to maintain the coin's dollar peg. If UST drops below $1, traders can take them out of circulation by "burning" them in exchange for $1 of luna. If UST climbs above $1, traders sell luna to convert into UST, pushing its price down. Crypto observers over the weekend reportedly witnessed large withdrawals of UST from Anchor Protocol, which acts as a bank for the token. One big holder dumped $285 million worth of the token, <a href="https://cointelegraph.com/news/terra-peg-mechanism-in-doubt-as-ust-crashes-to-67-cents">crypto news site CoinTelegraph reported</a>.The <a href="https://lfg.org/">Luna Foundation Guard</a>, a non-profit aimed at growing the terra ecosystem and that oversees that UST holds its peg to the dollar, <a href="https://twitter.com/stablekwon/status/1523532474860539905">deployed $1.5 billion in capital</a> to allay market concerns around UST. UST, however, de-pegged for a second time and luna slid in value. The foundation said Monday it loaned $750 million worth of bitcoin to trading firms to help protect the UST peg and loaned 750 million in UST to accumulate bitcoin as market conditions normalized. The Luna Foundation's reserves as of Tuesday <a href="https://datastudio.google.com/reporting/b31cc9e5-c54c-4418-a6ce-b332c57e82e9/page/4YBqC?s=or-T7NeGLew">stood at $195 million</a>, a drop of 83% from the previous day, according to a breakdown of its reserves the foundation <a href="https://twitter.com/LFG_org/status/1512678523546345474">makes available on its Twitter page</a>. The reserves were made of the <a href="https://markets.businessinsider.com/currencies/avax-usd">Avalanche</a> token, the luna token and UST itself. "When pressure was put on it and the underlying assets associated with it started to decline and the reserves couldn't fill that staking, then the peg breaks," Adam Carlton, chief executive of PinkPanda Holdings, told Insider. PinkPanda provides consulting services on digital assets and is building a mobile app for users to access <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, NFTs and the metaverse. The UST and luna price drops came after a rough week for US equities as investors continued to price in expectations for the Federal Reserve to aggressively raise interest rates to cool down inflation that in March kicked up to a 41-year high. Cryptocurrencies including bitcoin also suffered losses alongside the broader equity market. "Theoretically [holding the dollar peg] works when you don't have market volatility or you have reserves but what we saw with UST is it doesn't work when you have extreme market volatility, which we know is incredibly common in cryptocurrency," said Carlton. Last week, LFG said it had bought $1.5 billion worth of bitcoin to add to its reserves. It has said in the past it intends to acquire $10 billion in bitcoin for its reserves."The problem is you're collateralizing now a cryptocurrency with yet another cryptocurrency. So there's just no tie into real-world assets," said Carlton. "Everyone has put US dollars into all these funds – they put it into bitcoin, they put it into UST, they put it into luna," said Carlton. "And then as people sell and withdraw back into fiat, they all decline … so it's a very much a compounding effect." There are some stablecoins that are "pretty predictable," enough so that institutions use them, said Fidelman."So if one of the pillars of that foundation breaks then it calls a lot of other things into the question. Cryptos are an emerging, new market and there needs to be more confidence in it for new people, new investors, new institutions to get involved in it," he said. "Now, is it going to be devastating to crypto? Absolutely not. But you can see some of the impact - whether it's related to luna or not - that it's having on the overall crypto market," Fidelman said.

A controversial stablecoin is 'breaking the buck.' Here's what that means, and why it's such a big deal.

<ul><li><keyword id="10910561" type="General" weightage="20" keywordseo="ethereum-mining" source="Orion">Ethereum mining</keyword> saw revenue of nearly $2 billion in November.</li><li>This is the seventh consecutive month that revenue from mining for Ethereum has been higher than the returns from Bitcoin mining.</li><li>One of the reasons for the boost in Ethereum mining fees is the jump in demand for validating transactions as the hype around <keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword>, the <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> and <keyword id="4164994" type="General" weightage="20" keywordseo="defi" source="Orion">DeFi</keyword> continues to build.</li></ul>High gas fees may not be a good thing for users trying to push transactions through on the Ethereum blockchain, but miners are more than happy raking in the big bucks. According to research by <a href="https://www.theblockcrypto.com/linked/126301/ethereum-miners-outpaces-bitcoin-miners-in-revenue-for-seventh-straight-month-in-november?utm_source=telegram&amp;utm_medium=social">The Block</a>, <keyword id="12696641" type="General" weightage="20" keywordseo="ethereum-mining-revenue" source="Orion">Ethereum mining revenue</keyword> clocked in at $1.99 billion in November. <div type="image" title="ETH REV" msid="88168897" hostid="261" caption="&amp;lt;p&amp;gt;Revenue from Ethereum mining by month since 2017&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> Not only is this an 11.8% increase over October, but it’s also the seventh consecutive month that revenue from <a href="http://coindcx.com">Ethereum</a> mining has been higher than revenue from Bitcoin mining this year. <div type="image" title="BTC rev" msid="88168915" hostid="261" caption="&amp;lt;p&amp;gt;Revenue from Bitcoin mining by month since 2017&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Ethereum’s high gas fees as are a boon for miners" comment="subhead" text="Ethereum’s high gas fees as are a boon for miners">Ethereum’s high gas fees as are a boon for miners</cmsannotation> Gas fees are basically the transaction fees paid to miners for validating a transaction. Simply put, miners are incentivised to keep Ethereum gas fees high. And, they have control. The threshold that miners’ can charge is determined by the simple economics of demand and supply. The <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-scaling-issues-strike-again-as-time-magazines-nfts-sell-for-30-times-their-price/articleshow/86490791.cms">congested a network</a> is, the higher will be the gas fees. For a miner, gas fees going to the moon is a good thing. For a developer or a trader, a transaction can get delayed, or just simply rejected, if it doesn’t meet the miner’s threshold. And, until <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-ethereum-2-0-cryptocurrency-promises-to-be-green-scalable-and-far-more-efficient/articleshow/83003150.cms">Ethereum 2.0</a> kicks in to solve the problem, miners are raking in the big bucks. <cmsannotation type="cmsannotation" annotationid="Ethereum transactions are raging on the NFT, metaverse and DeFi hype" comment="subhead" text="Ethereum transactions are raging on the NFT, metaverse and DeFi hype">Ethereum transactions are raging on the NFT, metaverse and DeFi hype</cmsannotation> There may be <a href="https://www.businessinsider.in/investment/news/solana-cardano-polkadot-and-others-heres-a-quick-look-at-why-these-crypto-tokens-are-being-touted-as-ethereum-killers/articleshow/88045517.cms">a lot of contenders</a> out there, eyeing Ethereum’s throne as king of the smart contract universe, but the blockchain platform continues to remain the biggest bull out there with a market value of $504 billion, according to the data collected by <a href="https://coinmarketcap.com/">CoinMarketCap</a>. Moreover, the hype around <a href="https://www.businessinsider.in/stock-market/news/record-breaking-digital-artist-beeple-says-the-nft-craze-is-just-like-the-dotcom-bubble-of-the-late-1990s/articleshow/82292926.cms">non-fungible tokens (NFTs)</a>, the <a href="https://www.businessinsider.in/investment/news/alibaba-tencent-and-other-chinese-players-are-betting-big-on-the-metaverse-but-the-government-is-yet-to-buy-into-the-hype/articleshow/88062372.cms">metaverse</a> and <a href="https://www.businessinsider.in/cryptocurrency/news/ethereum-vs-solana-vs-cardano-who-is-defis-darling/articleshow/86608461.cms">decentralised finance (DeFi)</a> led the cryptocurrency to hit an all-time-high of $4,859 on November 10. Platforms like the NFT marketplace <a href="https://www.businessinsider.in/investment/news/nft-zombie-cryptopunk-7252-just-sold-for-5-billion-doubling-value-in-less-than-one-month/articleshow/85594193.cms">OpenSea</a>, the metaverse called <a href="https://www.businessinsider.in/investment/news/the-sandbox-decentraland-and-cryptovoxels-see-sales-surge-as-companies-look-to-get-in-on-the-ground-floor/articleshow/88137990.cms">Decentraland</a>, play-to-earn (P2E) game Townstar and others are built on the Ethereum blockchain. Top five blockchain platforms in the DeFi space: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cryptocurrency </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total value locked (TVL) in DeFi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ethereum (ETH) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$168.91 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Binance Smart Chain (BSC) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$16.53 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Terra (LUNA) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$13.17 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avalanche (AVAX) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.28 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Solana (SOL) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.05 billion </td></tr></tbody></table>Source: <a href="https://defillama.com/chains">DeFi Llama</a> as of December 8 <a href="https://defiprime.com/ethereum#:~:text=We%20have%20236%20DeFi%20projects,of%20them%20built%20on%20Ethereum.">DeFiPrime</a> pegs that of the 236 DeFi applications in the world right now, 213 are on the Ethereum blockchain. There’s a total of $255.8 billion of total value locked across all DeFi protocols and Ethereum accounts for more than half of that at $168.91 billion. The growth of applications being built on the Ethereum blockchain has caused an increase in demand for Ethereum transactions. It may be expensive, but there are enough people out there willing to pay the high gas fees in order to get their hands on NFTs worth millions and real estate within the metaverse. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/key-points-from-indias-national-blockchain-strategy/articleshow/88123973.cms">44 key areas, a national framework, and a multi-institutional approach — Here's what you need to know about India's new National Blockchain Strategy</a> <a href="https://www.businessinsider.in/investment/news/humanoid-robot-sophia-is-entering-the-metaverse-with-intelligent-nfts/articleshow/88156738.cms">Humanoid robot Sophia is entering the metaverse with ‘intelligent’ NFTs</a> <a href="https://www.businessinsider.in/investment/news/the-sandbox-decentraland-and-cryptovoxels-see-sales-surge-as-companies-look-to-get-in-on-the-ground-floor/articleshow/88137990.cms">Battle of metaverses: The Sandbox, Decentraland and CryptoVoxels see sales surge as companies look to get in on the ground floor</a>

With the metaverse, NFTs and DeFi on the rise, Ethereum miners rake in $2 billion in revenue — a jump of 11% over October

<ul class="summary-list"><li>An explosion of interest in <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> made <keyword id="11908717" type="UNKNOWN" weightage="60" keywordseo="2021" source="Orion">2021</keyword> a pivotal year for the industry.</li><li>NFTs, a bitcoin ETF, growing use cases in the metaverse, and regulatory developments bought Wall Street asset managers to the forefront of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> investing this year.</li></ul>This has been the year in which cryptocurrencies made it into mainstream finance, when everyone from celebrities to athletes and art auctioneers dived into blockchain-based digital collectors' items and play-to-earn platforms transformed the dynamics of the gaming economy. Institutional and retail investors alike have piled into <keyword id="11893901" type="UNKNOWN" weightage="60" keywordseo="crypto-assets" source="Orion">crypto assets</keyword>, blockchain-based products, and services like non-fungible tokens, turning a $1 trillion market into a <a href="https://markets.businessinsider.com/news/currencies/ether-price-bitcoin-record-crypto-market-cap-cameron-tyler-winklevoss-2021-11">$3 trillion</a> one in under 12 months. Most recently, the rise of the <a href="https://markets.businessinsider.com/news/stocks/what-is-the-metaverse-10319391">metaverse</a> has created a new wave of investment opportunities for everything from digital land to digital designer goods. Investors have certainly welcomed the growing sophistication of the cryptosphere.In 2022, as more use cases emerge, decentralized finance is evolving. And the metaverse and NFTs — a digital representation of a real-world piece of artwork, music or video, for example — grow in popularity, crypto assets are expected to spiral even higher in value.The rise in the cryptocurrency market has not just been driven by <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin.</a> Other smaller coins have risen exponentially year-to-date and gained mainstream fame. Dogecoin, a cryptocurrency that was created a few years ago as a joke, has been one of the star performers, and gave rise to a series of spin-offs that achieved even more dizzying heights.So-called altcoins that are native to blockchains that many believe will power much of the financial world of the future, as well as the digital realm, have soared, making crypto-superstars out of the likes of solana, cardano and avalanche. Billionaire crypto bull Mike Novogratz has called <a href="https://markets.businessinsider.com/news/currencies/ethereum-versus-bitcoin-mike-novogratz-inflation-hedge-technology-eth-crypto-2021-12">ether a more attractive investment</a> than bitcoin because people view it as a technology bet. But these are small <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> that are highly volatile. This means traders can expect massive losses or gains in the blink of an eye. A cryptocurrency can soar 100% in a week, only to reverse course and surrender all those gains in days, or even hours in some cases. Bitcoin, the leading cryptocurrency in market value, is up about 70% so far this year. Meanwhile, many metaverse-native crypto tokens, which are based on the ethereum blockchain, have expanded from one week to the next, as anyone wanting to enter these digital worlds must first own the corresponding digital currency.For instance, users of the virtual world Sandbox can build, own, and monetize their gaming experiences on the ethereum blockchain using SAND, the platform's utility token. The same goes for Decentraland users, or Axie Infinity gamers, who can breed, own and train their own little digital critters. Each platform has its own native currency.Insider took a look at the top 10 best performing cryptocurrencies of the past year with a market value of over $1 billion, according to <a href="https://coinmarketcap.com/" target="_blank" rel="noopener">data from CoinMarketCap.</a>10. Decentraland Symbol: MANA Market Cap: $6.8 billion YTD Performance: 4,397%<div type="image" title="MANA" height="562" width="951" msid="88191402" hostid="261"></div>9. Harmony Symbol: ONE Market Cap: $2.2 billion YTD Performance: 4,464%<div type="image" title="ONE" height="557" width="941" msid="88191403" hostid="261"></div>8. Kadena Symbol: KDA Market Cap: $1.9 billion YTD Performance: 8,131%<div type="image" title="KDA" height="559" width="942" msid="88191404" hostid="261"></div>7. Fantom Symbol: FTM Market Cap: $3.9 billion YTD Performance: 8,966%<div type="image" title="FTM" height="559" width="943" msid="88191405" hostid="261"></div>6. Solana Symbol: SOL Market Cap: $58.2 billion YTD Performance: 10,180%<div type="image" title="SOL" height="558" width="936" msid="88191406" hostid="261"></div>5. Terra Symbol: LUNA Market Cap: $28.7 billion YTD Performance: 11,558%<div type="image" title="LUNA" height="561" width="937" msid="88191407" hostid="261"></div>4. Polygon Symbol: MATIC Market Cap: $16.3 billion YTD Performance: 12,817%<div type="image" title="MATIC" height="556" width="934" msid="88191408" hostid="261"></div>3. The Sandbox Symbol: SAND Market Cap: $4.9 billion YTD Performance: 14,629%<div type="image" title="SAND" height="556" width="942" msid="88191410" hostid="261"></div>2. Axie Infinity Symbol: AXS Market Cap: $6.8 billion YTD Performance: 18,996%<div type="image" title="AXS" height="561" width="945" msid="88191411" hostid="261"></div>1. Gala Symbol: GALA Market Cap: $3.6 billion YTD Performance: 50,829%<div type="image" title="GALA" height="559" width="938" msid="88191413" hostid="261"></div>Read More: <a href="https://www.businessinsider.com/altcoins-layer-one-protocol-tokens-crypto-hedge-fund-cio-trader-2021-12">The chief investment officer of a $150 million crypto hedge fund shares 3 altcoins of layer-one protocols that could 'attract a lot of capital' — and 2 emerging trends to watch in the year ahead</a>

Metaverse tokens storm the top 10 list of best-performing cryptocurrencies in 2021

<ul><li>Twitter has finally gone live with hexagonal profile pictures that give bragging rights to owners of non-fungible tokens (NFTs).</li><li>The feature is only available to paid subscribers of <keyword id="11265742" type="General" weightage="20" keywordseo="twitter-blue" source="Orion">Twitter Blue</keyword>, which costs $2.99 per month.</li><li>Not everyone, like tech billionaire <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> and others, are onboard with the hype.</li></ul>Twitter’s long-awaited feature to give users bragging rights over their non-fungible tokens (NFTs) has finally gone live. The social network founded by <a href="http://coindcx.com">Bitcoin</a> maximalist <a href="https://www.businessinsider.in/investment/news/jack-dorseys-annual-unfollowing-spree-includes-marc-andreessen-brian-armstrong-and-tyler-winklewoss-and-this-year-its-about-web3/articleshow/88459153.cms">Jack Dorsey</a> — who recently <a href="https://www.businessinsider.in/stock-market/news/twitter-market-value-jumps-more-than-4-billion-on-news-jack-dorsey-is-stepping-down-as-ceo/articleshow/87988509.cms">resigned</a> from his position as CEO to focus on his other burgeoning company, <a href="https://www.businessinsider.in/tech/news/square-changes-name-to-block-just-2-days-after-jack-dorsey-steps-down-from-twitter/articleshow/88039622.cms">Block</a> — has today enabled the feature of setting NFTs as profile pictures, for all paid subscribers of Twitter Blue. <div type="twitter" handle="TwitterBlue" handlename="Twitter Blue" image="http://pbs.twimg.com/profile_images/1484226604104486912/dW26JJSc_normal.jpg" favoritecount="6888" retweetcount="2526" status="Ready to show off your NFT? Follow these simple steps to connect your crypto wallet and let’s see your NFT PFPs! https://t.co/epSL7VXG5o" createdat="1642702157000" id="1484226540984356864"></div> If Twitter is able to verify that a user owns a particular NFT avatar, then their Twitter profile picture will be framed within a hexagon, instead of the usual circle. This will change only the user’s profile picture, while leaving all their other profile details intact. <div type="image" title="crypto others (1)" msid="89042501" hostid="261" caption="&amp;lt;p&amp;gt;Samples of Twitter&amp;#39;s Blue new hexagonal profile image feature for users who own non-fungible tokens (NFTs)&amp;lt;/p&amp;gt;"></div> While most users seem to be onboard with Twitter’s new plan thus far, there are those with doubt. Tech billionaire Elon Musk, for instance, believes that the new feature is <a href="https://twitter.com/TwitterBlue/status/1484226540984356864">‘annoying’</a>. And, his issue seems to be with the allocation of resources. Often a victim of scammers pretending to be him, Musk believes that the engineering power could have been better spent on designing a solutions to keep such fraudulent activity at bay. <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1474910968157249536/FS8-70Ie_normal.jpg" favoritecount="81667" retweetcount="7576" status="This is annoying https://t.co/KAkDl29CTX" createdat="1642756361000" id="1484453889671942144"></div> <cmsannotation type="cmsannotation" annotationid="How do NFT profile pictures work on Twitter?" comment="subhead" text="How do NFT profile pictures work on Twitter?">How do <keyword id="12999482" type="General" weightage="20" keywordseo="nft-profile-pictures" source="Orion">NFT profile pictures</keyword> work on Twitter?</cmsannotation> For now, non-fungible token (NFT) avatars in the JPEG and PNG image formats are supported. The avatar will be loaded from an NFT platform such as <keyword id="11928103" type="General" weightage="20" keywordseo="opensea" source="Orion">OpenSea</keyword>, which can verify who owns an NFT. Those who own many NFTs and are happy to announce it to the world, may need to wait for the rumoured<a href="https://www.businessinsider.in/cryptocurrency/news/twitter-is-reportedly-working-on-a-blockchain-linked-collectibles-tab-to-showcase-users-nft-collection/articleshow/87273804.cms"> Twitter Collectibles</a> feature. The NFT-as-profile feature is<a href="https://help.twitter.com/en/using-twitter/twitter-blue-labs#nft"> a ‘Labs’</a>, or experimental feature that can be enabled by interested subscribers. To use the feature, you’ll need to connect a supported crypto wallet to Twitter. Twitter will remember the public crypto wallet address, so if you sell the NFT when it is still set as your profile picture, it won’t display ownership information anymore. <div type="image" title="crypto others (2)" msid="89042523" hostid="261" caption="&amp;lt;p&amp;gt;Ownership information includes the Ethereum block and collection details, derived using the public wallet address and OpenSea&amp;#8217;s NFT details.&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="The next ‘blue tick’" comment="subhead" text="The next ‘blue tick’">The next ‘blue tick’</cmsannotation> Twitter has offered ‘Blue’ as a premium subscription that costs $2.99 a month,<a href="https://blog.twitter.com/en_us/topics/company/2021/introducing-twitter-blue"> since June 2021</a>. It offers users the ability to undo tweets, find relevant articles and getting to test out new features being developed by Twitter Blue Labs — like the hexagonal profile picture frames for NFT owners. And, hype has placed hexagonal profiles to be the next<a href="https://www.businessinsider.in/tech/apps/news/twitters-verification-badges-are-set-to-make-a-return-here-all-the-terms-and-conditions-of-how-to-apply/articleshow/79402586.cms"> “blue tick”</a>, in terms of Twitter prestige. For a feature that debuted a few hours ago today, criticism has been mounting as well — for reasons that go beyond Musk’s annoyance. For one, getting NFT details including the image relies upon OpenSea, so Twitter Blue users could possibly lose functionality if OpenSea has server trouble. Secondly, Twitter does not<a href="https://twitter.com/hollanderadam/status/1484246971208642577"> restrict NFTs to verified collections</a>, so valuable avatars could be recreated by anyone. For now, the only consolation is the roadblock in the way of those who simply right-click an avatar to save and upload as their own profile picture. These users will get a circle around their profile, and not the hexagonal frame that proves they genuinely own the corresponding NFT. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/terras-luna-token-continues-to-hold-its-own-even-in-a-crypto-bear-market-heres-why/articleshow/89021154.cms">Terra's LUNA token continues to hold its own even in a crypto bear market — here's why</a> <a href="https://www.businessinsider.in/investment/news/coindcx-hiring-2000-plus-people-this-year-crypto-coders-developers-product-development-and-other-roles/articleshow/88972086.cms">EXCLUSIVE: CoinDCX plans to hire more than 2,000 people this year — and they are not just looking at coders</a> <a href="https://www.businessinsider.in/investment/news/crypto-mining-continues-to-get-more-difficult-despite-crackdowns/articleshow/89013587.cms">Crypto mining continues to grow despite multiple crackdowns</a> <a href="https://www.businessinsider.in/investment/news/cardano-jumps-on-the-metaverse-bandwagon-with-pavia-heres-everything-you-need-to-know-about-adas-entry-into-play-to-earn/articleshow/89012262.cms">Cardano jumps on the metaverse bandwagon with Pavia — here’s everything you need to know about ADA’s entry into play-to-earn</a>

Twitter’s long-awaited hexagonal profile pictures that give bragging rights to NFT HOLDers is here — but not everyone loves it

<ul><li>Relatively established cryptocurrencies, including Bitcoin, dipped by an astounding 20% last week.</li><li>With many coins still struggling to recover, this is an opportunity to ‘buy the dip’ for many.</li><li>Depending on how one utilised the dip, they can be one of three types of crypto investors.</li></ul>The value of crypto assets increased by almost $1 trillion from August to November, before the <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-was-looking-good-as-an-inflation-hedge-then-it-plunged-nearly-20/articleshow/87817787.cms">big splat seen last week</a>. While the first instinct for most investors may be to sell and cut their losses short, experienced traders use such opportunities to ‘buy the dip’ — pick up cryptocurrencies at cheap prices before the next bull run. "Many market participants are taking advantage of the situation and rushing to stock up on cryptocurrencies from the top-10 list on a drawdown, as indicated by various indicators," Johnny Lyu, CEO of cryptocurrency exchange KuCoin, told <a href="https://markets.businessinsider.com/news/currencies/crypto-shrunk-by-billions-bitcoin-ether-shiba-dogecoin-fall-price-2021-11">Markets Insider.</a> All investors should, of course, do their own research before making any kind of investment, dator otherwise — which is why it’s important to know when to HODL — hold on for dear life — when to buy and when to sell depending on your appetite for risk. As of Monday most cryptocurrencies were still struggling to recover the losses seen last week. The bear phase continued as a further $100 billion worth of market capitalisation (cap) was lost collectively, placing the total value of all cryptocurrencies at $2.5 trillion by the end of the day. The large-cap currencies recovered barely 1-2% since the dips of November 19, leaving<a href="https://www.businessinsider.in/investment/news/the-avalanche-token-has-gained-25-in-a-week-while-other-cryptocurrencies-have-tumbled-thanks-to-ava-labs-tie-up-with-deloitte/articleshow/87782646.cms"> Avalanche (AVAX)</a> as the lone coin that saw a 47% rise in value over the weekend. Stock market participants might notice one principle being carried over to the <keyword id="6380571" type="General" weightage="20" keywordseo="crypto-market" source="Orion">crypto market</keyword>, that of a notional loss versus an actual loss. Those who held on to their holdings through all of last week, saw a <a href="https://www.moneycontrol.com/news/business/markets/stay-put-in-equities-dont-convert-your-notional-loss-into-an-actual-one-5154591.html">notional loss</a> in value, which is likely to be temporary and recover the losses eventually. But those who panicked on the November 19 and sold their coins converted it into a permanent loss instead, reflected in actual dollars ‘in hand’. <cmsannotation type="cmsannotation" annotationid="Which crypto to buy today?" comment="subhead" text="Which crypto to buy today?"><keyword id="12584911" type="General" weightage="20" keywordseo="which-crypto-to-buy-today" source="Orion">Which crypto to buy today</keyword>?</cmsannotation> A cryptocurrency becomes more valuable when demand for it rises. And, while there are different push and pull factors driving the market, most cryptocurrency adoption — as well as cryptocurrency investment — falls into three categories. A cryptocurrency that serves a purpose, however small Bitcoin is viewed as a cash-equivalent <a href="https://www.businessinsider.in/investment/news/microstrategy-tesla-and-others-these-are-top-10-bitcoin-holders-in-the-world/articleshow/86202242.cms">asset for companies</a>, <a href="https://www.businessinsider.in/investment/news/these-are-the-top-ten-most-popular-cryptocurrencies-in-the-world/slidelist/85174407.cms">Ethereum</a> stands out in its support for third party <a href="https://www.businessinsider.in/investment/news/what-is-non-fungible-token-nft-everything-you-need-to-know/articleshow/84754933.cms">NFT platform</a> developers, Binance Coin has the weight of <a href="https://www.businessinsider.in/investment/news/binance-has-reduced-bitcoin-withdrawal-limits-for-unverified-accounts/articleshow/85068785.cms">its exchange</a> behind it, <a href="https://www.businessinsider.in/investment/news/solana-price-hits-a-new-all-time-high-overtaking-cardano-as-fourth-most-valuable-cryptocurrency/articleshow/87587189.cms">Solana</a> is becoming integral to the <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-defi-protocols-lost-1-4-billion-this-year-but-recovered-over-half-of-it/articleshow/87505660.cms">DeFi sector</a>, MANA is native to Decentraland’s <a href="https://www.businessinsider.in/investment/news/the-metaverse-may-change-the-way-you-earn-money-shop-or-even-chill-with-friends-in-the-future/slidelist/86677906.cms">metaverse</a> games, Monero is accepted as payment on the <a href="https://www.businessinsider.in/tech/how-to-access-the-dark-web-where-all-sorts-of-illegal-stuff-goes-down-online/slidelist/47237110.cms">darknet</a>, and so on. Within the crypto community, those who invest in cryptocurrencies by betting on the underlying solution are called the ‘true believers’ — since they ‘believe in the technology’. They’ve read the white papers, understood the tokenomics, analysed the fundamentals and get rewarded when they identify a currency with a use case. A cryptocurrency that’s conceptually attractive <a href="https://www.businessinsider.in/investment/news/full-list-of-cryptocurrencies-that-hit-new-all-time-highs-this-week/articleshow/87589933.cms">Terra’s LUNA</a> manages its stablecoins, Uniswap and <a href="https://www.businessinsider.in/investment/news/the-tale-of-610-million-stolen-in-cryptocurrencies-who-stole-it-why-and-what-made-them-return-the-money/articleshow/85300739.cms">Polygon</a> make new kinds of transactions possible, Filecoin is building cloud storage, etc. Early investors who identify a promising project could potentially gain when its value becomes more widely known. Investments of this kind carry a little more risk due to the lack of historical data. However, they also offer higher returns on making the right call, since investors get in before a cryptocurrencies goes mainstream. A cryptocurrency that’s irrationally popular, and yet it thrives Dogecoin arose as a joke, Shiba Inu has its ‘WoofPaper’, Ethereum Classic gained from <a href="https://www.motherjones.com/politics/2021/11/who-goes-crypto-eth-bitcoin-etc-financialization-gamestop-class-wealth/">confusion</a>, and Namecoin fell from being the fourth biggest name in the game to ranking 805. Many such coins go up in value without an intrinsic reason, and go down when investors choose to move to safer shores. The danger is that such coins<a href="https://www.reddit.com/r/CryptoCurrency/comments/pcnid3/top_25_coins_from_2013_and_2017_how_are_they/"> may never bounce back</a>, after having one season in the sun. However, for day traders, the volatility is an opportunity to time the market and make money on the rises and thoughts. Such altcoins are the riskiest part of a crypto portfolio. <cmsannotation type="cmsannotation" annotationid="What should you do during the crypto market dip?" comment="subhead" text="What should you do during the crypto market dip?">What should you do during the crypto market dip?</cmsannotation> For true believers, who are sure that the coins they have invested in are good to hold for the long term, a funny but tempting strategy is to "be greedy when others are fearful, and greedy when others are greedy." That would mean making use of the current dip in coin values to buy more coins. For those who had bought coins at lower prices and have seen a considerable rise, “keep your powder dry” could sound fair. That means pulling out some or all profits to safer shores, to wait and watch for new <a href="https://www.businessinsider.in/investment/news/seven-ways-you-can-make-money-with-cryptocurrency/slidelist/85653413.cms">investment opportunities</a> in the <a href="https://www.businessinsider.in/investment/news/crypto-is-about-much-more-than-just-cryptocurrencies/articleshow/86505964.cms">crypto market</a>. Those with <a href="https://www.businessinsider.in/investment/news/keeping-your-cryptocurrency-safe-12-ways-to-keep-hackers-scammers-and-fraudsters-at-bay/slidelist/86606060.cms">low risk</a> tolerance may find that now is a wise time to devote more time towards learning about the coins they have in their portfolio. That would help identify what would yield slim profits, what is expected to dip further, and for instance, whether now is the right time to buy more of Bitcoin which is approaching its next <a href="https://www.businessinsider.in/investment/news/bitcoin-limited-supply-has-driven-up-its-value-nearly-90-percent-has-be/articleshow/85349471.cms">‘halving.’</a> <cmsannotation type="cmsannotation" annotationid="Last week’s crypto blood bath" comment="subhead" text="Last week’s crypto blood bath">Last week’s crypto blood bath</cmsannotation> During the last ten days, including the week of November 10 to 19, the crypto market’s bull run — which was charging ahead at full steam — came to an abrupt stop. The worst-hit cryptocurrencies saw their value cut down by a quarter if not more. Excluding <a href="https://www.businessinsider.in/investment/news/top-6-stablecoins-in-the-crypto-market-what-are-they-how-to-they-work-and-why-they-have-governments-worried/articleshow/87667452.cms">stablecoins</a>, 89 of the top 100 coins saw red to varying degrees, with similar distress seen in the hundreds of other coins commonly traded on <a href="https://www.businessinsider.in/investment/news/choosing-the-best-cryptocurrency-exchange-your-options-and-how-to-pick-between-them/articleshow/87539690.cms">crypto exchanges</a>. Unlike the stock markets, crypto trading does not stop in the evening and there are no regulatory ‘circuit breakers’ to reduce volatility — it’s 24 hours a day, seven days a week. The only cryptocurrency to buck the trend was Avalanche, which as of November 22 at 3:30pm Indian Standard Time (IST), has pushed meme coins Shiba Inu and Dogecoin out of the top 10 with a market value of $3.6 billion, according to <a href="https://coinmarketcap.com/currencies/avalanche/">CoinMarketCap.</a> <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> For context, all of these coins have been slowly regaining part of their lost value, although they are nowhere near their all-time highs seen in early-November. The overall market value of all crypto assets is down to $2.6 trillion from the high of <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-market-m-cap-hits-3-trillion-mark-will-the-frenzy-continue/articleshow/87603782.cms">almost $3 trillion</a> seen this month. Despite the dip, that’s still nearly <a href="https://economictimes.indiatimes.com/markets/forex/cryptocurrency-market-cap-hits-record-2-trillion-bitcoins-at-1-1-trillion/articleshow/81918767.cms">50% higher than</a> April 2021. <cmsannotation type="cmsannotation" annotationid="Why is the crypto market down?" comment="subhead" text="Why is the crypto market down?">Why is the crypto market down?</cmsannotation> Analysts theorise that last week’s dip may simply be investors ‘taking profits’ and <a href="https://www.businessinsider.in/investment/news/tax-implications-of-investing-in-cryptocurrencies-heres-how-you-can-make-the-most-of-your-investment/articleshow/85101639.cms">cashing out</a> a portion of the coins they owned. Others <a href="https://www.fool.com/investing/2021/11/18/heres-why-avalanches-cryptocurrency-is-falling-tod/">theorise</a> that growing concerns around the regulatory crackdowns in China and expectations of new crypto laws in the US and other countries may be driving the market. <div type="ExtQuote" text="“Current market scenario is a result of multiple factors including - china crackdown on crypto, tax provision in US infrastructure legislation and panic selling. This entire irregularity boils down to one single point, that is, investors going by the social media word instead of the proper project analysis.”" auname="Founder and CEO of Cashaa, Kumar Gaurav, told Business Insider"></div> This may not necessarily be a concern, since most of the top 100 coins have retained significant daily trading volume despite the dip in values, according to CoinMarketCap’s data — meaning that trading interest continues despite the prices coming down."It is therefore too early to talk about a general market transition into a bearish phase, since institutional investors are maintaining their cryptocurrency portfolio positions," said Lyu. <cmsannotation type="cmsannotation" annotationid="Bitcoin – the bellwether of crypto performance" comment="subhead" text="Bitcoin – the bellwether of crypto performance">Bitcoin – the bellwether of crypto performance</cmsannotation> As the <a href="https://www.businessinsider.in/investment/news/bitcoin-is-the-newest-tool-in-the-the-battle-against-inflation-heres-why/articleshow/86988710.cms">‘gold’</a> of the crypto world, Bitcoin is widely held and constitutes over 40% of the total market value of all crypto assets combined. Its position ensures that <a href="https://www.businessinsider.in/investment/news/bitcoin-limited-supply-has-driven-up-its-value-nearly-90-percent-has-be/articleshow/85349471.cms">Bitcoin</a> has usually been part of every bull and bear market over the last 10 years, since it began trading. <div type="image" title="PubG - Crypto (14)" msid="87865297" hostid="261" caption="&amp;lt;p&amp;gt;The graph shows Bitcoin peaking in late-2013, late-2017 and late-2021 &amp;#8211; time periods that correspond to market-wide bull runs, raising wider investor participation and values of most cryptocurrencies.&amp;lt;/p&amp;gt;"></div> This historical trend shows peaks followed by dips, with some trends continuing for years – so some people who held-on — or HOLDed — to a reliable coin saw larger-than-life returns, even if it took a few years. While timing the market isn’t advisable, most investors who followed in Bitcoin’s wake this year and invested in <a href="https://www.businessinsider.in/investment/news/top-15-best-altcoins-to-buy-in-2021/slidelist/87717381.cms">altcoins</a> were in <a href="https://www.reddit.com/r/CryptoCurrency/comments/qemtla/shib_hit_a_new_ath_999_of_holders_are_in_profit/">profit-territory</a> by October-end. In addition, most coins are already beginning to recover in value, so a redoubled bull run in December may yet be possible — at least according to the wild predictions made for Bitcoin’s price by billionaires, influencers and analysts alike. <div type="Article" hostid="261" msid="87259108" title="Bitcoin’s rally is far from over — these analysts are betting on the world’s largest cryptocurrency to more than double in value by the end of year" mstype="2" mssubtype="0"></div> No matter the kind of crypto investors one is, the recent week-long dip has shown that the eponymous <a href="https://www.urbandictionary.com/define.php?term=Hopium">‘hopium’</a> is not enough to make gains anymore — simply hoping for bull runs that raise all coins is a rarity as the crypto market matures. The next one could happen in months or take years to climb back up the charts. Disclaimer: Do your own research (DYOR) before making any investments, cryptocurrencies or other. This article is for educational purposes and not intended to be financial advice. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/seven-ways-you-can-make-money-with-cryptocurrency/slidelist/85653413.cms">How do cryptocurrency holders actually make money?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/leading-crypto-players-in-india-likely-to-meet-with-indian-government-next-week-to-give-inputs/articleshow/87642591.cms">Crypto players in India meet the government to give inputs on the impact and potential of cryptocurrencies</a> <a href="https://www.businessinsider.in/cryptocurrency/news/government-may-change-income-tax-laws-to-tax-cryptocurrency-gains-in-budget/articleshow/87802508.cms">Government plans to tax cryptocurrency gains in Budget 2022</a> <a href="https://www.businessinsider.in/cryptocurrency/news/what-is-bitcoin-golden-cross-and-death-cross/articleshow/87796591.cms">Bitcoin investors — why the golden cross and death cross matter, and other factors to keep in mind</a>

You Searched For "terra luna metaverse" and got 9 results

Terra's LUNA token continues to hold its own even in a crypto bear market — here's why

Madana Prathap

Terra is the second-biggest DeFi player in the crypto market, but it may be overvalued

Prabhjote Gill

Ethereum, Solana, Polkadot and other cryptocurrencies hit fresh all-time-highs as altcoin season kicks in

Madana Prathap

This Indian couple plans to get married in a Hogwarts-themed metaverse to beat the pandemic's restrictions

BI India Bureau

A controversial stablecoin is 'breaking the buck.' Here's what that means, and why it's such a big deal.

Carla Mozée

With the metaverse, NFTs and DeFi on the rise, Ethereum miners rake in $2 billion in revenue — a jump of 11% over October

Prabhjote Gill

Metaverse tokens storm the top 10 list of best-performing cryptocurrencies in 2021

Shalini Nagarajan

Twitter’s long-awaited hexagonal profile pictures that give bragging rights to NFT HOLDers is here — but not everyone loves it

Madana Prathap

Crypto market sees red — where you invest next will depend on the kind of crypto investor you are

Madana Prathap

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