Welcome to Nonfungible Tidbits, a weekly summary of news about crypto, NFT, and their related fields.
Our main story this week is that Twitter is signing up as the first company to use Stripe’s new cryptocurrency payment feature. The social network plans to offer creators – people who monetize their video, art and music directly through their relationships with the audience – the option to receive a payment with a stable currency.
Coinbase will also cover the launch of a beta version of its NFT market, with New York lawmakers considering a moratorium on fossil fuel-powered cryptocurrency mining in the state and a strange cyber attack on a DeFi protocol in which the hacker left behind the stolen cryptocurrency .
Stripe to get started with cryptocurrency payments, starting with Twitter
Online payment processor Stripe said on Friday that it will allow companies to pay their customers in cryptocurrencies. The first company to start with this feature is the social media giant Twitter, which currently uses Stripe to pay creators. Right now, the cryptocurrency that will be used for payment iscalled USDCoin or USDC. The value of stablecoin USDC is pegged to the US dollar, which makes the value less volatile than that of other cryptocurrencies, such as bitcoin.
Twitter will take advantage of Stripe’s cryptocurrency payment feature by offering it as an option to creators who sell premium content to their followers, such as those who receive profits from Twitter’s payment services.. Developers can choose to send their payment to a digital wallet.
Coinbase launches beta version of NFT market
Coinbase cryptocurrency exchange on Wednesday launched a beta version of a feature that will allow users to buy and sell NFT on its platform. Coinbase calls the new feature “a Web3 social marketplace for NFTs,” which looks like the exchange may include social media elements in the feature. Right now, beta only allows people to view Ethereum-based NFTs in Coinbase.
Read CNET’s full story on the launch of Coinbase’s NFT market here.
New York lawmakers consider a moratorium on cryptocurrencies
According to a report from the Wall Street Journal, a battle over how and whether to exploit cryptocurrency mining is heating up in New York. New York lawmakers are considering measures that would involve a two-year moratorium on the reactivation of former fossil fuel power plants in the state for cryptocurrency mining purposes.
Cryptocurrency mining operations are, so electricity is a big part of miners ’overheads. Buying enough electricity to extract cryptocurrencies is expensive and cryptocurrencies need uninterrupted access to power all day long. So miners are using old power plants as a cheap source of electricity for their operations.
The Cambridge Bitcoin Electricity Consumption Index estimates that the energy use of the bitcoin network is slightly lower than the energy used across the country of Egypt. Greenpeace and other organizations are currently involvedto reduce the carbon footprint of networks.
A hacker exploits the DeFi protocol and leaves behind the stolen cryptocurrency
In a strange turn of events, a hacker stole $ 1 million in cryptography from a decentralized financing protocol called Zeed, and then failed to get it out. In general, DeFi protocols are sets of codes that run on blockchains and facilitate various transactions and financial transfers using cryptocurrencies. Business Insider India called hacking as stealing a bank and then forgetting the money bags. The publication also noted that almost 97% of all cryptocurrencies stolen this year came from hacking and exploiting DeFi protocols.
Thanks for reading. We will be back with many more next week. In the meantime,by CNET’s Daniel Van Boom on how an Apple iCloud exploit caused a cryptocurrency trader to lose more than $ 650,000.