‘All eyes are on it:’ CryptoPunks at center of copyright legal dispute

‘All eyes are on it:’ CryptoPunks at center of copyright legal dispute
Additional comments from me.
From an investor standpoint myself, the key issues to this lawsuit will result in financial repercussions. CryptoPunks V2 is the most talked-about NFT collection globally, they are one of the key figures in the NFT market. Imagine another 10,000 images from CryptoPunks V1 is proven to be legit, this move could possibly affect the brand and show a significant decrease in their NFT price. Simple maths, V2 has 10,000, V1 added another 10,000. The price could be halved technically. This potential decrease in price is not only affecting CryptoPunks, it could also let the non-crypto natives or non-believers create new FUDs.
Firstly, NFTs are intellectual property (IP) in my opinion. They are changing how we see ownership and usage rights. Secondly, NFTs is likely to supplement and disrupt the IP markets. Web 3.0 is that enabler and the bridge.

Web 1.0: Ownership is a legal contract; Usage rights are non and unauthorised; Enforcement is by lawyers.

Web 2.0: Ownership is a legal contract; Usage rights is is based on the platform;  Enforcement is by the platform and lawyers.

While Web 3.0 is a combination. Ownership is NFT; Usage rights are creator-driven and platform to facilitate; Enforcement is by lawyers, smart contract. platform and community.

In this structure, the creator will be able to gain their IP rights in a global manner, compensated accordingly when they authorised usage and all these are trackable, administrated by the smart contract and platform.

With all these in mind, I believe NFTs need a global standard and enforceable contracts and licenses agreement to protect all parties.

– Anndy Lian

 

‘All eyes are on it:’ CryptoPunks at center of copyright legal dispute

The biggest-selling NFT collection of all time has two competing versions, threatening to undermine the value of the tokens and faith in the industry itself.

Holders of the original non-fungible token (NFT) collection CryptoPunks V1 have filed a counter-DMCA notice to overturn a request by creator Larva Labs to delist the collection from OpenSea.

Larva Labs issued the DMCA notice — a takedown notice by copyright holders — earlier in the month, arguing it maintains the license for the V1  tokens and no longer wants them to be traded, as they undermine the value of the current V2 series. The V1 community is arguing that as close to US$50 million has been spent on the V1s, the community holds at least some ownership over the assets.

As the legal proceedings continue, the case will be closely watched for what it may reveal about the future of copyright laws and the potential need for oversight within the industry.

“I’m really excited to see how it does play out,” said Yehuda Petscher, strategist at NFT data aggregator CryptoSlam, telling Forkast it’s one of the more significant stories we’ve seen on the NFT scene to date. “All eyes are on it: we’re talking about the biggest brand in NFTs with Larva Labs and CryptoPunks, so it’s going to be a wild one.”

The V1 series was the original minting of the CryptoPunks collection but were replaced by the current V2 models upon the discovery of a bug that allowed buyers to instantly withdraw the Ether used to purchase them, leaving sellers with no profits. Existing holders of the series were airdropped updated V2 versions which became the standard, authorized versions of the collection.

Petscher himself is a V1 holder, which he bought as he recognized the historic significance of the initially discarded collection.

CryptoPunks are the most traded NFT collection in the world, with over US$2 billion in sales volume across their 10,000 units. If the V1s are considered legitimate, that would double the supply of CryptoPunks and potentially deflate their unit price.

Larva Labs had actually sold 210 ETH or over US$600,000 worth of CryptoPunks V1 prior to issuing the takedown order, as the company thought selling the tokens would give the impression they were not of any value — a fact the firm now recognizes was a poor decision.

The V1s have already been delisted from OpenSea only weeks after launch once the V2s were issued, as they were perceived to be inauthentic. Once the V1s were wrapped and listed on competing marketplace LooksRare, however, OpenSea reversed course once they began growing in popularity.

But the impacts of the case go beyond simply the price, as some have suggested it could see an NFT standard introduced in the industry in order to protect copyright — and investors.

“Until there is the NFT standard, it is very tough to police each and every single transaction and collection in the market,” Anndy Lian, founding member of NFT creative studio Influxo, told Forkast, explaining that blockchain is useful for determining ownership but does not guarantee copyright. “The industry is still very much driven by speculation and price and if this continues you will see a lot more of these cowboys running around in the crypto market and in the NFT space,” he added.

CryptoSlam’s Petscher disagrees, saying all the information required to verify an asset is already stored on the blockchain along with the token itself, it’s just a matter of educating people to read and interpret the data that is stored there.

“The beauty of the blockchain is you don’t need that kind of oversight,” he said. “You don’t need certain regulations because some of these things are now indisputable. That is the power of the blockchain.”

The V1 CryptoPunks are still available through LooksRare, the upstart marketplace that has transacted greater sales volumes than OpenSea since launching in early January, though they have a significantly lower floor price of 9.3 ETH (US$26,500) compared to 72.69 ETH for the V2s. 

 

 

 

Original Source: https://forkast.news/all-eyes-cryptopunks-center-copyright-legal-dispute/

j j j

Crypto community high on hopes after positive signals from India, Russia govts

Crypto community high on hopes after positive signals from India, Russia govts
My Additional comments:
1. After the initial green signals from India and Russia, what is next for Crypto Industry?
With the green lights from India and Russia, we are seeing an increase in Bitcoin’s spot volume in the last 24 hours on BigONE Exchange. The pricing of BTC has also increased by more than 2.5%. A huge country like Russia that embraces crypto is positive news for the whole world. We have seen more retail investors in the communities starting to feel comfortable and bullish. This is especially so in the meme coins’ communities. Still, I want to caution all that the bullish shift could be short term as it still appears negative in the charts for the longer term. With India and Russia taking their stand on crypto, I will do many other countries taking reference from them and following their footsteps. Some of the other countries that I am giving advice on are also more receptive after two big countries accepted cryptocurrencies.
2. Do you think that different regulations around the globe will help the industry or the world should come as one?
The world would not and should not come as one as it is not feasible for most nations. Cryptocurrencies are seen as bridges between worlds and the new regulations in place will serve as a financial connector between countries. This could also mean that cryptocurrencies would be further scrutinized, monitored and monitored. Those who see decentralisation as removing control and governance will not be happy with regulations. While those who really want crypto to grow will see the acceptance by the regulators as a sign of further disruptions.
3. What would be the key concerns of industry, post regulations?
There will be a lot of changes post regulations. We will see the real issues when the countries start to implement and allow crypto into their system fully. I hope the other countries can use Singapore’s sandbox model for instance to simulate the possible scenarios before going into full-scale implementation. There should be awareness programs in the country to tell new users what is crypto, the ups and downsides of investing in crypto and other taxations issues too. The education process will empower users to make better decisions, hence fewer headaches for the regulators.

Crypto community high on hopes after positive signals from India, Russia govts

Synopsis

Crypto industry at large is positive on the announcement and believes that the governments across the world are stepping ahead to take a big awaited call in the digital assets

After Russia’s intentions to regulate crypto, players in India and across the globe are high on hopes over the new-age asset class.

They are expecting that two major nations – India and Russia – have stepped ahead for the legitimisation of the crypto assets, and more major economies may join the forces soon.

However, India has made it clear that the legitimate or illegitimate are separate questions and the government is simply taxing the gains from the crypto transactions, which is its sovereign right.

On the other hand, the Putin government is eyeing crypto regulations, bucking the recommendation from its central bank to ban the mining and trading of the private digital tokens.

Crypto industry at large is positive on the announcement and believes that the governments across the world are stepping ahead to take a big awaited call in the digital assets.

Anndy Lian, Chairman, BigONE Exchange said that a country like Russia embracing crypto is positive news for the whole world. More retail investors in the communities are starting to feel comfortable and bullish, especially on memecoins.

“With India and Russia taking their stand on crypto, many other countries may take reference from them and follow in their footsteps,” he added.

Sathvik Vishwanath, Co-Founder and CEO, of Unocoin said that it will be a matter of time before more and more countries start looking at the crypto industry in a positive way.

The ones who had shied away from cryptos in the past are changing their perspectives and Russia is one of them, he added. “On the other side India has taken the wait and watch policy, but is not opening up with its views.”

Crypto fanatics, who see decentralisation as removing control and governance, will not be happy with regulations put across by the authorities across the globe.

Dileep Seinberg, Founder and CEO, Thinkchain said that every nation is likely to have its own cryptocurrency, with a potential to build a crypto-economy globally.

However, the industry players do not believe that the world should join the force and come as one to regulate the crypto assets uniformly. They do not see this as a viable option.

Cryptocurrencies are seen as bridges between worlds and the new regulations in place will serve as a financial connector between countries, said the experts.

The world would not and should not come as one as it is not feasible for most nations, said Lian of BigONE. “This could also mean that cryptocurrencies would be further scrutinized, monitored and monitored.”

It would be an unrealistic home for specific guidelines to be applicable for the entire world as one. At the tech level there definitely is uniformity irrespective of which country it is working in.

“The taxation, regulations, and enforcement differ which needs to be handled by the governments within the country,” said,” Vishwanath of Unocoin.

Once the regulations are out in different parts of the world, there will be a lot of changes through. However, experts said that governments, authorities and regulators should primarily focus on education and awareness about the asset class.

“We will see the real issues when the countries start to implement and allow crypto into their system fully,” Lian said. “I hope the other countries can use Singapore’s sandbox model for instance to simulate the possible scenarios before going into full-scale implementation.”

“Most important industry concerns would not come from technology but to see if few companies can monopolies like any other industry in the world,” said Sienberg. “This might damage the very fabric of the decentralised crypto world.”

j j j

KAVA price prediction: Will Kava 10 upgrade boost the coin?

Kava Network, a decentralised finance (DeFi) platform for lending and borrowing crypto assets, is set to upgrade its network to Kava 10 in 2022, adding Ethereum Co-Chain to the currently used Cosmos blockchain.

Yet, despite the buzz generated in anticipation of the launch, its native token Kava (KAVA) suffered a volatile ride in 2022 amid a wider dip in cryptocurrency markets.

Can the coin regain momentum and what does the KAVA crypto price prediction for 2022, 2025 and 2030 look like?

What is the KAVA coin?

The Kava Network was founded in 2018 by Kava Labs, a company focused on making financial services easily accessible to all. On 14 November 2019 the Kava mainnet launched.

The Kava blockchain acts like a decentralised bank. It’s the first DeFi platform to offer users the possibility to borrow and lend major crypto assets without the need for a traditional financial intermediary, according to its whitepaper. It supports a number of cryptocurrencies, including Bitcoin (BTC), Ripple (XPR), Binance (BNB) and Cosmos (ATOM).

Many DeFi platforms are powered by the Ethereum network. Kava is the first to be built on Cosmos, which, according to its creators, allows Kava to operate “lightning-fast” – the platform’s major unique selling point.

The network is powered by Co-Chain architecture, which combines the flexibility and speed of the Ethereum blockchain with the interoperability of the Cosmos SDK, merging the two most used permissionless ecosystems into a single, scalable, network.

This allows users to access the most popular blockchains and establishes the free flow of assets and projects within the Kava Ecosystem.

The platform has three functions:

  • Kava Lend: allows users to earn rewards by supplying and borrowing assets from money markets.
  • Kava Swap: allows users purchase and sell assets across the Kava Blockchain and earn rewards by providing liquidity pools.
  • Kava Mint: allows users to take USD-pegged stablecoins called USDX loans by using their crypto assets as collateral.

Kava’s crypto-backed stablecoin can be minted by anyone who owns crypto assets. To mint USDX a user must deposit more crypto assets in USD value than they wish to create USDX of. Different crypto assets have a different collateralisation ration.

Users receive rewards for minting USDX in the form of Kava Network’s native cryptocurrency, the KAVA token, which can be used for governance and staking. The number of rewards an owner receives in KAVA varies Accor to the type of their owned crypto assets.

There were 100m KAVA tokens initially released by the network. According to CoinMarketCap, at of the time of writing (8 February 2022), over 152m KAVA tokens were in circulation, with their total supply exceeding 154m. The token’s market capitalisation amounted to over $562m, giving it a rank of 125.

KAVA crypto price: Latest drivers

The KAVA token was priced at $0.9646 at its launch on 26 October 2019. It surged by 32.44% to $1.2776 on 19 November 2019 following the announcement on 16 November that the KAVA mainnet had officially launched into full gear “making DeFi on Cosmos a reality”.

Through the end of 2019 and the start of 2020, the token’s price started to fluctuate. It dropped to its all-time low of $0.3438 on 16 March 2020, despite the token being listed on three different exchange platforms throughout January and February that year.

Since it’s all-time low in March, the token regained momentum in the summer of 2020. By 8 August, the token’s price reached $4.6653 – a 1256.98% surge since that all time low.

The KAVA token then kept a steady rate of growth, rising 9.12% to $5.091 on 16 August after an announcement that Kava had embarked on a partnership with Injective Protocol.

By 23 August 2021, the KAVA token reached its all time high of $8.7159, a rise of 161.1% since its low of $3.3381 on 20 July, amid anticipation of the launch of Kava Swap on 30 August.

Between 23 and 26 August the coin’s price started to decline. It gained momentum on 26 August when the platform rebranded by introducing the Kava Mint, Kava Lend and Kava Swap Protocols. This led to a 14.19% rise in the token’s price from$7.5813 on 26 August to $8.6573 on 28 August.

The next major catalyst in KAVA crypto news came at the end of October 2021 when the company announced that it was planning to launch its big Kava 9 update. The token, which has been falling since September, failed to gain much momentum rising by 5.18% between 21 and 26 October, from $5.6376 to $5.9299.

The Kava 9 mainnet update successfully launched on 19 January 2022, however, the token’s price stayed in a bearish trend falling by 38.8% from $5.5258 to $3.3785 between 16 and 23 January 2022 amid a general dip in the cryptocurrency markets.

Technical analysis provided by CoinCodex showed that short-term sentiment on the KAVA token was bearish as of the time of writing (8 February), with 21 indicators showing bearish signals and nine showing bullish signals.

What’s to come in 2022?

In recent KAVA crypto news, the company uncovered plans that the blockchain will undergo another major upgrade known as Kava 10 which will introduce the Ethereum Co-Chain along with the currently used Cosmos blockchain. According to the platform, bringing Ethereum and Cosmos together will create a surge of activity on the Kava Network. The launch of Kava 10 is anticipated for 3 May 2022.

Other upcoming projects on Kava’s roadmap that could influence n the token’s price include the GameFi and non-fungible tokens (NFT) incentive program scheduled for May 2022.

BigONE Exchange’s chair Anndy Lian explained that Kava’s function to lend and borrow assets using a number of cryptocurrencies as collateral still serves as a big plus for the platform.

“[Kava’s] debt-to-collateral ratio is reasonable too. For example, based on a 300% ratio, the cryptocurrency locked in the network would be liquidated if it falls below 3 X of the USDX loaned,” he told Capital.com.

“Their codes are sound and their treasury is still holding up well.”

by Anndy Lian, BigONE exchange chair

“The slide in the price recently is due to the overall market conditions. Some investors may see steeper plunges due to the performances of their collateralised assets. In my humble opinion, there is nothing to be worried about at this point, their codes are sound and their treasury is still holding up well.”

KAVA price prediction 2022-2030

Algorithm-based forecasting service Wallet Investor gave a bullish KAVA crypto price prediction, as of the time of writing (8 February), calling it an “awesome long-term investment”.

Based on its analysis of the cryptocurrency’s past performance, the forecasting service predicted that KAVA could trade at $5.917 in 2023 and $14.649 by 2027.

DigitalCoinPrice supported the bullish Kava forecast, seeing the coin reach $5.33 by the end of 2022. The coin’s price is estimated to surpass its all-time high in November 2025 at $8.78, according to the site.

Although a KAVA coin price prediction for 2030 is not currently available, DigitalCoinPrice estimated that the token could reach $8.50 by the end of 2027, rise to $11.73 in December 2028 and jump to $16.28 in the following year.

Note that algorithm-based price predictions can be wrong. Forecasts should not be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/kava-price-prediction

j j j