Monday Movers 12

MTV builds a metaverse platform on Roblox, while the UN states a resounding "no" to crypto adoption.

Highlights from the weekend:

  • MTV builds a new virtual space on Roblox
  • Velodrome recovers $350K of stolen funds from team-owned wallet
  • The UN's trade body calls to "halt the rise of crypto"
  • Vaculug claims title of first retreader in the world to accept Bitcoin and Ethereum

Words of Wisdom:

“It’s gold for nerds.”

- Stephen Colbert
“You can't stop things like Bitcoin. It will be everywhere and the world will readjust. World government will have to readjust.”

- John Mcfree
“The ability to create something which is not duplicable in the digital world has enormous value… Lots of people will build businesses on top of that."

- Eric Schmidt

Finblox Performers:

The Scoop:

The United Nations Conference on Trade and Development (UNCTAD) firmly believes that crypto adoption should be limited in developing nations. They mentioned that digital assets are unstable financial products and could contribute to the eventual decline of developing economies.

“If cryptocurrencies become a widespread means of payment and even replace domestic currencies unofficially (a process called cryptoization), this could jeopardize the monetary sovereignty of countries.”

UNCTAD's stance

The agency claims that Bitcoin and altcoins are unsuitable for stable investment strategies, and stressed that investors should stay away from potentially appealing digital assets because "not all that glitters is not gold." While cryptocurrencies can help facilitate remittances, UNCTAD warned that this could possibly increase tax evasion, and ownership will be harder to determine from illicit financial flows. UNCTAD currently advocates global tax coordination regarding crypto tax treatments, information sharing, and regulation.

Roblox is already diving deep into the metaverse by incorporating immersive advertising in their virtual world. MTV sought to partner with Super League Gaming Inc to broaden their reach in the Roblox community. The union happened almost instantaneously since MTV has been actively scoping the metaverse for potential opportunities. They first pioneered an expedition into the metaverse through the popular Microsoft game, Minecraft.

Charli XCX Roblox concert metaverse web3 Samsung galaxy 3D avatars milky way
OMG! Are you going to the Charli XCX concert on Roblox? HMU!

Executives from MTV and Paramount Media Network are raring to bring the MTV Video Music Awards (VMAs) to its audience on Roblox. The company aims to attract older children who have a penchant for both gaming and "live" music performances. Additionally, Roblox will feature virtual billboards that will transport them to the VMA experience. Users are granted the freedom to vote for their favorite metaverse performances, via MTV logo tokens that can be earned by playing three VMA-related games.

Velodrome Finance, a trading and liquidity marketplace - stated that $350,000 in stolen funds were recovered on August 4th. The recovery revealed a shocking surprise, when it was found that the funds were stolen from a team-owned wallet. One prominent team member, who goes by the name Gabagool - was caught by the internal investigation team, which determined that the $350,000 was drained before it could be transferred to the company’s treasury multisig wallet. Gabagool pleaded guilty to the allegations.

He had suffered greatly from the 2022 crypto crash, and attempted to recoup his losses by stealing it from the platform. However, his hasty decision to withdraw hundreds of thousands in various cryptos and convert them to Ether - before sending it to Tornado Cash - immediately backfired. Velodrome investigators had already discovered his involvement before he decided to return the stolen money. Velodrome is currently working towards determining their next steps in handling the issues with a legal counsel.

Vaculug, Europe's largest independent retreader - is currently accepting Bitcoin and Ethereum for all tyre-related payments and services. It will also sign its PPK and PPV fixed price contracts in CPK (Crypto per Kilometre) and CPV (Crypto per Vehicle) for when customers link their contracts to the price of BTC or ETH.

blue truck gray road van Vacu-Lug
Vaculug is getting to grips with BTC and ETH. 

Jason Humphries, Vaculug's IT Manager - stressed his belief that more companies will eventually accept cryptocurrencies in the near future, and that Vaculug is proud to be the first retreader to do so. Vaculug is also working hand in hand with Dunross and Chan Limited to develop modules required for their industry leading VMS management system. Their union will facilitate the ability to receive secure payments through the blockchain seamlessly and effectively. Additionally, Vaculug is working with Israeli cybersecurity firms to further enhance security on the platform.

Blockchain Events and Conferences:

...and finally, some memes for your morning:

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.

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