Various South Korean retailers, such as Lotte and Hyundai, are closing their NFT (Non-Fungible Token) operations successively, dealing a significant blow to the sector. According to Herald Kyungjae, Lotte Home Shopping, the e-commerce division of Lotte, is discontinuing its NFT trading platform. Lotte introduced the NFT Shop platform slightly over two years ago, in May 2022. The company declared on June 12th that it would cease its NFT shop services by July 2nd, 2024.

A Sound Strategy

The platform, accessible through the Lotte Home Shopping mobile app, was conceived as part of a mid- to long-term strategy for constructing a metaverse platform. Unlike typical NFT trading platforms, NFT Shop utilized fiat KRW as its transaction currency to enhance accessibility for non-crypto holders. To bolster the appeal even further, the company launched its line of NFTs featuring its corporate character, Bellygom.

Lotte Home Shopping collaborated with Daehong Communications, a crypto startup owned by the Lotte Group, for this venture. The NFTs were released on the Polygon (MATIC) blockchain network. Subsequently, Lotte Home Shopping expanded its NFT collaboration with Daehong. Additionally, Lotte Home Shopping incorporated NFT tie-ins with its virtual influencer Lucy. The company also planned to facilitate secondary NFT sales on Opensea, the largest NFT trading platform in the world.

NFTs Slowly Winding Down

The closure of NFT Shop signifies Lotte Home Shopping completely exiting the NFT sector. The company will transfer all remaining NFT business interests, including Bellygom NFT, to Daehong. This move follows Hyundai Department Store also recently deciding to leave the market.  Shinsegae, another retail giant, has significantly reduced the scope of its NFT offerings.

Meanwhile, Hyundai introduced its NFT wallet services (H.NFT) in 2022, offering customers discounts and free gifts. An unnamed industry insider mentioned that retailers initially rushed into the NFT business. However, as the NFT market has slowed down, they are now closing their platforms one after another. Instead, they are concentrating on enhancing the competitiveness of their core business areas.

Jeo Boden (BODEN), a meme token cleverly named after United States President Joe Biden, experienced a surge of 26%, reaching a high of nearly $0.20 within five hours of his son, Hunter Biden, being found guilty on three charges in a federal gun case on June 11th. Hunter, who has struggled with addiction, was convicted of falsifying information on a form to purchase a Colt revolver in 2018 and faces a maximum sentence of 25 years in prison.

A Mixed Bag

The Hunter Boden (HUNTBODEN) token saw a significant increase of 116% to a daily high of $0.0022, while the First Lady-themed Jill Boden (JILLBODEN) token dropped by 9% during the same period. However, these gains were short-lived, as BODEN and HUNTBODEN dropped by 6% and almost 54% respectively in the last 24 hours, and JILLBODEN decreased by 14.7%.

In addition, the market capitalization of HUNTBODEN is considerably smaller at under $583,000 compared to BODEN which is over $124 million, as reported by GeckoTerminal. In contrast, Doland Tremp (TREMP), a Solana meme coin named after former United States President Donald Trump, experienced a decrease of over 12% to $0.93 on the same day.

These declines coincide with a broader market downturn, with top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) seeing drops of 5% or more in the last day. Bitcoin (BTC) and Ether (ETH) also experienced respective drops of 3% and 4.5% in the last day, with BTC trading at $67,395 and ETH at $3,503, according to Cointelegraph Markets Pro.

Pros And Cons Of Meme Coins

Investing in meme coins can offer the potential for substantial returns, driven by their volatile nature and the possibility of rapid price surges. Additionally, these projects often boast active and passionate communities, fostering engagement and support. Furthermore, meme coins typically have low entry barriers, making them accessible to a wide range of investors.

However, it is essential to consider the downsides. Meme coins are notorious for their extreme volatility, which can lead to significant losses as prices fluctuate based on social media trends and sentiment. Moreover, many meme coins lack fundamental value or utility, leaving them vulnerable to speculative bubbles and market manipulation. Regulatory scrutiny also poses a risk, as authorities may increase oversight due to concerns about investor protection and financial stability.

At the recent Oslo Freedom Forum conference, concerns about Central Bank Digital Currencies (CBDCs) were prominent. Participants, including activists, government officials, and citizens, expressed worry about governments leveraging CBDCs to control opposition movements, particularly in authoritarian regimes like Russia and Nicaragua.

The Dark Side Of CBDCs

The experiences of figures like Carlos Chamorro, Jimmy Lai, and Alexei Navalny illustrate the aforementioned fear. Chamorro faced asset seizures and statelessness in Nicaragua for criticizing the government. Lai in Hong Kong is currently facing life imprisonment for similar reasons, with the government freezing assets to silence dissent. Navalny in Russia, before his death, experienced asset seizures and arrests due to his anti-government activism.

The rollout of CBDCs in countries like Nigeria and China further underscores concerns. Government inefficiencies in implementation, such as the clunky Nigerian CBDC app, raise doubts about their capabilities. However, there is a darker side, as governments might resort to force to compensate for these shortcomings, as seen in the orchestrated cash shortage within Nigeria.

Potential Misuse

Warnings made by Liu Xiaobo about communist control over the income of Chinese citizens is another example of potential abuse. If governments control income and currency, dissent becomes nearly impossible. This sentiment was echoed at the Oslo Freedom Forum, where participants stressed the heightened difficulty of activism in a world where governments have total control over the finances of their citizens.

At their core, CBDCs are digital forms of sovereign currency issued by central banks. They operate on blockchain or digital ledger technology and are considered legal tender, providing a digital alternative to physical cash. Governments around the world are mainly backing CBDCs in an effort to curb the growing popularity and mainstream usage of cryptocurrencies.

Nevertheless, the forum emphasized the importance of raising awareness about CBDC risks. Many are unaware of the implications, making education a crucial step in mobilizing against potential abuses of CBDCs.

Ethereum (ETH) had dominated the NFT sector for some time, but Bitcoin (BTC) recently surpassed it to become the top player. NFTs saw a resurgence, with Bitcoin leading in sales, experiencing a significant 55.42% increase to reach $49.74 million. However, this surge was accompanied by a rise in wash trading, increasing by 15.39% to over $39,000, raising concerns about the authenticity of some activities.

Slow And Steady

Despite the increase in wash trading, the number of active Bitcoin buyers dropped by nearly 96%, with only 2,056 addresses participating in the market. Ethereum, the former leader, followed closely with $35 million in NFT sales, a slight decline of 0.31% compared to the previous week. However, Ethereum had a higher number of active buyers, though this still marked a significant 56.33% drop compared to the prior week.

Other blockchains also made progress. Polygon saw a healthy 29.43% increase in sales, reaching $19.63 million. Solana claimed the fourth position with $18.225 million in sales, while Immutable X experienced a 12.77% increase in sales, strengthening its position in the NFT ecosystem.

A Mixed Bag

A popular collection on the Bitcoin network, Quantum Cats, experienced a 51% increase in sales volume over the past month, with sales transactions growing by 33% during this period. Despite the heightened interest in Bitcoin NFTs, the amount of active addresses on the Bitcoin network significantly declined.

Infact, the number of daily active addresses on the Bitcoin network decreased to 613,000 in the last 30 days. The reduced activity on the network also impacts miners, affecting their ability to generate revenue based on network transactions.

Michi, yet another meme coin associated with Solana (SOL), experienced an 18% surge early Monday, as per CoinGecko. This uptick followed pop star Ariana Grande sharing the meme on her Instagram story, an action which many interpreted as Ariana openly supported the meme coin.

Michi Takes Over

The meme coin depicted Michi holding a pink love potion amidst posters featuring a man adorned with kiss prints on the wall. Created by a Grande fan account, this edit was a nod to a music video for her song The Boy Is Mine.

After Ariana shared her Instagram story, Michi saw a modest 3% increase to $0.22 over 8 hours. However, when crypto influencer Ansem, known for boosting coins like Dogwifhat (WIF), highlighted the repost on X, Michi surged 18% to $0.26 within an hour.

Another Celebrity Joins In

The aforementioned spike occurred amidst a trend of celebrities venturing into crypto. Caitlyn Jenner launched two meme coins, Iggy Azalea introduced her own, and former kickboxer Andrew Tate went on a meme coin buying spree.

Speculation arose on Crypto Twitter regarding the authenticity of the repost, but many believe it was a genuine act. Michi had garnered meme status prior to becoming a meme coin, suggesting that most people sharing the image may not be aware of its crypto ties. Lastly, the repost does not seem to be a result of a hack, as Grande continued her usual social media activity, including posting a birthday message for her mom.

Controversial trader Keith Gill, also known as Roaring Kitty on social media, has once again sparked some fresh volatility in the crypto market with a recent social post. In the post, he shared the opening scene as shown in The Dark Knight movie, directed by Christopher Nolan, on his official X account Sunday evening. This action quickly led to a 14% surge in the value of the Solana-based meme coin within minutes, according to CoinMarketCap.

History repeats Itself

As a result of what Gill did, trading volume saw a significant increase of 38% to $225 million over the last 24 hours. Gill is no stranger to controversy, and his social media activity continues to impact both traditional and cryptocurrency markets. Last week, his Reverse Uno Card post resulted in a threefold increase in the value of GME. However, his highly anticipated YouTube livestream disappointed investors, causing the meme coin to plummet by a whopping 60%.

Traders Growing Wary

Despite his influence, the aforementioned decline suggests that traders may be growing wary of Gill and his influence regarding investment decisions, as evidenced by GameStop experiencing a relatively modest price movement compared to the previous week.

Furthermore, many kitty-themed cryptocurrencies, including Kitty AI, experienced declines in their value. These coins had previously surged in response to the Roaring Kitty frenzy. As of the latest data by Benzinga Pro, GME is trading at $0.0208. In after-hours trading, GameStop shares dropped by 3.82% to $28.22 following a 39.4% decrease in price during the regular session on Friday.

Cardano (ADA) is poised to enter the final phase of its ambitious roadmap, the Volatire era. This upcoming upgrade will enhance the Cardano blockchain by incorporating CIP-1694, thereby evolving the Proof-of-Stake (PoS) network into a fully decentralized governance system.

The Wait Is Almost Over

Founder Charles Hoskinson has confirmed that the long-awaited moment is nearing, signaling the end of a lengthy wait for users. Hoskinson has announced via social media the imminent release of Cardano Node version 9.0 in June. This update will introduce the highly anticipated Chang hard fork, a significant transformation for the network.

Upon the activation of the hard fork, Cardano will begin its transition to a decentralized governance structure, as outlined in the CIP-1694 proposal. The first Chang update will kickstart this process, with subsequent upgrades in Q4 2024 unlocking additional governance features. Hoskinson envisions Cardano as a decentralized global entity with millions of participants, boasting an advanced blockchain governance system guided by community input.

Key Details

The Chang hard fork is instrumental in implementing CIP-1694, which aims to enable ADA holders to participate in on-chain governance actions. Following the hard fork, all Genesis keys will also be eliminated, symbolizing a shift towards full community control over the Cardano protocol.

Hoskinson believes that with the implementation of CIP-1694, Cardano will surpass competitors like Bitcoin (BTC) and Ethereum (ETH) in decentralization, although this remains to be seen. In any event, the transition to the Voltaire era signifies a crucial step towards genuine decentralization for Cardano, promising inclusive and transparent governance.

K3 Labs, focusing on the NFT sector, has received pre-seed funding via Finality Capital Partners. Although the exact amount is unknown, this investment sets the stage for their entry into the booming NFT market.

Glacier Network has secured $8M via Gate.io. Glacier is building a composable, modular and scalable L2 data network for large-scale dApps.

Mountain Protocol USD has successfully closed their Series A round, raising $8M with support by Multicoin Capital. This funding will enable them to scale their operations and advance their protocol.

Halo Wallet has secured $3.00M in seed funding, with HashKey Capital leading the charge. Halo Wallet is a secure and easy-to-use crypto wallet that supports multi-chain aggregation.

Bitstamp raised $200M and announced a major M&A deal with Robinhood, signaling significant developments in the cryptocurrency exchange landscape and paving the way for future growth opportunities.

The Sandbox has raised $20M in undisclosed funding, with Animoca Brands backing their vision for the metaverse. The Sandbox was one of the first companies to delve into the metaverse concept.

XREX Inc. has secured $18.75M in strategic funding by Tether.io, strengthening their position in the cross-border payments industry and facilitating their mission to revolutionize global transactions.

Nubit has secured $8M in seed funding, with Polychain Capital leading the round. Nubit is a Bitcoin-native data availability layer designed to revolutionize transaction processing on the Bitcoin network.

GoPlus Security has secured $10M in undisclosed funding, with support by HashKey Capital. At its core, GoPlus is a Web3 security infrastructure provider.

Stashh Labs has raised $3.3M in undisclosed funding, with HashKey Capital leading the round. Stashh is an omnichain social hub where NFT creators connect, collect, and discover together.

Starpower has secured $2M in pre-seed funding, with Alliance DAO backing their vision for the future. Starpower is an energy network that connects energy equipment to empower applications like Virtual Power Plants and Carbon Credit systems.

Avail has raised an impressive $43M in Series A funding, with DragonFly Capital leading the round. Avail is a Web3 infrastructure layer designed to allow modular execution layers to scale and interoperate in a trust-minimized way.

Fhenix has secured $15M in Series A funding, with Hack VC leading the investment. This funding will enable Fhenix to accelerate its product development and expand its market presence.

Lastly, Toposware has been working alongside P2 Ventures (Polygon Ventures), signaling a new chapter for the company. Toposware is building disruptive technology for a trustless, connected future.

Bitcoin (BTC) and the broader crypto market experienced a significant decline on Friday when the leading cryptocurrency tested $69,000 but failed to maintain that level, resulting in a drop of over $2,000. The weekend saw minor fluctuations as the asset managed to regain some value, stabilizing around $67,500. The cumulative market capitalization of all crypto assets has decreased by over $80 billion, falling to under $2.7 trillion on CoinGecko.

Maintaining Momentum

On Monday, Bitcoin briefly surpassed $70,000. Despite an initial setback, it rebounded and exceeded that threshold on Tuesday. It maintained levels above $70,000 for several days and even reached a multi-week peak of $72,000 on Friday. However, echoing the previous Friday, Bitcoin faced resistance at $72,000, leading to a sharp decline driven by bearish sentiment. The flagship crypto dropped to a multi-day low of $68,500. While it has since recovered slightly and now hovers above $69,200, it remains down by nearly 3% for the day.

Elsewhere, various altcoins have suffered even more significant losses. Ethereum (ETH) has declined by 3.5% and is trading below $3,700. BNB dropped to under $690, while SOL plummeted by nearly 6%. Further losses were observed in Dogecoin (-8.5%), Avalanche (-7%), Chainlink (-7%), Polkadot (-8%), NEAR (-8%), UNI (-7%), and MATIC (-8%). FIL was the only notable gainer, while WIF, ARB, and FET have experienced double-digit declines.

Other Markets

The upcoming Fed Dot Plot release is anticipated to shed light on the stance being taken by the central bank regarding potential rate cuts, reflecting ongoing concerns over inflation. Meanwhile, Wall Street continues to exhibit renewed risk appetites, driving market activity. However, expectations suggest that the Fed may temper its rate-cutting plans due to persistent inflationary pressures.

Meanwhile, a significant asset sale by banks is providing a boost to the bond market, as detailed in the Credit Weekly report. Recent developments include prolonged work stoppages by the Mali Bankers Union following the arrest of their leader alongside Colombia deciding to halt coal sales to Israel.

Additionally, U.S. sugar tariffs are prompting candy makers to relocate operations to Canada, while an oil rally lifts commodity prices and global equities although Treasury bonds have declined. Lastly, Colombian banks are being urged to stimulate growth through affordable credit provision.

Former United States President, Donald Trump, is making waves in the cryptocurrency world once again, this time by dubbing himself the Crypto President at a high-profile fundraiser in San Francisco. The event, hosted by tech heavyweights David Sacks and Chamath Palihapitiya, saw Trump rally support and raise an impressive $12 million.

Trump Lambastes Democrats

Unsurprisingly, Trump took aim at the Democratic Party and their regulatory efforts in the crypto sphere while expressing his unwavering support for the industry. However, Trump remained tight-lipped about his own proposed crypto policies, leaving attendees curious about his plans.

Even in the liberal bastion of San Francisco, Trump found allies among prominent venture capitalists and crypto investors who share his concerns about overregulation. Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, echoed what Trump had been saying about the United States Securities and Exchange Commission (SEC) overstepping its authority and influence, especially in the crypto sector. 

More Than Meets The Eye

Despite his support, the relationship between Trump and crypto has been nothing if not tumultuous. He branded crypto a disaster waiting to happen back in 2021 whereas now in 2024, he is a vocal advocate. At one point, he even boasted a crypto portfolio valued at over $33 million.

Still, not everyone is convinced and many believe Trump is simply using his support of crypto as a strategy to get more votes. After all, most crypto supporters are either millennials or Gen Z and these are the people whose votes matter the most in terms of overall numbers. There is also the notion that if Trump is re-elected, he will cease all support for crypto entirely.

Once again, celebrity-backed meme coins are causing a stir in the crypto world, as stars like Iggy Azalea and Hulk Hogan jump on the bandwagon, promising sky-high returns. Unsurprisingly however, the latest craze is not all glitz and glam, as the Hulk Hogan Solana-based coin, aptly named HULK, recently took a $17 million tumble, leaving investors scratching their heads.

Reasons Behind The Crash

WWE icon Hulk Hogan had launched a meme coin on Solana in order to capitalize on the current craze surrounding celebrity-endorsed meme coins. Nevertheless, HULK experienced a staggering $17 million decline on June 6th when its entire market cap suddenly plummeted to $11,000.

Ironically, the crash was triggered by Hulk Hogan himself, who unexpectedly deleted his social media posts related to the Solana meme coin, causing significant losses for HULK holders. Some of these deleted posts even referenced Iggy Azalea and her promotion for her meme coin, MOTHER.

In any case, suspicion quickly arose regarding Hulk Hogan and his involvement in the rug pull. Observant crypto users noted discrepancies in what Hogan was posting on social media, including recycled video content promoting the meme coin. However, the former WWE world champion and his team denied authorizing the deleted posts, leaving investors uncertain about the situation.

Caution Against Celebrity Meme Coins

Ethereum (ETH) founder Vitalik Buterin criticized celebrity-backed meme coins, stating that they offer little value beyond quick financial gain. He emphasized the importance of projects contributing to the public good and dismissed celebrity-endorsed projects lacking substance.

Moreover, regulatory authorities have penalized several influencers, including Kim Kardashian and Floyd Mayweather, for fraudulent crypto promotions. Sahil Arora, associated with many of these fraudulent tokens, has been linked to previous projects like the now-defunct SOULJA BOY token. On the other hand, Solana founder Raj Gokal expressed a laissez-faire attitude towards the proliferation of meme coins, suggesting that people should enjoy themselves.

At any rate, the influx of celebrities into the crypto space, driven by self-serving financial motives and lacking genuine understanding of the technology, poses several risks which could invite increased regulatory scrutiny going forward.

Last year, Binance faced significant regulatory pressure, resulting in notable departures within certain markets and the temporary suspension of specific services. Nonetheless, as the cryptocurrency exchange stabilizes, it is gradually reintroducing its offerings, including the restoration of its Mastercard service.

The Road To Recovery

Recently, Binance announced the relaunch of its card payment option in collaboration with Mastercard. This move comes after Mastercard ended its partnership with the exchange in September 2023, coinciding with Visa also deciding to withdraw due to regulatory issues.

Following this update, Binance users now have the option to utilize Mastercard, Visa, or SEPA for asset purchases and transfers. It is worth mentioning that the reintroduction of Mastercard as a payment option does not encompass the proprietary card option. However, the exchange has assured users that any updates regarding this will be communicated in due course.

Slow And Steady

In a separate development earlier this year, Alchemy Pay introduced its Crypto Card Mini app on the Binance marketplace in partnership with Binance Pay. This integration, designed to enhance payment experiences, allows Binance users to access fiat-crypto payment solutions in over 173 countries.

Despite these advancements, it is important to note that certain regions, including the United States, Canada, Singapore, Japan, the United Kingdom, the United Arab Emirates, and Australia, may not have access to these services due to regulatory constraints affecting Binance in those specific jurisdictions.