Daily Archives: April 18, 2022

PRESS RELEASE. Dvision Network has announced the third LAND Sale to be conducted on both the Polygon Network and the BNB Chain. The most exciting aspect of the third LAND Sale is that 50% of the available LAND NFTs will be sold through the Shopify Marketplace. Moreover, the LAND NFTs pre-minted on Polygon Network will be accessible on Shopify for purchase with credit cards, whilst the LAND NFTs pre-minted on BNB Chain will be accessible on Dvision Marketplace for purchase with DVI tokens.

The third LAND Sale officially includes the Berlin and San-Paulo Meta-Cities, which are the fifth and sixth cities in the pipeline of cities linked by Dvision World. As such, the LAND sale shall be carried out on 19th April, 2022, at 08:00 P.M KST.

Understanding LAND NFT

Naturally, it is important to understand what you are getting into beforehand. ‘LAND’ refers to the digital real estate that can be obtained. Not only this, but this real estate is also fully customizable within the Dvision Metaverse. In a nutshell, Dvision World can be thought of as the main gateway to every Meta-City. Each city in turn is composed of multiple Meta-Spaces, and the best thing about this is that the users are always in total control. Also, any user who owns LAND will also be given the chance to personalize and supply content if they desire, which will go to their respective Meta-Space.

So far, two LAND sales have already occurred. Whereas the first LAND Sale was only backed by the Binance Smart Chain (BEP-721) and the second LAND Sale was only done on the Polygon Network, the third LAND Sale looks to take the initiative by conducting the sale on both chains, thereby greatly increasing accessibility.

It is also equally important to work alongside notable companies and organizations in this sector. Dvision has therefore teamed up with various essential partners in this project to prepare for the third LAND Sale, which like any other noteworthy initiative, has involved plenty of obstacles that must be overcome if the sale is to be successful. Also, Shopify will not actively be taking part in the sale, as it is only acting as a typical marketplace and nothing more. Dvision has nevertheless obtained the Shopify Plus merchant certification in order to make the whole event possible through the Shopify NFT Beta Program.

More details about the third LAND sale

The very first Meta Cities were London, Tokyo, New York and Seoul, with the total number of cities being 20. In the third LAND sale, Dvision fans can look forward to the launch of Sao Paulo and Berlin, the fifth and sixth cities in the Dvision World.

As far as sales go, the first LAND auction sold 5,800 lots in Seoul and New York (PARCEL), whereas the second one sold 4,600 lots in Tokyo and London. With that in mind, the third sale will offer through the primary market approximately 3,800 NFT Lots.

For those who are interested to participate, there are two main methods to take part in the third LAND sale. They can either do it through the Dvision Marketplace, which is where they can find Berlin LAND NFTs which will be BNB chain-based NFTs and can be acquired by DVI tokens (BEP-20, or they may acquire Sao Paulo LAND NFTs which shall be obtainable via the Shopify-based Polygon Network marketplace using credit cards, such as PayPal or Coinbase Commercials. The Berlin LAND NFTs will be 2,035 lots while the Sao Paulo LAND NFTs will be 1,783 lots.

Key partnerships

Dvision has partnered with the Pacifiq IQ team in order to prepare the Shopify Marketplace for the 3rd LAND Sale. As to why Pacific IQ was chosen, the independent consulting firm was founded in 2016 and it specializes in Shopify eCommerce, marketing, and cloud-oriented ERP solutions. With their expertise, the Pacific IQ team was hence put in charge of all Shopify-related tasks, which included NFT Product Setup, setting up the payment gateway, and even the design for the UX/ UI. The Pacific IQ team is also largely responsible for producing the venue where the third LAND Sale will take place using Shopify’s platform.

Dvision Network has also been a long-time essential partner of Curvegrid, which has been providing Dvision with a bridge solution that presently supports Dvision’s multi-chain feature and is thus of the utmost importance. Curvegrid’s NFTeapot Shopify App enables Shopify merchants and integration experts like Pacific IQ to quickly add NFT capabilities to their shops. The program additionally makes it a lot easier for consumers to cope with the blockchain-oriented components of NFT buying procedures as it handles them automatically.

About Dvision Network

The Dvision Network is a blockchain-based NFT metaverse network that strives to be the best in the industry. Dvision Network creates a cutting-edge metaverse environment by using its own VR technology, thereby lowering entry barriers for all sorts of users worldwide. Due to this, it enables designers, businesses, and general users to immerse themselves in a genuinely dynamic metaverse experience. For more information and regular updates, be sure to check out Dvision’s website and Twitter, Medium and Telegram channels.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Terra (LUNA) has been aggressive about filling up its reserves with trusted cryptocurrencies to serve as a backup for its stablecoin UST. This has evolved over time to include a number of various cryptocurrencies that now make up its reserves sitting at $2.38 billion. This is still a long way from where the Luna Foundation plans for its reserves to be, making it a work in progress. In this report, we take a look at these reserve currencies and the portion allocated to each one.

Diving Into Terra’s Reserves

As mentioned previously, Terra’s crypto reserves have gone up to as high as $2.38 billion since it first announced it was starting the reserves. Luna Foundation Guard has been putting more money into its Bitcoin reserves, which it plans to get to at least $10 billion in BTC with time. This makes the pioneer cryptocurrency the largest of the holdings in this regard. Although there are other cryptocurrencies that mark the lineup, bringing the total to four.

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Following behind Bitcoin are the ERC-20 tokens which combined make up the second-largest percentage of the reserves at 23.2%. These are both stablecoins USDC and USDT, coming out to a total of $549.80 million of these tokens serving as reserves for USDT. 

Additionally, Terra’s native token, Luna, also makes the list of reserves used by the network. It accounts for 7.2% of all reserves with a dollar figure of $172.20 million and a total token balance of 2.25 million Luna tokens. 

The foundation recently purchased an additional 123.89 BTC to add to its reserves bringing its total to 42.53K BTC. This put Bitcoin in the large majority at 69.6% of all reserves, coming out to a total dollar value of $1.66 billion.

Where’s AVAX?

Last week, it was announced that Terra would add AVAX to its reserves as a way to combat the rising competition. This came as a result of a collaboration between Avalanche Foundation, Terraform Labs, and the Luna Foundation Guard who had said they would be purchasing about $200 million worth of AVAX to add to its reserves. 

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Do Kwon, founder of Terra, had explained that the decision to add AVAX to Terra’s reserves had been fueled by the loyalty to the network. However, a look at LFG’s reserves shows that there is no AVAX in sight. This could easily mean that the foundation is yet to add AVAX to its reserves.

However, per the deal with Avalanche Foundation, both the Avalanche Foundation and Terraform Labs currently hold $100 million worth of AVAX each, while the Avalanche Foundation now holds $100 million worth of LUNA and $100 million worth of UST.

Featured image from CryptoSlate, chart from TradingView.com

In an interview with Cointelegraph reporter Joe Hall on April 12, David Olsson, global head of institutional distribution at BlockFi, shared his insight on the state of institutional adoption of cryptocurrencies. BlockFi is a financial services company that offers retail wealth management products such as crypto-backed loans, interest accounts, Bitcoin (BTC) rewards credit cards, etc. Meanwhile, for institutional investors, BlockFi’s proprietary platform provides financing for capital efficiency, the ability to borrow coins for hedging and shorting, and institutional-grade trading infrastructure.

When asked about any exciting trends among institutional clients adopting crypto, Olsson told Cointelegraph, “Out of the 80% of Top 50 hedge funds in the world we’ve spoken to, they all are embarking on some sort of crypto journey, such as starting a trading desk or investing in crypto native firms run by 25 to 30-year-olds that know how to extract alpha from crypto markets and manage the risks.” 

“It really is a generational story. The early asset managers don’t have the natural, digital native perspective of someone that’s younger. But we see a tremendous amount of interest.”

Olsson told Cointelegraph that hedge funds have been preparing for quite a while to venture into crypto, given the significant increase in liquidity and institutionalization of the space over the years. According to a study conducted by Fidelity last year, 70% of surveyed financial institutions plan to invest in crypto in the next year, while 90% said they plan to do so in the next five years. “Bitcoin has returned more than 100% per year on avg. over the last 10 years, compared to around 10% per year for equities in the U.S. So it’s just becoming too big in terms of mindshare for people to ignore,” Olsson added.

“Crypto can fix the plumbing of the financial system worldwide, starting with eliminating expensive fees from banks.”

But Olsson also pointed out that some institutions don’t feel 100% comfortable, as jurisdictions with high liquidity for crypto don’t always have the regulation to back them. “For adoption to increase, you need an institutional infrastructure, which means KYC [Know Your Customer], AML [Anti-Money Laundering] mechanism, which means financial transparency, cyber security, all the things that clients care about.”

As Cointelegraph previously reported, demand from major investors could still be running high, with 30,000 BTC moved off Coinbase on April 15.

The American economy continues to look gloomy and signals pointing toward a looming recession continue to appear. In a note sent to clients this week, Goldman Sachs’ chief economist said the bank envisions the “odds of a recession as roughly 15% in the next 12 months and 35% within the next 24 months.” Furthermore, the renowned financial expert John Mauldin details that he would not be surprised if the stock market crashed by 40%, as he believes a recession is likely due this year.

Goldman Prediction: ‘Odds of a Recession Roughly 15% in the Next Year, 35% Within the Next 24 Months’

The U.S. economy is dealing with significant pressures as supply chains are restricted and consumer prices are soaring amid war taking place overseas in Europe. Just recently, Bitcoin.com News reported on last month’s consumer price index data that had shown America’s inflation rate increased sharply to 8.5% in March.

A couple days later, our newsdesk explained how the hedge fund manager Michael Burry believes the U.S. Federal Reserve has no intentions of fighting inflation. Moreover, the famed author, Robert Kiyosaki, thinks hyperinflation and depression are already here.

In a note sent to investors this week, Goldman Sachs’ chief economist Jan Hatzius detailed Goldman’s forecast and the probability of the U.S. falling into a recession. Hatzius said the Federal Reserve faces a “hard path to a soft landing” and Goldman expects the chances of a U.S. recession to be 35% over the next two years.

“Our analysis of historical G10 episodes suggests that although strong economic momentum limits the risk in the near-term, the policy tightening we expect raises the odds of recession. As a result, we now see the odds of a recession as roughly 15% in the next 12 months and 35% within the next 24 months,” Hatzius explained.

Hatzius further detailed that historical patterns are showing the economy could get rocky. He noted that 11 out of 14 economic cycles since World War II have led to a recession within a 24-month period. “Taken at face value, these historical patterns suggest the Fed faces a narrow path to a soft landing as it aims to close the jobs-workers gap and bring inflation back towards its 2% target,” Hatzius added.

Bridgewater Associates Founder Ray Dalio Expects a ‘Period of Stagflation’

Goldman’s chief economist is one of many predicting a downturn in the U.S. economy in the coming months. Over the last few months, a great number of financial analysts and economists have been attempting to predict the U.S. economy’s future.

During an interview with Yahoo Finance published on April 4, Ray Dalio, Bridgewater Associates founder, and co-chief investment executive, said he envisions a stagflation environment. Dalio remarked:

So what you have is enough tightening by the Federal Reserve to deal with inflation adequately, and that is too much tightening for the markets and the economy. So the Fed is going to be in a very difficult place a year from now as inflation still remains high and it starts to pinch on both the markets and the economy. I think that most likely what we’re going to have is a period of stagflation. And then you have to understand how to build a portfolio that’s balanced for that kind of environment.

Best-Selling Author and Financial Expert John Mauldin: ‘My Instinct Tells Me This Will Not Be a 12-Month Wait’

The well known financial expert John Mauldin is predicting an economic downturn as well, as he recently explained that he would not be surprised if the stock market crashed by 40%. “[Fed chair Jerome] Powell and his crew hope to engineer the fabled ‘soft landing,’” Mauldin opined. “I really doubt they can do it,” he added.

Mauldin remarked on how the 2-year Treasury yield recently surpassed the 10-year Treasury yield, which recorded an inverted yield curve. “That’s the opposite of normal. Then again, a bunch of things have been the opposite of normal lately,” Mauldin said. The financial analyst is known for predicting the U.S. recessions that occurred in 2000 and 2008, and he believes the tell-tale signs are no different. “We have many indications recession is near,” the blog post written by Mauldin notes. The financial analyst’s blog post concludes by stating:

There is absolutely no way to precisely predict when a recession begins. My instinct tells me this will not be a 12-month wait. I think things just continue to slow down and one day we’ll look up and see a recession. And then a little bit later we’ll be growing again. That’s how these things work.

What do you think about the predictions concerning a possible recession in the United States? Do you expect an economic downturn to take place in the near future? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.