JPEX Review of Second Week of October with TRON Becoming the National Blockchain of the Dominican Republic Leading the Headlines

The second week of October brought about diverse news content which was categorized under crypto prices, circulation, regulation, adoption, Web3, and the Metaverse. 

JPEX did a thorough assessment of more than 100 articles and found the following to be most important within the second week of October. Ether, the second-largest digital asset by market capitalization, became a deflationary coin. Justin Sun’s TRON became the national blockchain of the Commonwealth of the Dominican Republic. 

Due to women remaining conservative about highly-volatile investments, a woman interested in crypto education is helping women invest safely in cryptocurrencies and launched what she called the “CryptoMom App” within the week. 

Following in the footsteps of certain countries, the city of Rio de Janeiro announced that it will be allowing residents to use crypto as payment for taxes. NFT Marketplace OpenSea integrated with another blockchain in the form of Avalanche and Christie’s auction featured an Algorand-backed NFT in one of its sales.

Leading Art Auctioneer “Christie’s” Featured Algorand-Backed NFT in its Sale 

On Monday, October 10, the Algorand Foundation announced that Christie’s will feature Italian contemporary artist Andrea Bonaceto’s AB Infinite 1 non-fungible token (NFT) art which was built on the Algorand blockchain at its auction which took place on Thursday, October 13 during Frieze Week in London.  

Algorand is an environmentally-friendly blockchain that achieves transaction throughputs at the speed of traditional finance at near-zero transaction costs. It relies on the Proof-of-Stake (PoS) consensus mechanism which has qualified Algorand as one of the few blockchains that have found an answer to scalability, decentralization, and security (collectively called blockchain trilemma). 

The work represents a snapshot of Bonaceto’s life in the eternal cycle. “I’m humbled to see AB Infinite 1 included in Christie’s prestigious Evening Sale next to traditional art masterpieces. I see NFTs as a tool to express artistically profound concepts, not only as certificates of authenticity but as a new brush in the hand of artists to craft unique concepts,” Andrea Bonaceto stated in the Algorand Foundation’s press release. 

Head of Web3 of the Algorand Foundation Shamir Ozery made it known that “Christie’s support of NFTs built on the Algorand blockchain demonstrates accelerating acceptance of digital art. Exposing collectors who frequent Christie’s auctions to Algorand blockchain will set a new standard for NFTs as the industry experiences a renaissance of digital art, redefining what art is and what it can do.”

ALGO, the native asset of the Algorand blockchain, has shed 10% of its opening day price of $0.3525 recorded on Oct. 1, as of Oct. 15. As of the end of the second week of October, ALGO was a medium-cap digital asset by market capitalization with more than $2 billion

OpenSea Launched on Avalanche

On Tuesday, October 11, OpenSea announced via its verified Twitter account that Avalanche is officially live on its platform. What this means is that Avalanche-based NFTs can be sold by artists on OpenSea. OpenSea will be operating on the blockchain in addition to other existing NFT platforms such as NFTrade and other NFT marketplaces solely created for Avalanche-based NFTs. 

As one of the highly scalable platforms, OpenSea users will be able to settle NFT transactions relatively faster than other chains. Speaking on the latest development, President of Ava Labs, John Wu told TechCrunch that “We listen to our community, and part of our community really wanted to have OpenSea. We have a budding vibrant creator and NFT community, and they wanted OpenSea as a choice.” 

As of October 2022, OpenSea has generated more than $20 billion in NFT trading volume. Avalanche also has healthy competition in the ranks of the biggest NFT blockchains by all-time sales volume. As of Oct. 16, Avalanche was seventh and had an all-time NFT sales volume of around $405 million

Brazil’s Rio de Janeiro to Start Accepting Crypto as Payment for Property Taxes 

On Tuesday, Oct. 11, the representatives of Brazil’s Rio de Janeiro announced in a published decree that it is searching for crypto firms that will help operate its tax property season in 2023. The firms will liaison with the tax authorities in the city to help residents use crypto as payments alongside fiat currencies. The latest development has made Rio the first city in the country to accept cryptocurrencies for tax payments. 

Due to the shadowy figures that create fake crypto companies to scam millions of unsuspecting victims, companies willing to use their technologies to help with the tax exercise must have the necessary licenses and certifications from the Brazilian Securities and Exchange Commission. 

Rio de Janeiro is not the first city or state to consider allowing crypto payments for taxes. In September, Colorado State in the U.S. announced that it has started accepting digital assets as payment for any taxes. Other states such as Utah, Wyoming, and Arizona have also introduced bills that could allow residents to pay taxes. 

CryptoMom App Was Launched to Entice Women into Crypto Investing 

On Wednesday, October 12, theCryptoMom App announced the launch of a new game-changing cryptocurrency investment management platform designed for women. This application will provide the best financial tools that will make cryptocurrency extremely accessible and relevant to women and mothers. “Our platform is the only inclusive community making a long-term commitment to the success of women investing in cryptocurrency,” CEO and co-founder of the CryptoMom App Kendra Cole said. “We want to provide the tools and educational resources necessary to encourage women to confidently participate in this $2.2 billion industry.”

TRON is Now National Blockchain for the Dominican Republic 

On Wednesday, October 12, theCryptoMom App announced the launch of a new game-changing cryptocurrency investment management platform designed for women. This application will provide the best financial tools that will make cryptocurrency extremely accessible and relevant to women and mothers. “Our platform is the only inclusive community making a long-term commitment to the success of women investing in cryptocurrency,” CEO and co-founder of the CryptoMom App Kendra Cole said. “We want to provide the tools and educational resources necessary to encourage women to confidently participate in this $2.2 billion industry.”

“This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure. The open and cost-effective nature of the TRON blockchain infrastructure will play a vital role to better integrate Small Island Developing States like Dominica into the global economy in the future,” Prime Minister Roosevelt Skerrit said. 

The Dominican Republic’s latest move adds to the growth of national digital currencies with China being the first country to launch a CBDC which has been involved in more than $14 billion in transaction volume. 

Ether (ETH) is Now a Deflationary Coin   

Ether, the native asset of Ethereum, became a deflationary coin in the second week of October. What this means is that the number of ETH coins in circulation will be gradually reduced when they are involved in transactions. This is due to Ethereum currently becoming a Proof-of-Stake (PoS) blockchain that does not rely on mining to confirm and validate transactions. 

The basis for the deflation began in August 2021 when the London Hard Fork brought about several changes as to how gas (transaction) fees are calculated. 

As of Oct. 16, more than 2.6 million ETH have been burned which corresponds to more than $8.6 billion. Ether is still a large-cap asset with more than $158 billion as a fully-diluted market cap. 

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