NFT friendly rap icons Eminem and Snoop Dogg will be performing at MTV’s Video Music Awards (VMAs) together on Sunday, in a performance inspired by the Otherside metaverse and Bored Ape Yacht Club (BAYC) NFTs.
The Otherside is a collaboration project between Yuga Labs’ BAYC and NFT investment and gaming giant Animoca Brands.
Partnering with Otherside creator Yuga Labs, the global rap icons will be giving some major mainstream exposure to Otherside by transforming the VMAs stage into its style for their latest collaborative single ‘From the D 2 the LBC’. Specific details of the performance are sparse at this stage however.
In what appears to be a signal to the music industry that Metaverse performances deserve more recognition, the VMAs have also added a ‘Best Metaverse Performance’ category to its annual awards. Nominees for the award include Justin Bieber, Rift Tour (featuring Ariana Grande), and Twenty One Pilots.
The VMAs may be hoping that in embracing the Metaverse they will be able to reinflate their flagging viewership numbers. After peaking at 12.4 million viewers in 2011, the awards have seen a steady decline in viewers, with the 900,000 that tuned in live to watch the awards on MTV representing the 8th year in a row that viewership has decreased.
The single marks the first collaboration between the two artists in 20 years, with the duo up for the “Best Hip Hop” award. Both Eminen and Snoop dogg are hodlers of BAYC NFTs, and the song’s music video heavily features content from the NFT collection. Snoop Dogg has also recently featured in an EDM single called BAYC by Esther Anaya, in an animated video of Bored Apes and other NFTs.
Eminem had purchased a hip hop clothed Bored Ape on Dec. 31 for 123.45 ETH, and also has a collection of 28 other NFTs under the name Shady_Holdings. Snoop Dog is a much more avid participant within the NFT space, with a partnership between him and The Sandbox leading to ‘The Doggies’ collection of NFTs and buying a Bored Ape on Dec. 22.
Cryptocurrency exchange Binance will suspend deposits and withdrawals of Ether (ETH) and ERC-20 tokens during the blockchain's transition to its proof-of-stake (PoS) Beacon chain in September.
The world's largest exchange by transaction volume announced the move in a bid to provide stability during ‘The Merge’ which is touted to take place in mid-September 2022. Binance becomes the second major exchange to announce the suspension of ETH deposits and withdrawals, following Coinbase earlier in August 2022.
According to an announcement from Binance, the exchange is timing suspensions with two important upgrades that will facilitate Ethereum’s switch from proof-of-work (PoW) to PoS. The exchange noted that a new token could be created during a hard fork, necessitating steps to reduce trading risks and ensure the safety of user funds which could be affected by price volatility.
Binance will suspend deposits and withdrawals for ETH and ERC-20 tokens on Sept. 6 during the Bellatrix consensus layer upgrade as well as on Sept. 15 when the Paris execution layer upgrade is scheduled.
The exchange also put forth two scenarios it deems likely to occur during the Merge. Scenario A considers that no new token is created, which would see Binance reopen deposits and withdraws for ETH and ERC-20 tokens as a matter of priority.
The second scenario considers with the possibility of the Ethereum chain splitting into two competing chains leading to a new token being created. In this potential outcome, Binance will use the ETH ticker for the Ethereum PoS chain.
The exchange will then credit Binance users accounts with the forked token from the minority chain at a ratio of 1:1. This will be based on a snapshot of ETH balances before the Paris execution layer upgrade scheduled for Sept. 15.
Binance has indicated that withdrawals for a potential forked token will be supported and details of distribution will be addressed in a separate announcement closer to the time.
ETH and ERC-20 spot trading will not be affected during The Merge while users are urged to take risk measures during period of price volatility around hard fork situations. Binance will also suspend ETH cross and isolated margin borrowing between Sept. 14 and 16, while it noted that ETH cross and isolated margin pair should not be affected.
Trading of USDⓈ-M and COIN-M ETH Futures Contracts are also expected to be unaffected but Binance has indicated that it could take additional protective measures such as adjusting margin tiers like maximum leverage value and maintenance margin.
Ethereum PoW miners will be able to transfer their hash rate to the Ethereum Classic Binance Pool once the Merge has taken place.
Asian crypto exchange Zipmex has requested meetings with Thailand’s Securities Exchange Commission (SEC) and other regulators to discuss the firm’s “recovery plan.”
In a statement on Thursday, Zipmex said it had submitted a letter requesting meetings with the securities regulator, which will also be attended by the firm’s potential investors:
“We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies.”
Though the company was tight-lipped on who the investors may be, Zipmex noted that it was in “advanced stages” of discussion with two investors after signing three memorandums of understanding (MOUs) over the last month.
The funding round was initially reported in June, suggesting the potential capital injection was not tied to the company's more recent financial woes.
“The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia,” said Zipmex.
Despite the lack of names at this stage, the funding round is reportedly expected to be worth $40 million at a valuation of $400 million. Notably, Coinbase has already made an undisclosed strategic investment into Zipmex during Q1.
The requested discussions with the SEC come one month after the regulator launched a hotline for investors impacted by the withdrawal suspensions to report their complaints on the matter.
On Aug. 15, Cointelegraph reported that the company had scored more than three-months of creditor protection, protecting the exchange from potential creditor lawsuits until December 2, 2022, while it comes up with a restructuring plan.
With regulator eyes on Zipmex, the upcoming discussions should bear important information about how the company can proceed moving forward. Zipmex stated that it will soon provide further clarification on the matter around the middle of September.
Zipmex also revealed on Thursday that wallet transfers for its native token ZMT between its Z Wallets and Trade Wallets have been re-established this week, marking further progress as the company works to get fully operational again. This is only available via its website and not through the Zipmex App at this stage, however.
“By resuming the Z Wallet service and doing everything possible to resolve the aforementioned problems. I can confirm that we will continue to move forward to resume services to serve our customers effectively and fairly,” said Akalarp Yimwilai, co-founder of Zipmex.
The company operates compliant exchanges in Thailand, Indonesia, Singapore and Australia. As a result of the market volatility this year and exposure to firms such as Babel Finance and Celsius, Zipmex officially paused wallet withdrawals in late July.
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