Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional, and sometimes, rickety rollercoasters, you’ve come to the right place. So put on some soothing music and let’s go!
Dogecoin Soars After Musk Replaces Twitter’s Blue Bird With the Doge Dog
The value of Dogecoin (DOGE) increased by more than 35% when Elon Musk replaced Twitter’s well-known blue bird logo with the Shiba Inu dog logo of the cryptocurrency. According to CoinDesk, DOGE surged to a high of $0.1046 from around $0.077 just before the logo was changed.
Elon Musk has been a regular promoter of DOGE and has even claimed that the meme-based cryptocurrency has better payment functionality than Bitcoin (BTC). In January of last year, the Financial Times reported that Twitter was developing a system to enable payments on its platform.
Although Musk has stated that Twitter would primarily be a platform for fiat currencies, he has also been working to integrate cryptocurrencies into the social media platform.
Musk tweeted what appeared to be an AI-generated meme featuring the DOGE dog shortly after posting the logo change.
Senator Elizabeth Warren Goes to War on Crypto
Last week, Senator Elizabeth Warren (D-MA) tweeted from her campaign account that she was building an “Anti-crypto Army.” In the debate between Central Bank Digital Currency (CBDC) vs. blockchain-based cryptocurrencies, Warren is on the side of the government-controlled CBDC. This puts her at odds with Republicans such as Governors Rod Desantis of Florida and Kristi Noem of South Dakota, who have warned of threats to freedom and privacy posed by retail CBDC.
In an appearance last year on NBC’s Meet the Press, Warren told host Chuck Todd: “Instead of bitcoin, we could be talking about digital currency, that’s something totally different, because that’s a government-backed electronic transfer… but that has something that backs it up.” She added later, “If you think: We can improve that in a digital world? The answer is, sure you could, but in that case, let’s do a CBDC.”
The issue of a retail CBDC has become a partisan issue, with Democrats favoring government control and Republicans favoring deregulation, leaving little middle ground.
OpenSea’s Advanced NFT Market Met With Mixed Reviews
OpenSea has rebranded its Gem V2 platform as OpenSea Pro, introducing new features and tools for NFT trading. The move is aimed at winning back users from rival NFT marketplace, Blur. OpenSea acquired Gem last April to boost its appeal to regular NFT traders by enabling trades in NFTs across multiple markets and collections with a single transaction, significantly lowering gas fees.
In response, Blur has been offering incentives to encourage asset churning, causing OpenSea to lose market share. However, some have criticized Blur’s incentives for promoting fake trades. The new platform, OpenSea Pro, is offering an introductory zero-fee listing offer.
Users Push Back After Midjourney Banned Images of Xi Jinping
Users have found a way to create deep fakes of Chinese President Xi Jinping, despite Midjourney, an AI image generator, banning the creation of images of him. While Midjourney allows the creation of images for other world leaders, Xi is excluded due to his sensitivity to portrayals of his likeness, such as the banning of cartoons depicting him as Winnie the Pooh.
Midjourney’s founder and CEO, David Holtz, stated that the platform banned other image words based on local complaints on “various topics in different countries.” He claimed that the decision was not motivated by financial gain and that ensuring access to the technology for Chinese individuals was for the greater good.
In this Crypto NFT Today edition, Dogecoin gained over 35% as Elon Musk changed Twitter’s logo. Senator Elizabeth Warren opposes blockchain-based cryptocurrencies, opting for government-controlled CBDC. OpenSea rebranded to OpenSea Pro to compete with Blur. Users generate Xi Jinping deep fakes despite Midjourney’s ban, prompting controversy.