Crippled firm Celsius Plans a Strategic Recovery

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Here is the breakdown of today's newsletter:

💰 Crippled firm Celsius plans a strategic recovery

🤖 Chat GTP has generated the first AI written blockchain white paper

• Crippled firm Celsius plans a strategic recovery

• BAYC ecosystem assets hit close to 50% of total ETH NFT volume in a week

• Doodles Unveils Doodles 2 Details and Flow Expansion

• Russian Bitzlato co-founder Anatoly Legkodymov arrested for money laundering claims

• Moonbirds creator Kevin Rose loses $1.1M+ in NFTs after 1 wrong move

• Wormhole hacker transfers $155 million to a Decentralized Exchange

• Web3 gaming platform Fractal expands to Polygon network

Celsius Plans to make a comeback

Celsius, a crippled crypto lending and borrowing platform, is planning to come back after its collapse in mid-July last year. The firm is set to comply with US regulations as well as go public with tokenized shares that pay dividends to holders.

CelsiusFacts, a Twitter user following the firm’s bankruptcy case, posted a thread with the update. According to the tweet, Celsius will refund all small-scale creditors with less than $5,000 held in the platform’s accounts. Moreover, creditors with locked amounts not exceeding $7,500 will withdraw up to 94% of their deposits.

At the same time, large token creditors will receive a debt token with the equivalent value of their staked funds. They will have the privilege of choosing whether to hold the token if they believe in Celsius’ planned recovery or sell it to cash out on their investments.

Defunct Celsius filed for bankruptcy protection against depositors after reporting a gaping hole in its books. The firm had $1 billion in digital assets and close to $10 billion in liabilities spread across more than 100,000 creditors in the US and worldwide. According to the thread, Celsius is avoiding liquidating its assets at a discount to competitors in the industry.

Photo of the day

Will Chat GTP disrupt blockchain technology?

Recently the well-known online AI-powered communication bot stormed the headlines when a computer science researcher used the tool to generate the first AI-written blockchain white paper. Could this be a gateway to the future of AI in NFTs and crypto?

Art Spotlight:Dmitri Cherniak

Dmitri Cherniak is a Canadian cryptographic artist showing great potential in the NFT world. He began his crypto career in 2014 by participating in Coinbase’s tripping widget that facilitated a journalistic crowdfunding project. Dmitri Cherniak minted his first NFT on OpenSea in 2019 and has since sold 17 tokens. His artistic styles involve a variety of colors, shapes, and patterns that have a magical touch on enthusiasts’ feelings giving him an edge over other creators in the space.

You can find Dmitri’s collection on his verified OpenSea profile.

🚀Important links: Instagram, Twitter, Website

NFTs Could Revolutionize the Fashion and Luxury Goods Market

Non Fungible tokens have sparked a wave of zeal and zest in the entire blockchain industry. Apparel brands currently lead other sectors in the web3 space, according to CoinGecko. Nike currently leads the pack with gross revenue of over $1.2 billion.

The current growth pace just shows how much potential NFTs have in disrupting various industries, including the Fashion and Luxury goods field.

Non-Fungible Tokens will allow brand owners and luxury goods customers to verify the authenticity and history of ownership of a particular item. The feature will greatly influence customers' confidence when making these purchases. Another important contribution NFTs are likely to bring into the niche is the use of digital fashion design. Fashion designers could use NFT curation designs to create exclusive art pieces that can be replicated on physical items and sold as NFTs.

NFTs are virtual assets, making them easily stored, accessed, and transferred from anywhere in the world. This assures the Fashion Industry massive potential to reach a global audience for sales, marketing, and shipping. Verified products on the blockchain network will also improve the quality and transparency of buyers and sellers.

Meme Drop

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Follow the team: Olumide Gbenro, Chris Hauser, Sandro IEVA 

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