Welcome to Nonfungible Tidbits, a weekly roundup of news on crypto, NFTs and their related fields.
Our main story this week is Twitter signing on as the first company to use Stripe’s new cryptocurrency payment feature. The social network plans to give creators — people who monetize their video, art, and music directly through their audience relationships — the option to get paid in stablecoin.
We’ll also cover Coinbase launching a beta version of its NFT marketplace, New York lawmakers considering a moratorium on fossil fuel-powered cryptocurrency mining in the state, and a bizarre cyberattack on a DeFi protocol in which the hacker left stolen cryptocurrency behind.
Stripe to start cryptocurrency payments, starting with Twitter
Online payment processor Stripe said on Friday it would allow businesses to pay customers in cryptocurrencies. The first company to sign up for this feature is social media giant Twitter, which currently uses Stripe to pay creators. Currently, the cryptocurrency that will be used for payment is acalled USDCoin, or USDC. The value of the USDC stablecoin is pegged to the US dollar, which makes the value less volatile than other cryptocurrencies, such as bitcoin.
Twitter will build on Stripe’s cryptocurrency payment feature by offering it as an option to creators who sell premium content to their followers, such as those who receive revenue from Twitter’s paid payments.. Creators can choose to send their payment to a digital wallet.
Coinbase Launches NFT Marketplace Beta
Cryptocurrency exchange Coinbase on Wednesday released the beta version of a feature that will allow users to buy and sell NFTs on its platform. Coinbase calls the new feature “a Web3 social marketplace for NFTs”, which looks like the exchange may include social media elements in the feature. Currently, the beta version only allows users to see EthereumNFTs based on Coinbase.
Read CNET’s full story on Coinbase’s NFT Marketplace launch here.
New York Lawmakers Consider Crypto Mining Moratorium
A battle over how and whether cryptocurrency mining should be allowed to operate is heating up in New York, according to a Wall Street Journal report. New York lawmakers are considering measures that would impose a two-year moratorium on the reactivation of old fossil-fuel power plants in the state for cryptocurrency mining.
The Cambridge Bitcoin Electricity Consumption Index estimates that the energy consumption of the bitcoin network is a little less than the energy used by the entire Egyptian country. Greenpeace and other organizations are currently engaged in to reduce the carbon footprint of networks.
Hacker Mines DeFi Protocol Then Leaves Stolen Cryptocurrency Behind
In a strange turn of events, a hacker stole $1 million in crypto from a decentralized finance protocol called Zeed and then failed to get it out. Generally speaking, DeFi protocols are sets of codes that run on blockchains and facilitate various financial transactions and transfers using cryptocurrencies. Business Insider India called hacking akin to robbing a bank then forgetting the money bags. The publication also noted that almost 97% of all stolen cryptocurrency this year came from hacks and exploits of DeFi protocols.
Thanks for reading. We’ll be back with lots more next week. Waiting,by CNET’s Daniel Van Boom on how an Apple iCloud exploit cost a cryptocurrency trader over $650,000.