Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs – September Week 4 – Innovation & Tech Today

Welcome to another edition of NFT Crypto Today! The last two weeks have been full of must-see events that will define points for the future of blockchain, cryptocurrencies and NFTs.

With Mila Kunis caught in an NFT scam investigation, rising oil costs impacting cryptocurrency markets, the Holesky testnet launching for the second time, and more, this week has been packed with essential news you should know. So, let's dive in and see what's going on!

Mila Kunis caught in NFT scam investigation

Mila Kunis is under investigation for a NFT Scam about his new series, stoner cats. About an old woman and her cat, the new production featured talents such as Ashton Kutcher, Chris Rock, Gary Vee and even Vitalik Buterin, the founder of Ethereum.

Kunis, Hollywood producers, and crypto experts marketed the new animated series as an NFT project that could raise funding through investments. After promoting the series on a TBS talk show and stating that it would only be available to NFT holders, over 10,000 NFTs were sold in 35 minutes.

Shortly after, Kunis and stoner cats They were reportedly investigated by the Securities and Exchange Commission for offering unregistered securities and misleading investors.

Rising oil costs are impacting the cryptocurrency market

Over the past 18 months there has been a notable decline in investor interest in high-risk assets such as cryptocurrencies. The lack of interest is due to the central bank's aggressive efforts to increase borrowing costs and control inflation. There are now concerns that the recent rise in oil prices could make the situation worse, as the report suggests. cryptocurrency experts.

The price of a barrel of West Texas Intermediate (WTI) has experienced an increase of 30% in the current quarter. It has crossed the threshold of $93 per barrel for the first time in 2023.

Noelle Acheson, author of the widely read newsletter Crypto Is Macro Now, expressed his views in this rise in the price of oil with CoinDesk: “This increase in oil prices is likely to contribute to underlying inflation and negatively affect consumer spending. “Consequently, it is expected to maintain high expectations for interest rates and negatively impact equity valuations, leading to more risk-averse market sentiment.”

Holesky Test Network launches for the second time

On September 28, Ethereum developers achieved their second attempt at launching the Holesky testnet. After a failed launch earlier this month, this second attempt went smoothly during the live stream. This new network is exciting for many developers as it will help them test the main Ethereum blockchain with ambitious scaling plans.

The European Commission investigates the environmental impacts of cryptocurrencies

In 2021, there were already concerns about the environmental consequences of data centers dedicated to cryptocurrency mining in the European Union's Plan to finance the shift to a Ecological Economy. There are still concerns about the environmental impacts and increased energy demand with data centers and distributed ledger technologies, especially those related to cryptocurrencies.

On September 26, the European Commission invested $843,000 in a study that will reveal the environmental impacts of cryptocurrencies. in a delicate documentstated the European Commission: "There is evidence that cryptoassets can cause significant damage to the climate and the environment and generate negative economic and social externalities, depending on the consensus mechanism used to validate transactions."

Reports Show Steady Drop in NFT Value

A study by dappGambl analyzed data coming from NFT Scan and CoinMarketCap and discovered a steady drop in NFT value. The researchers claimed that a staggering 69,795 out of 73,257 NFT collections currently own a market capitalization of zero Ether. In other words, about 95% of people (23 million) who own NFT collections find themselves with NFTs that have no monetary value, causing their investments to lose value.

The researchers He followed this data release with a statement: “This disheartening reality should serve as a sobering brake on the euphoria that has often surrounded the NFT space. Amid stories of digital art pieces selling for millions and overnight success stories, it is easy to overlook the fact that the market is plagued with difficulties and potential losses.”