Crypto project snaps up Fyre Fest site

Akon offers a new update on his $6 billion crypto city. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap 924.67B (+0.34%) 24 Hour Volume 58.67B (+78.00%) Notable Movers[(KLAY) $0.1835]( (+18.66%) Notable Movers (DeFi)[(KAVA) $1.52]( (+6.10%) Bitcoin Dominance 39,88%[(-0,07%)]( Bitcoin Price[(BTC) $19,244.55 (+0.29%)]( Ethereum Price[(ETH) $1,279.15 (+1.60%)]( Cardano Price[(ADA) $0,3561 (+1.69%)]( Editor's Note Where Are All the NFTs? It seems like everyone in crypto is always talking about NFTs — is NFT trading volume up? Or is the entire market crashing? Why are people trading “worthless JPEGs” (as they’re often called) in this economy? Will the NFT boom last? One big NFT data point was released last week that threw the NFT market into perspective — ever since Web2 platform Reddit released its own NFT avatars this summer, over three million wallets have now been created. Now, let’s look at the number of active wallets on the largest Web3 NFT platform OpenSea — only one million. One narrative of crypto adoption has long been how to marry the old with the new, and onboard all of these Web2 users in the Web3 space. Crypto companies are always trying to capture a wider market and reach out to the skeptics to convert them into using their product. Perhaps Reddit’s NFT foray has now provided the key — we don’t need to make new Web3 products and get people to use them for the first time, we need to take Web2 products and give them that Web3 razzle-dazzle instead. As one Reddit user wrote, “To be honest, I kind of thought NFTS were a scam (apparently most of reddit thinks that way too) But these days I’m hooked on NFTs. Reddit did a really good job of advertising I suppose.” From “scam” to being “hooked” all in one platform. NFT enthusiasts, take note! CMC-Community Spotlight of the Day [DeFi Safety Tips]( In today’s CMC Community Spotlight, Trader Joe walks us through potential pitfalls in the DeFi space, from phishing attacks to rug pulls. [Read More]( Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] [Sam Bankman-Fried performs U-turn]( ↩️ FTX's CEO Sam Bankman-Fried has performed a bit of a U-turn after a crypto regulatory framework he published caused a Twitter storm. Some said SBF's proposal — which called for centralized and decentralized applications to respect U.S. sanctions — went against a core crypto principle of economic freedom. One critic, Erik Voorhees, pointed out that his approach would ban "80 million innocent Iranians from the future of global finance." On Twitter over the weekend, SBF said he had revised his post — and said validators and smart contracts must be "free, permissionless and decentralized." The entrepreneur added that a conversation should be had on innocent people caught in the middle of sanctions. [NFT insider trading case will go to trial]( 🚨 A former OpenSea employee has failed in his attempts to get a charge of insider trading dismissed. Nate Chastain is accused of buying NFTs that he knew were about to appear on the marketplace's homepage. He allegedly would then sell the collectibles for a profit after they were given a prominent spot. Chastain had asked for a judge to dismiss the indictment, but the request has now been denied. Judge Jesse Jerman said that — while some of his arguments were compelling — it should be up to a jury to decide. Chastain has pushed against prosecutors describing the charges against him as "insider trading" — and claims this is misleading. However, the judge is yet to rule on whether this phrase should be struck from the indictment. [Ghost of Fyre Festival returns]( 👻 So… you're a crypto project planning to create 60 luxury villas — and sell them in NFT form. You want to give investors confidence. Where should you build them? On the site of the doomed Fyre Festival, apparently. We genuinely can't tell whether this announcement is a publicity stunt or not — but it seems a company called AGIA has snapped up the exact plot of land where the exclusive music event fell to pieces. You may recall horrific pictures of damp mattresses, mass chaos and sorry-looking slices of cheese on bread. AGIA claims this will be the most exclusive enclave in the Caribbean — as well as the world's first 100% tokenized resort. Although it claims to have the backing of the Bahamas' prime minister, we'll believe it when we see it. [Akon City 'will launch in 2026']( 👀 Akon caused a splash when he announced plans to build a futuristic metropolis called Akon City back in 2018. But years later, building work is yet to begin. In a new interview, the R&B star has insisted that the first phase of his ambitious project in Senegal is on track to open in 2026. Akon blamed COVID for a lack of progress on construction — but said great strides have been taken on the paperwork side of things. He's claimed construction is due to begin next year — and the city will boast shops, a 10,000 bed hospital, living space, a luxury hotel, and boating docks. The project had a proposed budget of $6 billion — a mere 30% less than the budget Senegal had in the whole of 2020. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States