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The struggling platform reported losses of $3.7 billion in the second quarter, though CEO Mark Zuckerberg remains “fully committed” to the metaverse and AI.

Two governance proposals are collectively requesting nearly $5 million worth of ARB tokens to launch grants programs.

Republican candidate Vivek Rameswamy is rightly furious over dropped campaign finance charges. But the charges are likely to return after a procedural adjustment – and claims of corruption do more harm than good.

Prosecutors just withdrew a campaign finance charge ahead of Sam Bankman-Fried’s criminal trial this October. That doesn’t mean the U.S. Department of Justice is letting the FTX founder off on alleged criminal conduct, however – and campaign finance charges could still be tried later.

An interview with the CEO of Cholla Inc., an oil & gas exploration company that’s investing in bitcoin mining.

Bitcoin’s price traded flat on Friday after the Bank of Japan announced a discrete way to tighten monetary policy in a move that jolted financial markets.

The world’s largest digital asset by market capitalization rose 0.1% to $29,358 at 12:45 p.m. ET, according to CoinGecko. The digital asset has stayed within a narrow range between around $29,000 and $31,500 for over a month. 

The BoJ said it would “conduct yield curve control with greater flexibility, regarding the upper and lower bounds of the range and not as rigid limits.” The decision signaled the possibility of higher interest rates for an extended period that could pose challenges for risk assets like bitcoin.

Bank of Japan loosens yield curve control

The BOJ’s decision shook markets in Asia, with the Nikkei 225 seeing a dip of 0.4%. The Stoxx 600 in Europe opened lower, and government bond yields in the region increased.

Wall Street rose on Friday after a cooler than expected inflation reading. The personal consumption expenditures price index rose 3% from a year earlier in June, the smallest increase in more than two years.

The BOJ’s policy move gives it room to make a 50 basis point rate increase on 10-year Japanese Government bonds, effectively ending the central bank’s 0.5% rate cap. Ten-year yields climbed to around 0.57% after the announcement, the highest in nearly a decade. 

The move comes after the International Monetary Fund’s chief economist Pierre-Olivier Gourinchas said Tuesday the BOJ should depart from yield curve control and prepare for future rate rises.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Proof Collective, the NFT studio behind Moonbirds and run by CEO Kevin Rose, is unveiling a fourth season of Grails, a series of artistic non-fungible tokens.

With this installment the company is trying to create additional intrigue by keeping the names of the artists initially secret.

“Grails IV features artworks from 20 artists whose identities will stay hidden until after collectors have minted their works,” Proof said in a statement.

Despite trading and pricing for NFTs having fallen off a cliff since crypto’s latest bull run, Proof aims to “ further the digital art renaissance” according to Eli Scheinman, Proof’s curator of this latest season of Grails.

“By requiring collectors to choose their desired pieces before knowing the identities of the creators behind each piece, the experience puts the art and artist on two distinct pedestals,” added Scheinman.

Proof’s brand building

Backed by top crypto VC a16z, Proof also recently expanded on its existing PFP brand Moonbirds with the release of a 20,000-strong collection of NFTs called Mythics. The minting process for Mythic will unfurl during at least 200 days.

Unlike PFPs such as Moonbirds — or the popular Bored Ape Yacht Club and CryptoPunks collections — the Grails collection is presented as fine art and has featured work from well-known web3 artists like Tyler Hobbs, Larva Labs and Refik Anadol.

Famous auction house Sotheby’s recently netted millions of dollars from selling Grails NFTs once owned by the failed crypto venture firm Three Arrows Capital, or 3AC.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BTC losing the significant price level after a month is likely just a short-term deviation based on derivatives trading data, SynFutures CEO said.

Interest in AI-related cryptocurrencies appears to be waning, with Kaiko Research noting sharp declines in trading activity since the beginning of the year.

Data released Thursday on the the top six AI coins by market capitalization — The Graph, Render, Injective, Oasis Network, SingularityNET and Fetch.ai — showed  volumes reaching the lowest levels since January, signaling a dramatic decline in interest. 

AI-related tokens are linked to projects that use artificial intelligence as a tool to improve security, user experience, power decentralized exchanges, or image and text generation services, amongst other things.

ChatGPT instigated a wave of AI-related crypto projects 

Following the November launch of ChatGPT, AI-related cryptocurrencies gained popularity, prompting a wave of AI/web3 product development and resulting in a strong rally of the top tokens in 2023.

The Graph, a leading AI crypto protocol, saw its token soar 122% from a low of $0.1046 in November to its 2023 peak of $0.2323 on February 7. However, GRT has since plunged 53% to around $0.11 as of July 28.

Enthusiasm after Monday’s launch of Worldcoin’s WLD token, meanwhile, failed to lift other AI-related cryptocurrencies. Worldcoin’s token rose 88% to an all-time high of $3.30 on the day of launch. It has since fallen over 30% to $2.17, according to CoinGecko.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.