This week’s top-5 stories curated to catch up with the crypto world.

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Bitcoin and Crypto Market News Friday, August 12, 2022 - 19:16

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The most comforting news for the cryptocurrency markets right now is the decline in US inflation. In response to the most recent Consumer Price Index (CPI), Bitcoin's hourly chart immediately soared beyond $24,000 as investors rejoiced in the favorable news about inflation. From the Ethereum blockchain's long-awaited switch from proof-of-work to proof-of-stake mechanism to football giants Real Madrid and Barcelona filing a joint trademark application for metaverse and more... Read on.

Ethereum’s final testnet merge goes live on Goerli

The long-awaited transition of the Ethereum blockchain from proof-of-work to proof-of-stake has been completed as the third and final test environment network (testnet) merging has been completed.

After Ropsten and Sepolia, Goerli was the third and final public testnet to do a "dress rehearsal" of the Merge. The testnet merge brings the project one step closer to Ethereum's mainnet upgrade. The mainnet Merge is anticipated to take place this September.

The Merge, one of the biggest blockchain upgrades yet, will drastically lower Ethereum's energy usage while advancing the network's long-term scalability, security, and sustainability objectives.

As the Merge approaches, the price of Ether (ETH) has experienced a dramatic rise, rising 72 percent in the last 30 days.

Polygon reports 400% increase in the number of DApps in 2022

Decentralized applications (DApps) on the layer-2 Ethereum scaling platform Polygon network have topped 37,000, a 400% increase in 2022. 

The team made this disclosure in a recent blog post about data from its Web 3.0 partner Alchemy, a key driver behind the surging number of DApps being built on the network.

The number of monthly active teams, which is a metric of developer engagement on a blockchain, also hit 11,800 at the end of July, up a staggering 47 percent from March.

A total of 1.6 billion transactions have reportedly been carried out on the network to date, with more than 142 million unique user addresses and $5 billion in assets secured thanks to DApp usage on Polygon, according to the report.

Nas Daily Academy teams up with Web3-focused Invisible College

Singapore-based online platform The Nas Academy, headed by well-known YouTuber Nuseir Yassin, has announced the release of the first course bundle that can be unlocked with an NFT collection. The focus of the new crypto academy will be the dynamic Web 3.0.

The curriculum was developed in partnership with Invisible College where in the first stage, courses worth $2,000 will be made available, covering topics like NFT investing, community building, video editing, and crypto fundamentals.

The partnership also wants to develop a platform for crypto content creators where they can charge for their expertise, providing them the tools to create their own classes and academies that fans can enroll in. 

Members of Invisible College who own a Decentralien NFT will have free access to more than 18 Web 3.0 and creator courses on Nas Academy.

Additionally, Invisible College will partner with Nas Academy to recruit top Web 3.0 educators to conduct courses on the platform to gather enough expertise and guarantee that the NFTs become in-demand products.

Real Madrid and Barcelona file a joint trademark to enter metaverse

Football giants Real Madrid and Barcelona have filed a joint Web 3.0 trademark application to enter the metaverse. 

On August 5, the competitors filed trademarks for covering virtual reality gaming, non-downloadable virtual clothing, footwear, headwear, downloadable blockchain transaction management software, e-wallet software, and more.

Recently, FC Barcelona sold an NFT to commemorate Johan Cruyff’s “impossible goal” against Atletico Madrid in 1973 for $693,000.

Real Madrid, meanwhile, entered the metaverse in May to create a digital copy of the Santiago Bernabeu stadium that allows spectators to virtually visit the stadium and see a 3D recreation of the trophy cabinet.

In late June, Cristiano Ronaldo also signed an exclusive NFT relationship with cryptocurrency exchange Binance to develop several NFT products for the platform.

WazirX and Vauld’s assets frozen by ED

The Enforcement Directorate (ED) has frozen assets worth Rs 370 crore of cryptocurrency exchange Vauld. This comes just days after the financial probe agency froze assets of WazirX in connection with a money laundering probe. We have covered the WazirX story extensively in this week’s Cryptogram newsletter.

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Disclaimer:This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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