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Bitcoin and Crypto Market News Friday, June 17, 2022 - 20:18

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If you think the government is slow on NFT adoption, you could be wrong. The New Town Kolkata Development Authority may soon issue NFTs for land records and Airtel is building India’s first multiverse multiplex, and more… Read on.

New Town Kolkata Development Authority mulls NFTs for land records

The New Town Kolkata Development Authority (NKDA) is planning to use non-fungible tokens (NFT) or cryptographic assets on a blockchain with unique identification codes and metadata to issue property registration certificates and maintain land records. This move comes after successfully utilizing blockchain technology to issue birth certificates from December 2018.

NFTs are unique and non-interchangeable units of data stored on the blockchain network, where the owner of the NFT gets a proof of ownership certificate from the digital ledger. 

NKDA thinks chances of tampering are lower when land documents are recorded over the blockchain. The goal is to make land documents tamper-proof to eliminate unlawful and forged sales.

The land properties will be identifiable by a unique NFT hash code. The NFT code will be associated with the deed information for data validation in the event of a property transfer.

Airtel’ metaverse multiplex 

Bharti Airtel has launched India's first multiplex on the metaverse platform Partynite Metaverse. Airtel’s Xstream multiplex is an extension of the company's Xstream Premium service. It is a 20-screen platform with content libraries from prominent OTT partners available through the app.

Airtel customers can download the ‘Partynite Metaplex’ app from their respective app stores. 

The Xstream multiplex provides a larger-than-life immersive multimedia experience with several engagement layers that allow Partynite Metaverse users to interact. Essence, Airtel's integrated media agency of record, came up with the concept, which was then developed by Gamitronics, the company behind Partynite, a blockchain-powered digital parallel universe.

Xtream Premium has over 2-million subscribers currently.

OpenSea security features against NFT frauds

OpenSea, the world’s largest and most popular NFT platform, has recently come under fire for stolen NFTs.

OpenSea has announced the implementation of a new feature that will automatically hide questionable NFT transfers from view on its marketplace, in response to the growing amount of NFT scams. This will help users avoid getting defrauded by ensuring that only legitimate transactions are visible.

To manage review and moderation, OpenSea has formed a specific moderation team which will deploy ‘important auto-detection’ technologies in the future to address copyright concerns and other fraud vectors.

When the NFT boom began in 2021, OpenSea saw a significant rise in business. Many investors, however, are disappointed with the platform’s attempts to recompense victims and combat theft due to frequent hacks and fraud.

Moneygram’s USDC crypto-to-cash program 

Moneygram, a US-based remittance and payments provider, has announced that USDC, a dollar-pegged stablecoin, will be used as a settlement asset for its cash-to-crypto and crypto-to-cash programs. 

The company will employ the Stellar network as a settlement layer to execute the USDC transactions required for the program’s operation.

Customers who need to trade USDC for fiat currencies or who would want to buy crypto with their fiat currencies, will be able to do so via the Moneygram app.

Users will be able to swap USDC for cash and vice-versa in select regions, including Canada, Kenya, the Philippines, and the United States at first, with plans to expand globally later.

Amex partners with Abra for crypto-rewards credit card in the US

American Express, along with crypto trading platform and wallet provider Abra, has announced the launch of a new credit card that will let customers earn crypto assets rewards. 

The Abra Crypto Card users can earn crypto assets back on any purchase, regardless of the quantity or category. These rewards will be tradable across over 100 different crypto assets offered by the Abra platform without paying yearly or foreign transaction fees. 

The card which is set to launch later this year will extend offers on shopping, travel, dining, and services as well as presale ticket access and purchase protections.

Cardholders must first register with Abra and the card will function by requiring customers to apply for a credit line. Once this is done and they start earning rewards, customers will be able to use Abra’s swap exchange to easily convert their crypto rewards across multiple cryptocurrencies.

Use promocode TNM51 at www.giottus.com/profile#promo after registration to get Rs.51 worth free Bitcoin.
 

Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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