Vera Molnar’s computer-generated NFT sold for $1.2m  

Recent developments have indicated that the NFT space might be close to dead, but an occurrence this week has proved otherwise. A computer-generated NFT created by Vera Molnar, a 99-year-old Hungarian artist, was sold for around $1.2 million on Wednesday.

Also, another African country, Namibia, has moved a step further in crypto regulation this week. Reports show that the nation’s government is set to designate a regulatory authority to oversee the virtual asset industry after moving its virtual assets bill into law.

Here are major crypto stories from around the world this week.

Binance challenge CFTC lawsuit 

Crypto exchange Binance and its CEO Changpeng Zhao (CZ) have requested the dismissal of a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC).

In a Thursday court challenge, attorneys for Binance and CZ accused the CFTC of exceeding its regulatory authority and engaging in regulatory overreach. The filing states that the CFTC is attempting to regulate foreign individuals and corporations outside the United States.

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Recall that in March, the CFTC initiated a lawsuit against Binance, alleging that the company offered unregistered derivatives products in the United States amidst other charges. 

Vera Molnar’s NFT sells for $1.2 million 

On Wednesday, computer-generated NFTs created by Hungarian artist Vera Molnár in collaboration with Martin Grasser were sold out in less than one hour for 631 ETH($1.2 million) during Sotheby’s Dutch auction.

Vera Molnar was born in Budapest in 1924, and she was one of the first pioneers of computer-generated imagery, having started the practice in 1959. Vera Molnár made an entry into the world of NFTs in 2022. 

The ‘Themes and Variations’ collection, created by Vera Molnar, features 500 collectibles generated via an algorithmic combination of 170 colour palettes and recursive grids. It has 928 ETH in volume traded on OpenSea. 

KuCoin denies mass layoffs 

Crypto exchange KuCoin has rebuffed rumours around plans to lay off 30% (300 staff) of its workforce in the coming weeks. Addressing the layoff rumours, Kucoin CEO Johnny Lyu said in a Tuesday tweet that the crypto exchange is still operating smoothly. 

Additionally, Lyu explained that any potential staff cuts would be part of a semi-annual employee performance evaluation, which he said is part of remaining “competitive and dynamic” in the fast-paced crypto sector.

This clarification from KuCoin was a  response to a post by independent crypto journalist Wu Blockchain that claimed that KuCoin would soon lay off 30% of its workforce due to a strict Know Your Customer policy in the United States, which had led to a decline in the exchange’s profits.

Namibia signs crypto bill 

Reports came out this week that the Namibian government officially signed a law to regulate Virtual Asset Service Providers operating in the country last week, reversing its original 2017 decision to ban cryptocurrency exchanges.

On July 21, the VASP-regulating law was inserted into the Gazette of the Republic of Namibia after being approved in Namibia’s National Assembly on July 6 and signed by President Hage Geingob on July 14.

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The bill, called the Namibia Virtual Assets Act 2023, aims to assign a regulatory authority to supervise crypto exchanges in the country, and it will enter into force at a date determined by Namibia’s Ministry of Finance. 

Mark Zuckerberg says Meta remains committed to the Metaverse 

In an earnings call this week, Meta (formerly Facebook)’s CEO Mark Zuckerberg said the company has not given up on the metaverse, despite a very public pivot to artificial intelligence.

“Our investments in AI continue. We remain fully committed to the Metaverse vision as well. We’ve been working on both of these two major priorities for many years in parallel now, and in many ways the two areas are overlapping and complementary.” – Mark Zuckerberg.

Recall that the company’s focus on the metaverse hasn’t been profitable for the social media giant as it continues to lose billions of dollars due to the initiative. 

That is all from us this week. See you same time next week.