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Daily Crypto News Feb 20, 2022: Top 3 crypto updates

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Last month, Gucci collaborated with SuperPlastic on a three-part, sold-out series of Gucci x SuperPlastic NFTs. In today’s crypto news, Gucci has now joined the ranks of brands such as Burberry, Adidas, Warner Music, Bored Ape Yacht Club, Atari, and Nike in claiming virtual worlds. Learn more on this project below.

The United Arab Emirates is developing a license scheme that will allow the world’s largest crypto businesses to legally establish themselves in the country, positioning it as a worldwide industry powerhouse. Read more on this crypto news below.

According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin mining consumes more electricity per year globally than in some countries, such as the Netherlands and Pakistan. And Intel wants to solve this issue with its upcoming “Blockchain Chip”. Learn what the firm’s CEO stated below.

 

Quick Crypto News Roundup! 

 

Daily Crypto News  Feb 20, 2022

Gucci Enters The Sandbox Metaverse With “Gucci Vault” 

Gucci has purchased a virtual land in The Sandbox, as an interactive expansion of the Gucci Vault project, which houses its NFT collaborations and vintage items, and which is described as an “experimental online space” that merges the past, present, and future through the power of imagination.

Alessandro Michelle, Gucci’s creative director, envisions a situation in which players and creators can buy, own, and use digital collectibles made by Gucci designers in their own personal experiences via The Sandbox’s myriad creator tools. Gucci products, such as digital apparel, will be available for purchase on The Sandbox for players’ digital avatars.

Read: Top 10 Metaverse Cryptos 2022 by Market Capitalization

Source: BTCpeers

 

UAE Preps Crypto Licensing in Bid to Become Global Hub

The Securities and Commodities Authority, the UAE’s federal securities regulator, is reportedly nearing completion of a licensing framework that will allow Virtual Asset Service Providers such as cryptocurrency exchanges to set up shop in the country, according to a government official.

The licensing regime would help the country’s crypto-economy become more formalized, allowing it to compete more effectively with Hong Kong and Singapore. The monarchy also wants to create a business environment that is conducive to bitcoin miners.

Read: What are digital assets?

Source: CryptoBriefing

 

Intel to Solve Bitcoin’s ‘Climate Issue’ With Its ‘Blockchain Chip’

The estimated carbon footprint generated by the power plants that provide energy for nodes to run, is the major cause of environmental concern regarding bitcoin mining. Additionally, a single Bitcoin transaction is projected to consume 2,292.5 kilowatt hours of electricity, which is enough to run a regular US household for nearly 78 days.

“Well, Intel is about to bring forward a blockchain chip, you know, that’s dramatically better, whose orders of magnitude better in terms of power performance,” said Intel Corporation CEO Patrick Gelsinger, explaining how the company’s upcoming crypto mining chip could help to solve Bitcoin’s climate issue.

He continued to say, “As a result, we’re contributing to the solution of the climate problem. We want to engage with the sector to discover ways to appropriately regulate and manage technologies like blockchain so that they may be fully realized.”

Read: How to Mint NFTs: Step by Step Guide

Source: CryptoGlobe

 

Crypto Market Trend February 20, 2022

Here is a quick summary of the top crypto gainers and losers for the day. 

Top 3 Crypto Gainers 

Cryptocurrency  Price (latest by February 20, 2022)  Change in % 
Ripple (XRP) ₹63.08 0.53%
USD Coin (USDC) ₹79.12 0.20%
Binance USD (BUSD) ₹79.11 0.18%

*All prices are latest by 11 AM February 20, 2022.*

Top 3 Crypto Losers 

Cryptocurrency  Price (Latest by February 20,  2022)  Change in % 
Qtum (QTUM) ₹512.67 12.95%
Gala (GALA) ₹21.12 9.23%
Helium (HNT) ₹1822.36 9.05%

*All prices are latest by 11 AM February 20, 2022.*

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