Hey Waivly Crew! 🌊 NFT marketplace Rarible has added support for Solana NFTs through a integration with the Metaplex Protocol. Celsius Network has filed for bankruptcy protection after pausing withdrawals on its platform last month.
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Rarible adds support for Solana NFTs
NFT marketplace Rarible has announced its integration with Solana-powered protocol Metaplex Protocol. This integration makes Solana the sixth blockchain supported by Rarible, following Ethereum, Flow, Polygon, Tezos, and Immutable X.
“Since its inception, Rarible has been very bullish on the importance of establishing a multi-chain future for the blockchain industry in order to ensure its longevity and long-term success,” said Alex Salnikov, Co-Founder and Chief Strategy Officer at Rarible.
“We are constantly striving towards a multi-chain vision in which all NFT communities across the blockchain industry are no longer siloed; where collectors and creators are free to engage seamlessly with their favourite collections all in one place regardless of their chain of origin,” he added.
To celebrate the integration, Rarible will allow users to buy and sell Solana NFTs with zero fees for the next month. Notably, the marketplace reduced its fees from 2.5% to just 1% across all chain in June.
Earlier this year, the open source Rarible Protocol confirmed that it had added support for NFTs minted on the Solana blockchain, and that Solana NFTs would begin appearing on the Rarible marketplace “in the coming weeks.”
OpenSea lays off about 20% of its staff
In a statement posted to Twitter yesterday, OpenSea CEO Devin Finzer revealed the leading NFT marketplace is laying off about 20% of its workforce due to the crypto winter.
“The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn,” Finzer wrote.
“The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once.”
Finzer did not say how many employees were impacted by the decision, but OpenSea’s LinkedIn page indicates it has around 750+ employees currently. Impacted employees will be receiving severance and health insurance “into 2023” as well as accelerated equity vesting.
The Waves
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Crypto Special
Celsius Network files for bankruptcy protection
U.S. crypto lender Celsius Network has filed for Chapter 11 bankruptcy to stablize its business amid the crypto winter.
In a court filing at the U.S. Bankruptcy Court for Southern District of New York, Celsius estimated its assets and liabilities as between $1 billion to $10 billion, with more than 100,000 creditors. The company has $167 million in cash on hand, which will “provide ample liquidity to support certain operations during the restructuring process."
“This is the right decision for our community and company,” said Alex Mashinsky, Co-Founder & CEO, Celsius. “We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”
This news comes shortly after Celsius froze withdrawals, swaps, and transfers on June 12th as a result of “extreme market conditions,” locking thousands of customers' funds on its platform ever since.
The struggling crypto lender will not be requesting authority to allow customer withdrawals at this time, and instead has filed a series of customary motions with the court to allow it to continue operations in the normal course.
Customer claims would be addressed through the Chapter 11 process, Celsius reassured.
OKX secures license to operate in Dubai
Crypto exchange OKX has been granted a provisional virtual assets (VA) license in Dubai, the company said Thursday.
According to its press release, the license was issued by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow OKX to provide access to some products and services to investors in the United Arab Emirates.
“The Middle East and North Africa region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem," said OKX General Manager Lennix Lai. The company will continue "innovating for the future in a regulated framework.”
The Seychelles-based company will also open a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem in the region.
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