March 15th, 2022
EU Shoots Down ‘Bitcoin Mining Ban’
The European Parliament’s Committee on Economic and Monetary Affairs (ECON) voted down a bill that would have been a de facto ban on Bitcoin mining. The bill, nicknamed MiCa, would have required any currencies trading in the EU to, “meet minimum environmental sustainability standards.”
The standards imposed would have made the Proof of Work (PoW) consensus mechanism unfeasible in the EU.
Though we’re not quite out of the woods…
Solana Emerges as the New Battleground for NFT Market Share
Sequoia is betting on Solana as a beachhead for Opensea-competitor, Magic Eden, to establish itself before Opensea itself has a chance to expand onto Solana. Opensea currently controls 43% of the NFT market. Most transactions occur on the Ethereum chain, but OS offers support for Polygon and a lesser-known chain, Klatyn.
Solana itself has already come under scrutiny for its VC dealmaking.
Based on Opensea’s large userbase, Magic Eden will have to move quickly to capture the Solana NFT market before Opensea gets there itself.
The larger issue is whether most NFT projects will eventually choose Solana over Ethereum. Even with higher gas fees, most new and innovative projects still choose to launch on Ethereum.