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Top Headlines for 4 May, 2022

Quantum Random Number Generator

AP13, a blockchain oracle project, is collaborating with Australia National University to develop the first Quantum-Based Random Number Generator (QRNG) to give blockchain-based projects access to a fully unpredictable number generation system that is secure and free to use.

Although random number generators have existed in the tech world for decades, a QNRG system innovates by applying quantum mechanics. Traditionally random numbers are used in science, cryptography and gaming, among many other fields. Truly random number generators that are tamper-proof and decentralized will become increasingly important as more organizations and institutions recognize the blockchain standard. A QNRG system can be used to create an unpredictable string of numbers that can be used to secure an application or a wallet.

AP13’S number generator is currently available for 13 blockchain systems, including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, and Arbitrum. While the API is free to use, it will require a minor gas fee depending on the network. The QNRG will likely replace existing number generators used for crypto wallet creation as it ensures truly random number sequences, which is not always the case with current systems.

WSJ Signals NFT Bubble Collapse, Data Suggests Otherwise

On 3 May 2022, the Wall Street Journal (WSJ) reported that non-fungible token (NFT) sales are showing signs of flatlining.

However, the data says otherwise: The top five NFT collections generated over $1 billion in trading volume the same week that the article was published. Based on data from the NFT analytics platform NonFungible, the WSJ suggested that NFT sales have declined by over 92% since hitting an all-time high in September 2021. Additionally, the newspaper claimed that the number of active Ethereum NFT wallets has decreased by 88% since November 2021.

The news article concluded that an NFT “bubble” is on the brink of collapse. However, blockchain data from Dune Analytics shows a striking contrast to the information presented by NonFungible. Per Dune Analytics, the NFT market is still healthy, and the number of active wallets and transactions is increasing every day.

According to the analytics platform, trading volume on the leading NFT marketplace OpenSea has been at its highest level since February 2022. Tom Schmidt, a DragonFly Capital partner, conducted a separate analysis of OpenSea and its trading volume and came to a similar conclusion as Dune.

The NFT market observed exponential growth in 2021. Developers are creating NFTs on every major blockchain network. Although most of these new sub-sectors within the market are experiencing a downturn, a select group of established brands is overperforming. Data from another analytics platform, Nansen, shows that potential “blue chip” NFT collections like the Bored Ape Yacht Club (BAYC), Azuki, and Moonbirds outperformed gaming and metaverse tokens by a wide margin.

Syndicate DAO Raises $6 million

In its latest financing round announced on 3 May 2022, Syndicate DAO raised $6 million from a group of investors, customers, and partner DAOs bringing the total investment in the platform to $28 million.

VC giants a16z and Carta, NFT collective Deadfellaz, the FWB (Friends with Benefits) decentralized social community and the NFT marketplace OpenSea all participated.

Two niches, non-fungible tokens (NFTs) and Decentralised Autonomous Organisations (DAOs), appear to be unaffected by the market-wide downturn. Analytics platform DeepDAO reported that the combined value locked in the treasuries of decentralized organizations has hit $10.2 billion as of 3 May, 2022.

Launched in 2021, Syndicate DAO is a decentralized investment protocol that provides essential financing and mentorship to Web 3.0 builders. In January 2022, the decentralized collective launched its Web 3.0 investment clubs, enabling Internet-based communities to quickly form a DAO treasury using an Ethereum wallet.

Syndicate’s co-founder Ian Lee said, “We’ll be partnering with the industry and community in the years ahead to revolutionize investing —which will require the partnerships, capabilities, and networks to do this the right way.” Over 1100 decentralized organizations reportedly already use the investment club service launched by Syndicate.

Decrypt Raises $10M

Decrypt, a popular cryptocurrency-centric media company has raised $10 million from 22 investors at a $50 million valuation.

It plans to use this funding to expand its panel of journalists, to develop both live and online events, to enhance its Decrypt Studio production arm and to further develop PubDAO, which is designed to leverage Web 3.0 for content creation. The online publication has grown since its launch in 2018 to 25 full-time employees and a readership of 5 million per month.

The company’s vision is to demystify the cryptocurrency sector for its readers through daily coverage of the industry and a learning section. The online publication has also released two podcasts, Decrypt Daily, which covers key events from the sector in bite-sized audio clips, and ‘gm,’ a deep-dive podcast with some leading figures from the industry. The company sends out a daily newsletter and a weekly email coverage about decentralized finance (DeFi).