Sat 19/11

Good Morning. The island of Tuvalu will rebuild itself in the metaverse, Coinswitch takes the lead in showing proof of reserves, the NFT hype isn't stopping anytime soon with Pepsi entering the space, what exactly are utility NFTs and much more to read today. Happy reading!

• CoinSwitch Announces Third-Party Report To Confirm Crypto, Rupee Reserves: Indian crypto exchange CoinSwitch’s proof of reserves summary, which was shared on Thursday, stated that as of Nov. 4, the exchange’s overall holdings of crypto and fiat balances in Indian Rupees (INR) exceeded those held by the exchange on behalf of its users. CoinSwitch engaged consulting firm INMACS, which began the research in July 2022, CoinSwitch said in a statement.

• Pepsi India Dives Into NFT World: Soft drink giant Pepsi on November 17, 2022, announced the launch of its first-ever non-fungible token (NFT) collection for Indian consumers. Pepsi said the PepsiCo India Design Team in partnership with illustrator Timea Balo has exclusively curated the NFT collection for Pepsi Black, which is anchored on the brand’s pillars of innovation, self-expression, and evolution. Pepsi will release a set of 20 NFTs minted on the Polygon Blockchain. Pepsi said the collection is an ode to the younger generation who believe in self-expression and is deeply entrenched in technology. The NFTs will be given away to the winners of the #PepsiBlackeffect challenge on Moj.

• RBI plans to start a trial run for retail central bank digital currency: RBI plans to start a trial run for retail CBDC in collaboration with the National Payments Corporation of India (NPCI ), a media report said. Bankers familiar with the development told that NPCI would host CBDC, which will be compatible with the current payment systems, such as the UPI platform. According to ET, RBI wants each bank to test retail CBDC involving 10,000-50,000 consumers for the pilot initiative. The CBDC technology is similar to the common library for UPI, and “it will be interoperable with the current payment platforms," a source told ET. A wallet will store the e-rupee, with denominations as per the customer's request, “just like you request for cash from an ATM,” he said, adding the facility would be initially available only in select cities.

• The Island of Tuvalu turns to metaverse to preserve its disappearing heritage: The island of Tuvalu said it plans to build a digital version of itself in order to preserve its history as it faces erasure due to climate change. On Nov. 15th the country’s foreign minister, Simon Kofe, told the COP27 climate summit that it is looking for alternative ways to protect the county’s heritage against rising sea levels brought on by climate change. One of those ways is through recreating itself in the metaverse. In a video broadcast, Kofe said, “As our land disappears we have no choice but to become the world’s first digital nation.”

• Ronaldo Launches NFT Collection: Football giant Cristiano Ronaldo will be launching his non-fungible tokens (NFT) collection this Friday. “My NFT collection is coming on November 18, exclusively on Binance,” said Ronaldo in a tweet. He added that fans can use a referral code to receive “a surprise when the collection drops.” A Cristiano Ronaldo Mystery Box for the first 1.5 million new Binance users to use the code may include limited-edition Ronaldo NFTs, said the press release. “The legend is coming to Binance,” said the exchange.

• Cheelee to launch $200M crypto winter solidarity fund: The founder of blockchain-based social video platform Cheelee and its sister Web2 mobile app NUTSon announced the launch of a $200-million support program for affected global cryptocurrency exchanges. The investments will go through the crypto winter solidarity fund run by Roman Alekseev and his partners, as his recent Instagram post states. Alekseev is a European crypto millionaire with a $500-million investment portfolio and is the founder of two short video platforms, Cheelee and NUTSon.

Content Writer Internship - Web3 at DroomDroom

What Are Utility NFTs?: Utility NFTs enhance the concept of digital collectibles by providing holders with real-world rewards and other privileges linked to ownership. Instead of looking at NFTs as just collectible artwork, they can be used for a variety of practical applications, like acting as a ticket to an event or providing a holder with long-term membership to a club.

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