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Magic Eden is revamping itself to possibly be a better replacement of your everyday crypto products… 🪄 

Let’s digest:

1. Magic Eden’s Growth Strategy

2. Holy Crypto Scam - Pastor Sells Worthless Tokens Claiming Divine Order

3. Mystery Airdrop Stirs Up Bitcoin Ordinals Scene

📈 MARKETS

NFT Market Flash

📰 TODAY’S TOP STORY

Magic Eden’s Big Announcement

Magic Eden has announced a series of strategic initiatives aimed at expanding the adoption and utility of NFTs.

This includes a new rewards program, the release of a cross-chain wallet, and a commitment to open-source development through collaboration with the new NonFungible DAO…

Rewards Program

• The program is designed to engage both collectors and creators, offering rewards for interacting with the platform

• With over 100,000 wallets connected to the marketplace, this could end up being a new rival to Blur’s rewards program…

Cross-Chain Wallet

• This self-custody wallet enables seamless swapping between major cryptocurrencies like Bitcoin, Solana, Ether, and Polygon.

• Integrated directly into Magic Eden, the wallet will offer an effortless trading experience for NFT collectors across different blockchains.

• With the wallet releasing by the end of January, it could turn heads away from big names such as Metamask.

Non-Fungible DAO

• Magic Eden is going open source… sharing its core marketplace protocols and tools with their new DAO

• The DAO, with plans to issue a $NFT token, will manage, promote, and vote on the future of these tools

• THERE IS NO $NFT token yet… we don’t want to see a sad X post about someone getting scammed 😢 

New Sheriff in Town?

Since its inception in 2021, Magic Eden has achieved over $1.9 billion in secondary trading volume.

The platform is releasing new products that address a TON of pain points the crypto market regularly faces…

If they can manage a smooth launch of these new initiatives, Magic Eden is certainly someone you’ll want to keep a close eye on!

Go Deeper: Read More About the Magic Eden DAO

💰️ Venture Capital

Holy Crypto Scam - Pastor Sells Worthless Tokens Claiming Divine Order

Well, this one’s a doozy…

Eli Regalado, a Colorado-based online pastor and founder of INDXcoin, faces fraud charges for selling over $3 million in what is alleged to be a 'worthless' cryptocurrency.

But here's the kicker - he says the big guy upstairs told him to promise his followers a whopping 10x return.

• Regalado spilled the beans in a nine-minute video on the coin's website, admitting to pocketing $1.3 million with his partner Kaitlin.

• The Colorado Securities Commission claims Regalado exploited the trust of his Christian community, promising wealth through the sale of these tokens.

• Regulators say they raked in nearly $3.2 million from over 300 investors through the Kingdom Wealth Exchange.

But wait, it gets weirder. Regalado claims they blew half the dough on taxes and dumped a hefty chunk into a "divine-backed" home remodel…

And when the cash dried up, he shut down the exchange, telling his followers to stop chasing money because, well, God said so.

Talk about holy high life!

 🖼️ NFTs

Mystery Airdrop Stirs Up Bitcoin Ordinal Scene

A mysterious player calling themselves Runecoins just dropped a massive airdrop of 21,000 digital inscriptions into the Bitcoin Ordinals scene, sparking both excitement and skepticism.

However, this event has raised concerns within the community due to its unclear motives…

• The airdrop suggests that these RSICs (Runecoin's inscriptions) are linked to securing a new form of digital asset called runes.

• Runecoin's narrative for the game sets a backstory involving an explosion that halted the production of RSICs, offering participants options to mine, sell, or let these RSICs fade.

Despite the intrigue, this move by Runecoin has been met with skepticism.

• Crypto podcast host Jake Gallen expressed concerns about the potential misrepresentation of these RSICs as runes, emphasizing buyers fully understand what they are purchasing.

• Leonidas warned the community about the misleading marketing of RSIC as runes, advising caution and urging enthusiasts to wait for the official release of the Rune protocol.

What in the World is Going On?

Doesn’t seem like anyone really knows…

The Runecoin Twitter account acknowledged that the runes protocol is not yet launched and that the airdrop was intended as an experimental and fun distribution mechanism.

They say it's all in good fun, but with confusion in the air, it's buyer beware in the realm of Runecoin. Stay sharp, folks!

Non-fungible News

• Web3: Digital Identity Service Root Protocol Raises $10M

• NFTs: NFTs Are Making a Corporate Comeback

• Crypto: Bitcoin ETFs aren’t Giving the Boost to the Market Yet

💡 INSIGHT

Sotheby’s NFT Auctions Are Juicy

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