👏Finally, a serious competitor for OpenSea. Windvane NFT Marketplace coming soon.

GM everyone 👽 Green is back. Green is life.🤌

I see what I like. I like what I see. All those dreams about early retirement are back. Here to the moon!🌙

Okay, back to it.

Our lunch menu for today

🏪 Kucoin to launch their NFT Marketplace — Windvane

🕵️‍♂️ SEC with new guidance on accounting for crypto assets

🧶Twitter thread worth reading/Degens Vocabulary

🗞️ Other news in the space

🏪KuCoin to launch their NFT Marketplace — Windvane

According to their official blog post, KuCoin will launch their NFT marketplace soon called Windvane. Whether Windvane marketplace will be a serious competitor for OpenSea or not, we will have to wait and see but basically they are trying to differentiate themselves by addressing some of the issues that existing marketplaces have, which if addressed and implemented properly, will give them an advantage in the market.

Here is a quick summary on what they think it makes them different:

• Extremely low fee. — According to them, it will be the cheapest on the market. For comparison, current fee for OpenSea is 2.5%
• Priority whitelist. — If this feature is well thought and implemented, it could definitely bring a lot of potential in the market for upcoming NFT projects. Current process with manual whitelist has been mundane and almost never right.
• The strongest security. — It will be decentralized NFT Marketplace and very secure data storage. Definitely important, OpenSea has outages almost in daily basis.

On top of that, they are also launching a $100 million Creators Fund in order to support NFT projects on their early stages of development. As we have more information on this, we will be able to post the link from where you can try to get the funds for your own project. You can join their Waitlist here.

According to Investopedia, KuCoin has well over 10 million registered users, so this will definitely bring a lot of attention in the NFT space.

🕵️‍♂️SEC Issues Guidance on Accounting for Obligations to Safeguard Crypto-Assets/ SAB 121

Before you skip this part, hear me out. SEC (U.S. Securities and Exchange Commission) is a government agency whose main purpose is to enforce the law against market manipulation.

They came up with this new guidance called SAB 121 which you can read it here. It addresses the issue on how different crypto platforms record their assets/liabilities in their balance sheet.

• Existing process — companies do not report crypto assets of platform users on their balance sheet unless it has a control over those assets.
• New process with SAB 121 — Under the new guidance, companies are required to to record a liability measured at Fair Value and should also record a corresponding asset measured at Fair Value at the same time when it records the liability.

The expectation is for SEC filers to comply with SAB 121 after June 15th, 2022. with retrospective application as of the beginning of their fiscal year.

What did I read all of this nonsense? Well, besides learning about this new guidance issues by SEC, I wanted to use this as a reminder that regulators are after web 3.0 space and they are definitely taking this more seriously than ever. Good days are coming.

🧶 Twitter thread worth reading

🗞️ Other news in the space

Blockchain.com planning for 2022 IPO — After reaching a $14 billion valuation, crypto firm blockchain.com has started interviewing banks for their IPO (Initial Public Offering) as per Bloomberg report. If they manage to pull off an IPO, they will be the second crypto exchange in US to go public after Coinbase.

The Wolf of Crypto — Jordan Belfort is in the crypto space now. He was known as “The Wolf of Wallet Street”. After being sceptic for a while, he is full supporter of crypto space now. He is after the dough. 👀

North Korean hackers are targeting blockchain companies with malicious crypto-stealing apps. — We had a special edition of newsletter covering FBI blames North Korean hackers for the $620 million theft from Axie Infinity.