Summary
Immortal, a play-to-earn chess app that used crypto rails to monetize chess games, has shut down its financialized crypto features due to heavy cheating. The platform allowed users to earn CheckMate (CMT) token rewards while playing chess and also hosted a marketplace for chess piece NFTs. However, following the announcement of the shutdown, sales of the NFTs plummeted in value. Immortal had previously raised $15.5 million in a Series A funding round. Meanwhile, Arbitrum, the largest Ethereum layer-2, experienced a partial outage due to a surge in inscriptions that clogged the sequencer. The downtime caused difficulties in processing transactions on the network. Lastly, Solana-based memecoin BONK accounted for 10% of Coinbase volume, while Ethereum and Tether accounted for 11% and 10%, respectively.
Key Points
1. Immortal, a play-to-earn chess app, has disabled its crypto features after heavy cheating disrupted the game experience. This decision has led to a decline in the value of the platform’s chess piece NFTs.
2. Arbitrum, the largest Ethereum layer-2, experienced a partial outage due to a surge in inscriptions that overwhelmed the sequencer. This resulted in transaction processing difficulties for nearly two hours.
3. Multiple networks have implemented inscriptions, which encode arbitrary data onto blockchains. Bitcoin inscriptions have caused congestion in the network’s mempool.
4. Solana-based memecoin BONK accounted for approximately 10% of Coinbase volume, while Ethereum and Tether accounted for roughly 11% and 10%, respectively.
5. LimeWire, the former music file-sharing platform, released an AI music studio for users to create and publish music. The platform’s brand and intellectual property were sold in 2021.
6. Former president Donald Trump is launching an NFT collection featuring his mug shot. Buyers of at least 47 cards will receive a piece of Trump’s suit and an invitation to a dinner at Mar-a-Lago.