Majority of Crypto Projects Fail, New Research Shows
In a recent report by AlphaQuest and Storible, it has been revealed that a staggering 72% of cryptocurrency projects launched during the 2020-2021 bull market have failed. The research examined a pool of 12,343 projects, with more than 8,850 becoming inactive over the past year. Notably, the year 2023 proved to be the most challenging for these projects, with almost 60% of them meeting an unfortunate end.
The Empire State Building Launches Exclusive NFT Rewards
The iconic Empire State Building has unveiled a new program aimed at locals and enthusiasts of its Observatory Experience. By joining the Ambassador Program, members will be rewarded with a unique Empire State Building NFT as a sign-up bonus. As participants progress through the program, they will receive customized NFTs corresponding to their achieved tiers. These digital collectibles not only serve as mementos but also unlock personalized rewards for the participants. The NFTs are securely stored on the blockchain in user-friendly wallets, ensuring their authenticity and value.
Illicit Cryptocurrency Transactions on the Decline
According to Chainalysis' recently published 2024 Crypto Crime Report, illicit transactions involving cryptocurrencies experienced a significant decrease of around 30% in 2023. This decline marks a notable shift in the patterns of cryptocurrency-related money laundering. The report also highlights a 14.9% decrease in the total funds transferred between illicit addresses. These findings suggest that efforts to combat illicit activities in the crypto space are gaining traction.
Bitcoin Transactions Linked to Human Trafficking and Online Child Exploitation
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has raised concerns about the increasing use of Bitcoin transactions in cases of human trafficking and online child exploitation. FinCEN's recent findings reveal that a striking 95% of cases involving these heinous crimes have connections to digital assets or "convertible virtual currencies." This alarming trend underscores the urgent need for collaboration between authorities and industry players to combat such illegal activities and protect vulnerable individuals.
In conclusion, the past two weeks have brought significant developments in the blockchain, cryptocurrency, and NFT space. The failure of the majority of crypto projects, the Empire State Building's foray into NFT rewards, the decline in illicit cryptocurrency transactions, and the disturbing link between Bitcoin transactions and human trafficking/online child exploitation all serve as crucial defining points for the future of these sectors.
Analyst comment
Positive news: The Empire State Building has launched an NFT rewards program that offers personalized collectibles and incentives to participants.
Negative news: A majority of crypto projects initiated during the 2020-2021 bull market have failed, with a significant number becoming inactive in the past year.
Neutral news: Illicit transactions involving cryptocurrencies have seen a decline of approximately 30% in 2023, indicating a shift in patterns of crypto-related money laundering. FinCEN has reported an increase in the use of Bitcoin transactions in cases of human trafficking and online child exploitation.
As an analyst, the market may experience increased interest and adoption of NFTs due to the Empire State Building’s program. However, the failure rate of crypto projects indicates caution and skepticism in the market. The decline in illicit transactions and scrutiny from regulatory bodies may impact trust and adoption in cryptocurrencies.
