DressX, the most prominent digital fashion store, will collaborate with Warner Music Group (WMG). Through this WMG can license and make digital wearables merchandise for their fans. Major talents like Lizzo, Madonna, Coldplay, Ed Sheeran, Dua Lipa, and the Red Hot Chili Peppers are just a few of the well-known performers distributed among Warner’s several sub-labels. WMG intends to make music NFTs available via the upcoming Polygon. WMG announced in January that it would hold digital performances featuring its artists in The Sandbox, a future Ethereum-based metaverse game. A month later, the record label announced a collaboration with Web3 gaming studio Splinterlands to create blockchain games for fans with artist themes. Recently, WMG expanded its network of Web3 alliances by collaborating with NFT marketplace OpenSea to assist artists in entering the market. They also announced plans to release music NFTs via the new LGND platform on Polygon. Despite the excitement surrounding Web3’s digital fashion industry, which has dropped from both established fashion companies and numerous startups, NFT apparel hasn’t yet generated a lot of public attention at this early metaverse development stage. However, the popularity of digital wearables in Web2 games has already been established.
According to a report from CryptoQuant, Binance will not be the next FTX-Alameda. The Seoul-based company cites on-chain data to back up its claims that were made in a recent audit that Binance is overcollateralized. In comparison with Huobi, Bitfinex, and Kucoin, Binance has 88.95% clean reserves to Bifinex’s 66.5%, Kucoin’s 81.64%, and Huobi’s 56%. According to the new CEO of FTX, John Ray III the on-chain data cannot account for corporate control. According to data from Coindesk, Binance’s BNB cryptocurrency token has dropped roughly by 3% during the past 24 hours at the time of writing.
Rep Patrick MecHenry (R-N.C), Treasury Republican, wants the U.S Treasury Department to postpone the implementation of the crypto tax provisions in last years’s Infrastructure Investment and Jobs act until more information about who is covered by the bill is clear. The definition of a “broker” for tax reporting purposes is under a question. According to the Treasury Department, the Internal Services definition of “ broker” will not include some groups such as miners. Another clause that would consist of cryptocurrency in Treasury’s definition of “cash” which would therefore impose new reporting obligations on any U.S. taxpayers who receive more than $10,000 in cryptocurrency is also criticized in the letter.
