Red Bull Formula 1 NFT

Hello, and welcome to De.Nomics newsletter, your daily digest to stay ahead in the world of Web3 and decentralized technologies at a regional focus. Today, we have plenty of trending news and stories. So, get your cup of tea and some biscuits, and let’s go ahead.
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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Solana phone surge! 

• Red Bull Formula 1 team drops NFTs.

• Blockchain-based private loans doubled.

• Belgium to push the European blockchain network.

• Taiwan officials launch inquiry into crypto betting on election results.

• Dictionomics: Crypto Betting

Global Biscuits

Red Bull Formula 1 team drops NFTs.
Oracle Red Bull, the Formula 1 racing team, is launching a collection of digital collectibles in the form of non-fungible tokens (NFTs) to commemorate its successful 2023 season. The team's drivers, Max Verstappen and Sergio Pérez, finished in the first and second positions, making Red Bull the leading team in the championship. The NFTs will feature unique art designed by Automobilist and will be available on Bybit.com. The NFTs are minted on the Sui blockchain, developed by Mysten Labs, with whom Oracle Red Bull Racing has a partnership. The team aims to engage and connect with fans through innovative Web3 technologies such as NFTs.

Solana phone surge!
Sales of Solana's Saga phone have reportedly surged as traders seek to participate in a 30 million BONK token airdrop associated with the phone. The BONK token, a meme coin on the Solana blockchain, is being distributed to every owner of the Saga phone, and the airdrop has created increased demand for the phone. The Saga phone, designed to securely store cryptocurrencies on its hardware, has experienced a turnaround in sales after initially facing challenges in terms of adoption. The airdrop is available to users who download the BONK app from Saga's custom app store, and the surge in demand for the phone has led to a sellout, with sales exceeding expectations.

Blockchain-based private loans doubled.
Blockchain-based lending has experienced a resurgence in 2023, with the value of active tokenized private credit reaching $582 million, a 128% increase from the previous year. Although still below its peak of $1.5 billion in June 2022, the rebound suggests that individuals seeking loans are turning to blockchain-based alternatives amid rising interest rates. The average percentage rate for blockchain-based credit protocols is 9.64%, compared to average personal loan interest rates of 11.5%. The loans being issued are substantial, with RWA.xyz tracking $4.5 billion in blockchain-based loans across 1,804 deals, resulting in an average loan size of about $2.5 million.

Tastes of the regions

Belgium to push the European blockchain network.
Belgium, during its presidency of the EU Council, plans to advocate for an EU-wide blockchain initiative, according to Mathieu Michel, Belgium's Digital Minister. The goal is to garner political support for the European Blockchain Services Infrastructure (EBSI) initiative, which aims to create a common blockchain infrastructure controlled by EU member states. Michel envisions an EU-wide digital infrastructure that could store records like driving licenses and property titles. The EBSI initiative, launched in 2018, aims to be a technical project for blockchain adoption. Eight member states are reportedly on board, and Michel plans to invite other European countries to join the project or use its applications during Belgium's six-month Council presidency. The EBSI blockchain network allows member states to set up their nodes, and interoperability across applications is seen as a key benefit. Michel emphasized the importance of privacy, transparency, and data control facilitated by blockchain technology.

Taiwan officials launch inquiry into crypto betting on election results.
Officials in Taiwan have launched an inquiry into the use of cryptocurrency betting platforms to wager on the outcome of the upcoming presidential election on January 13, 2024. The investigation comes after several Taiwanese residents were reportedly using the decentralized betting platform Polymarket. It is illegal to participate in election-related gambling activities in Taiwan, potentially violating Article 88-1 of the Election and Recall Act, with penalties including imprisonment, detention, or fines. Polymarket faced regulatory challenges in the United States in 2022 when the Commodity Futures Trading Commission (CFTC) initiated legal proceedings against the platform, alleging it operated an "illegal unregistered or non-designated facility" since June 2020.

Dictionomics:     Crypto Betting

Crypto betting is a form of online gambling that uses cryptocurrencies such as Bitcoin, Ethereum, or Dogecoin as the medium of exchange. Unlike traditional gambling platforms that rely on fiat currencies and centralized payment systems, crypto betting platforms allow users to wager on various outcomes using decentralized and transparent blockchain technology. 

Crypto betting has several advantages over conventional gambling, such as:

• Lower fees: Crypto betting platforms typically charge lower fees than traditional gambling sites, as they do not have to pay intermediaries or comply with costly regulations.

• Faster transactions: Crypto betting platforms can process transactions almost instantly, as they do not depend on third-party verification or approval.

• Higher security: Crypto betting platforms use cryptographic encryption and smart contracts to ensure the security and fairness of the bets, as well as the protection of the user's funds and data.

• Greater anonymity: Crypto betting platforms do not require users to provide personal or financial information, as they only need a crypto wallet address to participate in the bets.

• More variety: Crypto betting platforms offer a wide range of betting options, such as sports, esports, politics, entertainment, and even custom bets created by the users themselves.

Crypto betting is a rapidly growing industry that attracts both crypto enthusiasts and gamblers who are looking for a more innovative and exciting way to wager online. However, crypto betting also involves some risks and challenges, such as:

• Volatility: Crypto betting platforms are subject to the volatility of the cryptocurrency market, which means that the value of the bets and the winnings can fluctuate significantly depending on the price movements of the crypto assets.

• Regulation: Crypto betting platforms operate in a legal gray area, as they are not regulated by any authority or jurisdiction. This means that users may face legal issues or restrictions depending on their location and the laws of their country.

• Scams: Crypto betting platforms are vulnerable to scams and frauds, as there are many malicious actors who may try to exploit the users' lack of knowledge or experience with crypto gambling. Users should always do their research and verify the reputation and legitimacy of the crypto-betting platforms they use.

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