Crypto Flipsider News – War News: Russia Attacks Nuclear Power Plant, Pushinh BTC and the Crypto Market Down Again; MetaMask Blocks Sanctioned Jurisdictions as OpenSea, Binance, and Coinbase Take Firm Stance; Ukraine DAO’s Flag NFT Sells For $6.75 Million, XRP Makes $1M Donation; The Sandbox Hits 2 Million

Read in the digest:

• Russia’s attack on Ukrainian power plant nukes the cryptocurrency markets again.
• Cryptocurrency platforms block users from sanctioned territories, but Binance and Coinbase refuse blanket bans.
• Ukraine DAO raises over 6 million in a display of the true power of cryptocurrencies as donations continue to pour in.
• The Sandbox hits 2 million users and unveils new developments for the ecosystem.

War News: Russia Attacks Nuclear Power Plant Pushing BTC and the Crypto Market Down Again

Russia’s attack on Ukraine has reached a fervent pitch with the capture of the Zaporizhzhia nuclear plant, Europe’s largest nuclear power station. The occupation of the plant was preceded by multiple rounds of shelling, causing significant damage.

The damage was also felt by the global cryptocurrency markets as Bitcoin fell by 3%, while the crypto market cap dwindled to $1.85 trillion. Solana and Ethereum lost 6.80% and 5.81% respectively amid tumbling transaction volumes.

The recent decline in cryptocurrency values has been attributed to calls from the White House for cryptocurrency exchanges to prevent Russia from using the asset class. The Department of Justice has launched a taskforce to crack down on sanctioned Russian entities seeking a way out through crypto.

Flipsider:

• The city of Lugano has made the decision to adopt Bitcoin as legal tender. Despite the chaos, the ecosystem still has reasons to be excited.

Why You Should Care

Russia’s invasion of Ukraine has flipped the market on its head, pushing its trademark volatility to new levels.

MetaMask Blocks Sanctioned Jurisdictions OpenSea, Binance and Coinbase Take a Stance

Metamask has disclosed that its services will no longer be available to users in certain sanctioned jurisdictions. The company statement explained that it “accesses the blockchain via Infura, which is unavailable in certain jurisdictions due to legal compliance.”  

NFT marketplace OpenSea has announced that it has blocked access to users of the platform in accordance with U.S. sanction lists, while Binance has announced that card holders of sanctioned Russian banks will not be compatible with the platform. Cryptocurrency firms have been faced with the grim choice of deciding whether or not to ban Russian accounts in the wake of the conflict with Ukraine.

NFT marketplace DMarket has frozen the accounts of users from Russia and Belarus, according to a tweet from the Ukrainian Vice Prime Minister. Several brands, such as tech and media giants Apple and PlayStation, have also decided to sever ties or suspend operations in the country.

Flipsider:

• Top cryptocurrency exchanges such as Binance and Coinbase have stated that a blanket ban on the accounts of Russian citizens will not be happening because such a move is considered to be “unfair.”

Why You Should Care

Centralized cryptocurrency platforms are still subject to a great deal of regulation from government agencies and this could trigger mass migration to decentralized platforms.

Ukraine DAO’s Flag NFT Sells for $6.75 Million While XRP Makes a $1M Donation

Ukraine DAO raised a sum of $6.75 million via an NFT auction that ran from February 26th to March 2nd. The NFT took the form of the Ukrainian flag which, according to one of the founders of the project, was chosen due to the fact that it was not “about any specific artists or aesthetic” but rather “a pure gesture of solidarity.”

Ripple has also done its fair share with a donation of $1 million to be shared between the UN Refugee Agency and the World Central Kitchen, a charity offering meals in war torn regions. Ripple also stated that it would be matching donations made by employees “$2-1 to NGOs and humanitarian non-profits.”

Since the start of the conflict, cryptocurrency donations have surpassed $54.7 million, with Binance and Polkadot’s founder notably donating $10 million and $5 million respectively. A CryptoPunks NFT was also donated to the cause in support of Ukraine.

Flipsider:

• Ukraine’s plan for an airdrop to every person that donated was abruptly cancelled, much to the dismay of community members.
• The country’s minister stated that there would instead be a release of NFTs to support the armed forces.

Why You Should Care

The use cases of NFTs go above and beyond the representation of art, showing that they can also be used to raise funds for charitable causes, as illustrated by the situation in Ukraine.

The Sandbox Hits 2 Million Users

The Sandbox’s metaverse has reached the major milestone of 2 million users after what can only be described as an eventful year. The milestone was made possible by strategic partnerships with top brands like Warner Music, Snoop Dogg, and the Walking Dead among others.

The Sandbox has also launched its play-to-earn season 2 alpha. The new season will allow users to explore 35 virtual experiences through the 200 quests that are available for players to complete and earn the chance to win an ‘Alpha Pass‘ NFT.

According to The Sandbox’s roadmap, the project will be launching its DAO in the coming months, giving voting rights to holders. The Sandbox recorded an all-time high of $8.44 amid the metaverse buzz and Facebook’s rebrand to Meta.

Flipsider:

• The Sandbox is currently trading at $3.05 at the time of writing, which represents a 5.83% decline since the announcement of its recent milestone.

Why You Should Care

The metaverse is growing at an unprecedented rate, with celebrities and top brands jostling for a spot in it.