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Damien Hirst set to burn 4,851 paintings in NFT project

Damien Hirst is set to burn thousands of his paintings as part of a year-long NFT project called The Currency.

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Damien Hirst is set to burn thousands of his paintings as part of a year-long NFT project called The Currency.

Starting in September, visitors to Hirst’s private London museum will be able to view some of his 10,000 oil paintings depicting unique dots he created in 2016 and linked to NFTs in 2021.

Buyers of the $2,000 floor-priced NFTs were given the option to keep the token or trade it for the physical painting. The original artwork will be burnt for those who chose to keep the NFT version. The deadline was July 27, with nearly half of the collectors, wanting their paintings burned for digital edition NFTs, while the rest of the collectors opted to trade their NFTs for physical versions.

The art will be torched daily during the run of the event beginning on September 9, culminating in its closure during the London Frieze Week event in mid-October, when the remaining paintings will be burnt.

The initial sale and subsequent secondhand resales have been handled by NFT marketplace Heni. According to Heni, sales surged in August and September 2021 when the project launched. The Currency became the top collection in OpenSea NFT rankings on August 15. However, volumes have slumped in recent months with the broader crypto market crash.

The maximum price for a piece was $176,779, with the average buyer spending $21,078. The most recent sale was on July 28 for $8,708 USDC, bringing the total sold for the collection to $89.3 million.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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