Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another delectable digest of tech and web3 revelations. This week, we're diving deep into the digital asset ecosystem, uncovering stories that'll make your brain buzz and your curiosity spike.From marketplace shutdowns to institutional investments, we're serving up a feast of insights that'll keep you at the cutting edge of crypto innovation. So grab your favorite beverage, settle in, and let's explore the wild world of digital currencies together!

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INTEL BRIEF

🟧 Bybit is closing its NFT and Inscription Marketplaces due to declining market interest.

🟧 Sony Electronics Singapore now accepts USDC payments through Crypto.com, signaling growing stablecoin adoption.

🟧 GoMining launches a $100 million Bitcoin mining fund targeting institutional investors with a unique approach to mining yield.

🟧 Pi Network's token price nears all-time lows as massive token unlocks create supply pressure.

Bybit Waves Goodbye to NFT Marketplace as Market Crumbles

Bybit has decided to shut down its NFT marketplace effective April 8th. The cryptocurrency exchange is trimming its digital wings, closing not just its NFT platform, but also its Inscription Marketplace and initial decentralized exchange offering.

The NFT market is experiencing a dramatic nosedive that would make even the most seasoned roller coaster enthusiast queasy. Trading volumes have plummeted with daily NFT trading volume crashing from $18 million to a mere $5.34 million - that's a 70% free fall in just one year. Compared to the peak on December 17, 2024, the market has collapsed by over 95%, shrinking from a whopping $113.6 million to its current whisper-thin state.

The market isn't just cooling; it's practically in deep freeze. Even high-profile NFT projects are feeling the chill. Take the Gutter Cat Gang (GCG), for instance, which dramatically missed its $1 million token sale target, managing to attract a pitiful 3.66 Ether (around $6,800).

Despite the doom and gloom, industry experts like Charu Sethi remain optimistic. "The speculative phase is over," she notes, "but NFTs are entering a new era of utility".

Bybit shutting down NFT marketplace on April 8th

NFT trading volumes have dropped 70% in one year

Market shifting from speculation to utility-based applications

Sony Electronics Embraces Crypto Payments in Singapore

Sony Electronics Singapore is making waves in the crypto world, partnering with Crypto.com to accept USDC payments through its online store. This isn't just another tech transaction – it's a bold step towards mainstream crypto adoption that's got the industry buzzing.

Crypto.com's general manager Chin Tah Ang is pumped about the partnership, declaring their mission to make crypto payments as normal as reaching for your credit card. And Sony? They're riding the wave of Singapore's crypto-friendly ecosystem that's quickly becoming the Silicon Valley of digital currencies.

Metro, a local department store chain, has already jumped on the stablecoin bandwagon, accepting payments in digital currencies.

Why Singapore? The country is positioning itself as a global blockchain powerhouse. In 2024, they doubled their crypto licensing, making it easier for digital currency firms to set up shop than practically anywhere else in the world. William Croisettier from ZKcandy notes that Singapore takes a "risk-adjusted approach" to crypto regulation, creating a safe playground for innovation.

The numbers tell an exciting story. A recent study crowned Singapore as the global champion of blockchain technology, outperforming other jurisdictions with its forward-thinking approach. From crypto-friendly digital banks to corporate partnerships, Singapore is turning digital currency from a niche interest into a mainstream reality.

Sony Electronics Singapore now accepts USDC payments

Singapore emerging as a global blockchain and crypto hub

Stablecoin adoption accelerating in the region

GoMining Launches Groundbreaking 100 Million Dollar Bitcoin Mining Fund

 GoMining is revolutionizing Bitcoin mining with a blockbuster $100 million fund that's about to make institutional investors sit up and take notice. This isn't your average investment strategy – it's a high-octane approach to crypto mining that promises to shake up the digital asset landscape.

The Alpha Blocks Fund is custodied by Bitgo and comes with a tantalizing proposition: direct exposure to mined Bitcoin through a fully managed, compounding hashrate strategy. Unlike traditional investments that sit passively, this fund is all about active yield generation. As a GoMining spokesperson dramatically puts it, they're "built for performance, not market sentiment."

GoMining is operating with a whopping 7.3 Exahash of active hash power, and they're charging just a 2% flat annual management fee with no performance fees.

The timing couldn't be more perfect. Institutional crypto enthusiasm is skyrocketing. A recent Coinbase report reveals that 83% of institutions are planning to allocate funds to crypto. Companies like Japan's Metaplanet and Semler Scientific have already seen their stock prices climb after adding Bitcoin to their balance sheets.

This fund comes on the heels of growing regulatory clarity in Europe and the United States, signaling a new era of mainstream crypto adoption. GoMining is essentially bridging the gap between traditional investing and cutting-edge digital asset strategies.

GoMining launches $100M Bitcoin mining fund for institutions

Fund offers direct exposure to mined Bitcoin with 2% management fee

83% of institutions planning crypto allocation in 2025

Pi Network Struggles with Token Price and Massive Unlocks

Pi Network is experiencing a rollercoaster ride of uncertainty, with its token price dancing dangerously close to rock bottom. As over 126.6 million PI tokens prepare to flood the market this month, investors are holding their breath.

Currently trading at $0.6722, Pi is inching towards its all-time low of $0.6152 from February. The culprit? A massive token unlock that represents nearly 1.87% of the current circulating supply. Alex Obchakevich from Obchakevich Research doesn't mince words, stating that "monthly unlocks exceed demand", creating a perfect storm of price pressure.

The numbers tell a stark story. 4.9 billion PI tokens have already been unlocked, with another 1.54 billion coins set to be released in the next 12 months. That's an average of 133 million PI tokens unleashed monthly – enough to make any investor nervous.

Despite the challenges, there's a glimmer of hope. Obchakevich believes Pi Network has potential to compete with top 10 crypto projects – but they'll need to work hard to stay relevant in this cutthroat market. The drama peaked when ByBit's CEO Ben Zhou publicly called the project a scam, adding fuel to the already blazing fire of investor skepticism.

Pi Network is a mobile-first blockchain project where users earn tokens through a daily check-in process. Developed by Stanford University graduates, it employs a referral-based structure that's as intriguing as it is controversial.

Pi Network token price nears all-time low

126.6 million tokens set to be unlocked this month

Project faces challenges but maintains potential for growth
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And that's a wrap, my lovely PoI readers! 🌈 I hope this edition has electrified your brain cells and sparked some serious crypto contemplation. Remember, in the world of digital assets, knowledge is your most valuable currency. Stay sharp, stay curious, and keep your finger on the pulse of innovation. Until next time, this is Mochi, signing off with a digital wink!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

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