Electric car maker Tesla has revealed that it “may in the future restart the practice of transacting in cryptocurrencies” in its quarterly filing with the U.S. Securities and Exchange Commission (SEC).

The Federal Deposit Insurance Corp. is reportedly working with the Federal Reserve and the Office of the Comptroller of the Currency to explore policies on how banks can engage in activities involving cryptocurrencies.

A new feature on Adobe Photoshop will allow artists to prove they are the creators of work on non-fungible token (NFT) marketplaces. The feature, called Content Credentials, can capture identity data as an image is edited, and store it as metadata.

For this week’s segment on NFTs, we are going to take a look at the two largest PFP (profile picture) collections - brought to you in partnership with NFT data and discovery platform Masterpiece.

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Top stories in the Crypto Roundup today:

• Tesla ‘May in the Future’ Restart Accepting Bitcoin
• FDIC Exploring How Banks Could Hold Crypto
• Adobe Photoshop Adds NFT Verification Feature
• NFT Spotlight: Profile Picture Collections’ Take Over
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

Tesla ‘May in the Future’ Restart Accepting Bitcoin

Electric car maker Tesla has revealed that it “may in the future restart the practice of transacting in cryptocurrencies” in its quarterly filing with the U.S. Securities and Exchange Commission (SEC).

During the first quarter of the year Tesla, helmed by Elon Musk, started accepting bitcoin payments for its electric vehicles and invested $1.5 billion in the flagship cryptocurrency. It stopped supporting BTC over environmental concerns related to cryptocurrency mining.

In its recent filing, Tesla said:

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”

Musk said earlier this year the company would start accepting bitcoin payments again if mining became more environmentally friendly, with at least half of the hashrate coming from renewable energy sources. Tesla’s CEO has revealed he personally owns BTC, ETH, and DOGE.

FDIC Exploring How Banks Could Hold Crypto

The Federal Deposit Insurance Corp. is reportedly working with the Federal Reserve and the Office of the Comptroller of the Currency to explore policies on how banks can engage in activities involving cryptocurrencies.

According to FDIC Chairman, Jelena McWilliams, the regulator plans to issue a series of policy statements in the coming months. McWilliams detailed that her objective is to “ provide clear guidance to the public on how our existing rules and policies apply to crypto assets, what types of activities are permissible for banks to engage in, and what supervisory expectations we have for banks that do engage in such activities.”

Addressing stablecoins, McWilliams said they should be subject to tailored oversight as they need to be backed 1-to-1 by safe, highly liquid assets if issued outside the banking sector.

Adobe Photoshop Adds NFT Verification Feature

A new feature on Adobe Photoshop will allow artists to prove they are the creators of work on non-fungible token (NFT) marketplaces. The feature, called Content Credentials, can capture identity data as an image is edited, and store it as metadata.

The feature is optional. Adobe also launched a website where it introduces the feature and where the credential metadata of images can be verified. Users can link their Adobe accounts with social media profiles and cryptocurrency wallets.

The credentials will also be linked on Behance, Adobe’s online portfolio site, as well as on NFT marketplaces the firm partnered with. These include KnownOrigin, OpenSea, Rarible, and SuperRare.

By the end of the month, the company is also launching a feature called “prepare as NFT” on Photoshop. The feature is powered by the Inter-Planetary File System.

NFT Spotlight: Profile Picture Collections’ Take Over

A profile picture, or PFP for short, is an NFT collection that is created to be used as an online identity or alias - like the CryptoPunks and Bored Apes that have recently taken over crypto Twitter.

Launching back in 2017, CryptoPunks were generated and distributed for free on the Ethereum blockchain and are widely considered to be the first PFP NFT collection. As such, they have become a widely sought-after asset, with CryptoPunk #7523, one of 9 “Alien” CryptoPunks, selling for a record $11,754,000 on auction at Sotheby’s back in June.

This year, demand for CryptoPunks and NFTs, in general, has soared. For example, on the 1st of January 2021, 3 CryptoPunk’s were sold for $73,854. Eight months later, on the 28th of August, 307 CryptoPunks were sold for a total of $142,197,930.

One of the other NFT collections that have risen to prominence is Bored Ape Yacht Club. The apes were released in April 2021 and were mintable for less than $200 per NFT. The floor price is now roughly $130,000.

Like CryptoPunks, Bored Apes feature a host of different traits. The second most expensive Bored Ape sale ever occurred this week, with Ape #8585, ranked 308 out of the 10,000 collection, selling for 696 ETH. This ape has the notable ‘Trippy’ fur (0.73%) and King's Crown hat (0.71%) traits.

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