Trace Network Labs Launches Buddy, Focuses on Creating Real Looking Avatars; Bitcoin Falls

Trace Network Labs has launched BUDDY, a project that focuses on creating human-like avatars in the metaverse. A human-looking avatar is a virtual replication of the users themselves, and bears a complete likeness to their physical attributes and other characters.

According to the company, users can mint these digital avatars on the Polygon Blockchain. Trace Network has leveraged Polygon as it comes with a negligible "gas fee". The gas fee is the transaction fee required on a Blockchain to validate a transaction, in this case, minting a BUDDY avatar non-fungible token (NFT).

Sunil Arora, co-founder of Trace Network Labs, said at the launch: “With the launch of Buddy, we are empowering the residents of metaverses to create fashionable, real-looking, and human-like digital avatars; after all, what you look like and wear defines you and your lifestyle, and also shapes your personality. These NFT-based avatars will also become the common digital identity that can transport them to any metaverse. So, you don't need multiple IDs for multiple metaverses.”

Elsewhere, Singapore-based DBS Bank CEO Piyush Gupta said in a recent earnings call that his bank’s focus is on expanding its crypto offerings to accredited and institutional investors, and it will consider opening up a retail line when regulators and the technology are ready, Coindesk reported.

Crypto prices

The price of Bitcoin in the cryptocurrency market fell by 2.09 per cent in the last 24 hours, and it was trading at $38,821.12 at 5:00 pm IST. According to Coinmarketcap.com, it now controls 41.62 percent of the cryptocurrency market, a 0.16 percent increase in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $2,855.45, down by 2.49 per cent, while Binance Coin (BNB) also fell by 1.97 per cent in the same period, and was trading at $395.32. Solana (SOL) was down by 4.27 per cent to $95.58, while Cardano (ADA) was also down by 4.22 per cent to $0.812.

Meme Coins

Among meme coins, Dogecoin was down by 2.53 per cent, and it was trading at $0.1367 at 5:00 pm on Coinmarketcap.com. Its rival, Shiba Inu, was down by 3.82 per cent, and it was trading at $0.0000224. Samoyedcoin was up by 2.86 per cent, and it was trading at $0.01639, while Dogelon Mars was down by 4.84 per cent, and was trading at $0.0000009664.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.77 trillion, a decrease of 2.47 per cent in the last 24 hours, while the total crypto market volume was $101.24 billion, a decrease of 16.69 per cent.

SafeFolki (SFK) was the biggest gainer, gaining 334.07 per cent. It was trading at $0.0000000002025 at 5:00 pm, according to Coinmarketcap. In contrast, BiggerMINDS (MINDS) witnessed the maximum loss and fell by 100.00 per cent. It was trading at $0.00000488.