Sony patent sets out a ‘super-fungible token’
Technology giant Sony has laid out its concept for a distributed ledger-based “super-fungible token for gaming,” according to a United States patent application.
The August 2022 patent filing was publicly released by the U.S. Patent and Trademark Office (USPTO) on Feb. 29 and details a process for how a player’s gaming assets can be tracked through a bundle of nonfungible tokens (NFTs).
The patent describes an electronic device that would track gaming assets tied to a player. Metadata from those assets would make up a super-fungible token — depicted as a “set of nonfungible tokens” — stored on “a distributed ledger associated with the gaming application.”
“Gaming assets” are described by Sony as weapons, tools and avatars. These would be made into NFTs and rolled up into a super-fungible token for use in video games.
The patent infers Sony is exploring some form of NFT or blockchain technology for its games, but it’s not clear if the “distributed ledger” would be one of its own design or a publicly available blockchain such as Ethereum — which the patent filing mentions as an example.
The patent doesn’t mean Sony will implement such a system and the company has filed for other NFT-related patents, such as one published in March last year for an “NFT framework for transferring and using digital assets between game platforms.”
Dogwifhat punters raise $255K for Vegas Sphere ad
The Solana memecoin dogwifhat (WIF) community is almost 40% of the way to reaching a $650,000 goal to put a picture of a dog wearing a hat on the Las Vegas Sphere arena.
The fundraiser — “sphere wif hat” — was started on March 10 by X user “Ansem” and has already seen over $255,000 in donations.
The funds for the ad are held in a multisig wallet apparently owned by Ansem and four others with varying levels of anonymity. There are no details on how the group will achieve the fundraiser’s goal or what happens to the funds if they don’t.
A majority of the donations to the fundraiser wallet are below $100, but one donor has sent $15,000 and three others contributed $9,999 each worth of USD Coin 
USDCUSD, per Solscan data.
Sphere — the entertainment venue’s official name — is 366 feet (112 meters) high and 516 feet (157 meters) wide, reportedly making it the world’s largest spherical structure.
The outside is covered in over 1 million LED light “pucks,” used for advertisements that cost $650,000 a week for around seven hours of playtime, according to an October leaked information deck by X user “PitchDeckGuy.”
CoinGecko shows WIF has rallied nearly 750% over the past month amid a resurgence in memecoin trading. WIF is trading at around $2.10, up from early February’s 28 cents.
Solana client Jito scraps function that helped front-run trades
Solana client developer Jito Labs has taken down its mempool function citing “negative externalities” impacting Solana users.
In a series of March 8 X posts, Jito said the product would be suspended the same day after conversations between it and “key Solana ecosystem stakeholders.”
The mempool shows transactions before they’re added to the blockchain and can be exploited by traders to front-run others using a so-called “sandwich attack.”
Sandwich attackers have made millions by submitting a transaction before and after a victim’s transaction — thereby “sandwiching” it to manipulate the price higher and profit from the victim.
Removing the function means Solana sandwich attackers wouldn’t be able to carry out their attacks, as they’re now unable to see what transactions are pending approval on the blockchain.
PayPal zeros its stablecoin fees for transfer app users
PayPal has removed fees on its stablecoin PayPal USD (PYUSD) for users of its remittance app Xoom as the token’s market capitalization fell over $75 million in under a week.
Xoom will convert PYUSD transfers into the recipient’s local currency, which won’t have an impact on the supply of the stablecoin, PayPal crypto and blockchain lead Jose Fernandez da Ponte told Fortune on March 9.
Xoom senders, meanwhile, won’t have to pay the industry average 2% customary fee, but the foreign exchange spread rates will still apply.
PYUSD’s market cap fell over 25% from around $300 million to under $225 million between March 1 and March 5, where it’s stayed since, according to CoinGecko.
PayPal launched PYUSD in August 2023 and has grown to be the ninth-largest U.S. dollar stablecoin, far behind the over $100 billion leader Tether (USDT) and the $30 billion runner-up USDC issued by Circle.
Related: Bitcoin traders anticipate new highs, according to stablecoin flows to exchanges
Tether and Circle earn income on the yield-bearing Treasury Bills that largely back their stablecoins, but Fernandez da Ponte believed that style of business model isn’t viable long-term as interest rates drop.
PYUSD will earn for PayPal through the traditional payment industry fees and services, he claimed.
Other news
The U.S. state of Wyoming passed laws to give a legal framework for running decentralized autonomous organizations (DAOs) in the state — which it calls decentralized unincorporated nonprofit associations (DUNAs).
Arbitrum’s DAO quietly took down a proposal to give $1.3 million to the legal defense of Tornado Cash developers Roman Storm and Alexey Pertsev.
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