Answers to BeInCrypto’s Weekly Quiz — March 20

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In Brief
  • The week has been full of events in the crypto space.

  • Are you sure you haven't missed anything?

  • Take BeInCrypto's quiz to test your knowledge of the crypto industry.

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Are you sure you know everything about what’s been happening this week? Here are the answers to BeInCrypto’s weekly quiz, which will help you stay on top of what’s happening right now.



1. Elon Musk revealed he had created a song about NFTs to be sold as an NFT. But what did he say the song will be called?

Answer: “Song About NFTs”



Tesla CEO and SpaceX founder Elon Musk announced on March 16 that he would be selling a song in NFT form entitled “Song About NFTs.” The piece attracted a 625 ETH bid ($1.1 million, at the time) shortly after listing.

2. Another NFT featuring a song by a famous artist in a TikTok video went up for auction on March 19. Who’s song is featured?

Answer: Fleetwood Mac

A TikTok user called Nathan “Doggface” Apodaca auctioned off his viral “Fleetwood Mac” video as an NFT. The 23-second TikTok video features Apodaca riding on his longboard drinking Ocean Spray while Fleetwood Mac’s “Dreams” plays. 

3. The world of football already has several NFT creations for individual players. But which Premier League football team will get their own official NFT produced by sports blockchain company, Chiliz?

Answer: Manchester City

Sports blockchain platform Chiliz is partnering with Manchester City to launch a fan token for the English Premier League football club. The $CITY fan token will be available via Socios.com.

Some football fans are keen to see the sports blockchain company launch a fan token for their teams!

4. Finally, following Christie’s first successful NFT collection sale, another auction house plans to enter the space. Who?

Answer: Sotheby’s

Sotheby’s, one of the world’s most famous auction houses, is set to host its first-ever NFT sale. The planned sale, which features popular anonymous digital artist Pak, will take place next month.

5. In other news, several projects in the Binance Smart Chain (BSC) ecosystem came under “Domain Name System” attacks. Which of the following was NOT affected?

Answer: Reef Finance

Several decentralized finance (DeFi) projects on the Binance Smart Chain announced that they were under a Domain Name System (DNS) attack, last week.

CREAM Finance tweeted that a third party had compromised its DNS, explaining some users were seeing requests for their seed phrases. Shortly after, PancakeSwap reported that they might have been hijacked as well, in a similar fashion to CREAM.

Reef Finance, another project on BSC, is reportedly unscathed so far.

6. Cryptocurrency exchange Gemini is fast becoming the custodian of wealthy cryptocurrency investors, with the value of crypto assets it manages soaring. What figure did this value notably cross this week?

Answer: $20 billion

Following a surge in demand for cryptocurrencies, Gemini announced that the value of the crypto assets in its custody doubled in the past two months. Gemini now manages around $20 billion worth of cryptocurrencies.

7. Which central bank announced its plans to experiment with central bank digital currencies (CBDC), this week?

Answer: Bank of Japan

Bank of Japan Governor Haruhiko Kuroda said that the central bank is scheduled to begin experimenting with CBDC.

8. Ex-BitMEX CEO Arthur Hayes agreed to surrender to U.S. authorities last week, to answer a charge of violating the Banking Secrecy Act. How much was the release bond he was offered?

Answer: $10 million

BitMEX co-founder Arthur Hayes agreed to surrender to U.S. authorities in Hawaii on April 6. As a result of his absenteeism, his release bond was set at $10 million.

9. Grayscale Investments announced five new cryptocurrency trusts, this week. Which of the following cryptocurrencies were NOT included?

Answer: SKALE Network (SKL)

Grayscale Investments announced the launch of five new digital currency investment trusts. This brings the world’s largest digital currency asset manager’s number of investment products to 14.

The new digital currencies include chainlink (LINK), filecoin (FIL), livepeer (LPT), basic attention token (BAT) and decentraland (MANA).

Skale Network (SKL) was not part of their latest offering.

10. Finally, which company’s exchange-traded-fund application did the U.S. Securities and Exchange Commission acknowledge receipt of?

Answer: VanEck

The U.S. Securities and Exchange Commission (SEC) has acknowledged an exchange-traded-fund (ETF) application made by VanEck. The move starts a 45-day countdown for a response to the application.

If successful, it would be the first cryptocurrency-based ETF approved by the SEC.

Disclaimer

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

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