BitDigest April 7 · Issue #631
- Digital currency prices continue the recent up trend, gaining 5,3% in total market capitalization over 24-hours
- The World Economic Forum sees blockchain technology as a feature to help alleviate risks with global supply chains
- PwC has released its 2nd Global Crypto M&A and Fundraising Report highlighting a decline in overall deal volume in 2019 and a shift in activity to Asia and the Middle East / Africa
The Bitcoin Fear and Greed Index representing market sentiment in unchanged on the week.
A Look at Crypto Art
A couple of years ago a friend called to ask me if CryptoKitties was a new digital currency because why else were people spending thousands of dollars buying them. CryptoKitties is a game, a Tamagotchi-like project, that allows players to collect and breed digital cats. What made this more interesting was the added feature allowing players to buy and sell their digital felines; developed under the ERC-721 non-fungible token (NFT) standard, ownership of the cats is organized under a smart contract allowing a unique (non-fungible) token to be managed, owned, and traded. In the case of a CryptoKitties, the one-of-a-kind digital cats traded for as much as 600 ETH ($170,000 at the time).
While owning your own CryptoKittie may not be something you wish to consider, the concept of the NFT has expanded to new forms of unique, digital art with the art / asset itself providing a solution to one of the real challenges in the art world: it’s a blockchain-based, immutable record of ownership and authenticity. NFTs provide the true uncontestable provenance of the artwork.
Over the past 2 years, there has been great development in the digital art market. Artists originally began by creating tradition two-dimensional art works, but the techniques have quickly evolved. One of my favorite new artists is Josie Bellini. Josie is a so-called cryptocurrency artist because her designs has been inspired by the development of the digital currency ecosystem and have addressed subjects such as bitcoin, Ethereum, Ross Ulbricht, NFTs and the Cypherpunks.
Josie’s medium has evolved to include augmented reality (AR) allowing a viewer to see additional work when the art piece is viewed through the lens of a mobile phone. “Tune In” shows a cosplay dressed woman in front of a block of television screens. When viewed in AR each of the different screens show a different image. Recently Josie worked with NFT creators and blockchain startups to add a treasure hunt to her work, “Yours Truly.” Solving the puzzle awarded the finder 10 ETH and over 30 specially created NFTs.
Her latest piece titled “Everything’s Fine” is a digital GIF showcasing the current situation at the Federal Reserve and providing a solution in the form of bitcoin. In the artwork the monkey, representing the Federal Reserve, is printing money while the politicians, bankers and media are repeating the mantra of “Everything’s Fine.” The $100 dollar bill flying over the Federal Reserve is meant to show who is in charge. However, as the skies begin to clear we see the foundation of a new system begin to form. Everything’s Fine was released last Thursday on Nifty Gateway, the NFT exchange recently purchased by Gemini. Within minutes the limited edition of 21 pieces (a reference to bitcoin’s fixed supply of 21 million coins) was sold-out.
The Headlines
Market Data
Exchange, Custody and Product News
Thoughts on the Ecosystem
Reports you may have missed
Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...
MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 1.03% falling to $60k and ETH 2.58% approaching the low $2,300s. Aptos (APT 0.15% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE 6.24% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.03% climbing back above $61,000 and SOL 1.99% moving above $145, while ETH 2.58% is lagging, trading around $2,400. Among today's outperformers is SUI 5.16% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY 0.72% and QQQ 0.50% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC 1.03% briefly dropping below $62k and ETH 2.58% below $2.5k. Among altcoins, SUI 5.16% is showing...
Articles Read 1/2
Enjoyed the read? Subscribe now for unlimited access!
Get invaluable analysis of the market and stocks. Cancel at any time.
Already have an account? Sign In ad755f-22445c-b70bb3-5179ce-13ff1d
Already have an account? Sign In ad755f-22445c-b70bb3-5179ce-13ff1d