NFT Marketplaces Diminish in Ethereum Gas Use Amid Fee Crisis
Ethereum’s gas consumption patterns, Non-Fungible Tokens (NFTs) no longer reign as the top gas guzzlers on the network. Data from the crypto analytics platform Nansen revealed that last week, NFT marketplaces accounted for just over 3% of all gas consumption. In stark contrast, the decentralized exchange Uniswap used more than ten times that amount, clocking in at 31.99%.
The Ethereum network’s congestion and high gas prices are attributed, in part, to intense activity caused by a surge in meme coin trading, such as PEPE tokens and Floki Inu. This led to an overflow of transactions and, subsequently, skyrocketing gas prices.Layer 2 solutions, such as state channels, plasma chains, and rollups, aim to offload some computational workloads from the main Ethereum blockchain reducing the need for gas. One trader was reported to have paid as much as 64 ETH.
Ethereum’s gas consumption patterns, Non-Fungible Tokens (NFTs) no longer reign as the top gas guzzlers on the network. Data from the crypto analytics platform Nansen revealed that last week, NFT marketplaces accounted for just over 3% of all gas consumption. In stark contrast, the decentralized exchange Uniswap used more than ten times that amount, clocking in at 31.99%.
The Ethereum network’s congestion and high gas prices are attributed, in part, to intense activity caused by a surge in meme coin trading, such as PEPE tokens and Floki Inu. This led to an overflow of transactions and, subsequently, skyrocketing gas prices.Layer 2 solutions, such as state channels, plasma chains, and rollups, aim to offload some computational workloads from the main Ethereum blockchain reducing the need for gas. One trader was reported to have paid as much as 64 ETH.
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🖼 NFT Artist and Collector OSF: 'NFTs Are Just a Medium'
London’s House of Fine Art (HOFA) gallery is one of the pioneers of the crypto art scene, being one of the first venues to showcase NFT artworks in a physical space back in 2021. Back then, it took a somewhat conservative approach, focusing on prints of CryptoPunks alongside physical sculptures and NFT-adjacent work. This time around, its "Beyond the Screen" exhibition is dialing up the digital element, with vibrant screens displaying eye-popping animated work by the likes of XCOPY. NFTs are “just a medium,” said NFT artist and collector Ovie Faruq, aka OSF, who showed Decrypt around the space. “It's just like, do I have my painting on an oil canvas, or do I have a photograph? Or do I have a screen displaying some digital art? It's just a canvas; it's just a mechanism to transact,” he added. Ultimately, he argued, “people will start buying NFTs without knowing they're NFTs. And that's the sort of thing that will get us over this, like, stigma that's attached to it.” OSF’s own contribution to the exhibition, “Super Fan,” inadvertently predicted the current PEPE-led memecoin market frenzy. The digital artwork, which OSF drew “two or three months ago,” features a “kind of loner character” who’s obsessed with Pepe the Frog, and surrounded by market charts showing green and red candles.
London’s House of Fine Art (HOFA) gallery is one of the pioneers of the crypto art scene, being one of the first venues to showcase NFT artworks in a physical space back in 2021. Back then, it took a somewhat conservative approach, focusing on prints of CryptoPunks alongside physical sculptures and NFT-adjacent work. This time around, its "Beyond the Screen" exhibition is dialing up the digital element, with vibrant screens displaying eye-popping animated work by the likes of XCOPY. NFTs are “just a medium,” said NFT artist and collector Ovie Faruq, aka OSF, who showed Decrypt around the space. “It's just like, do I have my painting on an oil canvas, or do I have a photograph? Or do I have a screen displaying some digital art? It's just a canvas; it's just a mechanism to transact,” he added. Ultimately, he argued, “people will start buying NFTs without knowing they're NFTs. And that's the sort of thing that will get us over this, like, stigma that's attached to it.” OSF’s own contribution to the exhibition, “Super Fan,” inadvertently predicted the current PEPE-led memecoin market frenzy. The digital artwork, which OSF drew “two or three months ago,” features a “kind of loner character” who’s obsessed with Pepe the Frog, and surrounded by market charts showing green and red candles.
Injective (INJ) Surges By 19% Following ‘Surprise’ NFT Announcement
Injective (INJ) is one of the few tokens to have racked up impressive gains in the last week. While most of the assets in the crypto market were marked by insignificant price actions leading to little gains or losses, INJ stood out with an excellent price movement to become one of the biggest weekly gainers. According to data from CoinMarketCap, Injective’s price gained by 19% in the last seven days boasting of a market performance.
INJ initially began the week trading around a price region of $6.08 and soon recorded consecutive gains and losses before experiencing a price hike on May 17 to hit a market price of $6.7. On May 13, the team behind the Injective blockchain tweeted a statement urging the user community to interact more with dApps built on Injective or its L1 chain, stating there could be a chance to receive an “NFT-related surprise.”
Injective (INJ) is one of the few tokens to have racked up impressive gains in the last week. While most of the assets in the crypto market were marked by insignificant price actions leading to little gains or losses, INJ stood out with an excellent price movement to become one of the biggest weekly gainers. According to data from CoinMarketCap, Injective’s price gained by 19% in the last seven days boasting of a market performance.
INJ initially began the week trading around a price region of $6.08 and soon recorded consecutive gains and losses before experiencing a price hike on May 17 to hit a market price of $6.7. On May 13, the team behind the Injective blockchain tweeted a statement urging the user community to interact more with dApps built on Injective or its L1 chain, stating there could be a chance to receive an “NFT-related surprise.”
⚡️ Metaverse in Healthcare Market is Expected to Reach $79.6 billion
The concept of the metaverse, a virtual reality space where individuals can interact with each other and digital content, is poised to make significant strides in the healthcare industry in the near future. The metaverse has the potential to revolutionize healthcare delivery by offering immersive and personalized experiences for patients, providers, and researchers. In the metaverse, healthcare professionals can conduct virtual consultations, perform medical procedures in a simulated environment. Metaverse in Healthcare market in terms of revenue was estimated to be worth $9.5 billion in 2023 and is poised to reach $79.6 billion by 2028, growing at a CAGR of 52.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The factors driving market growth include increasing demand for telehealthcare services, and shift towards patient-centric healthcare delivery. However, the lack of data security and concerns regarding data theft and healthcare fraud, and authenticity and reliability issues are challenging the market growth during the forecast period. Based on product & service, the software segment accounted for the largest share of 70.9% of the metaverse in healthcare market.
The concept of the metaverse, a virtual reality space where individuals can interact with each other and digital content, is poised to make significant strides in the healthcare industry in the near future. The metaverse has the potential to revolutionize healthcare delivery by offering immersive and personalized experiences for patients, providers, and researchers. In the metaverse, healthcare professionals can conduct virtual consultations, perform medical procedures in a simulated environment. Metaverse in Healthcare market in terms of revenue was estimated to be worth $9.5 billion in 2023 and is poised to reach $79.6 billion by 2028, growing at a CAGR of 52.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The factors driving market growth include increasing demand for telehealthcare services, and shift towards patient-centric healthcare delivery. However, the lack of data security and concerns regarding data theft and healthcare fraud, and authenticity and reliability issues are challenging the market growth during the forecast period. Based on product & service, the software segment accounted for the largest share of 70.9% of the metaverse in healthcare market.
Since 1898, Renault has been revolutionizing the automotive industry with its iconic cars and cutting-edge technology. 🚗
But, their innovation isn't just confined to the roads. 🛣️
In 2022, they launched their first NFT collection, genR5. Now, they're taking the NFT space by storm with their latest collection, Racing Shoe5. 👟
As part of its broader goal of continuous innovation, Renault aims to make waves beyond just the automotive industry.
But, their innovation isn't just confined to the roads. 🛣️
In 2022, they launched their first NFT collection, genR5. Now, they're taking the NFT space by storm with their latest collection, Racing Shoe5. 👟
As part of its broader goal of continuous innovation, Renault aims to make waves beyond just the automotive industry.
📣 Glory Star's Digital Collection NFT App CheerReal Announces Major Platform Upgrade
Glory Star New Media Group Holdings Limited, ("Glory Star", the "Company" or "we") (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced a major upgrade to its self-developed digital collection non-fungible tokens ("NFT") application, CheerReal. The update is now available on both Android and IOS apps and comes with improved security, advanced technology, enhanced functionality, and a more user-friendly interface. CheerReal is positioned as a "cultural and artistic digital collection" platform that aims to create a new cultural and artistic interactive experience, connecting virtual and real economy through innovative digital art and a diverse and inclusive metaverse world. As a member of the Trusted Blockchain Branch of the Beijing Information Industry Association, the platform is powered by Blockchain Service Network-Decentralized Digital Certificate ("BSN-DDC"), a network infrastructure that is jointly initiated by the State Information Center, China Mobile, and China UnionPay, which consists of more than ten BSN Open Permissioned Blockchains with robust technical systems and distinctive features.
Glory Star New Media Group Holdings Limited, ("Glory Star", the "Company" or "we") (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced a major upgrade to its self-developed digital collection non-fungible tokens ("NFT") application, CheerReal. The update is now available on both Android and IOS apps and comes with improved security, advanced technology, enhanced functionality, and a more user-friendly interface. CheerReal is positioned as a "cultural and artistic digital collection" platform that aims to create a new cultural and artistic interactive experience, connecting virtual and real economy through innovative digital art and a diverse and inclusive metaverse world. As a member of the Trusted Blockchain Branch of the Beijing Information Industry Association, the platform is powered by Blockchain Service Network-Decentralized Digital Certificate ("BSN-DDC"), a network infrastructure that is jointly initiated by the State Information Center, China Mobile, and China UnionPay, which consists of more than ten BSN Open Permissioned Blockchains with robust technical systems and distinctive features.
STEPN has become the first-ever blockchain gaming app to secure Apple Pay integration.
STEPN is the world’s leading Web3 move & earn application created by Web3 development studio Find Satoshi Lab (FSL), which allows users to purchase digital sneakers that get people moving even more effectively than a physical pair.
When using Apple devices, Apple Pay provides customers with a quick, private, and secure way to make payments online and in apps.
STEPN users can now use Apple Pay to purchase STEPN products and upgrades within the app without the need to connect a wallet.
STEPN is the world’s leading Web3 move & earn application created by Web3 development studio Find Satoshi Lab (FSL), which allows users to purchase digital sneakers that get people moving even more effectively than a physical pair.
When using Apple devices, Apple Pay provides customers with a quick, private, and secure way to make payments online and in apps.
STEPN users can now use Apple Pay to purchase STEPN products and upgrades within the app without the need to connect a wallet.
⚡️ The NFT Gaming Company Announces Enhancements to AI Gaming Platform Leveraging RECUR Builder
The NFT Gaming Company, Inc. ("NFTG" or the "Company"), a company developing a digital gaming platform and community that will offer users the ability to create unique avatars playable in all of the games on the platform in the form of non-fungible tokens, or “NFTs,” today announced that it will be leveraging the powerful web3 tool, RECUR Builder, to deliver its AI gaming offerings to market. The NFT Gaming Company will be building on RECUR’s cutting-edge Web3 infrastructure to monetize their expanding game catalog. The NFT Gaming Company will also provide experiences and unique opportunities for the RECUR community. “Partnering with RECUR allows us to bring our AI gaming offering to market as quickly as possible in the best web3 infrastructure available,” said Vadim Mats, CEO of NFT Gaming Company. “This relationship enables us to utilize the same technology as top brands like Paramount, Nickelodeon, Star Trek™, Top Gun: Maverick, emoji®, Care Bears™, and others.” "We're delighted to have The NFT Gaming Company onboard to enhance their AI gaming product and create unforgettable web3 experiences with RECUR Builder.
The NFT Gaming Company, Inc. ("NFTG" or the "Company"), a company developing a digital gaming platform and community that will offer users the ability to create unique avatars playable in all of the games on the platform in the form of non-fungible tokens, or “NFTs,” today announced that it will be leveraging the powerful web3 tool, RECUR Builder, to deliver its AI gaming offerings to market. The NFT Gaming Company will be building on RECUR’s cutting-edge Web3 infrastructure to monetize their expanding game catalog. The NFT Gaming Company will also provide experiences and unique opportunities for the RECUR community. “Partnering with RECUR allows us to bring our AI gaming offering to market as quickly as possible in the best web3 infrastructure available,” said Vadim Mats, CEO of NFT Gaming Company. “This relationship enables us to utilize the same technology as top brands like Paramount, Nickelodeon, Star Trek™, Top Gun: Maverick, emoji®, Care Bears™, and others.” "We're delighted to have The NFT Gaming Company onboard to enhance their AI gaming product and create unforgettable web3 experiences with RECUR Builder.
Starting in June, Hong Kong's Securities and Futures Commission (SFC) will accept applications from cryptocurrency trading platforms aiming to serve retail investors.
This comes after refining proposed regulations based on public feedback. The updated guidelines emphasize investor protection, management of key risks, and responsible development.
This regulatory update is seen as positive by companies looking to operate in Hong Kong, especially since most publicly accessible platforms are currently unregulated by the SFC.
Though the guidelines will be effective in June, the SFC says it has "not yet granted approval to any virtual asset trading platform." During the consultation period, the SFC received 152 written submissions.
This comes after refining proposed regulations based on public feedback. The updated guidelines emphasize investor protection, management of key risks, and responsible development.
This regulatory update is seen as positive by companies looking to operate in Hong Kong, especially since most publicly accessible platforms are currently unregulated by the SFC.
Though the guidelines will be effective in June, the SFC says it has "not yet granted approval to any virtual asset trading platform." During the consultation period, the SFC received 152 written submissions.
🖼 30-Day Bitcoin NFT Sales Surge to $173 Million, Securing Second Place in Blockchain Market
In the past month, recent data reveals that sales of non-fungible tokens (NFTs) originating from the Bitcoin blockchain have surged to $173.28 million. Surpassing 20 alternative blockchain networks, Bitcoin-based NFT sales now secure the second position in the realm of blockchain sales, with only Ethereum reigning supreme. Amidst the fervor surrounding the Ordinal inscription trend, Bitcoin-based NFTs have skyrocketed in popularity. The sales amassed over the past 30 days firmly established the network as the second-largest in terms of sales within this time frame. While Ethereum NFT sales saw $392.23 million, this past month Bitcoin sales tallied up to $173.28 million, up 408.29% from the month prior. However, there has been a significant 47% decline in the number of buyers for Bitcoin-based NFTs, totaling 6,955 over the course of the past 30 days. Insights from cryptoslam.io data highlight that the leading NFT collection, in terms of sales during this period, is the Bored Ape Yacht Club (BAYC). The BAYC collection garnered $39,307,853 in sales over the past month, closely followed by the Ordi BRC20 NFTs.
In the past month, recent data reveals that sales of non-fungible tokens (NFTs) originating from the Bitcoin blockchain have surged to $173.28 million. Surpassing 20 alternative blockchain networks, Bitcoin-based NFT sales now secure the second position in the realm of blockchain sales, with only Ethereum reigning supreme. Amidst the fervor surrounding the Ordinal inscription trend, Bitcoin-based NFTs have skyrocketed in popularity. The sales amassed over the past 30 days firmly established the network as the second-largest in terms of sales within this time frame. While Ethereum NFT sales saw $392.23 million, this past month Bitcoin sales tallied up to $173.28 million, up 408.29% from the month prior. However, there has been a significant 47% decline in the number of buyers for Bitcoin-based NFTs, totaling 6,955 over the course of the past 30 days. Insights from cryptoslam.io data highlight that the leading NFT collection, in terms of sales during this period, is the Bored Ape Yacht Club (BAYC). The BAYC collection garnered $39,307,853 in sales over the past month, closely followed by the Ordi BRC20 NFTs.
🖼 Milady NFTs Get Dogecoin Treatment as Prices Retrace Days After Elon Musk Tweet
Prices of the popular Milady NFT collection have retracted gains from the past weeks as holders likely took profits on a move influenced by an Elon Musk tweet. Earlier in May, the Milady collection spiked after receiving acknowledgment from Twitter owner Musk who tweeted a picture of a Milady avatar with the words “There is no meme, I love you” overlaid on the picture. Each NFT traded for 3.4 ether at the time. All gains have since reversed, as the NFT collection is now back at prices before Musk’s tweet, data from OpenSea analytics shows, dropping to as low as 3.2 ether per NFT on Thursday. That immediately prices surged as much as 200%, each Milady fetching $13,700 worth of ether (ETH) at the peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market capitalization of over $120 million. This is similar to the price action seen in dogecoin (DOGE) – which enjoys Musk’s support – which typically spikes whenever it is mentioned by the entrepreneur. These jumps are short-lived, however, as traders and automated bots pile on the tokens.
Prices of the popular Milady NFT collection have retracted gains from the past weeks as holders likely took profits on a move influenced by an Elon Musk tweet. Earlier in May, the Milady collection spiked after receiving acknowledgment from Twitter owner Musk who tweeted a picture of a Milady avatar with the words “There is no meme, I love you” overlaid on the picture. Each NFT traded for 3.4 ether at the time. All gains have since reversed, as the NFT collection is now back at prices before Musk’s tweet, data from OpenSea analytics shows, dropping to as low as 3.2 ether per NFT on Thursday. That immediately prices surged as much as 200%, each Milady fetching $13,700 worth of ether (ETH) at the peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market capitalization of over $120 million. This is similar to the price action seen in dogecoin (DOGE) – which enjoys Musk’s support – which typically spikes whenever it is mentioned by the entrepreneur. These jumps are short-lived, however, as traders and automated bots pile on the tokens.
Shaquille O’Neal, the basketball legend turned TV analyst, is now embroiled in two separate lawsuits related to the cryptocurrency sector on Tuesday, May 23, during a live NBA broadcast.
O’Neal was handed legal documents concerning his association with the now-defunct cryptocurrency exchange FTX and his NFT initiative, Astrals, at Miami’s Kaseya Arena. Notably, the venue was previously known as FTX Arena.
The first lawsuit involves O’Neal who endorsed FTX. The plaintiffs accuse the defendants of promoting a financial platform that later fell into bankruptcy.
The second lawsuit focuses on O’Neal’s involvement in Astrals, an NFT project launched in 2022. The plaintiffs assert that the Astrals NFTs were unregistered securities, with the value of the tokens tied closely to O’Neal. The suit alleges that the project misled investors and that O’Neal, along with his son Myles and business partner Brian Bayati, violated securities laws.
O’Neal was handed legal documents concerning his association with the now-defunct cryptocurrency exchange FTX and his NFT initiative, Astrals, at Miami’s Kaseya Arena. Notably, the venue was previously known as FTX Arena.
The first lawsuit involves O’Neal who endorsed FTX. The plaintiffs accuse the defendants of promoting a financial platform that later fell into bankruptcy.
The second lawsuit focuses on O’Neal’s involvement in Astrals, an NFT project launched in 2022. The plaintiffs assert that the Astrals NFTs were unregistered securities, with the value of the tokens tied closely to O’Neal. The suit alleges that the project misled investors and that O’Neal, along with his son Myles and business partner Brian Bayati, violated securities laws.
🖼 Milady NFTs Get Dogecoin Treatment as Prices Retrace Days After Elon Musk Tweet
Prices of the popular Milady NFT collection have retracted gains from the past weeks as holders likely took profits on a move influenced by an Elon Musk tweet. Earlier in May, the Milady collection spiked after receiving acknowledgment from Twitter owner Musk who tweeted a picture of a Milady avatar with the words “There is no meme, I love you” overlaid on the picture. Each NFT traded for 3.4 ether at the time. All gains have since reversed, as the NFT collection is now back at prices before Musk’s tweet, data from OpenSea analytics shows, dropping to as low as 3.2 ether per NFT on Thursday. That immediately prices surged as much as 200%, each Milady fetching $13,700 worth of ether (ETH) at the peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market capitalization of over $120 million. This is similar to the price action seen in dogecoin (DOGE) – which enjoys Musk’s support – which typically spikes whenever it is mentioned by the entrepreneur. These jumps are short-lived, however, as traders and automated bots pile on the tokens.
Prices of the popular Milady NFT collection have retracted gains from the past weeks as holders likely took profits on a move influenced by an Elon Musk tweet. Earlier in May, the Milady collection spiked after receiving acknowledgment from Twitter owner Musk who tweeted a picture of a Milady avatar with the words “There is no meme, I love you” overlaid on the picture. Each NFT traded for 3.4 ether at the time. All gains have since reversed, as the NFT collection is now back at prices before Musk’s tweet, data from OpenSea analytics shows, dropping to as low as 3.2 ether per NFT on Thursday. That immediately prices surged as much as 200%, each Milady fetching $13,700 worth of ether (ETH) at the peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market capitalization of over $120 million. This is similar to the price action seen in dogecoin (DOGE) – which enjoys Musk’s support – which typically spikes whenever it is mentioned by the entrepreneur. These jumps are short-lived, however, as traders and automated bots pile on the tokens.
Vertex Labs, the UK-based Web3 and AI infrastructure company, has announced its acquisition of Digimental Studio, the creative force behind the 3D NFT fashion brand HAPE, for $12 million.
The acquisition is expected to strengthen Vertex Labs’ standing as a provider of Web3 and AI infrastructure worldwide.
Vertex is set to introduce Staking and many other future benefits for the HAPE community.
The acquisition is expected to strengthen Vertex Labs’ standing as a provider of Web3 and AI infrastructure worldwide.
Vertex is set to introduce Staking and many other future benefits for the HAPE community.
🇭🇰 The Hong Kong Police Force launch new metaverse platform, ‘CyberDefender’
The cyber security unit of the Hong Kong Police Force have launched CyberDefender, a new metaverse platform designed to educate the public of the potential dangers associated with Web3 and the metaverse. According to a May 27 statement, the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force unveiled a new metaverse platform, CyberDefender, in an effort to prepare its citizens for the “challenges ahead in the digital age” with a focus on technology crime prevention. On the same day that it launched, an event was held on the platform, “Exploring the Metaverse," spanning across three virtual venues, with the aim of discussing crime prevention strategies within the metaverse. During the event, chief inspector of CSTCB, Mr Ip Cheuk-yu emphasized the importance of exercising caution in the metaverse, urging attendees to apply the same level of vigilance they practise while using the internet. “The decentralized nature of virtual assets in Web3 may also increase the likelihood of cyber criminals targeting end point devices, virtual asset wallets and smart contracts” he said. The Hong Kong Police Force plans to ramp up its technology crime educational initiatives.
The cyber security unit of the Hong Kong Police Force have launched CyberDefender, a new metaverse platform designed to educate the public of the potential dangers associated with Web3 and the metaverse. According to a May 27 statement, the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force unveiled a new metaverse platform, CyberDefender, in an effort to prepare its citizens for the “challenges ahead in the digital age” with a focus on technology crime prevention. On the same day that it launched, an event was held on the platform, “Exploring the Metaverse," spanning across three virtual venues, with the aim of discussing crime prevention strategies within the metaverse. During the event, chief inspector of CSTCB, Mr Ip Cheuk-yu emphasized the importance of exercising caution in the metaverse, urging attendees to apply the same level of vigilance they practise while using the internet. “The decentralized nature of virtual assets in Web3 may also increase the likelihood of cyber criminals targeting end point devices, virtual asset wallets and smart contracts” he said. The Hong Kong Police Force plans to ramp up its technology crime educational initiatives.
📣 NFT ART DAY ZRH returns to immerse visitors in the worlds of web3 & crypto art
NFT ART DAY ZRH (find more here) serves as a platform for building connections between the traditional art world and the emerging realm of NFTs. The event places a strong emphasis on exploring the intersection of art and NFTs, delving into the innovative possibilities offered by blockchain technology, examining the evolution of historical digital art, analyzing the performance of the digital art market, and examining various other facets of this intricate ecosystem. On Sunday, June 11, the main conference will take place at Kunsthaus Zürich’s newly constructed Chipperfield building. The conference offers a captivating program featuring talks and panel discussions that delve into various aspects of the NFT field. Key themes to be explored include the current state of the NFT art market, insights into significant artistic practices, the impact of rapidly advancing technologies in the art world, examination of collecting behavior, and artist talks. NFT ART DAY ZRH serves as a platform for bringing together esteemed international thought leaders, experts, artists, curators, and collectors who operate at the intersection of art and technology.
NFT ART DAY ZRH (find more here) serves as a platform for building connections between the traditional art world and the emerging realm of NFTs. The event places a strong emphasis on exploring the intersection of art and NFTs, delving into the innovative possibilities offered by blockchain technology, examining the evolution of historical digital art, analyzing the performance of the digital art market, and examining various other facets of this intricate ecosystem. On Sunday, June 11, the main conference will take place at Kunsthaus Zürich’s newly constructed Chipperfield building. The conference offers a captivating program featuring talks and panel discussions that delve into various aspects of the NFT field. Key themes to be explored include the current state of the NFT art market, insights into significant artistic practices, the impact of rapidly advancing technologies in the art world, examination of collecting behavior, and artist talks. NFT ART DAY ZRH serves as a platform for bringing together esteemed international thought leaders, experts, artists, curators, and collectors who operate at the intersection of art and technology.
📣 Crypto Critic Now Finds Himself Supporting NFTs Minted On Bitcoin
Peter Schiff, a well-known economist and investor, now supports blockchain technology and non-fungible tokens (NFTs). Considering his previous stance on digital assets, mainly Bitcoin, Schiff unexpectedly turned to Twitter on May 27 to express his enthusiasm for a planned art endeavor. Tweeting on May 27, Schiff expressed his excitement about working with one of his favorite painters, Market Price, on a collaborative artwork that would combine the conventional elements of art with blockchain. The focus of this group effort is a unique work of art called “Golden Triumph.” Art lovers and collectors will also be able to purchase a set of prints and Ordinals that have been permanently recorded on the Bitcoin blockchain. Given Schiff’s long-standing distrust of blockchain technology and cryptocurrencies, this news came as a shock to many. His support of Bitcoin shows how his views on the convergence of art, technology, and investing are shifting. Schiff’s recent tweets on blockchain and NFTs seem to contradict his previous stance. In 2021, he questioned the worth of owning an NFT digital picture. His tweet brought attention to the blurring of lines between legitimate ownership of a non-fungible token-authenticated digital artwork.
Peter Schiff, a well-known economist and investor, now supports blockchain technology and non-fungible tokens (NFTs). Considering his previous stance on digital assets, mainly Bitcoin, Schiff unexpectedly turned to Twitter on May 27 to express his enthusiasm for a planned art endeavor. Tweeting on May 27, Schiff expressed his excitement about working with one of his favorite painters, Market Price, on a collaborative artwork that would combine the conventional elements of art with blockchain. The focus of this group effort is a unique work of art called “Golden Triumph.” Art lovers and collectors will also be able to purchase a set of prints and Ordinals that have been permanently recorded on the Bitcoin blockchain. Given Schiff’s long-standing distrust of blockchain technology and cryptocurrencies, this news came as a shock to many. His support of Bitcoin shows how his views on the convergence of art, technology, and investing are shifting. Schiff’s recent tweets on blockchain and NFTs seem to contradict his previous stance. In 2021, he questioned the worth of owning an NFT digital picture. His tweet brought attention to the blurring of lines between legitimate ownership of a non-fungible token-authenticated digital artwork.
📊 Popular NFT collections take massive price hit in 2023
Some of the most sought-after nonfungible tokens (NFTs) of 2022 have taken a massive hit in value over the past year. The trend mirrors the depreciating value of metaverse properties in 2023, which were considered top virtual lands for investment in 2022. Investments in top NFT projects, including Doodles, Invisible Friends, Moonbirds and Goblintown, have lost up to 95% of their value in Ether. The value of blue-chip NFT collections alone has fallen down by over 40% on average. Data from NFTGo shows that the Blue Chip Index went down to 7,446 ETH from its yearly high of 12,394 ETH back in July 2022. Surprisingly, NFT investors remain unfazed by the ongoing decline in value. While some expect further and prolonged depreciation of NFT prices, a handful of investors believe it’s the right time to invest, as they anticipate a comeback. On the contrary, the number of blue chip NFT holders over the past year has increased by more than 90%. During this time, sellers increased by 32% while buyers decreased by 30%. Despite the financial setbacks, the NFT ecosystem continues to draw the attention of new investors. On May 27, crypto skeptic Peter Schiff launched an NFT project on the Bitcoin blockchain via Ordinals.
Some of the most sought-after nonfungible tokens (NFTs) of 2022 have taken a massive hit in value over the past year. The trend mirrors the depreciating value of metaverse properties in 2023, which were considered top virtual lands for investment in 2022. Investments in top NFT projects, including Doodles, Invisible Friends, Moonbirds and Goblintown, have lost up to 95% of their value in Ether. The value of blue-chip NFT collections alone has fallen down by over 40% on average. Data from NFTGo shows that the Blue Chip Index went down to 7,446 ETH from its yearly high of 12,394 ETH back in July 2022. Surprisingly, NFT investors remain unfazed by the ongoing decline in value. While some expect further and prolonged depreciation of NFT prices, a handful of investors believe it’s the right time to invest, as they anticipate a comeback. On the contrary, the number of blue chip NFT holders over the past year has increased by more than 90%. During this time, sellers increased by 32% while buyers decreased by 30%. Despite the financial setbacks, the NFT ecosystem continues to draw the attention of new investors. On May 27, crypto skeptic Peter Schiff launched an NFT project on the Bitcoin blockchain via Ordinals.
