🦧 Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?
Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion.
For the uninitiated, BAYC is a collection of 10,000 cartoons of anthropomorphic apes with stylish clothes and disreputable expressions. Each ape is practically an image file that should be worthless in a sane world. Nonetheless, they have been managing to fetch astonishing sums, sometimes from some of the world's most renowned celebrities.
For instance, Jimmy Fallon, a popular American TV host, bought the image of a Bored Ape that wore a striped T-shirt and heart-shaped shades for almost $220,000 in November last year. And very recently, Academy Award-winning rapper Eminem paid nearly $462,000 for an ape that somewhat resembled him.
Meanwhile, one of the rarest Bored Apes, which had a gold fur trait, fetched $3.4 million in an online auction held by Sotheby's in October, breaking the record of another rare ape with laser eyes, which was sold to the Sandbox for $2.9 million a month before.
As stated, BAYC's net sales recently crossed the $1-billion-mark, almost 10% of what Apple earned in 2021. Meanwhile, the NFT sector, on the whole, processed sales worth $41 billion, which came to be almost equal to the global art sales in the year, data from Chainalysis showed
Matt Hougan, the chief investment officer of Bitwise Asset Management, admitted that many of their clients had been looking for exposure in the NFT space without needing to crisscross through its daunting technology.
In response, Bitwise launched a dedicated fund last mont, which tracks its own Bitwise Blue-Chip NFT Collections Index — a basket of the ten largest NFT collections weighted by market capitalization — and buys and holds artworks from BAYC, CryptoPunks, and other NFT projects.
@DeCenterOrg
Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion.
For the uninitiated, BAYC is a collection of 10,000 cartoons of anthropomorphic apes with stylish clothes and disreputable expressions. Each ape is practically an image file that should be worthless in a sane world. Nonetheless, they have been managing to fetch astonishing sums, sometimes from some of the world's most renowned celebrities.
For instance, Jimmy Fallon, a popular American TV host, bought the image of a Bored Ape that wore a striped T-shirt and heart-shaped shades for almost $220,000 in November last year. And very recently, Academy Award-winning rapper Eminem paid nearly $462,000 for an ape that somewhat resembled him.
Meanwhile, one of the rarest Bored Apes, which had a gold fur trait, fetched $3.4 million in an online auction held by Sotheby's in October, breaking the record of another rare ape with laser eyes, which was sold to the Sandbox for $2.9 million a month before.
As stated, BAYC's net sales recently crossed the $1-billion-mark, almost 10% of what Apple earned in 2021. Meanwhile, the NFT sector, on the whole, processed sales worth $41 billion, which came to be almost equal to the global art sales in the year, data from Chainalysis showed
Matt Hougan, the chief investment officer of Bitwise Asset Management, admitted that many of their clients had been looking for exposure in the NFT space without needing to crisscross through its daunting technology.
In response, Bitwise launched a dedicated fund last mont, which tracks its own Bitwise Blue-Chip NFT Collections Index — a basket of the ten largest NFT collections weighted by market capitalization — and buys and holds artworks from BAYC, CryptoPunks, and other NFT projects.
@DeCenterOrg
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⚡️ Neobank N26 is planning to launch a crypto trading business this year.
💼 Block job postings reveal Jack Dorsey’s Bitcoin plans
In two recent job postings on LinkedIn, Jack Dorsey’s Block (formerly Square) revealed the group’s plans to develop “the next generation of mining ASIC” and make a hardware wallet for the next 100 million Bitcoin (BTC) users.
The two roles are based at Block’s headquarters in San Francisco and were added to the job posting platform in the past 24 hours.
For the role of the custom digital design lead, the candidate will help “silicon validation of the ASIC and its prototype.” An ASIC is a small machine that can be used for Bitcoin mining and is considered the best option for Bitcoin network security. The new job posting confirms that Block sets out to develop purpose-built ASICs for BTC mining.
The second vacancy is for the hardware wallet’s global fulfillment and logistics lead. At the job’s core is “bringing easy-to-use, reliable self-custody to a global audience.” Ultimately, Block seeks to distribute its hardware wallets to over 100 countries.
The news aligns with Dorsey’s announcements made in 2021. Back when Block was called Square, Dorsey tweeted, “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”
Back in July, Square claimed to be developing an “assisted custody” BTC hardware wallet. It appears the plans are now coming together.
Block is the holding name for Square, CashApp, Spiral, Tidal and TBD54566975. Tidal music streaming service aside, each company is dedicated to furthering Bitcoin adoption and economic empowerment.
Among Block’s suite of companies, there are 650 jobs available around the world. For Block, there are several live listings for state public policy leadership positions across the United States as well as the two aforementioned product-related roles.
Since stepping down as CEO of Twitter, Dorsey has been vocal in his support for Bitcoin while outspoken in his opposition to Web3 — sometimes with varying results. Following a series of well-aimed tweets, he was stuck between a block and a hard place after he had tweeted that venture capitalists own Web3. Marc Andreessen, CEO of Andreessen Horowitz, swiftly blocked him.
@DeCenterOrg
In two recent job postings on LinkedIn, Jack Dorsey’s Block (formerly Square) revealed the group’s plans to develop “the next generation of mining ASIC” and make a hardware wallet for the next 100 million Bitcoin (BTC) users.
The two roles are based at Block’s headquarters in San Francisco and were added to the job posting platform in the past 24 hours.
For the role of the custom digital design lead, the candidate will help “silicon validation of the ASIC and its prototype.” An ASIC is a small machine that can be used for Bitcoin mining and is considered the best option for Bitcoin network security. The new job posting confirms that Block sets out to develop purpose-built ASICs for BTC mining.
The second vacancy is for the hardware wallet’s global fulfillment and logistics lead. At the job’s core is “bringing easy-to-use, reliable self-custody to a global audience.” Ultimately, Block seeks to distribute its hardware wallets to over 100 countries.
The news aligns with Dorsey’s announcements made in 2021. Back when Block was called Square, Dorsey tweeted, “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”
Back in July, Square claimed to be developing an “assisted custody” BTC hardware wallet. It appears the plans are now coming together.
Block is the holding name for Square, CashApp, Spiral, Tidal and TBD54566975. Tidal music streaming service aside, each company is dedicated to furthering Bitcoin adoption and economic empowerment.
Among Block’s suite of companies, there are 650 jobs available around the world. For Block, there are several live listings for state public policy leadership positions across the United States as well as the two aforementioned product-related roles.
Since stepping down as CEO of Twitter, Dorsey has been vocal in his support for Bitcoin while outspoken in his opposition to Web3 — sometimes with varying results. Following a series of well-aimed tweets, he was stuck between a block and a hard place after he had tweeted that venture capitalists own Web3. Marc Andreessen, CEO of Andreessen Horowitz, swiftly blocked him.
@DeCenterOrg
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Bybit： Established in March 2018, Bybit is one of the fastest-growing cryptocurrency exchanges, with more than 3 million registered users. Come and join it!
Bybit： Established in March 2018, Bybit is one of the fastest-growing cryptocurrency exchanges, with more than 3 million registered users. Come and join it!
🔥 Group of U.S. banks plans to offer its own stablecoin, called USDF, in a move to tackle concerns about the reserves behind non-bank issued equivalents.
— Comprising institutions backed by the Federal Deposit Insurance Corporation (FDIC), one of the industry's key regulators, the group said the coin will "addresses the consumer protection and regulatory concerns of non-bank issued stablecoins," according to an announcement Wednesday.
— Founding members of the USDF Consortium include New York Community Bank, FirstBank and Sterling National Bank. The consortium wants more financial institutions to join.
— While stablecoins play a role in the broader crypto ecosystem by offering traders and investors secure entry and exit points because they are pegged to assets such as fiat currencies, there is concern about the opaque nature of some of the reserves that back up non-bank stablecoins such as Tether's USDT.
— Earlier this month CoinDesk joined a court case seeking access to documents received by the New York Attorney General's office (NYAG) from Tether.
— News of the consortium's plans emerged in November last year when Figure Technologies met with U.S. regulators to discuss issuing such a stablecoin.
@DeCenterOrg
— Comprising institutions backed by the Federal Deposit Insurance Corporation (FDIC), one of the industry's key regulators, the group said the coin will "addresses the consumer protection and regulatory concerns of non-bank issued stablecoins," according to an announcement Wednesday.
— Founding members of the USDF Consortium include New York Community Bank, FirstBank and Sterling National Bank. The consortium wants more financial institutions to join.
— While stablecoins play a role in the broader crypto ecosystem by offering traders and investors secure entry and exit points because they are pegged to assets such as fiat currencies, there is concern about the opaque nature of some of the reserves that back up non-bank stablecoins such as Tether's USDT.
— Earlier this month CoinDesk joined a court case seeking access to documents received by the New York Attorney General's office (NYAG) from Tether.
— News of the consortium's plans emerged in November last year when Figure Technologies met with U.S. regulators to discuss issuing such a stablecoin.
@DeCenterOrg
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Bybit： Established in March 2018, Bybit is one of the fastest-growing cryptocurrency exchanges, with more than 3 million registered users. Come and join us!!
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🇹🇴 Tonga, a small island nation of 105,000 people, could make Bitcoin legal tender, following El Salvador.
Member of Parliament Lord Fusitua says he is already talking to Jack Mallers and interested to buy Bitcoin for $750 million of the country's reserves.
Many economists and world leaders have expressed their concern over countries following El Salvador’s suit. For countries such as Tonga, there are inflationary pressures at play to consider such a move as well.
@DeCenterOrg
Member of Parliament Lord Fusitua says he is already talking to Jack Mallers and interested to buy Bitcoin for $750 million of the country's reserves.
Many economists and world leaders have expressed their concern over countries following El Salvador’s suit. For countries such as Tonga, there are inflationary pressures at play to consider such a move as well.
@DeCenterOrg
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🚗 Elon Musk announced that Tesla now accepts Dogecoin as payment for the company’s merchandise. DOGE-eligible products in the Tesla store can be purchased by sending DOGE to Tesla’s Dogecoin wallet.
While it's accepting DOGE, the firm also clarified that they are not taking any other crypto. The company states that it cannot detect other assets but DOGE on its website. The business tells customers that «non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.»
@DeCenterOrg
While it's accepting DOGE, the firm also clarified that they are not taking any other crypto. The company states that it cannot detect other assets but DOGE on its website. The business tells customers that «non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.»
@DeCenterOrg
🔒 Tether freezes $150 million in USDT
Tether has added three more Ethereum addresses, holding more than $150 million worth of the Tether (USDT) stablecoin among them, to its blacklist.
As a centralized company, Tether is able to blacklist addresses it believes are involved in crime, money laundering or for any other reason it chooses.
This is the first time Tether has blacklisted an address in 2022, but it added 312 addresses to its blacklist last year and has added 563 since it first did so on Nov. 28, 2017.
@DeCenterOrg
Tether has added three more Ethereum addresses, holding more than $150 million worth of the Tether (USDT) stablecoin among them, to its blacklist.
As a centralized company, Tether is able to blacklist addresses it believes are involved in crime, money laundering or for any other reason it chooses.
This is the first time Tether has blacklisted an address in 2022, but it added 312 addresses to its blacklist last year and has added 563 since it first did so on Nov. 28, 2017.
@DeCenterOrg
🏝 Rio de Janeiro mayor plans to invest 1% of the city's treasury in Bitcoin, and may also offer a discount on property taxes if paid with Bitcoin.
Pedro Paulo, secretary of finance and planning of the city, at the event said: «We are studying the possibility of paying taxes with an additional discount if you pay with bitcoins. You take the discount of the single quota of 7% (of the IPTU) , it becomes 10% if you pay in bitcoin,» said Paulo. «Let's study the legal framework to do this.»
@DeCenterOrg
Pedro Paulo, secretary of finance and planning of the city, at the event said: «We are studying the possibility of paying taxes with an additional discount if you pay with bitcoins. You take the discount of the single quota of 7% (of the IPTU) , it becomes 10% if you pay in bitcoin,» said Paulo. «Let's study the legal framework to do this.»
@DeCenterOrg
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🗂 68% of US crypto holders started investing in 2021
About 70% of crypto hodlers in the U.S. started investing in cryptocurrencies like Bitcoin (BTC) in 2021, according to the Crypto Perception Report 2022 by Huobi Group.
The company polled about 3 100 American adults in mid-December 2021 to assess respondents’ knowledge of crypto, what they think about the crypto market rise in 2021 and more.
The survey found 68% of respondents got their first crypto exposure within the last year, while another 21% of those started investing in crypto up to two years ago. 12% of respondents made their first crypto investment within four years, while 9% began investing in crypto more than four years ago.
@DeCenterOrg
About 70% of crypto hodlers in the U.S. started investing in cryptocurrencies like Bitcoin (BTC) in 2021, according to the Crypto Perception Report 2022 by Huobi Group.
The company polled about 3 100 American adults in mid-December 2021 to assess respondents’ knowledge of crypto, what they think about the crypto market rise in 2021 and more.
The survey found 68% of respondents got their first crypto exposure within the last year, while another 21% of those started investing in crypto up to two years ago. 12% of respondents made their first crypto investment within four years, while 9% began investing in crypto more than four years ago.
@DeCenterOrg
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🔥 Walmart to be venturing into the metaverse with plans to create its own cryptocurrency
The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods, including electronics, home decorations, toys, sporting goods and personal care products.
In a separate filing, the company said it would offer users a virtual currency, as well as NFTs.
@DeCenterOrg
The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods, including electronics, home decorations, toys, sporting goods and personal care products.
In a separate filing, the company said it would offer users a virtual currency, as well as NFTs.
@DeCenterOrg
🔐 The Crypto com loss is about $15M with at least 4 600 ETHs and half of them are currently being washed via TornadoCash.
@DeCenterOrg
@DeCenterOrg
🪙 Coinbase announces ‘nearly the entire company will shut down’ for four weeklong breaks in 2022 to allow workers to recharge
Major United States crypto exchange Coinbase will be giving its employees one week off each quarter in 2022 to recharge after “long days and long weeks” of intense work.
In a Monday blog post, Coinbase chief people officer L. J. Brock said “Nearly the entire company will shut down” for four separate weeks this year as part of an experiment in allowing workers to recuperate after completing intense workloads. Brock said the exchange’s employees aren’t necessarily limited to 40-hour work weeks and may have to “pivot at a moment’s notice,” seemingly creating the potential for burnout.
“We realized in 2020 that many employees weren’t taking enough time off to recharge, either because they didn’t want to force their teammates to cover for them or because they didn’t want to fall behind on their work,” said Brock. “We knew this was unsustainable, so we scheduled a recharge week at the end of 2020 and two recharge weeks in 2021, when nearly the entire company would shut down. [...] Subsequent employee surveys made it clear: recharge weeks work.”
Coinbase added: “Four weeks of coordinated recharge time might sound like a lot of time off for a company in hypergrowth, but given the intensity of our work throughout the year, we think this is the best way to ensure our pace is sustainable for the long term.”
@DeCenterOrg
Major United States crypto exchange Coinbase will be giving its employees one week off each quarter in 2022 to recharge after “long days and long weeks” of intense work.
In a Monday blog post, Coinbase chief people officer L. J. Brock said “Nearly the entire company will shut down” for four separate weeks this year as part of an experiment in allowing workers to recuperate after completing intense workloads. Brock said the exchange’s employees aren’t necessarily limited to 40-hour work weeks and may have to “pivot at a moment’s notice,” seemingly creating the potential for burnout.
“We realized in 2020 that many employees weren’t taking enough time off to recharge, either because they didn’t want to force their teammates to cover for them or because they didn’t want to fall behind on their work,” said Brock. “We knew this was unsustainable, so we scheduled a recharge week at the end of 2020 and two recharge weeks in 2021, when nearly the entire company would shut down. [...] Subsequent employee surveys made it clear: recharge weeks work.”
Coinbase added: “Four weeks of coordinated recharge time might sound like a lot of time off for a company in hypergrowth, but given the intensity of our work throughout the year, we think this is the best way to ensure our pace is sustainable for the long term.”
@DeCenterOrg
💎 Tiny Bitcoin miner defies massive odds to solve a valid block
Despite having a modest hash rate capacity of about 126 TH/s, the lucky miner won the crypto equivalent of the lottery and took home 6.25 BTC worth about $266,000.
A single Bitcoin (BTC) miner from the Solo CK mining pool has defied the odds after successfully adding a new block on the Bitcoin blockchain, taking home 6.25 BTC ($266,000) for their efforts.
The lucky miner, who may have been mining on just one or two machines, solved a block with their modest hash rate capacity of 126 terahashes per second (TH/s). According to a Tuesday tweet from Solo admin Con Kolivas, it’s equivalent to about 0.000072% of the total Bitcoin network hash rate, which is 175,000,000 TH/s.
Bitcoin mining expert and member of the Bitcoin Mining Council Hass McCook told Cointelegraph that he has never heard of anything like it, adding, “To say this is very rare is an understatement.”
“Usually, having 0.000072% of the hash rate means that, on average, Solo CK will win 0.000072% of the blocks, or about 1 in 1,400,000,” he explained.
According to McCook, the miner could’ve been using a single machine. “The Antminer S19 is a 110TH/s machine, so Solo CK could have even been mining with just one overclocked rig. More likely, it was five or six Antminer S9 units. Either way, it could very easily be a home miner,” he said.
A machine’s hash rate refers to how many hashes, or mathematical equations, it can solve per second. On average, a new Bitcoin block is mined every 10 minutes. Kolivas estimated the chances weren’t quite so high, with a one in 10,000 chance of finding a block per day with that hash rate, but added the miner probably wouldn’t repeat the feat.
“For the miner involved, it’s a once-in-a-lifetime chance,” Kolivas wrote.
@DeCenterOrg
Despite having a modest hash rate capacity of about 126 TH/s, the lucky miner won the crypto equivalent of the lottery and took home 6.25 BTC worth about $266,000.
A single Bitcoin (BTC) miner from the Solo CK mining pool has defied the odds after successfully adding a new block on the Bitcoin blockchain, taking home 6.25 BTC ($266,000) for their efforts.
The lucky miner, who may have been mining on just one or two machines, solved a block with their modest hash rate capacity of 126 terahashes per second (TH/s). According to a Tuesday tweet from Solo admin Con Kolivas, it’s equivalent to about 0.000072% of the total Bitcoin network hash rate, which is 175,000,000 TH/s.
Bitcoin mining expert and member of the Bitcoin Mining Council Hass McCook told Cointelegraph that he has never heard of anything like it, adding, “To say this is very rare is an understatement.”
“Usually, having 0.000072% of the hash rate means that, on average, Solo CK will win 0.000072% of the blocks, or about 1 in 1,400,000,” he explained.
According to McCook, the miner could’ve been using a single machine. “The Antminer S19 is a 110TH/s machine, so Solo CK could have even been mining with just one overclocked rig. More likely, it was five or six Antminer S9 units. Either way, it could very easily be a home miner,” he said.
A machine’s hash rate refers to how many hashes, or mathematical equations, it can solve per second. On average, a new Bitcoin block is mined every 10 minutes. Kolivas estimated the chances weren’t quite so high, with a one in 10,000 chance of finding a block per day with that hash rate, but added the miner probably wouldn’t repeat the feat.
“For the miner involved, it’s a once-in-a-lifetime chance,” Kolivas wrote.
@DeCenterOrg
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🐻 Bitcoin stays in tight range as analyst eyes potential 'interesting week' in BTC
Bitcoin (BTC) hovered near $43,000 on Jan. 17 as its "boring" price action combined with signs that the market could be stabilizing.
With few surprises expected thanks to the Wall Street holiday, traders took the opportunity to call for a level-headed approach on focus on altcoins.
Popular analyst William Clemente, meanwhile, highlighted Bitcoin bouncing along an ascending trendline this month, this soon to approach a turning point as part of a wedge construction.
"Should be an interesting week," he forecast.
Beyond spot price, data showed that market composition still employed near all-time high leverage, this only just beginning to reduce in week two of January.
Such leverage prevalence previously sparked concerns that a liquidity cascade could be made all the more real, with a significant move up or down hitting traders.
"The highly increased leverage ratio of Bitcoin that since some days remains at an all-time high is showing concerns that a massive volatility increase will follow up," commentator Vince Prince warned on the day.
@DeCenterOrg
Bitcoin (BTC) hovered near $43,000 on Jan. 17 as its "boring" price action combined with signs that the market could be stabilizing.
With few surprises expected thanks to the Wall Street holiday, traders took the opportunity to call for a level-headed approach on focus on altcoins.
Popular analyst William Clemente, meanwhile, highlighted Bitcoin bouncing along an ascending trendline this month, this soon to approach a turning point as part of a wedge construction.
"Should be an interesting week," he forecast.
Beyond spot price, data showed that market composition still employed near all-time high leverage, this only just beginning to reduce in week two of January.
Such leverage prevalence previously sparked concerns that a liquidity cascade could be made all the more real, with a significant move up or down hitting traders.
"The highly increased leverage ratio of Bitcoin that since some days remains at an all-time high is showing concerns that a massive volatility increase will follow up," commentator Vince Prince warned on the day.
@DeCenterOrg