Best stories of the week
Beeple NFT auction ends with record $69.3 million
There’s a lot to talk about in the crypto-currency markets, but this week non-fungal tokens stole the show….. For many reasons.
Digital artist Mike Winkelmann, also known as Bipple, has made history with his latest work, Evening Days:. The First 5000 Days – sold at auction for a whopping $69.3 million at Christie’s.
Only two other living artists, Jeff Koons and David Hockney, have made more expensive works and, not surprisingly, this is the most expensive NFT ever sold.
Very special. Everydays consists of 5,000 unique images taken every day over a period of 13.5 years. Collage shows Beeple’s evolution as an artist and his transition into political cartooning.
NFT represents Banksy’s burnt painting and raises nearly $400,000
Beeple wasn’t the only one laughing all the way to the crypto-currency exchange. The cryptocurrency investor group known as Burned Banksy has made a nice profit after a daredevil stunt involving one of the graffiti artist’s works.
Last month they bought a real Banksy painting for $100,000 . Idiots satirizes the art trade, describing a noisy auction for a framed canvas emblazoned with the words: I can’t believe you idiots would buy this crap.
Last week during a Twitter livestream in Brooklyn ….. they set fire to a painting and turned it into NFT. At the time of writing, it was sold on the NFT OpenSea marketplace for 228 ETH….. worth over .400,000 .
Among the other big sales this week, a former DC Comics artist earned $1.85 million in four days selling Wonder Woman to NFT. But not everyone has a price. The collector turned down a whopping $1 million for the NBA show, which he had originally purchased for $100,000.
Innovating is never easy – Kings NFT Leon sells for $2 million.
Kings of Leon have reportedly raised $2 million with the sale of their iconic album – including ,600,000 for a fund to support live music teams affected by the coronavirus pandemic.
Unfortunately, the event was not without problems. Many of the group’s fans are absolute newbies when it comes to crypto and NFT – and that can be a steep learning curve. This has prompted Kings of Leon to suspend sales until the 20th. March to renewal.
NFT were released in partnership with YellowHeart, a blockchain-based ticketing platform that powers auctions on the NFT OpenSea marketplace.
Six gold tickets were issued, giving fans front row seats for life, a private driver for the shows and the chance to meet the band. One of the gold notes got the proud sum of 89 ETH.
In other music news, Russian feminist punk band Pussy Riot have announced that they will be releasing four NFTs for their latest single in support of a domestic violence centre.
Bitcoin reaches new highs after two weeks of agonizing wait.
What a difference a year makes. Twelve months ago, bitcoiners were licking their wounds after a sudden and devastating crash that dropped them below $4,000. Fast forward, and BTC has now set a new all-time high above $59,000.
It took a few weeks for this milestone to be reached and for BTC to drop below $45,000. However, the rebound shows that the bullish momentum is uninterrupted. It remains to be seen if this rise is a result of the weekend’s volatility or the start of something bigger.
Of course, there are reasons to be careful. David Lifchitz of ExoAlpha said this week that although the price of bitcoin is in a long-term uptrend, there are reasons for a more bearish outlook in the short term.
US tax season may prompt investors to sell their holdings It’s also March, a traditionally down month for the crypto sector.
Ethereum’s 100x scaling is inevitable and will last until Et2, says Vitalik,.
As deFi protocols flock to rival blockchains – Binance’s smartchain is a major beneficiary – Ethereum must move quickly to increase bandwidth and lock in astronomical transaction fees.
Eth2 is still far away, but Vitalik Buterin discovered that a temporary solution might be just around the corner: Rolling.
In the Tim Ferriss Show podcast, he said that Optimism’s Layer 2 solution could enable Ethereum to scale 100x. And by the time additional power is needed, the sharding will be long gone, Buterin added.
Rolling processes and stores transaction data in a designated sidechain before aggregating the transaction batches on the Ethereum backbone. This alleviates blockchain scaling issues, where fierce competition for Ethereum backbone bandwidth has led to exorbitant rates.
The Optimism solution will be on the market in about a month. The feature is expected to be used by market leaders like DeFi, and rumors indicate that the feature will also be used in V3 Uniswap.
Winners and losers
At the end of the week, Bitcoin stands at $60.539, Ether at $1.936 and XRP at $0.44. The total market size is $1.8 trillion.
Among the top 100 crypto-currencies, the top three altcoins of the week are Chiliz, Theta Fuel and Ankr. The top three altcoins that lost this week were NEM, Fantom and Voyager Token.
For more information on crypto currency prices, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
The ability of gold to protect against inflation has been somewhat overestimated. While it provides a reasonable valuation reserve over a very long period – think centuries – it is less reliable over most investment horizons.
Russia Kesterich, BlackRockPortfolio Manager
The fact that Oracle has not bought yet is very bullish and indicates that it is still early.
Jeff Booth, contractor
Tesla in the background, Amazon’s market cap with bitcoin’s eyes around $80,000 – With bitcoin’s market cap process around the $1 trillion mark completed, we see internet pioneer Amazon.com as a possible next threshold.
Mike McGlone, analyst, Bloomberg Intelligence
Let’s make history with the first ever NFT for the REAL source!
Ivan Malpica, Investor
You would have over $10,000 if you bought bitcoins with your incentive check.
DOGE is certainly already standing for its use as a niche currency with enthusiastic fans, and adoption can certainly grow from there. But for this coin to truly be considered a coin of the future, the story of DOGE must be erased like a membrane coin.
Kadan Stadelmann, Technical Director of Komodo
Last year, @Ripple and I sued @YouTube for not enforcing our own policies by allowing fake accounts (posing as verified me/Ripple accounts) to run XRP donation scams. We have now decided to work together to prevent, detect and eradicate this scam.
Brad Garlinghouse, CEO of Ripple
Sandwiches are coming right up. We are confident that when we need to scale up, the Shardiers will be ready in time.
Vitalik Buterin, co-founder of Ethereum
Gold will always have a place in jewelry and coin collections, but most indicators suggest that bitcoin is quickly replacing the metal as a store of value in investors’ portfolios.
Mike McGlone, BloombergSenior Commodities Strategist
It’s great to see women and girls in the crypto-currency industry. It is important for us to have more options for the financial future.
Lily Knight, three years bitcoin instructor
If there are plans to build chains and infrastructure at the corporate level and there are not enough women, nothing will come about through the thinking of women. This is the biggest problem we face today.
Efi Pylarinou, consultant in blockchain and fintech
Even if you don’t like bitcoin, you should still buy it in case it expires.
Dan Held, Octopus
Mark Cuban sees $1 written on tea leaves DOGE.
Just three days after the Dallas Mavericks began accepting Dogecoins for their merchandise, billionaire basketball team owner Mark Cuban expressed his extreme optimism.
The Shark Tank star predicts the price of DOGE will eventually hit $1…. which means Elon Musk isn’t the only mega-rich entrepreneur smothering the coin with anecdotes.
Last weekend, he said his customers had used more than 20,000 dogecoins in transactions with the Dallas Mavericks, making him the largest dogecoin trader in the world.
The Mavericks were one of the first NBA franchises to recognize cryptocurrencies as a means of payment for tickets and merchandise, and two years ago they began accepting bitcoin through the paper company BitPay.
Fans can also pay for equipment and merchandise with Bitcoin Cash, USD Coin, Gemini Dollar, Paxos Standard and Binance USD.
FUD of the week
The OpenSea collector pulls the NFT to assign a random value.
Returning to NMT, some fear the market is overheating – and are using bold stunts to prove it.
A crypto artist, known as Neitherconfirm, has offered 26 NFTs with stained human and animal faces for sale on OpenSea. But on Tuesday, an unexpected twist occurred when the images that accompanied each token were replaced with literal tapestry photos.
Neuterconfirma said no one had been affected by the move and explained: All the talk about the value of NFTs is meaningless if the token is not inextricably linked to the artwork itself. What does it mean to create a critical token on a highly secure network when someone can change, reinstall, or destroy your property? As long as the value of your artwork is reliably tracked by a central service, you have nothing.
Peter Schiff’s son invests 100% of his portfolio in Bitcoin
We’ve known for a long time that Peter Schiff is a secret skeptic and a cash cow. But this week his son made a strong statement showing that he could not contradict his father.
Spencer Schiff seems to have decided to move his investments to bitcoin, and his father expressed concern after his departure. Peter wrote: If my own son was brainwashed, imagine how vulnerable most children are. It is infinite or it is broken.
Sarcastic comments poured in, to which Anthony Pompliano, co-founder of Morgan Creek Digital, responded: At least someone in your family is increasing their wealth this year.
Schiff suggested that he disinherit his son: Otherwise, he’s wasting my hard-earned fortune on another bitcoin.
His criticism of BTC has often gone unheard. Indeed, in 2019 he confidently declared that the world’s largest cryptocurrency will never reach $ $50,000.
Ripple ends YouTube’s XRP ad fraud lawsuit, says CEO.
While the SEC’s lawsuit against the sale of XRP tokens continues, Ripple is dropping its lawsuit elsewhere. This week, the company announced the completion of a lawsuit against YouTube over the video-sharing site’s alleged complicity in a series of XRP donation scams.
Ripple’s CEO Brad Garlinghouse accused YouTube of not enforcing its own policies by allowing fake accounts for XRP scams – fake profiles that often impersonate the official Ripple site or other verified channels. Both parties have now found a solution whereby they work together to prevent, detect and eliminate this scam.
On Twitter, he added: Social platforms are beginning to see the role they play in the survival of cryptocurrencies and recognize the need to be part of the solution.In other news, Ripple and Moneygram have officially ended their partnership, but both companies have expressed hope to work together again in the future.
Best coin features
Too little, too late? Ethereum losing ground to DeFi rival blockchain
Decentralized exchanges are exploring alternatives while Ethereum remains overcrowded. Is this the beginning of the end for blockchain?
Black Thursday Birthday: Could the crypto markets have another big crash?
The market could rebound quickly, and a new low on the 12th. March cannot be completely ruled out.
Good or bad? One NFT can power European homes for 1.5 months
NFTs are under scrutiny as more attention is paid to the carbon footprint of PoW blockchains.