Monday, October 11th, 2021
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Your Weekly Update On All Things Crypto |
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Twitter and TikTok Both Embrace NFT's With New Feature Rollout |
Over the past two years, NFT's have taken the world of art and culture by storm. Now, two of the world's largest social media platforms are adopting NFT's technology. According to Mada Aflak, a senior software engineer at Twitter, the platform is working on new functionality that will allow users to import their NFT collections from their blockchain wallets. The feature would display a verified checkmark based on the blockchain the NFT has been minted on.
It is now commonplace within the crypto community for owners of rare NFT art to change their profile picture to their NFT. The problem is that there currently is still no way to verify within the platform that you are the owner of this art. This type of formal NFT verification will further the demand for digital ownership in the NFT space and may soon act as a new type of reputation system on the web.
Aled Salnikov, the co-founder and head of product at Rarible, seems to think that the significance of Twitter rolling out this feature is less about provable ownership and more about the additional blockchain data that accompanies it. He says, “It’s the access to data this feature unlocks that matters most here: What is the provenance of the NFT, who are the previous owners and how much was it bought for? It’s a new reputation system for the digital world.”
Twitter founder Jack Dorsey has long been a supporter of cryptocurrency and decentralization. Twitter also recently rolled out Bitcoin tipping for creators using the Bitcoin lightning network. Clearly, Twitter is actively working to position itself as the leader in blockchain adoption within the social media realm.
Not to be outdone, on September 28th, TikTok revealed it was launching an NFT collection inspired by its top creators including Lil Nas X, Bella Poarch, Curtis Roach, and others. The NFTs will be launched on the Ethereum network and powered by Immutable X, a new scaling solution for layer-two NFT protocol Immutable.
The collection, called TikTok Top Moments, is set to feature a selection of six TikTok videos from the network’s most influential creators to celebrate their impact in helping it become one of the largest social media platforms in the world. Proceeds from the sales will go directly to content creators and NFT artists.
If there was ever a "mainstream moment" for blockchain and NFT's, this looks like it may be the one. Non-fungible tokens have already taken over the spotlight in the world of art and culture, and these integrations look like they will be the ones to bring even greater mass adoption to the crypto space.
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SHIB Skyrockets Back to ATH as Euphoria Reenters Crypto Markets |
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In recent news, nearly 95% of the cryptocurrency market has experienced an increase in price. Following Bitcoin's (BTC) recent but brief surge to beyond $55,000, most of the altcoins managed to undergo a similar spike, however, one cryptocurrency asset, in particular, managed to stand above the rest.
As of the time of this writing, Shiba Inu (SHIB) is now the 12th highest ranked cryptocurrency by market capitalization, with a current price of about $0.00003. This new price is indicative of a whopping 385% increase within the past week, with the token itself recording a new all-time high. The question that must be asked now though is why this has happened so quickly and whether Shiba Inu can maintain this sort of momentum going forward.
To the moon?
SHIB, with a market capitalization of approximately $17 billion, has now surpassed the likes of Uniswap (UNI), Chainlink (LINK), and even Litecoin (LTC). Shiba Inu was initially outlined as a sort of experiment in decentralized and unplanned community building as well as engagement. It was launched back in August of last year via a pseudonymous developer going by the alias 'Ryoshi'. Although many argue the coin has "no real utility" it stands as an example of what the power of community can yield in the crypto ecosystem.
Since the beginning of the week, the token has seemingly managed to outclass all of its competitors, with a key cause being centered around Elon Musk and his unending love for dog-themed cryptocurrencies. The support from the Tesla CEO towards Dogecoin (DOGE) has been well-documented at this point. Another significant achievement was the revelation that the self-proclaimed 'Shiba Army' has now exceeded the 700,000 mark in terms of its members worldwide. Say what you will about the token, but this is an extremely impressive accomplishment.
Imminent retest and danger
Recent concerns have been fixated on what may end up becoming an opposing shift in both sentiment and price action as funding rates turned positive across various exchanges all over the globe. The fact that the funding rates were turning excessively positive seems to indicate that the market expects further upside movement. Under these conditions, a mass unwinding of positions could hasten and intensify a downward move, if such a situation occurs. In investing, it is always imperative not to blindly follow the crowd. In the wise words of Warren Buffet, "you must be fearful when others are greedy, and greedy when others are fearful.
This sentiment data mirrored the mood of investors, with the Cryptocurrency Fear & Greed Index reaching 76/100 on Saturday, indicating ‘extreme greed’. According to Rekt Capital, investors would hence do well to exercise caution as a retest could be imminent. This line of thinking was backed by long-term market participants already working on an exit strategy, as well as some historical data that showed a 50% sell-off during the last time a +90% pump had taken place within the cryptocurrency market.
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Nakamoto Games offers gamers worldwide the opportunity to participate in countless blockchain-based games and generate a sustainable and sizable income.
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Galactic Punks NFT Series Makes History on Terra Blockchain |
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Last week, the Galactic Punks NFT project made history as it launched the first series of NFT's ever created on the Terra Blockchain. The launch came shortly after the Columbus-5 upgrade that made it possible to mint assets on Terra. Community members flooded into the randomearth.io marketplace last Saturday to get their chance to mint one of the 10,921 unique NFT's in the Galactic Punks series. An anxious community, more than 5,000 members strong, hovered by their commuters awaiting the opening of the mint. In less than 8 minutes the entire set was claimed.
This drop also made history, resulting in the largest block ever recorded on Terra with more than 1,000 transactions processed in a single block. The frenzy around these NFT's continued in the days following the launch, recording over 10M in trading volume in the first 24h after the launch. In fact, just recently a tweet emerged showing that someone traded one of their rare Galactic Punks for a Tesla!
NFT's have taken the spotlight in crypto as of late. These pixilated characters are more than just randomly generated jpegs. They are becoming an increasingly mainstream characteristic of digital community and provenance. It used to be that a Rolex or a Lamborgini was a "flex" of someone's wealth. Now digital native consumers are turning to digital collectibles to signal their wealth and stature.
Whether you believe NFT's are a bubble, or if you think they are just getting started. It is clear that something big is changing in the world of art and culture. With the advent of non-fungible tokens, artists and communities are beginning to thrive in the digital world, and we are so excited to watch this industry evolve.
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Bitcoin: The Cycle Is *NOT* Over! |
Benjamin Cowen
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Raoul Pal: Crypto Is Taking Over The Financial World: Full Interview |
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Leading a $2B Hedge Fund Into The Digital Age: - Mark Yusko |
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The Bitcoin Rally Continues, Gaining 13% Last Week |
Altcoin Dominance Bleeds 3.3% During Period of High Bitcoin Volatility |
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Solana Breakpoint is a groundbreaking celebration of everything the Solana community has accomplished, what they've inspired, and for what comes next. Breakpoint is the first conference organized by the Solana Foundation. The Lisbon-based conference will bring together industry leaders, builders, and innovators from around the globe. This year, the conference will be held in beautiful Lisbon, Portugal, from November 7th - 10th, and will be broken down into 3 separate tracks.
THE ECOSYSTEM STAGE - LxFactory
Amazing use-cases and applications.
A 175-year-old textile factory has been converted into a dynamic hub for artists, architects, and creative professionals. LxFactory can host up to 1,900 guests surrounded by restaurants, bars, shops, and street art. This is the home of Breakpoint’s Ecosystem stage.
THE GROWTH STAGE - Estufa Fria
Agenda setting discussions and announcements on the future of Solana.
Lisbon’s historic botanical gardens span 1.5 hectares, housing hundreds of species of plants. It’s also the setting for Breakpoint’s Growth stage, where we’ll get hands-on with the DeFi, NFT, and other use-cases driving the Solana world.
DEVELOPER TRACK - SUD Lisboa
Hands-on workshops and tutorials with the best devs in the ecosystem.
Sun’s out, the laptop’s out. With stunning rooftop views over the Tagus river, SUD Lisboa will host Breakpoint’s Developer track. Apply to speak on the Developer track below.
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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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