$4 Million Meme Coin “Doge” NFT Being Sold in Billions of Fractions on SushiSwap’s MISO

$4 Million Meme Coin “Doge” NFT Being Sold in Billions of Fractions on SushiSwap’s MISO

The original image of Shiba Inu that was behind the popular “Doge” meme is now getting auctioned off on Fractional.Art, an NFT fractionise platform.

What started as a joke in 2013 has taken the world by storm this year and gained the support of the likes of Tesla’s Elon Musk and Dallas Mavericks’ Mark Cuban.

As of writing, Dogecoin is the 7th largest crypto asset with a market cap of $36.8 billion and trading at $0.28 per coin.

In June, the image that is best known as the face of Dogecoin was bought by PleasrDAO for a whopping 1,696.9 ETH worth $4 million, which is now splitting the digital artwork into billions of pieces so that its fans can invest in it and have a piece of the iconic NFT.

“This NFT represents the early innings of a decade’s worth of digital culture, and we want you to own it too,” said PleasrDAO on their website, adding DOGE is split into billions of individual pieces, which will be secured and verified on Ethereum.

Fractions of the Doge NFT will be sold as $DOG through decentralized exchange SushiSwap’s MISO platform starting today. The NFT, meanwhile, will be fractionalized via Fractional.Art, a startup that breaks apart NFTs into smaller fragments and then converts them into ERC-20 tokens.

NFTs being fractionalized and resold, however, may get regulators’ scrutiny as crypto-friendly SEC Commissioner Hester Peirce, aka ‘Crypto Mom,’ has said that they could run the risk of being unregistered securities.

“The whole concept of an NFT is [it’s] supposed to be non-fungible, so it’s supposed to be unlike anything else,” Peirce said in March this year. While in general, they are “less likely to be a security,” with people putting a lot of effort into building something so that it has a lot of value may attract more regulatory scrutiny.

“You’ve always got to ask those questions,” she said. “As we’ve seen, the definition of a security can be pretty broad.”

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Author: AnTy

WWW Source Code NFT Sold for $5.4M at Sotheby’s, Gender Transition NFT Sells for $2.6M at Christie’s

WWW Source Code NFT Sold for $5.4M at Sotheby’s, Gender Transition NFT Sells for $2.6M at Christie’s

Victor Langlois, a crypto owner who thinks “NFTs are the future,” is the youngest artist to have a sale at Christie’s.

A non-fungible token (NFT) representing the original source code for the World Wide Web written by its inventor Tim Berners-Lee was sold for $5.4 million at Sotheby’s in an online auction.

The NFT was created by the English scientist Berners-Lee this year, representing the ownership of various digital items he invented on the Web in 1989.

Berners-Lee called the decision to create an NFT as a “natural thing” to do when “you’re a computer scientist and when you write code.”

The NFT contained a 30-minute animated visualization of around 9,555 lines of code, a digital poster of the code, and a digital letter written by Berners-Lee in June 2021. The letter read,

“As people seemed to appreciate autographed versions of books, now we have NFT technology, I thought it could be fun to make an autographed copy of the original code of the first web browser.”

The final price for the NFT was $5,434,500, and half of its bidders were new to Sotheby’s. Cassandra Hatton, global head of science and popular culture at Sotheby’s said,

“We have placed it in a public forum, we have sold it at basically no reserve (the bidding started at $1,000), and we let the market decide what the value is going to be. There have been multiple bidders who have all agreed that it’s valuable.”

NFTs have exploded in popularity this year, with American artist Mike Winkelmann, known as Beeple, selling his artwork for nearly $70 million at Christie’s in March.

On Wednesday, a physical artwork and NFTs by 18-year-old transgender artist FEWOCiOUS was sold for $2.16 million at Christie’s.

The online auction called, ‘Hello, I’m Victor and This Is My Life,’ sold five lots by FEWOCiOUS, whose real name is Victor Langlois.

The five lots, which drew over 20 bidders, represent a year of Langlois’s life as he discovered his gender identity and transitioned from female to male between the ages of 14 and 18.

Langlois is the youngest ever artist to have a sale at Christie’s.

“I think NFTs are the future,” said Langlois, who also owns cryptocurrencies. “If you’re posting your art and sharing it with the world digitally, I think to offer a way for collectors to own it as a digital asset is just the next step.”

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Author: AnTy

Miami Beach’s Most Expensive Penthouse Sold for $22.5 Million in Cryptocurrency

Miami Beach’s Most Expensive Penthouse Sold for $22.5 Million in Cryptocurrency

“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” said the developers of the property.

  • A multi-million dollar penthouse in Miami Beach, Florida, has been bought by an anonymous buyer in cryptocurrency.
  • This marks the world’s record for the most expensive real estate deal in cryptocurrency.

According to a report by Forbes, the Miami Beach property sale conducted on May 27 was the most expensive one at $4,440.50/SF. The identity of the buyer and the type of cryptocurrency used to make the purchase haven’t been revealed, as per confidentiality agreements. Arte’s co-developer, Alex Sapir, told Forbes in an interview,

“There is strong pent-up demand for cryptocurrency transactions that are seamless and secure for both parties.”

The deal was closed in less than 10 days, setting yet another record in the finalization of a deal. In under two weeks after announcing in mid-May that the property accepts crypto as payment, it received half a dozen offers.

Located on the 9th floor Lower Penthouse at Arte, it was bought all cash paid for entirely in cryptocurrency, making it the most expensive known residential crypto real estate transaction in the US to date.

The full-floor penthouse, designed by Antonio Citterio, boasts four bedrooms, four bathrooms, and a 2,960-square-foot terrace with oceanfront views. Giovanni Fasciano, another co-developer of Arte said,

“Cryptocurrency is the future of wealth, and we believe this is only the beginning.”

“Embracing cryptocurrency is the first step toward transforming Miami into the cryptocurrency capital that Major Suarez is envisioning.”

On being asked if he is personally investing in or using crypto, Sapir said,

“We believe in the cryptocurrency industry and think that it will be the creator of the world’s next generation of billionaires. Therefore, it’s only natural that we ourselves would be invested as well.”

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Author: AnTy

Edward Snowden’s Charity Auction of ‘Stay Free’ NFT Sold for Nearly $5.5 Million

Edward Snowden’s Charity Auction of ‘Stay Free’ NFT Sold for Nearly $5.5 Million

Bitcoin supporter Edward Snowden, who is the president of Freedom of Press, held a charity NFT auction this week which was concluded late on Friday.

The digital artwork called “Stay Free” (Edward Snowden, 2021) was sold for 2,224 ETH, worth $5,384,548.64 to an anonymous PleasrDAO.

PleasrDAO, a decentralized autonomous organization (DAO) formed just a few weeks ago, was also the one that bought the Uniswap v3 launch video NFT for about $500k.

Now, it owns the unique, signed digital artwork that combines the entirety of a landmark court decision ruling the National Security Agency’s mass surveillance violated the law, with the iconic portrait of the whistleblower by Platon. It is the only known NFT produced by Snowden.

The auction of the non-fungible token was done by the NSA whistleblower Snowden on behalf of the non-profit organization Freedom of the Press Foundation, where he has been serving as president of the board of directors since 2016.

Snowden has been a vocal advocate for Bitcoin and cryptocurrencies to secure journalists, readers, and members of the general public. Snowden said,

“Emerging applications of cryptography can play an important role in supporting our rights. This auction will drive the development of valuable and privacy-protecting uses of encryption, to safeguard press freedom and serve the public.”

100% of the auction proceeds will be used to develop and improve technology that can protect journalists and their sources, like their open-source whistleblower submission system SecureDrop, said Trevor Timm, executive director of the organization.

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Author: AnTy

Sotheby’s Sold Digital Artwork by Pak for $16.8 Million Along with a Single Pixel NFT for $1.36 Mln

Sotheby’s Sold Digital Artwork by Pak for $16.8 Million Along with a Single Pixel NFT for $1.36 Mln

Sotheby’s hosted its first digital art sale that fetched $16.8 million.

The non-fungible token (NFT) was created by anonymous digital artist Pak, the auction house said on Wednesday. It also sold an image of a single-pixel for $1.36 million.

The sale of the artwork was accepted in Ether (ETH) along with via debit or credit card.

Just a month back, rival Christie’s sold its NFT, “Everydays: The First 5,000 Days,” by digital artist Beeple for $69.3 million, which was all paid in Ether cryptocurrency. ETH 3.60% Ethereum / USD ETHUSD $ 2,523.06
$90.833.60%
Volume 32.2 b Change $90.83 Open $2,523.06 Circulating 115.48 m Market Cap 291.37 b
3 h European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain 3 h Gitcoin Spins Out of ConsenSys After Raising Over $11M in a ‘Strategic’ Capital Move 4 h Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)

According to the site NonFungible.com, $2 billion has changed hands through the NFT market in the first quarter of 2021 alone.

Called ‘The Fungible’ Collection,” the digital artwork sold by Sotheby’s includes a series of digital cubes which collectors could buy for $500 to $1,500 each, then receive NFTs based on the number of cubes they own.

The NFT of an image of a single pixel called “The Pixel” also fetched $1.36 million on the auction after 90-minute bidding.

This sale was particularly targeted toward “crypto-native collectors, said Max Moore, contemporary art specialist at Sotheby’s.

“These new crypto investors have a very different aesthetic and a very different taste profile than a traditional collector would, and so it’s important to provide a mix and a range of collectibles at Sotheby’s to attract a wide variety of audiences.”

The sale of the digital artwork took place on the crypto exchange Gemini owned Nifty Gateway.

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Author: AnTy

Jack Dorsey’s First Tweet Sold as an NFT for $2.9 Million; Proceeds Donated to African Charity

Jack Dorsey’s First Tweet Sold as an NFT for $2.9 Million; Proceeds Donated to African Charity

Twitter and Square CEO and founder Jack Dorsey have announced the first-ever tweet auction is complete, the NFT selling for $2.9 million. The NFT sold via a decentralized auction service, Valuables by crypto company, Cent. The NFT-tweet was sold to Sina Estavi, CEO of the TRON-related company Bridge Oracle, who won the auction after a close competition with Justin Sun, CEO of Tron.

Estavi originally offered 1630.5825601 ETH for the tweet, beating Justin’s 1304.466 ETH (~$2 million) with the coin’s appreciation since then to $2.9 million.

On March 5, Jack minted the first-ever tweet into an NFT on Ethereum. Buying this tweet would mean you are purchasing a “digital certificate of the tweet, unique because it has been signed and verified by the creator.”

The bid proceeds have been sent via Bitcoin to the Give Directly Africa Fund that aims to improve sending money across African countries, including Togo, Kenya, Rwanda, Malawi, Liberia, the Democratic Republic of Congo, and the U.S.

Jack Dorsey’s Cash App recently allowed instant sending and receiving Bitcoin using your $cashapptag on the platform. Users can send up to $7000 every week at no cost.

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Author: Lujan Odera

Israeli Asset Manager Invests $100 Million in Bitcoin via GBTC

“A little intimidated” by the speed at which BTC gained in value, the firm has already sold one-third of its holdings after doubling its investment. Now holds $150 million GBTC shares.

Altshuler Shaham Investment House, an Israeli asset manager, invested $100 million in Bitcoin by purchasing the shares in the Grayscale Bitcoin Trust (GBTC) late last year, reported a local publication.

At the time, Bitcoin was trading around $21k; since then, the crypto asset has soared to a new ATH at $58,350.

Grayscale Investments is the world’s largest asset manager with north of $40 billion in AUM.

One of the largest investment managers in Israel, Altshuler Shaham, already sold some of its stake in early February when BTC price was around $40k, as co-CEO Gilad Altshuler said his group was “a little intimidated” by the speed with which bitcoin gained in value.

The price of Bitcoin has appreciated more than 13.5x in value since its March low, becoming a trillion-dollar asset. Still, the fund was able to double its investment before selling about a third of it. He said,

“This is a new investment for us. It took a few months until we got all the relevant approvals and all the opinions that approved our investment in the field.”

This is the first time an Israeli institutional body gained Bitcoin exposure. Altshuler Shaham had over $50 billion in assets in long-term savings associates’ accounts – provident funds and pension funds as of the end of January.

Currently, the company holds $150 million GBTC shares. As for increasing this investment, Altshuler said, “It depends on the price.”

Meanwhile, investment company Altshuler Shaham Horizon, a subsidiary of Altshuler Shaham, is looking to expand into the cryptocurrency market.

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Author: AnTy

Crypto Hedge Fund Arca is the Latest to Join the Crowd of Bitcoin Trust Issuers

Meanwhile, GBTC is getting sold off with premium tanking to -3.77% and -5.27% on ETHE. Still, crypto fund assets are about to cross the $50 billion mark, up 12.5x from a year ago, that too without a US Bitcoin ETF.

Arca, the cryptocurrency hedge fund, is the latest one to launch a Bitcoin Trust product, as per the filing with the US Securities and Exchange Commission (SEC) on Thursday.

This makes sense given the explosive demand for Bitcoin funds, as we saw with the debut of the first Bitcoin ETF in Canada.

With this filing, Arca has joined several other asset managers that aim to provide exposure to Bitcoin without having the investors hold the digital assets themselves. Already, a number of asset managers like Bitwise, BlockFi, OpsreyFund, and others have been racing to launch their own bitcoin investment vehicles.

The Bitcoin products will be competing with the world’s largest digital asset manager, Grayscale.

What looks like the digital asset manager’s first foray into Bitcoin offerings launches with $100,000 so far. Unlike Grayscale’s $50k minimum, Arca is taking in $25k as minimum investments.

Meanwhile, Grayscale, which has $31 billion in its Bitcoin Trust (GBTC), holding more than 3.5% of Bitcoin’s circulating supply, is getting sold off.

Currently, GBTC is trading at a negative premium, continuing to fall this week, to its latest low -3.77%, as per Bybt. The same is the case for ETHE, on which the premium is also at its lowest level of -5.27%.

“This is panic or profit-taking selling,” said Eric Balchunas, BI’s senior ETF analyst. “It’s almost like the price of GBTC is an amplified version of Bitcoin price.”

Bitcoin, along with the broad crypto market, has been experiencing a sell-off, which is continuing today as the price of Bitcoin dumps to another low at $44,000, down 24.5% from Sunday’s all-time high of $58,300.

Michael Sonnenshein, chief executive officer of Grayscale Investments, acknowledged the risk of vanishing GBTC premium in a panel for the Bloomberg Crypto Summit on Thursday.

“It’s certainly a risk, no question about it, but ultimately price discovery in GBTC every day is driven entirely by market forces,” Sonnenshein said.

Still, crypto fund assets are about to cross the $50 billion mark, up from a mere $4 billion a year ago that too without a US Bitcoin ETF. These numbers are about the same asset level as ETFs tracking the energy sectors, noted Balchunas, only to add that it still has a long way to go because it is just one-third of gold ETFs.

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“The SEC should consider approving multiple Bitcoin exchange-traded funds at the same time, in our view, after Canada’s regulator gave its initial issuer a significant first-mover advantage. Pent-up demand could put a single U.S. winner well ahead of rivals. An ETF would force Grayscale to decide how to handle the world’s largest Bitcoin tracker,” said Dave Nadig, Chief Investment Officer & Director of Research for ETFTrends.

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Author: AnTy

This Self-Proclaimed Bitcoin Maximalist has Paper Hands

This Self-Proclaimed Bitcoin Maximalist has Paper Hands

Nick Maggiulli, who sold half of his BTC holdings i.e 0.5 BTC, is planning to buy when the price “drops significantly.” Earlier this year, he recommended a 2% portfolio in BTC so that “you’re unlikely to get rich, but you’re unlikely to go bankrupt either.”

Nick Maggiulli, the creator of ‘Of Dollars And Data’ took to Twitter to share that he has sold half of his Bitcoin holdings at a price of $52,000.

Today, Bitcoin nearly breached $53,000, up 77% YTD.

The COO at Ritholtz Wealth Management which has nearly $2 billion in assets under management further shared that half of his Bitcoin holdings were sold for US dollars, which he called some “rebalancing.” He shared his reasoning behind the decision saying,

“And for the record, my “paper hands” smell like USD. You know that thing you use to pay your mortgage, buy food, and for just about everything else.”

Of course, Crypto Twitter (CT) jumped in because weak hands aren’t really praised here. Anthony Pompliano who recently said BTC could hit $500,000 by the end of this decade and ultimately a million dollars commented,

“You sold an appreciating asset for a depreciating asset while taking a tax hit along the way. Bitcoin isn’t an investment. It is the reserve currency.”

What’s the Plan?

While answering the questions regarding his move on Twitter, Maggiuilli revealed that he had 1 BTC and after selling, is only left with 0.5 BTC.

As for his entry-level, it was $8k. The last time the price of Bitcoin was at this level was in early May. Since then, the leading cryptocurrency has appreciated more than 550% in value.

It was earlier this year when Maggiulli admitted being “wrong” about Bitcoin in his blog post on ‘Of Dollars And Data.’

At the time he said, he came to the realization that he is wrong about Bitcoin and that it can’t be a legitimate asset class when it crossed the previous ATH $20k. He then recommended investing only 2% of your portfolio in Bitcoin, so that “you’re unlikely to get rich, but you’re unlikely to go bankrupt either.”

This time as well, his strategy is not to sell his other half of holdings and keep at least 2% in the portfolio on a go-forward basis. “Was too much of my portfolio (outside tolerance band). Not bullish or bearish,” he added.

He is also planning to buy more if the price of the Bitcoin “drops significantly.”

“Lol = The idea that you can “time the dip” or that $50k is “taking profits” in the early stages of a bull run,” commented Dan Held, director of business development at crypto exchange Kraken.

As for investing in other cryptocurrencies like Ether, which continues to outperform Bitcoin, like always, “Nope. I am a BTC maximalist,” is Maggiulli’s response.

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Author: AnTy

NexTech Panic Sold its Bitcoin on Dip Because of Double Spend FUD That Never Happened

NexTech Panic Sold its Bitcoin on Dip Because of Double Spend FUD That Never Happened

Bitcoin flowed from weak hands, NexTech, which moved back into cash, to strong hands, MicroStrategy, which bought 314 BTC for $10 million.

  • It didn’t even take one month for NexTech AR Solutions to panic sell their Bitcoin. The company couldn’t even weather the first dip of the bull season.
  • This week showed how Bitcoin flowed from the weak hands, NexTech, to strong hands, MicroStrategy, which bought 314 BTC for $10 million.

On Friday, the company announced that it had sold its Bitcoin ownership of approximately 130.187 Bitcoins with $200,000 in profit. NexTech first bought these BTC in late December and said they “may add more in 2021.”

“The average retail that stayed during the bear market is probably more sophisticated and stronger handed than the average institution that got in Q3/Q4 2020,” noted analyst Qiao Wang.

What’s even more surprising is the reason for this sale, double-spend, never even happened. NexTech CEO Evan Gappelberg said,

“This sale reflects our awareness that something potentially has changed with Bitcoin, which is seen as the digital version of gold. The news that has emerged is that a critical flaw called a ‘double spend’ may have occurred, which if true allows someone to spend the same Bitcoin twice, undermining faith in the system.”

He continued: “If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both -essentially destroying the store of value it was meant to be.” And this made him move back into cash.

The double-spending FUD was the latest one to permeate the cryptocurrency market, which propelled some people to sell their holdings.

As Andreas Antonopoulos explained in detail, this chain re-organization that happened Thursday is a “common occurrence that is part of Bitcoin’s normal operation.”

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Something good did come out of this as Google searches for “Bitcoin double-spend” spiked as people took time to understand it. It can be expected that they might refrain from falling for this FUD the next time, and instead of panic selling their BTC, buy the dips.

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Author: AnTy