NFT Summer: Art Blocks Leads the NFT Mania This Week while an EtherRock Is Now Worth Over $1 Million

The euphoria around non-fungible tokens clearly states that this summer is all about NFTs.

This week, payment processor giant Visa also announced its entry into the NFT space by buying CryptoPunk for $150,000.

Late on Monday, Cuy Sheffield, Head of Crypto at Visa, tweeted that “NFTs represent the intersection of culture and commerce and could play an important role in the future of online retail, social media, and entertainment.”

After bridging the crypto ecosystem and Visa’s global network, the online payments company now wants to participate in adopting NFT-commerce, he added.

Mathew Graham of Sino Global Capital called Visa buying an NFT “a bigger signal” than El Salvador announcing Bitcoin as a legal tender. However, Ryan Wyatt, the head of gaming at YouTube who recently said he is “bullish on NFTs,” doesn’t see Visa’s NFT adoption as edgy.

“I didn’t anticipate a company getting into NFT’s on such a short timeline. It was a brilliant move for them, because their earned media they got today was 100x the NFT acquisition itself,” said Wyatt.

Next month, Christie’s is also set to auction CryptoPunks, Meebits, and Bored Ape Yacht Club NFTs. Ahead of this, every day, the floor prices of these NFTs are climbing through the roof.

The most notable one being digital rocks which are now getting sold for more than a million dollars, while two days ago, the cheapest one was sold for $300k and less than $100k two weeks back.

On Monday, one of the EtherRock collections was sold for 400 ETH or about $1.3 million. With only 100 EtherRock out there, the scarcity of this collection is driving up their value. The website reads,

“These virtual rocks serve NO PURPOSE beyond being able to be brought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game.”

But it’s Art Blocks leading the NFT scene this week. NFTs from the Ringers and Fidenza series have made it to the top, now being sold for over $1 million, up from $300k three weeks ago.

However, an NFT avatar named Sirxn 0 – Biobluminescent Sirxn from the GHxSTs collection sold for more than $2 million. But that was before late on Monday, Tyler Hobbs’ Fidenza 313 called “The Tulip” was the first one to be sold for 4-digits, 1,000 ETH worth $3.3 mln.

According to Dapp Radar, while NFTs from the Axie Infinity series generate the most trading volume over the past week, the generative artworks form Art Blocks is closing in as it dominates the top 10 NFT collections.

This top list also consists of CryptoPunks with $47 million in sales and Cyberkongz VX and Cyberkongz, Pudgy Penguins, Generative Masks, and the Gutter Cat Gang collection. Cool Cats, MeeBits, World of Women, and Bored Ape Kennel Club are outside the top 10.

Money Stack, with only 150 unique collectibles on the Ethereum blockchain available, is also capturing the attention this week as they see their floor price slowly rising to 6.5 ETH, a new record.

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Author: AnTy

Seasonal Correction? Retail and Institutions Still Buying Bitcoin & Ether

During the summer of 2017, ETH price corrected 67.8% from $420 to $135 to surge to $1,420 ATH a few months later. As such, investors remain hopeful with EIP-1559 and The Merging coming while OTC desks report their biggest outflows.

The price of Bitcoin made an all-time high at nearly $65,000, which followed a correction to $47k.

But in the first 10 days of May, Bitcoin price had moved back to almost $60k, and it was after this bounce that the market simply started winding down. The price went down to $30k on Coinbase and even lower on other cryptocurrency exchanges, representing a 54% drawdown.

Now, we are ranging between $33,500 and $42,500.

While this may incite fear-like sentiments into some with the market looking extremely fragile, not everyone feels the same.

Mike Alfred, Head of Strategy at NYDIG, is still looking at $100k in the fall.

When it comes to Ether, it plunged 55% to $1,900, which according to long-term Eth investor Tetranode, is “just a season correction to shake out the overleveraged tourists.”

He pointed to the summer of 2017 when ETH price corrected 67.8% from $420 to $135 only to surge to $1,420 ATH a few months later. This time, according to him, EIP-1559 will send ETH prices higher, followed by The Merging, which will push it to “$10,000 minimum,” he said.

According to Chainalysis data, investors spent about $410 billion buying up Bitcoin during this bull market. During the crash, professional investors bought at cheap levels, helping put a floor.

The volatility has noobs, and traditional finance people are hooked on cryptocurrencies, and they are buying the dips.

“We had kept dry powder,” said Felix Dian, former Morgan Stanley trader who is running an $80 million crypto-focused fund at MVPQ Capital, who bought the BTC dip at around $35k.

Charles Erith of ByteTree Asset Management was also among the buyers who told Bloomberg, “It’s obviously not regulated, and it’s a very young asset, but I don’t think this is going to be a revisit of 2018.”

Jill Carlson, principal of Slow Ventures and co-founder of the Open Money Initiative, believes that companies are still considering using this as a balance sheet asset.

While there is some confusion, “the reality is institutions are still buying bitcoin. If you look at the data from yesterday, OTC desks had their biggest outflow, meaning institutions buying, that they’ve seen in three or four months. And that to me indicates that institutions are still coming in and buying the debt,” Carlson said in an interview with Bloomberg.

“People that were borrowing money to invest, they were wiped from the system,” Kyle Davies, co-founder at Three Arrows Capital in Singapore, told Bloomberg. His firm bought more BTC and ETH during this sell-off.

“Every time we see massive liquidation is a chance to buy,” he added. “I wouldn’t be surprised if Bitcoin and Ethereum retrace the entire drop in a week.”

While some retail traders have capitulated from the market, as seen in the $8.60 billion worth liquidations (incomplete figures as it doesn’t include Binance’s numbers fully), they also took the chance to scoop off cheap coins.

One such retailer, Brjánn Bettencourt, a photographer who sees crypto as a “serious long-term investment,” told Reuters, “Investing in crypto is not for the faint of heart.”

These ups and downs of crypto are actually part of crypto’s appeal. Investing in cryptos “feels like that scary rollercoaster,” he had said. “You’re riding it up and riding it down and feeling every twist and turn, which to me is exciting and fun.”

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Author: AnTy