Ethernity Chain, a community-oriented NFT platform, is partnering with graphic artist BossLogic to launch an exclusive line of tokenized art pieces for the community.
Under the new agreement, BossLogic will create 2,500 NFTs exclusively for the Ethernity Chain network. Each NFT will be priced at 0.299 ETH. The competition begins Mar. 7, with winners to be notified via email.
To participate in the competition, users must follow Ethernity Chain and BossLogic on Twitter and join the Ethernity Chain Telegram and ANN channels. Users must also retweet the BossLogic announcement, tag two friends and use the following hashtags: $ERN, #Bosslogic, #EthernityChain and #NFT. An entry form will also be provided for users to fill out.
The exclusive NFT auction is designed to reward the Ethernity Chain Community, the company tells Cointelegraph:
“Since our first announcement that launched Ethernity Chain we have witnessed our community grow almost overnight to a worldwide community. Since the demand has been so high for our whitelisting, we wanted to reward our community with access to the first official Ethernity Chain NFT.”
BossLogic is one of the most prolific artists in the NFT space, having sold $3.6 million worth of digital art in February alone. The graphic artist works with Disney, Marvel Studios and other art-driven enterprises.
The NFT market is on an exponential growth path as more users look to acquire digital collectibles. As Cointelegraph recently reported, NBA Top Shot has generated $230 million in sales, highlighting the growth of blockchain-based digital art.
Earlier this week, Wasabi Wallet creator zkSNACKs and Canadian bitcoin exchange Bull Bitcoin announced they would be donating a no-strings-attached grant toward Bitcoin Knots development.
The two Bitcoin-focused companies split a 0.86 BTC (or about $40,000, at the time of this writing) contribution in support of the development of Bitcoin Knots, a node and wallet software that can serve as an alternative to Bitcoin Core.
This grant is a great example of Bitcoin-focused companies investing in projects that advance the ecosystem, and ultimately their own best interests, through development grants. Both zkSNACKs and Bull Bitcoin have built businesses that rely on Bitcoin Knots and it is important that they support the development of that underlying technology.
“Leading by example is the motivation behind our contribution and we want to make sure that people see our support for the development of open-source software in the Bitcoin ecosystem and are inspired to follow suit,” Daniel Belushka of Wasabi Wallet told Bitcoin Magazine.
We saw a massive trend of Bitcoin development grants in 2020 and it is fantastic to see more happening in early 2021. Let’s hope other companies take note and follow Wasabi Wallet and Bull Bitcoin’s lead in supporting Bitcoin development.
The world’s biggest search engine is dedicating a section to cryptocurrencies on its finance platform.
Alongside the world’s major markets covering the US, Europe, Asia and currencies, Google Finance has added a “Crypto” section spotlighting Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
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The section gives users a rundown on price, “key stats”, and the latest headlines from the cryptoverse.
Google’s incorporation of cryptocurrencies in its finance section follows a long wave in mainstream acceptance over the past year.
Payments giants like Square, PayPal, and Skrill have all integrated cryptocurrencies within their platforms, and traditional financial institutions like JP Morgan and Goldman Sachs have signaled their interest in Bitcoin.
According to Google Trends, exponentially more users are searching for “Bitcoin” than they are for “google finance,” as interest in BTC and cryptocurrencies at large reach historic levels.
While BTC, ETH, LTC, and BCH show up by default on Google Finance’s “crypto” section, additional crypto-based instruments can be found in the search results.
These include 21Shares’ Polkadot and XRP ETPs, and the Ripple XRP Liquid Index, which trades on the Nasdaq.
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Cardano recently carried out its “Mary” update, enabling developers to issue custom tokens on top of the blockchain.
Cardano’s ADA token is now the third largest cryptocurrency.
However, ADA’s price gains have been diminished, and investors appear to be cautious about a steeper correction.
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Cardano (ADA) has introduced support for custom assets and become the third largest cryptocurrency. However, investors seem reluctant to purchase the token at current prices.
Cardano Introduces Custom Tokens
Cardano recentlyreleaseda new protocol update, “Mary,” which will boost the blockchain’s utility by allowing developers to issue new custom cryptocurrencies on top of the blockchain.
Cardano creator and IOHK CEO Charles Hoskinson called the move “historic,” as it marks the first time the protocol will support customized digital assets. “I have no doubt we will see hundreds of assets, most worthless, some very prominent, launched on the Cardano network,” said Hoskinson.
The upgrade is part of Cardano’s “Goguen” roadmap, which will introduce smart contract features and allow the blockchain to compete more closely with Ethereum.
Waiting on the Sidelines
In the days following the announcement, Cardano has became the third largest cryptocurrency. Its ADA token gained 9.5% over the past seven days, reaching a market cap of $38 billion.
However, despite the significance of the announcement, Cardano’s potential price gains have been supressed, as market participants seem cautiousabout a steeper crypto market-wide correction.
On-chain data reveals that Cardano’s weighted social sentiment on Twitter has decreased in the week following a recent Bitcoin crash that caused BTC prices to drop as low as $46,700.
From a counter-sentiment approach, the fact that investors are quite pessimistic about ADA despite the recent developments could be considered a positive sign.Historically, prices have tended to trend upwards when social perception is low.
Cardano Weighted Social Sentiment by Santiment
Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, Cardano’s token sits on top of stable support. Approximately 116,000 addresses had previously purchased over 2.60 billion ADA between the prices of $1.00 and $1.18.
Such a significant demand barrier could absorb a sudden spike in selling pressure and keep Cardano afloat. Holders within this price range will likely do anything to keep their investments “In the Money.” They may even buy more tokens to allow prices to rebound.
In/Out of the Money Around Price by IntoTheBlock
While the odds seem to favor the bulls, IOMAP cohorts show that ADA faces stiff resistance at $1.27. Roughly 65,000 addresses hold 2.9 billion ADA around this price level, meaning that it will take a significant amount of buying pressure to send prices to new highs.
If Cardano manages to break through this supply wall, it will likely resume its uptrend towards $2.00.
Disclosure: At the time of writing, this author held Bitcoin and Ethereum.
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NFT markets had their biggest month yet in February, processing more than $340 million in trading volume according to Dapp Radar’s February 2021 Industry Report.
NBA TopShot is the most active NFT marketplace, clocking volume over $225 million last month.
NFT sale prices also keep rising, with a single piece recently selling for $6.6 million.
The momentum behind cryptocurrency-based digital collectibles continues to build as the NFT market posts its best month yet—with tradeable “moments” platform NBA Top Shot leading the way.
NFTs, or non-fungible tokens, are digital works (mostly art, trading cards or in-game items) that exist primarily on the Ethereum network and have a unique and verifiable on-chain identity. And the market for such items is exploding.
The top three NFT marketplaces saw a combined trading volume of $342 million in February as interest in digital collectables continues to rise among everyday users and high profile celebrities, according toDapp Radar’s February 2021 Industry Report. For context, NFTs saw just $12 million in volume December 2020 and just over $200 millionfor the entire year, according to industry data firm NonFungible.
What are NFTs and who is selling them?
Unlike most other digital assets—such as Bitcoin or Ethereum tokens, which are functionally the same and can be freely interchanged—NFTs cannot be duplicated or split among various holders. Like a piece of unique art, NFTs are valued for their cultural significance and social capital that holding notable pieces implies. NFTs are also popular among artists because a portion of any resale price is given directly back to the original creator.
And there’s been no shortage of notable NFT issuances in recent months.
Musician, and girlfriend to Tesla founder Elon Musk, Grimes recently sold a collection ofNFTs for $6 million, and musician3LAU sold an album of 33 NFTsfor $11 million. Digital artist Beeple made over $3 million in a single weekend through the sale of an NFT collection, andLindsey LohanandPost Malonehave also gotten in on the action,selling some pieces for as much as $50,000.
NBA TopShot, offering basketball-themed collectibles officially licensed by the NBA, is the reigning champion among NFT marketplaces to date. According to Dapp Radar, NBA Top Shot captured more than 65% of the total NFT market volume in February, worth more than $225 million.
The limited-edition Cryptopunks market saw volume of $79 million over the same period, and Hashmasks volume rose to $33 million. The largest single NFT sale to date topped$6.6 million for the ‘Crossroads’ pieceon the Nifty Gateway secondary market. Not to be left behind, the NFT-base crypto game Axie Infinity also saw record breaking sales in February, withnine plots of in-game land being sold for more than $1.5 million.
At this rate, it may not be long before $300 million in monthly volume for NFTs seems like a small figure.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Ethereum has had an incredible year thus far, breaking its former all-time high on its USD pair and soaring well above it. However, on its Bitcoin trading pair, the altcoin has struggled to get anywhere near its former highs.
According to one crypto trader, that all is about to change, and it is finally “showtime” for Ethereum to take the center stage in the crypto market.
Crypto Trader: It’s Showtime For Ethereum
At the height of the last bull market, ICO fever propelled Ethereum to its then all-time high of $1,400 per token. During peak altcoin season – a period when the alternative cryptocurrencies outperform Bitcoin by a large margin –the ratio of Ethereum to Bitcoin rose as high as 0.1.
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Related Reading | Altcoin Market Cap On The Verge Of Life-Changing Breakout
A dramatic 90% fall against the first ever cryptocurrency took place in the months following, and the top ranked altcoin and backbone of the DeFi movement has been struggling to return to those highs.
It could finally be “showtime” for Ethereum, according to one crypto trader. The analyst has shared a chart depicting a clear breakout from downtrend resistance on the ETHBTC trading pair, following a short-term Adam and Eve bottoming formation.
Ether is breaking out against Bitcoin after putting in an Adam and Eve bottom | Source: ETHBTC on TradingView.com
Why A Showstopping Altcoin Season Is Just Around The Corner
Adam and Eve bottoms are surprisingly common in cryptocurrencies. A small timeframe version of the pattern acted as Bitcoin’s bear market bottom, much like it has on the ETHBTC pair over the last few weeks.
As the analyst demonstrates, it could be time for Ethereum to make a shocking comeback against Bitcoin. On higher timeframes, an even larger Adam and Eve bottom has been in the works for the entire bear market, since the 2018 peak was put in.
An Adam and Eve bottom is characterized by a sharp, V-shaped bottom, followed by a more drawn out and rounded bottoming pattern.
An even Adam and Eve bottom is forming on high timeframe ETHBTC charts | Source: ETHBTC on TradingView.com
The rounding bottom pattern has also formed what appears to be an inverse head and shoulders pattern – another type of bottoming structure.
Related Reading | Five Signs That Say Altcoin Season Hasn’t Even Started Yet
With so many signals pointing to sustained upside in Ethereum against Bitcoin, a return to former highs on the ratio may be in the cards, and the show should be starting any day now. In the past, major Ethereum breakouts have ignited a larger altcoin season.
If history repeats, life-changing wealth will be generated in altcoins over the next several weeks. But be careful, altcoin seasons happen fast, and tend to have an unhappy ending. For now, the show will continue to go on until the credits roll.
Featured image from Deposit Photos, Charts from TradingView.com
A large investor in Telegram’s failed Open Network (TON) has reportedly requested $100 million in compensation from the company. Otherwise, the investor – Da Vinci Capital – has warned with taking legal actions against the messaging platform.
TON Investor Demands $100M
Telegram’s TON initiative was among the most widely-discussed blockchain-related projects in the past few years. However, the endeavor faced almost immediate backlash from the US Securities and Exchange Commission (SEC) as a US court decided at one point that the native currency – GRAMS – is a security token, which couldn’t be sold in the US or anywhere else.
Telegram attempted on multiple occasions to fight the court’s decision and to prove that GRAMS is not a security. However, to no avail and Pavel Durov, the company’s CEO ultimately had to throw the towel by saying that “Telegram’s active involvement with TON is over.”
Although the company has distanced itself from the failed blockchain project, the problems keep following it, according to a recent report by Forbes Russia. Citing anonymous people familiar with the matter, the coverage said that Da Vinci Capital, an investor in the $1.7 billion initial coin offering, has requested compensation for TON’s failure.
Lawyers from the Moscow-based investment company have reportedly sent a letter of intent to file a claim to Durov, Telegram Vice President Ilya Perekopsky, and other executives and lawyers involved with the project.
The report says that Da Vinci Capital had demanded roughly $100 million as compensation.
Two Weeks to Answer
Forbes’ coverage further explained that Durov and his colleagues have two weeks to transfer the funds or notify the lawyers from the investment company if they decide to reject it.
However, if Telegram fails to answer in the provided timeframe, Da Vinci Capital has the right to take the matter to court.
Apart from these allegations, Telegram recently negotiated funding round to raise at least $1 billion in a private bond placement to accredited investors from Russia, Europe, the Middle East, and Asia. Those bondholders would be able to convert debt into shares at a 10% discount to the offering price if Telegram decides to go public in the next five years, revealed the conditions of the round.
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A research analyst from Goldman Sachs who has previously spoken favorably about Bitcoin and blockchain technology will reportedly be joining New York-based asset management firm Third Point.
According to a Reuters report today, Third Point hired Heath Terry, a managing director of Goldman Sachs’ tech division. He has been with the investment firm for ten years and will reportedly becoming part of Third Point’s team handling venture investments.
Terry has previously spoken about Bitcoin (BTC) prior to the 2017 bull run, predicting the crypto asset was “going to mature” and would likely see more use cases. He said it would be “hard to see a world where blockchain technology doesn’t change the way we think about asset ownership.”
The addition of the seemingly pro-crypto Goldman Sachs exec to the multi-billion dollar hedge fund follows CEO Dan Loeb announcing on Monday that he had been “doing a deep dive into crypto” and implied he is looking into ways to bridge the gap between traditional finance and the crypto space. Some estimates put Third Point’s assets under management between $15 billion and $20 billion.
Loeb’s potential inclusion in crypto as a prominent Wall Street investor — his personal net worth is more than $3 billion — had some speculating he could pave the way for others still hesitant about the technology and what it means for traditional finance. Already his announcement appears to have convinced Shark Tank star Kevin O’Leary, who said today he would be allocating 3% of his portfolio into Bitcoin.
Cointelegraph reached out to Heath Terry for comment, but did not receive a response at the time of publication.
The owner of the largest US options exchange has submitted an application for a potential first … [+]bitcoin ETF in the U.S. Previously, the SEC rejected Cboe’s similar proposal backed by the Winkelvoss twins. (Photo by Scott Olson/Getty Images)
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Cboe Global Markets Inc. yesterday submitted an application to the SEC to list a bitcoin exchange-traded fund (ETF).
The owner of the largest U.S. options exchange, Cboe Global Markets Inc., proposed to list and trade the shares of a bitcoin trust by VanEck, a New York-based investment management firm. If granted approval, the VanEck Bitcoin Trust could become the first ETF with exposure to the cryptocurrency in the U.S. World’s largest ETF servicer State Street Corporation STT will act as the fund administrator and transfer agent.
This is the latest attempt by Cboe to list a bitcoin ETF since 2016 when Cameron and Tyler Winklevoss proposed one of the first such products later rejected by the Securities and Exchange Commission. In the 92-page decision released in July 2018, the commission cited the susceptibility of bitcoin and bitcoin markets to manipulation.
Could this time be a charm? Since 2016, bitcoin’s market cap has grown almost a hundred-fold, recently hitting the $1 trillion mark. Publicly traded companies like Tesla TSLA and MicroStrategy MSTR have each invested more than a billion dollars in the cryptocurrency and payment giants like PayPal PYPL and Square have collectively given more than 300 million customers access to bitcoin.
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Cboe’s latest proposal argues that the explosion of digital assets and U.S. investors’ increased exposure to bitcoin over the past years through OTC bitcoin funds has increased potential risks for investors, including volatility and management fees, which could be eliminated through granting access to a bitcoin exchange-traded product.
Perhaps the explosion of the cryptocurrency industry over the past year and the success story of the first North American bitcoin ETF launched in Canada two weeks ago, which reached well above $400 million in trading volume in just two days, could tip the scale this time and be enough to convince regulators of the readiness of U.S. investors to embrace alternative bitcoin products.
This could also prove a chance for Cboe to redeem itself in another way. In 2017 the company was one of the first in the American market to roll out bitcoin futures but quickly abandoned the initiative amid the market cooldown following the ICO bonanza. CME Group CME , which entered the bitcoin futures market around the same time but held the fort, has crossed the $200 billion sales volume at the end of last year. On February 8, it added ether futures to its product suite.
As Bitcoin (BTC) and Etheruem (ETH) gain legitimacy in top financial circles that will eventually help digital currencies mainstream, projects that offer enterprise-level blockchain solutions are also gaining attention from the corporate sector and investing class.
Sold as one of the next technological breakthroughs that will revolutionize the current digital landscape and usher in a new era of decentralization, businesses and corporations have already shown immense interest in how blockchain technology can be integrated into their operations to help save money and increase efficiency.
One project that has a focus on enterprise-level blockchain solutions is Unibright (UBT), which has seen its price grow more than 350% in 2021, going from $0.39 on Jan. 1 to an all-time high of $1.72 on Feb. 19.
UBT/USD 4-hour chart. Source:TradingView
Three reasons for the recent breakout in the price of Unibright (UBT) are the release of its enterprise solution Baseledger, big-name partnerships that have proven real-world use, and increasing trading volumes taking place as the result of DeFi integrations and tokens begin to be removed from circulation.
Enterprise-level blockchain need privacy
Unibright was originally developed with the goal of bringing blockchain technology and contracts to the business sector by offering enterprise-level solutions that take into consideration the privacy needs of companies that cannot have all of their operations conducted on a public ledger.
The project is part of Baseline Protocol, an open-source initiative that is designed to connect traditional systems together and notarize data on public mainnets like Ethereum (ETH). This is done by combining advances in cryptography and messaging with blockchain in order to deliver secure and private business processes at a low cost.
On Feb. 25, Unibright released a whitepaper for Baseledger, which is described as offering “a public, council-governed blockchain” that utilizes a proof-of-stake consensus mechanism that “enables low and fixed costs, high and guaranteed performance, data privacy compliance, multi-chain-coordination and off-chain integration by design.”
According to the project’s website, enterprises will use UBT tokens to access blockchain-based business integration products and workers will be able to stake the token in order to earn rewards for doing work on the network, such as node operation and deployment.
Partnerships point toward growing demand
Unibright’s recent partnerships and integrations have also been a source of optimism as the project has big-name companies like Coca-Cola now looking to integrate blockchain solutions into their vast supply chains.
On Feb. 23 it was announced that CONA services signed a partnership with Salesforce for real-time tracking. CONA Services provides IT services for all Coca-Cola suppliers and bottlers, and was also revealed to be partnered with Unibright in August 2020 in an effort to develop enterprise blockchain applications that created a “Coca-Cola Bottling Harbor.”
At the most recent earnings call for Coca-Cola, chairman and CEO James Quincey detailed how their bottling investment group helped to further improve operating margin performance.
Integrations with companies like Salesforce and Coca-Cola are a foothold into gaining access to a wider market as more companies learn how blockchain implementation can help in reducing operating costs and improving efficiency.
Record trading volume and DeFi exposure
Trading volume for UBT surged from an average of $3 million per day to more than $18 million on Feb. 19 as its price established a new all-time high when the first teaser about the upcoming release of the Baseledger whitepaper was announced.
Following the initial surge, trading volume pulled back to a daily average of $5 million but this is noticeably higher than the prior weeks.
UBT has also benefited from integrations with popular decentralized exchanges such as Uniswap and it was most recently added to QuickSwap exchange, a layer-2 DEX built on Polygon (MATIC).
UBT rallied by 40% after the QuickSwap listing on Feb. 28 and now that an increasing number of tokens are being removed from circulation and locked into DeFi liquidity pools, investors expect the price to rise higher.
