Luxury Car Purchases by Crypto Doubled to $12m in 2021, Says AutoCoinCars Executive

AutoCoinCars, an online platform that lets buyers purchase luxury cars with digital money, has seen sales on its platform double to $12 million in the past year.

AutoCoinCars is a UK-based firm that allows customers to buy and sell cars online with Bitcoin. Launched in 2018, AutoCoinCars has created a platform that enables customers to buy and sell vehicles using cryptocurrency without having to exchange them for fiat, thus solving the user’s problems.

With AutoCoinCars, users don’t have to go through a long process of exchanging crypto for fiat. Users, therefore, don’t have to wait longer and watch their assets slowly decrease through exchange and bank fees.

In an interview on Friday 5th August, Willmott disclosed that the firm frequently sees more luxury vehicle sales during market downturns. However, he said the trend is still holding steady despite the recent market crash.

The COO said that part of the reason for that trend is, as he believes, because Lamborghinis tend to be less volatile than cryptocurrencies. “People are spending because they want to exit out of their crypto and get into physical assets. That will allow them to have this asset that doesn’t depreciate like how their crypto asset will depreciate,” the executive elaborated.

This means more filthy wealthy crypto holders are selling their digital assets to buy luxurious vehicles like Lamborghinis.

According to the report, despite the plunge in the global capital markets, Lamborghinis have held their value more steady than other assets, including cryptocurrencies.

Since April this year, the values of Bitcoin and Ether have dropped more than 50%, and crypto lending platforms like Celsius Networks and Voyager Digital have recently gone bankrupt. On the other hand, according to, the price of a used Lambo has held its value steady over the last year.

While Lamborghini sales last year were higher than ever, but this year has set a pace to exceed that record, according to last week’s financial disclosures from the parent company Volkswagen AG. Part of the reason for such a significant surge in vehicle supplies are low, and customer waitlists are long.

Selling Crypto to Diversify Portfolio

People with significant Bitcoin holdings have been looking at buying high-worth products like real estate and luxurious vehicles, among others, with their Bitcoin to diversify their portfolio and limit risks.

Cryptocurrency is expected to impact the capital markets by providing new platforms for sales. Bypassing the bank intermediaries, buyers and sellers can potentially connect in real-time, speeding up the transaction process significantly across the globe.

Since cryptocurrencies are entering the mainstream in financial portfolios and financial planning, the ability to purchase major products with Bitcoin has become a possibility.

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Total NFT Sales Hit $25B in 2021

The explosion in popularity of non-fungible tokens (NFTs) topped its sales to some $25 billion in 2021, data from market tracker DappRadar showed. - 2022-01-11T165548.542.jpg

Reports showed that prices of some NFTs rose at high-speed last year that speculators sometimes ‘flipped’ them for a profit within days.

Although the growth of NFTs was monumental, DappRadar also reported that there were signs of growth slowing towards the end of 2021, which raises questions about the performance of the speculative crypto asset in 2022.

NFT sales volume totalled $24.9 billion in 2021, compared to just $94.9 million in 2020, said DappRadar – a company that collects data across ten different blockchains, which are used to record who owns the NFT. DappRadar also said that wallets trading in NFTs saw a rise to about 28.6 million, up from some 545,000 in 2020.

Data providers may vary in providing estimated volumes but transactions that take place ‘off-chain’, such as major NFT art sales at auction houses, are often not captured by the data, Reuters reported. 

While CryptoSlam – which also tracks multiple blockchains – reported $18.3 billion as total sales for 2021, – which tracks the ethereum blockchain only – saw $15.7 billion sales in 2021.

According to the data from NFT marketplace, OpenSea, last year’s sales peaked in August, then declined in September, October and November before picking up again in December.

CryptoSlam data showed that prices of the most sought-after NFTs were highly volatile in 2021. The average sale price of a CryptoPunk image saw an increase from around $100,000 in July to nearly $500,000 in November, and by December it had fallen to around $350,000.

Although NFTs recorded an unprecedented sale volume, just 10% of traders accounted for 85% of all NFT transactions, research published in the journal Nature said.

NFTs are crypto-assets representing a digital item such as an image, video, or even land in virtual worlds. They are unique and non-interchangeable units of data stored on a blockchain – a form of the digital ledger – and are able to verify ownership of a work of digital art.

The increase in value of NFTs was a lucrative opportunity for the art world last year. Auction houses sold NFTs representing simple cartoons for millions of dollars with no physical objects changing hands. Meanwhile, some of the world’s top brands, including Coca Cola and Gucci were also quick to cash in on the hype and have already sold multiple NFTs.

“Everydays: the First 5000 Days,” the top NFT artwork sale last year fetched a record $69.3 million at a Christie’s sale in March. The artwork was created by Mike Winkelmann — the digital artist is also known as Beeple – who became the top three most valuable living artists after the sale of his work.

While Beeple’s NFT sale was the most expensive, a common price range for the sale of NFTs was $100 to $1,000 in 2021, said.

Virtual real estate investor Republic Realm bought land in the virtual world The Sandbox for $4.3 million in November.

Riding on last year’s success of digital assets, 2022 is also likely going to be a positive year for crypto as the first trading week of this year has already seen cryptocurrency investment net outflows totalling a record $207 million, as reported by Blockchain.News.

After experiencing four consecutive weeks of outflows since mid-December 2021, the cryptocurrency sector reached a total of $465 million, or 0.8% of total assets under management, Blockchain.News reported.

Meanwhile, from the first week of 2022 to Jan. 7, 2022, the world’s largest cryptocurrency in terms of market capitalization, bitcoin posted outflows of $107 million, it added.

Image source: Shutterstock


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The Altcoin Evolution – Part IV: The Challenges – The Sales Pitch

With the ever-changing landscape of tech development and crypto innovation, regulation tends to lag behind in order to have time to react to what’s happening. Many altcoin projects are currently growing exponentially as they are exploring largely untouched use cases. As the tech continues to proliferate and expand, more and more “problems” are arising that require solutions. 

This obviously provides more space for viable contenders to occupy in a crowded market. This provides a robust growth argument for many altcoins, but there is a catch. The giant growth gains are fantastic, but we also must consider that large corporate banks do not tend to react positively to any challenges to their dominance of the financial industry. The Federal Reserve and other federal government bodies certainly have an eye open to the chaos as well. Ripple (XRP) is a prime example of this, as the project has been experiencing ongoing back-and-forth dialogue with the SEC for some time now, all while still sitting in the top 10 of token market caps.

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The Altcoin Evolution: The Lay Of The Land

At this point, it’s rather difficult to predict the trajectory of these contingencies. Regulation is always a few steps behind, but it is a certainty. Despite these hurdles, which are far-reaching and constantly evolving, every project must have growth objectives. As we have with past publications of “Altcoin Evolution”, we will continue to look at the emergence of projects impacting creators, such as those involving NFTs, as prime examples of how difficult these challenges can be for altcoins. 

In our last two “Altcoin Evolution” articles, we took a bird’s eye view on the challenges, implications, and importance of factors like use case and accessibility. Now, we’ll take a high level look at the importance of altcoins having a sales pitch. In a world where constraints around marketing and visibility are ever-present, leveraging the aforementioned use case and accessibility assets for projects is vital in “selling” how respective projects stand out.

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Polygon has been leveraging it's versatility and low gas fees as major selling points in the DeFi market. | Source: MATIC-USD on

Related Reading | Cardano Founder Responds To Criticism Over New Crypto Partnership

Setting The Stage

As mentioned in the previous iteration of “Altcoin Evolution”, the brass at OnlyFans attempted to rebrand themselves as a non-pornographic site, in order to further align themselves with the values of banks that do business with them. At the time of writing, there has been such a huge backlash that the company has been forced to rescind the proposed changes, after receiving assurances that the banks will “support all genres of creators”. 

This whirlwind news story is a perfect example of how unique digital currencies can instantly have a utility from where there was none. What projects can take advantage of these opportunities, and have the ‘stickiness’ of a sales pitch that can resonate with crypto consumers?

2021 has been a booming year for altcoins. At the beginning of the year, bitcoin made up about 70% of the crypto market. By July, that number was down to about 48%, according to TradingView. There are over 10,000 altcoins all vying for a slice of this growing market. 

Whether a project is a meme token, a DeFi utilization tool, or an NFT platform, one thing remains constant: increasing accessibility and informing consumers about ubiquitous project utilization will be paramount in selling a project to potential investors or users.

Break Down The Buckets

We see altcoins best sales pitches carrying typically one (or sometimes multiple) numbers of these buckets:

  • Partnerships & IP: Most often utilized in NFT projects but also running the gambit in crypto, partners or IP of value can make crypto projects special and unique – all the project has to do is utilize them appropriately. Loud advocates (see: Elon Musk and Dogecoin) in this case fall into the ‘partners’ bucket, despite often being informal ones. 
  • Aggressive Interest Rates Or Rewards: Airdrops are often a hot topic in crypto, and aggressive interest rates from DeFi and CeFi lending platforms have built massive firms in short time with companies like BlockFi and Celsius. Rewarding platform users sustainably is a sales asset that is tough to top. Crypto consumers are increasingly savvy on what means of rewards are sustainable and viable for long-term engagement.
  • Decentralization: Crypto’s core is decentralization, so centralized platforms often get flak for this exact reason. Rarible is an NFT platform that recently unveiled a model of increased decentralization with mostly positive feedback. 
  • Versatility: Polygon ($MATIC) has gained major ground in the DeFi landscape for it’s scalability and adaptability. 
  • Low Cost: At the end of the day, the cost can be king. Many users have flocked to low-cost tokens simply for the ability to buy a cheaper token, and additional price factors (such as gas fees) often get factored into the equation by more savvy veterans. 

These are the major buckets that crypto projects can lean on to spread word with consumers. How they go about spreading that word has often boiled down to building community – which is why Discord and Telegram have become so prominent for crypto users. 

That wraps up “Altcoin Evolution” with regards to challenges for emerging altcoins. In our final installment next week, we will wrap up the series with a summarizing piece that recaps everything we’ve covered so far, and answers the simple question… what should altcoins be doing in today’s market?

Thanks for stopping by – we’ll see you next week.

Related Reading | 60K ETH Exit Exchanges, Here’s Why It’s Bullish For Ethereum

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But reducing AUM also lowers the management fees. So GBTC may not sell Bitcoin to close the discount, but only sell what is needed to cover the steep 2% annual management fee. Those sales alone could result in Grayscale going from the biggest Bitcoin buyer to the biggest seller.

But reducing AUM also lowers the management fees. So GBTC may not sell Bitcoin to close the discount, but only sell what is needed to cover the steep 2% annual management fee. Those sales alone could result in Grayscale going from the biggest Bitcoin buyer to the biggest seller.


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