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Beyond the hype: NFTs’ actual value is still to be determined

NFTs present a revolutionary and innovative technology, but their real value has been obscured by hype.

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It’s 2021. Super Bowl champion Tom Brady is starting an NFT company, Christie’s is explaining CryptoPunks to everyone, Saturday Night Live is creating jams about NFTs, Beeple and Mark Cuban are advocating NFTs’ use case — yet, here I am, the CEO of a company that helps users securely store their nonfungible tokens and I still think the actual value of NFTs is to be decided. 

It’s important to back up and remember that, although it seems like we have all always known about NFTs, the opposite is true. Up until this year, NFTs were not only a novelty idea that would never be a story on cable news, but their use case was still being worked out in the blockchain industry. Although the recent hype has been fun, I believe that this current iteration of NFTs is far from the game-changing, revolutionary potential that they can truly unlock for entire industries.

Related: How NFTs, DeFi and Web 3.0 are intertwined

What makes NFTs different from Bitcoin

NFTs are different from all other use cases of cryptocurrencies. Bitcoin (BTC) is considered a fungible store of value, and blockchains like Ethereum, Cardano and Polkadot help developers unlock utility via the blockchain for various DeFi projects. An NFT, on the other hand, is a uniquely generated token that uses the Ethereum blockchain to represent ownership of a digital asset in a way that is unchangeable over time.

Related: DeFi who? NFTs are the new hot stars on the crypto block

With everyone from retired professional wrestler The Undertaker to Lindsay Lohan pushing their own NFTs to take advantage of the trend, this feels far more like Ty Beanie Babies hype than revolutionary tech. Once the trend settles or the bubble bursts, all you are left with is a certificate of ownership that holds no value, which begs the question: Why not just right-click and “save as” to make a copy without spending $69 million?

Related: When dollars meet the hype: The biggest NFT hits from celebrities

This first form should not be the final one

I joke about the current state of NFTs, but I am extremely excited when I think about what NFTs will evolve into in the next decade. The function of having an immutable record of ownership or agreement minted onto a blockchain has such rich potential to impact so many industries. Some of the most exciting use cases beyond the current iteration of NFTs include:

  • Real estate: Imagine a near-future where you go to buy a house, and instead of an arduous process of paperwork and communication back-and-forth with the bank, you can simplify the process by exchanging an ERC-721 (the standard NFT token based on Ethereum) from the original owner to you.
  • Licenses and records: Opening bank accounts, renting an apartment, transferring the title of a car or trying to buy cold medicine at the local drugstore — all of these things require tangible verifications through ID and certified paperwork. What if, instead, you could have your licenses and records verified on the blockchain as NFTs?
  • Tangible goods: Even further out in the future, NFTs could help us claim ownership of tangible goods and give power, through verifiable ownership, back to people who are victims of theft. Imagine someone stealing your bicycle or a priceless piece of jewelry passed down in your family. If you can link ownership of these things with an NFT on a blockchain, there is no deniability to the item’s true owner.

Related: The rise of NFTs must be accompanied by further decentralization

Even this year’s Oscars are getting in on NFTs. That isn’t even half of the use cases, with entertainment copyrights, gaming assets and more also being developed in DeFi right now.

Ultimately, NFTs are fun and a fundamentally good idea. However, when money and status are the two most significant factors in driving something’s value, the industry has to take a deep breath and avoid turning people away from the innovation before the real revolutionary use cases are available. Right now, people are willing to buy a meme for $500,000, and although I think they are missing the real value that NFTs have to offer, I only hope people stick around to see what NFTs can really do.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Kosala Hemachandra is the founder of noncustodial wallet MyEtherWallet (MEW). Since 2015, MEW has been a leading wallet interface for the Ethereum blockchain. Today, MEW provides convenient and secure access to the entire Ethereum ecosystem, including DApps, DeFi and beyond.

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Source: https://cointelegraph.com/news/beyond-the-hype-nfts-actual-value-is-still-to-be-determined

Blockchain

Institutions Are Purchasing Bitcoin, Politicians Need More Crypto Education: Novogratz

According to Galaxy Digital CEO Michael Novogratz, crypto such as Bitcoin has recovered because institutions are purchasing.

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According to Galaxy Digital CEO Michael Novogratz, crypto such as Bitcoin has recovered because institutions are showing great interest in them. 

In response to U.S. Senator Elizabeth Warren’s anti-crypto position, he remarked, “We need to do a lot better job traveling to D.C. to educate politicians.”

Novogratz Says Institutions Are Purchasing Bitcoin

The CEO of Galaxy Digital, Mike Novogratz, stated his viewpoint on bitcoin in a CNBC interview on Wednesday. 

He was asked about the recent Bitcoin price activity and what seems to be pushing the cryptocurrency’s price back to the $40,000 mark. The pro-bitcoin executive responded, saying:

“Because institutions are purchasing, cryptocurrency has recovered.”

As an example, he mentioned the FTX exchange. The exchange just secured $900 million in funding from more than 60 investors, valuing the firm at $18 billion. 

Softbank Group Corp., Sequoia Capital, private equity behemoth Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family, and British hedge fund manager Alan Howard were among the investors.

He rejected the notion that the price increase was caused by reports that Amazon may accept bitcoin payments.

He emphasized that institutions are some of the world’s best investors, and they are investing in the crypto sector, saying:

“That signaled to the whole crypto market that this isn’t going away.”

“This was partially a massive short-covering rally, but it was also an awareness that this is a legitimate market that isn’t going away,” said Galaxy Digital CEO.

Novogratz Thinks Politicians Need More Crypto Education

Mike Novogratz was also questioned about the cryptocurrency regulation. Also, what it might look like in the United States, particularly in light of Senator Elizabeth Warren’s warnings.

Moreover, Warren’s caution about the volatility of Bitcoin’s price puts ordinary investors and companies who take Bitcoin at risk. Furthermore, she said that those who utilize Bitcoin as a form of payment are criminals.

In response to Senator Warren’s statements on cryptocurrency, Galaxy Digital CEO Novogratz said:

“It was a letdown. She was arrogant. She was smug. She was quite dissatisfied since she had not completed any job. This is cutting-edge technology. She’s supposed to be a liberal.”

“Crypto is on the hunt for rent takers. Consider DeFi [decentralized finance]. Consider the NFT [non-fungible token] revolution. It will give artists and creators more control over the individuals who used to make money off their backs. So, extremely upsetting and disappointing,” he added.

It just informs us… We need to do a lot better job of traveling to Washington, D.C. and educating [politicians].

On Tuesday, Novogratz Replies to Warren’s Anti-Cryptocurrency Position On Twitter

“Banks charged $12 billion in overdraft fees, tens of millions in ATM fees, and tens of millions in checking account costs. 

However, you continue to pursue crypto, where saving and money transfer are a fraction of what banks provide. Senator Warren, you did an excellent job. “You don’t appear to be very progressive to me,” Novogratz tweeted, adding:

We would not have had the mortgage crisis if banks had the openness of DeFi processes. DeFi will prevail because it is superior.

“Atomic settling. Bearer assets are assets that are held by the bearer. Composability. Transparency. All that remains is to prepare for the impending KYC. “We must educate our politicians,” he said.

READ  Hedge Funds Expect to Hold $312B in Digital Currencies by 2026: Survey

#Anti-cryptocurrency stance #Bitcoin #Cryptocurrency Regulation #DeFi #Elizabeth Warren #Galaxy Digital Mike Novogratz

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Source: https://www.cryptoknowmics.com/news/institutions-are-purchasing-bitcoin-politicians-need-more-crypto-education-novogratz

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Blockchain

RUNE Technical Analysis: Look Out for the Second and Third Resistance Levels of $5.29 and $5.75

RUNE has tested and broken out of the 23.6% FIB retracement level of $4.82. It may further break out of the 23.6% FIB extension level of $5.38. Thus, as of now, the bulls are strong. The price uptrend is likely to continue tomorrow as well.

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Thorchain is a 100% autonomous and decentralized liquidity protocol. It facilitates users to make crypto deposits and provides liquidity through yield farming. Users can also execute swap transactions on the Thorchain platform using web and desktop interfaces. RUNE is the native token of this ecosystem. Let us look at the technical analysis of RUNE.

Past Performance

On Jul 22, 2021, RUNE opened at $4.30. On Jul 28, 2021, RUNE closed at $4.66. Thus, in the past week, the price has increased by roughly 8%. In the last 24 hours, RUNE has traded between $3.90-$5.10.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/07/rune-technical-analysis-look-out-for-the-second-and-third-resistance-levels-of-5-29-and-5-75.png

https://zephyrnet.com/wp-content/uploads/2021/07/rune-technical-analysis-look-out-for-the-second-and-third-resistance-levels-of-5-29-and-5-75.png

Day-Ahead and Tomorrow

Currently, RUNE is trading at $5.09. The price has increased from the day’s opening price of $4.66. Thus, the market seems bullish.

READ  THORChain Price Prediction 2021-2025: Is RUNE Set to Reach $5 by 2021?

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 62%. It faced rejection at 55% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the RUNE price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In short, all three indicators have given bullish signals. Hence, the price is most likely to rise.

RUNE Technical Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $5.01. The price may soon surpass the second and third resistance levels of $5.29 and $5.75, respectively.

READ  Report: Facebook Plans Cryptocurrency Payment Network akin to Bitcoin and XRP

The price has tested and broken out of the 23.6% FIB retracement level of $4.82. It may further break out of the 23.6% FIB extension level of $5.38. Thus, as of now, the bulls are strong. The price uptrend is likely to continue tomorrow as well.

#RUNE #Thorchain

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Source: https://www.cryptoknowmics.com/news/rune-technical-analysis-look-out-for-the-second-and-third-resistance-levels-of-5-29-and-5-75

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Bitcoin Needs Rules That Allow Innovation: Sen Cynthia Lummis

In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation.

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In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation. Shortly after, the politician linked the interview to a tweet, where she asserted that massive government spending in the pandemic has accelerated the adoption of digital assets.

Cynthia Lummis Demands a Regulatory Sandbox for Bitcoin

During her cable TV appearance, Lummis emphasized that any regulations for cryptocurrencies should be accompanied by “good solid definitions.” She said that the end result of this process should be a “regulatory sandbox” that allows innovation to continue. 

The senator also expressed her own interest in Bitcoin as a store of value and highlighted that regulators must ensure that the currency remains instrumental for this purpose. But she pointed out that if the US were to approach the flagship crypto as a legal tender, like El Salvador, then the asset must comply with the bank secrecy act and anti-money laundering laws. 

“We want to make sure that it is used legitimately and that it can be ferreted out when it’s used nefariously,” she said.

Lummis also outlined her support for the crypto miners banned by China transitioning to the country. “We wanna make sure that these miners coming to the US from China…can come to places like Pennsylvania, Texas, Wyoming, and elsewhere. Where they can get the energy to mine it and then once it’s produced that it can be on the blockchain in a way that enhances the non-fiat currency advantages that cryptocurrency has,” she told Fox host Stuart Varney.

Government Spending Leading to a “Flight to Digital Assets”

Unlike some Bitcoin maximalists who favor “hyperbitcoinization”, senator Lummis is a strong supporter of the USD as a reserve currency. Following her television interview, she posted a tweet alleging that government spending has “debased” the dollar and hastened the adoption of virtual currencies. She also suggested that this is the worst way to push people towards digital assets.

According to senator Lummis, the government must limit its spending to protect the status of the dollar. She stated:

“I want USD to continue as the world’s reserve currency. We need to reign in spending & support financial innovation on US soil.” 

READ  Cryptocurrency Adoption: Countries on the Positive Side of History, and Those that Are Resistant

#Bitcoin regulation #Crypto regulation #Cynthia Lummis #Fox News

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Source: https://www.cryptoknowmics.com/news/bitcoin-needs-rules-that-allow-innovation-sen-cynthia-lummis

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Blockchain

Bitcoin Needs Rules That Allow Innovation: Sen Cynthia Lummis

In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation.

Published

on

Table of Contents

Rate this post

In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation. Shortly after, the politician linked the interview to a tweet, where she asserted that massive government spending in the pandemic has accelerated the adoption of digital assets.

Cynthia Lummis Demands a Regulatory Sandbox for Bitcoin

During her cable TV appearance, Lummis emphasized that any regulations for cryptocurrencies should be accompanied by “good solid definitions.” She said that the end result of this process should be a “regulatory sandbox” that allows innovation to continue. 

The senator also expressed her own interest in Bitcoin as a store of value and highlighted that regulators must ensure that the currency remains instrumental for this purpose. But she pointed out that if the US were to approach the flagship crypto as a legal tender, like El Salvador, then the asset must comply with the bank secrecy act and anti-money laundering laws. 

“We want to make sure that it is used legitimately and that it can be ferreted out when it’s used nefariously,” she said.

Lummis also outlined her support for the crypto miners banned by China transitioning to the country. “We wanna make sure that these miners coming to the US from China…can come to places like Pennsylvania, Texas, Wyoming, and elsewhere. Where they can get the energy to mine it and then once it’s produced that it can be on the blockchain in a way that enhances the non-fiat currency advantages that cryptocurrency has,” she told Fox host Stuart Varney.

Government Spending Leading to a “Flight to Digital Assets”

Unlike some Bitcoin maximalists who favor “hyperbitcoinization”, senator Lummis is a strong supporter of the USD as a reserve currency. Following her television interview, she posted a tweet alleging that government spending has “debased” the dollar and hastened the adoption of virtual currencies. She also suggested that this is the worst way to push people towards digital assets.

According to senator Lummis, the government must limit its spending to protect the status of the dollar. She stated:

“I want USD to continue as the world’s reserve currency. We need to reign in spending & support financial innovation on US soil.” 

READ  Facebook Libra Inspires a Wave of New Online Scams

#Bitcoin regulation #Crypto regulation #Cynthia Lummis #Fox News

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.cryptoknowmics.com/news/bitcoin-needs-rules-that-allow-innovation-sen-cynthia-lummis

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