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ConsenSys announces layer-two NFT platform, Palm, to compete with Flow

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With a possible billion-dollar nonfungible token drop and a high-powered, multiproject collaboration in the works, the Ethereum ecosystem may finally be ready to compete with NFT-centric blockchain Flow. 

In a press release today, Ethereum software developer ConsenSys announced Palm, an environmentally friendly NFT scaling solution. Palm will be a sidechain designed to be “fully connected” to Ethereum, sporting faster settlement times, lower fees and an especially light carbon footprint — a noted bugaboo for artists as of late.

Ethereum’s community — one of the chain’s advantages over the faster, more efficient rival NFT chain Flow — is also on full display in the release. ConsenSys announced a lineup of ecosystem-building partner powerhouses for Palm, such as NFT social media platform Nifty’s and experimental NFT mining project Meme.

Likewise, Palm will come out of the gate with significant infrastructure in place from partners Infura, NFT metadata storage via Protocol Labs, and a partnership with decentralized exchange Uniswap, which may soon be announced as the home of the forthcoming PALM token initial exchange offering.

The question is: Will this be enough to overcome Flow and its wildly popular, industry-altering NBA Top Shot collectibles?

All about the IP

Technical and ecosystem differences aside, the battle between the NFT platforms will ultimately be fought over the quality of the intellectual property and the licensing they can attract. 

So far, the Ethereum community has been fed a thin diet on that front. Ethereum-native platforms have been fighting for NFTs from C-list celebrities, sports has-beens or never-weres, and niche — if highly devoted — fandoms.

Flow, meanwhile, has been one of the driving forces behind NFTs entering mainstream consciousness, primarily due to the massive success of National Basketball Association-licensed NBA Top Shot.

The project seems to break its own records weekly, is being discussed regularly on ESPN and sells out like clockwork the moment it releases new packs. If you’ve been seeing NFTs on the nightly news, Top Shot is to thank.

Flow’s lead isn’t unsurpassable, however, as Palm’s opening salvo in the platform wars could be every bit as lucrative as Top Shot: a meatspace-meets-blockchain physical-and-NFT art mashup called “The Currency Project” from legendary British artist Damien Hirst.

“The Currency” brings the currency

First reported by Cointelegraph, The Currency Project consists of 10,000 physical “bills” painted by Hirst five years ago and currently in storage. Each bill will have slightly different features — and therefore, rarities — and will be tied to a NFT, meaning it’s conceptually similar to algorithmically generated NFT art projects, from a collector’s perspective. 

Calculating the possible value of The Currency Project is ultimately educated guesswork. One method might be to look at similar projects: Using investment funds designed to track a basket of NFTs, one back-envelope estimate puts the current aggregate market value of all 10,000 CryptoPunks — one of the earliest and most popular algorithmically generated NFT projects — at $500 million. Likewise, a more recent algorithmically generated project, Hashmasks, managed to raise over $10 million for just over 16,000 NFTs over the course of four days in January.

Meanwhile, Hirst himself is a famously remunerative brand to bring to market — if not always through cut-and-dry means. One Hirst piece, “For the Love of God” — a human skull encrusted with some number of diamonds — was put up for sale in 2007 for 50 million pounds. It eventually sold, but for an undisclosed sum to an ownership group that included Hirst himself.

Hirst has also held the record for the most expensive single piece of art sold by a living artist at various points in his life (a record that digital artist and mutual fanboy Beeple challenged earlier this month), and Hirst’s personal record to beat for a collection like The Currency Project is $198 million — the sum his “Beautiful Inside My Head Forever show fetched at auction at Sotheby’s in 2008, though a more recent sale might have brought in as much as a full billion.

Investors shouldn’t simply assume wild success for The Currency Project, however. A similar physical-art-and-NFT mashup sale of a painting from avant-garde master Wladimir Baranoff-Rossine is currently on auction at Mintable, and bids appear to have stalled out at $35,000 with just a day to go — a paltry sum given the historic nature of the sale. Some art outlets reported that Baranoff-Rossine had fallen out of collectors’ favor leading up the auction, and it now appears that simply adding a NFT element to a sale is not sufficient to realign wider market trends.

So, The Currency Project will be worth some figure between $35,000 and a billion? Properly triangulating the nature and quality of the various projects, the competing profligacy of the art and crypto communities, and how Hirst’s opaque sales history might translate to the cryptoland would, in aggregate, require a supercomputer, a prophet, or both.

In a statement to Cointelegraph, Hirst implied this uncertainty is part of the conceptual power of the project.

“Each NFT is an artwork and each physical artwork is a work of art, but I can’t help seeing the whole project as a single and powerful work of art. Anyone who buys, sells or holds the NFTs and/or the physical artworks will be participating in this work of art themselves. I have no idea what is going to happen, where the value or the belief lies, I can’t predict what is going to be more valuable, less valuable and how the whole project will be received, but I love the limitlessness and the thrill of the project and that every participant will contribute to the overall complexity of this artwork in some way through their behaviour.”

By this standard, The Currency Project will be an experiment indeed. 

A license to license

Whatever its (likely mammoth) marketcap, Palm will need more than one headline-grabbing Hirst project to properly compete with Flow. To that end, ConsenSys has assembled a pair of high-powered partners: Joe Hage and David Heyman.

Hage, once described by ARTnews as a “significant but rarely discussed force behind the scenes” of the art world, brings more than his friendship with and business relationship with Hirst to Palm. Hage was quoted in the press release as saying that he also has collaborations with multiple “artists and art institutions” in the works. Hage is a noted powerbroker of Gerhard Richter, the most successful artist ever at auction, and runs an exclusive art law firm with two former top Sotheby’s attorneys.

Hage’s first venture into crypto was also an unmitigated success: he was the driving force behind Hirst accepting ETH and BTC for a print run of cherry blossom paintings sold through Hage’s print shop, HENI — a run that earned over $22 million in total, well exceeding expectations.

Source: Science LTD

Heyman, meanwhile, is another prime instance of a ‘significant but rarely discussed’ individual, though his expertise is in film. His company produced Gravity, Once Upon a Time in… Hollywood, as well as the Harry Potter series.

A handful of projects have managed to leverage licensing of fondly-remembered brands for successful drops, including WAX’s Garbage Pail Kids run and Terra Virtua’s recent Godzilla vs King Kong drop. Except for Flow and the NBA, no platform has even sniffed the kind of IP acquisition that Harry Potter, one of the most widely-loved (and profitable) franchises ever, would represent.

The press release did not estimate a date for either Palm’s launch or Hirst’s NFT drop, and provided few specifics on future planned acquisitions and drops.

If Palm wants to cut into Flow’s significant lead, however, we can expect they’ll be moving sooner rather than later.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/consensys-announces-layer-two-nft-platform-palm-to-compete-with-flow

Blockchain

Grayscale Adds $1 Billion in Bitcoin, Nears $50 Billion in Total AUM

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Investment giant Grayscale recently added another $1 billion worth of Bitcoin in almost 24 hours. Now, the firm nears the $50 billion mark with $46.1 billion in total assets under management (AUM)

AUM Growing

As reported by CryptoPotato recently, the investment firm increased its total AUM by more than $3 billion, shortly after expanding its crypto-trust offerings by adding five new tokens for their eligible accredited investors. 

The Grayscale Bitcoin Trust (GBTC) accounts for $38.1 billion (82.64%) of Grayscale’s total AUM, while the Ethereum Trust (ETHE) accounts for $6.6 billion (14.26%). The remaining trusts, including Bitcoin Cash and Litecoin, account for the rest.

Notably, tokens such as Filecoin, Livepeer, Basic Attention token, MANA, and LINK saw a surge in price after Grayscale announced adding them into the list of offered trusts. The company expanded its total number of trusts to 14 after CEO Michael Sonnenshein explained they see many clients seeking exposure to more crypto assets.


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Grayscale Confirms Its Intentions to Launch a BTC ETF

Grayscale has confirmed its plans to convert its most popular investment product, the GBTC, into a Bitcoin Exchange-traded fund —after posting several ETF-related job positions on its careers page. Although, the firm does not consider that the current regulation weather in the United States is suitable for such a fund.

Unlike other investment giants that have filed for an ETF using S-1 forms, Grayscale will remain committed to converting GBTC into an ETF as the US’s regulatory environment gets clearer.

Founded in 2013, Grayscale has become the most prominent digital asset manager for accredited investors seeking exposure to bitcoin and other crypto assets. The institutional demand for BTC accelerated at the beginning of this year, according to Sonnenshein, adding that demand is nowhere near decreasing.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/grayscale-adds-1-billion-in-bitcoin-nears-50-billion-in-total-aum/

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Blockchain

Why ADA could run hotter than Bitcoin and make 10x gains

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After breaking in the crypto top 10 by market cap and with 3.597% gains over the past year, Cardano (ADA) seems to be laying low. At the time of writing, ADA trades at $1,24 with 1.7% profits in the daily chart and 6.4% in the weekly chart.

Cardano ADA ADAUSDT
ADA moving sideways in the 24-hour chart. Source: ADAUSDT Tradingview

Cardano’s native token and its platform are moving towards a major milestone. Targeting a Q3 entry into DeFi with Hard Fork Combinator Alonzo.

Bullish investors are betting on ADA’s further appreciation. Analyst Justin Bennett claims this token next rally will happen by the end of April. Around this time IOG should be stress-testing its smart contracts platform, Plutus.

A day ago, Bennet said to be building a “sizeable” ADA position and set support at $1.10 to $1.30. Over the next month’s, according to the analyst, ADA could go as high as $10.

On the Cardano’s native token recent price action, the analyst said it moving sideways is an indication of a “fair game”, a sign that ADA’s price is not overvalued. Bennet added:

ADA moving sideways for 6 weeks tells me the market doesn’t believe it’s overvalued at all. I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.

By the end of the month, ADA could target $2, as indicated by the chart below, and then could go for a higher price at $3 in the coming months.

Cardano ADA ADAUSDT
Source: Justin Bennett

In the 2017 bull run, ADA peaked at $1,18 therefore Bennet claims it could a 10x from its current price. Comparing ADA to Bitcoin, the analyst said the latter has “never done less than” a 10x profit in a bullish cycle. He added:

We know alts run hotter than Bitcoin. Translation: $10 $ADA is conservative, and $20 – $30 wouldn’t surprise me.

Smart contracts capabilities closing in on Cardano

Cardano’s next protocol upgrade is set to make it “the leading smart contract platform”, according to Olga Hryniuk from IOG. Outlining Alonzon’s roadmap and launch, Hryniuk wrote:

Throughout March and April, the IO Global team has been gradually combining the Alonzo rules with the Cardano node and ledger code (…). We expect the Alonzo upgrade (hard fork) to happen in late summer, and we will announce a firm date in April’s Cardano360 show.

In the crypto space, many believe Ethereum’s high fees are pushing users towards cheaper options. Cardano’s platform promises this with higher security for its smart contracts and EVM compatibility.

If Ethereum’s competitors, like Binance » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>Coin (BNB), performance is any indication of where ADA could go, then investors should pay attention to BNB’s rally.

With a 70.6% increase in just one month, BNB seems pegged to smash all resistance and keep scoring all-time highs. It remains to be seen if ADA will follow and take a place amongst DeFi giants.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/why-ada-could-run-hotter-than-bitcoin-and-make-a-10x-gains/

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Blockchain

Litecoin Price Analysis: 11 April

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The Litecoin market has been seeing significant growth in price since the beginning of the year. At the time of writing, LTC was returning 93% year-to-date to its investors.

LTC was being traded at $257.39 with a market capitalization of $17.22 billion. The digital asset just saw a bullish breakout, however, will it be able to maintain this high value going forward in the market?

Litecoin 1-day chart

Source: LTCUSD on TradingView

The Litecoin price was building higher within an ascending channel and witnessed a strong surge as the price broke out of the channel. LTC saw the price surge from $163 to $258 within 16 days and turned the prevalent bearishness into a bullish market.

However, LTC has been closely trading to the resistance at $258 and if it rejects this price level, the value may trade lower.

Reasoning

The surge in the value of the digital asset has resulted in increased volatility in the market. The divergence of Bollinger Bands has been an indicator of the rise in volatility, while, the signal line moved under the candlesticks. The signal line will be acting as a support if the price pushes lower.

Meanwhile, the relative strength index was noting that the digital asset was close to becoming overbought as its value hit 68. The market has been witnessing selling pressure evolve at this stage and if it escalates, the RSI will be pushed towards the equilibrium zone.

While the market switches trends, the momentum has remained high owing to the recent surge. The bullish momentum could help the asset to maintain its high value, but the rise in selling pressure could result in a correction.

Crucial level

Entry-level: $240.99
Take Profit: $191.84
Stop-level: $268.88
Risk to Reward: 1.76

Conclusion

The current Litecoin market has been fairly bullish. However, a rising sell-off could push the price of the digital asset lower under $200. With 50 moving average and the signal line extending support close to $200, the price may not drop beyond this point.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/litecoin-price-analysis-11-april

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