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NBA Top Shot leads NFT explosion with $230M in sales

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Dapper Labs, the creator of the CryptoKitties game, is helping the National Basketball Association, or NBA, become a magnet for digital collectibles. 

NBA Top Shot, a marketplace for non-fungible tokens, or NFTs, has generated over $230 million in sales, according to Dapper Labs. NBA Top Shot is built on Dapper’s Flow blockchain, allowing users to purchase “packs” that feature in-game moments. With packs almost always sold out, a secondary marketplace is the only way for users to access specific moments.

Recently, a LeBron James highlight sold for $200,000. A Zion Williamson spotlight sold for around the same amount.

NFTs, which exist entirely on the blockchain, are revolutionizing the traditional model of trading cards. In the case of NFTs, the value of a particular moment is governed by the same laws of supply and demand, though ownership is entirely digital. The blockchain also eliminates the risk of damage, theft and fraud.

Dapper Labs has emerged as one of the leaders in the NFT market. Its Flow blockchain is still in beta, though the company has issued updates hinting at a full mainnet launch sometime in the foreseeable future.

The NFT market quadrupled in size last year, as art and sports memorabilia on the blockchain captured mainstream attention. NBA Top Shot is one of the biggest markets, with tens of thousands of dollars in sales reported just in the last hour, according to Crypto Slam data.

Beyond sports, NFTs are beginning to permeate the creative arts. As Cointelegraph recently reported, a company by the name of Async Art is leading the programmable art movement after securing over $2 million in seed investments. The Silicon Valley NFT platform generated over $1 million in sales during its first year of operations.

Source: https://cointelegraph.com/news/nba-top-shot-leads-nft-explosion-with-230m-in-sales

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Decentralized design platform Moralis raises $13.4M in seed funding from EQT Ventures

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Moralis, a platform that powers decentralized applications, or dApps, announced Thursday that it has received a $13.4 million investment from EQT ventures.

The company said that it expects to use this seed capital for product development and corporate expansion. Moralis seeks to provide the blockchain space with a unique user-friendly interface solely for front-end development, while the company and its developers handle the entire back-end. The software can also provide complex services such as node management, authentication, and transaction indexing — which are needed for cross-chain networks, layer two solutions, and Web 3.0 applications

Moralis, which has been active since June, was founded in 2020 by CEO Ivan Liljeqvist (also known as Ivan on Tech) and COO Filip Martinsson. On its website, Moralis states that more than 35,000 blockchain projects are currently using their software and application programming interface, or API.

EQT Ventures is the venture capital division of the Swedish investment organization EQT Partners. According to CrunchBase, EQT Ventures has invested in 128 companies and completed 10 exits for a total funding amount of $60 million.

CEO Ivan iljeqvist issued the following statement regarding the new financing round:

“We’ve already seen massive, sustained adoption in our first few months, amassing over 50,000 developers since launch — and the growth shows no sign of slowing. This immense interest further validates Moralis’ business proposition, showcasing how we solve the pain points with existing blockchain development.”

Based on data from State of the DApps, the total number of tracked dApps has grown to 3,692 in October — up from 3,342 in the same period the year prior. The vast majority of dApps are built on the Ethereum (ETH) blockchain. Total volume of transactions on these dApps amounted to $153.18 million in the past 24 hours.


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Source: https://cointelegraph.com/news/decentralized-design-platform-moralis-raises-13-4m-in-seed-funding-from-eqt-ventures

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3 reasons why Curve (CRV) price is trending toward a new 1-year high

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This week cryptocurrency traders turned their focus to the pack of dog-themed meme tokens as altcoins like Shiba Inu and Dogecoin (DOGE) saw a surge in volume which resulted in SHIB hitting a new all-time high and the remaining Dogecoin clones booking some juicy gains.

Traders are now debating whether the launch of the first Bitcoin (BTC) exchange-traded fund (ETF) kicked off the next leg of the bull market or if meme-tokens rallying is a top signal. 

While SHIB, DOGE and Samoyedcoin are the hot flavor of the week, there are other tokens which are equally bullish and posses stronger fundamentals. Take for example, Curve protocol’s native CRV token which broke to a near yearly high earlier this week.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.05 on Sept. 26, the price of CRV has climbed 168% to hit a yearly high of $5.51 on Oct. 28 as its 24-hour trading volume spiked 89% to $1.3 billion.

CRV/USDT 4-hour chart. Source: TradingView

A few reasons for the uptrend in CRV price include the fact that a majority of the circulating supply of CRV is locked, “Curve wars” that have DeFi protocols competing for CRV deposits and the rising total value locked on the Curve protocol.

Multi-year staking decrease CRV’s circulating supply

A major factor behind CRV’s rally is Curve’s incentives for holders that lock their tokens on the protocol long-term and earn rewards from staking.

As a result of these incentives more than 347.8 million CRV, or 88.75% of the circulating supply, is currently locked on the Curve protocol with an average vesting time of 3.68 years according to data from Curve.

Convex Finance leads the “Curve Wars”

Another reason for the uptrend in CRV price is the ongoing Curve war between protocols like Yearn.finance and Convex Finance who find themselves competing to offer the most attractive yields to entice CRV holders to lock tokens in their vaults.

This has caused a bit of a supply squeeze and it makes sense that the dynamic could continue to pick up pace, especially now that popular DeFi platforms like Abracadabra.money are also increasing their marketshare of CRV deposits.

Essentially, each protocol is “bribing” CRV holders by offering attractive yields so that they will use the governance power granted by staking CRV and holding VeCRV to vote for a higher allocation of stablecoins to the DeFi protocol in question. Many have referred to this process as “buying votes.” 

Related: US regulators are exploring policy for banks to handle crypto, says FDIC chair

Curve’s TVL soars

The total value locked (TVL) in Curve also continues to surge and the platform hosts some of the largest stablecoin pools in the DeFi ecosystem.

Data from Defi Llama shows that the TVL on Curve is now at a record high $18.84 billion, making Curve the second-largest protocol by TVL.

Total value locked on Curve protocol. Source: Defi Llama

The uptick in TVL was primarily caused by Curve’s success in integrating with many of the top layer-one and layer-two protocols with active DeFi ecosystems including Ethereum (ETH), Avalanche (AVAX), Harmony (ONE), Polygon (MATIC), xDAI (STAKE) and Fantom (FTM).

According to data from Cointelegraph Markets Pro, market conditions for CRV have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CRV price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CRV elevated into the green zone back on Sept. 22 and reached a high of 84 on Sept. 26, around 48 hours before its price began to increase by 150% over the next month.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/3-reasons-why-curve-crv-price-is-trending-toward-a-new-1-year-high

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More than 40 digital currency ETFs await US regulatory approval

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Fund managers appear to be scrambling to match demand from investors as major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) teeter around record price levels. According to a Bloomberg Terminal screenshot taken by Bloomberg Intelligence analyst James Seyffart, over 40 cryptocurrency exchange-traded funds, or ETFs, are now awaiting listing in the United States. 

The source indicated that four have already been approved by the Securities Exchange Commission, the most notable of which is the Ark 21Shares Bitcoin ETF, created in a joint effort by 21 Shares and ARK Invest.

The latest fund applications came from AXS Investments on Oct. 27. They are the AXS Bitcoin Strategy ETF and the AXS Short Bitcoin Strategy ETF. The vast majority of funds pending listing seek to purchase BTC directly, or their futures and derivatives. A few funds operate on a mixed strategy, only putting a portion of their assets in BTC while deploying the rest in U.S.-based equities or blockchain stocks. However, there are also three funds focusing on matching the performance of ETH. They are the VanEck Ethereum Trust, the Wisdomtree Ethereum Trust, and the Kryptcoin Ethereum Trust. All three were filed earlier this year and are currently awaiting approval.

It took eight years for the SEC to authorize such financial products in the U.S., and they have already gained significant popularity among investors. Earlier this month, the Proshares Bitcoin Strategy ETF became the first crypto ETF to list in the country. At the time of publication, the fund’s total assets under management have surpassed $2 billion.


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Source: https://cointelegraph.com/news/more-than-40-digital-currency-etfs-await-us-regulatory-approval

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