The entertainment and lifestyle brand, famous for its Playboy bunnies, distinctive logo, and the dubious claim that men “only read it for the articles”, is planning to tokenize its art, cartoon and photography archive built up over 67 years, as well as release onew original artworks.
According to a April 6 announcement, the brand does not reveal specific details for its NFT Drops on Nifty, but did state plans to “support emerging and underrepresented artists entering the NFT art community,” with the first set of NFTs to drop in collaboration with former playboy magazine contributor “Slimesunday”, better known as Mike Parisella, and a following drop set for June, with 3D artist Blake Kathryn to create a pride-focused series of NFTs.
— slimesunday (@grimemonday) April 6, 2021
Speaking to Business Insider, Rachel Webber, Playboy’s chief brand officer and president of corporate strategy, relayed her enthusiasm for adopting NFTs:
“We see the digital asset revolution as an enormous business opportunity, we see huge growth potential in integrating tokens into our streetwear business, our live experiences, and events, creating a social token economy with our network of talent.”
“In the first issue of Playboy magazine, there’s this line, ‘Picasso, jazz, Nietzsche, and sex, those are the four ideal conversation topics for any sophisticated person’,” she added. “Right in the core of Playboy’s DNA is appreciation for art and for great artists.”
SNL’s NFT skit sells as an NFT
Saturday Night Live auctioned off their one-of-one “What the hell’s an NFT?” skit for 171.99 ETH worth roughly $360,000 on OpenSea yesterday.
The NFT depicts a 10-second clip of the skit — a comedic rap by Pete Davidson that breaks down tokenomics — with the NFT including two tickets to an episode taping in season 47. The highest bidder was “Dr_Dumpling”, who is yet to re-list on secondary markets and has kept the NFT locked up.
The proceeds will go to a good cause, with the late-night comedy show donating all of the money to Stop AAPI Hate, a non-profit reporting center that responds to incidents of Asain related hate, in light of the escalation in xenophobia and bigotry related to the COVID-19 pandemic.
Top college basketballer drops an NFTs
Luka Garza has become the first college basketballer to drop an NFT, after he released a one-of-a-kind for auction on OpenSea yesterday.
The auction is due to close on April 9 and at the time of writing there have been fou bids so far, with the price moving from 0.25 ETH up to the highest bid of 0.67 ETH worth more than $1,400.
The National Collegiate Athletic Association or NCAA currently prohibits college athletes from profiting from their name, image, and likeness. However, NFTs could now serve as a new revenue stream for graduating athletes, with Garza now free to capitalize after he recently completed his final year of college basketball.
Celebrating winning the Consensus National Player of the Year, Garza’s is dropping an NFT that depicts a collage of his career highlights, which includes an interesting set of real-world bonuses.
The top bidder will be granted the chance to meet the player, play him in a game of HORSE, share a meditation session and attend dinner and a movie. Additionally, the highest bidder receives a lifetime VIP pass to Garza’s future basketball camps and a signed pair of game-worn shoes.
NFTs after the bubble bursts
Peter Wood, CEO and co-founder UK-based crypto trading platform CoinBurp, thinks that NFTs will re-emerge stronger after the initial bubble pops.
During an interview with D-Corp on YouTube yesterday, the CEO drew comparisons to Bitcoin in 2017, when the price hit a peak of around $20,000 before it crashed, noting that:
“People called Bitcoin a bubble back in 2017 right? and when the bubble popped they thought it was the end of Bitcoin A few years later it was stronger than ever.”
Wood conceded that “I absolutely think it’s a bubble”, as he feels the exorbitant prices and sales in the NFT market are being “inflated by these guys who are trying to get into the space and trying to make a quick buck.”
However, he highlighted that booms and crashes are all natural parts of market cycles, and that investment into NFT infrastructure will stabilize the industry moving forward:
“When it does [burst], and it will eventually because every financial market has this decline, what’s actually left behind will be a ton of more investment, like our company, who are building specifically for NFTs. The products don’t completely flourish over three to six months. We’re building the infrastructure now.”
Coinburp’s exchange was founded in 2018, after Wood transitioned from his previous project BitBroker, a UK-based crypto brokerage website.
Reef Finance’s Schedules Mainnet Release for May, Promises Polkadot Integration
Reef Finance has announced that its Substrate-based mainnet will see the light of day in May 2021. Called Reef Chain, it promises to “make DeFi easy” by enabling developers to use a highly scalable and fully EVM-compatible network that’s integrated into the Polkadot ecosystem.
Reef Chain Coming in May
Reef Finance is a cross-chain DeFi operating system allowing traders to access liquidity from centralized and decentralized exchanges through its smart liquidity aggregator and yield machine. The project outlined the date for its long-anticipated mainnet launch in a press release shared with CryptoPotato.
According to it, Reef Chain will be launched next month after finishing the final checks of the current Maldives testnet. The precise date will “depend on the result of the rigorous tests being conducted right now, though the team is confident that they will be completed soon.”
Upon its release, Reef Chain will enable DeFi developers to produce scalable and EVM-compatible systems integrated into the Polkadot ecosystem. Reef’s new product will be rolled out as a standalone blockchain based on the Substrate framework. This feature will simplify the integration to the Polkadot parachain network.
The mainnet’s compatibility with EVM, meaning developers can write contracts in Solidity or Vyper and deploy them on the chain, and its ability to bridge with other blockchains, including Ethereum, should enhance its interoperability features.
No Better Timing
Denko Mancheski, CEO of Reef Finance, outlined Reef Chain’s launch as perfect timing because of the “insatiable” demand for DeFi and the issues he sees with the current ecosystem. More specifically, those are the record-high transaction costs on the Ethereum network and even the struggling lately Binance Smart Chain.
Apart from promising scalability and deeper liquidity integration, Reef Chain is also “committed to helping out developers in their quest to bring their DeFi idea to life.” It plans to do so by enabling them access to Reef’s user base, network partners, investors, exchanges, and media.
“We know the struggles of up and coming developers all too well, and a lot of the time, technical skills are only a part of the equation. By tapping into Reef’s business network, DeFi builders will multiply their chances of success.” – concluded Mancheski.
CEO of a Turkish Crypto Exchange Thodex Reportedly Runs Off With $2 Billion
Nearly 400,000 users of a Turkish cryptocurrency exchange were left out of their accounts without being able to withdraw their funds. The platform’s website has been down for several days, while reports suggest its CEO has already fled the country with up to $2 billion.
Turkish Exchange Does a Rug Pull?
Bloomberg reported yesterday that Thodex, a Turkey-based crypto exchange, has ceased trading, citing an “unspecified partnership transaction.” The founded in 2017 trading platform issued a statement explaining that all services will remain shut down for about five working days. However, the message reassured customers that they shouldn’t worry about their funds.
Approximately at the same time, though, users started to complain about their inability to access their own assets. Some took it to Twitter to exemplify the absurdity of the situation.
A local #Crypto exchange where I’d ~20% of my entire trading capital got rug pulled
-20 days no withdrawal (fiat & crypto)
-Then the website went offline
-Then the CEO run abroad
I’m not broke, but it hurts… Alot
It sucks, Even when u deal with regulated exchanges#Thodex
— Feras_Crypto (will Never DM you First) (@FeraSY1) April 21, 2021
More recent coverages asserted that the exchange’s chief executive officer and founder, Faruk Fatih Ozer, who refrained answering comments before, had fled the country.
Users Alleging of Fraud
Upon the news of Ozer’s alleged escape from Turkey, users of the local exchange hired a law firm to file a complaint against Thodex. Oguz Evren Kilic, representing an unspecified number of Thodex customers, confirmed the development, saying, “we have filed a legal complaint on Wednesday.”
He speculated that the funds on the Turkish exchange could be worth “hundreds of millions of dollars,” keeping in mind that the user base is just shy of 400,000. A prosecutor in Istanbul has reportedly launched an investigation.
According to another report, Thodex’s CEO and founder has run away in Thailand with an estimated amount of roughly $2 billion.
It’s worth noting that Turkish authorities have already taken a steep approach towards the cryptocurrency industry. CryptoPotato informed last week of the country’s latest rule on digital assets, banning users from using them as payment instruments from April 30th.
Chainlink is uniquely placed to play this out in the market
2021 has been a good year for Chainlink, the project growing leaps and bounds over the past few months. What’s more, LINK has continued to build on its foundations from last year, with the altcoin surging up the charts over the past few months. In fact, on the back of the wider market’s bullishness, LINK touched a new ATH on the charts just a few days ago.
At the time of writing, however, the aforementioned bullishness had given way to a wave of corrections, with the altcoin trading at a price level that was 18% away from its ATH.
What does this mean then? Has LINK’s price rally finally exhausted itself? On the contrary, a closer look at factors such as ecosystem-centric developments, metrics, and technical fundamentals would suggest quite the opposite.
The most crucial of these ecosystem-centric developments came to the fore a few days ago when the project released the whitepaper for its next protocol upgrade – Chainlink 2.0. As the DeFi sector’s leading decentralized oracle provider, this is a significant development, especially in light of the inflows that have been moving into DeFi over the past few months.
The whitepaper in question proposed a roadmap of Chainlink’s future, one which sought to address the limitations that were part of the initial whitepaper. Smart contracts with limited functionality, for instance. According to a recent report by OKEx Insights,
“Chainlink 2.0 addresses these limitations by enabling hybrid smart contracts in DONs — allowing blockchain protocols to access off-chain data sources and perform off-chain computations.”
What’s more, 2.0 also seeks to make oracles much more scalable, with the addition of the ability to perform off-chain calculations and the introduction of a “transaction-execution framework for Decentralized Oracle Networks which processes off-chain transactions and oracle reporting.”
Finally, Chainlink 2.0 will also be a step towards strengthening privacy protections on the blockchain network with the addition of confidentiality-preserving adapters and support for confidential layer-2 systems.
Needless to say, this a major update, one that could have major repercussions on the value of LINK on the price charts. However, contrary to expectations, when the paper was first made public on the 15th of April, the altcoin’s market failed to react. In fact, it corrected instead.
Why? Well, because the rest of the market corrected too on the back of Bitcoin’s depreciation and fall below the $60,000-level. In doing so, what can be argued is that LINK’s price is yet to price in the aforementioned development. This means that when the bearish phase passes and consolidation ensues, there is potential for a lot more upside in the Chainlink market.
In fact, it can be hypothesized that LINK, more than most altcoins in the space, is better placed to see more upside in its price action in the near term. This, because despite how it has performed over the past week, LINK’s fundamentals remain pretty strong.
Consider this – According to Glassnode, the top 1% of LINK addresses now hold over 84.44% of the altcoin’s supply, a 3-year high. This finding is a testament to the accumulation trend in the Chainlink market, one that underlines the confidence the market’s whales have in the alt’s long-term credentials.
Further, LINK’s Exchange Outflow Volume (7d MA) also touched an ATH of $3,753,855.00 recently, with the same suggesting that more and more people are now moving their crypto-assets off exchanges to HODL, with these unlikely to be sold anytime soon.
Here, it’s worth noting that in the past, whenever this metric has risen, the altcoin’s value has fallen on the charts immediately after. However, LINK’s price has also touched higher highs whenever recovery has ensued, meaning, this could be a sign to buy in.
Finally, the number of active LINK addresses also surged to a 1-month high in the last 48 hours, despite the general market bearishness another sign of there being a lot of optimism associated with the alt’s price performance.
It’s no wonder then that many in the community expect the cryptocurrency to reignite its rally in the near term, especially since traditionally, the cryptocurrency has maintained a lower correlation with the king coin, when compared to the likes of Ethereum and Litecoin. This, coupled with its strong fundamentals, might allow LINK to surge again, independent of the rest of the market.
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