Ethereum

Cryptowisser: Then, Now and What’s Next for NFTs

NFTs: Then and Now

The story of NFTs stretches back to the first years of crypto, back to 2012. NFTs are everywhere, from trading cards to colourful coins. But, when this exciting medium really began to find its identity was around 2016 when the already established Counterparty platform posted the collection of rare “Pepes.” A seminal collection built on the Bitcoin blockchain, before being released on the Ethereum blockchain the following year under the name “Peperium.” In the same year, 2017, the release of 10,000 unique “Cryptopunks”, which were originally given away for free to anyone who held an Ethereum wallet. Fast-forward four years and those pixelated heads are reaching over $5 million.

Over the course of the next 2 years, there were many notably NFT collections released; the likes of CryptoArte, EtherRocks, and interactive virtual game collections like CryptoKitties. It was still unclear how to purchase an NFT, so the market remained underground. This is only for crypto evangelists. Until 2018-19, when the NFT ecosystem experienced significant growth, led by trading platforms like OpenSea and SuperRare, which remain some of the best NFT marketplaces in operation today. Web3 wallets, Eidoo, MetaMask and MetaMask were key to the fast-growing NFT ecosystem. This allowed users to quickly and easily access the marketplace.

With a focus on collaboration and community, we’re seeing the rise of decentralized autonomous organizations (DAOs) which offer social platforms with no central leadership, instead, they’re governed by the community from the ground up. Within the NFT sphere, you have the likes of Friends with Benefits, which requires members to have 75 $FWB in order to join, offering a space to discuss and collaborate on NFT projects. Token-based communities that focus on NFT collection and driving design.

The NFT ecosystem has benefitted from the rapid growth of the cryptocurrency industry to the point that now there are various websites offering NFT reviews and comparisons between crypto wallets, NFT marketplaces, games, and collectibles. While the pioneering NFT collections will always be remembered, it is the future of NFTs which will be a source of inspiration. It’s the rawness of the market, the knowledge that each project is an experiment, pushing boundaries of what’s possible. Designers create new opportunities, and then test them to determine if NFTs can become mainstream. There are many possibilities.

NFT Authenticity

Given that an NFT is held digitally, what stops people from screenshotting an NFT and making it into a JPG? You can’t sell an NFT without it being registered on the Blockchain and the original version. Each transaction’s financial implications and movement are recorded on the Blockchain. This provides a chronological record of every NFT and makes it possible to verify its authenticity through a digital archive. The transaction cannot be re-entered or modified after it has occurred. This is what gives NFTs authenticity. It is important to distinguish between ownership of artwork and code that manifests in images or interactive media of art. While NFTs do not constitute art, they can be used to authenticate artists, allowing them to sell their work without the need for intermediaries. With the market thriving and now that NFT collectors know exactly where to buy NFTs, the innovators are exploring other functionality these tokens offer.

Real World Use Cases for NFTs

The foundations of NFTs–authentic, tokenized, royalties, scalable–may lend to the development of technologies that could improve everyday life. Many speculate about the impact of NFTs on other industries. A more conservative view still holds promise for a bright future. Without delving too deep into each individual sector, these look to be the main areas for utilizing NFTs in the near future:

Art NFTs
Collectible NFTs
Interactive Gaming NFTs
Logistics NFTs
Property Ownership NFTs

For Art, Collectible, and Gaming NFTs, you have mostly covered how these work. CryptoWisser believes that the industry will grow to support these different uses. NFT transparency would be a huge benefit to logistics supply chains, as it will provide a source for validity and reliability for goods. This is particularly useful for perishable goods where data about the supply chain stages and the number units are important. Because of the nature blockchain, every record is unique, allowing distributors to track one product from its origin to its destination. Logistics organizations have struggled for decades with this technology, using archaic methods to record data.

The same concept is applicable to recording ownership of real-world assets. NFTs allow for seamless proof of ownership, which can be a game changer in the music and real estate industries. These industries are plagued by an excessive number of intermediaries in what should be a transaction between buyer and seller. It would be possible to streamline and simplify the process and remove unnecessary bureaucracy. The same principle could be applied to any asset. This would make the process of transferring ownership easy and completely controlled by the owner.

Closing Thoughts

The soaring popularity of NFTs will likely lead to more mainstream adoption, not just from the public but also businesses looking to utilize the technology. These are just a few of the many uses that you will see in the future. Despite this, many of these projects are small and don’t have the funding they need to reach their full potential. NFTs for digital verification and ownership would be a good idea due to the large number of non-bankable property.

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Ethereum

Ethereum Price Analysis: ETH Gains 9% Weekly But The Road to $4K Has These Obstacles

Ethereum is showing strong bullish momentum, driven by an influx of buyers. However, as the price nears a significant resistance level at $4K, market participants should anticipate a period of consolidation with the potential for heightened volatility. Technical Analysis By Shayan The Weekly Chart Ethereum has experienced an impulsive uptrend…
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Ethereum

Selling ETH for BTC: Leading Chinese Gaming Firm Converts

Boyaa Interactive, a leading Chinese gaming firm on the Hong Kong Stock Exchange, has reallocated a significant portion of its crypto assets from Ethereum to Bitcoin.

As per a November 29 filing, the company reported converting 14,200 ETH into approximately 515 BTC in an open-market deal worth more than $49 million. The Ethereum had been acquired at an average cost of $2,777 per ETH, totaling $39.45 million.

Following the transaction, Boyaa now holds 3,183 BTC, with an average purchase price of $57,724 per coin.

The company emphasized that the move is in line with its strategy to expand its Bitcoin reserves, considering the market outlook for both Ethereum and Bitcoin. According to the board, converting existing Ether holdings into is a timely decision.

In March, Boyaa announced the approval of a $100 million initiative to allocate $45 million of corporate funds to Bitcoin, $45 million to Ethereum, and $10 million to stablecoins such as Tether’s USDT and Circle’s USDC.

The Hong Kong Stock Exchange-listed firm disclosed a $1 million investment in the UTXO Management Bitcoin Ecosystem Fund in July. UTXO, interestingly, is the asset management partner of BTC Inc., a key player in the Bitcoin ecosystem that owns Bitcoin Magazine and hosts the Bitcoin Conference.

The latest development as Bitcoin gains traction in corporate investment portfolios, with Rumble, the renowned online streaming platform, revealing its decision to diversify its cash reserves by investing in Bitcoin.

The company’s Board of Directors has authorized an allocation of up to $20 million in BTC, allowing for flexible purchasing. Similarly, Jiva Technologies, a wellness and plant-based e-commerce company, has also committed to Bitcoin, securing approval for a strategy involving investments of up to $1 million.

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Ethereum

Huge Bitcoin Volatility, Ethereum Picks Up Speed, Ripple Bull Run Goes On: This Week’s Crypto Recap

It was a crazy week in the cryptocurrency industry, filled with a lot of volatility, a resurgance that the entire community was debating about, as well as the story of the underdog coming back at it. Let’s dive in.

First, we have Bitcoin. Its price tried to breach $100K last weekend on numerous occasions, but it turned out that the sell wall there was just too big for the bulls to overcome. That ultimately took its toll, and the price crashed, reaching almost $90K during the week. That’s when things started to get funny. The sentiment was completely from less than a week ago when BTC breached $90K for the first time.

Nevertheless, the price didn’t spend much time at these lows as the bulls were quick to regroup and started pushing forward. At the time of this writing, BTC is trading at around $97K and many are already calling for $100K to be breached this time around.

Another interesting turn is Ethereum’s performance throughout the past seven days. Now, you have to understand that many in the community have been making fun of ETH for being the slow runner throughout this bull run and failing to keep up. This week, however, it’s up by more than 8% and it appears that it’s looking at it’s next target at $3.7K.

But the best performer of them all throughout the past seven days was Ripple’s XRP. The cryptocurrency has been on an absolute tear throughout the past month, and it has even managed to flip BNB for the spot of the 5th largest coin by means of total market capitalization, albeit marginally as of yet.

It’s interesting to see how things will turn in the next couple of weeks, but it appears that the market remains as heated as ever.

Market Data

Market Cap: $3.53T | 24H Vol: $212B | BTC Dominance: 54.5%

BTC: $97,240 (-1.7%) | ETH: $3,582 ( +8.1% ) | XRP: $1.70 (+14.5%)

This Week’s Crypto Headlines You Can’t Miss

MicroStrategy Breaks its Own Record: Another Massive Purchase for 55,500 BTC (Worth $5.4B). The business intelligence company has increased its Bitcoin holdings to 386,700 BTC, following a record-breaking purchase of 55,500 BTC worth $5.4 billion at an average price of $97,862. The company’s total crypto stash, acquired for nearly $22 billion, is now valued at around $37.6 billion, yielding over $15 billion in paper profit.

WisdomTree Files for Ripple (XRP) in Delaware. The entity has filed initial paperwork in Delaware to launch an XRP exchange-traded fund (ETF), marking the first step toward regulatory approval, with an S-1 registration required to proceed. While the filing reflects growing interest in altcoin ETFs, significant regulatory challenges could delay approvals.

Solana’s Pump.fun Halts Livestream Function After Disturbing Content Sparks Outrage. The Solana-based meme coin generator, has suspended its livestream functionality indefinitely to address inappropriate content and enhance moderation systems. The decision follows incidents of disturbing behavior on its platform, prompting the team to prioritize user safety and transparency while improving content control measures

TORN Surges 400% as Court Rules Against US Treasury Sanctions on Tornado Cash. The federal appeals court ruled that Tornado Cash’s smart contracts cannot be sanctioned as “property,” overturning the Treasury Department’s 2022 ruling against the crypto mixer. This decision was followed by a massive price resurgence for the underlying cryptocurrency.

MARA Boosts BTC Holdings to $3.3 Billion Through $1B Convertible Note Offering. MARA, formerly known as Marathon Digital, has expanded its Bitcoin holdings to 34,797 BTC (valued at $3.3 billion) after purchasing 6,474 BTC in November using proceeds from a $1 billion convertible note offering. The mining company plans to issue an additional $700 million in convertible notes for further Bitcoin acquisitions and corporate purposes, mirroring MicroStrategy’s debt-fueled BTC buying strategy.

Global Stablecoin Supply Hits New All-Time High. The total market capitalization of the stablecoin sector has reached a record $191.6 billion, with Tether (USDT) dominating 69% of the market and USD Coin (USDC) accounting for 21%. The figure represents a 50% increase since January 2024, driven by growing demand and bullish sentiment in the broader crypto market.

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