Categories
News

ABGA & Klaytn Blockchain Gaming Hackathon 2022 Starts! Sharing a Bright Future in Web3 World! (www.blockcast.cc)

On July 20th, ABGA (Asian Blockchain Gaming Alliance) and Klaytn, the largest public chain in South Korea, jointly launched the 2022 Blockchain Gaming Hackathon. Let’s seize the day and live it to the full. We will witness the arrival of the next peak of Blockchain Gaming together in the hot summer! We believe that Blockchain […]

Visit us at https://is.gd/95Weqx

Categories
News

FTT’s future looks bright as FTX makes its official foray into Dubai (www.blockcast.cc)

Visit us at https://is.gd/yuDs4C

Categories
News

Amid uncertainty, can Oasis Network’s developments push ROSE toward bright possibilities (www.blockcast.cc)

Visit us at https://is.gd/EV5KOs

Categories
News

Post a 750% hike, Axie Infinity continues to show signs of a bright future (www.blockcast.cc)

Visit us at https://is.gd/z3Ytqn

Categories
News

Global “big water release”, cryptocurrency ushered in a bright moment (www.blockcast.cc)

USD 20,000

“Bitcoin new high” global release

“Bitcoin is a hedge against retail inflation. Look at gold, people like to say that Bitcoin stole the demand for gold.”

Crisis and opportunity

Unlimited quantitative easing, 7.22 trillion US dollars, “to support economic recovery at all costs.”

120 billion euros 750 billion euros

Then, we have a question, where will these huge amounts of money that appear out of thin air flow?

The rise in asset prices. The gap between rich and poor has been further widened.

Gold and U.S. stocks both hit record closing highs. Bitcoin is a digital gold.

Encrypted assets under the wealth transfer

“The Great Transfer of Wealth Promotes BTC to Become a Mainstream Investment Target” In the next 25 years, $68 trillion of wealth will be transferred to the younger generation who tend to invest in digital currencies.

“Digital Gold”,

“Gold is dead…Bitcoin is more practical than gold and may be more valuable in the future.”

For example, the recent dark horse project GUSDT, after the full coin went online, rose from 1U to the current 8.8U, which has attracted the attention of the market.

The dark horse turned out—GUSDT

The emergence of GUSDT will break the VC monopoly and change the rules of the game in the investment world.

For us, there are also opportunities to participate in investment with great potential. Even novice investors do not have to worry about the high barriers to entry and technology.

The GUSDT platform undertakes all the heavy work for investors,

Business scene,

Next, GUSDT will be committed to achieving its ambitious vision, continue to provide users with a variety of guaranteed income, and jointly explore new areas of decentralized economy.

are you ready?

Blockchain is currently one of the most investment-worthy tracks, are you ready?

Categories
News

Paxos CEO: PayPal’s integration of cryptocurrency makes tokenized assets a bright future (www.blockcast.cc)

At a symposium of the London Bullion Market Association last week, Paxos founder and CEO Charles Cascarilla discussed the growth of PAXG (PAXG is a gold-backed ERC-20 token launched by Paxos) and a wider range of asset tokens Future. This future is likely to involve Paxos’s recently announced integration with financial giant PayPal.

Speaking with Raghav Chawla, director of product management at Fidelity Labs and Sakhila Mirza of LBMA, Cascarilla told the audience that tokens backed by gold naturally fit Paxos’ vision:

“Given what we are trying to do at Paxos, it is indeed very logical for us to issue gold tokens. Gold tokens will become the infrastructure of a blockchain-based financial system. We believe that from now on A more open financial system is being realized.”

He mentioned various shortcomings, including limited transaction time and high frictional costs inherent in exchanging physical gold and silver, which limit the exchange of physical gold and gold assets in the traditional market.

Due to the outstanding liquidity, transferability and availability of tokenized assets in the all-day market, Cascarilla believes that tokenized gold and other assets are the future.

When talking about commodities on the chain, he said: “I think this is indeed an inevitable trend about where assets will be.”

However, one of the main obstacles is the establishment of “channels” for adoption.

To date, Paxos has tokenized $75 million (37,000 ounces) of gold, which represents only a small portion of the global gold market (estimated at $7.3 trillion). Cascarilla pointed out that the prerequisite steps have reduced the speed of widespread adoption: you must first choose to adopt the blockchain, and then choose gold as an asset for on-chain transactions.

But he believes that if the scale of asset management grows by 5 to 10 times, the entire tokenized gold market will reach more than $1 billion, which makes the tokenized asset market truly “hot”.

In addition, Cascarilla believes that the tokenized asset market may soon become hot:

“Some of the partnerships we are about to establish will be able to bring digital gold to hundreds of millions or even billions of people in the next 18 months… I think these two blockchain-based assets (but especially gold) The adoption prospects are very, very bright. This is the future direction.”

Although Cascarilla did not mention PayPal as one of its partners, commentators speculated that the Paxos/Paypal integration of cryptocurrencies may open the door to mass adoption of cryptocurrencies. If corporate giants like PayPal provide access to tokenized assets, they may be another door that is about to open.

Moreover, although gold investors like Peter Schiff have been championing gold, Cascarilla believes that assets, especially gold, must be digitized in order to compete with Bitcoin.

“In today’s world, physical assets don’t have many uses.”

Categories
News

Tokenized art: NFTs paint bright future for artists, blockchain tech (www.blockcast.cc)

On Sept. 23, auction-house giant Christie’s announced plans to sell its first nonfungible token, or NFT, at an auction. This was just one week after the record-setting $100,000 sale at auction of a digital art piece that also used a blockchain-based token to vest the collector’s new ownership rights.

Meanwhile, Anthony Pompliano, Morgan Creek Digital co-founder and partner, wrote on Sept. 21: “I personally believe that the digital art market cap will grow to become larger than the physical art market cap. This may sound ridiculous today.” 

Clearly, the digital art market is heating up. Duncan Cock Foster, co-founder at digital gallery Nifty Gateway, told Cointelegraph: “The digital art movement is growing at an incredibly rapid pace. The amount of growth we are seeing has surprised everyone involved I think.” 

Much of this can probably be attributed to the coronavirus pandemic that has curtailed travel and shut down art museums. “Digital art allows people to engage with art from their homes, on their computers, on their phones, and send images/videos back and forth easily, which makes digital art especially suited to this time in history,” Blake Finucane, co-author of a position paper on NFT-based art titled “Crypto art: A decentralized view,” told Cointelegraph. But something else may be going on. One of the historic issues with digital art has been that it is “essentially impossible to monetize,” said Finucane, adding:

“If something exists only in digital form — i.e. a gif, a meme, a digital image, a digital video — it is easy to simply screen shot, copy or paste it, or replicate it. A digital artwork’s value is diminished when it comes to selling it commercially because it is so easy to copy — and difficult to track what is, in fact, the original artwork.”

But on the other hand, if a digital artwork is tokenized, the original can always be traced back via token, “making it much easier to garner commercial value because someone can actually ‘own’ the original,” she said.

“It is extremely important for digital art,” Giovanni Colavizza, assistant professor of digital humanities at the University of Amsterdam, told Cointelegraph, adding that tokenization “allows us to exchange and create value from forms of art which previously were problematic.”

On Sept. 18, NonFungible.com, a website that tracks NFT sales data, reported a record high in art-related NFT volume ($162,385), and that was followed on Sept. 22 by the second-highest daily total ever achieved ($123,205). The uptick since June in U.S.-dollar sales of blockchain-based digital art has been notable.

Digital art + blockchain = crypto art

Digital art has been around for decades. Artists began experimenting with computers back in the 1950s and 1960s, but it’s only recently that digital art has been tokenized on a blockchain platform. For instance, Ethereum’s nonfungible token, ERC-721 — which is used by many digital galleries — wasn’t developed and rolled out until early 2018.

The traditional art world often dismisses electronic art, asking: Why bring out digital art when copies can be made from it? — explained Vladislav Ginzburg, CEO at Blockparty. However, “I can use [NFT] technology to prove that I have the original digital asset.” Ginzburg compared digital art to eBooks, which, like digital art, existed for decades without much interest until reading devices such as the Kindle and iPad emerged. “Digital art is having its Kindle and iPad moment right now,” he said while speaking at art festival CADAF Online.

“The art world has been craving a way to collect digital art and NFTs are a picture perfect solution to this problem,” said Cock Foster, adding that everyone should distinguish between digital art and crypto art, the latter being the tokenized or blockchain-enabled version of the former. According to the aforementioned “Crypto art” position paper, which Colavizza also co-authored, the theory goes something like this:

“When a digital asset made by an artist is added to a digital gallery, a token is generated by a smart contract and deposited in the artist’s wallet. The token is permanently linked to the artwork, and is a unique, one-of-a-kind asset that represents ownership and authenticity of the underlying artwork. Once created, the artwork starts its life on the given blockchain, where a fan or collector can purchase it, and where it can be subsequently exchanged, traded or held by collectors like any other rare artifact.”

Will artists embrace the cryptoverse?

Surely enough, obstacles remain. Persuading mainstream artists to use NFTs, an esoteric technology, could be a challenge, arguably. Cock Foster opined: “We had a lot more trouble recruiting mainstream artists to the space six months ago. It is not that difficult anymore.” 

Meanwhile, artists see a market that seems to be bubbling over — like with the $100,000 paid for “Right Place & Right Time,” a digital art piece based on Bitcoin’s (BTC) fluctuating price action, or the $55,555 paid on Nifty Gateway in July for artist Trevor Jones’ digital artwork “Picasso’s Bull.”

Moreover, “NFTs are an incredible new creative medium,” said Cock Foster. “Artists are able to do things in the NFT medium that are unable to do with physical art. This is the primary reason that they are interested.”

Secondary sales are an enticement, too. If a collector purchases a digital artwork on Asynchronous Art, the artist is paid a commission on that sale (e.g., 10%). But if the collector sells the artwork two years later, the artist also earns a 20% commission for that secondary sale. This happens automatically — it is written into the software — and is one of the “revolutionary” aspects of blockchain-enabled digital art, Conlan Rios, founder and CEO of Async Art, told Cointelegraph. Such sales were “impossible before blockchain technology came along,” confirmed Finucane.

Another novelty with digital art is the sale of layers, said Rios, whereby collectors can separately purchase “layers” — derivative works made from the masterwork that often offer an owner programming options such as changing the artwork’s colors, rotation or even its “state.” This represents an entirely new revenue stream.

A counterintuitive concept 

“The biggest barrier to growth is that people have difficulty understanding what an NFT is,” Cock Foster told Cointelegraph. It’s a counterintuitive concept that people have trouble getting their minds around, but “Once people understand what an NFT is and why the concept is so powerful, they quickly become obsessed.”

Still, Rios told Cointelegraph that “You can’t just plug in your credit card” when you purchase a tokenized artwork. You first must create a digital wallet to hold the NFT, and you should know something about gas fees and the like: “That’s probably the biggest hurdle.” Colavizza agreed: “You need to put a lot of time and effort into knowing how to navigate crypto art. This creates a barrier to entry.”

“Many people are still intimidated by blockchain technology,” said Finucane, telling Cointelegraph that the main challenges center “around the authentication/validation of works before they are entered on to the blockchain.” She added:

“NFTs are particularly useful for artists working in purely digital form, many artists may not be sure how it fits into their practice if they are working in physical mediums like painting, sculpture, etc.” 

Elena Zavelev, founder and CEO of CADAF and New Art Academy, told Cointelegraph that “The global digitization that happened during COVID created opportunities for the digital artists that weren’t available before.” Moreover, the popularity of blockchain technology has brought hope that once it becomes more widely accepted within the traditional art community, it will increase monetizing opportunities for digital art. But so far:

“Its adoption remains anecdotal. I wouldn’t be surprised if, in some time, new technology will be easier to utilize than blockchain for the mainstream art community and replace it as a better tool.”

Crypto art still needs to develop an ecosystem more like that found in traditional art, too, with museums, exhibitions, curators, auction houses and fairs, added Colavizza. “The social mechanics which create recognition, prestige and thus value are not there yet, which is both an opportunity and a challenge for collectors and artists.”

Then there’s the question of scalability: Can blockchains really handle all that data flowing their way? Rios runs the gallery business on Ethereum now, using ERC-721 tokens, but he is “blockchain agnostic.” Ethereum is “durable, but expensive and slow,” he told Cointelegraph. The platform’s shortcomings, like high gas prices, might be justifiable for artists creating works for the ages — the platform will be around for decades, presumably — but newer artists might prefer to try out nonfungible tokens on less-expensive platforms that work passably well. 

As big as physical art?

Could blockchain-enabled digital art surpass physical art in market value one day, as Pompliano suggested? Not many are prepared to go that far — yet. Finucane told Cointelegraph: “I wouldn’t say that it will ever ‘be as big’ as traditional art but I believe it will have a prominent place in art galleries and art history classes alongside traditional art.” 

Cock Foster added: “I don’t see this eating into physical art sales in the short term.” Art is not a zero-sum game. “NFTs are growing by increasing the amount of art sold in the world, not by stealing buyers from the physical art world,” he said, adding:

“The biggest beneficiaries of this are digital artists who could never sell their artwork prior to the invention of NFT technology. One of the artists on our platform just bought a house using the proceeds from his Nifty Gateway sales. Blockchain technology is allowing more artists than ever the chance to live through their art.”

Pompliano, too, noted that there are things that can be done with digital art that can’t be achieved in the physical art realm: “Each piece can incorporate complex movement and motion. […] A single screen on a wall can periodically cycle through different pieces of art at the predetermined direction of the homeowner or art collector.” Digital art is also immune to physical damage because it lives in the ether. Expensive art-insurance coverage may become a thing of the past. 

Colavizza told Cointelegraph that digital art interest is surely accelerating in 2020, but this may just be the beginning. “As soon as the Tate [museum] or a similar venue holds an exhibition of digital/crypto art — something that could happen quite soon — things will really happen.”

In brief, digital art generally, and blockchain-based art specifically, have surely gained traction in the time of COVID. Museums are closed — how else can one view art? But for digital art to burst forth over the long term, it has to find a way to reward artists, gallerists and others. They need to make money from their toil.

This is where blockchain technology and NFTs change the game: They furnish enduring proof of an artwork’s uniqueness, enabling it to be sold and resold again and again. And each time that happens, the artist profits. It’s written in the code.

Go to Source

Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Andrew Singer