Is digital art on NFTs about to explode? Some of crypto’s biggest names seem to think so.

Here at AYO.NEWS, we’ve been keeping an eye on NFT-based art for a while. Just last month our very own Simona Pinterova caught up with Blockparty CEO, Vladislav Ginzburg, to see how his company is using blockchain technology and non-fungible tokens (NFTs) to revolutionise the art space. 

And, now some of the biggest names in the crypto community are catching the NFT art bug – and there’s even talk that it could one day outstrip the physical art market. So, how big is the NFT-based digital art market, and where could it be heading?

On 21 September, Messari analyst Mason Nystrom, pointed out that at Rarible, an NFT marketplace had broken the $5M mark, with 5,309 RARI governance tokens traded on the platform. Notably, $1.5m of this was traded in a single 24-hour period. 

$1.5M of this new volume came on a single day -September 14th pic.twitter.com/YDX6g6mybw

— Messari (@MessariCrypto) September 16, 2020

With stories like this floating around the web, it came as no surprise to see well-known Bitcoin (BTC) advocates and Morgan Creek Digital co-founders, Anthony Pompliano and Jason Williams, wade into the scene and, according to reports, make a “big bet” by partnering with several digital artists. 

[NEW POST] The Next Big Bet — Digital Art@GoingParabolic and I have been investing heavily in digital art because we believe the market cap will eventually eclipse the traditional art market.

Today we reveal “The Innovator’s Dinner” from @fewocious 🙂https://t.co/dbkeMf2pMI

— Pomp 🌪 (@APompliano) September 21, 2020

According to Pompliano, the digital art market currently has a tiny cap of less than $10M, compared to the traditional art market which has a cap of around $65B, giving it huge growth potential. In fact, Pomp is so enthusiastic, he now says he’s confident he will see a 6,000x increase in the digital art market cap. 

Indeed, there are already signs Pomp might be right. In addition to Blockparty selling out of its first works from Madsteez, Ryan Keeley, and Harif Guzman in August, the Winklevoss brothers-backed Nifty Gateway sold the “Picasso’s Bull” piece for $55,555.55 in July, and Async Art sold a digital piece for $100,000 more recently.

A surreal couple of days. #NFT art records broken by Picasso’s #Bitcoin Bull. Huge excitement & now followed on Twitter by people like @JWilliamsFstmed @tylerwinklevoss @APompliano 🤯

I do enjoy a challenge but I’m feeling the pressure for my follow up artworks. @niftygateway pic.twitter.com/WFuCBfIS6r

— Trevor Jones 🎨 (@trevorjonesart) July 25, 2020

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The world’s first Bitcoin ETF is set to launch on the Bermuda Stock Exchange. 

Brazilian fund manager Hashdex has partnered with US stock exchange company Nasdaq to launch the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX). 

The ‘Hashdex Nasdaq Crypto Index’ was approved by the BSX on 18 September, with 3 million Class E shares now planned to be issued on the platform. The new fund will replicate the Crypto Nasdaq Index, which was also developed by Hasdex and Nasdaq. 

According to Brazilian media outlet InfoMoney, the new fund is slated to be live before the end of 2020. 

Hashdex now manages around $46.4M in assets across four funds, with the company using Vo1t, XAPO, and Kingdom Trust for institutional grade custody. 

There have been several failed attempts to get SEC approval to launch ETF’s in the United States, including by the Cameron brothers and Tyler Winklevoss, and by investment bank Wilshire Phoenix and NYSE broker Arca.

However, Bermuda, a British Overseas Territory located in the North Atlantic Ocean, has been working hard to make itself a crypto friendly jurisdiction – hence the decision to launch the ETF on the BSX. 

In October 2019 the government of Bermuda even announced it would accept Circle’s USD Coin (USDC) stablecoin for tax payments. 

AYO.NEWS says:

Bermuda looks determined to be one of the new generation of crypto friendly hubs – which makes a lot of sense for tiny jurisdictions looking to diversify their economies. 

Of course, like it’s even smaller cousin Gibraltar, Bermuda has the advantage of being able to make its own financial regulations, while still benefiting from the stability and reputation of being a British territory… unlike some other (formerly British) hubs like Malta and the Seychelles, which are facing certain “reputational headwinds.” 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

bitFlyer Europe has integrated PayPal deposits, making it much easier for users to deposit fiat currency. 

Though the European branch of the major Japanese cryptocurrency exchange already supported wire card transfers, they were slow, taking up to three days to clear. By comparison, PayPal deposits will be virtually instant. Transactions will also be relatively cheap, with users only having to pay the standard PayPal fees – nothing being added by bitFlyer. 

Commenting on the development COO of bitFlyer Europe, Andy Bryant, said:

“We’re proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto. The integration of PayPal adds a new funding source for bitFlyer users. Thousands of bitFlyer users already use PayPal for fiat transactions. Now, users can purchase bitcoin and other cryptocurrencies in the same way too.”

While Business Strategy Manager at bitFlyer Europe, Jacek Bastin, added:

“The cryptocurrency space is still in its infancy, and despite the ecosystem growing, the industry is still daunting for newcomers. Given that approximately a third of European e-commerce payments are being processed through PayPal, we are more than thrilled to provide users with a deposit method they know and rely upon. The process to deposit through PayPal is entirely frictionless, secure and reliable, with users to be credited near to instantly”.

Luxembourg-based bitFlyer Europe launched in January 2018, as a fully-owned subsidiary of bitFlyer, Inc.. bitFlyer is currently the only cryptocurrency exchange regulated in Japan, the US, and Europe combined. 

PayPal has over 340 million users globally, and is thought to process around 35% of all eCommerce transactions in Europe, so its integration is a major step in improving the user experience for bitFlyer. 

Staying with PayPal, in June the company posted job vacancies for crypto and blockchain engineers, and in July reports suggested the company is planning to introduce crypto trading through Paxos’ new brokerage service platform, fuelling speculation the payment company is planning to add direct support for major cryptocurrencies very soon.

AYO.NEWS says:

With people being so familiar with PayPal, thanks in large part to eBay, especially in Europe, the ability to deposit euros in a virtually frictionless way means this is exactly the kind of progress that will truly open up the crypto space to the mainstream. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

The recently established United States Space Force (USSF) has awarded a contract to blockchain firm Xage Security. 

Xage Security will use its blockchain-based Xage Security Fabric solution to provide end-to-end data protection for the USSF. To protect against hackers, the solution removes single points of entry, and allows the USSF to verify who is accessing systems.

Critically, the decentralised system will also enable vital assets, like satellites, to continue to operate securely, even if ground-based systems go offline for some reason. 

Commenting on the news Xage Security CEO, Duncan Greatwood, said:

“The USSF requires decentralized enforcement of security to establish space domain resilience and objective situational awareness––across every asset and data element. We built the Xage solution to serve the needs of complex critical infrastructure systems, and are excited to bring the Xage solution to the Space Force in the form of a blockchain-protected space system security.”

In December 2019, Silicon Valley-based Xage Security also won a contract from the United States Air Force (USAF). 

As previously reported, the United States Department of Defence (DoD) is investing heavily in blockchain-based cybersecurity solutions – which form part of its four-year roadmap published in 2019 – and is also looking into blockchain supply chain management solutions. 

AYO.NEWS says:

Considering the value, both monetarily and strategically speaking, of space-based assets, securing them from hackers and ensuring they can still operate if certain ground-based components go offline, is absolutely critical, so blockchain tech is the natural choice. 

Its not just the military employing blockchain in space either. As previously reported, in December 2019 SpaceChain’s latest blockchain hardware wallet technology blasted off aboard a SpaceX Falcon 9 rocket, destined for the International Space Station. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Binance.US, the American division of the world’s largest cryptocurrency exchange, has partnered with the DeFi Alliance. 

The Chicago-based DeFi Alliance is a non-profit organisation dedicated to providing support and mentorship to DeFi startups, in the areas of trading, markets, and regulation. 

Since launching in April 2020, the alliance has attracted support from several major players in the DeFi space, including DRW/Cumberland CMT Digital, Aave, Compound Finance, Jump Capital, Volt Capital and others. 

In May, the DeFi Alliance selected a mix of decentralised exchanges, asset managers, and derivative platforms – 0x, Kyber Network, Opyn, Idex, Token Sets, Dydx, and Synthetix – as its first startups. 

Commenting on the news CEO of Binance.US, Catherine Coley, said:

“What drew innovators to the space over the past decade, and what draws newcomers now is the open access and global potential offered by decentralized financial systems. 

“By working with DeFi Alliance, Binance.US will help mature the DeFi space, build for broader inclusion, and support startups as they unlock the potential DeFi offers, the potential that so many of our users are passionate about.”

Binance.US is fully compliant and regulated in 40 US states, recently announced trading in Alabama, Georgia, and Florida, and has said it aims to provide services to residents of all 50 states by the beginning of 2021. It currently supports ten DeFi tokens including LINK, from Chainlink, MKR, from Maker, and stablecoin DAI.

In August, Binance.US also announced it had joined the Washington DC-based Blockchain Association. 

AYO.NEWS says:

Things are starting to get confusing in the world of DeFi organisations – earlier this week we reported that the Global DeFi Alliance had welcomed 10 new members, including Aave, which is also a member of the DeFi Alliance… It’s a good job they have different branding! 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

A crypto enthusiast in Bakersfield, California, has hidden Bitcoin Cash (BCH) around the city in an effort to encourage adoption.

The ‘Bitcoin Man of Bakersfield’ (BMB), who describes himself as an “anonymous growth hacker and media manipulator,” hid 100 Bitcoin Cash (BCH) QR code stickers, worth $1,100 USD, in selected places around the city. 

BMB explained he was primarily aiming to spread awareness of cryptocurrencies in a fun way, and made the whole thing a bit of a treasure hunt, leaving cryptic clues at various locations. 

True to his “media manipulator” moniker, BMB resorted to photoshopping pictures of the QR stickers to fake social media success, and asked all those who found them to contact local news media. 

It seems the stunt did achieve some success, with at least one resident, a certain Indiana London, saying she’d found a sticker and it prompted her to download a crypto wallet for the first time – though she also said she initially thought the giveaway was a scam. 

Talking to his local ABC TV news channel, BMB explained he was encouraging the adoption of crypto in the city so that people could avoid the “scam of fractional reserve banking,” referencing the Federal Reserve’s unprecedented money printing efforts. 

Even high-profile BCH advocate, and tax exile, Roger Ver (who’s currently involved in another legal battle with self-proclaimed Bitcoin inventor Craig Wright, this time in Antigua and Barbuda) tweeted a news clip, and Bitcoin.com ran the story.

#BitcoinCash is spreading in ways #Bitcoin no longer can. https://t.co/NWlZsFCaap pic.twitter.com/kODQjFpLBl

— Roger Ver (@rogerkver) September 17, 2020

AYO.NEWS says:

With frustration at the current economic and financial system rapidly growing, exacerbated by the incompetent handling of the COVID-19 crisis, will we see more front line crypto warriors like the Bitcoin Man of Bakersfield? Something tells us the authorities won’t like it. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020