Cointelegraph By Greg Thomson
An original artwork by anonymous British street artist Banksy has been burned and turned into a nonfungible token. The NFT will be auctioned next week on the blockchain-based Rarible platform, where users can create and purchase rare tokenized artworks.
The original Banksy in question is a satirical piece entitled “Morons,” which depicts buyers at an art auction bidding on a piece emblazoned with the words “I can’t believe you morons actually buy this shit.” The piece received certification from Pest Control — the only body authorized to authenticate original Banksy artworks.
“Morons” was sold at Christie’s auction house in London in late 2019, where it fetched $32,500 from an anonymous, independent buyer.
The burning of the piece took place at an unknown location in Brooklyn, New York, and was livestreamed via the recently created Twitter account BurntBanksy. The burning was reportedly carried out by a group of cryptocurrency enthusiasts in association with executives from the blockchain project Injective Labs.
The tokenization of the authenticated piece took place without input from the pseudonymous Banksy. However, other prominent artists have seen fit to dip their toes into the crypto world of late, as witnessed recently when famed British artist Damien Hirst announced he would accept bids for his work in Bitcoin (BTC) and Ether (ETH).
The NFT market became an industry unto itself toward the end of 2020, as almost $9 million in token sales was recorded in December 2020 alone. But that was just a sign of things to come, as NFT sales exploded moving into 2021, helped by the validation of several high-profile celebrities such as YouTuber Logan Paul and entrepreneur Mark Cuban.
On Sunday, acclaimed Canadian musician and artist Grimes launched an NFT collection titled “WarNymph”, which went on to sell for a collective $5.8 million. The NBA recently embarked on a joint venture with CryptoKitties creator Dapper Labs to launch NBA Top Shot — an NBA-themed digital token marketplace that has reportedly generated $230 million in sales since launch.
The “Morons” piece is not the first Banksy to be destroyed on purpose. In 2018, Banksy’s “Girl With Balloon” automatically self-destructed shortly after selling for $1.4 million at Sotheby’s. The artist later revealed that he had installed an automatic shredder in the painting’s frame in case it ever went to auction. In an ironic twist of fate, the destroyed Banksy is now thought to be more valuable than the original piece ever was.
The “Morons” NFT will be auctioned on Rarible on Tuesday next week. All proceeds from the auction will be donated to charity. The successful bidder will be entitled to receive the certificate of authentication from Pest Control; however, this too will be burned if it is not claimed within two weeks of the sale.
In an art industry fraught with fakes and forgeries, “Morons” may now be the most authentic, most secure Banksy piece in the world. Once logged on the blockchain, the possibility of it being forged, altered or manipulated in any way is close to zero.
Given Banksy’s rejection of the bloated, materialistic art world, what would he think of the current mania surrounding NFTs? Keep an eye on your local graffiti spots. The answer may be forthcoming.
How to make hodling worthwhile, explained
Cointelegraph By Connor Sephton
Working with a licensed crypto company offers clients legal rights and helps ensure that they don’t run into regulatory trouble.
Financial regulators and international banking bodies around the world are cracking down harder and harder on crypto companies that do not follow regulations, and it’s not just securities law violations they’re looking for anymore. Most notably, any firm dealing with crypto could face serious consequences if it doesn’t have Know Your Customer and anti-money laundering standards in place.
One of the best ways to ensure that your cryptocurrency is in the hands of a company that won’t run into legal trouble is to choose one that is licensed by an internationally respected financial regulator. In addition, entrusting your crypto to a regulated entity can afford you some protections in the event that something goes wrong.
Holdnaut has been certified by the Singapore Fintech Association, an accreditation that in turn has been recognized by the Monetary Authority of Singapore. Executives at the business are now seeking to become the first licensed and regulated entity within the crypto borrowing and lending space in Singapore.
The company has now been in operation for two years, and it has entered into a number of partnerships to enhance its offering further. A new collaboration with Jumio, which provides AI-powered, end-to-end identity verification and KYC solutions, ensures that Hodlnaut customers can quickly and easily get onboarded on the platform.
Hodling takes patience, nerves of steel, and discipline. Saving it safely can create a powerful incentive for staying on the rollercoaster.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
DOGE out of control? Social media and whales sway Dogecoin price action
Cointelegraph By Anirudh Tiwari
Dogecoin (DOGE) has been the talk of the crypto town in the month of April. On the first day of the month, it was trading in its usual $0.05 range. On April Fools’ day, Tesla CEO Elon Musk tweeted about the coin yet again. His tweet read, “SpaceX is going to put a literal Dogecoin on the literal moon” — SpaceX being the aerospace company that Musk also founded. Although the tweet was intended as a joke, it set the Shiba Inu-themed meme token on a rally like no other.
Within two hours, the price rose by more than 35% to a peak of $0.07 before cooling off temporarily but still holding on to its gains. The next spike in price came on April 14, with the value of a single token doubling within a single day to break the $0.10 mark. This led Musk to again turn his attention toward the coin, tweeting a picture of the famous painting by Spanish artist Joan Miró, saying “Doge barking at the moon.” This tweet, along with the rising social sentiment, pushed the price to a high of $0.45 on April 16.
Kristin Boggiano, president and co-founder of CrossTower — a digital assets exchange — gave several reasons behind the surge in a conversation with Cointelegraph: “First, Coinbase listing has generated interest and buzz about crypto in general. Second, the popular Reddit forum ‘r/Wallstreetbets’ changed their rules for a day to allow discussion of crypto, which included DOGE.”
The price surge took Dogecoin all the way up to ranking fifth in the top 10 cryptocurrencies by market capitalization. The market cap also briefly passed the $50-billion mark, which is a high figure for a coin that was conceived as a joke. At the time of writing, it has now slid down to rank seventh among the top 10, with a market capitalization of $36.45 billion. The price is also currently in correction trading at $0.28.
Eric Berman, senior legal editor, U.S. finance at Thomson Reuters, commented to Cointelegraph regarding Dogecoin’s retail demand: “The sentiment seems to be: Bitcoin is for the wealthy, Ethereum for the middle class, and Dogecoin is for the people.”
Doge Day marks a historical moment
Dogecoin fans celebrated April 20 as Doge Day with a symbolic push of the coin’s price to $0.420. It also wasn’t lost on the community that 4/20 was also associated with the marijuana day. Even though it was just for a brief moment, the community did seemingly come together to push the price of DOGE to its all-time high.
The rise in retail interest in Dogecoin even led to a system outage in Robinhood’s trading app due to the overload of orders. To make the coin more accessible to retail investors, on April 21, Robinhood even reduced the minimum order size of DOGE from 10 to 1. This entails that investors can now stack DOGE one coin at a time.
Joshua Frank, co-founder and CEO of The TIE — a social media analytics platform for cryptocurrencies — revealed that the social media sentiment for Dogecoin still holds strong, telling Cointelegraph:
“Long-term sentiment for DOGE went outside the standard deviation and posted a record 139 sentiment score on Jan. 28, 2021, after Redditors from r/SatoshiStreetBets discussed making Dogecoin the cryptocurrency equivalent of GameStop. Sentiment still holds strong at 72, and tweets from Elon Musk about Dogecoin on April 14 have helped fuel the surge.”
Since Dogecoin was founded in 2013, it’s essentially one of the older coins in the cryptosphere. The listing of the token on exchanges like Binance and OKEx has strengthened its presence in the cryptocurrency community with better access to liquidity, thus creating more stable trading flows and interest in coin accumulation.
OKCoin announced on Doge Day that the exchange would be listing the token in the last week of April. Speaking further about DOGE, Jason Lau, chief operating officer of OKCoin, told Cointelegraph:
“DOGE is relatively well suited for payments. It’s extremely fast and efficient — transactions cost less than a cent. Though it has less nodes than others, it is secured by proof-of-work and has never had any security issues.”
DOGE is currently used as a payment method for merchandise of NBA franchise Dallas Mavericks, which is owned by renowned investor Mark Cuban. He pointed out on Twitter that merchandise sales have grown 550% since the club announced that it would be accepting payments in Dogecoin. He also stated that the sports team will not be selling any of its accumulated Dogecoin from the sales and will be hodling it for the long term.
However, the sustainability of this rise in adoption is yet to be seen. Lau further said: “It’s important to point out that the Dogecoin codebase has not had any update in years and is not actively maintained.”
Boggiano further said that for some traders, the fact that Dogecoin was created as a joke becomes a fun experiment to see if they can gamble against other traders and come out ahead, thus essentially being used as a competitive tool:
“It may also be the crypto community ‘reclaiming’ their story. For people in the crypto community, we know that DOGE was created as a joke. It was created to mock Bitcoin. However, it’s turning out that Bitcoin is a legitimate asset class. Therefore, this could be a means to redefine the dialogue and understanding of cryptocurrencies in general.”
Could this be yet another pump and dump?
Dogecoin has been an instrument for pump and dump schemes in the past, so could this instance be yet another example of such activity? DOGE is a hugely inflationary coin by design without a decided maximum supply, which entails that there are 5 billion new coins entering the circulating supply each year. Due to the high supply, there is always an endless downward pressure on the token.
On the possibilities of this being another instance of a pump-and-dump scenario, Frank further stated that the rally has been controlled by a single entity that has accumulated at least “$1.3 billion worth of Dogecoin and abused the futures market by baiting shorts into creating a negative funding cycle that led to a derivatives blowout in excess of $760 million of liquidations.”
According to Twitter user Lightcrypto, the player marked up the price of the token many times while feeding into the social media narrative surrounding the meme token. Apparently, the player liquidated their spot holdings, creating over $760 million worth of liquidations in the derivatives market. On the contrary, Berman opined further on the surge in interest:
“The Dogecoin phenomenon seems little bit reminiscent of the Reddit/GameStop conversation from a couple of weeks back. While its popularity could be attributable in part to the recent Coinbase IPO, most cryptos would be experiencing a similar bounce. […] People [who] may feel like they missed out on the upside of Bitcoin are thinking that perhaps this is their shot.”
Although the price of Dogecoin is currently in a decline in what could be seen as a market-wide correction, it’s becoming clear that the token has found a use beyond the meme-coin status and is now seeing real growth within the cryptocurrency ecosystem.
At its height, its market capitalization even went past long-existing multi-national companies such as Barclays and Ford. Speaking on the sustainability of the coin, Lau further stated: “I would not underestimate DOGE’s staying power. For many, it was the first crypto they owned or the first one they heard of. Plus, it’s one of the few tokens that have deeply penetrated beyond the crypto community.”
Poor infrastructure stops farmers taking advantage of blockchain
Cointelegraph By Samuel Haig
While the agricultural industry stands to reap enormous efficiency savings through the adoption of distributed ledger technologies, many farmers lack the digital infrastructure to support the integration of blockchain solutions.
Speaking as part of Australian Blockchain Week on April 21, Bridie Ohlsson, the CEO of digital agricultural infrastructure provider Geora, discussed the challenges associated with fostering DLT adoption within primary industries.
“In ag tech, it’s been a problem of not having enough infrastructure, not there not being a use case,” she said. “As long as we have farmers calling up and saying, ‘Hey, your product looks great, but I don’t have internet on-farm’, that’s an infrastructure problem. And so we definitely need to be investing more in simply access to technologies.”
“In 2016, when we started piloting some of the applications of blockchain for [agriculture], we were moving people off pen and paper, and our biggest competitor was Excel.”
Ohlsson also argued that agriculture has failed to realize the promise of blockchain technology as a force for democratization so far, with the majority of DLT pilots being executed by large corporate entities:
“Blockchain has been a world of multimillion dollar pilots for vertically integrated companies. It hasn’t held true to its promise necessarily of democratizing access to technology, and it’s been too technical and too expensive for 570 million farmers globally to access.”
However, Ohlsson believes this is now changing, asserting the technology can now be offered at an affordable price, “rather than starting with a huge pilot agreement, a whole lot of legals, and hundreds of millions of dollars in the bank.”
“I think that it’s shifting, and I think that puts us in a good position now to capitalize on what we haven’t been able to deliver previously,” she added.
With Australia losing billions annually to food and wine products fraudulently claiming Australian origin in the global markets, an increasing number of firms are trying to use blockchain to certify provenance and drive savings across the agricultural supply chain. BeefChain, AgChain and VeChain are just some of the providers offering solutions.
Last year, Mastercard, Visa, and AliPay were revealed to be involved in the newly launched APAC Provenance Council, which focused on supply chain tracing pilots in the Asia Pacific region.
In 2018, Australia’s National Transport Insurance announced a trial in partnership with BeefLedger to bolster the supply chain integrity of beef exports.
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