Daily Archives: April 22, 2022

It was a slow news day for all things NFT, but many of the concurrent stories that have dominated headlines throughout the week thus far have continued on their journeys, as we spectate the progression of MoonBirds, as well as the NBA’s struggling ‘The Association’ project, and more.

Thank goodness it’s Thursday, headed into Friday, with another Nightly Mint.

The Nightly Mint

Latest Mint: MoonBird Criticism

MoonBirds were criticized from the jump about their high mint price, and that isn’t slowing down one bit. There’s increased criticism over the last day regarding MoonBirds being gifted to celebrities and influencers. Nonetheless, price action around the project still remains strong, as the floor is now surged strongly above 30ETH, and volume within the project is still far above any other NFT collection currently. The floor over the past 24 hours (at time of publishing) has risen by over 35%, according to Nansen’s NFT data.

Moonbirds themselves are not to blame, but the mental effects & discouragement in result, is real. High mint price, while everyone else is struggling. Influencers showing off. It’s really taking the inclusiveness away from NFTs. If you’re reading this, just know you aren’t alone.

— NFT Update (@NFTupdate) April 22, 2022

Related Reading | Why A “Boring” Bitcoin Could Be A Good Thing

The UFC's partnership with Dapper Labs runs on the Flow blockchain; UFC fighter Nate Diaz had some choice words surrounding the league's latest NFT release. | Source: FLOW-USD on TradingView.com

Sports & NFT Update: UFC’s Nate Diaz & NBAxNFT’s Latest

UFC fighter Nate Diaz has been making the rounds over the past day after tweets from Wednesday gained traction regarding the fighter’s disdain for the UFC’s latest NFT release via Dapper Labs. Diaz accuses the league of taking advantage of a situation for personal gain in releasing NFTs on 4/20 (widely considered a ‘cannabis holiday’) after suspending his brother from the league for several years for cannabis use.

Meanwhile, the NBA continues to take a toll with it’s NBAxNFT project, dubbed ‘The Association.’ After major flaws were exposed in the project’s contract, the team released an update early on Thursday that resulted in an expansion of minting from the initial 18,000 to 30,000. If you’re familiar with NFTs, you can guess how the community reacted to that news.

The ‘Minty Fresh’ Take

Can Yuga Labs Otherside overpower the momentum of MoonBirds?

If you thought the fomo with Moonbirds was bad, just wait for @yugalabs Otherside. This is arguably the biggest drop in the history of NFT’s. The level of fomo will be at an all time high. It’s going to be a fun week. Stay safe and don’t overextend yourself. 🤝 #BAYC #OTHERSIDE

— renegademaster / guccibayc.eth (@renegademasterr) April 21, 2022

Related Reading | The Top 5 Most Valuable NFT Collections And A Tool To Track Them Down

Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

Ethereum started a sharp decline from $3,180 against the US Dollar. ETH bulls must protect the $2,950 support to avoid a trend change in the near term.

• Ethereum failed to gain strength above $3,150 and started a fresh decline.
• The price is now trading above $3,030 and the 100 hourly simple moving average.
• There was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must stay above the $2,950 support to avoid more downsides in the near term.

Ethereum Price Dips

Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to gain strength above the $3,150 level and formed a short-term top near $3,180.

A high was formed at $3,179 and the price started a sharp decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD.

Ether price declined below the 50% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. The price even tested the $2,950 support zone.

It seems like the bulls are defending the 76.4% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. On the upside, an initial resistance is seen near the $3,020 level. The next major resistance is near the $3,030 level.

Source: ETHUSD on TradingView.com

The main resistance now sits near $3,060 and the 100 hourly simple moving average. A close above the $3,060 level might start a fresh rise in the near term. In the stated case, ether might climb towards the $3,150 level.

More Downsides in ETH?

If ethereum fails to gain pace above the $3,030 level, it could continue to move down. An initial support on the downside is near the $2,970 zone.

The first major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could accelerate lower. The next key support is near the $2,880 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,950

Major Resistance Level – $3,060

PRESS RELEASE. Blockbank announced plans to join Coach K’s Conference Experience in donating to charities focusing on social impact. The conference will be held at Le Meridien Beach Resort, Phuket, Thailand, from May 9th to May 13th, 2022.

Blockbank, an all-in-one mobile banking solution with crypto integration, will partner with Coach K, a thought leader in cryptocurrency investment. Blockbank has helped its users generate managed assets worth more than $100 million while promising a 30% APY in the future. In addition, Coach K insightful advice and coaching produced 100 millionaires in the crypto space in 2021.

Blockbank is on a mission to streamline access to financial technology necessary to invest in cryptocurrency. It combines the best of centralized and decentralized finance with traditional banking to deliver a holistic overview of the crypto industry.

Participation in the Coach K Conference is part of the platform’s concerted efforts to build partnerships in the industry. The mobile solution is in partnership with several innovative organizations, including SKAEL, Xend Finance, Umbrella Network, Shield Finance, Chainlink, etc.

Coach K Conference Experience

The Coach K Conference Experience brings together the brightest minds in the cryptocurrency and blockchain ecosystem. The rarified events provide a great networking opportunity for all cryptocurrency enthusiasts, both beginners and seasoned veterans.

The course attendants are drawn from venture capital funds, market makers, influencers, marketers, project leaders, and teams. Attendees can network and build authentic connections with other players in the crypto space for later collaborations.

The conference creates a fun and enabling environment to shore up and polish your knowledge of the crypto space and blockchain technology. The learning sessions are interspersed with tons of fun activities. Some of the fun activities include the world’s largest scavenger hunts, ziplining, team building, yachts, go-karting, helicopters, paintball, and more.

Profound insights into Decentralized Finance

While the soaring Bitcoin prices are always in the news, there’s a lot more happening in the crypto world. The rise of Decentralized Finance (Defi) is all the rage now and is poised to revolutionize the financial sector as we know it.

The upcoming conference brings together the finest minds in the crypto industry under one roof. It presents a rarefied chance to interact with doers and thinkers in the crypto industry. The lineup includes entrepreneurs, asset product managers, tech and infrastructure providers, consultants, and big-name analysts.

Conference attendees will have a chance to build deep insights into decentralized finance and how it’ll bring a creative disruption to make banking more efficient, convenient, and personalized. In addition, they’ll create a considerable understanding of the crypto technology championing these changes and make informed investment decisions.

Future of Financial Services

Decentralized finance is poised to lower the cost of financial transactions, making banking affordable to the unbanked population, currently estimated to be 1.7 billion people. It’ll also avail banking services to millions of underserved businesses. By democratizing asset ownership, DeFi is poised to help diversify asset classes and expand the pool of potential investors by lowering the cost of issuance and exchange.

Decentralized finance will galvanize the finance industry through first and second-order consequences. First-order consequences will entail lowering the transaction fees. The second-order effects revolve around providing more access to finance and increasing the number of frictionless peer-to-peer exchanges.

While traditional banks won’t become obsolete, they’ll be a significant shift in their roles. Instead, they’re likely to morph into gateways between traditional centralized finance and disruptive decentralized finance. The technological revolution will likely create new trading, custody, and staking revenues.

Massive Potential Investment Opportunities

While global wealth is worth about $400 trillion, almost half of it is held in unbankable assets – real estate, art, gemstones, classic cars, music rights, etc. Blockchain technology presents an opportunity to transform these assets into efficient bankable assets.

The technology has the potential to create a massive ($200 trillion) opportunity with a price, liquidity, transparency, and access democratization. Conference participants looking to tap these opportunities can benefit from insights from thought leaders and experts in the crypto and blockchain space. Their seasoned insights may help you develop products to tap into this new asset class.

Profound Social Impacts

Blockbank and Coach K Conference Experience pledge to donate 50% of the sponsorship funds to various social impact initiatives. Also, Blockbank and Coach K will donate half the money raised from the event sponsors to local charities, orphanages, and other communities in need within Thailand.

Orphanages in Thailand have come under increased pressure following the ravaging effects of the Covid-19 pandemic. Reports indicate that more than 5,000 children lost a parent to the deadly virus. The country’s state care homes can only accommodate 1,935 children, while the rest were sent to orphanages. Donating some of the proceeds to these orphanages can help ease the financial burden and improve the quality of life for orphaned children.

Charitable organizations play a crucial role in improving the living conditions of the Thai people and protecting the environment. Donating a portion of the sponsorship proceeds can bolster their efforts.

Some of the conference proceeds will go to charities fighting child trafficking, educating at-risk girls to end the poverty cycle, and fighting global warming. Some of the targeted charities gear toward educating youth in rural areas and helping them to gain core skills and improve career chances.

A portion of the conference sponsorship proceeds will go to communities providing sanctuaries to endangered animals. The additional funds will bolster their efforts to fight the illegal wildlife trade and protect endangered species.

Animal shelters in Thailand are often underfunded, understaffed, and lack the supplies necessary to care for and rehabilitate the animals under their care. They often depend on donors and well-wishers for funding, and the crypto community can step up and lend a helping hand.

About Blockbank

Blockbank is an AI-enabled mobile solution with crypto integration. It combines DeFi and CeFI to provide users with heightened privacy and security while allowing seamless interaction with the crypto industry. The platform aims to consolidate all crypto-related features into an all-in-one solution while enhancing the user experience.

About Coach K

Coach K is a Fund Manager at Alpha Stone Capital and the Co-founder of the Coach K Conference Experience. He’s an acclaimed advisor, mentor, and member of the Crypto Shark Tank.

For more info and to stay connected:

Join Blockbank Telegram community and follow Blockbank on Twitter.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Australian media company Basketball Forever has announced an NFT project titled Hoop Hounds which seeks to increase NBA fan engagement and provide substantial real-world utility for the tokens. 

Critics of NFTs have consistently taken aim at the supposed ineffectual nature of the tokens, with “right click save” memes doing the rounds. However, more recently there has been an uptick in utility-focused NFT projects, such as  Bored Ape Yacht Club and Top Shot, where holders are provided exclusive access to real-world events and products.

Basketball Forever, the NBA-focused subsidiary of sports media company Forever Network, has developed high levels of engagement on social media in Australia over the past four years and is trying to enhance that approach with NFTs.

Basketball Forever will offer a total of 8,888 different “hounds” — various basketball and NBA personalities depicted as different styles of animated canines — each with unique traits and differing levels of rarity. The company expects the NFTs to be available within the next six weeks.

In an interview with Cointelegraph, Basketball Forever founder Alex Sumsky, said that his company was going “all in” on NFTs — saying that the technology is more than just a token tied to a JPG and allows organizations to provide innovative ways to increase user engagement and provide fans with real utility.

Users who mint Hoop Hound NFTs for example receive real world fan memorabilia and collectibles, regardless of where in the world they live.

“In phase 1 of the roadmap, users will receive physical items, merchandise and memorabilia that directly relate to the unique trait of the NFTs that they own.”

If a user mints a hound that’s wearing particular items, they earn the ability to claim the corresponding physical items in real life. Certain traits and hounds will be linked to various NBA season triggers that would see certain holders sent to NBA games including flights and accommodation.

Sumsky added that the physical merchandise and NBA experiences offered to users are just part 1 of the project.

“The bigger play is phase 2 of our roadmap — the ownership of the hound gives users access to daily pools of merchandise, memorabilia and cash prizes that all play out in the form of a fan engagement app,” he said.

Sumsky explained that Basketball Forever has already run a non-blockchain-based version of the app, called V.O.A.T, which saw high rates of engagement. The app users login each day to answer five questions about NBA matters and go in the running to win prizes.

Moving to NFTs provides a lot more opportunities, he said.

“NFTs and digital providence give companies and organizations like Forever Network, the ability to learn more about what our users are looking for when it comes to engaging with the sport they love, but more importantly it allows us to streamline delivery of real life items and experiences.”

Related: NFT LA: Attract the mainstream, focus on Web3 and use cases

NFTs are now generating mainstream interest with a yearly market report from NonFungible finding that the total value of all NFT transactions worldwide surpassed more than $17 billion in 2021, up from $82.5 million in 2020. The report also pointed out that “NFT” was selected as Collins Dictionary’s word of the year for 2021.

A director at the International Monetary Fund (IMF) says that crypto regulation is “certainly high on the agenda” for India. “We are trying to come up with global standards for #crypto asset regulations. I think that’s important for India to also adopt,” said the IMF official.

IMF on Crypto Regulation in India

Tobias Adrian, Financial Counselor and Director of the International Monetary Fund (IMF)’s Monetary and Capital Markets Department, discussed India’s crypto regulation in an interview with PTI Tuesday at the annual spring meeting of the IMF and the World Bank.

Adrian said that for India:

Regulating crypto assets is certainly high on the agenda.

“That is something that is done globally,” he stressed. “Within the Financial Stability Board, we are trying to come up with global standards for crypto asset regulations. I think that’s important for India to also adopt.”

Officials of India’s Ministry of Finance have reportedly been consulting with the IMF and the World Bank on crypto policies as the government works on how to treat crypto assets.

The IMF director then commented on the taxation of crypto transactions in India. “Of course, I know that India has changed the taxation of crypto assets and that’s a welcome move.”

The Indian government started taxing cryptocurrency income at 30% without allowing loss offsets or deductions on April 1. Crypto trading volumes subsequently plunged across exchanges in the country. A further 1% tax deducted at source (TDS) will soon go into effect.

The IMF is looking at India in “a very positive fashion” overall, Adrian noted. He was quoted as saying: “I think there are many opportunities and growth (in India is coming back). There’s a recovery. There’s a lot of excitement around new growth opportunities, new developments … We always value that growth is inclusive, and is touching all of the people. But our general outlook in India is a fairly positive one.”

The IMF official also discussed central bank digital currency (CBDC). In India, the central bank, the Reserve Bank of India (RBI), is actively working on a digital rupee which Finance Minister Nirmala Sitharaman said will be introduced this financial year.

“The digital rupee will be the digital form of our physical rupee and will be regulated by the RBI,” Indian Prime Minister Narendra Modi previously explained. “The digital rupee will revolutionize the fintech sector,” Modi noted. Earlier this month, RBI Deputy Governor T. Rabi Sankar said the central bank would go about launching a digital currency “in a very calibrated, graduated manner, assessing impact all along the line.”

Commenting on India exploring a central bank digital currency, the IMF director stated:

That could be quite important for financial inclusion and financial development, and we are watching very closely what India is doing. We welcome those policy developments as well.

What do you think about the IMF official’s comments and the Indian government’s approach to crypto? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.