Crypto Headlines Nov 18, 2021

  1. From crypto to Christie’s: How an Indian metaverse king made his fortune 

MetaKovan – real name Vignesh Sundaresan – was holding the event in the virtual metropolis of Origin City to celebrate his recent $2.2 million purchase of a series of images by the digital artist Beeple. Sundaresan had hired architects to build the gallery in an online “metaverse” to display the works. Now, he was launching a crypto token giving buyers a stake in the art pieces. It was the first time a major auction house sold a digital artwork in the form of a new crypto asset called a non-fungible token (NFT), a digital certificate of ownership. At a sale by Christie’s, he bid $69 million to win another Beeple piece.

Raoul Pal, a co-founder of financial content provider Real Vision, said on Wednesday he could see ether rallying by as much as 300% into the year end from its current level around $4,100 right now. Pal tweeted on Wednesday that ether now is comparable to bitcoin in 2017 when BTC rose by that amount. Pal, a huge crypto bull who has over 700,000 followers, is even more enthusiastic on ether’s prospects. He compared the potential gains over the final weeks of this year to those in bitcoin back in 2017, when it soared by 150% between mid-November and the end of the year’s then-record just below $20,000.

Ethereum blockchain has announced it will make the switch to POS as soon as next year. Meanwhile, Ethereum as well as several other blockchain operators, have grown their business well beyond the mere payment services offered on the Bitcoin blockchain. Bitcoin, Ether, and many thousands of fellow cryptocoins all run on so-called blockchain technology. There’s an endless ledger into which all cryptocurrency transactions are written — all payments, all transfers, and for everyone to see for eternity. This truly “cryptical” code contains — you guessed it — a cryptocurrency. Proof of Work (POW) — could soon be replaced by the Proof of Stake (POS) alternative concept, which gives mining power mainly to those miners holding the biggest amounts of cryptoassets. 

Metaverse gaming tokens Ethverse (ETHV), The Sandbox (SAND), GameSwap (GSWAP), Yield Guild Games (YGG) and Axie Infinity (AXS) are the few cryptocurrencies seeing gains on Nov. 17 with Bitcoin (BTC), Ether (ETH) and most of the market in the red. Meanwhile, about 140 tokens belonging to the decentralized finance sector delivered combined losses of almost 10% in the last seven days. The emerging division of the blockchain universe saw its market capitalization swell by more than 9% in the previous 24 hours and almost 8% in the last seven days to reach $17.42 billion.

Sandbox is a virtual gaming ecosystem that attracts partners to the NFT gaming platform. It is run on the Ethereum blockchain and Unity Software that operates on a play-to-earn model. In an update to the cryptocurrency market trend, the Sandbox NFT gaming in an investment round led by SoftBank’s Vision Fund raised $93m earlier in November. The Sandbox (SAND) token price saw an all-time high of $3.45 on November 3, up 120% when compared to November 1. Sandbox is similar to Axie Infinity metaverse where players using SAND, as their utility token, are allowed to build, own, monetise their gaming experience. \

Bitcoin’s code guarantees that there can only ever be 21 million bitcoins, that network participants cannot spend the same coin twice, plus a host of other commitments that established trust in the currency. Because of the success of bitcoin, the pioneering cryptocurrency launched in 2008, many people associate blockchains primarily with money and finance. But the applications of blockchains are much broader. In the coming year more leaders, in America and in other democracies, will realise the need for sensible regulation that encourages responsible innovation while also allowing entrepreneurs to build the next generation of the internet.

Enjin co-Founder Witek Radomski believes that the cultural importance of non-fungible tokens (NFTs) is being ‘overlooked’ in the climate change debate. As for those whose environmental concern is genuine, Radomski’s company Enjin will utilize Polkadot’s Proof-of-Stake technology to build their own Efinity parachain. The co-Founder and CTO went on to call out cancel culture, and robustly affirmed the cultural significance of the sector. In a rousing defense of the NFT industry, Radomski questioned the mainstream narrative on a number of issues. The co-Founder and CTO went on to call out cancel culture, and robustly affirmed the cultural significance of the sector. 

One of the greatest attributes of the network is the improvement it made in scalability and speed, alongside the improvement of the hardware used by miners. Approximately 2,500 transactions per second (TPS) are already used by the network’s users, according to data provided from the Solana block explorer. Yakovenko: “The way Solana works is that it tries to account for all the load on the network by moving as much of the operations through the transaction pipeline. To get that performance in the network, you would need to take this high-performance system deployed globally to every validator.

CryptoPunk #2045 just sold for 137 ETH ($586,318 USD). The value of CryptoPunks is typically determined by Punk’s attributes, with the hoodie, beanie, and pilot helmet traits being the most coveted. Other species of Punks (Zombies, Apes and Aliens) are incredibly rare and also sell for a premium. CryptoPunks are a generative art collection, and one of the first ever applications of NFTs for digital art. There are only 10,000 Punks in existence, and some of them are thought to be lost forever. Cryptopunks are the ultimate rookie card for NFT collectors. CryptoPunks have earned huge influence in 2021, with dozens of Celebrities proudly showing off their punk ownership on Twitter.

  1.  They Love Crypto. They’re Trying to Buy the Constitution. 

The group, called ConstitutionDAO, is a seat-of-the-pants experiment by thousands of cryptocurrency fans who have pooled their money to make a bid on a rare original printing of the Constitution. News of the group’s bid set off a frenzy of memes, jokes and pledges. The money came in so fast that one observer compared it to a “financial flash mob.” The document, one of only 13 surviving copies, is being auctioned on Thursday by Sotheby’s, which estimates it will sell for $15 million to $20 million.