Connect with us

Cointelegraph

The NFT of record: New York Times raises $500,000 for charity in NFT column sale

The newspaper of record gets in on the NFT mania with a $550,000 auction sale

Published

on

The NYT goes NFT as tokenized article auctions for over $500,000

2401 Total views

9 Total shares

The NFT of record: New York Times raises $500,000 for charity in NFT column sale

“It’s worth a try,” wrote New York Times columnist Kevin Roose of his attempt to auction one of his articles as a non-fungible token (NFT). Just a day later, however, it appears to be worth much more than that.

After publishing a step-by-step NFT explainer titled “Buy This Column on the Blockchain!” on Wednesday, Roose has successfully auctioned today what he calls a “digital original” of his article as an NFT on the Foundation platform, raising over $550,000 for charity.

The last half-hour of the auction was a particularly exciting one, with a bidding war breaking out to drive up the price from just under $50,000 to the final $562,891 sale. Competing for the coveted digital clip was Facebook veteran and stealth startup founder J Ouyang and the eventual winner, Dubai-based production company 3F Music.

The proceeds of the sale are being donated to the NYT’s The Neediest Cases Fund, which has distributed over $300 million to charities and families over its 110-year history.

The donation to charity makes sense given that — even as many newspaper and media companies shut their doors primarily due to venture capital and hedge fund mismanagement — the NYT is thriving. The company’s earnings report for q4 2020 shows that the company generated $80.5 million in profit on $509.4 million in revenues during the period, with newer verticals like digital subscriptions and podcasts as standout earners.

This successful foray may prompt the 170 year-old newspaper to experiment further with blockchain technology. After all, the hard part is over: on Twitter Roose made playful reference to what was no doubt a lengthy legal process in getting the institution and its various lawyers and gatekeepers to lend the NYT brand to the experiment, saying that it induced “maximum possible confusion.”

Relatedly, the answer to the question “how can a single human generate the maximum possible confusion inside a media organization” turns out to be “sell a corporate-branded blockchain token”

— Kevin Roose (@kevinroose) March 24, 2021

When reached for comment, Roose simply said “Wow.” He noted that a follow-up column will be forthcoming, but did not specify if it will also be for sale.

The sale might be a boon for Roose personally, as well: NYT finance editor Randy Pennell made a crack about how the high price tag indicates that Roose’s per-column rate might deserve a bump:

So if I’m reading all this right, we should be paying you $38,000 per column?

— Randy Pennell (@randypennell) March 25, 2021

However, by that metric the Times might want to look elsewhere for new talent. Amid a surge in absurd NFT sale prices, Roose has been solidly beaten by a robot: Hanson Robotic’s Sophia sold a painting for over $700,000 at auction.

This successful foray may prompt the 170 year-old newspaper to experiment further with blockchain technology. After all, the hard part is over: on Twitter Roose made playful reference to what was no doubt a lengthy legal process in getting the institution and its various lawyers and gatekeepers to lend the NYT brand to the experiment, saying that it induced “maximum possible confusion.”

Source: https://cointelegraph.com/news/the-nft-of-record-new-york-times-raises-500-000-for-charity-in-nft-column-sale

the-nft-of-record:-new-york-times-raises-$500,000-for-charity-in-nft-column-sale

Cointelegraph

Polkadot-centric derivatives exchange raises $6.4M in seed funding

The successful private investment round highlights growing conviction in the Polkadot ecosystem.

Published

on

DTrade is planning to build the first derivatives exchange on Polkadot following a highly successful private investment round.

3071 Total views

15 Total shares

Polkadot-centric derivatives exchange raises $6.4M in seed funding

Decentralized exchange dTrade is bringing derivatives trading to the Polkadot ecosystem after concluding a $6.4-million seed investment round, setting the stage for wider decentralized finance use cases on the developer network.

The private investment round was led by some of the biggest names in the blockchain venture capital world, including Three Arrows Capital and DeFiance. Polychain Capital, ParaFi Capital, Huobi, Mechanism Capital, Bixin Ventures, IOSG Ventures, Hypersphere Ventures and Fenbushi Capital also participated.

Several companies have also stepped up to support liquidity on dTrade, including Alameda Research, CMS Holdings, MGNR, Kronos and Wintermute.

Alameda Research has invested heavily in Defi this year, allocating $20 million toward Reef Finance and $4 million toward Coin98 Finance.

As a decentralized exchange, dTrade allows for the trading of perpetual swaps and options with on-chain settlement. In theory, the platform can accommodate unlimited derivatives markets without custodial and counterparty risks. The trading platform is not available to United States-based traders.

“Derivatives are on track to become the largest market in decentralized finance, similar to how they are the largest asset class in traditional finance,” said Nikodem Grzesiak, co-founder of dTrade. “Derivatives are an exciting use case of blockchain. Entirely new perpetual swaps for blockchain-based assets within Polkadot’s multi-chain architecture can be added through a simple governance proposal.”

The popularity of crypto derivatives has exploded over the past year as participants seek additional exposure to the rapidly growing market. CoinMarketCap’s 2020 annual report found that crypto derivatives accounted for 55% of the total cryptocurrency market last year.

Polkadot’s developer network has also grown rapidly, with 435 projects having launched on the platform at the time of publication.

Source: https://cointelegraph.com/news/polkadot-centric-derivatives-exchange-raises-6-4m-in-seed-funding

polkadot-centric-derivatives-exchange-raises-$6.4m-in-seed-funding

Continue Reading

Cointelegraph

Dfinity’s ICP token sees violent first day of trade on major exchanges

Following five years of development, Dfinity’s Internet Computer token is trading on major exchanges.

Published

on

Dfinity’s “Internet Computer” tokens are finally tradable after five years in the making.

2664 Total views

13 Total shares

Dfinity's ICP token sees violent first day of trade on major exchanges

The launch of the Internet Computer utility token has seen a wild first day of trading after its long-awaited debut on exchanges.

The ICP token from Dfinity was listed on Coinbase Pro and several leading exchanges including Binance, Huobi Global, and OKEx on May 11.

Over four hours, prices for the newly launched token have swung from an early intraday high of $700 down to $250, before recovering 70% over 10 hours to trade for $425 at the time of writing. Coingecko estimates $1.8 billion worth of ICP tokens have traded just 14 hours since trade commenced.

ICP/USD chart, 24 hours: Coingecko

The Internet Computer is a decentralized blockchain project by the Dfinity Foundation. Dfinity describes the protocol’s mission as expanding the functionality of the public internet from a network that connects billions of people through standard protocols to a publicly accessible global supercomputer based on its own ICP protocol.

It has the lofty ambition of replacing the trillion-dollar legacy internet and IT industry by allowing developers to install their code directly on the public internet — dispensing with hosting companies, servers, commercial cloud services, and tech monopolies.

Like Ethereum, the platform would allow developers to run computing applications on decentralized infrastructure. However, Dfinity claims superior scalability over Ethereum’s Layer 1 mainnet.

While Dfinity has been focused on building this Internet Computer since 2016, much of the project’s inner workings have been shrouded in mystery due to its policy of closed-source development. The platform’s Mercury genesis launch event took place on May 7, marking the public launch of the platform after its completed mainnet initialization in December 2020.

ICP tokens can be staked into its governance system to earn “voting rewards” or be converted into “cycles” that can be used to power smart contract computation. The Internet Computer platform runs on a Network Nervous System (NNS), which is an open algorithmic governance system that oversees the network and the token economics.

The system is broken down into several subsections which include the ICP tokens in addition to “neurons” and “canisters” which govern the network autonomously and are explained in much more detail on the Dfinity blog.

The project started fundraising before the 2017 ICO boom under the DFN ticker but has since rebranded to ICP.

Source: https://cointelegraph.com/news/dfinity-s-icp-token-sees-violent-first-day-of-trade-on-major-exchanges

dfinity's-icp-token-sees-violent-first-day-of-trade-on-major-exchanges

Continue Reading

Cointelegraph

Binance CEO says volatility ‘is not unique to crypto’: Data shows it’s Bitcoin’s jet fuel

Binance CEO Changpeng Zhao said Bitcoin’s volatility is “probably less volatile” in comparison to some stocks, but data shows Bitcoin is the incontestable winner when adjusting the metric based on returns.

Published

on

During an interview with Bloomberg TV on May 3, Binance CEO Changpeng Zhao suggested that Bitcoin (BTC) “is probably less volatile” than the stock prices of Apple (AAPL) and Tesla (TSLA).

Zhao argued that crypto’s volatility was not unlike the stock market, adding: that “volatility is everywhere” and that “it is not unique to crypto.”

However, those involved in cryptocurrency trading probably know that cryptocurrency prices fluctuate a lot more than listed trillion-dollar companies. This begs one to question whether or not Zhao is detecting a trend that some may have missed?

60-day historical volatility, BTC vs. stocks. Source: Cointelegraph

The first obvious reading from the chart above is that both Bitcoin and Tesla share different volatility levels when compared to trillion-dollar stocks like Apple and Amazon.

Moreover, stocks seem to have experienced a 60-day volatility peak in November 2020, while Bitcoin was relatively calm.

Tesla is an exception rather than the norm

Another thing to consider is that Tesla’s market capitalization is $633 billion, and it has yet to post a quarterly net income above $500 million. Meanwhile, every single top-20 global company is incredibly profitable. These include Microsoft (MSFT), Google (GOOG), Facebook (FB), Saudi Aramco (ARAMCO.AB), Alibaba (BABA), and TSM Semiconductor (TSM).

The 12 most volatile $200 billion market cap stocks. Source: Investing.com

The list above shows the top-12 and bottom-12 most volatile stocks to show how Tesla’s (TSLA) price swings are far off the average of other $200 billion market cap companies. The volatility seen in cryptocurrencies has been the norm, given that there is a lack of earnings, a very early adoption-stage cycle, and a lack of an established valuation model.

One doesn’t need to be an expert in statistics to ascertain that the S&P 500 index performance has been pretty much stable over the past year, apart from a couple of weeks back in September and October 2020.

12-month S&P 500 performance, 5-day chart. Source: TradingView

Zhao may be the founder of the leading crypto exchange, but he doesn’t personally trade. On the contrary, he actually recommends holding (HODL) instead of trading in every instance possible.

Lol, I don’t do leverage or loans. I don’t even trade. I just hodl #bnb.

— CZ Binance (@cz_binance) January 12, 2021

If you feel stressed out during every dip, you probably should not trade much, or at least change your trading strategy. Maybe just #HODL?

Not the best advice for our business (trading fees), but probably good advice for many new “traders”.

Not financial advice.

— CZ Binance (@cz_binance) April 22, 2021Volatility does not measure returns

Exclusively analyzing volatility presents another big problem. The indicator leaves out the most important metric for investors, the return. Whether an asset is more or less volatile doesn’t matter if, on average, one asset consistently posts higher gains than others.

MicroStrategy has listed almost every currency, stock index, and S&P 500 index component, and curious analysts can compare returns and the sharpe ratio side-by-side with Bitcoin’s.

As explained in the footnotes:

“The Sharpe ratio is a measure of risk-adjusted (really volatility-adjusted) returns. It is a way to measure how much return an investment generated for the risk (volatility) endured over some time horizon.”Bitcoin return and sharpe ratio vs. major assets and indexes. Source: Microstrategy

As the data clearly states, Bitcoin is the winner on risk-return metrics against every major asset and index over the past 12 months. A similar outcome also takes place when using a 5-year timeframe.

Therefore, Zhao may have simply incorrectly stated that Bitcoin’s volatility is similar to the stock of trillion-dollar companies. However, when adjusting the metric based on returns, it is the incontestable winner.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

The first obvious reading from the chart above is that both Bitcoin and Tesla share different volatility levels when compared to trillion-dollar stocks like Apple and Amazon.

Source: https://cointelegraph.com/news/binance-ceo-says-volatility-is-not-unique-to-crypto-data-shows-it-s-bitcoin-s-jet-fuel

binance-ceo-says-volatility-‘is-not-unique-to-crypto’:-data-shows-it’s-bitcoin’s-jet-fuel

Continue Reading

Title

Techcrunch3 hours ago

Maybe SPACs were a bad idea after all – TechCrunch

Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter for your weekend enjoyment.

Techcrunch6 hours ago

Leveling the playing field – TechCrunch

There is an atmosphere of collaboration, not competition, around the creation of hardware for gamers within the assistive technology community.

ZDNET9 hours ago

A useful Android privacy feature that most people have never heard of

Android has a useful hidden feature that the iPhone doesn't.

Coinpedia12 hours ago

Polygon (Matic) Price Continues to Rise Amidst Market Correction!

The MATIC price forecasts are positive as a token supporting such a critical feature right now. After the Ethereum scaling

Reuters14 hours ago

Chip shortage to hit about 100,000 Mazda vehicles in 2021

Mazda Motor Corp (7261.T) said on Friday it expects a semiconductor crunch to affect around 100,000 of the Japanese automaker's...

Blockchain news1 day ago

Ethereum Gas Fees Surge to a Monthly High, Supply on Exchanges Continues to Decline

Ethereum's total fees has hit a monthly high of 746.026 ETH.

CNBC2 days ago

Disney misses on subscriber expectations, parks revenue still hurt by Covid restrictions

Disney+ had been bolstering the company's success as it was losing out on business from Covid restrictions, but it seems...

Entrepreneur2 days ago

Let Go of Assumptions and Reset Your Brand Mindset

Many small businesses make the mistake of trying to please everyone. You can't, so stop trying.

Cointelegraph2 days ago

Polkadot-centric derivatives exchange raises $6.4M in seed funding

The successful private investment round highlights growing conviction in the Polkadot ecosystem.

Ventureburn2 days ago

Hack the Normal winning innovators announced

The Hack the Normal online hackathon has announced the winning innovations in each of the event's categories for this year's...

Review

    Select language

    Trending