Non Fungible Token (NFT) Sales Hit $1BN
Yup, people have spent over $1bn on the types of pictures featured above. We discussed Non Fungible Tokens (NFT’s) in our recent ‘Ethereum for Dummies’ article here. There are a couple of things to consider here:
NFT’s are priced in crypto and those values have soared. Someone who spent 400ETH (current value of c$1.3m) on an NFT might have only spent $3,600 on those ETH originally.
People are trading NFT’s and trying to profit from them. Profits are in crypto figures, not dollars.
The Wealth Gap View: As with all speculative investments that turns parabolic (like we are seeing now with NFT’s) we would always urge on the side of caution. Like the 2016/7 Initial Coin Offering (ICO) mania we are again seeing vanilla money (uneducated greed chasers) racing into the NFT collectable craze.
We feel there will be a massive sell of at some point in the near future which will leave the majority of NFT holders sitting on huge losses. Some will get rich but they will make up 1-2% of the traders. Play in this market for speculation only and risk what you are happy to see go to zero. You have been warned!
Ethereum Bug Leads to Fork (All Fine)
A bug in older versions of the Ethereum Blockchain caused it to fork (split) last week. Ethereum issued a public announcement which got most miners to upgrade in time. As the miners upgraded the good blockchain got longer and bad blockchain got dropped.
Cardano is Being Pumped Hard
Cardano (ADA) is close to offering smart contracts (like Ethereum) and as a result the marketing spend has increased to generate more pump.
Traditional Media Attacks El Salvador
Any big transition of power and wealth will lead to conflict between the established elite and the insurgents. With El Salvador being the first country to adopt Bitcoin as legal tender don’t expect too much positive coverage. If El Salvador is a success then more countries will follow in their footsteps which will be bad for the incumbent financial system.
From the bottom up perspective we have this little story:
These Companies are Working Towards Bitcoin Payments
Microsoft (Via the Microsoft Store)
Coca Cola (via vending machines in Australia & New Zealand)
Until Next Time
The Wealth Gap