In this week’s newsletter, read about how Binance started its nonfungible token (NFT) ticketing service by partnering with a sports club. Check out the NFT exchange-traded fund (ETF), which was released by trading platform KuCoin and how Google AI was able to paint BAYC-inspired NFTs.
In other news, learn about how much the NFT community spent in minting NFTs in the first half of 2022 and check out the upcoming NFT album by British rock band Muse. And, don’t forget about this week’s Nifty News roundup featuring Dr DisRespect’s NFT game and FC Barcelona’s NFT release.
Binance jumps into NFT ticketing after UEFA League fiasco
Crypto exchange Binance partnered with Società Sportiva Lazio to launch its NFT ticketing solution. With this, all of the sports club’s home matches will have NFT tickets. The partnership is valid for the 2022 to 2023 season.
According to Binance, NFT tickets will solve issues like fake tickets and scalping highlighted by the recent fiasco at the UEFA league. In addition to event access, the NFT tickets will also have added value, such as store and match discounts and token giveaways.
KuCoin crypto exchange debuts USDT-dominated NFT ETF
Seychelles-based crypto platform KuCoin has created an ETF tied to NFTs such as the Bored Ape Yacht Club (BAYC) collection. The exchange’s NFT ETF trading zone was launched on July 29, allowing traders to trade ERC-20 tokens representing NFT assets.
BAYC is one of the five NFT ETFs launched by the exchange. BAYC’s ETF trades under the symbol hiBAYC, which represents BAYC assets. Apart from BAYC, an ETF for CryptoPunks will also be available under the ticker hiPUNKS.
Google AI turns all 10,000 BAYC NFTs into machine-made art
A project called Artsy Monke used artificial intelligence (AI) to transform 10,000 Bored Ape Yacht Club NFTs into various forms of abstract art resembling the BAYC collection. To create the pieces, the AI was given the BAYC NFTs as references to create the art.
Crypto Grims, the AI artist, said that after giving the references, their team taught the AI how to paint in various art styles. They ran servers for weeks to get their desired results. After creating the collection, the team put it for sale on the NFT marketplace OpenSea and it sold out shortly after listing.
Crypto users spent $2.7B minting NFTs in the first half of 2022: Report
New research by data firm Nansen showed that the NFT community spent almost 1 million Ether (ETH), around $2.7 billion, to mint NFTs on the Ethereum network in the first half of 2022. Most of the minting was made in the NFT marketplace OpenSea.
According to Nansen, around 1 million unique wallet addresses on Ethereum were involved in minting. The report also compared the number to other popular chains like the BNB Chain, where $107 million worth of NFTs were minted and Avalanche which had $77 million.
Upcoming Muse NFT album becomes first new format added to charts in years
British rock band Muse will release an NFT album called Will of the People on Serenade, a Web3 marketplace. The album will be the first new format eligible for charts since 2015. Serenade CEO Max Shand told Cointelegraph that this concept will innovate the music industry, inserting NFTs into existing workflows and creative processes.
The digital pressing format presented by Serenade implements a new way to manage royalties. According to the firm, it will add Web3’s characteristics to music assets, enabling the accurate accumulation of royalties and verifiable ownership.
Nifty News: Dr DisRespect unveils NFT game to mixed reaction, FC Barcelona’s first NFT sells for $700K and more
Gaming streamer Dr DisRespect gave a preview of his NFT game called Deadrop on Saturday. Fans have mixed reactions over the NFT game, as it’s still in the early development stage.
Meanwhile, an NFT artwork released by soccer team FC Barcelona sold for $693,000 on July 29. The NFT is an audio-visual piece showing Cruyff’s goal against Atletico Madrid in 1973.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
Bitcoin (BTC) Nearly Taps $25,000 Level For the First Time Since June
Bitcoin (BTC) is showing several bullish signs in the daily time frame but has yet to break out from a short-term corrective pattern.
Bitcoin has been moving upwards since reaching a long-term low of $17,622 on June 18. On July 19, it broke out from a long-term descending resistance line, which had been in place since the end of March.
On Aug. 11, BTC reached a local high of $24,918, which was the highest since June 12. However, it failed to sustain this increase and created a long upper wick in its daily candlestick (red icon).
If the upward movement continues, the closest resistance area would be found at $29,370. This target is the 0.382 Fib retracement resistance level.
An interesting reading comes from the daily RSI, which moved above 50 at the same time which the price broke out from the descending resistance line.
Since then, the RSI has created an ascending triangle (dashed), which is often considered a bullish pattern. The indicator is currently at 61, right at the resistance line of this pattern.
Therefore, a breakout above it would likely also cause the price to accelerate upwards.
Short-term BTC pattern
Despite the relative bullishness from the daily time frame, the six-hour chart shows that BTC has been trading inside an ascending parallel channel since the June 18 bottom. Such channels usually contain corrective patterns, meaning that an eventual breakdown from it would be expected.
Moreover, the price has created what resembles an even shorter-term double top (red icons), which is considered a bearish pattern made at the resistance line of the channel.
On Aug. 9 (green circle), the price rebounded from the midline of this channel and at a short-term ascending support line.
So, whether BTC breaks out from the channel or breaks down from the support line will likely determine the direction of the future trend.
Wave count analysis
The main wave count indicates that BTC is likely in wave three of a five-wave upward move (black). The sub-wave count is shown in yellow, and also suggests that the price is in wave three. So, this seems to be a 1-2/1-2 wave formation. If correct, it would mean that the upward move will accelerate in the near future.
In order for the count to remain correct, Bitcoin has to hold on above the slope of the original 1-2 (black).
The most likely long-term wave count is also bullish, aligning with the proposed short-term count.
For Be[in]Crypto’s previous Bitcoin (BTC) analysis, click here
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Binance recovers the majority of funds stolen from Curve Finance
Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds.
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Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance.
In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners.
The Curve Finance team detected the hack on Tuesday and alerted their users to refrain from using their website. An hour after the warning, the team announced that it was able to find and resolve the issue. However, the attackers were still able to hijack around $537,000 worth of USD Coin (USDC) before the issue was resolved.
According to experts from the blockchain analytics firm Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with malicious transactions getting signed. The experts told Cointelegraph that the funds were then sent to various exchanges and crypto mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by its team.
This is not the first time this week that the good actors in the crypto community have worked to return stolen funds. On Monday, whitehat hackers and researchers returned an estimated $32.6 million worth of USDC, Tether (USDT) and other altcoins to Nomad, following the recent $190 million exploit.
The Curve Finance exploit is only one of the many attacks that happened in 2022. According to analytics firm Chainalysis, $2 billion worth of funds were drained because of cross-chain bridge hacks. This is 69% of the overall stolen amount in the year.
Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO
Coinbase’s new institutional-focused staking product won’t be a “near-term phenomenon” while liquid staking is still being worked out.
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Institutional staking of crypto assets, including the post-Merge Ethereum, could become a “phenomenon” in the future, but not while their assets still need to be “locked up.”
Speaking during a Q2 earnings call on Tuesday, chief financial officer Alesia Haas noted that she didn’t expect their new exclusive institutional staking service, rolled out in Q2, to be a “near-term phenomenon” until a “truly liquid staking option” is available:
“This is the first time we had the products available. Previously, the way that institutions could have access to staking is via Coinbase Cloud […] But offering it as the delegated staking service similar to what we have for retail customers.”
However, Haas said it was still “early days” for their new staking service, adding they’ll likely only see a “real material impact” when they have created a liquid staking option for post-Merge Ethereum, also known as Eth2.
Liquid staking is the process of locking up funds to earn staking rewards, while still having access to the funds.
Haas explained that many financial institutions “don’t want their assets held indefinitely:”
“So when you stake ETH2 you are locking in your assets into Ethereum until the Merge and then some period after. For some institutions, that liquidity lock-up is not palatable to them. And so, while they may be interested in staking, they want to have staking on a liquid asset.”
Haas reaffirmed this issue is “something we are looking to solve,” and added that once this liquid staking is available for financial institutions that can pool in funds at higher proportions, “we’ll see the real material impact of institutional revenue.”
Investors and institutions have been able to access Coinbase’s delegated staking service through Coinbase Prime, which was first launched in Sep. 2021. The platform also offers other integrated services, such as access to a custody wallet with enhanced security, real-time crypto market data and analytics, and other crypto-native features like decentralized governance.
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