American entrepreneur Gary Vaynerchuk believes the non-fungible token (NFT) space is here to stay as the businessman launches his own NFT project.
Popular business mogul and founder of global creative and media agency VaynerMedia, Gary Vaynerchuk recently gave his thoughts on the current NFT space.
Vaynerchuk spoke out on twitter about NFT projects, comparing the future of the NFT space to that of social media accounts, he stated “and like Social, many many many will find opportunity, many many more won’t. Thus ‘Investing in NFT’s’ will be hard.”
Vaynerchuk, more popularly known as Gary Vee, further expanded on his thoughts. The entrepreneur believes “investing in things you like will be KEY, like collecting and as for investing, you have to have an ‘eye’ for the person, artist and organizations who can build brand and demand.”
Vaynerchuk expanded on his tweet, saying that the NFT movement is here to stay.
Vaynerchuk launches own NFT project
Most recently, Vaynerchuk announced the launch of his very own NFT project, called VeeFriends. The entrepreneur announced his own collection of character tokens which have been created by Vaynerchuk himself.
The creator expanded on his idea to launch his own NFT project, saying “I have always been about building businesses and creating value for my community – this NFT project allows me to do both. I know that NFTs will be here for the rest of my life and I will be actively consulting, investing and advising in this space and I wanted to do it from actually being on the field – doing it myself.”
In a recent interview with CNBC, Vaynerchuk sees huge upside potential in the NFT space. However he did specify that he does expect the bubble to burst. The negative outlook will be short lived, with “more people will be buying NFTs the next day after the bubble burst” he said.
Vaynerchuk expects the long term success of certain NFT projects within the next decade to have “tremendous value.” The entrepreneur concluded that “there is zero-point-zero doubt in my mind in 2036 that these digital assets will have tremendous value.”
Tokenizing Mining Hash Power With the Hashmix Team
BeinCrypto spoke to WB, the co-founder of the HashMix team. We discussed the increasing complexity of mining and how they are making NFTs of hash power. The NFT boom is currently underway, but it is mostly focused on tokenizing collectible and art items. The HashMix team is looking to tokenize something more directly related to…
BeinCrypto spoke to WB, the co-founder of the HashMix team. We discussed the increasing complexity of mining and how they are making NFTs of hash power.
The NFT boom is currently underway, but it is mostly focused on tokenizing collectible and art items. The HashMix team is looking to tokenize something more directly related to the crypto world – hash power.
To do this it implements several universal decentralized protocols so that users can trade with their hash power. This also includes lending and swapping. It wants to avoid oversold hash power, counteract a lack of liquidity and bring more flexibility to mining.
Much like bitcoin’s founder Satoshi Nakamoto, the team currently operates anonymously. This is partly due to some of the team living in China. However, they have said they may give up their anonymity in the future.
“Our core team members have experience with the various forms of blockchains, PR, marketing, mining. This is why we can make this great combination of mining power, NFT, and DeFi.”
Addressing mining issues
Crypto mining has no shortage of issues. These range from internal problems relating to liquidity to external image problems, like the recent backlash against its environmental impact.
“Mining has always been an important part of the cryptocurrency industry. And has a very long history, as long as bitcoin’s history itself. It’s also one of the most profitable industries in the ecosystem. So more and more people want to be part of it.”
“However, the crypto mining industry has been played by centralization and liquidity problems. Although cloud mining allows investors without expensive hardware to join mining, it also misses to provide liquidity and solves only a piece of the puzzle. So HashMix is designed to solve all these problems,” explains WB.
Traceability, liquidity, transparency
To respond to these issues, HashMix’s tokenization protocol converts mining power for any proof of work (POW) blockchains, such as ethereum or bitcoin, to NFTs.
“That brings us traceability, liquidity, transparency. This prevents the risk of overselling and fraud and effectively combines the different hash parts of different cryptocurrencies based only on very easy-to-use NFTs.“
“We create protocols for exchanges, trading, and lending. This enables everyone in our ecosystem, from miners to investors with hash rates to DeFi participants, to easily buy and sell hash power and access numerous financial options such as stake and liquidity reduction. For the first time, we are bringing hash power and real-world mining together using the HashMix protocol,” WB says.
Proofs of hash power
HashMix works by utilizing multi-signature, smart contract, and cross-chain technology to generate and submit proofs of specific hash power to the blockchain.
It is from these proofs that the NFT tokens are issued. As a result, hash power can circulate freely while ownership is ensured. However, these are still just plans. HashMix is still on its roadmap to a public platform.
“When the NFT market is fully up and running, miners can sell their NFTs for crypto or swap their NFTs to switch to other mining functions, while investors can buy the NFTs to get the mining rewards of the underlying hardware.”
In June, more NFT products for mining are expected to come onto the market so that trading and exchange functions are also possible.
“We will also introduce the decentralized incentive mechanisms that enable people to participate in the validation of the mining NFTs and earn HSM tokens as a reward so that the protocol can be maintained and operated decentrally.”
“In terms of incentives, miners, coin/token holders, and investors can join the HashMix ecosystem and find a way to earn rewards in HSM by lending and borrowing coins/tokens, trading hash power tokens, NFTs, and mining power bet and participate in liquidity. Early adopters and loyal users receive additional rewards,” WB says.
DeFi lending for miners
As part of their roadmap, HashMix also intend to introduce a lending function to the platform.
“We would like to become the most attractive filecoin lending platform so we can attract more mining powers and more users,” says WB.
Miners will be able to secure their filecoin mining service and borrow FIL from the platform.
“We want to attract early participants to the platform, as this offers an attractive return. After that, we will launch our first mining NFT product that same month,” says WB.
“Through this product, miners can tokenize their Filecoin storage mining performance and receive corresponding NFTs.”
“At this point, all mining power previously secured in the loan will be tokenized, and miners will be able to issue new mining power NFTs themselves. The users can receive and transmit the NFTs like other cryptos, use them as collateral on our platform and participate in DeFi options,” says WB.
While the platform is not yet public, these plans have yet to be tested on a large scale. How these interactions will play out for miners wanting to do a bit more with their hash power.
Juventus F.C. Expands NFT Offering With NFT Pro Partnership
Italian professional football club Juventus F.C. has announced their arrival on the non-fungible token (NFT) train. In a post on their official website, the club revealed its digital content would first become available on June 27th. They professed themselves a leading figure in the world of collecting, referring to NFTs’ unique validation style as ideal…
Italian professional football club Juventus F.C. has announced their arrival on the non-fungible token (NFT) train.
In a post on their official website, the club revealed its digital content would first become available on June 27th. They professed themselves a leading figure in the world of collecting, referring to NFTs’ unique validation style as ideal for that same sector.
The post confirmed that their first NFT will be a three-dimensional, high-definition replica of the team’s home shirt for the upcoming season. It will commemorate ten years since the inauguration of Allianz Stadium, Juventus F.C.’s home ground. The NFT will also pay tribute to some of the team’s most legendary players. Juventus’ current team members will sign the shirt NFT.
A tweet from the club’s official Twitter confirmed the shirt will be auctioned from NFT Pro. However, the team added in their statement that they would reveal the full details nearer the auction date.
At the end of their official statement, Juventus also clarified their awareness of blockchain’s energy consumption and environmental impact. As such, they revealed that they would utilize the sustainable Palm protocol for their NFT collection.
Sport world continues to embrace crypto
This announcement comes as the latest in a string of crypto sector partnerships that Juventus has announced recently. Back in February, the Turin-based club signed a licensing deal with blockchain fantasy football game Sorare. A game that has since released an NFT collection of its own, in collaboration with the French national football team.
Sorare has secured over 140 licensed teams in total, including Juventus, but also the likes of Bayern Munich, Liverpool, and Real Madrid.
Meanwhile, a number of major football clubs such as Manchester City, AC Milan, and FC Barcelona have been attempting to recoup some of their losses that the COVID-19 pandemic inflicted. More specifically, by releasing digital tokens for fan engagement. However, recent reports revealed that not all fans are as engaged as the teams may like, with the fan tokens meeting divided opinions.
Physical sport is not the only sector partnering up with crypto, but e-sports too. Sam Bankman-Fried’s exchange FTX entered into a 10-year $210 million commitment with the TSM e-sports brand. A deal described as the largest in e-sports history.
This announcement came around the same time that the NBA stadium formerly known as the American Airlines Arena became the FTX Arena. At the time, FTX revealed the $21 million a year they will be paying TSM is twice the amount paid to rename an NBA stadium.
‘We need scaling solutions that work,’ Says RioDeFi CEO, James Anderson
BeinCrypto spoke to James Anderson, CEO of RioDeFi, about his platform, where DeFi needs to go for mainstream, and the benefits non-fungible tokens (NFTs) will have in the future. DeFi is growing. However, those who are outside the crypto world are likely to be confused by this new experience of finance. As a result, many…
DeFi is growing. However, those who are outside the crypto world are likely to be confused by this new experience of finance.
As a result, many platforms are growing to meet the need to connect the “average” person to DeFi opportunities. This is the goal of RioDeFi.
The platform calls itself the “next frontier of finance,” and CEO James Anderson is passionate about this solutions-focused approach.
DeFi for everyday people
“Our main mission is to bridge traditional and decentralized finance. We do that by connecting blockchains with financial institutions. Some of the things we’ll be building are very centralized finance.”
“A lot of people found it difficult to utilize the various DeFi protocols because they aren’t quite user-friendly. For many people, the crypto space can be very overwhelming,” he says.
As a result, RioDeFi is working to take the confusion out of setting up a wallet and dealing in crypto.
“So we wanted to create a solution. So for a real wallet, we have an OAuth login function that’s coming online very soon that will allow people to use their Gmail, their Facebook, Reddit, and other social media accounts. Basically, create a wallet and manage their private key in a decentralized way. But using those accounts so that they’re not having to back up this phrase that they’re not really sure of and they don’t know how to do it,” he explains.
“We also think that the future of blockchains is all about interoperability”
Alongside making connecting to the DeFi space easier, Anderson and his team aim to create better interpretability. They consider this key to growing blockchain and DeFi use into the future.
“So, the sort of traditional blockchains have been very siloed so bitcoin you can only interact with bitcoin right, Ethereum you can interact with Ethereum, and then any of the Ethereum based tokens these ERC 20 tokens, but if you want Ethereum to talk to Cardano or to talk to Polkadot or something else like that’s not happening currently.”
“So we actually built RioChain on Polkadot’s substrate framework. It’s this framework for blockchain interoperability, and so as that ecosystem grows, it allows blockchains to talk to each other and share messages and share assets across these, these substrate-based blockchains.”
Building a bridge with C-DeFi
“It’s funny because Binance created this smart chain. They call it C-DeFi like centralized DeFi. Which kind of an oxymoron, in some sense. But at the same time, I understand why they did what they do like there are benefits to this kind of system.”
For Anderson, this “C-DeFi” offers the opportunity to connect the worlds of traditional finance and DeFi in the most straightforward way. Through this connected approach, he sees his platform an opportunity for both newbies and DeFi hardliners.
“Things like account recovery options, like how are you going to have new people in cryptocurrency, if they lose their password and then all their funds are gone right. So for some people, that’s okay, and they would like that because they want to be their own bank, but for other people, that’s a little bit too much, and so we want to have both options for the people,” he says.
NFTs on DeFi
Alongside DeFi, NFT has been among this year’s biggest crypto buzzwords. For Anderson, these tokens offer utility, for collectibles and financial assets.
A new project building on the RioDeFi platform encapsulates this combination. It aims to provide a luxury good NFT platform for those with high-priced goods.
“We haven’t announced this project yet, but it’s in our incubation hub, and they’re going to have these products such as luxury goods. So that could be anything from like a Chanel bag to a Rolex watch, even a car like a classic car or gold bars even,” he says.
The platform makes it possible for owners to show off their luxury items through verified ownership. In addition, it also offers a way to leverage those goods for money.
“So you could take these luxury assets, put them into custody, mint an NFT based on them, and then instead of taking out a loan via a pawn shop, what if instead of the loan being provided by this, this particular pawnshop with their bank connections, what if it’s provided by a decentralized pool of liquidity providers who want interest on a loan,” he explains.
“At the end of the day, if the loan is defaulted on, someone can go and claim the Rolex, one of the lenders, or it can go into a liquidation auction it can be sold into cash or stable coins. Then it can be a global pool of money that can support these kinds of things.”
Practical use of NFTs
The value of NFTs through use cases is clear to Anderson. The space for growth and opportunity beyond the current hype is vast.
For him, there are areas where NFTs will really show their strength and utility. These include real estate, sovereign identity, and expansion in financial assets.
“In the future, I think there’ll be more of these sort of self-sovereign identities that the various companies will give the authorizations or the government bodies will authorize certain information about my identity. Then I have the opportunity to share that or not with any given corporation or government body.”
“As more people get these sovereign IDs that they manage. They can tie that with, let’s say, a financial institution or bank that’s managing their loan for their property deed. And so all these things that are right now, stored, physically, and also digitally, can be stored digitally but within NFT. What that will enable in the future, for example, is easier decentralized loans,” he says.
Ultimately, Anderson sees NFTs as a way to store ownership in a world that is becoming increadingly digitizied.
Real estate as a future use case
When it comes to real estate, NFTs are already slowly showing their use cases. Recently, the Founder of Tech Crunch, Michael Arrington, sold his Ukraine apartment as an NFT.
For Anderson, the ability to make property deeds into NFTs opens up a world of opportunity.
“So right now the deeds are kept in a local government bureau and different offices depending on where you are in the world. But then that asset can be stored for example as an NFT, so you could have the file, the digital version of the files stored on IPFS or centralized servers, it could be on a mix of servers. So it’s very secure and backed up. You have that deed, available as an NFT, and whoever holds the deed holds that property essentially. You can then have that custody right with the bank in the future,” he says.
For those who don’t want to refinance with a bank, NFTs could make it possible to refinance from the community.
“And so the community could, for example, lend the money they get maybe a higher interest rate than what they could get on other assets. It’s a relatively low-risk thing, potentially, because your credit score could be tied to your ID. The deed is on this NFT and all of that is trackable on the chain, on blockchain. That can all be verified,” he says
“And then, the loan can happen automatically, and if I miss my payment then I lose my deed, right, the property, or it goes into a default process something, someone could liquidate the property, and then the standard process then applies right.”
Anderson acknowledges that these applications are still off in the future but sees the potential for their use.
“We need scaling solutions that work”
However, for Anderson, mainstreaming and acceptance requires better scaling solutions for DeFi, NFTs, and blockchain.
“I think with these NFTs and everything else. It’s really important that they be done efficiently.”
“The gas fees are often quite high. So the transaction fees are quite variable. Well, sometimes it’s the network’s very congested. Things can get stuck, so ETF transfers that fail or don’t go through for whatever reason because someone set the gas too low because it was really low one second ago. Then it got really high and this can actually create a lot of friction for people to buy NFTs,” he explains.
For Anderson, there are multiple chains on offer which can cause confusion. RioChain is trying to connect all of these while also offering its own solutions as well.
“We need scaling solutions that work.”
Chainlink eyes 25% rally ahead of LINK staking launch in December
Non-whale Bitcoin investors break new BTC accumulation record
President of Bank of Brazil Shows ‘Open Finance’ Digital Real Concept Featuring Stablecoin Integration and Payments Functionality
Bitcoin․com Announces Strategic Partnership with Poly Network
Stocking stuffer alert: Get 20% off Roblox gift cards for Cyber Monday
‘Continue to ebb and flow over time’: Denny’s chief brand officer on how consumers’ moods inform brand messaging
Bitcoin hits $45K ahead of July inflation report, but one fractal hints at looming correction
Smart Marketing Token (SMT) Is on a Mission to Help Blockchain Projects Reach Their Goals
Identity management org Sailpoint unveils no-code tool
Japan crypto exchange bitbank upgrades performance of its matching engine by 4x
Tech3 months ago
As Snap restructures, marketers believe it should focus on augmented reality as it differentiates the platform
Bit Coin3 months ago
More than 50% of reported Bitcoin trading volume is ‘likely to be fake or non-economic’ — Report
Tech3 months ago
Kensington SD5500T Thunderbolt 3 Dock review: Cloning greatness
Ethereum3 months ago
OpenSea Says It Will Only Support Ethereum PoW NFTs On Its Network
Tech3 months ago
How water conservation and management floats on cloud
Tech3 months ago
Assassin’s Creed Mirage is just one of three newly revealed games in the series
Tech3 months ago
UK payments upgrade to add more than £3bn to GDP, but much more on offer
Tech3 months ago
The best free VPN for Chrome