![]() The most valuable of all these recently sold NFTs is currently “Fashion Street Estate,” which sold for $234,000 in April. NFT Stats’ tracker shows that over the last week the median price of a Decentraland land NFT was $6,800 and that 117 NFTs were sold. Despite Decentraland’s $2.3 billion valuation, there are only around 1,500 active players, according to publicly available data and a user base of 822 monthly active users with a crypto wallet (it’s possible to log into Decentraland as a guest without a wallet).ĭespite all this, Decentraland non-fungible tokens (NFT) that denote land title continue selling, according to on-chain data. Highly unlikely, because metaverse platforms continue to struggle to attract users. There’s no doubt this person owned land in the metaverse, but was he actually making any money from this endeavor? No need for due diligence research, it’s all there on the blockchain.īut this request was ignored, and the PR person faded away because there wasn’t much substance to the metaverse landlord claims. In the analog world, it’d be as if you had the ability to analyze any company’s balance sheet, no matter if it is public or private, to verify the statements it makes. ![]() The beauty of the blockchain is the ability to verify any sort of claim about trades or gains because they are all recorded and verifiable via a block explorer. Naturally, we wanted to see some on-chain data. So what does this have to do with the metaverse?Ī few weeks ago a public relations agency pitched an interview with a "metaverse landlord," someone who had an acquired a large amount of land in the metaverse and – presumably because this was included in the pitch – was now a well-to-do member of the crypto landed gentry because of the income paid by the tenants residing on his virtual holdings. To make the observer from afar think that something is more complete than it is. While they looked like sound structures, from afar they were a facade.įast forward to today and "Potemkin village" is an idiom that describes any construction whose sole purpose is to hide what’s behind it. In 1787 Prince Grigory Aleksandrovich Potemkin, a Russian field marshal, constructed facades of villages in the then-recently annexed Crimea to give traveling royal Catherine the Great something to look at while she toured the area. "Bitcoin will outperform equities regardless of the rate hike, our data indicates," he said in a follow-up phone interview. Ten-year Treasury yields soared past 3% for the first time in five years as prices for Treasury bonds continued their 2022 slump.Ĭonnors saw "no material price impact to crypto" in this development and struck an optimistic note for BTC regardless of the size of the interest rate increase and stocks' performance. Brent crude oil, a widely regarded measure of energy prices, was trading at $107 per barrel, up about 40% from the start of the year. Meanwhile, European Union energy ministers discussed ways to wean their countries from Russia oil and gas. Major indices were up a tick on Monday, mirroring bitcoin and ether. equities, which have plunged this year, particularly the once high-flying tech sector with the Nasdaq 100 made up largely of tech, biotech and healthcare firms down 13% in April. But the cryptocurrency has increasingly correlated to U.S. May has traditionally been a stronger month with BTC gains averaging 27% over the past 11 years. equities and bitcoin." Bitcoin's volatility has decreased significantly over the past five years even as stock volatility has risen, a sign of increasing confidence in digital assets.īut he also said that "if rates continue to rise and push credit (investment grade, high yield) lower, risk of liquidations and deleveraging will impact all assets, including crypto (prices lower) in the short term."īitcoin sank 17% in April and is down 44% since reaching its all-time high of approximately $69,000 last November. Connors noted the potential for a continued "divergence in volatility between U.S. How crypto prices react following the increase could follow two paths, wrote 3iQ Digital Asset's Head of Research Mark Connors in an email to CoinDesk. ![]() central bank eyes a likely half-point interest rate hike later this week. Other major cryptos were largely in the red as risk-averse investors veered away from lesser digital assets such as CRO, off nearly 11% at one point, and meme token SHIB, down more than 4%. Ether, the second-largest crypto by market cap, was changing hands at roughly $2,860, up slightly over the same period. The largest cryptocurrency by market capitalization was recently trading at about $38,600, not far off where it has stood for the past three days. So far the traditionally strong month for bitcoin hasn't done much to make make anyone forget a dismal April. Will May bring flowers for crypto investors?
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