Posts from the 'Quoted' Category

Bitcoin Ordinals sales dipped 61% in January, halving sparks hope

Bitcoin Ordinals sales dipped 61% in January, halving sparks hope

Bitcoin Ordinals inscriptions have been losing steam despite the interest in Bitcoin exchange-traded funds (ETFs) and the upcoming halving event.

Monthly Ordinals sales fell 61% to $335 million in January, down from $868 million in December, the month with the highest sales in Ordinals history, according to NFT data aggregator CryptoSlam. Ordinals are the first iteration of nonfungible tokens (NFTs) minted on the Bitcoin network.

The oversaturation of the NFT market and collections from other blockchains are among the main reasons behind the decline in Ordinals sales, according to Anndy Lian, an intergovernmental blockchain expert and author of the book NFT: From Zero to Hero.

“With an influx of new projects and artists entering the space, buyers now face a plethora of options. The spoil-for-choices situation got more obvious when other blockchains like Solana were picking up more steam,” Lian told Cointelegraph.

While monthly Ethereum NFT sales also declined by 2.2% to $355 million, NFT sales on Avalanche rose 89% to $46.7 million in January, up from $24.7 million in December.

Dokyo NFTs accounted for the lion’s share of the sales volume, as the collection generated $31.4 million for the Avalanche network in January, which represents 67% of the blockchain’s monthly sales. In comparison, Dokyo only generated $7.64 million worth of sales in December. Dokyo is a collection of 5,555 NFTs launched by pseudonymous creator 0xBrando.

Dokyo NFT sales started surging in November. Dokyo’s 24-hour sales volume surpassed Bored Ape Yacht Club sales on Nov. 24, as it briefly became the most traded NFT collection across all blockchains. Dokyo also climbed to the top of the sales leaderboard on Jan. 15, according to CryptoSlam data.

Beyond competing NFT collections, Lian believes that Ordinals sales were also affected by their controversial status in the Bitcoin community and their technical complexities:

“The launch of Ordinals has been controversial in the Bitcoin community because some believe the activity to be similar to spam email. This could have affected the reputation and legitimacy of Ordinals among some Bitcoin enthusiasts.”

On the other hand, Sebastien Guillemot, co-founder of Web3 gaming engine Paima Studios, said that interest from Ordinals is moving to Bitcoin layer-2 solutions. Guillemot said:

“Many who were working on Ordinals have pivoted to Bitcoin layer 2s, especially with the hype around BitVM and OP_CAT. It wouldn’t surprise me if developers and investors were rotating into this narrative.”

Despite the sales slump, total Ordinals inscriptions keep growing. According to Dune data, there are over 59 million ordinal inscriptions on the Bitcoin network.

Will the Bitcoin halving reignite interest in Ordinals?

Mirroring the sales decrease, the average Ordinals sale price also fell 25% to $1,340 in January, from $1,793 in December. Despite the decrease, large crypto firms continue showing interest, as Binance, the world’s largest crypto exchange, announced the launch of its Ordinals marketplace on Feb. 1.

Lian expects the upcoming Bitcoin halving to reignite interest in Ordinals. He said:

“The reduced supply of Bitcoin could make each satoshi more valuable and scarce, thus increasing the appeal of Ordinals as unique and collectible assets. Additionally, the halving could drive up the transaction fees on the Bitcoin network, which could incentivize miners to process Ordinals transactions and secure the network.”

In the 11th edition of the “State of Crypto” report published on Feb.1, 21Shares, the world’s largest crypto exchange-traded product (ETF) provider, wrote that Ordinals could offer Bitcoin more use cases, beyond just being a store-of-value asset:

“We expect innovations like Ordinals and BRC-20 tokens to drive more demand for Bitcoin and expand use cases on the network.”

Source: https://cointelegraph.com/news/bitcoin-ordinals-sales-decline-january-halving-hope

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Harvest Fund’s Spot Bitcoin ETF Application: A Game-Changer for Hong Kong’s Crypto Landscape

Harvest Fund’s Spot Bitcoin ETF Application: A Game-Changer for Hong Kong’s Crypto Landscape

In a groundbreaking move that could reshape Hong Kong’s financial landscape, Harvest Fund Management has officially submitted the first-ever application for a spot Bitcoin ETF to the Hong Kong Securities and Futures Commission (SFC) on January 26. This development comes hot on the heels of the recent approval of similar ETFs by the US Securities and Exchange Commission (SEC) and marks a pivotal moment for the city’s growing interest in cryptocurrencies.

The SFC has expressed a keen interest in expediting the approval process for Hong Kong’s inaugural spot Bitcoin ETF. Plans are underway to list it on the Hong Kong Stock Exchange shortly after the Chinese New Year in February. This rapid development could set the stage for multiple institutions to enter the market, aligning with the US model where ETF sizes grew rapidly under the influence of key financial players.

While Harvest Fund is the first to apply, several existing crypto companies that launched futures-based ETFs in Hong Kong are expected to follow suit. Samsung Asset Management, known for launching the Samsung Bitcoin Futures ETF in 2023, has expressed openness to exploring a spot ETF. Other financial firms such as Venture Smart Financial Holdings have shown interest in applying for a spot crypto ETF too.

Moreover, Harvest Fund’s ETF might distinguish itself from its US counterparts. There are indications that it could allow not only traditional fiat currency subscriptions but also direct Bitcoin subscriptions. This novel approach could provide investors in the region with a distinctive and flexible investment option.

Implications for Hong Kong’s Financial Landscape

The recent developments in Hong Kong are not surprising given the city’s crypto-ready stance. Hong Kong has been a frontrunner in embracing digital assets, evidenced by its eight-month-old rulebook about digital assets, aimed at protecting investors while encouraging innovation. This forward-thinking approach has positioned Hong Kong as an attractive destination for crypto-related ventures.

The introduction of a spot Bitcoin ETF is bound to have a profound impact on Hong Kong’s financial sector, providing investors with an accessible and regulated gateway to the world of cryptocurrencies. It aligns with the city’s goal to establish itself as a digital-asset hub, fostering innovation while ensuring investor protection.

Growing Acceptance of Crypto in Hong Kong

The submission by Harvest Fund signals a remarkable shift in the perception and acceptance of cryptocurrencies within mainstream financial markets. However, this acceptance is not limited to ETFs. The Hong Kong Monetary Authority (HKMA) has been in discussions with companies like Harvest Global Investments, RD Technologies, and Venture Smart Financial Holdings regarding stablecoin trials within regulatory sandboxes. These developments underline Hong Kong’s commitment to fostering innovation and facilitating the integration of digital assets into its financial ecosystem.

Impact on Investment Opportunities

The potential approval of Harvest Fund’s ETF could open the floodgates for a diverse range of investors, especially those who are traditionally cautious due to the perceived complexity and risks associated with the crypto market. The potential approval aligns with a global trend where institutional investors are increasingly exploring cryptocurrency as an alternative investment, particularly in the wake of traditional market challenges.

Anndy Lian, an intergovernmental blockchain advisor, emphasizes the global context, pointing out that the Chinese stock market had a lackluster performance in 2023. The increasing interest in crypto alternatives is viewed as a positive development for the crypto industry. Harvest Fund, ranking as China’s sixth-largest public fund manager, filing for a Bitcoin ETF could pave the way for more Chinese capital to flow into the crypto market.

Global Impacts

Global Crypto Adoption

The developments of the crypto landscape in Hong Kong are likely to influence other nations in the integration of crypto into traditional financial systems. The approval of a spot Bitcoin ETF in Hong Kong could encourage regulatory bodies in other countries to review their own stance about cryptocurrencies and provide a clearer regulatory framework for digital assets. Hong Kong’s regulatory approach to the spot Bitcoin ETF approval may serve as a blueprint for other regions. Regulators in various jurisdictions are likely to closely observe how Hong Kong balances investor protection with fostering innovation. The approval could set a standard for regulatory frameworks, providing clarity and encouraging other countries to follow suit.

Global Investor Confidence

Furthermore, the potential approval of a spot Bitcoin ETF in Hong Kong is poised to attract investors, especially institutional ones, on a global scale. Hong Kong’s embrace of a spot Bitcoin ETF could instill a sense of confidence in investors worldwide. The move signifies a departure from the skepticism that has surrounded cryptocurrencies in some traditional financial circles. As confidence grows, more investors, both retail and institutional, may be inclined to allocate a portion of their portfolios to digital assets. That’s why investors, both in Asia and beyond, are closely monitoring Hong Kong’s stance on cryptocurrency investment.

Increased Market Capitalization of Cryptocurrencies

It’s also worth mentioning that the approval of a spot Bitcoin ETF in Hong Kong could contribute significantly to the overall market capitalization of cryptocurrencies. As institutional investors gain easier access to Bitcoin through ETFs, a surge in demand is likely, driving up the price of the digital asset. This increased valuation directly contributes to the broader market capitalization of cryptocurrencies.

 

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Source: https://www.bitget.com/en-GB/academy/harvest-fund-filed-the-first-spot-btc-etf-in-hong-kong

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Web3: A New Frontier or a False Dawn?

Web3: A New Frontier or a False Dawn?

Web3 is a term that describes the next evolution of the internet, which is based on decentralization and often uses blockchain technologies, such as different cryptocurrencies and non-fungible tokens (NFTs). The goal is to create a more open, fair, and democratic web, where users have more say over their own data, identity, and assets, and where middlemen and gatekeepers are replaced by peer-to-peer networks and protocols.

Web3 is different from Web2, the current version of the internet, which depends on centralized platforms and services that offer user-generated content, social media, and e-commerce. Web2 has brought a lot of innovation, connectivity, and convenience, but it has also caused problems such as data leaks, privacy violations, censorship, misinformation, and monopolization. Web3 tries to solve these problems by using the power of blockchain, a technology that records transactions in a secure, transparent, and unchangeable way. Blockchain allows the creation of digital assets that are rare, verifiable, and customizable, such as cryptocurrencies and NFTs. Cryptocurrencies are digital money that can be used for various purposes, such as payment, saving, or accounting, without the need for a central authority or intermediary.

NFTs are unique digital codes that can prove ownership and authenticity of any digital or physical item, such as art, music, or collectibles. Web3 also depends on the concept of smart contracts, which are agreements that are programmed on the blockchain and can do various things, such as sending money, checking conditions, or triggering events.

Smart contracts enable the creation of decentralized applications (DApps), which are applications that run on a network of computers, rather than on a single server or company. DApps can offer various services, such as decentralized finance (DeFi), gaming, social media, and more.

What is the main driver for Web3 in 2024?

In my opinion, Web3 is still in its early stages of development, and there are many challenges and uncertainties that need to be overcome before it can reach mass adoption. Some of these challenges include scalability, interoperability, usability, regulation, and security. However, there are also many factors that are driving the growth and innovation of Web3 in 2024, such as:

• The growing demand for digital sovereignty, privacy, and security, as users become more aware and concerned about the risks and drawbacks of Web2, such as data misuse, surveillance, manipulation, and censorship. Web3 gives users more control and ownership over their own data, identity, and assets, as well as more transparency and accountability over the platforms and services they use.

• The increasing popularity and value of cryptocurrencies and NFTs, as more people, brands and institutions recognize their potential as alternative forms of money, investment, and expression. Cryptocurrencies and NFTs enable new ways of creating, exchanging, and storing value, as well as new forms of art, culture, and community.

• The emergence and development of new technologies and standards that enable faster, cheaper, and more efficient transactions and interactions on the blockchain, such as layer-2 solutions, cross-chain bridges, decentralized identifiers, and verifiable credentials. These technologies and standards aim to improve the scalability, interoperability, and usability of Web3, making it more accessible and attractive to a wider audience.

• The support and involvement of various stakeholders, such as developers, entrepreneurs, investors, regulators, and users, who are contributing to the innovation and adoption of Web3. Developers are creating new and improved DApps and protocols that provide various solutions and opportunities for Web3 users. Entrepreneurs are launching new and exciting projects and platforms that leverage the power of Web3. Investors are funding and supporting the growth and development of Web3 projects and platforms. Regulators are providing guidance and clarity on the legal and regulatory aspects of Web3. And users are exploring and experimenting with the various possibilities and benefits of Web3.

Do you think NFTs will have a big comeback?

NFTs are one of the most prominent and controversial aspects of Web3. NFTs have been used to create and trade digital art, music, collectibles, and other forms of creative expression, generating billions of dollars in sales and attracting mainstream attention and participation.

However, NFTs have also faced criticism and skepticism, due to their environmental impact, legal ambiguity, and speculative nature.

According to Cryptoslam, NFTs experienced a huge boom in 2022, reaching a peak of over $23 billion in sales. As we all know, they also suffered a sharp decline in the following months, dropping to less than $8 billion in sales in the 2023. This was due to various factors, such as market saturation, regulatory uncertainty, technical issues, and fraud. Despite the past slump, NFTs have shown signs of recovery and resilience in 2024, thanks to several developments and trends, such as:

• The improvement and adoption of more energy-efficient and eco-friendly blockchain technologies, such as proof-of-stake, layer-2 solutions, and carbon offsetting. These technologies aim to reduce the environmental impact and carbon footprint of NFTs, which have been a major source of criticism and concern.

• The emergence and popularity of new and diverse forms and genres of NFTs, such as gaming, metaverse, music, sports, and social media. These forms and genres of NFTs offer more utility, functionality, and interactivity to users, as well as more opportunities for creators, artists, and celebrities.

• The integration and collaboration of NFTs with other Web3 platforms and services, such as DeFi, DAOs, and DEXs. These platforms and services enable new and innovative ways of creating, financing, governing, and exchanging NFTs, as well as enhancing their value and liquidity.

• The recognition and acceptance of NFTs by various institutions, organizations, and individuals, such as museums, galleries, brands, celebrities, and influencers. These entities are using NFTs to showcase, promote, and monetize their work, as well as to engage and reward their fans and followers.

Therefore, I think that NFTs will have a big comeback in 2024, as they continue to evolve and expand their scope and impact. It will not only be a form of digital art, but also a form of digital identity, culture, and economy. It will not only be a niche and novelty, but also a norm and necessity.

In my opinion, NFTs will not only be a part of Web3, but also a driver of Web3.

Conclusion

Web3 is a vision for a new and improved internet, where users have more freedom, power, and value. Web3 is driven by various factors, such as the demand for digital sovereignty, the popularity of cryptocurrencies and NFTs, the innovation of new technologies and standards, and the support of various stakeholders. It is also challenged by various obstacles, such as scalability, interoperability, usability, regulation, and security.

Other visionaries such as Anndy Lian who talks about Web4, Jack Dorsey on Web5 and Justin Sun on Web6, I still believe Web3 is still in its infancy, and its future is uncertain and unpredictable. It is full of potential and promise, and its future is exciting and inspiring. NFTs are one of the most prominent and controversial aspects of Web3. NFTs have been used to create and trade digital assets, generating billions of dollars in sales and attracting mainstream attention and participation.

NFTs have also faced criticism and skepticism, due to their environmental impact, legal ambiguity, and speculative nature. NFTs experienced a huge boom and a sharp decline, but they have shown signs of recovery and resilience in 2024, thanks to several developments and trends, such as the improvement and adoption of more eco-friendly blockchain technologies, the emergence and popularity of new and diverse forms and genres of NFTs, the integration and collaboration of NFTs with other Web3 platforms and services, and the recognition and acceptance of NFTs by various institutions, organizations, and individuals.

Web3 and NFTs are not just technologies, but also movements and cultures. They represent a new way of thinking and living in the digital age, where users are empowered, connected, and creative.

 

Source: https://hackernoon.com/web3-a-new-frontier-or-a-false-dawn

FAQ

What is Web3, and how does it differ from Web2?

Web3 is the next evolution of the internet, focusing on decentralization and utilizing blockchain technologies like cryptocurrencies and NFTs. In contrast, Web2 relies on centralized platforms, leading to issues like data leaks, privacy violations, and monopolization.

What are the main drivers for Web3 in 2024?

The growth of Web3 in 2024 is fueled by factors such as the increasing demand for digital sovereignty, privacy, and security, the popularity and value of cryptocurrencies and NFTs, advancements in technologies improving scalability and interoperability, and the support from various stakeholders contributing to Web3's innovation.

Do you think NFTs will experience a significant comeback in 2024?

Yes, despite a previous decline in 2023, NFTs are expected to make a comeback in 2024. This resurgence is attributed to improvements in eco-friendly blockchain technologies, the emergence of new NFT forms and genres, integration with other Web3 platforms, and increased acceptance by institutions and individuals.

What challenges does Web3 face in its development?

Web3 encounters challenges such as scalability, interoperability, usability, regulation, and security. Overcoming these obstacles is crucial for its mass adoption and successful implementation.

Are we stopping at Web3?

It will not stop. Other visionaries such as Anndy Lian who talks about Web4, Jack Dorsey on Web5 and Justin Sun on Web6, I still believe Web3 is still in its infancy, and its future is uncertain and unpredictable. It is full of potential and promise, and its future is exciting and inspiring.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j