Anndy Lian comments on NFT sales falling below US$1 billion | 3AC files for bankruptcy | Stablecoins

Anndy Lian comments on NFT sales falling below US$1 billion | 3AC files for bankruptcy | Stablecoins

This video is featured on The Daily Forkast, July 4th, 2022, presented by Joel Flynn for the latest in blockchain & crypto news. The following were highlighted:

Monthly NFT sales fall below US$1 billion for the first time in a year. (https://forkast.news/monthly-nft-sales-below-1billion-12-months/)

Meanwhile, Three Arrows Capital files for Chapter 15 bankruptcy in the US.
(https://forkast.news/headlines/three-arrows-capital-chapter-15-bankruptcy/)

Sam Bankman-Fried’s FTX doubles down on BlockFi bailout.
(https://forkast.news/headlines/blockfi-deal-sam-bankman-fried-ftx-clients/)

And finally, experts weigh in on the future of stablecoins.

Experts who commented on this video include:
Anndy Lian, Chief Digital Advisor, Mongolian Productivity Organization
Annabelle Huang, Managing Partner, Amber Group
Jason P Gottlieb, Chair of Digital Assets, Morrison Cohen
Trent Barnes, Principal, Zerocap

00:37 – Monthly NFT sales fall below US$1 billion for the first time in a year.
03:12 – Three Arrows Capital files for Chapter 15 bankruptcy in the US.
04:00 – Sam Bankman-Fried’s FTX doubles down on BlockFi bailout.
09:23 – Experts weigh in on the future of stablecoins.

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Original Source: https://forkast.news/video-audio/crypto-winter-hits-nfts-three-arrows-capital-files-for-bankruptcy/

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”.

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Monthly NFT sales fall below US$1 billion for first time in 12 months

Monthly NFT sales fall below US$1 billion for first time in 12 months

Crypto industry sales are slumping, but it’s not just hedge funds and lenders that have been hit hard by the crypto winter. The NFT industry has also begun to feel the chill.

The troubles at crypto hedge funds and lenders were a center of attention in June, but business in the non-fungible token (NFT) market also got hit, with monthly sales dipping below US$1 billion for the first time in 12 months, according to NFT data aggregators CryptoSlam.

For context, June last year was the same month that Axie Infinity exploded in popularity, putting NFTs and play-to-earn gaming on the map in the process.

Plummeting crypto prices share some of the blame for the poor NFT sales, but unique monthly buyers in June also fell almost 50% from a high of more than 1 million in January and now stand at less than 600,000 for the first time since July 2021.

In another telling sign, the floor price for a Bored Ape Yacht Club — one of the biggest NFT collections — fell below US$100,000 for the first time in over a year in mid-June to a low of US$86,277. That’s almost an 80% plunge from a high of more than US$400,000 in late May.

“The NFT market has not been immune to the crypto market (and business) turbulence and when coupled with [traditional finance] downturn — in particular the tech stocks crash — it is a perfect storm for loss of confidence,” Jonathon Miller, Australian managing director of crypto exchange Kraken, told Forkast in shared written commentary.

The 70% drop this year in the price of Ether, the world’s second-largest cryptocurrency, also influenced NFT trading, as it’s the native token of Ethereum, the most popular blockchain for hosting NFTs. Ether prices traded around US$1,055 on Monday in Asia.

However, after a volatile few weeks, crypto prices held relatively steady over the weekend, with all major coins fluctuating no more than 1% in the 24 hours through Monday afternoon in Asia.

Bitcoin held steady around US$19,300 over the weekend after dropping below US$19,000 for the first time since December 2020 on Friday to change hands at US$19,133 at press time. Amid this NFT market downturn, Kraken is set to join the likes of Binance and Coinbase by opening the waitlist for its own NFT marketplace set for full release in the next few months.

“The seeming collapse of closed book lending businesses may be viewed in the long run as a reminder that open transparent infrastructure is ultimately the foundation upon which a new wave of digital financial tools will be built,” Miller said.

“The projects and businesses that stay as true to this as possible are the ones that can weather the storm,” he said.

Another way NFT marketplaces or exchanges can stand out from the crowd is by specializing and offering unique services, for instance by focusing on sports-based NFTs, according to Anndy Lian, Chief Digital Advisor, Mongolian Productivity Organization, and a blockchain author.

“I think the NFT market could recover faster than the crypto original market,” said Lian, highlighting partnership deals between Binance and Portuguese soccer player Cristiano Ronaldo as a sign of what’s to come.

“All these moves, which cost perhaps hundreds of millions, are telling us that this will be a big strategy,” he added. “We cannot just depend on what you see in crypto native; you need to bring in new blood.”

Original Source: https://forkast.news/monthly-nft-sales-below-1billion-12-months/

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”.

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What are the financial implications of bitcoin’s value dropping below $20,000

What are the financial implications of bitcoin’s value dropping below $20,000

Addition comments:

Bitcoin has been closely correlated to the movements of U.S. stock markets. If you noted the timing, U.S. stocks markets fell and futures are still struggling on Tuesday. This is accompanied by high inflation and lots of talks on the ground of a recession in U.S. very soon.

With the above narrative and statistics, it means that bitcoin will continue to dip. The market is also experiencing a domino effect with the bigger players going into a liquidation mode and with high possibilities of more big boys going down that same route as bitcoin continues to dip.

No one can predict the price of bitcoin. When the price of bitcoin goes below $20,000, this also means that if you buy now, you will be buying at a lower price than most institutions such as Microstrategy.

What are the financial implications of bitcoin’s value dropping below $20,000

On June 13, bitcoin’s value fell below $25,000 while on June 29, bitcoin ranged just below the $20,000 mark

On June 29, the value of bitcoin briefly dropped below the $20,000 mark. For a second time in the same month, investors witnessed a decline in bitcoin’s value when on June 13, bitcoin’s value fell below $25,000. As a result, investors were again left exposed to volatile market conditions. “The sudden dip in bitcoin should be held responsible for inflation around the globe. While the cryptocurrency market is based off of the global market, there haven’t been any notable events apart from general market variables which have pushed the prices down,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange.

Industry experts opined that the Russia-Ukraine war and inflation hitting a fresh 40-year high are some of the reasons why bitcoin’s price is slumping in cryptocurrency markets. “The value of bitcoin is struggling to maintain the $20,000 level. While bitcoin was considered immune to fluctuations with regard to risk oriented assets, it is no longer the case. The overall cryptocurrency market is influenced by factors such as inflation, changes in stock market prices, and the Federal monetary policy,” Raj Kapoor, chief advisor, Acryptoverse, a cryptocurrency advisory firm, told FE Digital Currency.

As stated by Sharat Chandra, vice president of research and strategy, EarthID, a decentralised identity management platform, the quantitative tightening, which refers to the monetary policy applied by central banks to decrease money supply in economies, is having an effect on bitcoin’s value.

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”.

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