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 “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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Comments on Banklesstimes: “NFT Activity is not ‘Stabilizing’, its maturing.”

Comments on Banklesstimes: “NFT Activity is not ‘Stabilizing’, its maturing.”

Sharing additional comments:

I disagree that NFT transaction activity is stabilizing in 2022. I will not say it’s stabilizing, I will use the word “matured”. If you are comparing the “blue chips” of NFTs, yes I do agree that the transaction activities are somewhat dormant. Take Bored Ape for example, if you perhaps hold more than 50 pieces and you want to sell it, can you sell it at the floor price? I do not think so. In another word, the realisation of the sale is not very feasible.

The volume will in fact pick up in the next half of the year given that more NFTs are being made available on more chains. Polygon for instance will be gaining a lot more traction in the months to come with their NFT and game assets NFTs. The in-game assets both in NFT and FT would bring in more liquidity to the space and will help to increase transactions.

You see more variations, music, celebrity, membership, game, even PFPs got more mature and complete storylines. Projects that are trending such as STEPN and Moonbird has inspired many crypto native to come out with a similar concept. Some others such as High Sloth Society is bringing membership to the next level by partnering with Sandbox to replicate a Korean National Treasure onto the Metaverse and showcase Korean heritage in a different way. This brings more utility and usage to NFTs.

Before you can only purchase from Opeansea now there are thousands of marketplaces, centralized and decentralized. Looksrare at one point even overtaken Opensea.

Projects launched this year are also more mature and more “professional”, they have utility, ecosystem, established team (so-called labs), tokenomics (such as X to earn). There are NFT financial products coming out like staking or nesting. This brings in volume.

Adding on, traditional web2 players also came into the picture and try to take a cut from it. We see more and more brands and companies issue their own NFTs or collaborations. This is a win-win for everyone.

This year you can no longer hear a new NFT went up 10,000 times, a 10 times growth will be considered extremely successful. Glad to see the NFT market is now more mature.

 

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NFT Activity ‘Stabilizing’ in 2022: Report

  • NFT transaction volume growth inconsistent since 2021
  • $37 billion poured into NFT marketplaces in 2022 as of May 1
  • NFT transaction activity in the week of March 13 lowest since the week of August 1, 2021
  • Q1 2022, 950,000 unique addresses bought or sold an NFT, up from 627,000 in Q4 2021
  • Web traffic to popular NFT platforms most from Central and Southern Asia

Even as NFT transactions volume grew significantly since the beginning of 2021 despite fluctuating month to month, activities in the space have cooled off in the first quarter of 2022, according to a report from blockchain data firm Chainalysis.

Overall, collectors have sent over $37 billion to NFT marketplaces in 2022 as of May 1, putting them on pace to beat the total of $40bn sent in 2021.

NFT market growth inconsistent

However, since late summer 2021, NFT transaction growth has remained inconsistent, with activity largely remaining flat except for two big spikes: One in late August, which was likely driven by the release of the Mutant Ape Yacht Club collection, and one stretching from late January to early February of 2022, which was likely driven by the launch of the LooksRare NFT marketplace.

After that spike though, NFT transaction activity declined significantly beginning in mid-February, dropping from $3.9bn the week of February 13 to $964 million the week of March 13 — the lowest weekly level since the week of August 1, 2021.

The NFT space is cresting the peak of the Gartner hype cycle and since NFTs are by nature illiquid and communities are built around concepts like diamond hands – who do not sell, many will continue to hold rather than sell for ever-lower prices.

Garrett Minks, CTO of RAIR TECH

“This trend will reverse when real utility is attached to the surviving NFT projects. Blue-chip projects such as Cryptopunks, Bored Apes, and Art Blocks, will likely survive and come out the other side stronger for proving themselves through an entire cycle. Some NFTs might even continue to gain value as safe haven NFTs assets, while liquidity is drained from lower-tier projects,” Minks says.

In Q1 2022, 950,000 unique addresses bought or sold an NFT, up from 627,000 in Q4 2021.

Increase in number of active NFT buyers since Q2 2020

Overall, the number of active NFT buyers and sellers has increased every quarter since Q2 2020. In Q2 2022 as of May 1, 491,000 addresses have transacted with NFTs, putting the NFT market on pace to continue its quarterly growth trend in the number of participants, the report states.

Anndy Lian, Thought Leader and Chief Digital Advisor to Mongolian Productivity Organisation disagrees the NFT transaction activity has “stabilized,” but rather “matured”.

“The volume will in fact pick up in the next half of the year given that more NFTs are being made available on more chains. Polygon for instance will be gaining a lot more traction in the months to come with their NFT and game assets NFTs,” he says and adds that this year, one will no longer hear a new NFT went up 10,000 times, a 10 times growth will be considered extremely successful.

Echoing similar sentiments, experts say stabilizing of the NFT activity is a positive sign, that the market is maturing and transitioning from speculation to real application development.

NFT valuation will depend on the usability of the token and the best tokens will be those that allow people to transact real value quickly and simply.

“That may be a virtual good, a service, or something else. The end goal is to have a variety of tokens that people use to buy and sell things as easily as we use dollars today. As long as someone is actively transacting with a token, the value of that token is increasing. The stabilization will happen once a few major applications have been implemented,” Chris Panteli, Founder at LifeUpswing says.

Original Source: https://www.banklesstimes.com/news/2022/05/08/nft-activity-stabilizing-in-2022-report/

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 “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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RBI should hold debates, discussions before any crypto decision: Experts + Anndy Lian’s additional comments

RBI should hold debates, discussions before any crypto decision: Experts + Anndy Lian’s additional comments

Additional comments that I have given to the editors: 

In a big country like India there are many conflicts of interest. Banning cryptocurrencies is not the way forward. It could be an easy way out for now. I would encourage them to need to find a way to embrace it and build a different and hopefully better future with this form of currency.

If they understand cryptocurrencies well enough, they will know that regulating a basket of crypto that can be almost 100 percent traceable is not difficult. In fact, it allows you to reduce and avoid macroeconomic instability from their legacy systems.

Education and awareness is the key to moving forward. Investors, in general, must know what they are investing in and be cautioned at all stages when dealing with cryptocurrencies.

 

– Anndy Lian

 

RBI should hold debates, discussions before any crypto decision: Experts

Reserve Bank of India (RBI) has been a stringent critic of crypto assets, reiterating its tough stand on the new age asset class.

Deputy governor T Rabi Sankar called for an outright ban on private cryptocurrencies at the IBA Banking Technology Awards. He claimed the notorious early 20th century Ponzi schemes were better than investing cryptos.

Prior to this, RBI governor Shaktikanta Das said that private cryptos are a serious threat to macroeconomic and financial stability, and investors should keep risks in mind as such assets have no underlying value whatsoever, ‘not even a tulip’.

The harsh remarks from the central bank has vexed the crypto industry. They suggested the RBI hold debates and discussions at various forums before making a final conclusion.

Rahat Beri, Founder and CEO, Acryptoverse, a crypto advisory firm said that cryptos are a budding technology and an asset class that should have the freedom to be explored with guardrails. “Otherwise we risk being left behind.”

“Stablecoins are backed by currency, assets or other projects. We have seen success right in our own backyards,” she added. Cryptos come with multiple challenges and these must be addressed, experts said. Authorities should move in the direction of debate, assessment and deliberation over such assets.

RBI has always been an active critic of crypto assets and vocal advocate to put a blanket ban on the private crypto assets. Proliferation of such currencies will undermine the rupee, they said.

Repulsing from RBI’s opinion, market experts said that banning cryptocurrencies is not the right way forward, rather the easiest way out for now.

In a country like India, there are many conflicts of interest, said Anndy Lian, Chairman, BigONE Exchange. “The central bank should find a way to embrace it and build a different and hopefully better future with this form of currency,” he added.

Change is never accepted easily, said Beri. “A decade ago, no one gave online payments much of a chance and today the common man uses it. A nascent technology comes with inherent challenges.”

In the union budget 2022, Finance Minister Nirmala Sitharama announced that the gains arising from the transactions in the private crypto assets will be taxed at a flat rate of 30 per cent, with no exemption or deduction.

The loss arising from the sale of any virtual assets cannot be set off against any other income. TDS at the rate of 1 per cent would be levied on payments made on transfer of digital assets.

The move was welcomed by the crypto players, particularly the exchanges. Reading between the lines, they expected a positive regulatory framework to the new age asset class. However, after RBI comments, the dreams appear to be shattered.

The crypto companies may also hold back on their expansion plans just because there are no clear instructions from the government, said the crypto experts.

Jay Hao, CEO of OKX said that it’s important for the regulators of a country to be on the same page to form the crypto policy framework. He believes that India needs clear guidelines for the continued growth of the crypto ecosystem.

“Multiple statements from officials may create confusion in the minds of investors which could be harmful for the users,” Hao added.

“The lack of clarity on regulations also discourages foreign institutional investors from investing in the sector.”

 

Original Source: https://economictimes.indiatimes.com/markets/cryptocurrency/rbi-should-hold-debates-discussions-before-any-crypto-decision-experts/articleshow/89616737.cms

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 “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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