Going back to basics. Do I really need another picture of an ape? NFT market slumps in August

Going back to basics. Do I really need another picture of an ape? NFT market slumps in August

The article did reflect some of my views but also did not. The core message that I was trying to say is that the NFT market is at the rebuilding stage right now. The previous highs that were in the bull market are in a challenging stage. The prices were unsustainable, and it will continue this way as the macro environment is not looking too optimistic now.

There are many contributing factors to this current state but is this the end of the NFT markets? It is not.

Right now there are more projects in the markets working hard behind the scene working on content, books, music, and better gaming assets and experiences. The speculation market has died down, and this is actually very healthy for all of us to grow.

This is a time to go back to basics. We can look at the 5Ps of marketing- Product, Price, Promotion, Place, and People.

When we are in the bull market, whatever products can sell without doing anything. But in the current times, we need to look at the product. Is it value for money?

Pricing is another factor to look at. PFP in the good times can start at a 1 ETH floor price. We should watch our pricing more carefully right now. Take my NFT book, for example, I choose to launch it on Bybit NFT Marketplace at $2.99, not $29.99. This decision was made after looking at the market and the demand from my communities.

Lastly, I think people and community are what we should be building too. If you do not have this, this is the best time to look into it now. This will also help you to get better results when the market turns better.

Anndy Lian

 

Do I really need another picture of an ape? NFT market slumps in August

The NFT hype from earlier in the year is dying off as the market continues its downward path into the final third of the year. Fire sale coming for apes and cats?

The number of unique non-fungible token (NFT) buyers in August fell below 500,000 for the first time in a year and extended the drop in purchasers to four consecutive months, according to NFT aggregation site CryptoSlam.

Due to an increase in Ethereum prices in early August, total sales rose to US$730 million from July’s US$650 million, but remain a long way short of this year’s January peak of US$4.5 billion.

Yehudah Petscher, NFT relations strategist for CryptoSlam, said the NFT market has caught up with the rest of the world, as traditional markets have been hammered by concerns about rising inflation and interest rates, as well as other global developments.

“People are being much more selective with what they buy and questioning, ‘Do I really want to buy this picture of an ape or a cat for $500?’” Petscher told Forkast in an interview. “You used to give no pause before and you would buy that and you were happy to. And now no, now you need a product. You need something more than just the picture.”

The previous high prices in the NFT market were unsustainable, said Anndy Lian, author of the new book “NFT: From Zero to Hero,” in an email response to questions. The “[NFT] environment is not looking too optimistic,” he said, though added that price retrenchments are also when companies build anew.

The Merge

One event on the horizon could further disrupt the NFT market — Ethereum’s Merge planned for later in September.

The Merge will see the world’s second-largest blockchain, which has a market cap of just under US$200 billion and accounted for almost 70% of all NFT transactions in August, move from a proof-of-work (PoW) consensus algorithm to proof-of-stake (PoS).

The buzz around the Merge, saw Ethereum prices almost double in a month to reach as high as US$2,022 in mid-August. Ethereum Classic, the original blockchain from which Ethereum was forked, also more than doubled in the same period to a five-month high of US$45.51.

Both have since fallen back, with Ethereum trading at US$1,587 on Friday in Asia and Ethereum Classic at US$32.67.

Petscher said the Merge might “introduce a little chaos” to the market.

As part of the Merge, all NFTs currently hosted on the PoW blockchain must be replicated on the new PoS network to become the “official” versions of the NFTs.

OpenSea, by far the industry’s largest marketplace, announced Thursday that they will only be supporting the PoS versions of NFT collections, but that doesn’t mean a market for the PoW versions won’t emerge, Petscher said.

Deja vu?

This situation is not without precedent. A debate emerged earlier this year surrounding the authenticity of CryptoPunks – one of the market’s leading collections with over US$2 billion in sales – as the current collections are actually re-issues designed to fix a bug in the original run, now known as V1 CryptoPunks.

While the CryptoPunks creators, Lava Labs, originally sought to discredit the V1 collection, collectors pushed back and now V1 CryptoPunks are traded in their own right as a piece of NFT history — though with much smaller total sales of US$75 million.

Aside from the Merge, Petscher said it will take a significant catalyst from outside the NFT industry to shake off the current market slump. One example could be Apple Inc. releasing its long-awaited virtual reality (VR) headset, which Petscher says has huge potential for NFT integration.

“It’s going to require something big like that,” he said. “Unless, of course, the world changes; if  suddenly the war ends and the traditional stock market starts improving, that would lead to the good times again.”

“But I don’t think anybody sees that on the horizon right now.”

 

Source: https://forkast.news/picture-ape-nft-market-slumps-august/

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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Op-ed: Bitcoin Dominance and What It Really Means for the Crypto Market

Op-ed: Bitcoin Dominance and What It Really Means for the Crypto Market

When Bitcoin first came on the scene a decade ago, it was the only cryptocurrency available. It had 100% of the crypto market share at the time. Until 2017, Bitcoin accounted for approximately 95% of the cryptocurrency sector’s market capitalization. The rise of altcoins such as Ethereum (ETH), Cardano (ADA), and Litecoin (LTC) has eroded Bitcoin’s market dominance. Despite the emergence of altcoins, Bitcoin continues to account for over 70% of the cryptocurrency market until January 2021, when its relative dominance has declined. This is despite reaching an all-time high in April of $64,000 and the price of Bitcoin rising to a new all-time high of $66,000 on October 20, boosted by news that the first Bitcoin ETF. The general rule is that when BTC dominance goes up, altcoins lose value against BTC. And when BTC dominance goes down, they gain value. So, is this well-known trend changing in 2021?

Why is Bitcoin still so dominant?

At the beginning of March there were 12,170 altcoins on the market, according to CoinMarketCap. Despite these figures, investors continue to put over 50% of their funds into Bitcoin when investing in cryptocurrency. When some investors are deciding how to diversify their portfolios, there is clearly a “Bitcoin bias” at work. Because Bitcoin is both the most well-known and trusted cryptocurrency, it serves as an entry point into the crypto world for most people. As the price rises with a bull market, people see it as a good investment and want to get into the market. We’ve seen time and again that when the price of Bitcoin rises, new entrants flock to the crypto market. As a rule, when money flows into Bitcoin rather than other cryptocurrencies, the price of Bitcoin rises, extending Bitcoin’s dominance. Then we see the reverse happening, as investors putting their Bitcoin profits into large altcoins, all the way down to small-cap altcoins, before returning to Bitcoin. The cycle keeps returning to Bitcoin because it is the entry point for most new cryptocurrency users.

We saw a significant decrease in Bitcoin’s dominance in January, which fell from 73 percent to 40 percent. As of today, it still has a market share of less than 50%. During this time, the largest altcoin, ETH, has increased in value by about 400%, while Bitcoin has only increased by about 70-80% – what is possibly a key reason why Bitcoin has been losing its dominance in 2021. Plus, when the price of Bitcoin goes up savvy crypto traders know that this often has a beneficial impact on altcoin value, especially Ethereum which has grown in popularity with the Eth2 upgrade and the proliferation of DeFi apps based on the platform.

We also can’t ignore the fact that the valuations of the major altcoins are skyrocketing in price, despite a few glitches along the way such as Solana’s (SOL) recent outage; it’s now a question of why put your money in Bitcoin when there are more rewarding crypto assets? We believe therefore that the rise in altcoin valuations is the key driver for the current reduction in Bitcoin’s dominance, despite the twin all-time high price rises to over $60,000 this year so far. The pace of innovation in Ethereum and rival altcoins’ numerous upgrades to meet market demands, are key factors contributing to their growing dominance relative to Bitcoin.

Another solid reason why Bitcoin’s dominance is slipping, is down to the maturing nature of the 2021 crypto market. Noting the growth in size of the overall crypto market value in 2021, Frederick Vold, writing in CryptoNews, points out that the total market capitalization crossed the $2.5 trillion mark in mid-October:

“It is worth noting is that bitcoin’s dominance of the overall crypto market valuation is lower now than during the all-time high which the bitcoin price hit in April. Back then bitcoin’s share of the crypto market made up about 54%. As of today, the bitcoin dominance is around 44%-46% (depending on a data provider), having remained relatively stable around 40% since mid-May.

“The slightly lower bitcoin dominance this time around indicates that more altcoins are experiencing growth in their market capitalizations. However, it is also important to note that the number of altcoins is constantly rising, which, all else equal, reduces bitcoin’s share of the crypto market,” Vold added.

BigONE’s View

BigONE believes Bitcoin acts as a bridge for new users to enter the cryptocurrency market, as the best known and most widely publicized in the mainstream media. It is easier to persuade new users of the value it offers because it has stood the test of time and is the most reputable cryptocurrency, especially when fears of Ponzi schemes persist in the market. “There are a lot of scams and criminal operations that target individuals and it’s very important to recognise that in an unregulated market there is no recourse,” says Ian Taylor, the chief executive of lobby group CryptoUK in a recent FT article. Bitcoin also serves as an entry point for large institutional investors and regulators interested in learning more about the crypto space. Along with worries about rising inflation, spurred on my rising energy prices and raw material costs, institutional investors can now get safer exposure through the ProShares Bitcoin Strategy ETF. It ended with $1.1 billion under management on Wednesday October 20 after trading volume topped $1.2 billion, according to a press release. That’s the quickest that an ETF has reached the $1 billion-mark, Bloomberg Intelligence data confirmed.

We believe that user trust in other cryptocurrencies is still growing and that this will be the deciding factor in the battle for crypto market ‘dominance’. In addition, Bitcoin’s influence is beneficial to the crypto space because it acts as a “trust gateway” for new entities and users to understand and invest in the crypto space. As Shaun Heng, vice president of growth and operations at CoinMarketCap, a cryptocurrency ranking and analytics platform, told Cointelegraph: “Although Bitcoin is volatile, I believe it will still dominate the market for a while to come. Bitcoin is the basis for which all other cryptocurrencies were made, and while I don’t expect to see it reach the heights it did in the past, I also don’t think it will fall off considerably in the foreseeable future.” Chairman of BigONE Anndy Lian said that in the long term it was unlikely that Bitcoin would reach the heights it had in terms of dominance at the start of 2021. “The crypto market’s rapid change, from the rise of stablecoins like USDT and BUSD, to the popularity of meme coins like Dogecoin, is the backdrop for the decline of Bitcoin’s dominance. However, I believe the price of Bitcoin is set for even greater all-time highs in the near future, and with new Bitcoin ETFs coming on stream, it’ still the cryptocurrency of choice for investors.”

 

Original Source: https://www.securities.io/bitcoin-dominance-and-what-it-really-means-for-the-crypto-market/

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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Will Facebook’s Mark Zuckerberg Kill or Save Bitcoin (The Goat)? Anndy Lian thinks “We might really see a pro-longed bull run.”

Will Facebook’s Mark Zuckerberg Kill or Save Bitcoin (The Goat)? Anndy Lian thinks “We might really see a pro-longed bull run.”

Thanks for capturing my comments on Twitter. Personally, I think this post from Mark Zuckerberg, CEO of Facebook is a hint to us that he is open to having bitcoin on the balance sheet. As for ditching his stocks, well that would not happen. If he joins Twitter, Square, PayPal, Tesla and all in accumulating bitcoins with his $20 billion of cash, we might really see a pro-longed bull run.

 

Will Facebook’s Mark Zuckerberg Kill or Save Bitcoin (The Goat)?

Perhaps tired of the likes of Elon Musk and Mark Cuban dominating the crypto press, Facebook supremo Mark Zuckerberg has emerged from the shadows with a headline-grabbing move of his own – naming his new pet goat after the world’s biggest cryptoasset: bitcoin (BTC).

Bitcoin the Goat has become the talk of the net after Zuckerberg posted a photo of the animal frolicking in what appeared to be a hay-lined barn, with a playmate named Max, on his Facebook page.

Will Facebook's Mark Zuckerberg Kill or Save Bitcoin (The Goat)? 102
Source: facebook.com

The BTC community has been debating the significance of the goat and its moniker. On Twitter, Madelon Vos, a Dutch columnist and bitcoiner, indulged in some wordplay, quipping that the secret message behind the naming was that Bitcoin Max(imalists) are GOATs (greatest of all time). In fact, a number of other Bitcoin fans also very similar puns – a welcome distraction, perhaps, to the token’s somewhat erratic slide below the USD 55,000 mark in recent hours.

Crypto advisor and investor Anndy Lian was another to jump on the Bitcoin Maxi joke bandwagon, but also asked if the choice of name indicated that Zuckerberg was prepared to abandon stock investment in favor of a crypto portfolio.

Another crypto enthusiast, the CEO and co-founder of CoinCorner Danny Scott, asked if Zukerberg’s Bitcoin love meant that he had fallen out of love with Libra, his firm’s stablecoin project now known as Diem.

Among the mirth and excitement, a few sober souls clamored to make themselves heard. Bitcoin trader and crypto tweeter @BitBitCrypto appealed for reason, writing:

“Zuckerberg knows about bitcoin and it’s not on Facebook’s balance sheet yet. Instead, he named his goat Bitcoin. Guys? I’m not sure this is a market buy signal.”

But such voices of reason were not to be given much airtime today, with Francis Pouliot, the CEO and Founder of Bull Bitcoin, replying jestfully:

“Why would [Zuckerberg] want to put it on Facebook’s balance sheet instead of suppressing the price long enough to stash up like an emperor?”

The timing of Zuckerberg’s post suggests that he may have been paying close attention to Cryptonews.com, which late last month outlined three compelling reasons why his firm should take up a position in bitcoin.

But there was a macabre twist to all this goat-themed fun – as posters with good memories recalled the bizarre tale of how Zuckerberg once killed a goat he owned…and then served it up to the Twitter boss Jack Dorsey.

Back in 2019, Rolling Stone carried an interview with Dorsey, where the latter explained that Zuckerberg had killed a goat that he had raised “probably with a stun gun and a knife,” before sending it to be butchered.

“Evidently in Palo Alto, there’s a rule or regulation that you can have six livestock on any lot of land, so he had six goats at the time,” Dorsey was quoted as saying.

The meat from the slain goat was then put in the oven, but didn’t quite come out as planned.

Dorsey continued:

“We go in the dining room. He puts the goat down. It was cold. That was memorable. I don’t know if it went back in the oven. I just ate my salad.”

Will Zuck kill Bitcoin? Will he eat it for lunch? Or will Bitcoin The Cryptocurrency appear on the balance sheet of Facebook? Stay tuned to Cryptonews.com to find out!

 

Original Source: https://cryptonews.com/news/will-facebook-s-mark-zuckerberg-kill-or-save-bitcoin-the-goa-10252.htm

 

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”.

j j j