Tag Archives: value

Why Are BRC-20 NFTs Suddenly Soaring in Value?

Why Are BRC-20 NFTs Suddenly Soaring in Value?

Non-fungible tokens (NFTs) are unique digital assets that represent various forms of art, collectibles, games, music, and more, and have been one of the hottest trends in the crypto space in 2023, attracting millions of dollars in sales and generating a lot of buzz and excitement among creators and collectors.

However, not all NFTs are created equal. There are different standards and platforms that enable the creation and trading of NFTs, each with its own advantages and disadvantages. One of the most popular and widely used standards is ERC-20, based on the Ethereum blockchain. ERC-20 NFTs have been dominating the market for a long time, thanks to the network effects, liquidity, and diversity of the Ethereum ecosystem.

But there is a new challenger in town: BRC-20. BRC-20 is an experimental token standard that enables the minting and transferring of fungible tokens via the Ordinals protocol on the Bitcoin (BTC) blockchain. Taking a cue from Ethereum’s ERC-20 tokens, BRC-20 tokens feature different mechanisms and functions, such as proof-of-history, proof-of-stake, and optional royalty. BRC-20 tokens are also compatible with the Bitcoin network, which means they can leverage the security, decentralization, and immutability of the most established and valuable cryptocurrency.

BRC-20 NFTs have been gaining a lot of traction and popularity in 2023, especially among Bitcoin enthusiasts and supporters. According to Coingecko, the TRAC (Ordinals) market cap has soared by around 230% over the last seven days to a $67 million market cap.

BRC-20s Beginning to Outpace Ethereum NFTs

BRC-20 NFTs have also surpassed Ethereum NFTs in terms of sales volume, with $35,563,933 worth of transactions in the past 24 hours, compared to $12,142,132 for Ethereum NFTs. Solana, another contender in the NFT space, is lagging with only $1,990,810 in sales volume.

Compared to when I first talked about it last year, and again this year, the difference is huge. So, what is driving this surge in BRC-20 NFTs? Several factors contribute to this phenomenon, such as:

  • Innovation and experimentation: BRC-20 NFTs are pushing the boundaries of what is possible with NFTs, introducing new features and functionalities that appeal to both creators and collectors. For example, they can have optional royalty, which means that the original creator can receive a percentage of the future sales of their NFTs, creating a passive income stream and incentivizing quality and originality. They can also have stake-weighted transaction processing, which means that the more stake a user has in the network, the faster and cheaper their transactions will be, creating a more efficient and fair system.BRC-20 NFTs can also have fee-based execution priority, meaning users can pay higher fees to confirm their transactions faster, creating a more flexible and dynamic market.
  • Scalability and performance: BRC-20 NFTs are designed to overcome the scalability and performance issues that plague Ethereum NFTs, such as high gas fees, slow transaction speed, and network congestion. Their NFTs use the proof-of-history mechanism, which allows the network to achieve a high throughput of transactions without compromising security or decentralization. Proof-of-history encodes time as data on the blockchain, creating a verifiable and chronological record of events. This eliminates the need for complex and costly consensus algorithms, such as proof-of-work or proof-of-stake, and enables the network to process thousands of transactions per second with low latency and low cost.
  • Diversity and creativity: BRC-20 NFTs are attracting a diverse and creative community of artists, developers, and collectors who are exploring new possibilities and opportunities with NFTs. They are not limited to digital art but can also represent various forms of media, such as music, videos, podcasts, games, and more. They can also be integrated with other platforms and applications, such as social media, e-commerce, gaming, and more, creating new use cases and experiences for NFTs. BRC-20 NFTs can also be combined with other NFTs, creating complex and rich digital assets with multiple layers and dimensions.
  • Strong community and builders: The Bitcoin community and builders are very strong and dedicated to improving the network and creating more user value. BRC-20 NFTs are one of the results of their hard work and vision. They have been working on the Ordinals protocol and the BRC-20 token standard for years before they launched them in early 2023. Since then, they have been attracting more and more creators and collectors to join the BRC-20 NFT space, creating a vibrant and diverse ecosystem.BRC-20 NFTs are not only a way of expressing and owning digital art but also a way of supporting and participating in the Bitcoin network and are a testament to the innovation and creativity of the Bitcoin community and builders.

Some of the most popular and successful BRC-20 NFT projects in 2023 include:

  • ORDI: ORDI is a collection of 20,000 unique and generative NFTs representing the ordinal numbers from 1 to 20,000. ORDI is a minimalist and elegant project that celebrates the beauty and simplicity of numbers. ORDI also has a social and charitable aspect, where each NFT holder can choose a social media handle to display on their NFT, and a portion of the sales proceeds are donated to various charities. ORDI is currently the largest BRC-20 NFT project by total sales, with over $208 million and over 2,440 transactions.
  • $RATS: RATS is a collection of 461,194 unique and generative NFTs representing different types of rats. They are one of the most popular and successful BRC-20 NFT projects in 2023. $RATS BRC-20 NFTs are not only collectibles but also playable characters in a metaverse game that is being developed by the team. The NFTs have different attributes, such as color, size, fur, eyes, ears, tail, and accessories, affecting their game performance and value. They also have a royalty system, creating a passive income stream and incentivizing quality and originality.

 

The Bottom Line

BRC-20 NFTs are soaring because they offer a new and exciting way of creating and collecting digital assets on the Bitcoin blockchain. They are innovative, scalable, diverse, and creative, with a loyal and passionate community behind them.

BRC-20 NFTs are not a fad but a force to be reckoned with in the NFT space — and they are only just getting started.

 

 

 

Source: https://www.techopedia.com/why-are-brc-20-nfts-suddenly-soaring-in-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”.

www.anndy.com
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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”.

www.anndy.com
j j j

MATIC price prediction: Will going green boost Polygon value?

MATIC price prediction: Will going green boost Polygon value?

On 12 April 2022, Polygon (MATIC) made headlines with the  release of  its “Green Manifesto”, pledging to make its blockchain universe more environmentally friendly.

Polygon’s future plans might seem bright, but its native cryptocurrency, MATIC, has been on a bearish trend since the start of 2022.

After reaching its all-time high on 26 December 2021 at $2.8768 the token has been on a downward trend, losing 50.9% of its value and dropping to $1.41 by 19 April 2022.

Amid plans to go green, can the token surpass its all time high, and what’s in stock for the Polygon crypto price prediction?

What is Polygon crypto?

In the last couple of years, ether (ETH) has become one of the most popular cryptocurrency tokens. It’s the second biggest cryptocurrency by market capitalisation and the leader in decentralised finance (DeFi) (as of 19 April) due to its compatibility with smart contracts, which make building decentralised applications (dApps) easy.

However, ETH’s growing popularity has also made the blockchain very hard to use amid rising gas fees and excessive traffic. That, in addition to low throughput and no sovereignty has pushed for the creation of Polygon.

Polygon, previously known as Matic Network, is the first easy-to-use platform for Ethereum scaling and infrastructure development. Founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic in 2017, it wants to make Ethereum a “full-fledged multi-chain system”.

Using the slogan “built by developers, for developers”, Polygon has managed to combine all existing Ethereum tools with faster and cheaper transactions.

Polygon’s key features include:

  • Fast, cheap and safe transactions on Polygon sidechains that are finalised on the Ethereum mainchain
  • High throughput and multi-chain transactions
  • Smooth user experience
  • Public sidechains that support a number of protocols

So far, Polygon has released three scaling solutions:

  • Polygon PoS – a Layer 2 scaling solution that achieves great transaction speed and cost savings
  • Polygon Hermez – a Layer 2 construction on top of Ethereum that solves its scalability issues
  • Polygon Edge – allows users to run their own blockchain network with customisable features

Three others are in development:

  • Polygon Avail – targets off-chain scaling solutions and standalone chains
  • Polygon Miden – a Layer 2 scaling solution for Ethereum and relies on zero-knowledge technology to merge thousands of Layer 2 transactions into one single ETH transaction, increasing throughput and decreasing transaction fees
  • Polygon Zero – a Layer 2 scaling solution for Ethereum that separates Polygon Zero from other zero-knowledge scaling solutions

Polygon Nightfall, a unique privacy-focused scalable transaction solution, is currently undergoing a testnet. The Enterprise chain is planned.

Since launching, Polygon has allowed users to develop over 10,000 dApps, attracted over 130 million unique users, experienced over 3 million daily transactions and hosted over 3.4 billion transactions.

Polygon’s native cryptocurrency is known as MATIC, an ERC-20 token running on the Ethereum network. The MATIC crypto is used to pay fees on the Polygon network, and for stacking and governance.

A maximum of 10bn MATIC tokens were released. Over 7.8bn tokens are currently in circulation, according to data provided by CoinMarketCap, as of 19 April. MATIC currently has a market capitalisation of over $11bn and is ranked as the 18th most popular token.

Will MATIC go up or down? Technical outlook

The MATIC token launched two years after Polygon was founded through an initial exchange offering (IEO) on the Binance crypto exchange platform.
Since its launch in 2019, the token struggled to speed up, moving sideways and fluctuating between $0.01 and $0.03 for the next two years.

The Polygon cryptocurrency started to gain traction in early February 2021, soaring to new price levels by May that same year. In four weeks between 22 April 2021 and 18 May 2021, the Polygon coin price surged by 602.4%, up from $0.3494 to a then record high of $2.4544.

Polygon to USD chart, 2019 - 2022

Despite its momentary success, the coin dropped to $1.0867 but managed to rebound to $2.2102 by 26 May 2021.

Following May’s highs, the Polygon coin’s price has struggled through a volatile ride. it hit a new record-high of $2.8768 on 26 December 2021, following news that the number one Ethereum App, Uniswap, had launched on Polygon.

Since then, however, the token has been on a bearish trend, with its price losing over half of its value from the record high, dropping to the $1.4222 level, as of 19 April 2022. Between 15 February 2022 and 15 March 2022, the coin lost 25.9% of its value amid general negative market sentiment as tensions started to rise on the Russia-Ukraine border.

Polygon to USD chart, January - April 2022

What is your sentiment on MATIC/USD?

MATIC token technical analysis provided by CoinCodex showed that short-term sentiment for the coin was neutral at the time of writing (19 April), with 14 indicators pointing to ‘sell’ and 13 to ‘buy’.

A relative strength index (RSI) of 35 was neutral, yet close to an oversold territory. A reading of 30 or below would indicate that the asset is becoming undervalued and a trend reversal is likely to occur. The token is trading above its five-and 10-day moving averages, yet close to its R1 resistance level of $1.47.

Is Polygon a good investment?

Some of the biggest Polygon (MATIC) news came as the platform announced that it would be going carbon-negative in 2022, revealing its “Green Manifesto” – a $20m pledge to tackle climate change.
The crypto industry has been heavily criticised for its high electricity consumption by climate change activist groups, including Greenpeace.
By joining the green movement, Polygon is not only aiding the battle against climate change, but has the potential to catch the attention of investors who value the environment, thus building the case for a bullish Polygon MATIC price prediction.

In addition, MATIC was recently listed on Robinhood, the leading retail investment and trading platform. According to Anndy Lian, the BigONE Exchange chair in Asia, that could be an endorsement for the MATIC token.

“With the Robinhood app adding Polygon to their crypto offerings, my guess is that they are also bullish on the token. In addition, the world’s most popular NFT Marketplace, OpenSea, has some of its functions run through Polygon,” Lian told Capital.com.

The expert added that Polygon’s low fees and fast speed are the two key points that are pushing more projects to mitigate the platform.

“On top of this, MATIC made good moves to deep dive into the NFT and gaming sectors. This allows them to scale and gain popularity a lot faster than their peers,” Lian said.

According to Lian, apart from the low fees and fast scalability, the platform is also easy to use and their community and developers are very supportive.

“They are building up their ecosystem by empowering projects to build dApps easily on top of their infrastructure. Their roadmap since 2017 is very clear and this has given them a lot of followers, especially in the South Asia region,” he said.

“Overall, MATIC is an exciting blockchain in the market. The demand of the token will continue to grow as long as ETH 2.0 is still not out.”

MATIC price prediction 2022 – 2025, 2030

Despite recent bearish MATIC token price action, algorithm-based forecasting service Wallet Investor gave a bullish MATIC coin price prediction at the time of writing (19 April).
The site noted that MATIC is “an awesome investment”, adding that it has a long-term earning potential.

Based on its analysis of past price performance, the website expected that the token could cost $2.439 in 2023 and jump to $6.701 by 2027.

DigitalCoinPrice supported the positive MATIC to USD forecast, but projected a much slower pace of growth in the following years, predicting that the token could rise to $1.98 by the end of 2022, $2.50 by the end of 2024 and $3.15 by the end of 2025, surpassing its December 2021 all-time high.

For the end of 2028, the site gave a $4.41 Polygon price target. Its long-term MATIC future price prediction suggested that the cryptocurrency could have the potential to reach $6.89 by 2030.

Note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence. And never invest or trade money you cannot afford to lose.

Polygon (MATIC) price prediction: The bottom line

The green transition and Robinhood listing appear to be fuelling the bull case for the MATIC coin, in line with the upbeat predictions from algorithm-based forecasting sites.
There are many factors at play for the future of the coin, from the overall macroeconomic environment, acceptance of the crypto markets and the level of adoption. Always remember that your decision to trade should depend on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you feel about losing money. Crypto markets are  very volatile and involve high risk. Never invest money that you cannot afford to lose.

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