Blockchain
Fusion NFT™ – a new way of investing in art and collectibles?
Not so long ago, digital artists whose artworks were posted all over social media, were frustrated that they were not earning much income from their works irrespective of the number of likes, comments and shares they got. On the other hand, art connoisseurs/collectors have been limited in how they can trade their art pieces as auction houses where predominantly the only avenue for them to sell their collections.
With the usage of blockchain technology, NFTs (non-fungible tokens) have completely changed how art and collectibles can be bought and sold. Through NFTs, artists now have a new way to monetize their art, collectors can access a more diversified range of collectibles and investors can have access a wider pool of buyers.
While there has been news with respect to the growing interests in NFTs, this strong interest was also seen during the recent inaugural Coinllectibles™️ Fusion NFT™️ on OKEx NFT marketplace. Within the first day of the launch, an investor paid US$100,000 (28ETH) for the Coinllectibles™️ Fusion NFT™️ Item #001 – a pair of heritage ceramics, which was almost twice the item’s valuation price. The investor immediately placed the piece out in the secondary market and resold it at 150,000 USDT, successfully making a US$50,000 profit. The new owner then resold the iconic piece for 250,000 USDT and made a profit of about US$100,000. The collectible is currently on sale for sale for 289,000 USDT (https://www.okex.com/defi/nft/markets/detail?id=29978). As a whole, all the Fusion NFT™️ were sold out during the launch and Coinllectibles™️ saw a total sales turnover of more than US$600,000 during the first 4 days.
Observing this development, Joseph Morton from Equity.Guru commented that this could be a “game of greater fool hot potato” (https://equity.guru/2021/09/10/this-week-in-crypto-standard-regulation-edition/). While that may be the case for regular NFTs, this article takes a look at how different Fusion NFT™️ is and how Coinllectibles™️, a fully owned subsidiary of Cosmos Group Holdings Inc. (OTC: COSG), aims to add value to the collectibles market.
1. Fusion NFTs™️ – Buyers get both the digital tokens and the physical collectible
NFTs are characterized by its feature of tokenizing items with unique blockchain-based ID tags. Unlike regular NFTs, where buyers only get a digital asset, buyers of Fusion NFTs™️ get both the digital non-fungible tokens as well as the physical art piece. In this way, Fusion NFT™️ buyers not only get to buy and sell the digital non-fungible tokens online, they are also able to enjoy the items in the real world.
2. Ownership security and provenance
To make the buying and selling of Fusion NFTs™️ secure, Coinllectibles™️ has incorporated state-of-the-art 3D imaging technology to authenticate as well as provide provenance for the collectibles. This is akin to using the facial recognition function to unlock a handphone, the 3D image that is contained within the NFT will be able to authenticate ownership as well as whether the item is genuine. As added security, Coinllectibles™️ also embeds microchips to the collectible items. Apart from all these technological protection, Fusion NFTs™️ also consists of robust documentation to provide owners with legal protection as well. All these are put together to holistically protect the interest of stakeholders, that will ultimately lead to a more secured buying/selling experience online.
3. More than art and collectibles collection
Beyond the buying and selling of NFTs, Coinllectibles™️ aim to bring greater enjoyment to our Fusion NFT™️ owners. Firstly, Fusion NFTs™️ owners will get to decide between taking possession of the physical collectibles or putting the items up on exhibit in the world’s first gallery for Fusion NFTs™️ at K11 MUSEA in Hong Kong. Secondly, Coinllectibles™️ is exploring the possibility of working with game producers so that Fusion NFT™️ owners will also get to enjoy the items in an online environment. While some of these initiatives are still work-in-progress, Coinllectibles™️ believes that all these additional benefits help differentiate Fusion NFTs™️ from the rest.
In conclusion, not only are NFTs attracting the attention from artists and collectors, investors are also eyeing the extensive market opportunity of this crypto art and collectibles trade. Based on Statista, the total number of NFT from Apr 2021 to Aug 2021 was more than 263,000 – which approximates to 1 NFT sold each minute. All these showcase the immense potential and profitability of NFTs being traded in the primary and secondary market. We are still in the early days. While it is anyone’s guess how the NFT market will become, the prospects for now is extremely bright.
To keep up with the launch of Fusion NFTs™️ projects and news, please visit www.Coinllectibles.Art or join the Coinllectibles™ Telegram Channel at https://t.me/Coinllectibles.
Blockchain
Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing
Global Supply Chain Finance Market
Blockchain
Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest
Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.
The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.
While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.
Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.
A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.
Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.
Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.
Source: cryptonews.com
The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.
Blockchain
ASIC cracks down on blockchain mining firms
Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.
According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.
The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.
ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.
In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.
While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.
Source: iclg.com
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