Blockchain
Artmarket.com: auction market as builder and buffer for the NFT Market
Traditional auction houses have been playing a launchpad role in NFT trading, but they could provide greater stability for this growing market. By providing valuation estimates, they synthesize the current state of supply and demand; by selling an NFT, they provide a reference price that is independent of the prices practiced on peer-to-peer platforms (like Opensea, Nifty Gateway, SuperRare, etc.). In other words, with their expertise and their temporization of the market, the auction houses may well have a stabilizing effect on the effervescent NFT market.
Abdoulaye Barry, Globule blanc (2022). Paper print + NFT. Estimated €500 – €800, sold €1,080 by Fauve Paris auction house in Paris on 10 March 2022
Thierry Ehrmann, CEO and Founder of Artmarket.com and its Artprice department: “By preparing a sale, publishing a catalog several weeks in advance and by giving a range of estimates and guaranteeing the information long after adjudication, the auction house actually ‘moderates’ the NFT market. This does not prevent prices from soaring if demand is stronger than expected”.
Despite the transparency of blockchain technology, there are plenty of anomalies on major NFT marketplaces. Whether it’s fake accounts (like those that appeared around Takashi Murakami) or arbitrage opportunities (offered to those who manage to integrate the whitelists of the most coveted projects), NFT sales platforms have seen a large number of highly aggressive strategies contributing to price volatility and a degree of instability.
Takashi Murakami’s ‘overly’ anticipated NFTs
Since the announcement of his Flowers NFT project, Japanese artist Takashi Murakami (ranked 105th in our global ranking of artists by 2021 auction turnover, all periods of creation combined) has been the subject of numerous fraud attempts using Instagram and Twitter accounts with deliberately similar names, such as murekemi.flower2022. By inciting you to mint NFTs as quickly as possible (as most NFT drops do), these fake projects try to make you buy instantly, without checking the legitimacy of the creator.
It is clear that Murakami’s NFT project is attracting interest from both traditional collectors and from the crypto community. However, it is looking increasingly likely that his Flowers NFTs will not be launched until around the time of his solo show at the Gagosian in New York, scheduled for May 2022. We will therefore have to wait a little longer than was initially expected to buy into Murakami’s digital Flowers.
https://gagosian.com/exhibitions/2022/takashi-murakami/
Unfortunately, the lack of clarity that currently exists on NFT marketplaces as well as on social media is generating a large number of scams. Almost all of today’s most famous NFT projects have replicas circulating in large numbers on Opensea. This situation could be improved by a more active presence of stabilizing agents such as auction houses in the NFT ecosystem.
At last… a genuine reference price
Of the 10,000 items in the World of Women collection, only one copy went to public auction. Estimated between $400,000 and $665,000 by Christie’s, Woman #5672 was sold on 1 March 2022 in London for $600,000 (to which a 26% buyer’s fees was added, bringing the total purchase price to $755,000).
The value of this work fitted perfectly with the estimate provided by the auction house Christie’s. However, the price of this NFT has been very volatile: barely six months ago, Woman #5672 was acquired for $117,000 (37.95 eth) on the OpenSea platform, and the best offer for this NFT is today $70,000 (20 eth).
https://opensea.io/assets/0xe785e82358879f061bc3dcac6f0444462d4b5330/5672
Because it was outside the blockchain, data relating to Christie’s sale does not appear in the work’s activity log on OpenSea. On the other hand, the identity (or rather the pseudonym) of the buyer of Woman #5672 has been revealed by Opensea: it is the moonpay.eth account. In this way, the OpenSea platform and Christie’s auction house both provide two complementary bits of information.
Image: [https://imgpublic.artprice.com/img/wp/sites/11/2022/03/image1-Abdoulaye-Barry-Globule-Blanc-2022.jpg]
Copyright 1987-2022 thierry Ehrmann www.artprice.com – www.artmarket.com
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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Blockchain
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