Weekly Update – Crypto

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Pace Gallery Announces Dedicated Platform for NFTs

Pace Gallery, the international contemporary art gallery founded in 1960 by Arne Glimcher, will be launching an NFT platform in the fall.

The unnamed platform will debut sometime this September and will begin with a series of NFTs by 84-year-old Lucas Samaras based on his digital prints.

The platform will be managed by Pace’s online sales director, Christiana Ine-Kimba Boyle, and will be accessible through the Pace Gallery website.

Pace has also begun accepting cryptocurrency as a form of payment for both digital and physical artwork.

Check out the full story here

Jay-Z Commissioned Derrick Adams NFT Heading to Sotheby’s Auction

The NFT commissioned by Jay-Z is heading to a Sotheby’s online auction. The work is from the 1996 debut album cover ‘Reasonable Doubt.’

The offering began at $1,000 and will remain open until July 3rd. The current bid is now sitting at $22,000 with 5 days remaining.

A physical version of the image painted by Derrick Adams will reside in Jay-Z’s personal art collection. Proceeds from the sale will go to Jay-Z’s charitable organization, ‘Shawn Carter Foundation,’ supporting access to secondary education for youth.

NFT Sales Fall Almost 90% From Peak

Early in March, digital artist Beeple sold his NFT for $69 million at a Christie’s auction. For almost two months following the sale, NFT’s were selling in a flurry of activity that peaked at the beginning of May.

Since then, the total dollar volume of NFT sales has plummeted. Sales fell from a record $170 million in early March to a recent low of just $19 million per week. Sales of digital art have fallen along with NFT wallet activity.

NFT’s remain a polarizing asset. Some would argue NFT’s are the future of investment and will unlock a new world of possibilities to buy and sell virtually anything under the sun. Skeptics say this bubble has already popped, and NFT’s were never a viable investment.

Check out the CryptoPunks listed on LarvaLabs if you want to see mind-blowing valuations on their most popular NFTs.

Nonetheless, this market remains fascinating as a study in psychology and behavioral finance.

Pomp Lays Out the Recent Sell-Off

Everyone knows Pomp; he needs no introduction. If you don’t subscribe to The Pomp Letter, here’s the link, time to sign-up.

His recent note commented on the sell-off in crypto and if there was more pain ahead. One interesting thing Pomp outlined was the rotation from short-term holders of Bitcoin to long-term holders.

His recent analysis is full of charts, many of which I don’t understand. The chart I do understand with my tiny pea-sized brain is titled, ‘Bitcoin: Total Supply Held by Long-Term Holders.’ This is good news if you’re a Bitcoin Believer. Longer-term holders are increasing their “stack.” And coins are moving from “weak hands to strong hands.” Something like that.

When Bitcoin is cut nearly in half within the last month, it’s time to search for good news wherever you can find it. Maybe this is the start of the recovery, as the paper hands fold and cough up the coins to diamond-handed HODL’ers.

Pomp mentions if the 30k support barrier is broken then 20k is next for price support. Ouch. Call me crazy, but if BTC hits 20k anytime soon, I predict Pomp will be… buying Bitcoin.

Subscribe to his daily email on all things Crypto. Bang Bang.

“Charlie Bit My Finger” Sold as NFT

One of the most viewed YouTube videos of all time was recently sold as an NFT for $760,999. Collector 3F Music purchased the NFT, which might lead to the video disappearing from YouTube for good.

The NFT auction was run by Origin Protocol, whose mission is to ‘bring crypto mainstream’ and bring ‘NFTs and DeFi to the masses.’

Bitcoin Price Plunges, Ethereum Tanks

A wild week in Crypto Land saw violent price swings where Bitcoin bounced around $30,000. Ethereum lost almost half its value from recent all-time highs.

The most interesting thing to me is many of the “diamond hand” HODLr’s seem to be as committed as they’ve ever been. I would say, at least at the moment, Bitcoiners are fully expecting a bounce back to all-time highs soon and the bull market to continue.

Check out the Crypto Fear & Greed Index, which shows “extreme fear” with a reading of 12.

Crypto Twitter Thread from Roaul Pal

Founder of Real Vision and crypto enthusiast Raoul Pal had an interesting Twitter thread recently. Roaul still thinks we are half-way through the current bull market in digital assets.

It’s a great thread if you’re into Bitcoin or cryptocurrencies. Raoul is always thoughtful on markets and various assets, especially crypto. He’s excited to see what becomes of the NFT space and believes the mass adoption phase will emerge after the next down cycle.

Check out Real Vision and Raoul Pal on Twitter if you’re looking for thought-provoking investment and market insight.

Dogecoin Hits Record High

Now over 72 cents at the moment, it’s an all-time high for Doge. The internet meme slash joke-coin has almost doubled in the last seven days.

I personally know one lucky Doge diamond-handed holder, and he’s looking at the $1.00 line in the sand. I asked what his game plan is as DOGE approaches one dollar, and he is planning to take some money off the table at about 90 cents.

He was early on DOGE, and his stake has ballooned to an enormous amount in the last few months. I wish him the best of luck; this is becoming a high-steaks game, and not for the faint of heart.

Ethereum Blasts to the Moon

Bitcoin and Crypto rally back this week in a big way, after moving sideways for nearly a month. But it was Ether that showed its strength as it blasted to all-time highs.

Now over $2,800, Ethereum is marching into uncharted territory while Bitcoin is still around 7k under its all-time high – for now…

Crypto & NFT Resource of the Week – CoinMarketCap

It’s nice to have perspective. Everyone wants it, but some people find perspective easier than others. In Crypto land, perspective is of the utmost importance.

CoinMarketCap gives you a clean look at all crypto assets in an easy-to-read, clear format, ranked in order of market cap. It’s one of my favorite Crypto sites. It’s simple, straightforward, comprehensive, and always up to date. They even rank NFTs.

Give it a try. Use powerful filters to search alt-coins. Click each currency for in-depth analysis in a viewer-friendly format.

Nike ‘Cryptokicks’ patent opens the door for NFT ‘breeding’ to create custom sneaker ‘offspring’

Read more about how NFTs could allow retailers to merge their physical and digital assets for wild and crazy possibilities. Mind-bending stuff, and it’s already well underway.