Bitcoin continues consolidation: Are we still in a bull market? | Tune in now to The Market Report w/ Ran Neuner

“The Market Report” with Cointelegraph is live right now with special guest Ran Neuner, co-founder and CEO of Onchain Capital and founder of “Crypto Banter.”

Join Cointelegraph host and analyst Benton Yaun alongside resident market experts Jordan Finneseth and Marcel Pechman as they break down the latest news in the markets this week. Here’s what to expect in this week’s markets news breakdown: 

  • Bitcoin (BTC) may continue to consolidate until Q1 of 2022. With $2.5 billion liquidated in the cryptocurrency market this week, should investors still be optimistic about the current cycle?
  • Bitcoin dipped just below $50,000 as Evergrande defaulted. The Chinese property development giant may have caused Bitcoin’s most recent price drop. Will this price point serve as firm support?
  • $1.1 billion in Bitcoin options expire on Friday, and things are not looking good for the bulls. Find out what the numbers tell us before this month’s expiry.

After the market news update, the hosts chat with special guest Ran Neuner, co-founder and CEO of Onchain Capital and founder of “Crypto Banter,” about how investors should approach big corrections, which altcoins and gaming tokens to look out for, and whether the current market is one big buying opportunity.

Using insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market, the Cointelegraph experts identify two altcoins that stood out this week: 1INCH and XTZ.

Finally, Cointelegraph market analyst Jordan Finneseth discusses why the typical 4 year market cycle may be lengthening. Are we currently witnessing it? With institutions showing more and more interest in cryptocurrencies beyond Bitcoin, such as NFTs, gaming tokens, and the metaverse, will it be another year before a true bear market?

Do you have a question about a coin or topic not covered here? Don’t worry! Join the YouTube chat room and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100!

“The Market Report” streams live every Thursday at 12pm ET, so be sure to head on over to the Cointelegraph YouTube page and smash that like and subscribe button for all our future videos and updates.

Beeple’s Latest NFT ‘Human One’ Sells for $29M, Artist Plans to ‘Enhance the Displayed Artwork’ During His Lifetime

Beeple's Latest NFT 'Human One' Sells for $29M, Artist Plans to 'Enhance the Displayed Artwork' During His Lifetime

This year the American artist Michael Winkelmann, otherwise known as Beeple, made history when he sold his non-fungible token (NFT) artwork “Everydays” for $69.3 million on March 11. Beeple’s latest NFT called “Human One” is a life-sized NFT sculpture that sold for $29 million, and the artist will update the NFT during the course of the rest of his existence on earth.

Beeple’s ‘Human One’ NFT Fetches $29 Million, Artist Plans to Update Art Remotely for the Rest of His Life

Beeple is making headlines again after he sold another multi-million dollar non-fungible token (NFT) called “Human One” for $29 million at Christie’s 21st Century Evening Sale. Beeple (whose birth name is Michael Winkelmann) is one of the most well-known NFT artists today because his “Everydays: The First 5,000 Days” NFT sold for $69.3 million. This made Beeple’s artwork one of the most expensive pieces of art in the world and the most costly NFT sold to date.

“Everydays” was sold via a Christie’s auction on March 11, 2021, and Beeple’s latest multi-million-dollar NFT sale was also through the luxury auction house. Beeple’s new art is a life-sized 3D sculpture and an NFT that was minted on October 28, 2021. Christie’s describes it as a “kinetic video sculpture—four video screens (16k resolution), polished aluminum metal, mahogany wood frame, dual media servers; endless video with corresponding dynamic non-fungible token.”

Human One: ‘A Portrait of a Human Born in the Metaverse’

Beeple describes his latest NFT art as “the first portrait of a human born in the metaverse.” The interesting thing about Beeple’s “Human One” is that he aims to change it over the course of his lifetime.

This means that the owner, Ryan Zurrer, and any owners thereafter, may see the “Human One” artwork change to whatever Beeple wants to add. The changes could depend on his mood and could represent something the artist is thinking about.

At the moment, the life-sized 3D sculpture NFT shows an individual in a silver-colored space suit with boots, a helmet, and a backpack. The 21st Century Evening Sale auction of “Human One” ended on November 8, with a realized price of $28,985,000.

“The physical element is designed to continuously display the artwork. Beeple will maintain remote access to the physical element to ensure proper functionality and/or enhance the displayed artwork,” Christie’s concludes. “Beeple warrants that the physical element does not contain any features designed to impair the continuous display of the artwork.”

What do you think about Beeple’s latest “Human One” NFT sale that he plans to update continuously for the rest of his life? Let us know what you think about this subject in the comments section below.

Ark Invest CEO Cathie Wood Says Metaverse Will Be Multitrillion-Dollar Market

The CEO of Ark Investment Management, Cathie Wood, says that the metaverse can become a multitrillion-dollar market. “It’s a big idea that will probably infiltrate … every sector in ways that we cannot even imagine right now,” she said.

Cathie Wood Believes the Metaverse Will Be Multitrillion-Dollar Opportunity

Ark Investment Management (Ark Invest) CEO Cathie Wood shared her prediction about the metaverse in an interview with CNBC last week. She explained that the metaverse will be a multitrillion-dollar opportunity that will impact every part of the economy.

The Ark Invest CEO opined:

It’s a big idea that will probably infiltrate, just like technology is, every sector in ways that we cannot even imagine right now.

The metaverse has gained much attention after social media giant Facebook changed its name to Meta.

Wood was asked whether she thinks the metaverse can become a multitrillion-dollar market. She simply replied, “We do.”

The Ark Invest CEO noted that the metaverse will expand substantially away from the current focus on gaming and consumer goods, elaborating:

We’re going to have our digital twins, and it’s going to enable a lot of fun and a lot of efficiencies.

Recently, Grayscale Investments published a report stating that “The market opportunity for bringing the metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today.”

Last week, Bank of America’s strategist said that the metaverse is a massive opportunity where cryptocurrencies will be widely used as currencies.

However, some are skeptical about the metaverse. They pointed out that people have played games in virtual worlds for years, emphasizing that the idea is far from revolutionary. Raj Gokal, co-founder of Solana Labs, tweeted last week: “I worry that the metaverse is overhyped (industry-wide). I haven’t seen this much hype in mainstream media over an unreleased product or category of products, maybe ever.”

Do you agree with Cathie Wood on the metaverse becoming a multitrillion-dollar market? Let us know in the comments section below.

Bitwise CIO Says $100K Bitcoin a Difficult Prediction to Make, Calls Ethereum the ‘Asset of the Year’

Bitwise CIO Says $100K Bitcoin a Difficult Prediction to Make, Calls Ethereum the 'Asset of the Year'

While there’s been an awful lot of calls for bitcoin to reach six-digits in value in 2021, as the end of the year draws closer, it doesn’t seem like $100K per bitcoin will happen. Bitwise Asset Management’s chief investment officer Matt Hougan told the press on Monday that “$100,000 by the end of the year is a difficult prediction to make.”

$100K Bitcoin Prices May Be Unattainable in 2021 — Bitwise Exec Says Next Year ‘Investors Are Going to Be Looking at Ethereum’

For a good portion of the year, many bitcoin advocates, experts, luminaries, and analysts predicted that bitcoin (BTC) would surely hit the $100K per unit range in 2021. One of the most popular forecasts belongs to Plan B, the creator of the stock-to-flow (S2F) bitcoin price model. Plan B said based on the pseudonymous analyst’s “worst case scenario for 2021 (price/on-chain based)” would be “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.”

However, November’s price call missed and the $135K prediction looks like it will miss as well. Bitcoin would have to double in value over the next 24 days gathering a touch over 96% during that time. Plan B is not the only one that has predicted BTC could hit six-digits in USD value by the year’s end. The financial institution Standard Chartered predicted at the beginning of September that bitcoin’s value could reach $100K by the end of the year.

Yahoo Finance contributor, Javier David, said on October 21, that “suddenly, a bitcoin move to $100K doesn’t seem so farfetched.” In fact there’s a great number of analysts that have said that at some point in the future, bitcoin prices will touch the six-digit zone or $100,000 or more per unit. Speaking with Bloomberg’s Emily Chang, Bitwise Asset Management’s CIO Matt Hougan explains that bitcoin hitting $100K will be difficult in 2021. Hougan further explained that ethereum (ETH) was the “asset of the year” in 2021.

“I think as we look into 2022, we still have these fundamental drivers, the institutions we speak to every day at Bitwise,” Hougan explained. “$100,000 by the end of the year is a difficult prediction to make — I think $100,000 could be in target in 2022 but this year, I’m not so sure,” Hougan remarked.

Hougan Predicts an ‘Explosion of Activity Built on Ethereum’

As far as the second-largest crypto asset by market capitalization, ethereum (ETH), Hougan thinks 2021 was the digital currency’s year. While noting to Bloomberg’s Chang that ethereum was the “asset of the year,” Hougan also stressed that there will be an “explosion of activity built on Ethereum” next year. But investors will be looking at other smart contract blockchain networks as well, the Bitwise CIO said. Hougan added:

Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize there’s more to crypto than just Bitcoin. If there’s one bigger story for next year, it’s going to be everything else: crypto as defi, NFTs, Web3, or metaverse.

What do you think about the Bitwise CIO’s cryptocurrency predictions? Let us know what you think about this subject in the comments section below.

Binance Smart Chain Partners With Animoca Brands in $200 Million Crypto Gaming Incubation Fund

Binance Smart Chain

Binance Smart Chain, one of the leading smart contract platforms in the blockchain market, has partnered with Animoca Brands, operator and investor of several NFT based games, to launch a joint $200 million gamefi (financialization of gaming) incubation program. The two institutions will invest $100 million each to fund and ease the development of new gaming experiences on top of the Binance Smart Chain.

Binance Smart Chain and Animoca Bet on Gamefi

Binance Smart Chain has a new tool to entice the development of new games on top of its platform. The acceleration and investing branch of the smart contract chain has partnered with Animoca Brands, one of the leading metaverse gaming firms, to establish a $200 million gaming incubation fund. Each one of the parties will put $100 million destined to fund projects focused on gaming on top of the Binance Smart Chain.

Establishing these projects from scratch is a difficult thing, according to Executive Chairman and Co-Founder of Animoca Brands Yat Siu, and requires an amalgamation of factors for building a successful project. On this, Siu stated:

Early Gamefi projects require funding to build their products, and need industry expertise for open-world gameplay and tokenomics, as well as networking opportunities to establish growth in the blockchain gaming and open metaverse.

Animoca Brands’ experience in building and operating projects like The Sandbox, a metaverse-based gaming experience, could help these newcomers to establish a foothold in the now crowded blockchain gaming market, according to Gwendolyn Regina, Investment Director at Binance Smart Chain.

Investment Firms Running to the Metaverse

Binance is just the one in a chain of projects that are putting serious money behind metaverse-based and crypto gaming initiatives. These $100 million will come from the $1 billion growth fund that the exchange launched earlier this year to incubate more projects on top of the BSC network.

There have been multiple companies and exchanges entering the metaverse business. One of them is Kucoin, an Asia-based exchange, which launched a $100 million metaverse fund to help young metaverse projects build their platforms. The whole metaverse sector has been vindicated by two important reports that explain the business opportunity that early adopters might catch within this newly identified sector.

The first one, issued on November 27, comes from Grayscale, which identified the metaverse as a one trillion dollar investment opportunity. The second one comes from a Bank of America strategist, who also stated the metaverse would be a massive opportunity for the entire crypto ecosystem.

What do you think about the new $200 million gamefi BSC fund? Tell us in the comments section below.

Sophia AI robot to be tokenized for Metaverse appearance

A collection of 100 “intelligent NFTs” will be auctioned in Binance on Dec. 16 as Sophia takes a trip into the Metaverse.

A virtual anime version of Sophia, the world-famous humanoid artificial intelligence (AI) robot, is set to be tokenized and auctioned off as part of an up-and-coming Metaverse project dubbed “Noah’s Ark.” 

Sophia was developed by Hong Kong-based firm Hansen Robotics in 2016 and is known across the globe for her conversation skills and articulate speaking ability. In her first 5 years, Sophia has addressed the United Nations and obtained Saudi citizenship.

Earlier this month, former Hansen Robotics CEO and Sophia co-creator Jeanne Lim launched a virtual anime version of the robot dubbed “Sophia beingAI” at her new company beingAI under a perpetual license and co-branding partnership.

According to the Dec. 7 announcement, beingAI has partnered with intelligent nonfungible token (iNFT) production firm Alethea AI to launch 100 iNFTs featuring Sophia beingAI on Binance’s NFT marketplace in an Intelligent IGO (Initial Game Offering) on Dec. 16.

The auction will take place over 5 days, with twenty iNFTs being released each day until it concludes on Dec. 21.

The term iNFT refers to revolutionary NFTs that are embedded with intelligence in the form of an AI personality that adds programmability into their immutable smart contracts. These intelligent NFTs can interact in real-time with people in a gamified environment autonomously.

The collection is named “The Transmedia Universe of Sophia beingAI” and as part of the partnership, the 100 iNFTs will be supported in Alethea AI’s decentralized Metaverse project Noah’s Ark.

The collection is being illustrated by comic artist Pat Lee, who previously worked with DC Comics and Marvel Comics on franchises such as Batman, Superman, Ironman, and Spiderman.

Alethea AI unveiled Noah’s Ark in October, and is aiming for its Metaverse to be “inhabited by interactive and intelligent NFTs.” Lim stated that:

“We hope Sophia beingAI will bring together humanity and technology to help humans attain our true nature of unconditional love and pure possibilities.”

Related: Sophia the robot set to auction NFT digital artwork

It is not the first time Sophia has been involved in the NFT space. In March, Sophia held an NFT auction via the Nifty Gateway platform as reported by Cointelegraph.

In a famed speech at the 2017 Future Investment Initiative Conference, Sophia demonstrated that she can show emotion by making faces that were happy, sad, and angry. In 2019, Sophia stated that she knew what cryptocurrencies were but didn’t own any.

The Metaverse Land Grab Is Here—Should You Transfer In?

On Friday, someone used $450,000 for a plot of digital land upcoming doorway to Snoop Dogg’s mansion in the “Snoopverse,” a area of the metaverse environment The Sandbox. Snoop tweeted out our tale on the price tag tag and said, “That is a cut price.”

He may possibly demonstrate to be correct.

Metaverse land profits topped $100 million this week by yourself. That incorporated $2.43 million for a parcel of land in Decentraland, and a file $4.3 million for real estate in The Sandbox.

It could be tempting to dismiss all this metaverse madness as the newest online paying out bubble, but the details details are introducing up. The metaverse is developing, it’s a serious matter, and lots of, lots of people are going to commit quite a few, quite a few hrs there in the foreseeable future.

The Sandbox isn’t really even absolutely stay still it launched an alpha take a look at this 7 days. No make any difference: Its token SAND is up 82% in the past thirty day period, though Decentraland’s token MANA is up 35% in a month. The irony of Facebook’s rebrand to Meta is that even though crypto individuals mocked the company—and its stock suffered—its embrace of the metaverse boosted metaverse tokens.

Why all the buzz? The metaverse is not new as a buzzword or a notion, despite Mark Zuckerberg’s work to brand name it as his personal. Neal Stephenson coined the expression in his seminal 1992 novel Snow Crash, and even right before that, William Gibson’s Neuromancer was set in the digital realm, just like Ready Player 1. Legendary personal computer games from the early 2000s like The Sims, Second Life, and Animal Crossing ended up all metaverse video games.

But now things are receiving severe as people spend true income for virtual houses, and major manufacturers rush in to stake their declare. (Snoopverse, satisfy the Budverse and Tinderverse.) And lest you imagine the metaverse is just for participating in game titles, NFT artists can prove if not. Eddie Gangland, whose cranium-themed NFTs ended up on show at a social gathering thrown by Gary Vaynerchuk at Artwork Basel in Miami this 7 days, recounted in June how a stranger struck up a chat with him although he was placing up a digital gallery inside of the Ethereum-hosted metaverse place Crypto Voxels and then acquired 1 of his NFTs. Serious human connections are going on in the metaverse, and they’re main to investments of real revenue.

I was just in our gallery within of the Metaverse & someone going for walks via entered our gallery and began browsing my get the job done. We had a chat as I was finishing obtaining established up for tomorrow. After a 5 minute chat this human being purchased my 1 of 1 Obama NFT! Move out your consolation zone!

— Eddie Gangland💀gangland.eth (@eddiegangland) June 16, 2021

Of course, lots of men and women buying tokens tied to the digital realm are not essentially investing any time there, which indicates they are working with metaverse tokens as workaround financial commitment for obtaining actual virtual residence, a lot like buying Coinbase stock or a Bitcoin futures ETF as a way to achieve exposure to Bitcoin.

For now, the tokens are surging, the land profits are multiplying, and it all suggests a foreseeable future in which the metaverse becomes a flourishing parallel to the bodily… meataverse.

The post The Metaverse Land Grab Is Here—Should You Transfer In? appeared first on Soltimes.

A person Compensated $450K to Be Snoop Dogg’s Metaverse Neighbor

Snoop Dogg is recreating his California mansion in The Sandbox, a decentralized metaverse recreation on Ethereum that minted its 1st wave of virtual tons in the “Snoopverse” yesterday. A plot next to Snoop’s virtual home offered now for close to 71,000 SAND, the indigenous token of The Sandbox, which is about $450,000. 

Virtual land in The Sandbox is remaining offered as NFTs, which are unique tokens that grant ownership legal rights in excess of digital merchandise—in this situation, plots of electronic real estate. The Sandbox LAND NFTs can be purchased and sold just like any other NFT on platforms like OpenSea. 

In response to the news that a plot next to his marketed for $450K, Snoop Dogg tweeted out, “Won’t you be my neighbor.” 

Mathieu Nouzareth, board member of The Sandbox, told Decrypt that the organization approached Snoop about collaborating that “he was instantly really fascinated in The Sandbox.”

“We’re going to do various things with him,” mentioned Nouzareth. “The up coming campaign is heading to be all-around offering LAND with Snoop Dogg, and then we have this huge live performance. We offered 1000 tickets, and it is coming early next year.”

The Snoopverse LAND NFT sale lists three “estates” in total, like the plot that offered at auction for nearly fifty percent a million bucks. The two other estates bought for close to 55,000 SAND and 67,000 SAND, which is about $338,000 and $410,000, respectively.

At a much decreased selling price level, 122 standard LAND NFTs are also for sale at 1,011 SAND in the location around Snoop Dogg’s virtual estate. There are also 67 premium LAND NFTs, which cost 4,683 SAND, with just about every a single which include a few further NFTs as a reward. The bonus NFTs might involve non-public bash passes, which grant holders accessibility to Snoop’s personal events in The Sandbox metaverse.

The buyer who compensated $450K for 1 of the “estates” in the Snoopverse is an NFT collector who goes by the name P-Ape. In accordance to their OpenSea account, they have additional notable holdings of Bored Ape #6445, at present detailed for 150 Ethereum, and Mutant Ape #11089, detailed at 80 Ethereum.

This massive Sandbox LAND auction sale cost suggests that some are prepared to pay back the normal value of a multi-bedroom property in Phoenix, Arizona, for a digital 3×3 plot of land in the Snoopverse. 

For superior or even worse, a massive sum of capital is pouring into the metaverse, with in excess of $100 million invested in digital actual estate in just the earlier week. Out of that whole, a whopping $86.56 million went to The Sandbox by yourself, which is also functioning with the likes of new music producer deadmau5 and athletic model Adidas in addition to Snoop Dogg.

But this LAND sale isn’t Snoop’s initial involvement with NFTs. He has been gathering and building art on the blockchain around the previous yr, collaborating with artist Coldie to launch an NFT assortment on SuperRare and yet another collection with the artist at the rear of the Nyan Cat meme. And most likely most incredibly, Snoop unveiled back again in September that he is the popular NFT whale collector regarded as Cozomo Medici—while Snoop has remained limited-lipped about it at any time considering that.

The post A person Compensated $450K to Be Snoop Dogg’s Metaverse Neighbor appeared first on Soltimes.

Virtual Metaverse Plots Outpace Top NFT Collection Sales, Play-to-Earn Tokens Surged in Value This Year

Virtual Metaverse Plots Outpace Top NFT Collection Sales, Play-to-Earn Tokens Surged in Value This Year

During the last seven days, virtual lands sold in the metaverse have outpaced a great number of non-fungible token (NFT) sales. Moreover, metaverse native crypto tokens like axie infinity, sandbox and decentraland and play-to-earn digital assets in general have jumped significantly in value this year.

Metaverse Properties Outpace NFT Collections — Play-to-Earn Tokens Rise

Following the meme-crypto hype, the decentralized finance (defi) trend, and the non-fungible token (NFT) craze, the metaverse has become a big deal. Essentially, a metaverse is a different version of the internet that supports virtual environments, items, collectibles, weapons, and sometimes play-to-earn features. Virtual worlds like Second Life, Minecraft, and Roblox can be considered iterations of the metaverse but in recent times, blockchain technology has entered the realm.

For instance, out of the $2.3 trillion crypto economy, $25 billion of it belongs to play-to-earn (P2E) digital assets. Axie infinity (AXS) is the largest P2E token in terms of market capitalization with a valuation of around $6.5 billion.

While AXS has lost 25% during the last week, AXS is up 20,824% year-to-date (YTD). The second largest P2E token is sandbox (SAND) with a $4.6 billion market valuation. SAND lost 32% this past week but has gained 11,597% YTD.

The third-largest market valuation in terms of P2E assets is decentraland (MANA) with a market cap of around $4.4 billion. MANA has lost 32% this week as well but has gained 3,693% YTD in USD value. Other top P2E tokens in terms of market cap size include gala (GALA), wax (WAXP), illuvium (ILV), and mobox (MBOX).

Staking Land in the Metaverse Can be Expensive — The Sandbox Captures $70M in Weekly Sales

In addition to metaverse and P2E tokens gathering massive value during the last year, in recent times land in the metaverse has been a hot commodity. Metrics from indicate that the NFT market history for the last seven days shows The Sandbox has been the top contender. Sales stemming from The Sandbox metaverse saw more than $70 million in sales during the last seven days.

Virtual Metaverse Plots Outpace Top NFT Collection Sales, Play-to-Earn Tokens Surged in Value This Year

That’s about $10 million more than the sales produced by the Bored Ape Yacht Club (BAYC) NFT collection which saw $59 million. Moreover, The Sandbox sales are much larger than the Cryptopunks NFT collection sales which captured $17 million last week. The virtual reality platform powered by the Ethereum blockchain, Decentraland has seen the sixth largest number of weekly sales with $6.6 million last week.

The biggest sales on Decentraland were land plots and estates worth between $289K to $758K. While The Sandbox outpaced Decentraland sales, land plots sold for much lower values as land exchanged hands this past week for $44K to $68K per plot. However, virtual land adjacent to Snoop Dogg’s Sandbox estate recently sold for $450K in ethereum. The average USD price for The Sandbox metaverse products during the last week was $15K across more than 4,400 sales.

What do you think about the metaverse and P2E tokens gaining a lot of value this year? What do you think about all the metaverse land sales? Let us know what you think about this subject in the comments section below.