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Non-fungible Digital Artwork Sale Shatters Records, ‘Picasso’s Bull’ NFT Sells for $55K

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During the first week of July, news.Bitcoin.com reported on the growing sales of non-fungible token artwork being sold on marketplaces like Opensea, Nifty Gateway, and Makerplace. Just recently, the NFT market Nifty Gateway broke records selling a piece of digital artwork created by the artist Trevor Jones for $55,555.

Non-fungible tokens (NFT) and digital artwork have collided and the concept has grown exponentially during the last few years. In 2020, however, the NFT digital art ecosystem has swelled significantly this year.

Statistics show that during the last week, there’s been 14,654 sales and $1.2 million in weekly trade volume. The average price for a single NFT out of all the NFTs sold during the last seven days is roughly $82. All-time records show over 4.7 million NFTs have been sold according to nonfungible.com and there’s been $103 million in global NFT trade volume.

Nifty Gateway market statistics.

The average price for any NFT during the entire existence of NFT records is $21.70 but there are some NFT’s that sell for hundreds of dollars and even thousands. Data shows that the NFT marketplace Nifty Gateway closed a record-breaking auction of a piece of digital art called “Picasso’s Bull.”

The 1/1 edition was created by Trevor Jones and it sold for $55,555 on July 23. The colorful content was designed in the form of a non-fungible token called nifty and sold to the highest bidder. Nifty Gateway launched in March 2020 as an “all-in-one platform to buy, sell, and store your digital art and collectibles or ‘nifties.’”

Trevor Jones’ “Picasso’s Bull” is a 1/1 digital art NFT and it sold for $55,555 on July 23, 2020.

Since the Nifty Gateway team launched the platform, the marketplace has attracted artists like Trevor Jones, Jon Burgerman, Kenny Scharf, and Cey Adams.

The popular creators on the Makerplace NFT rare digital art market.

Both NFT markets Opensea and Makerplace have been doing very well in recent months too. Popular artists on Makerplace include Frenetik Void, José Delbo, Javier Arrés, and Katy Arrington.

News.Bitcoin.com recently reported on how the artist Terry Flaxton was selling 4K video art on Makerplace and Opensea. Wonder Woman comic book illustrator José Delbo was also featured on the NFT markets last month. On Sunday, August 9, the top number of NFT sales volume went to Sandbox with $294,000 in trade volume.

Sandbox is followed by Superrare ($248k), Sorare ($150k), Ethereum Name Service ($83k), Decentraland ($81k), Axie Infinity ($57k), and Makersplace ($35k) during the last 24 hours.

Opensea decentralized application (Dapp) rankings.

The NFTs being sold in Sandbox represent the land parcels on the community-driven UGC-voxel platform.

Makersplace sold roughly $4,506 worth of NFT artwork between 22 sales during the last 24 hours. One of the largest sales of the day on Makerplace on Sunday was $346, and the NFT sold at 11:34 a.m. ET. Five hours before that sale, a piece of digital artwork sold for $279 worth of ethereum (ETH).

The non-fungible token universe is growing wildly and it’s come a long way since the early days. The $55,555 “Picasso’s Bull” auction is a record-setting sale, but NFTs have sold for thousands of dollars years ago as well.

One of the most famous sales in NFT history was the Rare Pepe Blockchain auction sale of the very rare trading card “Lord Kek” (only 10 made). In 2017, “Lord Kek” sold for a whopping 1600 counterparty (XCP) or $22,720.

What do you think about the “Picasso’s Bull” NFT digital art sale on Nifty Gateway? Let us know what you think about this subject in the comments below.

Tags in this story
4K video art, Art, Artwork, Cey Adams, Digital Art, Ethereum (ETH), Frenetik Void, Javier Arrés, Jon Burgerman, Jose Delbo, Katy Arrington, Kenny Scharf, Lord Kek, Makerplace, nft, Nifty Gateway, Non-fungible tokens, Opensea, Rare Pepe, Terry Flaxton, Trevor Jones

Image Credits: Shutterstock, Pixabay, Wiki Commons, Makersplace, Nifty Gateway, Opensea, nonfungible.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/non-fungible-digital-artwork-sale-shatters-records-picassos-bull-nft-sells-for-55k/

Blockchain

Crypto Market Cap Gained $10 Billion, Bitcoin Eyes $11,000? (Saturday’s Market Watch)

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The cryptocurrency market continues to rebound and has added another $10 billion to its market cap since yesterday. Bitcoin trades around $10,700, while some leading altcoins mark serious gains.

Bitcoin Price Trades Around $10,700

Following yesterday’s increase in which Bitcoin topped at $10,800, the primary cryptocurrency retraced to its intraday bottom at about $10,550. However, the bulls intercepted the price dip and drove the asset upwards once again. Just as 2020 goes so far, this Bitcoin spike followed the 1-2% gains seen on Wall Street at the Friday trading session.

The S&P 500 (1.6%), the Dow Jones Industrial Average (1.34%), and the Nasdaq Composite (2.26%) were all deep in the green.

At the time of this writing, BTC has dipped to $10,760 after getting rejected at the first major resistance at $10,790.

As per the analysis, if BTC price breaks above, it could head towards the next resistance at $11,000, followed by $11,200, $11,360, and $11,530. Alternatively, should the asset fall, it could rely on the support levels at $10,580, $10,440, and $10,390, if necessary.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Despite stocks and cryptocurrencies, gold had failed to increase: Recording an intraday high of $1,875, the precious metal dived and closed the session at $1,860.

Altcoins Gain Traction

Some alternative coins lost significant chunks of value lately, but they have been recovering in the past few days. Ethereum has continued its upward movement with another 3% increase to above $350.

Ripple has surged by 5% to $0.243. Bitcoin Cash (1%), Polkadot (3%), Binance Coin (1%), and Litecoin (3%) are also in the green from the top 10. However, Chainlink has outperformed them all by marking an 11% increase. LINK has overtaken BNB and DOT and currently occupies the 6th spot.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

As it typically happens, the most volatile price moves come from mid and low-cap alts.

CyberVein leads with a 21% surge. Ren (20.5%), Yearn.Finance (17%), The Midas Touch Gold (14%), DFI.Money (14%), Cardano (11%), Zilliqa (11%), HedgeTrade (10.5%), and Nervos Network (10%) follow.

In total, the cryptocurrency market cap has increased by $10 billion since yesterday. On a 48-hour scale, the metric is up by 8% since its bottom at $319 billion to $344 billion.

Total Market Cap. Source; CoinMarketCap
Total Market Cap. Source; CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-market-cap-gained-10-billion-bitcoin-eyes-11000-saturdays-market-watch/

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Bitcoin Always Online In Venezuela: Launched The First Satellite Node In Collaboration With Blockstream

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Bitcoiners in Venezuela don’t need the internet to send some Satoshis. Today, the crypto payments startup Cryptobuyer announced the successful launch of the first Bitcoin satellite node thanks to a collaboration between Cryptobuyer, Blockstream, and a team led by a crypto enthusiast named Aníbal Garrido.

The initiative allows interacting with the Bitcoin blockchain without the need of an internet connection. A satellite antenna installed in Venezuela is in charge of the communication between the node and the blockchain.

How the Satellite Node Works

This novel solution allows the Venezuelan node to process information in real-time completely off-line. Thus, the normal functioning of the network in case of connectivity failure (something widespread in the country) is guaranteed. It also facilitates the use of cryptocurrencies in remote places where internet service is scarce, expensive, or even non-existent.

The project works as follows: Blockstream contracts a number of satellites to provide the communication service between the nodes and the blockchain. Cryptobuyer bought the necessary equipment to receive the signal and connect to the satellite, and Anibal Garrido and his team were in charge of assembling the antennas and making the required adjustments.

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For Alvaro Perez, a software programmer from Valencia City who helped set up the whole infrastructure, the node’s synchronization was an inspiring moment. In statements compiled by Cryptobuyer on an official blog post, the expert says that the operation was a “great achievement.”

“We downloaded the whole Bitcoin blockchain and successfully carried out the first transaction through a Bitcoin satellite node in our country on September 23, from the city of Valencia (…) We received bitcoin through the satellite connection without any internet connection. It was a moment of great achievement.”

The journey is just beginning for Bitcoiners in Venezuela

This would be the first of three antennas that Cryptobuyer plans to deploy to cover the country’s most critical areas. The remaining two will be placed in the country’s capital, Caracas, in the north of Venezuela, and Puerto Ordaz, an industrial city located south of the country.

Later on, they plan to deploy a large number of small devices that will serve as a sort of repeater antenna to create a sizeable mesh-type network that will facilitate transactions in Bitcoin even far away from the primary antenna.

Now there’s no excuse to start using some satoshis in the country. Venezuela keeps proving that it has plenty of reasons to be on the podium of the three countries with the most adoption of Bitcoin around the world.

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Source: https://cryptopotato.com/bitcoin-always-online-in-venezuela-launched-the-first-satellite-node-in-collaboration-with-blockstream/

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KuCoin’s CEO: The $150 Million Hack Is “Small” For KuCoin, Insurance Will Cover

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In a dedicated live stream, KuCoin’s CEO noted that although why he cannot reveal how much of the company’s total assets were affected during the hack, the stolen fund amount is “small for KuCoin.” The exchange will cover all the losses with its insurance fund.

  • The company first noticed the abnormalities at 2:51 AM, Sept 26, when it received an alert from its internal risk-monitoring system. More alerts followed, indicating abnormal transfers from the hot wallet.
    kucoin_ceo_lyu-min
    KuCoin’s CEO Johnny Lyu. Source: YouTube
  • At 3:01 AM, the exchange received an alert about its remaining balance from the monitoring system. Three minutes later, more alerts came in showing abnormal XRP withdrawal, which was followed by another alert that the company’s hot wallet is “running out of balance.”
  • Subsequent alerts between 3:05 AM and 3:40 AM showed abnormal BTC withdrawal alongside other tokens.
  • While the abnormal withdrawals were ongoing, the company set up an urgent task force and then shut down its wallet servers. However, the shut down did not do much to stop the hackers as the abnormal transfers continued.
  • At this point, KuCoin realized that the private keys of its hot wallet had leaked. The company then started moving the remaining balance in its hot wallet to cold storage at 4:20 AM. The process took about 30 minutes to complete.
  • Lyu said the exchange would publish the addresses used by the hackers on its official channels. An earlier report on the hack shows that the Ethereum address supposedly used for the operation contained over $150 million in ETH and ERC-20 tokens.
  • KuCoin is now in contact and working with the international police, its largest clients, and industry experts for an in-depth investigation into the incident.
  • The CEO also said they had asked most crypto exchanges, including Binance, Bitfinex, OKEx, BitMEX, and Houbi Global, to blacklist the hackers’ wallet address and assist with the investigation.
  • The crypto community was quick to swing into action to assist KuCoin in its request. Bitfinex CTO Paolo Ardoino said they have already frozen 13 million USDT on EOS that was part of the hack, while Tether froze the 20m USDT on Ethereum in the ETH address used for the hack.
  • While trading services are still available, withdrawals and deposits will remain closed until the exchange completes its wallet upgrade.
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Source: https://cryptopotato.com/kucoins-ceo-the-150-million-hack-is-small-for-kucoin-insurance-will-cover/

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