Bitcoin Futures, Shib Burn, and Why All Artists Should Make NFTs
This week is ending on a high, which is a good sign. Typically what happens at the end of the week continues through the weekend – so I am hoping that is true.
Fidelity’s director of global macro, Jurrien Timmer has come out and said that he thinks Bitcoin will be up to 100k by 2023.
When he says 100k, Timmer says that’s a conservative estimate.
Of course, there are a lot of bulls who think 100k will be hit by the end of this year. Although it’s possible, it is optimistic.
One thing that might help with the price of Bitcoin is that there are multiple Bitcoin future’s Electronic Traded Funds (or ETFs) expected to be allowed by the SEC.
This is big, as that means more traditionally-minded investors and hedge funds will take advantage of this.
If you aren’t familiar with how futures work, it’s essentially a set agreement between a buyer and a seller or a price set at a specific date.
The benefit to the seller is that if the price falls, the buyer will still purchase it. The buyer is betting that the commodity will be doing better by that time.
Usually, the prices are based on predictions – and both sides are taking a bit of a risk.
Well, more news in Shiba Inu, it’s seen a momentary drop as Scion Capital’s former hedge fund manager, Michael Burry, told Business Insider that Shiba Inu is pointless and he believes it’s a bad investment option.
Now, obviously, he hasn’t researched it much. Shiba Inu, although a meme coin, has been working hard to create a decentralized exchange that can provide a lot of value to the world.
But the good news is, I imagine this is only a temporary dip as nearly $600mil worth of Shib has recently been burned. Burns are an important part of seeing the price go up, as the number of tokens available decreases.
It’s also important to note that only about 40% of all SHIB has been released to public circulation. That leaves a lot of room for burning and price increases.
Last year, the 4th quarter of the year saw a large price jump across the market.
Altcoins are continuing to grow, and making up 55% of the market today – and there are three coins that a lot of experts think are going to soar during the 4th quarter.
The three coins you might want to keep an eye on are Ethereum, Cardano, and Binance Coin.
I do want to make a disclaimer, that I do have an investment in all three of these coins – but I have a diverse crypto portfolio.
That’s also something I would suggest you do if you want to invest in crypto. Diversity in any portfolio is important.
Of course, we all hope that we invest in a coin that will explode like we’ve seen in the past – but you should also invest in those with a solid track record.
As the old saying goes, buy low and sell high. So look for a dip – and purchase. The safer bet is always to hold and let the market do its thing.
Well, it’s time to jump over to discussing the world of NFTs.
I wanted to take a little bit of a different approach today and give a little bit of explanation to the importance of NFTs to the art world today.
On the side, I really enjoy photography. When I travel around the world, I find it a great way to get out and see interesting things. My wife is a digital illustrator.
For both of us, we do participate in art events and sell our work – but there’s one problem. All of our work is prints.
And although there are ways to make prints that have some value – the true value in the artwork comes from selling originals.
Needless to say, the actual Mona Lisa is worth far more than buying a print in a gift shop. A lot of artists rely on selling an original for a large amount and use prints to get them through to the next project and sale.
Well, for us in a digital world – we lose out on that. Until now.
NFTs allow any artist to make an original piece of digital content by minting it on a blockchain, like Ethereum. This allows for proof that the NFT is an original, and one-of-a-kind work.
It allows for people to check that it’s actually from the artist, and eliminates the possibility of forgery thanks to the network verifying authenticity instantly.
So if you know someone who is into digital art, you should suggest they start making NFTs.
There are also other benefits for all artists. Traditionally when you sell an original, that’s it. You’ll never make money on that original again.
From then on, it’s all galleries and collectors making money off your work.
With NFTs, artists are able to make residuals in a similar way that you see in the film industry. Each time a piece is sold, the original artist can get a percentage of the sale – to keep making money as their art becomes more in demand.
Although it may not be a lot of money, as collectors tend to hold onto work if you continue to create work it can become a consistent form of income as more items trade hands. And it allows for your future families to get a cut.
Unfortunately, there is still one type of artist that’s been struggling with this: 3D digital artists.
These artists spend a lot of time sculping, paints, and creating beautiful artwalk on expensive programs like Blender, Maya, and others. The problem is that most NFT markets only support videos or jpegs as opposed to native 3d files like OBJ files.
This almost defeats the point of 3d art by turning it into 2d art.
There is some good news, though, people like Lukas Merville are currently working on new NFT platforms that will support virtual art by running it on engines that support 3d objects line the Dfinitey platform.
That will be the next step required in the NFT world, especially if we want to see a true metaverse. Right now people just purchase pixels on a map and call it owning virtual land.
Now imagine owning an NFT that’s an actual Manhattan apartment, or actually only a virtual replica of the Sistine chapel? Something you can view from all directions, and all angles on your phone or even better by putting on a VR headset and being transported there.
In short, NFTs are going to have some big impacts in our world – and digital artists all over the world, and from all classes, will hopefully get to cash out on their hard work.
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Resources:
Bitcoin $100,000 may be conservative, analyst says
SEC said to allow first bitcoin futures ETF to trade in US: report
Over $600 million wiped from SHIB market cap in 10 minutes
3 Cryptos To Watch Closely During the Tail End of 2021
What is an NFT and Why Should Photographers Care?
As the NFT Market Explodes Again, Artists Fend Off Old Art-World Power Structures
Great News for 3D Artists: Interactive NFT Platform Has Launched
