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CryptoGPT. Deal with it 🤯
The mysterious CryptoGPT. US is losing its edge in crypto. Janet Yellen is not anticipating an economic downturn. The number 4 is a way of life now. Volume for borrowing against NFTs hits $1 Billion.
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CryptoGPT is in the headlines. Yes, it is. Why?
Let's first get in the good bit. Make you feel happy bit.
Say hi to CryptoGPT 😎
With its unique blend of blockchain, AI, and data monetisation, it is here shake things up. And its already doing pretty well. GPT, issued in early March this year, has a market cap of just over $12 million now.
Why is that famous?
The Alex factor: rolled out Web3-focused AI assistant called Alex.
Developing its ZK rollup layer 2 blockchain.
Planning to convert data into AI engine.
Plan: To earn money by monetising the data across fitness, dating, gaming and education - "Turn every task in your daily life into a source of income."
Another plan: Roll out NFTs that store the owner's activity data.
Dosh to execute the plan: Raised a whopping $10 Million in funding through a Series A round led by market maker DWF Labs.
This puts CryptoGPT's valuation at $250 Million 🚀
It appears we haven't learned our lesson
Now, not so good bit. Make you feel - I want to go back to sleep.
Scott Melker from The Wolf Den
Brace yourself - I’m annoyed.
Many of us have always had a love/hate relationship with crypto. On one hand, there's the potential of cryptocurrencies beyond Bitcoin, but reaching that potential requires navigating through a minefield of false claims and dubious projects, such as the newly introduced CryptoGPT.
Here's a bold statement: the so-called reputable reporters who cover these projects are as culpable as the the people behind them.
The obsession with tokenising everything is unhealthy and must stop.
The whole post is a goldmine - read
Jason Yanowitz, Founder Blockworks
The whole thread is gems strung together - read
What to do about it?
Do nothing. Is that an option?
True or Not. We don't know. We honestly don't. Though it don't stack up well, all of the stuff when looked as a whole. But you know what, like always DYOR.
Why not sponsor us, eh?
US is losing its edge in crypto
Tell us something new. Ain't no new here.
The a16z investment firm State of Crypto 2023 report warns that the rapid rise in regulatory actions are a threat to American innovation.
“Banning new business models or technologies undermines American values and drives innovation and jobs elsewhere. Legal businesses and their customers deserve access to financial services and lawful protections, from banking relationships to data privacy.”
FYI: Andreessen Horowitz is invested heavily in the crypto, backs Coinbase and Ripple. Runs a $2.2 Billion crypto investment fund. Okay then.
The US is losing talented blockchain developers
The lack of clear regulations and uncertain legal status of cryptocurrencies in the US is driving developers to countries like Switzerland, Singapore, and Malta, which have more supportive regulatory environments. This talent drain could have long-term consequences for the US's ability to compete in the rapidly growing blockchain industry. Electric Capital Developer Report.
What does our man CZ think?
"Having no regulatory clarity is the worst. Having bad restrictive regulations are better than that, and then having unclear ones and then chasing people by enforcement is really, really bad."
Zhao said at the Hong Kong Web3 Festival.
He is a life philosopher (you will find out below)
TTD Blockquote 🔊
Janet Yellen, US Treasury Secretary
Two words. Just two words. And that too for the US economy. Janet ain't having nothing from them nay-sayers. This is what she had to say at the press conference ahead of the spring World Bank meetings.
“I believe our banking system remains strong and resilient; it has solid capital and liquidity. US economy is obviously performing exceptionally well. So I’m not anticipating a downturn in the economy, although of course that remains a risk.”
What about all the news? Don't look at the news
US banks have lost money on mortgages they financed. For the first time in the history. Mortgage Bankers Association.
US economy is at risk of shrinking, 12% decline in GDP in Q2. Unemployment rate is at 14.7%, highest since the Great Depression. Bank of America.
TTD Number picker 🔢
The number that has become a way of life. Thank you CZ.
Here you see it in practice. Thank you Justin Sun.
No love lost.
TTD Short analysis 🤔
Crypto ETFs are a hit
Of the 20 best performing ETFs on the market year to date, 13 invest in the crypto sector, according to ETF Database. Crypto and blockchain ETFs, are now outperforming almost every other fund on public markets.
Impact on the Ethereum economy is expected to be less dramatic.
Shapella upgrade will lead to lower barriers to entry, which will draw greater institutional interest to the space, reckons Ether Capital CEO Brian Mosoff.
Glassnode estimates a total of 170k ETH intended to be sold after the Shanghai upgrade, only 100k ETH ($190 Million) of the total accumulated rewards will be withdrawn and sold, around 70k ETH ($133M), will actually become liquid.
TTD NFT buzz ⏰
Cumulative volume for borrowing against NFTs hits $1 Billion.
Who’s using their jpeg as collateral in this market? Derrick Nguyen marketing and community lead for JPEG’d’s has an explanation.
“NFT holders are increasingly looking for ways to unlock the value of their assets without selling them … Additionally, decreased volatility has been another result of the NFT market maturing, which has made using NFTs as collateral more and more viable and attractive.”
Polygon overtakes Solana in NFT sales volume
Polygon's NFT sales now trail only Ethereum. A significant milestone for the Layer 2 scaling solution, that's a hit for its low transaction fees and fast processing times. The range of decentralised applications and protocols in the platform's ecosystem have contributed to the rise. As more developers and users flock to Polygon, it is likely that its NFT sales will continue to grow and potentially challenge Ethereum's dominance in the space.
Reddit: Gen 3 limited-edition designs from over 100 different artists
Reddit has released thousands of NFTs on the Polygon blockchain, created by over 100 artists. The latest drop includes a variety of digital art, including animated GIFs, 3D models, and still images.
The NFTs are part of Reddit's ongoing experiment with blockchain-based community points, which allow users to earn and spend tokens for contributing to the platform. The NFTs can be purchased using Ethereum or Polygon tokens.
Here is the spoiler: Redditors are angry they’ve missed out on a chance to pick up some of the platform’s latest ‘GEN 3’ NFT avatars, citing bots or spam as a major cause for disruption.
TTD Surfer 🏄
El Salvador grants Bitfinex the first-ever digital asset license. It allows trading of bitcoin-backed bonds, known as Volcano Bonds.
The Shanghai Data Exchange issues a commemorative NFT. A 1000 pieces collection on the Ethereum network, available to mind for free.
Hong Kong’s ZA bank, largest virtual bank, to act as a “settlement bank” for facilitating withdrawals in Hong Kong, China, and in U.S. currencies.
Bitcoin miner Bitdeer owned by Jihan Wu is finally debuting on Nasdaq on April 14, under ticker symbol “BTDR”.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.