Is NFT winter over? 🕵️
Is NFT winter over? 🕵️
NFTs are rising from the crypto ashes? JPMorgan thinks so. Robinhood is now back in action. Bumper 2023 for crypto company stocks. Yann LeCun vs Nvidia. Who wants Base token?
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Seasons – they come and go, and sometimes, they bring surprises.
Now, the whole crypto world is in its reputation era.
Just as we were starting to think NFTs were hibernating for the winter, they've come back with a vengeance.
As Bitcoin and Ethereum lead with their price rallies, NFTs are preparing their surfboards.
Who is Up?
Pudgy Penguins, the adorable penguins, had their floor price soar by 74% in just one week. Trading volume: Up 394% – a cool $7.5 million worth of NFT sales.
"Azuki," an anime-inspired NFT series, has seen a 28% increase in floor price in a matter of days.
"Bored Ape Yacht Club" and "CryptoPunks" spiked 31% and 17% since Thanksgiving.
"Milady Maker," the controversial Ethereum NFT project, has witnessed a 79% surge in USD floor price in just one week.
Solana sees its fair share of NFT excitement too
"Mad Lads," up by 52.6% in the past week, floor price of $10,219.
"Claynosaurz" up by 62% in floor price, trading volume of 324%, in a week.
"Chads" had its floor prices up eightfold, from $44 to $359, in just seven days. Trading volume? 12,914% increase from the previous week.
Is This Proving JPMorgan Right?
In a recent research report, JPMorgan has noted the resurgence of activity in the DeFi and NFT sectors.
According to the report, this revival is all thanks to the ETF hopes.
Analysts at JPMorgan, led by Nikolaos Panigirtzoglou
"While we do not doubt this recent revival in DeFi/NFT activity is a positive sign, we believe it is too early to be getting excited about it."
Reasons for this revival?
The anticipation of approval for a spot Bitcoin ETF in the United States.
Increased trading activity, including on decentralised exchanges.
Platforms like Lido, offering liquid staking services, have played a role in the revival of DeFi.
Ether (ETH) has underperformed compared to other cryptocurrencies, making the total value locked (TVL) measured in ETH terms show some improvement as other digital assets gained value.
The rise of new blockchain networks and DeFi protocols, such as Aptos, SUI, Pulsechain, Tenet, SEI, and Celestia.
NFTs have also benefited from developments like the emergence of Bitcoin ordinals and the launch of marketplaces such as Blur, contributing to the overall revival.
Is that why Tiger…
Investment firm Tiger Global has marked down its stakes in Bored Ape Yacht Club (BAYC) and OpenSea, according to Bloomberg.
The firm reportedly marked down its stakes in BAYC by 69% and in OpenSea by 94%. Tiger Global manages around $50 billion and recorded an 18% paper loss in its largest fund at the end of September.
TTD Numbers🔢
75%
Robinhood is back in the crypto game with a bang.
The popular trading platform just dropped some major news about its crypto trading.
Crypto trading on the platform shot up by 75% in November, leaving October in the dust.
Robinhood will serve up the full dish of trading data for November soon.
This could be a turning point in Robinhood's crypto journey.
In the third quarter, they nosedived by 55% to $23 million.
Robinhood isn't stopping at the US.
After a successful UK launch, they're taking their crypto show to the EU.
Crypto stocks up too
Publicly traded crypto firms, including Coinbase, Marathon Digital, Riot Platforms, Galaxy Digital, and MicroStrategy, have delivered astounding gains of over 300% in 2023.
All thanks to the recent crypto soar.
Read here: It's all good and up🔆
TTD Blockquote🎙️
Yann LeCun, Meta's AI chief.
"I know Jensen. There’s an AI war and he’s supplying the weapons."
During a recent event celebrating Meta's FAIR team's 10-year anniversary, Yann LeCun made some explosive remarks.
LeCun took a shot at Nvidia's CEO, Jensen Huang, suggesting that there's an AI war, and he's supplying the weapons.
He quips that as long as organisations like OpenAI pursue artificial general intelligence (AGI), they'll continue to rely on Nvidia's chips.
He emphasizes that, despite the hype, we are more likely to see "cat-level" or "dog-level" AI in the near future due to the monumental data requirements for true intelligence, surpassing today's available data sources.
This comes amidst varying predictions about when human-level AI will arrive, with Elon Musk on one end foreseeing a "digital god" in a few years and Huang on the other suggesting AI will rival human test-taking abilities in five years.
Nvidia's recent ascent as the world's most valuable chipmaker cements its AI hardware dominance, particularly in training language models like ChatGPT.
LeCun also criticised generative AI's capability saying that text-based AI still struggles with basic understanding:
"Text is a very poor source of information. Train a system on the equivalent of 20,000 years of reading material, and they still don’t understand that if A is the same as B, then B is the same as A."
Where’s ETF?🚨
Digital asset manager Grayscale believes that the approval of a Bitcoin ETF is a matter of when, not if👇🏻
TTD Google👀
Google has postponed the launch of its highly anticipated AI product, Gemini, until early 2024.
The delay is attributed to challenges in effectively handling non-English language queries, showcasing conversational AI's complexity.
CEO Sundar Pichai cancelled several planned events in California, New York, and Washington, where the Gemini unveiling was scheduled to take place.
These events were strategically vital for Google, and the delay has affected the company's product release roadmap.
Gemini is designed to compete with OpenAI's GPT-4, and Google is keen on ensuring its product can stand up to the competition.
The postponement of Gemini's launch affects other Google products such as Bard, Assistant, and Docs, which were expected to benefit from Gemini's capabilities. These products may experience delays in receiving updates.
TTD Coinbase🧿
The stock price is up, Binance fiasco is helping, but Coinbase has no plans to launch Base tokens.
Brian Armstrong, CEO of Coinbase, confirmed that the exchange has no plans to launch a native token for its layer-2 network, Base.
Despite earlier remarks suggesting potential token issuance, Armstrong clarified that the exchange is "not planning to make any token for Base."
since Base's launch in August, it has become the third-largest layer-2 network by TVL with approximately $500 million in TVL and over a million wallets interacting with the chain.
Coinbase's goal is to make layer-2 the default option on its platform, aiming for average transactions under one second and one cent.
This involves integrating layer-2 solutions like Base and the Lightning Network for Bitcoin.
Currently, about 7% of Coinbase transactions use layer-2, and the company plans to significantly increase this percentage as part of a multi-year effort.
TTD Surfer 🏄
Riot Platforms, a Bitcoin miner, has purchased 66,560 mining rigs from MicroBT for $290.5 million.
Brazil's largest bank Itaú Unibanco has introduced a crypto trading service for its clients, starting with Bitcoin and Ether.
Franklin Templeton CEO, Jenny Johnson, has revealed that she holds bitcoin, ether, and tokens from decentralised exchanges Uniswap and SushiSwap.
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