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Business

Money That Melania Trump NFT Earned Came From Melania Trump’s Wallet: Report

Melania Trump launched a public sale for a group of NFTs on the Solana blockchain in January.

The source of funding for Melania Trump’s winning bid in the first NFT public offering appears to be the project’s founders.

According to a series of blockchain transactions, the cryptocurrency used to purchase Trump’s nonfungible token came from a wallet belonging to the company that first advertised the project on the market. In January, the former United States first lady launched a public sale on the Solana blockchain for a group of NFTs, featuring artwork from her first official state visit in 2018.

On her website, Trump revealed the winner of the public sale, as well as the bid history, which indicates the NFT purchased for 1,800 SOL (about $185,000) three weeks ago. The event, dubbed “Head Of State,” was one of many planned auctions Trump said she would hold at “regular intervals” when she announced the creation of her NFT company in December.

According to the transactions, on Jan. 23, the digital wallets linked to Trump’s NFT delivered 372,657 USDC, a stablecoin tethered to the US dollar, to a second wallet, which then sent 1,800 SOL to a third account. On Trump’s website, the third one is named as the winner of the public auction.

In response to blockchain transactions, the unique pockets sent 1,800 SOL to the second pockets handle on January 27. Vice News had previously reported on the paperwork of transactions.

“The character of Blockchain technology is totally obvious,” Melania Trump’s office stated in a press release. As a result, any transaction on the Blockchain can be viewed by anybody. On behalf of a third-party buyer, the transaction was arranged.”

Every transaction on bitcoin blockchains is recorded on a public ledger that everyone can access, and studying transactions from start to finish can provide insight into the flow of money. It’s common for buyers and creators in the area to have many wallets — and to move property back and forth between them.

Because of this freedom, some players in the market have been able to buy and sell the same item at the same time, artificially inflating its value in some cases.The name of the procedure is wash buying and selling. A Chainalysis research released earlier this month indicated that NFT wash merchants made as much as $8.9 million in sales in 2021.

In traditional securities and futures, wash buying and selling is forbidden. NFTs, on the other hand, are traded in an uncontrolled market and have not been classified as securities because they are a completely new asset class. It’s unclear whether the Trump NFT’s value was increased by the movement of cash through wallets.

As digital collectibles became more ubiquitous last year, Trump became the latest celebrity to try to cash in on the demand for NFTs. The tokens, which combine the worlds of cryptocurrency and blockchain with artistic endeavors, appeal to both retail and professional customers.

The “Head of State” collection includes a set of three artworks, as well as an autographed copy of Trump’s white broad-brimmed hat during the state visit. There was also a watercolor painting of the previous first lady and a computer art piece called NFT with moving images.

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Business

DJ Steve Aoki Said He Made More Money From His NFT Drop Last Year Than In a Decade Of Making Music

Last year, NFTs brought in more money for Steve Aoki than a decade of music royalties and advances combined. Last year, the DJ famously sold his “hairy” NFT on Nifty Gateway for $888,888.88. He’s moving away from NFTs and towards his own metaverse, where citizens can watch virtual performances.

The singer, who is one of the most paid DJs in the world, discussed his entry into NFTs during a private Gala Music event on February 10 in Inglewood, California. In it, he claims that performing as a DJ accounts for the majority of his income, while music royalties from his records “amount to very little.”

“If I was to really break down, OK in the 10 years I’ve been making music, six albums, and you culminate all those advances, what I did in one drop last year in NFTs I made more money,” he said. 

The DJ’s sale of his “hairy” collection for a hefty $888,888.88 on Nifty Gateway last year made it one of the most expensive digital pieces of art ever sold. In addition, he owns a number of NFTs from the legendary Bored Ape Yacht Club collection.

According to a video recording of the event, Aoki stated that NFTs, which are often digital works of art linked to blockchain technology, are changing the music industry by introducing “scarcity” and a “collectible mindset,” similar to Pokemon cards or limited-edition shoes.

NFTs, as previously reported by Insider, have the potential to upend the music industry by providing artists with a revenue stream that outweighs the marginal income from streaming services. Halsey, Shawn Mendes, and Kings of Leon are among the artists who have ventured into the world of digital collectibles.

“As music NFTs become more of a part of how we integrate and support artists, the labels will have to do more than just add the song on a playlist,” Aoki said at the forum.

He’s also embraced the crypto realm outside of NFTs. He has a Yat, for example, which is a string of emojis that functions as a person’s unique URL. He’s also constructing his own metaverse, dubbed the Aok1verse. Citizens of this new metaverse, according to the website, will have access to digital collectibles and virtual performances, among other benefits.

NFTs, according to crypto fanatics, might be the foundation for Web3, the blockchain-based successor to Web 2.0, and the metaverse, a virtual universe. Web3 will allow consumers, rather than large tech companies, to own the next generation of the internet, the artist told the Gala Music audience. That feature has been one of Web3’s biggest selling points.

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Business

Snoop Dogg Just Sold His Latest Album As An NFT, And He’s Made $44 Million In Five Days: Report

Snoop Dogg recently released B.O.D.R., a new album on his newly owned Death Row Records. Snoop Dogg collaborated with Gala Music, a decentralized record label, to create a Stash Box NFT collection as part of his new album, which was released on February 9.

He sold 25,000 NFTs for $5,000 each, with each NFT containing one of the 17 recordings. Owners who purchase all 17 tracks will be invited to private parties, possibly BBQs at Snoop’s house, a commemorative chain, and other VIP goodies, according to Trapital.

As of Monday, February 14, the artist is said to have sold over 8,000 Stash Box NFTs for $5,000 each through the Gala Music store. Since it went live on Friday, this has amounted to $44.3 million by Tuesday.

Snoop will certainly make $125 million if all 25,000 tickets are sold by November 18. His net worth, which is currently $150 million, will rise as a result of the predicted revenue.

Established artists have recently made a concerted attempt to increase their revenue from NFTs. During his years as a DJ, superstar DJ Steve Aoki recently disclosed that he has made more money from NFTs than he has from advances.

Death Row Records’ brand name rights were recently acquired by Snoop Dogg. He described the move as a “very momentous moment” for him, and he expressed excitement about “creating the next chapter” of the record label.

“I am thrilled and appreciative of the opportunity to acquire the iconic and culturally significant Death Row Records brand, which has immense untapped future value,” he said in a statement. “It feels good to have ownership of the label I was part of at the beginning of my career and as one of the founding members.”

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Opinions

A viral YouTube Takedown of NFTs Has Already Clocked Over 5 Million Views: Here is a Highlight Of The Biggest Revelations

According to a new takedown video by Canadian YouTuber Dan Olson, NFTs and bitcoin are a “greater fool swindle.” “Line Goes Up – The Problem With NFTs,” a tremendously popular new YouTube documentary that runs over two hours, takes an in-depth look at the hot new investment vehicle that everyone from Waka Flocka Flame to Jimmy Fallon and Paris Hilton is getting into.

Foundationally, crypto and NFTs are “a bigger fool scam,” Olson says. “The whole thing operates by buying worthless assets believing that you will later be able to sell them to a bigger fool.”

That’s because, as Olson explains, Bitcoin, Ethereum, and the other blockchain technologies that serve as the platform for both cryptocurrencies and NFTs have inherent flaws.

According to Olson, the value of cryptocurrency is extremely volatile, making it unsuitable as a money in everyday transactions for ordinary people. Spending $5 in bitcoin at Starbucks, for example, may be worth $45 an hour later. It could be worth $1 an hour later, or it could be worth $1 an hour later.

Furthermore, he claims that each cryptocurrency has its own set of problems.

Bitcoin is famously slow to process, with transactions taking minutes to complete. Each transaction in ethereum incurs a processing charge, known as “gas” fees, which make it similarly unsuitable as a currency to carry out everyday transactions such as  buy the aforementioned cup of coffee.

Perhaps a $50 gas cost isn’t such a huge problem if you’re spending the equivalent of $69 million in ethereum on an NFT from renowned digital artist Beeple.

Notably, Beeple switched his $53 million ethereum settlement for that art sale into US dollars shortly after he was paid, citing the volatility of the cryptocurrency in his interview with The New Yorker. “I totally believe it’s a bubble,” he said of the NFT market last year on Fox News Sunday.

According to Olson, the bubble is based on speculators driving up the value of specific NFTs.

“None of this is about the art at all, but about the speculative value not what it’s worth to you, but what it will potentially be worth in the future to someone else,” he says. “It’s not a market, it’s a casino, gambling on the receipt for an image or video that’s otherwise infinitely digitally replicable. The thing itself is immaterial as long as it can make a line go up.”

NFTs function as a means of enhancing the value of the cryptocurrencies used for purchase because they can only be acquired and sold with cryptocurrency, he claims. To put it another way, “NFTs exist to persuade you to acquire cryptocurrency,” he argues.

The complete video goes into much more depth, explaining how the same erroneous financial machinations that caused the 2008 mortgage catastrophe also caused the crypto gold rush.

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Opinions

Non-Fungible Token Market is Going to Boom | YellowHeart, Rarible, Cloudflare, Mattel

Recent research on “World-wide Non-Fungible Token (NFT) Market In-depth Research Report 2021, Forecast to 2026 is the latest report providing a comprehensive analysis that has been compiled to provide the most up-to-date information on the market for Non-Fungible Tokens. The study includes several market forecasts for revenue, production, CAGR, consumption, gross margin, price, and other significant parameters. 

While emphasizing the market’s key driving and restraining forces, the report also provides a comprehensive analysis of the market’s future trends and developments. It also looks at the role of the industry’s top market players, including their corporate overviews, financial summaries, and SWOT analyses.

The Major Players Covered in this Report:

Several more companies include YellowHeart, MakersPlace, Nifty Gateway, Rarible, Funko, PLBY Group, Larve Labs, Decentraland, Dapper Labs, Cloudflare, and Dolphin Entertainment.

The Non-Fungible Token Market Study ensures that you will keep / stay ahead of your competition. The research document examines the Non-Fungible Token using structured tables and data and provides you with a leading product, submarkets, revenue size, and forecast to 2028. In comparison, the industry is divided into growing and established leaders.

This report also includes company profiles, product specifications and images, sales, market share, and contact information for regional, international, and local Non-Fungible Token Market suppliers. With the surge in scientific innovation and M&A activity in the business, the market proposal is regularly evolving ahead of the competition. Furthermore, several local and regional manufacturers offer specialized application goods for a wide range of end-users. New merchant applicants are finding it difficult to compete with foreign merchants based on reliability, quality, and technological modernity.

Key takeaways from the Non-Fungible Token market report:

Here is a highlight of the Non-fungible Token market-specific drivers, trends, restrictions, restraints, opportunities, and important micro markets that are all examined in depth within the report:

  • A comprehensive assessment of all opportunities and threats in the Non-Fungible Token market. 
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What to Expect from the current state of Non-Fungible Token Market:

  • In the Non-Fungible Token Market, a complete description of numerous area distributions and the summary types of popular items.
  • When you have information on the cost of production, the cost of products, and the cost of production for the next few years, you may set up the growing databases for your industry.
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  • How do the Market’s most important corporations and mid-level businesses generate revenue?
  • Complete market analysis on the Non-Fungible Token Market to assist you in deciding when to launch new products and when to remodel existing ones.

Get full report: https://www.adroitmarketresearch.com/contacts/request-sample/2416?utm_source=AD14

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Business

The Cleveland Cavaliers are launching an NFT ‘experience’ for fans of the NBA team

In collaboration with NFT platform Sweet, the Cleveland Cavaliers have introduced a new non-fungible token concept.

Starting today, fans can claim a free NFT Locker, which will serve as a virtual showcase for showcasing Cavs-themed digital treasures. The NFT project is intended toward “the most enthusiastic Cavs fans.”

Based in New York According to its website, Sweet is an NFT platform and marketplace that focuses on immersive and gamified experiences.

The locker will “unlock” on February 6th, just in time for the Cavs’ game against the Indiana Pacers. Attendees will get the first Cavaliers NFT, which will be in the form of a digital t-shirt that may be displayed in a locker.

Fans who attend home games will be eligible for game-issued digital memorabilia that are only accessible to Rocket Mortgage FieldHouse attendees.

“Ultimately, this will be an ongoing promotion,” said Mike Conley, the Cavaliers’ chief information officer. “Fans will be able to expand, curate, and display their ‘My Cavs Locker’ in the future.”

Future NFTs could take the form of sneakers, coats, and shirts, according to a Cleveland Cavaliers news release, and will evolve into more “immersive” experiences.

NFTs are increasingly being used in the sports world as digital extensions of real relics.

Despite the current cryptocurrency dip, NBA Top Shot NFTs remain popular. Tom Brady, the recently retired NFL icon, intends to devote more time to his own NFT platform, Autograph, which has raised $170 million in funding.

Sweet.io CEO Tom Mizzone remarked, “We see this as a blueprint for how teams can use this new digital tech to empower their fans to literally showcase how much they love their favorite franchises.”

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Opinions

Internet Guru Tim O’Reilly: Crypto and NFTs Are ‘Pretty Serious Speculative Bubble’

Businesses and investors are eager to jump on the Web3 bandwagon, which is being touted as the next evolutionary stage of the internet. Alphabet, Facebook-owned Meta, and Microsoft are establishing their place in the new blockchain-based economy; some non-fungible token companies are now worth billions of dollars, and cryptocurrency trading platforms are growing at a breakneck pace.

To break through the excitement, CBS MoneyWatch spoke with Tim O’Reilly, a computer legend who is best known for publishing the world’s first website and coining the term Web 2.0, among other accomplishments. Web3 was brought up, and O’Reilly was queried about its future prospects.

“The metaverse itself is full of bubble hype,” he answered. “The Meta Quest2 [the VR headset previously called Oculus], they’re selling a bunch of ’em, but the technology is a long way from prime time,” he said.

While O’Reilly acknowledges that the cryptocurrency and NFT industries are thriving, he feels that their expansion is unsustainable: “… I believe that it really is a pretty serious speculative bubble on a very small foundation,” he said.

Over the last year, the NFT market, in particular, has surged. According to data from DappRadar, NFTs tokens that signify ownership over digital assets sold for more than $25 billion in 2021. NFTs accounted for less than $100 million in sales the previous year. As a result, businesses such as OpenSea, the most popular marketplace for buying and selling NFTs, have been able to raise millions of dollars from investors.

Following a $300 million Series C fundraising round, OpenSea was valued at $13.3 billion last month. It also experienced its highest month in terms of trading volume, with sales exceeding $5 billion. However, according to O’Reilly, the exchange only has 600,000 overall users, which conforms to Dune Analytics’ monthly estimates.

“We won’t know what Web3 is until after the current bubble pops—because we’re in the middle of a bubble, just like the dot-com bubble, where there are all kinds of crazy startups getting outrageous valuations, with less to show for it,” O’Reilly told CBS Moneywatch.

While the IT guru warned that the Web3 market should “be ready for the crash,” he also expressed optimism for what comes next: “… Once you get those bubble valuations, it does attract a lot of capital and talent—and people may start really building something on top of it.”

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Opinions

Russia-linked cybercriminals raked in $400 million in cryptocurrency from ransomware attacks in 2021, Chainalysis says

According to a new report from cryptocurrency tracking and analytics firm Chainalysis, Russia is linked to the majority of crypto hacks and cybercrimes, especially when you consider that 74 percent of ransomware revenue in 2021, is worth over $400 million (roughly Rs. 3,005 crores) in cryptocurrency, went to accounts affiliated with the country in some way. The investigation, which was conducted as part of Chainalysis’ 2022 Crypto Crime Report, focused on a number of dozen businesses in Moscow City, the Russian capital’s business district.

As per the survey, “illicit and dangerous” blockchain addresses account for between 29% and 48% of all payments received by cryptocurrency businesses in any given quarter. According to Chainalysis, that traffic, which includes valid crypto transactions, can reach more than $1 billion (approximately Rs. 7,510 crores) in a quarter.

“A huge amount of cryptocurrency-based money laundering, not just of ransomware funds but of funds associated with other forms of cybercrime as well, goes through services with substantial operations in Russia,” Chainalysis says.

According to the report, Russia has a long history of being a shelter for hackers due to the country’s emphasis on coding instruction, computer sciences, and information technology education among students starting from middle and high school. Due to the lack of genuine career opportunities for such competent professionals, many turn to cybercrime and crypto assaults for a living. According to Chainalysis, given this scenario, it’s no surprise that Russia is the global leader in ransomware.

Not only does Russia lead in terms of ransomware perpetrators; according to Chainalysis blockchain forensics and Web traffic statistics, the majority of extorted cash is also laundered through services predominantly catering to Russian customers when any form of ransomware attack occurs. According to the study, the Federation Tower in Moscow City is home to a high number of hackers.

The Federation Tower is a complex in the heart of Moscow City that is widely regarded as one of Russia’s most recognizable and significant structures. According to Bloomberg, the facility includes numerous notable firms as well as a growing cybercrime collective.

“Nothing is more emblematic of the growth of Russia’s crypto crime ecosystem, and of cybercriminals’ ability to operate with apparent impunity, than the presence of so many cryptocurrency businesses linked to money laundering in one of the capital city’s most notable landmarks,” as stated in the Chainalysis report.

However, Chainalysis did not examine the possible consequences of Russian law enforcement’s January sting against the REvil ransomware gang, noting that analysts have suggested that the arrests “may not represent a serious commitment to combating ransomware.” Despite the illicit activities, Russia is one of the most advanced countries in terms of bitcoin adoption, ranking 18th in the Global Crypto Adoption Index.

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Social Good

Ethereum NFT Marketplace OpenSea Launches Investment Arm and Grants Program

The fastest-growing NFT marketplace, OpenSea, announced that it will form an investment arm to fund Web3 startups and projects, as well as a community grants program to encourage community efforts that benefit the larger Web3 and NFT ecosystem. Portfolio firms will benefit from the money, advice, technical support, and strategic connections from OpenSea Ventures. Beyond its own leadership, OpenSea will provide access to partners and investors such as Andreessen Horowitz, Animoca Brands, Katie Haun, and singer 3LAU.

The “transition to a multi-chain world” for both fungible and non-fungible tokens (NFTs), NFT-related protocols, Web3 gaming, and social initiatives, and NFT aggregators and analytics systems that support both OpenSea and other marketplaces will be the focus of the investment arm.

With its Ecosystem Grants initiative, the firm hopes to fund projects arising from the Web3 community in addition to OpenSea Ventures. OpenSea’s mission is to fund projects that increase user accessibility and developer tooling for NFTs, generate educational resources, and promote inclusivity and accessibility.

OpenSea’s first focus will be on short-term projects that can be launched within two quarters of getting a grant, but the company’s criteria will grow and its focus will broaden over time. Before selecting the first batch of grantees, the firm wants to form a review committee and release the initial details and criteria.

An NFT serves as a deed of ownership for a one-of-a-kind digital item, and it can be used to represent profile images, digital artwork, video-based treasures, and more. According to DappRadar, the overall NFT business achieved $25 billion in trading volume in 2021. As business increased in the second part of the year, OpenSea was responsible for the majority of that amount.

The announcements were made after a record month for OpenSea in terms of trading volume, with more than $5 billion worth of Ethereum and Polygon traded in January. Last August, when the NFT market began surging to new heights, the previous combined high was less than $3.5 billion.

Last month, OpenSea announced a $300 million Series C financing headed by Paradigm and Coatue, valuing the company at $13.3 billion. This is a significant boost in valuation from its Series B round, which raised $100 million at a valuation of $1.5 billion.

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Business

Bitcoin Dips Below $40,000

Bitcoin fell to a more than two-week low, plunging alongside markets as risk appetite was pulled down by growing tensions between Russia and Ukraine. On Tuesday morning in Asia, the largest cryptocurrency, Bitcoin, fell to $36,831 after Russian President Vladimir Putin announced that he will recognize two self-proclaimed separatist republics in eastern Ukraine.

Over the weekend, Bitcoin fell below $40,000 and continued to fall as the Ukraine crisis worsened, contradicting the premise that cryptocurrencies are a safe haven in times of global uncertainty.

The plight of Bitcoin’s price

This isn’t the first time Bitcoin’s price has dropped in 2022; in fact, it’s been declining for the entire year. When Bitcoin was trading at $47,000 at the start of the year, the flagship cryptocurrency was beset by controversy from all sides. Political upheaval erupted in Kazakhstan on January 2, 2022, resulting in a statewide shutdown and the shutdown of much of the Bitcoin mining business.

The United States Federal Reserve announced three days later that it may expedite the rate hike schedule, contributing to Bitcoin’s lackluster start to the new year.

By January 24, 2022, Bitcoin had dropped to $33,800, its lowest point of the year. Since then, the flagship cryptocurrency along with the rest of the industry has been catapulted into the spotlight thanks to Super Bowl 56 advertisements from FTX, Coinbase, and others. However, this hasn’t been reflected in Bitcoin’s price, which has been trending lower for the majority of the year.