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There Is More to an NFT than Art

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There Is More to an NFT than Art

One of the biggest auction houses in the world, Sotheby’s is best known for its NFT auctions. They have worked with leading artists to launch NFTs, with one of the most memorable sales being a digital art piece by Beeple, an anonymous digital artist for $68 million. The uniqueness of NFTs, which exist as tokenized versions of assets, secured by the blockchain, have made them popular with art buyers.

The Year of NFTs; 2021

As 2021 comes to a close, it can be declared as THE year of NFTs. Various stars have released their own NFTs, which they have sold to their fans. However, some believe that NFTs may be a fad, which will soon go bust.

One reason for this misconception is that many people believe NFTs can only be used to create digital art. However, that is not the case. NFTs are opening up a whole new revenue stream that could lead to the rise of innovative digital products. Various industries are looking into the use of NFTs to tokenize assets such as music albums, iconic moments, and sports memorabilia. Some of the use cases for NFTs that currently exist are:

Fashion

Luxury brands, such as Gucci and Dolce and Gabbana, are entering the NFT space with limited collections. The use of NFTs helps safeguard the ownership of fashion items, while also ensuring easy verification of authenticity. It is an especially effective solution to counterfeiting.

Patents

Another use case for NFTs is securing patents and intellectual rights. Tokenized certificates that come with legal safeguards help to safeguard the authenticity of a document while helping to add transparency.

Music

In the music industry, NFTs provide proof of ownership of original content while making it easy to authentic music. When it comes to royalties, NFTs also makes it possible to easily track the monetization process.

Real Estate

NFTs have also found a use case in the real estate world, where they can be used to provide provenance on the ownership of a piece of real estate. Besides that, they provide transparency into the transfer of ownership of such an asset.

Collectibles

NFTs are a unique way to guarantee the purchase of unique digital collectibles, which provide absolute certainty on provenance thanks to the security of the blockchain.

Gaming and the Metaverse

Most widely, NFTs are finding use cases in online gaming and metaverse. By using NFTs, players can have the absolute ownership of in-game items, which they can sell on secondary markets.

NFTs and Digital Fashion

Digital fashion is a trend that has been made possible in a huge way by NFTs. A good example of a digital fashion company that is working to bring NFT fashion to the masses is Space Runners. Space Runners is working with leading celebrities and sports icons, such as Kyle Kuzma and Nick Young, to bring NFT collections to the masses. These exciting partnerships will be displayed in Space Runners’ first collection; NBA Champions Sneaker Collection

Users have the opportunity to purchase these unique fashion items that are secured on the Solana blockchain. Space Runners plans to launch digital collections of these items, which users can hold forever, in mid December.

In the future, Space Runners plans to launch a VR environment, where holders of Space Runners’ digital fashion can interact with their apparel. They can share these interactions on social media, which will help to grow the popularity of the platform and the value of the NFTs.

Instead of visiting catwalks in Barcelona, visiting the Space Runners platform can peruse through digital fashion via their computers or mobile devices. In the future, the platform plans to launch a marketplace where people can trade their fashion apparel NFTs with others. They also plan to launch in the metaverse with unique fashion apparel that people can use as skins. This is something that Meta has expressed interest in, in direct response to Space Runners on Twitter!

Holders of ‘Runners’ will also get special privileges, such as special access to merchandise pre-sales by the sports stars. They will also get exclusive entry to sports stars post-game events where they can interact with them.

Space Runners could not achieve its purpose without support from its partners. These include the likes of Ankr, Clover Finance, Divergence Ventures and Bullet Labs.

To stay tuned please visit: Twitter | Discord | Website

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Bitcoin Diamond Hands: Despite Recent Fear, Coins Aged 12-18 Months Rise To 2-Year High

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Bitcoin Diamond Hands: Despite Recent Fear, Coins Aged 12-18 Months Rise To 2-Year High

Despite the recent fearful market, Bitcoin hodlers show diamond hands as coins aged 12-18 months touch a 2-year high.

Coins Matured To 12-18 Months Revisit A High Not Seen Since 2 Years

As pointed out by an analyst in a CryptoQuant post, BTC hodlers have held strong recently as coins aged 12-18 months have seen a sharp spike recently.

The relevant on-chain indicator here is the Bitcoin Sum Coin Age (SCA) Distribution that shows the distribution of coins among the different holders in the market.

The metric works by looking at each coin on the chain and measuring how many days it has been since it was last moved. Based on the age, these coins are put into different categories.

For instance, if a coin has been sitting still since 12-18 months ago, it is included in the 12-18 months holder group.

When the distribution of the long-term holders goes up, it means accumulation has been strong recently. Such a trend has usually been bullish for the price of Bitcoin as it shows a large number of holders refuse to sell at the current levels.

On the other hand, when coins belonging to short-term holders move up, it means some long-term holders have decided to sell. This trend may be bearish for the price of the crypto.

Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

Now, here is a chart that shows the trend in the supply of coins that have matured to 12-18 months (one of the long-term holder groups):

Looks like the value of the indicator has shot up recently | Source: CryptoQuant

As you can see in the above graph, the coins aged 12-18 months have sharply rose recently, reaching a 2-year high. The highlighted region in the chart is around when these holders bought these coins.

This means that these Bitcoin holders have now held strong through multiple all-time highs, the mini-bear period between May-July, as well as the recent fearful market.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Hodlers showing such diamond hands behavior can prove to be quite bullish for the price of the coin in the long term.

Bitcoin Price

Earlier today, Bitcoin’s price crashed below $40k, touching as low as $38k. Since then, the coin hasn’t recovered much yet.

At the time of writing the crypto’s price floats around $38.8k, down 7% in the last seven days. Over the past month, the coin has lost 17% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

After weeks of consolidation, BTC's price seems to have finally crashed below the $40k level | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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How To Add Bitcoin To The Balance Sheet For Corporations, With Saylor & Dorsey

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Saylor, Bitcoin for Corporations at the MicroStrategy World conference

Is your company ready to buy the Bitcoin dip? Saylor and Dorsey will give you the 411 for free.99. The MicroStrategy World annual conference goes live on February 1st. Learn directly from these two titans of the industry, who have definitely been among Bitcoin’s main proponents and promoters over the last few years. 

Michael Saylor has led by example, buying every dip, and is a constant presence in mainstream media. His interviews are more like classes and the attention they get is outstanding. Jack Dorsey, for his part, left Twitter to focus on Bitcoin. Since then, his Block company announced several projects that’ll definitely strengthen the Bitcoin network.

About the MicroStrategy World conference, the press release promises it’ll be “focused on Enterprise Analytics and Bitcoin for Corporations. World 2022 is 100% virtual, and—for the first time ever—access to all sections of the conference is free of charge.” That’s an unbeatable price.

What Will Saylor And Dorsey Talk About?

The conference has two sides, two different events that showcase MicroStrategy’s duality:

“The Enterprise Analytics event will introduce bold new ways to think about analytics and business intelligence, and showcase organizations who’ve used data as a strategic differentiator. The Bitcoin for Corporations event will explore the various benefits of incorporating Bitcoin into corporate initiatives.”

As you might expect, NewsBTC will focus on the second event. It’s important to say that both Dorsey and Saylor’s companies have Bitcoin on their balance sheet. These two put their money where their mouth is, and then some. In any case, what does MicroStrategy World promise?

“An in-depth discussion on Bitcoin between two visionary voices: Jack Dorsey, CEO of Block, Inc., and Michael Saylor, CEO of MicroStrategy Inc. This session will be followed by a discussion on Bitcoin Treasury with Phong Le (President and CFO, MicroStrategy). Bitcoin for Corporations will also feature live interviews with industry experts from Coinbase, Deloitte, Fidelity Digital Assets, Genesis, Jefferies, NYDIG, Paxos, and Silvergate Bank.”

It’s noteworthy that Fidelity Digital Assets recently shocked the world by predicting more countries and probably a Central Bank or two would add Bitcoin to their balance sheet in the next few years. Christine Sandler, Fidelity’s Head of Sales & Marketing, will represent the company at the conference. 

Saylor ’s Recent Bitcoin History

Since MicroStrategy first added Bitcoin to its balance sheet in August 2020, the company has increased the bet every few months. They issued common stock. They sold stocks. They bought, and bought, and bought, and bought. In a recent interview, Saylor explained the strategy and NewsBTC reported:

“Look, our long term strategy is kind of like Harvard University. We’re running a university but we have an endowment. MicroStrategy is selling enterprise software. We generate $100 million in cash flow a year – in a good year – and we are reinvesting that cash in our endowment. Our endowment is 100% bitcoin.”

Saylor adds that MicroStrategy plans to acquire and hold bitcoin as a balance sheet. As for the operations, the company will continue to sell its enterprise software everywhere in the world.”

Related to this, about MicroStrategy’s free conference, Saylor said:

“We have gained a wealth of experience and expertise innovating our treasury strategy and evolving our corporate bitcoin acquisition strategy. And we’re pleased to be in a position to share our knowledge—via this curated event—for corporations looking to pursue similar strategies and bold initiatives.”

Dorsey’s Recent Bitcoin History

For his part, Dorsey’s strategy is much different than Saylor’s. He’s working in infrastructure. Dorsey’s fortifying the network’s weak parts. Among other things, Block announced they’re building a decentralized Bitcoin exchange called tbDEX. Released the Lightning Development Kit. And announced they’re working in an open-source ASIC miner

On a personal level, Dorsey and rapper Jay-Z put 500 BTC in a blind trust to promote Bitcoin development in Africa and India. And created the Bitcoin Defense Legal Fund to protect developers from all kinds of lawsuits.

BTC price chart for 01/21/2022 on Gemini | Source: BTC/USD on TradingView.com

The Price Of Bitcoin

Despite Saylor’s and Dorsey’s efforts, Bitcoin is bleeding. On one hand, Proof-Of-Stake proponents straight up lied before U.S. Congress in a hearing about Proof-Of-Work’s environmental risks. On the other, there’s a rumor that Russia is considering banning Bitcoin in some capacity. Both of those situations caused panic in the market, and Bitcoin’s price is currently 40% lower than the ATH of $69K. 

Will Michael Saylor buy the dip? 

Featured Image: screenshot from the conference's website | Charts by TradingView

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Stacks Price Prediction 2022 — Will STX Hit $4 Soon?

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Stacks Price Prediction 2022 — Will STX Hit $4 Soon?
  • Bullish STX price prediction is $1.750 to $2.722.
  • The STX price will also reach $4 soon.
  • STX bearish market price prediction for 2022 is $0.514.

In Stacks’s (STX) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about STX to analyze the future movement of the cryptocurrency. 

Stacks Current Market Status

According to CoinGecko, the price of STX is $1.80 with a 24-hour trading volume of $148,941,041 at the time of writing. However, STX has decreased nearly 13.9% in the last 24 hours.

Moreover, STX has a circulating supply of 1,052,561,461 STX. Currently, STX trades in cryptocurrency exchanges such as Binance, OKX, KuCoin, Mandala Exchange, and Gate.io.

What is Stacks (STX)?

Stacks is a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications (DApps) to Bitcoin (BTC). These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful, including its security and stability. Stacks is powered by the Stacks token (STX), which is used for fueling the execution of smart contracts, processing transactions, and registering new digital assets on the Stacks 2.0 blockchain. Stacks look to take what makes Bitcoin so powerful, and extend it with additional functionality, without needing to fork or change the original Bitcoin blockchain.

Stacks (STX) Price Prediction 2022

Stacks holds the 64th position on CoinGecko right now. STX price prediction 2022 is explained below with a daily time frame.

STX/USDT Horizontal Channel Trend Pattern (Source: Tradingview)

The horizontal channel trend has the appearance of a rectangle pattern. It consists of at least four contact points. This is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal and the prevailing direction of price action is sideways.

Currently, STX is in the range of $1.80. If the pattern continues, the price of STX might reach the resistance level of $2.670. If the trend reverses, then the price of STX may fall to $1.764.

Stacks (STX) Support and Resistance Level

The below chart shows the support and resistance level of STX.

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STX/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of STX.

  • Resistance Level 1 – $1.750
  • Resistance Level 2 – $2.295
  • Resistance Level 3 – $2.722
  • Support Level 1 – $1.130
  • Support Level 2 – $0.777
  • Support Level 3 – $0.514

The charts show that STX has performed a bullish trend over the past month. If this trend continues, STX might run along with the bulls overtaking its resistance level at $2.722.

Accordingly, if the investors turn against the crypto, the price of the STX might plummet to almost $0.514, a bearish signal.

Stacks Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of STX is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of STX lies below the cutoff line, indicating weaker participants in the current trend.

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STX/USDT RVOL, MA, RSI (Source: TradingView)

More so, the STX’s Moving Average (MA) is shown in the chart above. Currently, STX is in a bearish state. Notably, the STX price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of STX at any time.

Meanwhile, the relative strength index (RSI) of the STX is at level 40.22. This means that STX in a nearly oversold state. However, this means a major price reversal of STX may occur in the upcoming days. So, traders need to trade carefully. 

Stacks Price Prediction 2022 — ADX, RVI

Let us now look at Stacks Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. Furthermore, this system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

The above chart represents the ADX of Stacks. Currently, STX lies in the range of 19.318, so it indicates a weak trend. 

From the above chart, the Relative Volatility Index (RVI) of STX. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of STX lies below the 50 levels, indicating that the direction of volatility is low. In fact, STX’s RSI is at 40.22 level thus confirming a potential sell signal.

Comparison of STX with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum, and Stacks.

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BTC Vs ETH Vs STX Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH, BTC, and STX is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and STX also increases or decreases respectively.

Conclusion

With continuous improvements in the Stacks network, we can say that 2022 is a good year for STX. For this reason, the bullish price prediction of Stacks in 2022 is $2.722. On the other hand,  the bearish STX price prediction for 2022 is $0.514.

Furthermore, with the advancements and upgrades on the STX ecosystem, the performance of STX would help to reach above its current all-time high (ATH) $3.39 very soon. But, it might also reach $4 if the investors believe that STX is a good investment in 2022.

FAQ

1. What is Stacks?

Stacks is a layer-1 blockchain solution that is designed to bring smart contracts and decentralized application (DApps) to Bitcoin (BTC). 

2. Where can you purchase STX?

STX has listed on many crypto exchanges which include Binance, OKX, KuCoin, Mandala Exchange, and Gate.io. 

3. Will STX reach a new ATH soon?

With the ongoing developments and upgrades within the STX platform, it has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Stacks?

On December 1, 2021, STX reached its new all-time high (ATH) of  $3.39.

5. Is STX a good investment in 2022?

Stacks (STX) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of STX in the past few months, STX is considered a good investment in 2022.

6. Can Stacks (STX) reach $4?

Stacks (STX) is one of the active cryptos that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Stacks (STX) will hit $4 soon.

7. What will be the STX price by 2023?

Stacks (STX) price is expected to reach $5.7 by 2023.

8. What will be the STX price by 2024?

Stacks (STX) price is expected to reach $7 by 2024.

9. What will be the STX price by 2025?

Stacks (STX) price is expected to reach $7.9 by 2025.

10. What will be the STX price by 2026?

Stacks (STX) price is expected to reach $9 by 2026.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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