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NFTs Accessible to All with Launch of Fiat-Focused SIMBA Market

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NFTs Accessible to All with Launch of Fiat-Focused SIMBA Market

SOUTH BEND, Indiana, 23rd June, 2022, Chainwire

SIMBA Chain, the leading provider of blockchain enterprise solutions, has announced the launch of its new non-fungible token (NFT) marketplace SIMBA Market. The platform, which will feature collections from a variety of well-known names in sports and entertainment from the outset, will offer curated brands the opportunity to showcase their NFTs in their own digital space. 

SIMBA Market officially launches on June 23, 2022, featuring digital collectibles by globally recognized snowboard manufacturer Kemper Snowboards. Next, the platform will release work by the International Hockey Federation (FIH) to coincide with their Women’s World Cup taking place July 1-17 in Spain and Netherlands. In addition to visual properties, both collections released via SIMBA Market will also offer certain utilities, such as physical products, exclusive access to events, product discounts, and more.

“We wanted to create an experience for our customers and fans beyond the winter months – combining the digital and physical realms. We chose SIMBA Market because we wanted our community to be able to buy our NFTs as easily as they would any of our products” explains Jib Hunt, CEO of Kemper Snowboards.

Providing a simple user interface, SIMBA Market offers brands the ability to create completely unique experiences for their fans by leveraging blockchain technology. SIMBA Market is built on Polygon to ensure low NFT minting and transaction fees, as well as a low carbon footprint, whilst still offering access to Ethereum platforms with the Polygon-Ethereum bridge.

In contrast to other NFT marketplaces that target veteran Web3 and cryptocurrency investors, SIMBA Market provides a Web2-oriented user experience that can be used by anyone regardless of their blockchain and cryptocurrency background. When using SIMBA Market, consumers can conveniently purchase digital collectibles using credit or debit cards, just like with any other item online.

“We built SIMBA Market to enable brands from all industries, from sports to music and entertainment, to carbon credits, to introduce their communities to Web3 without the need for any crypto understanding. This is in line with our mission to bring web3 to the world” says Bryan Ritchie, CEO of SIMBA Chain.

To further differentiate itself from most contemporary NFT marketplaces and increase its appeal to mainstream audiences, SIMBA Market’s offering is fully curated. Partners and producers are selected based on their needs, audience, and other factors, with the platform’s focus being entertainment, sports, and esports companies. 

SIMBA Market’s focus on simplicity and familiarity enables traditional brands to cater to their existing communities, rather than just offering to a limited crypto audience. The initial launch will deliver fiat purchasing and a simple and intuitive user experience for brands to easily target their existing communities, along with the savvier crypto community. In the coming months, SIMBA Market will work on implementing more exciting features, such as the ability to resell, purchase NFTs with crypto, and more.

About SIMBA Chain

SIMBA Chain (short for Simple Blockchain Applications) has simplified blockchain app development by removing complexities involved and making the technology accessible by all, regardless of their blockchain know-how. The NFT marketplace, SIMBA Market, is designed for non-crypto and crypto enthusiasts alike, with simple UX, fiat purchasing, and iconic brands across sports, entertainment and gaming. The platform auto-generates APIs that support both public and private blockchains and is designed for any developer to easily adopt through drag-and-drop smart-contract building. Incubated at the University of Notre Dame, SIMBA Chain allows customers to deploy blockchain applications without spending huge sums of time and resources on hiring consultants or tech experts. Using SIMBA Chain’s cloud-based platform, any developers, companies, universities, among others, can easily build Web 3.0 solutions.
 

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Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

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Bitcoin

On-chain data shows the Bitcoin coinbase premium gap has improved recently and is now approaching a neutral value, suggesting the selling pressure may be drying up.

Bitcoin Coinbase Premium Gap Close To Zero, But Still Negative

As pointed out by an analyst in a CryptoQuant post, the selling pressure from US investors seems to have reduced in recent days.

The “Coinbase Premium Gap” is an indicator that measures the difference in the Bitcoin prices listed on crypto exchanges Coinbase (USD pair) and Binance (USDT pair).

The quant notes that US investors are known to use the Coinbase platform, especially high-net entities and institutions.

When the value of this metric is positive, it means the price on Coinbase is higher at the moment. Such a trend suggests there has been buying from US investors recently.

Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

On the other hand, a negative premium gap implies there has been some selling on the crypto exchange as the price is lesser than on Binance.

Now, here is a chart that shows the trend in the Bitcoin Coinbase premium gap over the year 2022 so far:

The value of the metric looks to be negative right now | Source: CryptoQuant

As you can see in the above graph, the Bitcoin Coinbase premium gap has been negative in the last couple of months.

During the LUNA crash, it reached a highly red value of $131, which means there was some heavy selling from US investors then.

During the consolidation period that followed, as well as during the latest crash, the value of the indicator moved sideways around a negative $20.

Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison

Over the last few days, however, the trend seems to have changed and the premium gap is now observing some upwards movement.

While the indicator still has a negative value, it’s quite close to zero now as the gap between Coinbase and Binance stands at just -$5.

This shows that the selling pressure from US investors has been dying down recently, a sign that could prove to be bullish for the price of Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $21.2k, up 11% in the last seven days. Over the past month, the crypto has lost 28% in value.

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

Bitcoin Price Chart

Looks like the value of the crypto has been going up over the last few days | Source: BTCUSD on TradingView

Since the low below $18k, Bitcoin has been trying to gradually make some recovery. However, the crypto is currently finding it difficult to leave the $21k level.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Total Power Consumption of Bitcoin Network Drops Drastically in 2022

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Binance.US Lures Traders by Waving Off Bitcoin Spot Trading Fee