Cryptocurrency syndicate
The partnership signals confidence that the Australian-based game studio is set to make big waves in the metaverse. He is internationally recognized for his expertise in understanding financial markets and sharing his knowledge with others to help them make better investment decisions. Alex Dunmow, Chief Executive of Ninja Syndicate, says the partnership bolsters the company's focus to improve people's lives through the power of technology. The metaverse is a digital economy. In addition to capturing the attention of international cryptocurrency experts, Ninja Syndicate is launching the Battle Arena, the first game in their metaverse, on February 22nd. The Supremacy utility token presale opens to the public on the same day.
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- Decentralized investing platform Syndicate raises $20 million
- Lloyd’s launches new cryptocurrency wallet insurance solution for Coincover
- NEW Antminer S19 Pro - 110 Th/s
- Hong Kong customs bust HK$1.2 billion crypto laundering syndicate
- What is an NFT?
- Lloyd’s Syndicate to Insure Against Cryptocurrency Hacks
- Big Hires, Big Money and a D.C. Blitz: A Bold Plan to Dominate Crypto
Decentralized investing platform Syndicate raises $20 million
The sale made headlines, and NFTs have since become red-hot. In essence, an NFT is a tradeable code attached to metadata, such as an image. A secure network of computers records the sale on a digital ledger a blockchain , giving the buyer proof of both authenticity and ownership. NFTs are typically paid for with the Ethereum cryptocurrency, and, perhaps more importantly, stored using the Ethereum blockchain. By combining the desire to own art with modern technology, NFTs are the perfect asset for newly wealthy members of the Silicon Valley set and their train of acolytes in finance, entertainment, and the broader retail-investor community.
But, like other markets driven by exuberance, impulse purchases, and hype, the fast-moving and speculative NFT market could burn many investors. The current frenzy invites comparisons with the Dutch tulip mania from until , when some bulbs fetched extremely high prices before the exuberance dissipated and the bubble collapsed. The NFT market will likely suffer a similar fate, but not, as some might think, because of environmental concerns.
But when it comes to understanding what will bring down the NFT market, climate impact is a red herring. The real problem is that the current NFT boom is built on a foundation of sand.
Start with the problem of infinite supply. NFTs offer ownership of a digital asset, but not the right to prevent others from using its digital copies.
Part of the reason why wealthy investors are prepared to pay tens of millions of dollars or more for traditional physical artworks by the likes of Rembrandt, van Gogh, or Monet is that the number of masterpieces is finite; the artists are long dead and cannot produce new artworks. NFT copies, on the other hand, could become a commodity. In theory, the supply of legally usable copies of NFTs is infinite, potentially overwhelming demand for them and causing prices to collapse.
Because the blockchain is unable to store the actual underlying digital asset, someone buying an NFT is buying a link to the digital artwork, not the artwork itself. Although buyers gain copyright to the link, the transaction costs related to monitoring the infinite online venues for displaying NFTs, identifying illegitimate use, and pursuing and prosecuting infringement make it nearly impossible to enforce the copyright or deter misuse.
This strongly limits monetisation of the asset. Another risk is that NFTs are being made and sold with infant technologies, blockchains and cryptocurrencies. The resulting uncertainty as to how ownership certification will be guaranteed in perpetuity endangers the value of the assets and even their ownership. In fact, the value of NFTs may evaporate if the next wave of more advanced technologies that supersedes crypto or blockchain is incompatible with secure NFT ownership.
Firms that deal in NFTs today may not be around tomorrow, muddying ownership claims. The price volatility of the cryptocurrencies underpinning the NFT market is a central issue as well. NFT prices tend to move in tandem with cryptocurrency prices. When crypto tanked in , so did the nascent market for NFTs. The psychology of buying luxury goods also will likely put downward pressure on NFT prices. Most luxury products are so-called Veblen goods, with limited utility beyond enabling owners to advertise their wealth.
For that reason, they often generate large profits for sellers. NFTs enable buyers to broadcast their wealth mostly through the high price they paid, but only if they receive a positive reaction from their peers. If such expenditure does not resonate with this audience, the investor might as well burn cash to light a cigarette. Because owning an NFT does not prevent others from displaying the same assets and signaling ownership, these tokens hardly serve as effective indicators of unique spending power.
And many NFT buyers remain anonymous anyway, because the blockchain ensures that knowledge regarding ownership is limited. Finally, changing macroeconomic conditions could negatively affect the prices of alternative assets such as NFTs and traditional artworks. In the past two decades, the number of billionaires worldwide has increased more than fivefold, and available income ready to be invested in alternative asset classes has ballooned as a result. Much of the vast economic stimulus injected by central banks went into financial markets, further boosting the net worth of the super-rich.
But investor attention can be fleeting. After the global financial crisis, sales of art and other luxury products declined by almost 40 per cent. With central banks now starting to tighten monetary policy in an effort to rein in inflation, new and untested asset classes are likely to be punished harder than more reliable ones.
And the hugely volatile NFT market, based on digital currencies with nothing to back them up, is hardly a safe haven. Ultimately, NFT prices will suffer a large, permanent decline. They remain high for now and may continue to increase for some time, but the crash will come. Investors who think they can time the market are welcome to try, but their optimism will likely prove misplaced.
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Lloyd’s launches new cryptocurrency wallet insurance solution for Coincover
Access hyper-relevant news analysis for your industry. Please enter a valid email. Why it matters: Crypto is coming for investing, and not just as an asset in which to invest. Syndicate's mission is to make it easier to create DAOs, or decentralized autonomous organizations, which basically enable groups of people to invest collectively and transparently. The bottom line: "DAOs are basically shared bank accounts on the blockchain with tools meant to facilitate group decision-making," CoinDesk's Cheyenne Ligon, writes.
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People are teaming up all over crypto, but, according to the founders of Syndicate Protocol, investors lack web3 native ways to do so. To that end, Syndicate released its first product on Tuesday: A platform for easily and simply setting up an investment club in a web3-native way. Investment clubs are a well-established way for people to share investment risk as well as ideas and market strategy. The group manages the investment collectively, like a club. They have been around for ages, but Syndicate believes it has put the right set of tools together to run them in a way that works for blockchain natives. Lee argued that the core primitive for investment clubs in this era is the decentralized autonomous organization DAO , but as advanced as that idea is, the tooling is very makeshift at the moment. Syndicate enables them to get started for nothing more than the cost of gas for using Ethereum. This follows the model Balaji Srinivasan an investor in Syndicate proposed with the Mirrortable , a web3 cap table.
Hong Kong customs bust HK$1.2 billion crypto laundering syndicate
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What is an NFT?
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Lloyd’s Syndicate to Insure Against Cryptocurrency Hacks
Supremacy gaming platform to release utility token on 22 February Ninja Syndicate has partnered with Mati Greenspan as an advisor on their upcoming Web3 project Supremacy, a series of metaverse Play-to-Earn games. The partnership signals confidence that the Australian-based game studio is set to make big waves in the metaverse. He is internationally recognised for his expertise in u nderstanding financial markets and sharing his knowledge with others to help them make better investment decisions. The metaverse is a digital economy.
Big Hires, Big Money and a D.C. Blitz: A Bold Plan to Dominate Crypto
Yi Zhong, seen in a file picture, has been arrested in Sydney. Credit: Wolter Peeters. During a search warrant at a home in Wentworth Point, more cash, more than one kilogram of methylamphetamine, cocaine, mobile phones, a laptop and electronic storage devices were also seized, police said.
This site uses cookies to deliver website functionality and analytics. If you would like to know more about the types of cookies we serve and how to change your cookie settings, please read our Cookie Notice. By clicking the "I accept" button, you consent to the use of these cookies. The cryptocurrency revolution, which started with bitcoin in , claims to be inventing new kinds of money. There are now nearly 2, cryptocurrencies , and millions of people worldwide are excited by them.
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According to a blogpost, the Halo and Destiny creator will remain an independent publisher, working alongside Playstation Studios. As of yesterday 31 January when Sony announced the acquisition, their shares climbed 4. The Justice Department replacement will investigate whether the merger, which has until June to be completed, will cause harm to competition down the line.
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