Autor Cointelegraph By Brayden Lindrea

Tiffany & Co turning CryptoPunk NFTs into $50K custom pendants

Tiffany & Co turning CryptoPunk NFTs into $50K custom pendants

Uverejnil používateľ | aug 1, 2022 |

Luxury jewelry brand Tiffany & Co has announced the sale of 250 diamond and gemstone encrusted pendants for CryptoPunk non-fungible token (NFT) holders. The handcrafted CryptoPunk pendants were announced by the jewelry brand on July 31 on Twitter, and are priced at 30 ETH, equivalent to $50,600 each at the time of writing. We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4— Tiffany & Co. (@TiffanyAndCo) July 31, 2022According to an NFTiffs Frequently-Asked Questions page, the NFTiff token sale is set to launch on August 5 at 9 am (CST), and will only be available for purchase NFTiff tokens via its website.Each CryptoPunk is limited to a maximum of three NFTiff tokens that allow them to mint a customized pendant. There are 87 different attributes and 159 colors that can be used to custom design the pendants, and the pendant itself will be composed of 18-Karat rose or yellow gold (based on the color palette of the NFT). Should all the limited edition pendants sell out, Tiffany & Co stands to make 7,500 in ETH (currently $12.7 million).The campaign was first promoted by Tiffany & Co vice president Alexandre Arnault, who owns CryptoPunk #3167 in April. In a tweet, Arnault revealed his new rose gold and enamel CryptoPunk, which was transformed with a new sapphire and Mozambique-colored set of glasses and a yellow diamond round earring. When punks go wild at @TiffanyAndCo #3167Rose gold and enamel Cryptopunk. Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring. LFG! pic.twitter.com/M2c8AmwU0R— Alexandre Arnault (@alexarnault) April 7, 2022

Community reactsThe crypto community on Twitter appears largely excited about the new NFT offering from the luxury jewelry brand. Twitter user markfidelman, CMO of SmartBlocks Agency, called the NFT project an “incredibly tasteful activation,” adding: “More Web2 firms looking to dip their toes in Web3 need to be learning from the quality of this $NFTiff offering and taking notes.”This is actually a really excellent way to enter the NFT space. Very much “on brand” Lots of people hate Tiffany’s and think they’re overpriced (they kinda are, you’re paying for the brand and packaging).But there’s clearly a market for them — and this suits that market — Zeneca_33 (,) (@Zeneca_33) July 31, 2022

The jewelry company first ventured into NFTs in March, when they purchased an Okapi NFT from contemporary artist Tom Sachs for $380,000. Tiffany & Co have since set the rocket-styled NFT as their profile picture on Twitter. On April Fools’ Day (April 1), Tiffany & Co also produced “TiffCoins”, a limited-release of 400 18-Karat gold coins with the company logo individually engraved on each coin. Related: Gucci the latest luxury brand to accept crypto payments in storeLuxury brands are no strangers to the crypto space, with many beginning to accept crypto as payment, such Gucci, Balenciaga, and FARFETCH. Last April, Louis Vuitton (LVMH), Cartier, and Prada joined forces to launch Aura, a consortium-blockchain that will utilize NFTs so that high-end shoppers can authenticate goods, track products and materials, and also fight counterfeits.

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Japan’s crypto groups call for end of taxing paper gains

Japan’s crypto groups call for end of taxing paper gains

Uverejnil používateľ | júl 28, 2022 |

Japan’s leading crypto lobby groups plan to submit a proposal to Japan’s financial regulatory body to address its high crypto taxes, which experts warn make Japan less competitive as a crypto hub. According to an internal memo seen by Bloomberg, the proposal will be submitted to Japan’s Financial Services Agency (FSA) this week, asking them to put an end to taxing unrealized gains on crypto holdings “if the firm owns them for purposes other than short-term trades.” The proposal also asks for the financial regulator to lower income tax rates on crypto earnings for individual investors to 20%, which is far less than the current rates that see some investors being taxed as high as 55%.Head of Tax (APAC region) Danny Talwar from crypto tax platform Koinly told Cointelegraph that the current regulatory environment makes it difficult for businesses and individual investors to hold digital assets in Japan compared to more crypto-friendly nations:“The high crypto tax rates make Japan less competitive on the international front compared to countries like Singapore and Dubai, which are increasingly becoming digital asset hubs for business.”Talwar also said that the taxation of unrealized capital gains could lead to situations where taxes paid are not commensurate with the asset value on realization, and this is particularly common for volatile asset classes. Talwar added that the acceptance of the proposals by the FSA would be a “step forward for crypto-friendly regulation” in Japan, though the exact contents of the proposal are not yet known. As for regulation, Talwar acknowledged “it should not stifle innovation in this fast-growing industry.” But before doing so, it is important that lawmakers have a clear understanding of how the taxation of digital-assets fits within the current tax regimes and regulatory frameworks, he said. Speaking to Bloomberg, Web3 infrastructure protocol Stake Technologies CEO Sota Watanabe said the current corporate tax rate was too high, making Japan “an impossible place to do business.”“Japan is an impossible place to do business… the global battle for a Web 3.0 hegemony is under way, and yet, Japan isn’t even at the start line”.Watanabe is one of several CEOs who relocated their crypto companies to Singapore, citing high taxes as one of the reasons for the transition. Related: South Korea postpones 20% tax on crypto gains to 2025Japanese politician Masaaki Taira also argued that lawmakers need to relax crypto regulations to “stem the outflow of digital talent”.The proposal is reportedly being prepared by the The Japan Cryptoasset Business Association (JCBA) and the Japan Virtual & Crypto Assets Exchange Association (JVCAEA), whose members are made up of crypto firms including Bitcoin Association and forex broker WikiFX.

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Pain ahead for algorithmic and non-cash backed stablecoins: IMF director

Pain ahead for algorithmic and non-cash backed stablecoins: IMF director

Uverejnil používateľ | júl 28, 2022 |

The International Monetary Fund (IMF)’s director of capital markets believes there could be further failures of “coin offerings,” including algorithmic stablecoins amid the ongoing crypto winter.In the interview with Yahoo Finance on July 27, Tobias Adrian, director of monetary and capital markets for the IMF stated that there could be further failures of some coin offerings, in particular algorithmic stablecoins: “We could see further selloffs, both in crypto assets and in risky asset markets, like equities… there could be further failures of some of the coin offerings — in particular, some of the algorithmic stablecoins that have been hit most hard, and there are others that could fail.”The IMF director also noted on Wednesday that he saw  “some vulnerabilities” for certain fiat-backed stablecoins, referencing Tether, which he claims are not “backed one to one” with the United States dollar (USD). Adrian also mentioned that stablecoins need a “global regulatory approach” to better protect investors. Adrian stated that while it would be difficult to assess whether each cryptocurrency constitutes a security or not, regulators should first focus on ensuring that crypto exchanges and wallet providers do their due diligence on coins before marketing them.Terra USD (UST), now known as TerraClassicUSD is the most notable algorithmic stablecoin to have lost its price peg, which wiped out $40 billion in market value in May, and is currently priced at $0.04 USD.Tron’s algorithmic stablecoin USDD also fell to as low as $0.91 in June, however it regained its price peg after $700 million of USDC was added to its reserves. Deus Finance’s DEI stablecoin also collapsed in May and currently sits at $0.18.Related: Algorithmic, fiat-backed or crypto-backed: What’s the best stablecoin type?Earlier this month, the founder of Frax Finance, the company behind the FRAX stablecoin, Sam Kazemian told Cointelegraph that he believes purely algorithmic stablecoins “just don’t work.”Instead, Kazemian stated that “decentralized on-chain stablecoins […] need to have [traditional] collateral”.

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Bitcoin's longest 'extreme fear' streak finally breaks

Bitcoin's longest 'extreme fear' streak finally breaks

Uverejnil používateľ | júl 20, 2022 |

Bitcoin (BTC) on Tuesday finally escaped the “extreme fear” zone after a whopping 73 days, coinciding with a 19% weekly increase in Bitcoin (BTC) as bulls make their way back to the market. The Crypto Fear and Greed Index increased from “extreme fear” to merely “fearful” on July 19, reaching a score of 30 out of 100. It has gained slightly since then to the current index score of 31.The Index analyzes the current sentiment of the overall crypto market, scoring between 0 to 100. The index is based on mainly on Bitcoin market volatility, volume and dominance, social media sentiment, surveys and search trend data. On-chain metrics firm Santiment on Twitter noted that traders are “changing their tune” and are starting to look towards a long-term breakout of the cryptocurrency.According to the firm, BTC’s average funding rate on exchanges has hit its highest levels in the last two months as BTC’s price rises above $23,600 — which could indicate a level of Fear of Missing Out (FOMO) is present. Traders are changing their tune and are smelling a long-term breakout after a dominant #Bitcoin Tuesday. With the #1 market cap asset in #crypto surging, the ratio between $BTC #longs and #shorts is at its highest point since early May. Watch for #FOMO. https://t.co/4PcBhoKywd pic.twitter.com/dSPmazk1S1— Santiment (@santimentfeed) July 19, 2022Galaxy Digital CEO Mike Novogratz continues to tout optimism for the lead cryptocurrency, telling a Bloomberg conference on June 19 that he expects BTC to surge above $500,000 within the next 5 years. “This is a story of two things — it is about adoption and global economics. And while this is a bump in the road in adoption, it is certainly not a U-turn”.”We continue to see institutions […] that haven’t gotten involved yet, who see this as an opportunity,” he added. Novogratz also believes “the worst has happened” and “now we’re rebuilding with a couple good days in a row. He also noted that there is “a good story with Ethereum and the Merge, the global macro markets are at max bearishness.”Related: Is the bottom in? Raoul Pal, Scaramucci load up, Novogratz and Hayes weigh inOn the other hand, Grayscale’s “Bear Markets in Perspective” report suggests that the current bear market may last for another 250 days.Product-comparison platform Finder has made a similar prediction as part of a Bitcoin prediction survey on July 12,  with five Fintech professionals at Finder and 53 industry experts suggesting that BTC will bottom out at $13,676 before making an uptrend towards $100,000 before 2025 and $300,000 by 2030. Bitcoin is priced at $23,318 at the time of writing.

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DeFi market fell off cliff in Q2 but users haven't given up hope: Report

DeFi market fell off cliff in Q2 but users haven't given up hope: Report

Uverejnil používateľ | júl 15, 2022 |

Despite the decentralized finance (DeFi) market suffering a 74.6% market cap decline in Q2, user activity has remained relatively resilient, says CoinGecko. In a report published by the crypto data aggregator on July 13th, CoinGecko reported that the overall DeFi market cap fell from $142 million to $36 million over the second quarter, due mainly to the collapse of Terra and its stablecoin TerraUSD (UST) in May. CoinGecko also noted a rise in decentralized finance DeFi exploits in the quarter contributed to the fall, including Inverse Finance and Rari which suffered hacks of $1.2 million and $11 million respectively.“These attacks have negatively impacted token prices as investors lose faith in these hacked protocols.”However, CoinGecko also noted that while on-chain activity slowed down, the DeFi industry has managed to retain most of its daily active users. It noted that the number of daily active users in DeFi decreased only 34.5% from 50,000 to 30,000 in Q2, added there were also multiple instances that caused a spike in DeFi activity.The first spike was observed in May following Terra’s collapse, leading to users moving to Curve Finance and Uniswap on mass to sell their falling LUNA and UST. Similarly, another spike in DeFi user activity took place in June according to CoinGecko, when crypto lending platform Celsius enforced withdrawal restrictions citing financial difficulties. Celsius filed for bankruptcy on July 13.“In both events where centralized entities have failed, users have flocked to enjoy DeFi’s permissionless nature.NFT trading volume down The report also found that trading volume for non-fungible tokens (NFTs) fell 26.2.% from its peak in June 2021 to $7.6 billion in the quarter, led mainly by a decline in the trading volume of NFTs offered on the Ethereum network. June 2022 also saw the lowest trading volume in 12 months, with NFT trading volume reaching $830 million, coinciding with a collapse of the floor price of NFTs.Related: Terra crash highlights stablecoin risk to financial stability: ECB

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