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Martin Shkreli's Wu-Tang Album Was Bought by NFT Sellers For $4M – VICE

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In 2015, the lone physical copy of Wu-Tang Clan’s Once Upon a Time in Shaolin was put up for auction by the group and purchased by the disgraced hedge-fund and pharmaceutical executive Martin Shrkreli for $2 million. Now, it’s been purchased by NFT sellers. 
As chief executive of Turing Pharmaceuticals, Shkreli caught the public's attention after a heinous run of price-gouging that saw the price of an antiparasitic drug used to treat pneumonia in AIDS patients skyrocket from $13.50 to $750 per pill. In 2017, Shkreli was convicted of securities fraud and conspiracy—he had defrauded investors of at least $10 million from 2009 to 2014 while running another biotech company called Retrophin. The executive was sentenced to seven years in prison, but was apparently still running the company from jail using a smuggled cell phone as of 2019.
In the summer, the government sold the album it had seized as part of the $7.4 million forfeiture judgement Shkreli received at his sentencing, but no details were offered about the sale whatsoever. On September 10, PleasrDAO, a “decentralized autonomous community” focused on collecting NFTs and other forms of crypto-art, revealed itself as the buyer. 
The collective bought the album for $4 million, and while it hasn’t announced solid plans for the purchase, there are hints that it envisions turning the album into NFTs. Specifically, PleasrDAO specializes in fractionalizing NFTs, which can be thought of as selling thousands of “shares” in a single NFT rather than the token having a sole owner. 
“We want this to be us bringing this back to the people,”  PleasrDAO's Chief Pleasing Officer, Jamis Johnson, told Rolling Stone. “We want fans to participate in this album at some level.”
Once Upon a Time in Shaolin comes with plenty of restrictions on its use, by design. For example, it can’t be put on a streaming service. But a representative for 6, the agency that brokered the album’s sale to PleasrDAO, told cryptocurrency news outlet Coindesk that it can get creative.
“Theoretically, [PleasrDAO] could have 5,000 owners of the album and make a private listening party for those owners,” 6 co-founder Jesse Grushack told Coindesk. “I think it’s gonna be up to them to figure out the way to bring this back to the people.”
It’s hard to see how that can be done without NFTs, given PleasrDAO’s focus, and it wouldn't be the first fractionalized NFT the group has made: in September, the group bought the original "Doge" meme as an NFT and then fractionalized it so individuals could own a piece for less than $1. After fractionalizing the $4 million NFT into 16,969,696,969 tokens at $.019 each, it was suddenly worth more than $300 million
″[I]t’s very much as if the Louvre decided to fractionalize the Mona Lisa and distribute a portion of it for the public to own. However, unlike at the Louvre, collective ownership of art is really only possible using crypto art,” Johnson wrote in a PleasrDAO blog post.
It’s not clear if any of that will ever be possible, with the album’s primary restriction making that difficult: the album cannot be released to the general public in any form until 2103 (it is currently 2021, 82 years ahead of schedule). Nevertheless, in an interview with The New York Times, Johnson insisted that "We believe that we can do something with this piece" and they could "enable it to be shared and ideally owned in part by fans and anyone in the world." 
PleasrDAO did not immediately respond to Motherboard’s request for comment.
RZA and the Wu-Tang Clan declined to comment for the New York Times story, but Cilvaringz, a producer who worked on the album and pushed the one-copy idea, said "we wanted to honor the NFT concept without breaking our own rules."
Johnson refers to the album as the “O.G. NFT,” and says how much he loves the rap group, but so far seems adamant in ignoring one of the primary rules they placed on any sale of the album, presumably in NFT form or otherwise: don’t release it to the public. Instead, the group is busy at work making the case for why the album is already an NFT and why NFTs are the future. 
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This Week's NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower – Markets and Prices Bitcoin News – Bitcoin News

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by Jamie Redman
Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $118.02 million worth of NFTs were sold this week compared to last week’s $132.43 million. Further, the top two NFT collections with the largest market capitalizations shed significant value during the past seven days. While Bored Ape Yacht Club’s market valuation lost 21.29%, Cryptopunks’ market cap slid by 19.18%.
NFTs had a lackluster week as sales and prices have followed in sync with falling crypto asset prices. Statistics show that a large number of NFT collections have lost considerable market value during the past week. For instance, metrics show that Bored Ape Yacht Club’s (BAYC) floor value on September 13, 2022, was $114,388 and today, the floor value is around $90,026. BAYC’s market valuation on September 13 was $1.14 billion and today it’s down 21.29% to $900.25 million.
Data shows that the second most expensive NFT floor value belonged to Cryptopunks on September 13, and that’s still the case today. However, the cheapest Cryptopunk last week was around $98,941, but today you can get one for $79,960. Cryptopunks’ market cap has nosedived 19.18% lower during the past week. The same can be said for a majority of blue chip NFT collections like PROOF Collective, Mutant Ape Yacht Club (MAYC), Castaways, and Doodles.
Seven-day statistics show that the BAYC NFT collection is the compilation with this week’s top sales, as $8,603,290 in trades were recorded. BAYC sales have increased by 17.33% and the second largest NFT collection in terms of weekly sales is RENGA. The RENGA NFT collection has managed to print $5,822,323 in seven-day sales, up 121.08% since last week. Overall, however, NFT sales across 17 blockchains monitored by cryptoslam.io are down 10.88% lower than last week.
This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Ethereum (ETH) captured the top NFT sales and Solana (SOL) recorded the second largest number of digital collectible sales this week. Although, ETH-based NFT sales slipped 1.66% lower than last week with $79.05 million in seven-day sales. SOL-based NFT sales are down this week 42.11% lower than last week with $23.71 million. Both Flow and Immutable X saw an uptick in NFT sales. Flow NFT sales jumped 59.42% higher, and Immutable X NFT sales saw a significant 790.96% increase.
The top five most expensive NFTs sold this week all stemmed from the BAYC collection and include Bored Ape #441, Bored Ape #2897, Bored Ape #5733, Bored Ape #4179, and Bored Ape #1846. Bored Ape #441 sold for 351,000 DAI and Bored Ape #2897 sold for 215.38 ether or $296,404. Bored Ape #5733 was sold three days ago for 120 ether or $176,458, and Bored Ape #4179 sold for 123 ether or $176,307. Lastly, the fifth most expensive, Bored Ape #1846, was sold for 106 ether or $151,939 four days ago.
What do you think about this week’s NFT sales dropping more than 10% lower than last week’s sales? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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