Author: Forbes

There’s a popular NFT (non-fungible token) called the Bored Ape Yacht Club. It’s a big enough deal that Paris Hilton last week told the host of The Tonight Show Starring Jimmy Fallon that she owned some. Fallon replied he owned some too. It was a real coming out on mainstream media for the mysterious NFTs. Yet, just one week before that, on Jan. 11, there was another NFT with a similar name, The Big Daddy Ape Club. In that case, the investors were scammed out of approximately $1.13 million, according to a report in Decrypt. Did those people think they…

I just finished reading a rather bizarre interview at Finder.au in which Ubisoft is asked to respond to all the criticism to its recent push into NFTs with its new Quartz/Digits system, recently implemented in Ghost Recon Breakpoint. The interview with Ubisoft Innovation VP Nicolas Pouard and Blockchain Technical Director Didier Genevois results in some soundbites that are not exactly finding sympathy from gamers, given that they lean on the old “they just don’t understand the power of NFTs yet” trope that the industry keeps attempting to sell: “The end game is about giving players the opportunity to resell their items once…

Since the beginning of the year, the market value of cryptocurrencies has decreased by approximately $500 billion, plummeting from $2.2 trillion to $1.68 trillion. Tokens across nearly all categories saw double-digit percentage losses as the prospect of imminent interest rate hikes spooked investors in both crypto and equity markets. Two leading cryptocurrencies, bitcoin and ether, shed 22% and 32% respectively over the past month. At present, they are hovering at $37,030 and $2,541. Consequently, assets under management for digital asset investment vehicles, including exchange and over-the-counter (OTC)-traded products such as the Grayscale Bitcoin Trust and Purpose Bitcoin ETF, have fallen from $58.6 billion…

The overwhelming FOMO dynamic emanating from crypto circles promises to make 2022 a rocky year for Asian banks. Whether it’s fear of missing out or sober business decisions driving the trend, several institutions are taking the plunge. That’s particularly so in Southeast Asia, where Singapore’s DBS established a crypto Digital Exchange platform. In Thailand, Siam Commercial Bank grabbed a 51% stake in cryptocurrency trader BitKub. More recently, Union Bank of the Philippines plans to provide crypto trading and custodial services. And so on, and so on. All this has watchdogs like Fitch Ratings worried and investment giants like Goldman Sachs a bit worried. Not waving…

When I think about the more than 25 reported publicly traded companies that hold Bitcoin on their balance sheets, the classic song by Journey, “Don’t Stop Believin,’” comes to mind. They believe cryptocurrencies will see brighter days. But, the digital currency is sinking in an epic storm—crypto is down at least $1.4 trillion since November. Meanwhile, there’s also a growing number of high-profile individuals who want to be paid in crypto. Crypto on the balance sheet Take for instance electric-car maker Tesla and MicroStrategy, a software developer. The companies together own about 169,000 Bitcoin, nearly 78% of all Bitcoin owned by publicly traded companies, writes Tristan Bove…

If the shuttering of Diem passed some crypto investors and market watchers without much notice, that should not come as a surprise. This inauspicious and muted end for the project was caused by several factors, but it should be noted that this is the complete opposite of how this idea initially was introduced to the marketplace. One key factor that might refresh the collective memory of the market is the original name of this concept: Libra.Yes, the stablecoin project launched and spearheaded by Facebook (now Meta), although purportedly in consultation with multiple other organizations, has officially folded. Remaining assets were…

How real is the threat of regulatory overreach and higher taxation for Bitcoin? If powerful Western governments want to knock Bitcoin down a peg as it prepares to roll out digital versions of the dollar and euro, what’s to stop them from trying to punish it through stricter rules and higher taxes? This week might go down as one of the key markers in Bitcoin history. The International Monetary Fund warned El Salvador to do away with its Bitcoin-as-legal-tender policy. And President Biden saying new rules for Bitcoin and cryptocurrencies are coming soon. It’s one thing for the President of the United States to…

Harrison Wang has a theory: More people would buy non-fungible tokens, or NFTs, if this category of blockchain-based art and trading cards were called something else. “I think when people think NFT’s, it’s just daunting for them,” he says. “So that’s why we’ve been calling them ‘digital collectibles.’ It’s also why we rebranded.” Yes, investor and early customer feedback informed him and his cofounders that the name for their The Non Fungible Token Company stunk. So they’ve changed it to, simply, Unblocked, a nod to the startup’s mission to remove some hurdles to purchasing NFTs. Those investors recently showered Unblocked in real-life…

Compound, a wealth management startup built for wealthy tech investors, emerges from stealth with $37 million in funding. At least four billionaires have invested in the startup. Being rich in 2022 poses some challenges: How does one make financial decisions and manage a portfolio in which stocks, cash and real estate sit alongside cryptocurrencies, NFTS and illiquid private company shares? Compound, a financial technology startup emerging from stealth Thursday with $37 million in funding, is one of a plethora of wealth management firms that wants to make wealthy peoples’ financial lives easier. What makes this firm a bit different: The…

Pablo Picasso has arrived on the blockchain canvas—the result of a heady aspiration, colossal cooperation and the expansion of an entrenched music management firm. An original artwork the famed artist created in 1958—a large ceramic bowl that’s been housed in the private collection of his granddaughter Marina Picasso and her son Florian Picasso, and heretofore never viewed publicly—is the inspiration for 1,010 unique digital works that hit the market Friday, January 28. Five limited sets of 200 NFTs titled “Visage de Couleur,” which feature contemporary color ways complementing the original design of a “joyful” face, each will auction for 2Ethereum…