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Although luxury brands don’t derive a lot of revenue from digital mediums right now, this could change soon, according to a research note from Morgan Stanley published last week. Metaverse gaming and NFT’s could represent a 50 billion euro revenue opportunity for the sector by 2030. ”NFTs and social gaming present two near-term opportunities for Luxury Brands, allowing them to monetise their vast IP built over decades,” the report says. Dolce & Gabbana’s sale of 9 NFTs for $5.7 million shows the huge potential for “virtual and hybrid luxury goods,” and the bank estimates that the NFT market will grow…
French fintech company Crypto Blockchain Industries (ALCBI.PA), shares of which have surged since listing on the stock exchange in October, announced on Monday the sale of non fungible tokens (NFT) linked to French DJ star David Guetta. Crypto Blockchain Industries said the sale of the NFTs had raised more than $250,000 for United At Home, a charitable organisation co-founded by Guetta. Non-fungible tokens (NFTs), a type of digital asset, have exploded in popularity this year, with NFT artworks selling for millions of dollars. Shares in Crypto Blockchain Industries jumped 21.7 percent to 43 euros in early trading, compared to their debut…
The Australian industrialist Victor Smorgon built his family’s fortune in the unglamorous businesses of meatpacking and steel smelting. Almost a century later, his descendants have turned to one of the most cutting edge and high-profile moneymaking opportunities: crypto investing. Early last year, the Smorgon family office, led by Victor’s grandson Peter Edwards, began looking into adding crypto assets to its vast portfolio, which ranges from agriculture to gold mining. “Once you go down the rabbit hole, you see a whole lot of things,” says Edwards. “It made sense to dip our toe into the water.” After allocating a small portion…
Invesco’s surprise decision to abort the launch of a bitcoin futures exchange traded fund in the US was partly prompted by its view that regulatory constraints would make it too costly for investors, the manager has revealed. The $1.6tn asset manager last month shelved plans to launch a Bitcoin Strategy ETF just hours before the fund was due to list in New York. The Invesco vehicle would have been the second such ETF to launch, just 24 hours after the ProShares Bitcoin Strategy ETF (BITO), which staged the second-strongest debut in history with almost $1bn of shares changing hands on…
Tahinis is a family-based restaurant chain that along with its Middle Eastern cuisine serves this advice to small-business owners everywhere: Invest in bitcoin. The company based in London, Ontario, Canada, first invested in bitcoin in August 2020.”We’re up, to date, 460% on our initial investment and we didn’t stop there,” Tahinis chief marketing officer, Aly, told Insider in a recent interview. “We will continue sweeping excess profit into bitcoins. We even bought the [April 2021 price] top and then rode it all the way down, and we just kept buying month after month after month. So it has worked like…
As the U.S. government seeks ways to fund its swelling debt and deficits and seemingly ever increasing spending, a puzzling anomaly exists. Investors have flocked to bitcoin and other cryptocurrencies yet receive a preferred tax rate on long-term profits as compared to gold bullion. This makes no sense if, as its advocates like to say, bitcoin is “digital gold.” In 2019, the Internal Revenue Service (IRS) published Notice 2014-21, which characterizes cryptocurrencies as “property” for tax purposes. Meanwhile, gold bullion and equivalent exchange traded funds (ETFs) are treated as “collectibles,” like coins, gems, jewelry, art, stamps, toys, comic books, sports…
The short film “Bitcoin Is Generational Wealth” by Matt Hornick and Tomer Strolight premiered on November 1, 2021, to shed light on the true value proposition of Bitcoin. While many projects in the world today seek to enrich their founding members and provide palpable profits in U.S. dollars for anyone who joins, the world’s most secure and robust monetary network aims to propel humanity forward based on the fundamental rights to property and freedom. As people around the world watched the film, many different reactions emerged. Bitcoiners, aware of the goal for which Bitcoin was brought to the world in…
Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved. Why blockchain is important: Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed…
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. How Smart Contracts Work Smart contracts were first proposed in 1994 by Nick Szabo, an American computer scientist who invented a virtual currency called “Bit Gold”…
Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks that left them smarting from hefty payouts. Faced with increased demand, major European and U.S. insurers and syndicates operating in the Lloyd’s of London market have been able to charge higher premium rates to cover ransoms, the repair of hacked networks, business interruption losses and even PR fees to mend reputational damage. But the increase in ransomware attacks and the growing sophistication of attackers have made insurers wary. Insurers say some attackers may even check whether potential…