The Week in Review by Message in a Bottle
Some investors are wondering if the crypto bear market is gone since Bitcoin and Ether are expected to have their best month since last October. The market data "continues to demonstrate that traders are conservatively positioned" despite the ongoing increases, according to analysts at the digital asset management firm, New York Digital Investment Group (NYDIG.) Overall, researchers highlighted that the macroeconomic climate continues to be key. "Unsurprisingly, the Fed and what they plan to do, will dominate this entire year," asserts Ben McMillan, founder and chief investment officer at IDX Digital Assets. On Friday, Bitcoin was up 40% to USD 23,890.91; Ethereum was down .06% to USD 1,723.02; Solana was up .74% to USD 42.33; and Dogecoin was down .2405% to USD .0689.
Also, on Friday, Bloomberg shared that the Federal Deposit Insurance Corp. (FDIC) reiterated it does not insure Crypto assets, which protect consumers against institutional failure. NFTs are classified as ‘digital assets,’ and are included in the same category as stocks, bonds, commodities, and losses due to fraud or theft, all of which are unprotected deposit products not insured by banks; unlike checking and savings accounts, which are protected in the event of a banks’ failure.
Exactly when does a bear market transform into a bull market? Recently, investors in cryptocurrencies are asking this question, as a result of the appearance of a rainbow of reprieve after three solid months of gloom and doom. In the past 30 days, Ether has increased by an astounding 50%, Bitcoin has surged 18%, and additional DeFi blue chips like Polkadot, Uniswap, and Aave are showing spectacular achievements. Solana has increased by 80% in the past month, resembling summer of 2021. Is the worst now over? This is now the question on everyone's mind. The distribution of investment has changed significantly, no longer dominated by retail investors, as it was in 2018.
Nevertheless, during the crypto winter that lasted from 2018 to 2020, the seeds of DeFi were sown. According to Timo Lehes, co-founder of Swarm, a licensed cryptocurrency exchange with headquarters in Berlin, "the majority of the enterprises formed in the ICO bubble were built on Ethereum, which was still extremely immature around that time," he told The Defiant. "The network didn't have a lot of real engagement or activity." If DeFi has a strong basis, does the summer rally portend a return to optimistic practices? How can we determine when the worst is over? There should be a fundamental shift. "We cannot be confident in the market unless we see reduced inflation numbers, a recovery in the equity and bond markets, and a marked improvement in the market mood,” Lehes added.
“My advice would be to find assets you believe are connected to companies, projects, or foundations that are actually doing what they have promised to do, have strong fundamentals and a proven track record. ”- Timo Lehes, Swarm
More professional athletes are exchanging their earnings into Bitcoin (BTC), despite the slump in the cryptocurrency markets, where once-successful enterprises are going out of business and individual retail consumers' wallets are suffering. Luana Pinheiro, a UFC fighter from Brazil, teamed up with Bitwage, a long-established provider of cryptocurrency payroll services, this past week to start converting some of her earnings into Bitcoin.
Bitcoin provides basic banking services, namely saving and money transfers, and includes many drawbacks, including its uncertainty and the numerous fees associated with proof-of-work mining. But it provides a genuine "third route" that is neither a slow, government-run institution, nor profit-focused private institution. The services provided by businesses like Twitter or Google, who purposefully refer to themselves as "platforms" in order to project an air of openness and neutrality, stand in stark contrast to Bitcoin as a greater good. Even the best-intended Web 2.0 "platform" is actually a controlled business entity, easily influenced by Washington's politics, as we've learned over the past ten years.
The New York Yankees, meanwhile, recently collaborated with NYDIG, a bitcoin business based in New York, to offer bitcoin as payment to all of its employees, including players, concession workers, and accountants. Athletes from several sports are accepting bitcoin as payment, highlighting the growing attraction of cryptocurrencies. However, they have come under fire from many who believe players should not openly promote investment risks. However, according to players, bitcoin payment is not going anywhere, anytime soon. Consider Brazilian MMA fighter, Matheus Nicolau. Nicolau, who is presently ranked 7th among flyweights in the UFC, stated "I honestly believe that more and more athletes and professionals across the world will start receiving payment, at least in part, in Bitcoin."
Athletes accepting cryptocurrency as payment will increase in popularity within the next two years, according to compensation specialist, Fred Whittlesey. In addition to recent declines, which have seen Bitcoin decrease from $69,000 to approximately $24,000, at time of publishing, Players are looking beyond, towards longer term investment. Pinheiro added, "Consider this: it typically takes a person 10-15 years to achieve a black belt in Brazilian Jiu Jitsu; hence, my preferred time frame here is at least as long as that. I refer to it as "black belt time preference." According to Kelly Brewster, chief marketing officer at NYDIG, announcements about accepting payment in BTC have "provided athletes and teams a means to distinguish themselves and show how forward thinking they are."
Marketers are attempting to make their nonfungible tokens (NFTs) realistically useful for consumers rather than just giving them as branded souvenirs. The most promising NFT initiatives right now for companies, according to business leaders, are those that provide a feeling of community, connect to a physical experience, or offer incentives. At Web3 consultancy company, Publicis Sapient, managing director, AJ Dalal, said,
"It should be about the value it gives you in completing your everyday life."
Although many buyers continue to invest in NFT collections in order to profit financially, the NFT sector is being forced to rethink. In April of this year, Invisible North, a marketing firm, assisted this year at the Coachella Valley Music and Arts Festival in developing the on-site experience for an NFT initiative. Coachella, which returned in person this year after a two-year absence due to the virus, sold three sets of NFTs. Ten NFTs providing lifetime access to the annual event, were recently sold at auction, as a set. Additionally, a bound collection of photographs was available exclusively to the buyers of a second collection of 1,000 Coachella NFTs, and was offered for $180.
Just as Coachella offered exclusive Web3 (real-world) access to its NFT holders, so does Lazy 8ight Yacht Club (L8YC.) The NFT luxury hospitality company is the first to map the entirety of a 90 meter-mega yacht as an NFT. This technological capability allows L8YC to create an interactive gaming world in Unreal Engine 4, but the innovation continues into Web0 through partnerships with real-world yacht builders to create traversable 1:1 NFT models of real-world yachts. As L8YC evolves, their goal, like a select few innovative projects, is to utilize smart contracts to seamlessly facilitate large financial transactions within the luxury hospitality space.
Because of their ties with businesses in the real world, L8YC is able to offer its members considerable savings on its tailored events.
The luxury hospitality and NFT company organizes events for NFT communities, Web2 companies, influencers, and individuals. Each event is personalized to meet the specific needs of L8YC clients. Some examples of partnerships Lazy 8ight leverages are as follows: events on yachts and villas, organized helicopter rides or luxury car escorts for VIPs, luxury CBD/TBH infused catering, custom sneaker designs, security services, celebrity appearances, and, of course, the L8YC media team to create assets for social media channels.
Traditional charters are fully customizable experiences, which can be coordinated for clients around the globe. These charters may be reserved for one day, or up to several months. L8YC co-hosts events with NFT projects around the world. Co-hosting spots start at $10k per project, per event, and vary depending on location and event details. These events are beneficial, since projects share in the cost, allowing companies to collaborate and network with one another, while letting L8YC take care of everything else. Additionally, all events also receive the L8YC community discount. Private luxury events are possible though Lazy 8ight’s network of luxury partnerships, bringing together every detail of a luxury event for clients and their communities. The sky is truly the limit with luxury events…if you can dream it, Lazy 8ight can make it happen.
Be sure to visit Lazy 8ight Yacht Club on their website at http://www.l8yachtclub.com for minting information and available luxury services, or on social media via Twitter, Discord, Instagram, and Medium.
