Cryptocurrency Financial Advisors

Weekly Market Update: The Emerging NFT Ecosystem and Government CBDC Adoption

crypto updates - NFTs

We are experiencing exciting times in the cryptocurrency and blockchain space – as such, It’s time for another weekly update in the crypto market. Crypto adoption with retail and financial institutions is at an all time high, and every day we hear of a new sovereign nation or government exploring digital assets as part of their monetary policy.  At the same time, metaverses continue to evolve and introduce new use cases with NFTs.  

Buy NFTs with a credit card, or bank transfers, and of course cryptocurrency.  FTX US has launched their new NFT marketplace, FTX NFTs, which will be a centralized and regulated marketplace following US regulations. NFTs are minted on the Solana network, but the marketplace has immediate plans to add Ethereum support. Coinbase, a publicly traded crypto exchange company, has announced its upcoming NFT marketplace, Coinbase NFT. Coinbase promises to offer “social features” as part of their uniqueness, bringing innovative uses to NFTs. 

NFTs with Intelligence, a metaverse full of AI avatars – After raising $16 million from the likes of Mark Cuban and Dapper Labs, Alethea AI is now focused on what they call Intelligence Mining. Training each Intelligent NFT (or iNFT) through competitions improves the intelligence of each and also of the network itself. Alethea AI calls this the ‘train-to-earn” model.

But wait, there’s more – NFTs have become a collateral asset. A number of loans now have defaulted resulting in the lender receiving NFTs that were given as collateral, worth thousands of dollars more than the loan. DeFi and NFTs have further narrowed the gap in-between each other and at the same time providing another utility to NFTs. 

The French central bank has been testing various Central Bank Digital Currency (CBDC) use cases in order to measure and identify benefits of the blockchain technology and its ability to settle central bank money safely and securely. The French’s latest CBDC trial involved over 500 institutions and used a system developed by IBM.

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