Welcome to Blouny Mag 59 – SZN 4!
Let’s dive into our comprehensive weekly recap of the latest in NFTs and crypto. From market trends to groundbreaking innovations, we’ve got you covered with all the highlights and insights from the past week.
LFG !!
Weekly Crypto Market, Macro, and NFT Update
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) Price
– Bitcoin (BTC): $58,357.43(-1.27%)
– Ethereum (ETH): $2,490.73(-10.26%)
– Solana (SOL): $131.432(-18.44%)
Weekly Crypto Market, Macro, and NFT Update
This week’s market update saw notable declines across major cryptocurrencies, reflecting a broader market pullback. Here’s a breakdown of the performance of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Bitcoin (BTC)
Bitcoin has experienced a slight dip this week, falling by 1.27% to $58,357.43. This decline follows a pattern of subdued performance over the past month, where Bitcoin has struggled to maintain momentum despite positive macroeconomic indicators such as the U.S. Federal Reserve’s hints at potential rate cuts. The market sentiment remains cautious, with analysts focusing on key support levels at $58,000 to sustain any near-term recovery. The overall market mood suggests that while Bitcoin’s long-term outlook remains bullish, short-term volatility is likely to persist.
Ethereum (ETH)
Ethereum took a significant hit this week, dropping by 10.26% to $2,490.73. This sharp decline is part of a broader trend where Ethereum has underperformed compared to Bitcoin, particularly in ETH/BTC pairings. Factors contributing to Ethereum’s struggles include ongoing bearish pressure and its inability to stay above crucial Fibonacci retracement levels. The network’s fundamentals remain strong with active development and adoption, but price action is currently underwhelming, reflecting investor concerns about whether Ethereum can reclaim its previous highs.
Solana (SOL)
Solana was the hardest hit among the major cryptocurrencies this week, plunging by 18.44% to $131.43. Despite its impressive technological credentials and speed, Solana has faced significant challenges, including network outages and concerns over its ecosystem’s tokenomics, which some critics argue favour early investors at the expense of retail traders. This steep decline marks a significant setback for Solana, especially as it was showing signs of recovery earlier in the month. The market will be closely watching how Solana navigates these challenges, particularly as it remains a key player in the decentralized finance (DeFi) and NFT spaces.
NFT market
This week, the NFT market has shown signs of resilience amidst an evolving landscape, with a particular focus on the integration of NFTs with real-world assets (RWAs). This shift is positioning NFTs beyond their traditional role as digital collectibles, offering more tangible value by tokenizing assets like real estate and fine art. Additionally, the gaming industry continues to drive NFT adoption, with more games incorporating NFTs for in-game assets, which enhances player engagement and creates new revenue streams. Despite these positive developments, challenges such as regulatory uncertainties and the need for greater public awareness persist, making the coming months critical for the NFT market’s continued growth.
NFT Market Highlights
Defiant Rabble
‘Rabble 27‘ by @XCOPYART sells for 15 WETH to @defianceworks from yeti_0x.
It was initially minted in August 2020 with @AsyncArtas 1 of 41 Rabbles.
Kanbas Laser Eyes
‘laserEyes’ by @lphaCentauriKid sells to @Kanbas_ for 55 ETH (~$139k USD).
It is 1 of 9 artworks in the ‘ACKPFP‘ collection and fittingly becomes the collector’s PFP.
Autoglyph Activity
‘Autoglyphs’ /512 by @larvalabs see their first public activity in nearly 5 months. ‘Autoglyph #366’ sells for 99.95 ETH (~$255,000 USD).
ACK Stars
‘Star Palette’ by @lphaCentauriKid sells over-the-counter for 15 ETH (~$40,385 USD) to @droidfame. It is 1 of the 8 artworks ‘Heart You’ series minted in April 2024.
Major Headlines and Market Overview
Bitcoin Hovers Around $63,840: Analysts Caution Potential “Bart Simpson” Pattern
Bitcoin has been treading water at around $63,840, with analysts issuing warnings of a potential “Bart Simpson” pattern, a chart formation that could indicate a sharp reversal. Despite positive signals from the U.S. Federal Reserve hinting at possible rate cuts, traders remain cautious. Key support levels to watch include $63,500 and $62,200. While some see this as an opportunity for reaccumulation, the market’s next move remains uncertain.
Telegram CEO Pavel Durov Arrested in France: Toncoin Takes a Hit
In a major legal development, Telegram’s co-founder and CEO, Pavel Durov, was detained by French authorities over allegations tied to illegal activities on the platform, including fraud, drug trafficking, and terrorism. The arrest caused a significant drop in Toncoin’s value, plunging 21% as investor confidence took a hit. Despite this, some analysts predict a potential recovery for Toncoin, pointing to historical patterns of rebound after initial sell-offs.
Hong Kong’s Bitcoin ETFs Surpass HKD$2 Billion: A New Milestone
Hong Kong’s Bitcoin ETFs have reached a significant milestone, surpassing HKD$2 billion in assets. This achievement reflects growing investor confidence in the region’s crypto market, despite facing competition from U.S. counterparts. The ETFs’ unique in-kind creation methods have attracted interest, though the broader market continues to grapple with global economic challenges.
NFT Market Shows Signs of Life: Is a Rebound on the Horizon?
After enduring a prolonged downturn, the NFT market is finally showing signs of resurgence. Major blockchains like Ethereum, Solana, and Polygon have seen a notable increase in sales volumes, with Polygon leading the charge with a staggering 123.20% increase. However, the overall value of trades remains on a downtrend, leaving investors to question whether this uptick is the beginning of a full-blown recovery or just a temporary spike.
In-Depth Market Analysis
Bitcoin’s Rollercoaster: Will Gains Hold?
Bitcoin’s price has been on a rollercoaster this week, hovering around $63,840. While the market saw a recent surge, concerns are growing over the potential formation of a “Bart Simpson” pattern, which could lead to a sharp downturn. Despite hints from the Federal Reserve about possible rate cuts, which typically bode well for Bitcoin, traders are urged to remain cautious. The key support levels to watch are $63,500 and $62,200, with some analysts predicting that Bitcoin might align with historical post-halving trends, suggesting a reaccumulation phase.
Toncoin’s Potential for Recovery Amidst Legal Turmoil
Toncoin took a significant hit following Pavel Durov’s arrest, dropping 21% as investor confidence wavered. However, analysts believe that this might be an overreaction, drawing parallels to similar cases where cryptocurrencies have rebounded after initial sell-offs. Toncoin is currently trading within a strong ascending channel, and technical indicators suggest that it’s nearing oversold levels, which could signal a potential recovery. With rising trader confidence and increased open interest, a comeback for Toncoin may be on the horizon.
Who is Devin Finzer?
Co-founder and CEO @opensea
Introduction
Devin Finzer is a prominent figure in the world of technology and blockchain, best known as the co-founder and CEO of OpenSea, the largest marketplace for non-fungible tokens (NFTs). As an entrepreneur and innovator, Finzer has played a pivotal role in shaping the future of digital ownership and the NFT ecosystem. His journey from a software engineer to a tech billionaire is marked by his vision for a decentralized, user-owned internet, and his leadership at OpenSea has made him one of the most influential figures in the rapidly evolving web3 space.
Early Life and Career
Background and Education
Devin Finzer grew up in the San Francisco Bay Area, a region synonymous with technological innovation. His passion for technology led him to pursue a degree at Brown University, where he honed his skills in computer science. This educational foundation would later prove instrumental in his career as a software engineer and entrepreneur.
Early Professional Experience
Before venturing into the world of blockchain and NFTs, Finzer gained valuable experience working at several prominent tech companies. He served on growth teams at Google, Flipboard, and Pinterest, where he developed a deep understanding of user experience and product development. These roles not only sharpened his technical skills but also exposed him to the challenges and opportunities of building scalable, user-centric products.
Entrepreneurial Journey
Founding Claimdog
Devin Finzer’s first entrepreneurial endeavor was the creation of Claimdog, a personal finance app designed to help users claim money owed to them. The success of this venture caught the attention of Credit Karma, which acquired Claimdog in 2016. This acquisition marked Finzer’s entry into the entrepreneurial spotlight and provided him with the experience and capital to explore new opportunities in the tech world.
The Birth of OpenSea
In 2017, Finzer, along with co-founder Alex Atallah, launched OpenSea, inspired by the growing interest in blockchain technology and the release of CryptoKitties, one of the first consumer-oriented applications on the Ethereum blockchain. OpenSea was envisioned as a decentralized marketplace for NFTs, a place where users could buy, sell, and trade digital assets with true ownership.
Leadership at OpenSea
Building the Largest NFT Marketplace
Under Finzer’s leadership, OpenSea has grown to become the world’s leading marketplace for NFTs, with over 600,000 users and millions of digital assets listed on the platform. The company has raised significant funding from top investors, including YCombinator, Andreessen Horowitz, and Founders Fund, propelling its valuation to over $13.3 billion.
🐾 https://t.co/tM6T6mxOP2 pic.twitter.com/maVSN88Cqn
— Devin Finzer (dfinzer.eth) (@dfinzer) August 31, 2024
Vision for the Future
Finzer’s vision extends beyond just building a marketplace. He envisions a future where NFTs play a central role in the digital economy, empowering creators, gamers, and collectors by giving them ownership of their digital assets. He is particularly excited about the potential of NFTs in gaming, where they can enable interoperability between games and create new economic opportunities for players.
Challenges and Innovations
Addressing Onboarding and Usability Issues
Despite OpenSea’s success, Finzer acknowledges the challenges that still exist in the NFT space, particularly around onboarding new users. He has been vocal about the difficulties users face when transitioning from fiat to crypto, and the need for more user-friendly interfaces and tools like MetaMask. Finzer and his team are focused on making OpenSea more accessible and improving the overall user experience.
Expanding Blockchain Compatibility
Finzer is also committed to expanding OpenSea’s compatibility with multiple blockchains, including newer ones like Flow, Tezos, and Solana. He believes that the future of web3 will be multi-chain, and OpenSea’s infrastructure is being built to support this vision. This approach will ensure that the platform remains at the forefront of the NFT market as it continues to evolve.
Personal Philosophy and Impact
A Passion for Open Protocols
Devin Finzer is passionate about the potential of open protocols and decentralized systems. He believes that blockchain technology will lead to a fundamental shift in how digital economies function, creating more open and user-controlled platforms. His work at OpenSea reflects this belief, as he strives to build a marketplace that empowers users and creators alike.
Commitment to the Creator Economy
Finzer is deeply committed to supporting the creator economy. He sees NFTs as a way to provide creators with new, more effective ways to monetize their work and engage with their audiences. By enabling direct transactions between creators and fans, OpenSea is helping to build a more sustainable and equitable digital economy.
Conclusion
Devin Finzer’s journey from a software engineer to a tech billionaire and a leading figure in the NFT space is a testament to his vision, innovation, and leadership. As the co-founder and CEO of OpenSea, he has played a crucial role in the rise of NFTs and the broader adoption of blockchain technology. His work continues to shape the future of digital ownership, and his vision for a decentralized, user-owned internet is set to influence the tech landscape for years to come.
OpenSea Faces SEC Wells Notice: A New Chapter in NFT Regulation
Understanding the SEC’s Wells Notice to OpenSea
On August 28, 2024, OpenSea’s CEO, Devin Finzer, publicly announced via X (formerly Twitter) that the company had received a Wells notice from the SEC. This notice indicates that the SEC is investigating whether certain NFTs traded on OpenSea could be classified as securities under U.S. law. If the SEC determines that these digital assets are indeed securities, OpenSea could face significant legal challenges for operating an unregistered securities exchange.
In his statement, Finzer expressed shock at the SEC’s decision to target NFTs and warned that such a move could stifle innovation in the digital art space. He emphasized that NFTs are fundamentally creative products—ranging from digital art and collectibles to video game items and event tickets—and should not be regulated in the same manner as traditional financial instruments.
OpenSea has received a Wells notice from the SEC.
— OpenSea (@opensea) August 28, 2024
We're shocked that the SEC would make a move that threatens creators and artists, and we're ready to stand up and fight for our industry. https://t.co/7FyFH3NLdm
The Broader Implications for the NFT Market
The SEC’s notice to OpenSea is part of a larger pattern of increased regulatory scrutiny in the cryptocurrency industry. This year alone, the SEC has issued Wells notices and taken legal action against several crypto-related companies, including ShapeShift, TradeStation, and Uniswap. Centralized trading platforms like Coinbase, Kraken, and Binance have also found themselves in legal disputes with the SEC.
The potential classification of NFTs as securities could have profound consequences for the entire NFT ecosystem. Many NFT creators and platforms are concerned that this could lead to a wave of enforcement actions that might disrupt the vibrant digital art and collectibles market. To support those who might be similarly targeted, OpenSea has pledged $5 million to help cover legal expenses for NFT creators and developers who receive similar notices.
Potential Outcomes and the Future of NFT Regulation
The outcome of the SEC’s investigation into OpenSea could set a significant precedent for the regulation of NFTs. If the SEC succeeds in classifying NFTs as securities, it could lead to more stringent regulatory oversight, potentially driving smaller creators out of the market due to the high costs of compliance.
However, this situation could also spark a broader conversation about the need for clear, tailored regulations that recognize the unique nature of NFTs. As the SEC continues to push for regulatory clarity, the future of the NFT market remains uncertain. What is clear, though, is that the resolution of this case will likely have lasting implications for the digital economy and the creative freedom of artists and developers within the NFT space.
In conclusion, while the SEC’s Wells notice represents a significant challenge for OpenSea and the broader NFT market, it also highlights the urgent need for a balanced regulatory approach that protects consumers without stifling innovation. The coming months will be critical in determining how the NFT market evolves in response to these legal challenges.
Onmi: Revolutionizing AR Gaming with Blockchain and Social Connection
In the ever-evolving landscape of augmented reality (AR) and blockchain technology, Onmi is emerging as a pioneering platform that is not just about gaming but about creating meaningful human connections in the digital age. This article delves into the innovative journey of Onmi, exploring how it is transforming the AR gaming experience by blending digital fashion, music, and real-world adventures with the power of blockchain.
The Birth of Onmi: Merging Reality with Digital Innovation
Onmi was conceived during the challenging times of the COVID-19 lockdown, a period that underscored the importance of digital connections. The team behind Onmi, in collaboration with Borderless, set out to create a platform that transcends traditional gaming boundaries. By leveraging Extended Reality (XR) technologies, Onmi aims to merge the physical and digital worlds, offering users a unique, immersive experience that combines gaming, fashion, and music.
At its core, Onmi is designed to be more than just a game. It is a platform where users can explore, create, and interact within an augmented reality landscape. The introduction of the ONM utility token is central to this ecosystem, enabling players to engage in platform governance through a Decentralized Autonomous Organization (DAO). This not only empowers users to have a say in the platform’s development but also allows them to monetize their experiences by creating and selling Non-Fungible Tokens (NFTs) within the Onmi marketplace.
Onmi’s Vision: Combatting Social Isolation through AR
Onmi’s vision is deeply rooted in addressing the growing issue of social isolation, a problem that has been exacerbated by the digital age. Despite being more connected than ever, millions worldwide suffer from loneliness, a sentiment echoed by global reports from institutions like Gallup and Harvard. Onmi seeks to combat this by creating an inclusive and engaging ecosystem where digital interactions foster real human connections.
Through partnerships with over 15 renowned names, including the influential DJ Nina Kraviz, Onmi is building immersive experiences that go beyond entertainment. These partnerships are not just about brand endorsements; they are about creating a sense of belonging and community within the virtual world. The platform’s innovative approach to blending AR adventures with social interaction aims to bridge the gap between digital and physical worlds, offering users a space where they can connect, collaborate, and create together.
Introducing Onmi®: a treasure map in your phone
— Onmi® (@onmi_ar) August 29, 2024
Website: https://t.co/DYRCKXTht8
WHAT IS ONMI?
- Onmi — the first global AR Game with a storyline.
- Digital fashion items can be swapped for real-life versions. https://t.co/y2TyhmAca6 is the first announced.
- First in mobile… pic.twitter.com/aJGok9GyeI
Capturing the Trillion-Dollar AR Market: Onmi’s Strategic Position
The AR market is on the brink of a monumental expansion, with projections estimating its growth to reach USD 1,109.71 billion by 2030. Onmi is strategically positioned to capitalize on this explosive growth by offering a unique blend of AR gaming and social connectivity. The gaming industry, too, is experiencing unprecedented growth, with its market value expected to soar from USD 281.77 billion in 2023 to USD 665.77 billion by 2030. Onmi’s dual focus on these booming markets, combined with its innovative use of blockchain technology, sets it apart as a leader in the AR gaming space.
Onmi’s market strategy goes beyond capturing market share; it is about fulfilling a profound human need—the need for connection. By offering real-world AR adventures that encourage interaction and collaboration, Onmi is not just creating a game but fostering a community. This approach is poised to redefine how we engage with AR, making every interaction an opportunity for connection and every moment an invitation to a more connected world.
The Future of Onmi: Where Technology Meets Human Connection
Looking ahead, Onmi is set to launch a global AR scavenger hunt and PVP games, further expanding its ecosystem and engaging a broader audience. The platform’s commitment to bridging the gap between the digital and physical worlds continues to drive its development, with the upcoming launch of its native token, ONM, playing a crucial role in this journey.
Onmi is not just participating in the AR revolution; it is leading it. By embracing the potential of web3, NFTs, and blockchain technology, Onmi is redefining the essence of digital interaction. The platform is more than a game; it is a movement towards a more connected, empathetic, and vibrant digital future.
In conclusion, Onmi represents a significant step forward in the AR gaming industry, offering a unique blend of technology, art, and culture that not only entertains but also connects. As Onmi continues to evolve, it promises to shape the future of digital interaction, making the world a more connected place, one AR adventure at a time.
Featured Artwork
“After The Angels Left Us” by Dolce Paganne
after the angels left us, they realized life is too short to take ourselves seriously and started hosting celestial bake-offs, turning hell’s kitchen into a divine dessert haven.
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