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ETH’s dual scenarios after this ‘record’

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In the month of June, Ethereum (ETH), the largest alternative token in circulation, saw significant losses. The overall cryptocurrency market is continuing its downward trend, and there is no sign of a speedy recovery in sight. This caused the price of ETH to drop below $1,000 for the first time in over a year.

It would appear that Ethereum is about to establish a new record, but not the most desirable ones. Between June 18 and June 19, the market for cryptocurrency experienced a significant decrease in buying activity.

The single largest liquidation in the history of the platform was noticed by an address that ended with “c2B3c.” The liquidation involved the loss of almost 71,800 ETH collateral positions on liquidity when ETH was worth about $927.

Now, at the time this article is being published, numbers for the same were exhibiting a positive trend on the charts. At the time this article was written, the price of ETH had increased by 14 percent, which came on the heels of it surpassing $1,000. This may be a solid start to see where things are headed.

Despite the fact that this trip has been evidently fraught with difficulties, ETH holders continue to maintain their faith in the highly anticipated changeover (The Merge), the long-awaited upgrade. This transition should put to rest any concerns regarding the influence that Ethereum has on the environment. In a similar vein, it will also result in an increase in the transaction speed.

The aforementioned coin continually destroyed a piece of its own supply in order to fulfill its goal of being ‘deflationary.’ This was done in accordance with the Merge. The most recent statistics, as of the 20th of June, reported an amazing figure. The total number of addresses used for staking Ethereum 2.0 deposit contracts reached 12,917,637.

This indicates that more than 11 percent of the total quantity of ETH, which is now 119,318,828, is being staked in the ETH 2.0 contract at this time. The in-transit merge has been of tremendous assistance to the cryptocurrency network that holds the title of largest in the world. Investors have been preparing themselves for the staking functionality by continuing to deposit Ether notwithstanding Ethereum’s acceleration of the transition towards ETH 2.0.

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Keeping with the current pattern, this Merge would also include environmentally friendly adjustments to the cost of the gas. Something for which ETH has received criticism in the past, among other things.

However, it appears that the Merge would be of assistance to ETH in overcoming this anxiety. In point of fact, the average amount of gas used dropped to 82,796.391 for the first time in one month.

Nevertheless, it is important to note that ETH still has a long way to go before reaching its destination. Due to the prolonged downward trend experienced by the market, loyal ETH holders have recently been dealt a terrible hand.

According to Glassnode, the number of addresses that are profitable touched an all-time low approximately 18 months ago.

Despite the carnage on the market, those who have ETH would want some confidence that they may continue to support the cryptocurrency.

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Truth in Advertising Sends Harsh Letters to Celebrities Who Promote NFTs.

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Celebraties

TINA has notified 17 celebrities who promote NFTs and digital art of their legal obligation to disclose any material connection to NFT companies. Any undisclosed endorsements from NFTs that these celebrities promote through their social media accounts must be made public.

The letters referred to FTC rules on the “Use of Endorsements and Testimonials in Advertising.” Celebrities endorsing products must disclose any relationships they have with the NFT projects they are endorsing.

A-listers who received notifications included Snoop Dogg, Eva Longoria, Floyd Mayweather, Tom Brady, DJ Khaled, Gwyneth Paltrow, and others. Some of the projects mentioned in the letters include Bored Ape Yacht Club, Tom Brady’s Autograph, and World of Women.

These letters are in addition to those sent to Justin Beiber and Reese Witherspoon about two NFT projects they regularly support, InBetweeners and World of Women.
The NFT industry is thriving. We continue to see new applications for NFTs, and a recent US Government report predicted that the NFT market could reach $130 billion by 2030.

As a result, it’s no surprise that so many people are venturing into space. We see another celebrity jump on the NFT bandwagon almost every day. Many of them, however, are not adhering to the FTC’s statutory and regulatory framework, which includes a personal relationship as one of its disclosure requirements.

This means that some celebrities promoting NFTs are not disclosing their financial ties to the NFT collections they are promoting.

Furthermore, some celebrities promote NFT projects in which they have a personal stake without disclosing the speculative nature of investing in digital assets and the potential monetary losses. Many vulnerable consumers have discovered the grave financial risks associated with the hype surrounding NFTs to their detriment.

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According to a TINA consumer alert, “NFT investment decisions should not be based solely on celebrity endorsements.” Before purchasing these risky digital assets, consumers should always conduct their own research.”
Justin Beiber was chastised for promoting NFTs.

On June 10th, Justin Beiber’s legal team received a letter stating that he has been promoting an NFT company, InBetweeners, without disclosing his connections to the company.

TINA mentions in the letter that Beiber is listed as a partner on the InBetweeners website’s about us page. They then refer the legal team to tweets from Bieber promoting the NFTs that make no mention of his relationship with the NFT company.

In response, Beiber’s legal team denied any wrongdoing but added that Justin would “update his post concerning InBetweeners in order to further underscore his widely publicized connection with the company,” according to the article.

The posts were not altered by Beiber or his team.
Many NFT buyers see these promotions and interpret them as investment advice, placing their trust in their idles. Consumers have a right to know whether or not their favorite celebrities have a financial stake in the NFT collections they promote.

Finally, all connections should be clearly and conspicuously disclosed to the public when promoting products, according to long-standing FTC law. We both agree. Transparency benefits everyone involved. Especially for celebrities who are afraid of negative publicity. It will be interesting to see how everything turns out.

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This Week’s Top 5 NFT Projects

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NFT Project

Despite all that is going on around the globe economically,  NFT projects continue to gain more popularity and value. The amount of NFTs that have been brought to market from the onset of 2022 has doubled the number of projects created in 2021. The NFT space’s growth has been nothing short of amazing. As we engage and research this digital investment opportunity we can start to appreciate the dominance of certain collections, as they continually appear on our aggregation of Top 5 NFT projects. We’ll give you a rundown on the hottest and most prolific platforms of this week. We’ll familiarize you with the prices of pieces from these collections and allow you to view a unique item from each platform as well.

Capturing 5th place in this week’s Top 5 NFT projects is Moonbirds. Moonbirds is no stranger to the bright lights and has captured a place in the Top 5 often. This week the Moonbirds NFT project accumulated a total sales Volume of ETH 3091.98 ($5,869,196.436). There are 10,000 unique items belonging to the Moonbirds collection. Those 10,000 items are held among 6580 owners. The floor price for this stalwart collection of digital masterpieces is ETH 13.88 ($26,373.9432).

One piece from the Moonbirds collection that allows you to marvel at creativity being digitally displayed is Moonbirds #703.

Moonbirds #703

Moonbirds #703

Moonbirds #703 sold for WETH 36.69 ($69,609.3687) about three months ago. This particular piece was minted 4 months ago and is now being re offered at the bargain basement price of ETH 44.69 ($84,793.0184).

Holding down fourth place in this week’s Top 5 NFT projects is the 8liens NFT collection. For interdimensional travel, the Ethereals created 8liens. The primary goal of these missions is to seek out new information. There are no sex differences among the six recognized subspecies. Furthermore, their vibes and characteristics are distinct from one another. The distinguishable characteristics of the individual pieces belonging to this 8lian subspecies are yet to be revealed. The sale ends February 2023. There are 10,001 individually unique items in this collection. These items are held between 3,290 owners. The floor price where you can be a part of the digital universe of 8liens is ETH 0.53 ($1,007.4664). This new subspecies of the 8lian nation garnered a sales Volume of ETH 3,131 ($5702.16) this week.

Here is a sneak peek at the newest edition to the 8lian NFT project 8liens – Unrevealed.

8liens unrevealed

8liens unrevealed

This piece is available to be purchased for ETH 99 ($186,987.24).

The NFT Project holding third place in the middle of the pack is another newcomer to the Top 5, The Webaverse Genesis Pass. Your metaverse toolbox is the Webaverse Genesis Pass. You can take part in Webaverse’s collaborative MMO The Upstreet with the pass. Each pass will come with its own lore, relics, future airdrops from the Webaverse team, and the ability to claim a plot of land in The Upstreet in the near future. Webaverse Genesis Pass amassed a sales volume this week of ETH 3,246 ($6,160,388.64) the project contains 18,907 unique items. These items are held amongst 4,013 owners. The floor price for this collection is ETH 0.43 ($816.1443).

Here’s a glimpse of the Webaverse Genesis Pass. Your eyes can feast on its ingenuity and creative dynamism. Webaverse Genesis Pass #3627.

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webaverse genesis pass 3627

webaverse genesis pass 3627

Webaverse Genesis Pass #3627 can be purchased for ETH 10 ($18,887.60).

Coming under the checkered flag in second place is the Rare Apepe YC NFT project. The Rare Apepe YC collection accumulated a sales volume this week of ETH 4,100.27 ($7,748,280.219). The collection holds 10,000 unique items. These items are held within a group of 3,079 owners. The floor price for this collection is ETH 0.86 ($1626.7244).

An unrivaled piece from the collection is Rare Apepe #6447.

rare apepe6447

rare apepe6447

Rare Apepe #6447 can be purchased for ETH 420.69 ($795,667.82). This piece last traded 12 days ago at ETH 0.175 ($331.863). The best bid for this piece at the time of this writing is WETH 2.4449 ($4,624.14).

Clinching the top spot in our Top 5 NFT projects this week is CryptoPunks. CryptoPunks succeeded in generating the highest total of sales Volume for the week ETH 4480.03 ($8,506,770.5646). The floor price for this collection was not available at the time of this writing. All the owners are holding on for dear life (HODL) in case the project exceeds all expectations and becomes priceless. There are 9,999 unique items in this collection. There are 3,566 owners in total claiming ownership to the various items belonging to this collection.

 

One piece that is a true work of digital creative genius is CryptoPunk #6642.

Cryptopunk 6642

Cryptopunk 6642

CryptoPunk # 6642 last traded two years ago at ETH 3.61 ($6865.8229).  It’s uncertain where the next trade will take place within this project , although owners that claimed unique items from this collection in its early stages may be well positioned for some hair raising trading levels. Time will give us the ultimate answer.

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With The FTX Partnership, Reddit Continues Web3 Efforts.

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reddit

FTX made the announcement on Tuesday that it will be rolling out the tokenized Community Points program in conjunction with its global relationship with the social media network Reddit. By utilizing the FTX Pay option, FTX is functioning in the capacity of a third-party service provider.

FTX mentioned this in its statement,

“We are pleased to assist bring Reddit’s vision to reality and help communities break free of walled gardens and take responsibility of their existence online. This is a big deal for us.” We look forward to having you explore Community Points!

The initiative, which was launched in 2020 as an innovative approach to give Redditors more control, has at long last made its beta version available to the public. After the New Feature Token Avatar has been implemented, the Community Points feature will enable users to “own a piece of their community” by adding a unique token to their subreddit. Additionally, it enables users to earn incentives, produce higher-quality content, and unlock additional features, all of which can be done more easily.

The regulated cryptocurrency payment service known as FTX Pay is operated by FTX. Because FTX Pay is a partner of Reddit, its capability has been incorporated into the Reddit Vault wallet app so that users can top off their accounts if they have insufficient funds. Even though Community Points cannot be purchased, they can be given as gifts; and FTX Pay makes it possible to buy additional ETH in an easy way in order to pay the “gas fees” required by the Ethereum network in order to collect airdrops. If the app determines that the user does not have adequate funds, it will instantly prompt them to reroute to FTX so that they can purchase ETH with a credit or debit card after they have authenticated themselves.

The project is being implemented in stages, and the r/CryptoCurrency and r/FortnightBR subreddits will be the first ones to try it out. Because it is currently very much an opt-in function, other subreddit moderators who are interested in participating in the project can sign up on a waitlist to do so.

Once utilized, these Community Points, which are tokens based on the ERC-20 standard and stored on the Arbitrum Nova blockchain, are destroyed and removed from circulation. Points, in contrast to the vast majority of other tokens, cannot be purchased; rather, they must be earned through contributions such as the creation of content and the moderation of subreddits.

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“The Internet wouldn’t be what it is today without its communities. On the other hand, in the Internet of today, they do not have control over their own destinies. Instead, they are under the authority of the huge platforms that hold the sway over everything that happens online. It is time for a different approach. The introduction of Community Points marks the beginning of an alternative path forward for online communities. Because they are stored on the blockchain, these tokens can rightfully be said to belong to the community as a whole. Your community will eventually reap the benefits of an even higher degree of authority and independence — both on and off of Reddit.

In addition, individual communities on Reddit have the ability to alter the Community Points tool in order to generate tokens with unique names, symbols, distribution rules, and purposes. Additionally, they can be utilized by subreddits for the sake of community governance and moderation, in addition to the unlocking of premium services.

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