Shiba Inu coin & Bitcoin up, banking giant makes NFT, & crypto wallet revealed
SHIBA Inu coin continued to climb on Wednesday as a banking giant announced it created a new multi-coin wallet capable of storing NFTs.
Shiba Inu’s value was at $0.00003520 on Wednesday, a 6.73% increase over 24 hours, according to Coinbase price charts.
Bitcoin sat at $48,448.89 after seeing a 113.31% increase since the start of the year.
Also on Wednesday, South Korean banking giant Kookmin Bank (KB) announced it developed a new multi-coin wallet capable of storing NFTs and other tokens.
It uses Klaytn blockchain protocol, which was developed by web powerhouse and chat app operator Kakao, Crypto News reported.
Crypto currency and wallets are a popular choice for holiday gifts this year, with a new list by CNET detailing which are best for each level of investor.
Read our cryptocurrency live blog for the very latest news and updates…
How to create, buy and sell NFTs, part three
Buying an NFT, like any collectible, is a risky bet on the value going up.
If there is no demand for the NFT you buy, then you could end up paying a large amount for something that declines in value or that you cannot sell.
NFTs are still a new market so there is unlikely to be the same demand you will find for other physical items such as trading cards, art, or classic cars.
You could also create your own NFT but there is no guarantee of a buyer and you could end up wasting your time and money.
Like Bitcoin, you can buy and sell NFTs on specialized online marketplaces.
How to create, buy and sell NFTs, part two
First sellers will need an Ethereum wallet, such as MetaMask, Trust Wallet or Coinbase Wallet.
Next you will need around $50-$100 in ether.
Once you have these, you can connect your wallet and upload the music, image, or file that you want to turn into an NFT.
German banks consider offering cryptocurrency wallet
Germany’s biggest financial group is considering offering its customers a wallet to trade cryptocurrency.
The German Savings Banks Association holds the savings and investments of 50 million customers, Reuters reported.
The financial group said interest in crypto assets “is huge” in response to reports of a possible pilot project.
No decision has been made, according to Reuters.
How to create, buy and sell NFTs
NFTs are tradable, unique items that have taken the internet by storm in recent months.
Some of the virtual assets have sold for millions of dollars, but most people still have no clue what they are – or where you can buy and sell them.
To create an NFT, you need to choose what to create — from artwork, music, collectibles, digital trading cards, movies, video footage, and more.
Then choose which blockchain you want to issue your NFT on and get ready to sell.
Gifting NFTs and digital assets, part two
Some young investors are looking forward to gifting friends their first digital asset this year.
A domain for the Ethereum blockchain represents an investor’s cryptocurrency address, appearing like “YourName.eth”.
It’s personalized rather than the random string of letters and numbers that typically signifies a user’s wallet.
Gifting NFTs and other digital assets
A 23-year-old from San Antonio, Texas, said she will get her sister and parents an NFT of a digital land lot to share in the metaverse.
She also plans to buy collectible NFTs from projects that aim to empower women, like World of Women and Crypto Coven.
The digital gifts could cost thousands of dollars depending on factors like metaverse game, demand, and size, CNBC reported.
What is fiat?
If you’ve ever seen the word fiat used in the cryptocurrency world, know that it was not in relation to the car brand.
Fiat is a term used to refer to government-issued currency.
Cryptocurrency, or virtual money like Bitcoin, is not backed by governments or standards typically associated with fiat, which is why investors warn of crypto’s volatility.
What is a crypto ‘fan token’?
Fan tokens are a cryptocurrency that is sweeping the football landscape.
They’ve been launched or are under consideration by 24 football clubs across the five major European leagues, according to BBC News.
Some involve real-world perks for the buyer, like a say in which slogans appear on a trophy or what song should be played for a team’s entrance.
Critics say the benefits are insignificant, and the value of fan tokens rises and falls based on supply and demand.
Arsenal, Barcelona, Juventus, Inter Milan, Real Madrid, Manchester City, and PSG have all jumped on board with the craze.
UK regulator bans two football club ads
The Advertising Standards Authority, the UK’s advertising regulator, has banned two “fan token” promotions by Arsenal Football Club.
The ASA said the club was “taking advantage of consumers’ inexperience or credulity, trivialising investment in crypto assets, misleading consumers over the risk of investment and not making it clear the ‘token’ was a crypto asset,” The Guardian reported.
Arsenal told the news outlet that it would seek an independent review of the ruling “to seek greater clarity on the ASA’s current position”.
Celebrities and NFTs, continued
NFL superstar Tom Brady launched a sports NFT platform that sells signed NFTs in retro 8-bit style.
Comedian Jimmy Fallon said he is a big fan of the Bored Ape Yacht Club NFT.
Kings of Leon released its latest album as an NFT that included exclusive artwork and gig tickets, according to crypto website Cointelegraph.
John Cena called his attempt to sell a series of 500 NFTs for $1000 each a “catastrophic failure” and only ended up selling 37.
Celebrities and NFTs
Fashion brands, sports leagues, and celebrities have all turned to the NFT trend, which exploded in popularity in 2021.
People like Paris Hilton and Grimes launched a series of NFTs that quickly sold out.
Grimes has also raised $6million by selling several pieces of digital artwork at auction through NFT marketplace Nifty.
Snoop Dogg revealed he is a fabled white whale known in the NFT world and has amassed well over $17million in NFT items.
Crypto wealth and luxury goods
Cryptocurrency wealth is leading to a new generation of luxury consumers in the United States, according to Markets Insider.
The news organization pointed to a report from investment bank Jeffries, which found young buyers are spending crypto winnings on expensive jewelry, apparel, and accessories.
The group, comprised of people under 35, is said to be increasingly buying artwork such as non-fungible tokens (NFTs), in addition to luxury brands.
While Chinese consumers are still the major force in luxury spending worldwide, the report said American buyers are set to propel luxury sales beyond pre-pandemic levels.
Crypto investor death mystery, continued
Cotton took with him to the grave the keys that allowed access to a digital vault containing cash investors ploughed into Quadriga CX.
Jilted investors have demanded his corpse be exhumed and tests run to confirm its his body.
Criminal probes continue by the Royal Canadian Mounted Police and the FBI as leading digital investing publication Coindesk branded his death as “crypto’s biggest mystery”.
Crypto investor death mystery
A new documentary on rogue crypto trader Gerald Cotton, who took up to $215million in Bitcoin and other digital currencies to his grave, has sparked rumors he may have faked his death.
Cotton’s sudden death from complications of Crohn’s disease at age 30 shocked the crypto world – but many believe he may have faked his death in an elaborate “exit scam”.
Crypto investments top $30billion
Investors contributed a record $30billion to the cryptocurrency industry in 2021, according to Fortune.
The news outlet cited data from Bloomberg News that reportedly showed $7.2billion came from investors based in the United States.
The $30billion is almost four times the $8billion that investors spent with companies in the crypto industry in 2018, Fortune reported.