Good morning. Welcome to Thursday Thoughts, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.
Market Price as of March 11, 2021:
Bitcoin closed March 9, 2021, at $56,020 per BTC. We’re up 10% in the last 7 days and up 92% since the year began. This is also 4% below the all-time high of $58,640, which was hit on Feb. 21, 2021.
Bitcoin’s market capitalization stands today at $1,044,242,447,828 which is 59.91% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,745,316,345,898 (+2.9%).
On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.
Moneybees Opens New Outlets
We start the post this time with an update on what’s happening in the world of #CryptoPH:
With cryptocurrency transactions in the Philippines expected to increase this year, locally-licensed virtual asset service provider Moneybees is opening more outlets as it eyes Php 2 billion transactions processed through its trading platform.
Check out the BitPinas article: Moneybees Opens New Outlets, Aims to Process Php 2 Billion Crypto Transactions This Year
Get Started on Crypto Art with the Narra Gallery
With news about the exploding popularity of NFTs and crypto art (we have a Beeple news somewhere in this article), the biggest barrier to entry is probably how to get started. Another one is the cost to actually start. For those who have broken this barrier and minted their NFTs, they considered it a life changing opportunity.
Now it’s time for more artists to get onboarded.
If you are an artist in Southeast Asia and would like to mint your first work of crypto art, reach out to the Narra Art Gallery. The fund, now at 5.48 ETH (worth around $9,800), will be used to help ease the barrier of entry for artists who wish to mint their first NFT.
You can learn more about the Narra Gallery here. Reach out to the Narra Gallery Twitter account for more information.
$1000 to be Won in the Voxel Metaverse
BlockhainSpace has tied up with The Sandbox to launch the first Philippines themed VoxEdit contest:
PINASining | The Sandbox x BlockchainSpace PH
Philippine VoxEdit Contest
- THEME : Philippines
- CONTEST : March 8 – April 5
- SUBMISSION : March 8 – 29
- VOTING : March 30 – April 4
- PRIZE POOL : $1000 in SAND
- #1 – $500 in SAND
- #2 – $300 in SAND
- #3 – $100 in SAND
- #4 – $50 in SAND
- #5 – $50 in SAND
More details on the Axie Academy Discord Group here.
Bids for Beeple’s Art Collection Surpass $13 million
Beeple’s “EVERYDAYS: The First 500 Days” is currently being auctioned at the legendary Christie;s. The highest bid, at the time this article is written, is $13,250,000.
This is the first time a non-fungible token (NFT) art will be sold at an auction house, with bidders having the option of paying in ETH.
We wrote a quick guide on NFTs here: Non-Fungible Tokens – NFT 101 – Why People are Spending Millions of Dollars for Crypto Art and Digital Items
A16z is Investing in Open Sea?
The Block reported that sources familiar with Andreessen Horowitz, a VC firm, said the VS is participating in a round for OpenSea, one of the first NFT marketplaces. The round is set to come in at $20 million. Interestingly, when The Block seeked a comment from the firm, the firm just replied with “nice try.”
A16z participated as well in previous fundraise for Dapper Labs, the startup that made NBA Top Shot and CryptoKitties.
85% of Wealth Managers Who Hold Crypto Plan to Buy More
50 wealth managers and 50 institutional investors with a collective $110 billion under management were surveyed by Nickel Digital Asset Management in January 2021.
- Majority said they expect Bitcoin and other crypto to grow significantly
- 21% of investors said Bitcoin would continue to rise dramatically. 56% said only slightly
- 40% considered Bitcoin as a hedge against widespread inflation and currency debasement
What else is happening
- Seetee CEO Reveals Norwegian Firm’s Bitcoin Investment Strategy
- Tweets Are For Sale in a Sign the Future Will be Tokenized
- Anthony Scaramucci: I’m Only Focused on Bitcoin, the ‘Big Dog’
- Israeli Pension Giant Put $100M Into Grayscale Bitcoin Trust: Report
This article is published on BitPinas: Moneybees, Narra Gallery, and VoxEdit Contest (March 11, 2021)