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Digital-only Cryptocurrency Artwork Predicted to Sell for $270,000+

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Binance NFT- Investors King

A digital artwork that only exists as a high-resolution file by British artist Adrian Chesterman, and which showcases the parallel between traditional money and cryptocurrencies like Bitcoin, is expected to surpass its reservation price of $160,000.

The Crypto Train, which is now in an online auction specializing in the hottest new investment trend, Non-Fungible Tokens (NFTs), was viewed by several of its owners’ high profile clients before going live.

NFTs are digital collectibles that are encoded onto a blockchain – the same technology on which cryptocurrencies run – creating a unique digital watermark showing ownership and the digital rights to that collectible.

In recent months many major household name artists and musicians, as well as global sports franchises and fashion brands have launched their own NFTS.  In April, auction house Christie’s sold a digital-only artwork, and it became the third-most-expensive work ever sold by a living artist.

“Even before The Crypto Train went to auction, we received significant offers from serious crypto enthusiasts and Silicon Valley investors who are the ones who currently seem to most understand this exploding virtual investment trend,” says Stephen Howes, Director of Thomas Crown Art, a leading independent international art agency.

He continues: “They know – like most major global brands are just now only getting to know – that NFTs are an investment megatrend of the decade.

“This is the next stage in art history and they don’t want to miss out on the early adoption stage.  This is why they were expressing keen interest before the auction, probably hoping to bag themselves a bargain.

“This pre-auction interest suggests that the artwork will surpass its $160,000 reservation tag.  I wouldn’t be surprised if it were eventually sold for $270,000+, such is the demand.”

Howes adds: “But the interest is not only driven by investment potential. In its own right as a piece of art, it’s a fascinating piece which depicts the never-seen-before battle for dominance between traditional and cryptocurrencies in the increasingly digitalised global financial system.”

The Crypto Train

Of the digital artwork, internationally renowned artist Adrian Chesterman (London, 1955) says: “My mission was to create a visual metaphor which could bridge the historic distance between traditional monetary mechanisms, such as gold and coins, and the new virtual world of cryptocurrency, such as Bitcoin and Ethereum.

“I considered a locomotive to be the perfect vehicle to represent such a metaphysical journey, being as it is a land-based, fast-moving machine that relentlessly pushes in one direction…. forwards. A mechanical beast that is powerful, unstoppable, magnificent, man-made but inherently beautiful.”

He goes on to add: “Wealth and its material presentments, such as gold, coins, banknotes and crypto, are all functional solely by the consent of society.

“They have ‘value’ only by the fact we are all in agreement that they should have value as such.

“Therefore, cryptocurrency has the same effective value as any of the others, even gold which of course has no inherent value of its own. We imbued the monetary value upon it, same as banknotes, coins and crypto, by mutual consent.

“This is why the monetary representations contained within the image are semi-transparent and nebulous, here but not here, ethereal but real. For now, anyway.”

The Artist

Chesterman had his first exhibition of paintings at Liberty’s in Regent Street whilst still at the Royal College of Art London, progressing to exhibitions in the Pompidou Centre in Paris, amongst other major international galleries.

A multi-talented artist, he has worked on the publicity art for Spielberg’s Jurassic Park; the set for Andrew Lloyd-Webber’s Sunset Boulevard; advertising commissions for Coca Cola; original designs for theme parks in the United Arab Emirates and China; Spiderman games for MGA in Los Angeles; illustrated innumerable book covers, notably for Jackie Collins, Jack Higgins and Dick Francis; and he has illustrated many music album covers including the acclaimed Bomber cover for Motörhead, The Meaning of Life album and book cover for the Monty Python team and the acclaimed The Road to Hell album cover for Chris Rea, amongst many other projects.

NFT skeptics

Of Chesterman’s The Crypto Train digital artwork, Stephen Howes recognizes that there are still many NFT skeptics.

He affirms: “Those who knock the idea of art solely in digital form would have been those people who knocked the potential of the internet in the 90s and who would have said Amazon as an online retailer ‘won’t catch on’ in the 2000s.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cryptocurrency

Cryptocurrency Presents a New Shift for Wealth Creation in Nigeria, Says Patricia CEO

Expert in the cryptocurrency industry has said it provides a new form of wealth creation that is bigger than what the country has ever experienced for Nigeria’s younger generation

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Expert in the cryptocurrency industry has said it provides a new form of wealth creation that is bigger than what the country has ever experienced for Nigeria’s younger generation, Hanu Fejiro, Chief Executive Officer (CEO) of Patricia, a cryptocurrency exchange company, stated.

He explained that with crypto trading, NFTs, and gaming guilds where people play games and earn money, there’s a major shift in wealth creation and huge opportunities for the younger generation.

Speaking at the 2022 Technext Conference titled “Blockchain and DeFi – Beyond the hype”, the CEO said the Federal Government needs to pay adequate attention to the blockchain industry and come up with acceptable policies to ensure its success for the nation’s benefits.

According to him, Nigeria is currently ranked fourth globally in terms of cryptocurrency transactions with over 22 million Nigerians effectively trading in the market despite the ban by the Central Bank of Nigeria 

He said “Today, Nigeria is the fourth country in the world with the most crypto transactions. And that’s not a joke.

“You know, America is leading, but America has regulation. America has had regulation for the past 2 to 3years now. Now, Nigeria with no regulation is 4th in the world with about 22 million crypto users.

“Crypto is too huge an industry not to pay attention to really, and I think that the government needs to get aligned. There needs to be a handshake.”

In addition, Fejiro said that the Federal Government needs to support this industry and allow it to grow, to enable them to access the potential opportunities it has to offer to not only the citizens but the economy of the country at large.

He said, “They say the youths are the future. What are the youths doing today? Music, sports, and crypto. There needs to be government support for these industries to grow.

“There needs to be free trade zones made especially for crypto; there is need for public policies.

“We need to move away from the idea of fossil fuel in terms of crude oil and focus on human capital as our main resource right now.

Now, everybody wants to go to Canada, go to the UK, we are losing the most important thing that we have which is human capital. So the minute we can turn things around as a government, Nigeria will become the real giant of Africa.”

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Binance to Pay White Hat Hackers $1 Million for Bug, Up to 10% for Catching Hackers

Following the breach in its security protocol and the eventual transfer of 2 million Binance coins estimated at about $570 million, the world’s largest cryptocurrency platform has announced plans to start paying white hat hackers.

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Following the breach in its security protocol and the eventual transfer of 2 million Binance coins estimated at about $570 million, the world’s largest cryptocurrency platform has announced plans to start paying whitehat hackers who helped identify loopholes in its technology and those that help arrest criminal hackers that unlawfully breaks into its platform.

In a long blog post released sequel to the theft, Binance management explained that the hackers exploited the native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as “BSC Token Hub.”

Therefore, were able to move a total of 2 million BNB. The leading exchange platform claimed the exploit was carried out by a sophisticated forging of the low-level proof into one common library.

However, despite the fact that it runs a decentralised blockchain developed to run without external interference, it was able to contain the situation by contacting 26 BNB Smart Chain active validators out of the 44 spread in various time zones.

While this delayed the company’s efficiency in arresting the situation, it was able to minimize losses, Investors King understands. Binance reported that only BNB coins valued at $100 million were transferred to hackers’ wallets.

“Decentralized chains are not designed to be stopped, but by contacting community validators one by one, we were able to stop the incident from spreading. It was not that easy as BNB Smart Chain has 26 active validators at present and 44 in total in different time zones. This delayed closure, but we were able to minimize the loss,” Binance said.

Therefore, in an effort to avoid a similar situation going forward, Binance has announced two key changes; to start compensating white hat hackers that helped identified loopholes that can be exploited by criminals like other top exchange platforms like Coinbase.

It would be recalled that Investors King reported that the Aurora platform paid two white hat hackers $2 million for helping to identify what could have been a disaster for the organisation.

Binance will start paying $1 million per bug once its on-chain governance votes.

Also, the company plans to pay as much as 10% of the recovered funds as a bounty to those that helped in catching criminal hackers.

Moving forward Binance said “Looking at the broader picture, we have seen a series of attacks on targeting vulnerabilities in cross-chain bridges. We will openly share the details of the postmortem and all lessons on how to implement more advanced security measures to shore-up these vulnerabilities.

“A new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend future possible attacks.”

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Cryptocurrency: Hackers Steal $100 Million Worth of Binance Coins (BNB)

The world’s biggest cryptocurrency exchange by trading volume, Binance was hacked in the early hours of Friday.

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Binance CEO

The world’s biggest cryptocurrency exchange by trading volume, Binance was hacked in the early hours of Friday.

Investors King learnt that there was a cross-chain breach on the Binance protocol which led to a heist of about $100 million worth of Binance Coin (BNB). Subsequently, all operations on the Binance Exchange were suspended to contain the breach. 

The halt in operation, therefore, raised several concerns in the crypto community with many people being worried about what will happen to their funds.

A statement released by the management which confirmed the attack read “We want to confirm that we coordinated with validators to temporarily suspend BNB Smart Chain (BSC) after having determined an exploit on a cross-chain bridge”.

However, Binance CEO Changpeng Zhao ‘CZ’ later tweeted about eight hours after the halt in operation, saying “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly”. 

Before the Binance validator was suspended, the hackers had already managed to move 2 million BNB, to their wallets but couldn’t get it all out by the time Binance suspended all deposits and withdrawals on its platform.

The company further stated that a team of developers is already investigating the breach.

This is a developing story. More details will be provided soon. 

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