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.”
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.
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.”
BTC Gains 15 Percent In 3 Hours Amid Tight Squeeze
The price of Bitcoin has surged more than 10 percent in just a few hours earlier today, with prices quickly surging from roughly $35,000 to tag just shy of $40,000 on July 26.
Price action shows a violent short squeeze that occurred as prices broke above $35,000, with bullish momentum suddenly accelerating as prices quickly rallied 15 percent from roughly $34,000 to $39,800 over the course of fewer than three hours.
By contrast, BTC had taken the past five days to gain from roughly $30,000 to $34,000. As of this writing, Bitcoin is changing hands for roughly $38,500.
According to CoinMarketCap, Bitcoin is the top gainer for the past 24 hours among the top 30 crypto assets by capitalization, posting a gain of nearly 13 percent.
The sudden rally has seen numerous technical indicators return to offering bullish signals, popular analyst, Lark Davis, informing his 426,000 followers that BTC’s price is again trending above its 50-day moving average.
Polkadot and Chainlink are also among the day’s top gainers, each having increased by more than 10 percent in the past 24 hours.
With Dogecoin up by 11.83 percent for the day, it would appear the impact of Elon Musk’s Twitter account on the meme-coin’s markets is beginning to wane, with Tesla’s CEO posting a meme asserting that “Dogecoin is money” on July 25.
Despite Musk’s efforts, Dogecoin appears to have moved in lock-step with the broader altcoin markets, with most large-cap crypto assets having posted high single-digit gains for the day.
Despite next month’s fast-approaching London upgrades for Ethereum, Ether is also lagging behind the pack, posting a gain of 7.82 percent in the past 24 hours.
As such, ETH is the weakest-performing cryptocurrency ranked among the top 10 by capitalization for the past day.
Patricia Relocates Headquarters to Europe
Patricia Technologies Limited is proud to announce that we have moved our operations to the Republic of Estonia, with our headquarters now domiciled in the Northern European country.
This global movement is set to strengthen our relationships with marketers and agencies in the global crypto markets, whilst also positioning us as the leading cryptocurrency trading company in Nigeria, Africa, and Europe.
This recent development is accompanied by the launch of our new and upgraded Patricia app version 2, which features lots of new updates and upgrades, including crypto swap; a betting feature that enables users to use crypto to place bets; the app also introduces new cryptocurrencies (coins) to add to the already existing Bitcoin. There’s also an automated buy limit for crypto traders, and the Refill service has also been upgraded to include international transactions.
Looking at how we have managed to dominate the Bitcoin market in our 3 years of existence, our CEO and Founder, Hanu Fejiro Agbodje quipped that “What originally came as disastrous news turned out to be the cornerstone we needed for this worldwide expansion” referring to crypto trading Ban by the Nigeria Government.
He also remarked that “the decision to expand and move our headquarters to Europe is part of our plans to improve our business strategy”. We want to play in the big league, there’s no passion to be found playing small, we want to be in the most sophisticated markets in the world, this is an opportunity for us to lead the fifth Revolution”.
As one of the industry’s fastest-growing financial solutions providers, our goal is to empower brands and individuals to take control of their digital finance through an advanced cross-border payment solution provided by Patricia Business.
We presently have an established presence in Ghana, Kenya, South Africa, and China.
For more information or to get in contact with us, please send a mail to: email@example.com.
Patricia is an Africa-centric integrated alternative payment and e-commerce company that facilitates the easy use of digital currencies like Bitcoin, and other digital assets for everyday transactions.
Binance US is Eyeing an IPO, Says Changpeng Zhao
“Our partner in the U.S. is looking at the potential IPO [initial public offering] route,” Zhao said on Friday at the “Redefine Tomorrow” event organized by SCB 10X — the venture arm of Thailand’s oldest Siam Commercial Bank. The IPO route, however, “is not 100% fixed yet,” he said.
After Coinbase’s listing earlier this year on Nasdaq, the U.S. now has an ecosystem where crypto companies can go public, according to Zhao. Indeed, several U.S.-based crypto firms, including Gemini, Kraken, and Circle, are looking to do just that.
As for Binance itself, Zhao said an IPO is not in immediate plans, but that might change in the future. This is a notable change from what Zhao told The Block earlier this year. At the time, he said Binance wants to take a more crypto-native “path” forward, i.e., expanding the utility of its “utility token” BNB, instead of doing a traditional IPO.
But now before Binance itself could go for an IPO, it will need to change its company structure, said Zhao, because most regulators want to see a headquarters, an office, or a legal entity.
“We are setting up those structures,” he said. “Once those structures are in place, you may make it easier for an IPO to happen. So that’s not out of the question. But right now, we are still in the early stages.”
The crypto space is now “relatively heavily regulated,” according to Zhao. To that end, Binance has to make a “big pivot from a technology startup into a financial services company,” said Zhao.
Crypto now is “very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such,” he said.
And given increased regulatory attention, Binance is also stepping up its compliance efforts, said Zhao. “We are hiring many traditional compliance people, also ex regulators” to improve Binance’s communication with regulators, he said. He acknowledged that communicating with regulators is currently not one of Binance’s core strengths.
Now Zhao is, in fact, looking for a new Binance CEO, one he hopes will have a “very strong regulatory background.” He first disclosed his plans to step down to The Block earlier this year. At the time, he said he would like to resign from the CEO role in the next two to five years to focus entirely on growing the BNB and Binance Smart Chain ecosystems. Those plans now appear to be firmer.
Binance has long been subject to global regulatory scrutiny, with an increased focus in recent weeks. Government agencies in the U.S., the U.K., Japan, Italy, Thailand, Poland, and the Cayman Islands, have all either issued warnings or taken action against the exchange.
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