Connect with us


Ellen’s NFT auction flops, Oscars controversy, Kayne’s $1.8M sneakers, and more



The much-hyped NFT sale by popular talk show host Ellen Degeneres has fallen flat, with the comedian selling just five out of ten available Gold editions of her “Woman With Stick Cat” NFT for $2,500 on the Bitski platform. Sixty-four other people paid $100 each for an open Silver edition of the same NFT.

The drawing appears to have been created with minimal effort in a bid to satirize the notion that any old celebrity-peddled junk will sell as an NFT.

A Platinum video monologue about NFTs by Ellen fetched the highest price — $14,555. In total, the sale has raised just $30,955 for the World Central Kitchen food relief charity — even after being promoted on her nationwide talk show and to her 79M followers on Twitter. But perhaps it was just the wrong audience.

While there was a backlash in some quarters of the crypto community against the sale, any mainstream publicity for NFTs is good publicity right?

Charity crypto founder wanted

Lending further weight to the idea that NFT investors are getting a little more choosy, the “world’s first founding charity NFT,” Covid:aid, remains without a bid one week after opening the bidding.

Covid:aid aims to support those affected by the pandemic, and whoever buys the NFT — an image of the new charity’s logo — will also received the coveted title of “Covid:aid Founding Crypto Philanthropist.” Originally listed at a reserve price of 1 ETH on April 21, the reserve was dropped to 0.1 ETH the following day, but is yet to attract a bid.

Basketball warriors

The Golden State Warriors has become the first professional sports team to release its own NFT collection on OpenSea. Up for auction this week, the Legacy Collection includes tokenized championship rings and ticket stubs from iconic games dating back to 1947, as well as NFTs including some IRL experiences. The team’s interest in the space was reportedly sparked by the success of NBA Top Shot, which has made half a billion in sales since launching.

World’s most expensive sneakers fractionalized

Rare sneaker platform snapped up Kanye West’s 2008 Nike Air Yeezy 1 sneakers at a Sotheby’s auction on Monday for a cool $1.8M, making them the most expensive sneakers in history. It announced plans to fractionalize them and sell the shares to the “the sneaker community.”

However, it does not appear as if the sneakers will be tokenized as NFTs — Rares’ terms and conditions do not mention digital assets, and the company’s Crunchbase profile talks about selling shares in sneakers through an app via an Initial Public Offering, or IPO. Various non-crypto fractionalized asset sites have sprung up in recent years, showing the concept is not unique to NFTs. It would arguably be easier to do using NFTs, but that’s another story.

Oscars NFT controversy

The artist behind a surprisingly controversial Oscars NFT of late-actor Chadwick Boseman has apologized and vowed to make changes. Andre Oshea was commissioned by the Academy to create the artwork, which many viewers apparently took as a sure sign Boseman was going to win Best Actor… but, of course, he was beaten by Anthony Hopkins.

The NFT was criticized for its environmental impact, the fact only 50% of the proceeds were going to charity, and for “trying to capitalize both on the tragedy of Boseman’s death and the current speculative interest in NFTs,” according to Gizmodo Australia. Some took the artist to task for listing the NFT for $1.2 million, when Oshea had only spent $50 purchasing the 3D model of Boseman’s head the NFT was based on. The artist released a statement on April 27 apologizing for “any upset caused”:

“I now recognize that Chadwick’s face is a triggering reminder of his death rather than his life, and I will be redesigning the artwork to be auctioned off later this week.”

Source link


Bitcoin miners’ revenue rebounds to $60M per day — Is the bull run about to resume?




Bitcoin (BTC) miners collected $60 million on a thirty-day average timeframe as of May 5, showing the first signs of recovery after last month’s severe revenue drop that followed mass miner outages in China’s energy-rich provinces.

In April, coal mining accidents and subsequent inspections in Xinjiang lacerated energy supply to the regional cryptocurrency mining industry. That forced miners to turn off their Application Specific Integrated Circuit (ASIC) hardware, which exclusively generates computing power to secure and put the “work” into Bitcoin’s proof-of-work.

According to data from, Bitcoin Mining revenue fell from its 30-day average peak of $60 million — recorded on April 16 — to as low as $57.08 million on May 2. The given resource collects miners’ data from block rewards and transaction fees paid to miners.

Bitcoin miners revenue. Source:

The drop in profits coincided with a decline in the Bitcoin network’s hash rates, signifying that many ASIC hardware went offline after losing their chief energy source. The total hash rate per second (7-day average) plunged from a record high of 172 EH/s on April 16 to 131 EH/s on April 23, a drop of roughly 30%.

Bitcoin Hash Rate Source:

It has since recovered to 168 EH/s on May 5, indicating that miners are resuming their bitcoin operations, following a considerable mining difficulty drop four days ago.

Effects on Bitcoin spot rate

Bitcoin prices suffered significant declines following China’s outages.

The benchmark cryptocurrency was already correcting lower after establishing a historical peak near $65,000 on April 14. The China FUD apprehensively accelerated the sell-off, causing the BTC/USD exchange rate to plunge to as low as $50,591 as of April 25.

BTC/USD 1-day candle chart (Coinbase). Source: Tradingview

Bitcoin’s price and hash rate drop occurred almost simultaneously, feeding another evidence about a higher positive correlation between the two metrics.

Simply put, the hash rate represents the computational power of the Bitcoin network. This means that the higher the hash rate, the higher the cost of theoretically “attacking” Bitcoin, making this metric synonymous with the network’s security.

The Bitcoin rate has recovered to a little over $55,000 as of Wednesday, much in line with the hash rate, signifying that the network reset is helping to maintain the cryptocurrency’s prevailing bullish bias.

More upside tailwinds come from Bitcoin mining difficulty projections. For example, data from shows it should rise by a modest 1% in the subsequent bi-monthly (or 2,016-block periods) adjustment on Thursday next week.

The network difficulty, which shows how difficult it is for nodes on the Bitcoin network to solve the equations necessary for mining operations, had dropped 12.6% on May 2. That tends to increase margins for both inefficient and efficient miners, promising lower risks of Bitcoin sell-off at the producers’ end.

Meanwhile, with an upside adjustment looking more likely and mining activity rising on the Bitcoin network, the long-term bias for the cryptocurrency remains bullish.

An earlier report from Cointelegraph compared the correlation between Bitcoin prices, hash rate, and mining difficulty, ruling out that the first has a lagging correlation with the latter two despite the popular mantra, “price follows hash rate.”

The BTC/USD exchange rate had closed 2020 at $28,990 after Bitcoin’s network difficulty plunged to 17.438 TH/s from 19.679 TH/s in the November-December session. The period also saw a significant drop in the hash rate but left Bitcoin’s overall upside bias untouched.