Coinbase is always trying to do one thing these days: making its financial report look healthier and less dependent on transaction fee. That's why that have Coinbase Cloud, and the Coinbase NFT marketplace, which went live last week (Beta version).
Hello guys.
A great weekend is coming to an end, so let's welcome a good Monday together. Every Sunday, it's almost like forgetting what happened in the previous days of the week, Crypto is full of information all the time, but most of it is trash.
One of TokenInsight's Guest Researchers, Dan, shared an observation today. He said that the Crypto market's rising market share of algorithmic stablecoins was a very dangerous sign, as the entire market has been leveraged to buy coins. He also shared a study on this topic, Bitcoin Faces a New Threat: Algorithmic Stablecoins, Barron. For those who are interested, check it out.
Personally, I agree with it. My colleague Aidan also posted an article the other day on UST and Anchor, a "credible" Ponzi game, and NEAR is already doing the same thing. Justin Sun said this week that Tron is also preparing a $10 billion reserve to issue an algorithmic stablecoin. By this logic, let's assume an extreme scenario, ETH can use as reserve to issue algo stablecoins. So what about UNI, COMP, DYDX and other altcoins? If everybody is doing it, we can easily double the entire market without developing anything, right?
As I mentioned before in my other articles, Coinbase is always trying to do one thing these days: making its financial report look healthier and less dependent on transaction fee. That's why that have Coinbase Cloud, and the Coinbase NFT marketplace, which went live last week (Beta version).
The Coinbase NFT marketplace has seen dismal trading volume since its launch, with 24-hour trading volume of only 8.48 ETH. And I'm not sure if the NFT marketplace is to blame, but the company's stock price has hit all-time low.
Mentioning NFT, I'd like to share a thought I had with Kydo (Twitter: @0xkydo) when I talked to him today. His thought mostly. Token itself can be used as an asset and also as proof of an asset, two properties in one. In contrast, most assets in the traditional world have these two properties separately, which can be understood as a separation of ownership and use right. As one type of Token: Fungible Token, we have seen the unusual applications and differences from Money. Another type, Non-Fungible Token, also has this nature. Then it should also have new scenarios, new applications, new values.
Kydo mentions adding the concept of "experience" to NFT, for example, in a charity scenario. In the traditional world, if you donate money to an organization, you get a certificate of that donation. But few people would share that certificate. But if the charity thing is partly experiential, it's a different story. Let's think about the Ice Bucket Challenge. One way of sharing the donation to the public is to just share a certificate, and another way is to share the video of the Ice Bucket Challenge. The impact on the public and the engagement of the donor itself are completely different for the above two.
In the same way, NFT can also add a similar element of "experience", so that NFT is no longer a proof of something. But a record of "experience", a "souvenir ". Then, as the user and NFT interaction, may no longer just the act of buying and selling, more scenarios, the value may be reflected.
Some of the major events in Crypto in the past few days.
This week's daily news roundup is here, in English and Chinese.
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