The cryptocurrency market remains slightly bullish, with Bitcoin (BTC) making yet another attempt to break above $60,000.
While writing this article, Bitcoin was trading at $59,130, up 0.4% in the past 24 hours. Ether (ETH) was trading at $1,937, an increase of 4.9% in the same period. XRP is trading at $0.5827, reflecting a gain of 2.7% in the last 24 hours.
Major altcoins, which have gained ground in the past 24 hours, include Bitcoin Cash (BCH-$550.08, 3.5%), Bitcoin SV (BSV-$224.07, 3.2%), Stellar (XLM-$0.4142, 2.9%), EOS (EOS-$4.80, 9.8%), Dash (DASH-$230.54, 6.2%), Polkadot (DOT-$36.51, 5.6%), Monero (XMR-$249.06, 1.3%), Tron (TRX-$0.0887, 32.6%), Tezos (XTZ-4.89, 7.3%) and ChainLink (LINK-$29.90, 7.6%).
Other altcoins, which have lost ground in the last 24 hours, include Binance Coin (BNB-$307.34, -0.9%), Cosmos (ATOM, $19.13, -3.5%), and Cardano (ADA-$1.19, -0.4%).
Government level initiatives
Hermitage Museum is getting ready to conduct a digital art exhibition
Russia-owned Hermitage Museum, the second-largest in the world, is getting ready to conduct a digital art exhibition comprising non-fungible tokens. The event’s exact date is yet to be announced. Nevertheless, it will be the first exhibition to include NFT art.
The Hermitage’s contemporary art division is arranging the exhibition, a portion of its “Hermitage 20/21” project. The media release states: “Non-fungible tokens have become a new form of securing rights to an artwork using blockchain technology, which allows you to establish unambiguous control over copyright and ownership rights.”
The Aksenov Family Foundation, a domestic cultural and social innovation fund, is positioning itself as a strategic associate for the NFT initiative, exploring a new kind of audience participation.
The Hermitage, headquartered in Saint Petersburg, is a national museum consisting of three million goods. Irish conceptual artist Kevin Abosch is one of the notable artisans whose creations will find a place in the exhibition.
Private sector initiatives
Mitsubishi have established a joint venture named Industry One
Mitsubishi Corporation, Japan’s largest trading firm, and telecom enterprise Nippon Telegraph and Telephone Corporation (NTT) have established a joint venture called Industry One. The entity will study and adopt cross-sector digital transformation solutions based on blockchain technology.
The entity was formed with a starting capital of ¥900 million ($8.30 million), with Mitsubishi and NTT taking up a stake of 51% and 49%, respectively. The entity will provide consulting facilities and join hands with other firms for digital transformation (DX) solutions.
Currently, Industry One is developing a system that will back DX in the food distribution industry. NTT Data, the tech subsidiary of NTT, Industry One, upgrades stock administration and distribution procedures utilizing blockchain technology.
The objective is to minimize inventory levels while ensuring that there is no shortage at any time. The framework is anticipated to bring together sporadic data in the supply chain. The data is obtained from wholesale and retail vendors, in addition to manufacturers.
Time magazine has auctioned three non-fungible tokens
Time magazine has successfully auctioned three non-fungible tokens (NFTs) motivated by two momentous covers and a commemorative edition designed for the cause.
The auction was carried out on the NFT marketplace, named SuperRare, between March 22 and 24, and participants in the bidding process will be able to bid for all three covers or one single cover. Final bids aggregated over $443,000.
The foremost NFT is motivated by the journal’s April 1966 edition front page, “Is God Dead?” The second front page reading, “Is Truth Dead?” was published in April 2017.
The final cover, which is interestingly the first page to get converted solely as an NFT, reads as “Is Fiat Dead?” pointing to traditional money.
A single person, represented by Twitter handle @mondoir1, has won all three auctions by paying 70 ether ($112,400) for “Is God Dead?” 83 ether ($133,300) for “Is Fiat Dead?” and 88 Ether ($141,300) for “Is Truth Dead.”
Miscellaneous
F1’s McLaren team is collaborating with Bitci.com
The McLaren Racing Formula 1 team collaborates with the Turkish crypto exchange Bitci.com to unveil the team’s official fan token. It will be the first such initiative in Formula 1 even though a non-fungible token (NFT) deal exists.
The tokens will be hosted on Bitci Chain. The benefits of holding the token are yet to be revealed. But fans will undoubtedly anticipate the same kind of rewards offered in other sports where fan tokens are already in existence.
For instance, in soccer, Manchester City has recently inked an agreement with Socios.com for offering $CITY fan tokens for multiple purposes such as rewards, playing mobile games, access to promotions, and participation in the club’s voting process.
For Bitci.com, the collaboration paves the way for its logo to be shown on racers helmets and the cars they drive.
Like other sports, Formula 1 was considerably impacted by the COVID-19 pandemic, leading to multiple cancellations and postponements. The pandemic has also caused a drop in ticket sales for the forthcoming season and functions in a rebounding economy with restrained spending on advertising.
Blockchain solutions such as fan tokens and collectibles offer a method to draw fresh sources of revenue and study various ways to ensure that fans remain engaged and interested.
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