UK-based auction house Sotheby's has indicated that this collection of ordinals is its first Bitcoin-based NFT auction. This and more news in this handy daily digest so you're always up to date with the latest events happening within the crypto world.
BitcoinShrooms, the first Ordinals collection to be auctioned at Sotheby's
📍For the first time, Sotheby's is auctioning a collection of NFTs based on the Bitcoin blockchain. This is the BitcoinShrooms collection, created using the Ordinals protocol, on Bitcoin. According to the auction house, 3 BitcoinShrooms NFTs are for sale online from its headquarters in New York, marking the first time that these NFTs from the crypto collection are released to the public.
BitcoinShrooms is a collection of digital art inscriptions made on the Bitcoin blockchain, which was created by anonymous artist Shroomtoshi.
Sotheby's described each piece in this crypto collection as “unique, pixelated and handcrafted,” and as part of a masterful yet playful guide to the revolutionary realm of Bitcoin. It further noted that each piece weaves a “nuanced tapestry” depicting the history, culture and core technicalities of the world’s leading blockchain network and cryptocurrency.
The ordinal inscriptions, “S”, “Sovereign Individual” and “BIP39 Seed”, which are part of BitcoinShrooms, are valued between $20.000 and $30.000 each.
La BitcoinShrooms Auction It started on December 6 and will be open until next Wednesday, December 13. On the other hand, although these three NFTs are valued at around $90.000, according to Sotheby's, current bids exceed $120.000.
While the terms “ordinals” and “NFTs” are often used interchangeably in the crypto space, they are actually different things. As the UK-based auction house describes it, Bitcoin ordinals are largely different from traditional NFTs, which exist on networks like Ethereum and Solana, because they “sit at the heart of their underlying decentralized infrastructure” — that is, they are embedded directly into the blockchain.
Due to the characteristics of ordinals, many in the crypto community believe that the inscription protocol gives Bitcoin a new use case, boosting its utility beyond being a digital currency. However, for others, ordinals can divert Bitcoin from its original purpose and end up affecting its performance.
Currently, there is a great controversy related to ordinal inscriptions, because the Ocean mining pool, funded by Jack Dorsey, has implemented a filter to stop “spamming” of ordinal transactions within the blockchain network. Although Ocean advertised itself as a decentralized mining pool, the crypto community has called its actions an act of blockchain censorship.
Bitcoin, the best performing asset of the year
📍Although the price of Bitcoin has corrected slightly this week, it remains the best-performing asset in 2023. This was highlighted by the crypto analysis firm Glassnode on its social media, sharing several metrics that highlight the impressive growth that the cryptocurrency has had throughout this year and that show the health of the market in general.
According to Glassnode, Bitcoin has appreciated by more than 140% this year, but in addition to this, it has also “more than doubled relative to gold and continues to dominate the rest of the digital asset industry,” which consolidates it as one of the best-performing assets worldwide in 2023.
On the other hand, according to on-chain data, despite the growth that Bitcoin has experienced this year, gaining more than 140%, close to 30% of circulating bitcoins have not moved at least in the last 5 years.
The price of Bitcoin corrected slightly this week, after surpassing $44.000 per unit.
Russia legalizes the use of USDT in settlements
📍The Central Bank of Russia has authorized the Exved platform to use USDT for cross-border settlements. According to the platform, the electronic counterparty search system was launched on December 7, one of the first cross-border payment platforms in the country, which will allow its users to execute operations abroad using the stablecoin USDT, issued by Tether.
Exved announced that operations within the platform will be carried out without intermediaries and that it works exclusively with legal entities, in compliance with anti-money laundering (AML) regulations.
Deloitte uses Polkadot for its logistics services
📍Professional services firm Deloitte is adopting Polkadot technology to optimize its logistics services in the maritime sector. According to the company, it will use the Kilt blockchain, built on the Polkadot ecosystem, to offer a new logistics service in the maritime sector, which complies with KYC (Know Your Customer) regulations, in order to guarantee the security of cargo.
Deloitte has announced that Hapag-Lloyd, one of the world's largest transport companies, will be the first to use its new logistics facilities built in Kilt.
Continue reading: Chromia confirms mainnet launch for 2024
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