● Beeple NFT sells for $69M
● Bitcoin Hits New All Time High, Again
Hello, and welcome to another edition of Overbit Insights. Today we’re looking at one of the hottest narratives to hit the crypto as of late - NFTs.
For NFTs, there’s a ton of technical jargon that makes it all work. Still, NFTs are basically digital proofs of ownership that point to an underlying asset. Think of it like a digital trading card that only you can own.
NFTs have exploded in popularity over the last few months, with consumer-friendly products like NBA Top Shot and Nifty Gateway taking the limelight. These two companies have jumped to the top of the space in a matter of months by offering millions of users an easy-to-use cryptocurrency product with a simple fiat on-ramp, as well as capitalizing on an internationally recognized brand with the NBA.
Although it seemed like NFTs were reaching the mania stage with millions of retail investors flooding in and almost every celebrity imaginable becoming a creator, the entire space took another leg up when Christie’s, the world-renowned art auction house, announced it would hold its first-ever NFT sale.
The piece, created by the artist Beeple, is called “Everyday — The First 5000 Days” and consists of a 5000-image collection, one made by Beeple every day for the past 15 years. This piece was auctioned off for over $69 million in a historic moment - making Beeple the third highest-selling living artist. Though this space may still be incredibly new and not without its naysayers, it would be hard to understate the magnitude of such a sale. It seems the NFT world may just be getting started, which leads up right into our following insight of the week propelled by Bitcoin’s historic growth.
Bitcoin, the world’s largest cryptocurrency, reached a record high of over $61,000 (To The Moon) on Saturday, March 13th. Bitcoin has risen dramatically this year, far outperforming traditional asset groups, partially due to broader acceptance as a means of payment. In recent weeks, businesses have used their power to collect hundreds of millions of dollars in financing, capitalizing on strengthened investor sentiment.
Speaking of significant investments and Bitcoin, $1.5 billion in Bitcoin was added to Tesla’s balance sheet last month when Elon Musk, Tesla CEO, took a giant leap. Other big names to jump on the train were Michael Saylor, MicroStrategy CEO, and Jack Dorsey, Twitter CEO.
Also, amid growing consumer demand to own and invest in Bitcoin, Goldman Sachs Group said this week that it would investigate how to satisfy those customers while staying on the regulation's right side. Bitcoin continues to prove its worth with ever-growing investments and support from around the world, and we can’t wait to see where it will go from here.
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